Penske Automotive Group (PAG) Q4 2025 earnings summary

Executive summary

• Delivered over 504,000 new and used vehicles globally in 2025, with operations in 8 countries and 4 continents, generating $31.8 billion in revenue, $935 million in net income, and EPS of $14.13.

• Completed major acquisitions, including Toyota, Lexus, and Ferrari dealerships, adding up to $2 billion in estimated annualized revenue; divested non-strategic assets representing $700 million in revenue.

• Announced the 21st consecutive quarterly dividend increase and continued share repurchases.

• Over 27,700 employees worldwide.

Financial highlights

• Q4 2025 revenue was $7.8 billion, down 4% year-over-year; full-year revenue was $31.8 billion, nearly flat year-over-year.

• Q4 net income was $186 million, down 25% year-over-year; full-year net income was $935 million, down 4%.

• Q4 EPS was $2.83, down 24%; full-year EPS was $14.13, down 2.5%.

• EBITDA for 2025 was $1.53 billion, down 0.7% year-over-year.

• Full-year cash flow from operations was $1 billion; free cash flow $651 million.

Outlook and guidance

• Acquisitions of Toyota and Lexus dealerships expected to add up to $2 billion in annualized revenue; two Lexus dealerships in Orlando to add $450 million, closing Q1 2026.

• Increased quarterly dividend to $1.40 payable in March 2026, up 16% from Q4 2024.

• Anticipates commercial truck market recovery and stronger U.S. macro environment in 2026.