Penske Automotive (PAG) financial statements
Penske Automotive reported revenue of $31.8B in fiscal 2025, up 5.2% a year over 9 years.
Net income was $935M and the operating margin 4.0%, against 2.9% in 2016.
Free cash flow was $650M, and the company returned $344M in dividends and $159M in net buybacks.
The diluted share count fell 23% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Penske Automotive's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.1B | $21.4B | $22.8B | $23.2B | $20.4B | $25.6B | $27.8B | $30.9B | $31.9B | $31.8B |
| Cost of revenue | $17.2B | $18.2B | $19.4B | $19.7B | $17.3B | $21.1B | $23.0B | $25.8B | $26.6B | $26.6B |
| Gross profit | $3.0B | $3.2B | $3.4B | $3.5B | $3.2B | $4.4B | $4.8B | $5.1B | $5.2B | $5.2B |
| Selling, general and admin | $2.3B | $2.5B | $2.6B | $2.7B | $2.4B | $3.0B | $3.2B | $3.6B | $3.7B | $3.8B |
| Operating income | $575M | $611M | $665M | $653M | $704M | $1.4B | $1.5B | $1.4B | $1.4B | $1.3B |
| Pre-tax income | $508M | $548M | $604M | $592M | $708M | $1.6B | $1.9B | $1.5B | $1.3B | $1.3B |
| Income tax | $161M | -$65M | $134M | $157M | $163M | $416M | $473M | $361M | $316M | $326M |
| Net income | $343M | $613M | $471M | $436M | $544M | $1.2B | $1.4B | $1.1B | $969M | $935M |
| EPS (diluted) | $3.99 | $7.14 | $5.53 | $5.28 | $6.74 | $14.89 | $18.55 | $16.31 | $14.49 | $14.13 |
| Diluted shares | 86M | 86M | 85M | 82M | 81M | 80M | 74M | 68M | 67M | 66M |
| Gross margin | 14.7% | 15.1% | 15.0% | 14.9% | 15.6% | 17.4% | 17.4% | 16.6% | 16.4% | 16.4% |
| Operating margin | 2.9% | 2.9% | 2.9% | 2.8% | 3.4% | 5.3% | 5.3% | 4.6% | 4.3% | 4.0% |
| Net margin | 1.7% | 2.9% | 2.1% | 1.9% | 2.7% | 4.6% | 5.0% | 3.6% | 3.0% | 2.9% |
Balance sheet
Fiscal years, from Penske Automotive's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $24M | $46M | $39M | $28M | $50M | $101M | $106M | $96M | $84M | $65M |
| Receivables | $879M | $955M | $929M | $960M | $807M | $734M | $907M | $1.1B | $1.0B | $1.1B |
| Inventory | $3.4B | $3.9B | $4.0B | $4.3B | $3.4B | $3.1B | $3.5B | $4.3B | $4.7B | $4.8B |
| Total current assets | $4.4B | $5.0B | $5.1B | $5.3B | $4.4B | $4.1B | $4.7B | $5.7B | $6.0B | $6.2B |
| Property, plant and equipment | $1.8B | $2.1B | $2.2B | $2.4B | $2.4B | $2.4B | $2.5B | $2.8B | $3.0B | $3.2B |
| Goodwill | $1.3B | $1.7B | $1.8B | $1.9B | $1.9B | $2.1B | $2.2B | $2.2B | $2.4B | $2.4B |
| Total assets | $8.8B | $10.5B | $10.9B | $13.9B | $13.2B | $13.5B | $14.1B | $15.7B | $17.1B | $17.6B |
| Total current liabilities | $4.2B | $5.0B | $5.0B | $5.5B | $4.7B | $4.3B | $4.7B | $5.7B | $6.6B | $6.3B |
| Long-term debt | $1.8B | $2.1B | $2.1B | $2.3B | $1.6B | $1.4B | $1.5B | $1.4B | $1.1B | $1.8B |
| Total liabilities | $7.1B | $8.1B | $8.3B | $11.1B | $9.9B | $9.4B | $9.9B | $10.9B | $11.7B | $12.0B |
| Shareholders' equity | $1.8B | $2.4B | $2.6B | $2.8B | $3.3B | $4.1B | $4.1B | $4.7B | $5.4B | $5.6B |
| Net debt | $1.9B | $2.1B | $2.2B | $2.3B | $1.6B | $1.4B | $1.5B | $1.5B | $1.8B | $2.1B |
Cash flow
Fiscal years, from Penske Automotive's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $371M | $623M | $614M | $518M | $1.2B | $1.3B | $1.5B | $1.1B | $1.2B | $975M |
| Capital spending | $203M | $247M | $306M | $245M | $186M | $249M | $282M | $386M | $378M | $325M |
| Free cash flow | $168M | $376M | $309M | $273M | $1.0B | $1.0B | $1.2B | $759M | $853M | $650M |
| Stock-based compensation | $15M | $16M | $17M | $18M | $20M | $23M | $27M | $28M | $29M | $30M |
| Dividends paid | $95M | $108M | $121M | $131M | $68M | $142M | $154M | $189M | $274M | $344M |
| Share buybacks (net) | -$174M | -$18M | -$69M | -$169M | -$29M | -$281M | -$869M | -$359M | -$59M | -$159M |
| Free cash flow margin | 0.8% | 1.8% | 1.4% | 1.2% | 5.0% | 4.1% | 4.2% | 2.5% | 2.7% | 2.0% |
| Dividends per share | $1.11 | $1.26 | $1.42 | $1.59 | $0.84 | $1.79 | $2.07 | $2.78 | $4.10 | $5.19 |
Questions
What was Penske Automotive's revenue in 2025?
$31.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Penske Automotive generate?
$650M in fiscal 2025 (operating cash flow minus capital spending).
From Penske Automotive's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.