Penske Automotive公布2026年二季度业绩，收入和调整后EPS高于预期但属排期财报

New and Used Automotive Units Delivered Increase 5% to Over 125,000
Quarterly Revenue Increases 6% to $8.5 Billion
Income Before Taxes of $354 Million; Net Income of $260 Million; Earnings Per Share of $3.96
Adjusted Income Before Taxes of $323 Million; Adjusted Net Income of $238 Million; Adjusted Earnings Per Share of $3.62
BLOOMFIELD HILLS, Mich.
,
July 29, 2026
/PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced financial results for the second quarter of 2026. For the quarter, revenue increased 6% to $8.5 billion when compared to $8.0 billion for the same period in 2025. Net income attributable to common stockholders was $260.4 million compared to $266.6 million for the same period in 2025, and related earnings per share was $3.96 compared to $4.03 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, as well as the full quarterly results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships, as reconciled in the attached schedules, adjusted income before taxes was $323.3 million, adjusted net income was $237.7 million, and adjusted earnings per share was $3.62. Foreign currency exchange positively impacted revenue by $47.2 million, net income attributable to common stockholders by $1.7 million, and earnings per share by $0.02.
Commenting on the Company's results, Chair Roger Penske said, "In the second quarter of 2026, our diversified business delivered over 125,000 retail automotive units and more than 5,400 commercial truck units. Retail automotive same-store revenue increased 6%. Retail automotive new and used vehicle gross profit per unit remained strong and consistent when compared to the first quarter of 2026, and service and parts gross margin increased by 80 basis points. Additionally, I am encouraged with the trends we are experiencing across the commercial truck market from an improved freight environment, driving strong orders of Class 8 trucks."
For the six months ended June 30, 2026, revenue was $16.4 billion compared to $16.0 billion for the same period in 2025. Net income attributable to common stockholders was $494.9 million compared to $524.3 million for the same period in 2025, and related earnings per share was $7.52 compared to $7.89 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, certain disposals and other charges, as well as the full results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships and certain disposals and other charges, as reconciled in the attached schedules, adjusted income before taxes was $599.6 million, adjusted net income was $438.3 million, and adjusted earnings per share was $6.66. Foreign currency exchange positively impacted revenue by $274.8 million, net income attributable to common stockholders by $5.1 million, and earnings per share by $0.07.
Retail Automotive Dealerships
For the three months ended June 30, 2026, total new units delivered increased 5% and used units delivered increased 4%. The increase in new units is attributed to resilient consumer demand, coupled with improved new vehicle availability from certain manufacturers. Total retail automotive revenue increased 6% to $7.3 billion and increased 6% on a same-store basis. On a sequential basis when compared to the first quarter of 2026, new vehicle gross profit per unit decreased $1 and used vehicle gross profit per unit increased $19. When compared to the prior year period, same-store retail automotive service and parts revenue increased 2%, gross profit increased 3%, and gross margin improved 80 basis points to 59.5%.
For the six months ended June 30, 2026, total new units delivered remained flat and used units delivered increased 2%. Total retail automotive revenue increased 3% to $14.3 billion and increased 3% on a same-store basis. When compared to the prior year period, same-store retail automotive service and parts revenue increased 3%, gross profit increased 5%, and gross margin improved 60 basis points to 59.2%.
Retail Commercial Truck Dealerships
For the three months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 5,431 new and used units and generated $927.8 million in revenue and $47.2 million in income before taxes. This compares to 5,339 new and used units, $943.6 million of revenue, and $54.2 million in income before taxes during the same period in the prior year as lower order intake related to the weak freight environment in the third and fourth quarters of 2025 impacted truck deliveries during the second quarter of 2026. The Class 8 market order activity began to increase in late 2025 as the freight recession started to show signs of improvement. For the six months ended June 30, 2026, North American Class 8 commercial truck orders increased 118% when compared to the same period in the prior year according to industry sources. In addition, our retail commercial truck dealership operations experienced a 5% increase in service and parts revenue during the quarter. For the six months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 9,014 new and used units and generated $1.6 billion in revenue and $83.5 million in income before taxes. This compares to 10,053 new and used units, $1.8 billion in revenue, and $99.3 million in income before taxes during the same period in the prior year.
Penske Transportation Solutions Investment
Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 379,200 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and six months ended June 30, 2026, PTS' results reflect the improved freight environment, and the Company recorded a 7% increase in earnings to $57.4 million and a 14% increase in earnings to $98.5 million, respectively, driven by growth in full-service leasing, improved fleet utilization, lower operating expenses, and lower interest costs, partially offset by continued challenges in the rental market and by a lower gain on the sale of used trucks.
Corporate Development, Capital Allocation, Liquidity, and Leverage
The Company's strong balance sheet, cash flow generation, and best-in-class leverage continue to support our flexible capital allocation approach. In February 2026, the Company announced that it completed the acquisition of Lexus of Orlando and Lexus of Winter Park, both located in the Orlando metropolitan area of Central Florida. The acquisition is expected to add $450 million in estimated annualized revenue. Coupled with the acquisitions in November 2025, the Company has acquired two Toyota and four Lexus dealerships in the last nine months, which are expected to generate approximately $2 billion in estimated annualized revenue.
During the six months ended June 30, 2026, the Company repurchased 265,104 shares of common stock for approximately $42.5 million. As of June 30, 2026, $221.2 million remained outstanding and available for repurchases under our securities repurchase program. As of June 30, 2026, the Company had approximately $1.4 billion in liquidity, including $70 million in cash and $1.3 billion of availability under its U.S. and international credit agreements and revolving mortgage facilities. The Company's leverage ratio at June 30, 2026 was 1.7x. During July 2026, the Board of Directors approved a