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Auto & truck dealerships · Consumer Cyclical · Fiscal year ends Dec 31
Openlane reported revenue of $1.9B in the fiscal year ended Dec 2025, up 8.2% from the year before. Operating income was $197M, an operating margin of 10.2%, and net income was $178M. Operating cash flow of $392M less capital expenditure of $55M left free cash flow of $337M. Net debt was $394M.
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 | 1,451 | 1,529 | 1,696 | 1,789 | 1,935 |
| Cost of revenue | 793 | 834 | 868 | 956 | 1,042 |
| Gross profit | 658 | 695 | 828 | 832 | 893 |
| Selling, general & admin | 421 | 436 | 422 | 409 | 445 |
| Operating income | 128 | 94.7 | −136 | 182 | 197 |
| Interest expense | 126 | 40.2 | 25.2 | 21.8 | 18.1 |
| Pre-tax income | 14.3 | 38.6 | −147 | 158 | 192 |
| Income tax | 15.1 | 10.0 | 8.3 | 48.0 | 14.5 |
| Net income | 66.5 | 241 | −154 | 110 | 178 |
| Diluted EPS | 0.16 | 1.30 | −1.82 | 0.45 | −0.96 |
| Diluted shares | 123 | 116 | 109 | 109 | 107 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 178 | 226 | 93.5 | 143 | 142 |
| Receivables | 381 | 271 | 292 | 248 | 314 |
| Current assets | 3,392 | 3,022 | 2,842 | 2,852 | 3,012 |
| Net PP&E | 144 | 124 | 170 | 149 | 104 |
| Goodwill | 1,598 | 1,465 | 1,271 | 1,223 | 1,244 |
| Total assets | 7,451 | 5,120 | 4,726 | 4,622 | 4,724 |
| Payables | 785 | 551 | 557 | 548 | 666 |
| Current liabilities | 3,009 | 2,643 | 2,479 | 2,566 | 2,604 |
| Short-term debt | 16.3 | 289 | 155 | 223 | 5.5 |
| Long-term debt | 1,850 | 205 | 202 | 0.0 | 530 |
| Total liabilities | 5,938 | 3,602 | 3,399 | 3,280 | 3,484 |
| Shareholders' equity | 1,513 | 1,518 | 1,327 | 1,343 | 1,241 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 234 | 4.1 | 237 | 293 | 392 |
| Capital expenditure | 64.2 | 60.9 | 52.0 | 53.0 | 55.4 |
| Free cash flow | 170 | −56.8 | 185 | 240 | 337 |
| Depreciation & amortisation | 110 | 100 | 102 | 95.2 | 91.7 |
| Stock-based compensation | 13.2 | 16.6 | 16.5 | 14.7 | 14.6 |
| Acquisitions | 522 | 0.4 | 103 | 0.0 | 0.0 |
| Share buybacks | 181 | 182 | 22.2 | 30.0 | 45.6 |
| Dividends paid | 0.0 | 0.0 | – | – | – |
| Dividend per share | 0.00 | 0.00 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.4% | 10.9% | 5.5% | 8.2% |
| Operating income growth (YoY) | – | −25.7% | −243.4% | – | 7.9% |
| EPS growth (YoY) | – | 712.5% | −240.0% | – | −313.3% |
| Gross margin | 45.4% | 45.4% | 48.8% | 46.5% | 46.2% |
| Operating margin | 8.8% | 6.2% | −8.0% | 10.2% | 10.2% |
| Net margin | 4.6% | 15.8% | −9.1% | 6.1% | 9.2% |
| Return on equityBlank when equity is negative | 4.4% | 15.9% | −11.6% | 8.2% | 14.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.9% | 3.8% | −6.0% | 8.9% | 9.3% |
| Free cash flow margin | 11.7% | −3.7% | 10.9% | 13.4% | 17.4% |
| Cash conversion (CFO ÷ net income) | 3.52x | 0.02x | −1.54x | 2.66x | 2.21x |
| Receivable days | 96 | 65 | 63 | 51 | 59 |
| Payable days | 362 | 241 | 234 | 209 | 233 |
| Interest cover | 1.01x | 2.36x | −5.39x | 8.36x | 10.9x |
| Debt ÷ equity | 1.23x | 0.33x | 0.27x | 0.17x | 0.43x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,688 | 268 | 264 | 79.5 | 394 |
| Current ratio | 1.13x | 1.14x | 1.15x | 1.11x | 1.16x |
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.