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Auto & truck dealerships · Consumer Cyclical · Fiscal year ends Dec 31
Lithia Motors reported revenue of $37.6B in the fiscal year ended Dec 2025, up 4.0% from the year before. Operating income was $1.6B, an operating margin of 4.2%, and net income was $820M. Operating cash flow of $357M less capital expenditure of $351M left free cash flow of $6M. Net debt was $9.3B.
Ranks among the 12 auto & truck dealerships companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 22,832 | 28,188 | 31,042 | 36,188 | 37,635 |
| Cost of revenue | 18,573 | 23,035 | 25,813 | 30,627 | 31,902 |
| Gross profit | 4,259 | 5,152 | 5,229 | 5,561 | 5,733 |
| Selling, general & admin | 2,481 | 3,044 | 3,295 | 3,755 | 3,945 |
| Operating income | 1,663 | 1,941 | 1,692 | 1,569 | 1,595 |
| Interest expense | 103 | 129 | 201 | 258 | 276 |
| Pre-tax income | 1,485 | 1,730 | 1,362 | 1,071 | 1,108 |
| Income tax | 422 | 468 | 351 | 255 | 283 |
| Net income | 1,060 | 1,251 | 1,001 | 797 | 820 |
| Diluted EPS | 36.54 | 44.17 | 36.29 | 29.45 | 32.32 |
| Diluted shares | 29.0 | 28.3 | 27.6 | 27.1 | 25.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 153 | 272 | 972 | 446 | 391 |
| Receivables | 686 | 813 | 1,106 | 1,237 | 1,134 |
| Inventory | 2,386 | 3,409 | 4,754 | 5,912 | 6,120 |
| Current assets | 3,310 | 4,631 | 6,938 | 7,774 | 7,858 |
| Net PP&E | 3,053 | 3,575 | 3,981 | 4,630 | 4,936 |
| Goodwill | 977 | 1,461 | 1,931 | 2,116 | 2,477 |
| Total assets | 11,147 | 15,007 | 19,633 | 23,123 | 25,107 |
| Payables | 235 | 258 | 288 | 334 | 340 |
| Deferred revenue | 239 | 284 | 317 | 410 | – |
| Current liabilities | 2,403 | 3,178 | 4,932 | 6,551 | 6,697 |
| Long-term debt | 2,398 | 5,511 | 7,155 | 8,171 | 9,679 |
| Total liabilities | 6,484 | 9,756 | 13,350 | 16,449 | 18,479 |
| Shareholders' equity | 4,626 | 5,206 | 6,214 | 6,650 | 6,603 |
| Backlog (remaining obligations) | 241 | 285 | 309 | 410 | 638 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,797 | −610 | −472 | 425 | 357 |
| Capital expenditure | 260 | 303 | 230 | 351 | 351 |
| Free cash flow | 1,537 | −913 | −703 | 73.7 | 5.8 |
| Depreciation & amortisation | 127 | 173 | 204 | 295 | 324 |
| Stock-based compensation | 34.7 | 41.1 | 40.8 | 58.4 | 60.3 |
| Acquisitions | 2,699 | 1,244 | 1,185 | 1,249 | 886 |
| Share buybacks | 231 | 688 | 48.9 | 366 | 961 |
| Dividends paid | 38.8 | 45.2 | 52.8 | 56.5 | 55.3 |
| Dividend per share | 1.36 | 1.61 | 1.92 | 2.09 | 2.18 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.5% | 10.1% | 16.6% | 4.0% |
| Operating income growth (YoY) | – | 16.8% | −12.8% | −7.3% | 1.7% |
| EPS growth (YoY) | – | 20.9% | −17.8% | −18.8% | 9.7% |
| Gross margin | 18.7% | 18.3% | 16.8% | 15.4% | 15.2% |
| Operating margin | 7.3% | 6.9% | 5.5% | 4.3% | 4.2% |
| Net margin | 4.6% | 4.4% | 3.2% | 2.2% | 2.2% |
| Return on equityBlank when equity is negative | 22.9% | 24.0% | 16.1% | 12.0% | 12.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.0% | 16.4% | 11.5% | 9.5% | 8.7% |
| Free cash flow margin | 6.7% | −3.2% | −2.3% | 0.2% | 0.0% |
| Cash conversion (CFO ÷ net income) | 1.70x | −0.49x | −0.47x | 0.53x | 0.44x |
| Receivable days | 11 | 11 | 13 | 12 | 11 |
| Inventory days | 47 | 54 | 67 | 70 | 70 |
| Payable days | 5 | 4 | 4 | 4 | 4 |
| Interest cover | 16.1x | 15.0x | 8.41x | 6.08x | 5.79x |
| Debt ÷ equity | 0.52x | 1.06x | 1.15x | 1.23x | 1.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,245 | 5,239 | 6,183 | 7,725 | 9,288 |
| Current ratio | 1.38x | 1.46x | 1.41x | 1.19x | 1.17x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.