PENSKE AUTOMOTIVE GROUP, INC.

Listed Company

PAGCIK 0001019849NYSELarge AcceleratedRetail-Auto Dealers & Gasoline StationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$31.81B

Net Income

$935.40M

Total Assets

$17.60B

Equity

$5.56B

Shares Out

65.75M

Op. Cash Flow

$975.10M

Business

Penske Automotive Group, Inc. is a diversified international transportation services company and a leading automotive and commercial truck retailer. It sells new and used vehicles and provides maintenance and repair, parts, finance and insurance, extended service contracts, collision repair, commercial vehicle distribution and power systems, and, through an equity investment, full-service truck leasing, rental, contract maintenance and logistics. Key business segments include retail automotive dealerships, retail commercial truck dealerships (Premier Truck Group), Penske Australia distribution and power systems, and its Penske Transportation Solutions equity interest. The company operates across the U.S., U.K., Canada, Germany, Italy, Japan, Australia, New Zealand and portions of the Pacific through franchised, company-owned, agency and dealer networks.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	31,809	31,865	30,917	27,815	25,555
Total cost of sales	26,592	26,648	25,769	22,976	21,114
Gross profit	5,217	5,217	5,147	4,839	4,441
Selling, general, and administrative expenses	3,764	3,686	3,554	3,224	2,963
Goodwill impairment charges	0	0	41	0	0
Depreciation	172	161	144	127	122
Operating income	1,281	1,370	1,409	1,488	1,356
Floor plan interest expense	−171	−193	−135	−52	−26
Other interest expense	−92	−88	−93	−70	−69
Gain on sale of dealership	52	0	0	—	—
Equity in earnings of affiliates	193	201	294	494	375
Income before income taxes	1,264	1,290	1,475	1,859	1,608
Income taxes	−326	−317	−361	−473	−416
Net income	938	973	1,114	1,386	1,193
Less: Income attributable to non-controlling interests	3	5	5	6	5
Net income attributable to Penske Automotive Group common stockholders	935	969	1,109	1,380	1,188
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)	14.13	14.49	16.31	18.55	14.89
Shares used in determining basic earnings per share (in shares)	66	67	68	74	80
Net income attributable to Penske Automotive Group common stockholders (in dollars per share)	14.13	14.49	16.31	18.55	14.89
Shares used in determining diluted earnings per share (in shares)	66	67	68	74	80
Cash dividends per share (in dollars per share)	5.18	4.09	2.78	2.07	1.78

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	65	84	96	107	101
Accounts receivable, net of allowance for doubtful accounts of $6.9 and $6.7	1,070	1,037	1,115	907	734
Inventories	4,815	4,711	4,293	3,509	3,129
Other current assets	243	215	176	142	112
Total current assets	6,193	6,046	5,680	4,664	4,075
Property and equipment, net	3,225	3,038	2,765	2,497	2,442
Operating lease right-of-use assets	2,544	2,583	2,406	2,416	2,451
Goodwill	2,436	2,376	2,240	2,155	2,124
Other indefinite-lived intangible assets	1,164	1,141	748	691	642
Equity method investments	1,924	1,827	1,775	1,637	1,688
Other long-term assets	113	110	63	55	42
Total assets	17,598	17,121	15,672	14,115	13,465
Floor plan notes payable	2,533	2,571	2,256	1,566	1,145
Floor plan notes payable non-trade	1,562	1,512	1,516	1,431	1,410
Accounts payable	900	859	867	854	767
Accrued expenses and other current liabilities	930	917	810	788	870
Current portion of long-term debt	355	721	210	75	82
Total current liabilities	6,279	6,581	5,658	4,713	4,275
Long-term debt	1,811	1,131	1,420	1,547	1,392
Long-term operating lease liabilities	2,462	2,505	2,336	2,336	2,374
Deferred tax liabilities	1,200	1,231	1,232	1,121	1,060
Other long-term liabilities	265	256	271	223	269
Total liabilities	12,017	11,702	10,916	9,940	9,370
Commitments and contingent liabilities (Note 11)	—	—	—	—	—
Preferred Stock, $0.0001 par value; 100,000 shares authorized; none issued and outstanding	0	0	0	0	0
Common stock	0	0	0	0	0
Additional paid-in capital	0	9	0	0	42
Retained earnings	5,750	5,756	4,990	4,483	4,197
Accumulated other comprehensive loss	−188	−365	−264	−335	−169
Total Penske Automotive Group stockholders' equity	5,562	5,401	4,726	4,148	4,070
Non-controlling interest	19	18	29	27	25
Total equity	5,581	5,419	4,933	4,352	4,095
Total liabilities and equity	17,598	17,121	15,672	14,115	13,465

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Earnings of equity method investments, net of distributions	−120	−128	−175	−183	−235
Deferred income taxes	66	−13	102	124	185
Stock-based compensation	30	29	28	27	—
Accounts receivable	2	128	−202	−193	76
Inventories	52	−157	−726	−444	403
Other current assets	−15	−44	−35	−36	—
Floor plan notes payable	−90	273	719	487	−629
Accounts payable and accrued expenses	−53	40	−14	82	139
Other	45	−34	148	83	12
Net cash provided by operating activities	975	1,231	1,145	1,459	—
Purchases of property, equipment, and improvements	−325	−378	−386	−283	−249
Proceeds from sale of dealerships	120	82	0	13	4
Proceeds from sale of property and equipment	28	26	31	32	55
Proceeds from sale of equity method investment	16	21	0	0	—
Acquisitions net, including repayment of sellers' floor plan notes payable of $0.0, $212.5, and $24.3, respectively	−22	−786	−215	−393	−432
Other	8	−11	−13	−11	−2
Net cash used in investing activities	−175	−1,046	−583	−642	−623
Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities	5,783	4,301	3,150	2,101	1,856
Repayments under revolving U.S. credit agreement and mortgage facilities	−5,167	−4,183	−3,228	−2,101	−1,964
Repayment of 3.50% senior subordinated notes	−550	—	—	—	—
Net cash borrowings of other debt	60	113	73	160	−104
Repayments of related party promissory note	−4	0	0	—	—
Net (repayments) borrowings of floor plan notes payable non-trade	−5	−16	60	83	39
Repurchases of common stock	−159	−59	−359	−869	−281
Payments of tax withholding for stock-based compensation	−23	−19	−24	−17	−13
Dividends	−344	−274	−189	−154	−143
PMG distributions to partners	−53	−37	−55	—	—
PMG common control transaction	−364	0	0	—	—
Payment of debt issuance costs	−500,000	−1	−2	−300,000	−6
Purchase of subsidiary shares from non-controlling interest	0	−17	0	0	—
Other	0	−12	100,000	−100,000	100,000
Net cash used in financing activities	−826	−202	−572	−798	−616
Effect of exchange rate changes on cash and cash equivalents	7	−2	−300,000	−14	−4
Net change in cash and cash equivalents	−19	−19	−11	6	51
Interest	274	275	216	113	95
Income taxes	272	317	288	343	160
Receivable from sale of investment	0	10	0	0	—
Note payable from purchase of common control entity	156	0	0	—	—

Filings

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