Penske Automotive
PAG · NYSERetail-Auto Dealers & Gasoline Stations · Fiscal year ends Dec 31
Penske Automotive reported revenue of $31.8B in the fiscal year ended Dec 2025, down 0.2% from the year before. Operating income was $1.3B, an operating margin of 4.0%, and net income was $935M. Operating cash flow of $975M less capital expenditure of $325M left free cash flow of $651M. Net debt was $2.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $25.6B | $27.8B | $30.9B | $31.9B | $31.8B |
| Cost of revenue | $21.1B | $23B | $25.8B | $26.6B | $26.6B |
| Gross profit | $4.4B | $4.8B | $5.1B | $5.2B | $5.2B |
| Selling, general & admin | $3B | $3.2B | $3.6B | $3.7B | $3.8B |
| Operating income | $1.4B | $1.5B | $1.4B | $1.4B | $1.3B |
| Pre-tax income | $1.6B | $1.9B | $1.5B | $1.3B | $1.3B |
| Income tax | $416M | $473M | $361M | $317M | $326M |
| Net income | $1.2B | $1.4B | $1.1B | $969M | $935M |
| Diluted EPS | 14.89 | 18.55 | 16.31 | 14.49 | 14.13 |
| Diluted shares | 80M | 74M | 68M | 67M | 66M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $101M | $107M | $96M | $84M | $65M |
| Receivables | $734M | $907M | $1.1B | $1B | $1.1B |
| Inventory | $3.1B | $3.5B | $4.3B | $4.7B | $4.8B |
| Current assets | $4.1B | $4.7B | $5.7B | $6B | $6.2B |
| Net PP&E | $2.4B | $2.5B | $2.8B | $3B | $3.2B |
| Goodwill | $2.1B | $2.2B | $2.2B | $2.4B | $2.4B |
| Total assets | $13.5B | $14.1B | $15.7B | $17.1B | $17.6B |
| Payables | $767M | $854M | $867M | $859M | $900M |
| Deferred revenue | $297M | $292M | $280M | $269M | $299M |
| Current liabilities | $4.3B | $4.7B | $5.7B | $6.6B | $6.3B |
| Short-term debt | $82M | $75M | $210M | $721M | $355M |
| Long-term debt | $1.4B | $1.5B | $1.4B | $1.1B | $1.8B |
| Total liabilities | $9.4B | $9.9B | $10.9B | $11.7B | $12B |
| Shareholders' equity | $4.1B | $4.1B | $4.7B | $5.4B | $5.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.5B | $1.1B | $1.2B | $975M |
| Capital expenditure | $249M | $283M | $386M | $378M | $325M |
| Free cash flow | $1B | $1.2B | $759M | $853M | $651M |
| Depreciation & amortisation | $122M | $127M | $144M | $161M | $172M |
| Stock-based compensation | $23M | $27M | $28M | $29M | $30M |
| Acquisitions | $432M | $393M | $215M | $786M | $22M |
| Share buybacks | $281M | $869M | $359M | $59M | $159M |
| Dividends paid | $143M | $154M | $189M | $274M | $344M |
| Dividend per share | 1.78 | 2.07 | 2.78 | 4.09 | 5.18 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.8% | 11.2% | 3.1% | −0.2% |
| Operating income growth (YoY) | – | 9.7% | −5.3% | −2.8% | −6.5% |
| EPS growth (YoY) | – | 24.6% | −12.1% | −11.2% | −2.5% |
| Gross margin | 17.4% | 17.4% | 16.6% | 16.4% | 16.4% |
| Operating margin | 5.3% | 5.3% | 4.6% | 4.3% | 4.0% |
| Net margin | 4.6% | 5.0% | 3.6% | 3.0% | 2.9% |
| Return on equityBlank when equity is negative | 29.2% | 33.3% | 23.5% | 17.9% | 16.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.8% | 15.8% | 14.1% | 13.0% | 11.3% |
| Free cash flow margin | 4.1% | 4.2% | 2.5% | 2.7% | 2.0% |
| Cash conversion (CFO ÷ net income) | 1.09x | 1.06x | 1.03x | 1.27x | 1.04x |
| Receivable days | 10 | 12 | 13 | 12 | 12 |
| Inventory days | 54 | 56 | 61 | 65 | 66 |
| Payable days | 13 | 14 | 12 | 12 | 12 |
| Debt ÷ equity | 0.36x | 0.39x | 0.34x | 0.34x | 0.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.4B | $1.5B | $1.5B | $1.8B | $2.1B |
| Current ratio | 0.95x | 0.99x | 1.00x | 0.92x | 0.99x |
Recent filings
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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.