PENSKE AUTOMOTIVE GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
PAG$213.44+0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Operating Activities: | |||
| Net income | $937.9 | $973.4 | $1,114.2 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Depreciation | 172.3 | 161.3 | 143.7 |
| Earnings of equity method investments, net of distributions | (120.2) | (127.9) | (174.6) |
| Deferred income taxes | 66.2 | (13.0) | 101.8 |
| Stock-based compensation | 30.2 | 29.4 | 28.1 |
| Goodwill impairment charges | — | — | 40.7 |
| Gain on sale of dealership | (52.3) | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 1.6 | 128.1 | (201.6) |
| Inventories | 52.1 | (157.2) | (725.9) |
| Other current assets | (14.8) | (43.5) | (34.5) |
| Floor plan notes payable | (89.7) | 273.3 | 719.0 |
| Accounts payable and accrued expenses | (53.0) | 40.2 | (13.5) |
| Other | 44.8 | (33.5) | 147.8 |
| Net cash provided by operating activities | 975.1 | 1,230.6 | 1,145.2 |
| Investing Activities: | |||
| Purchases of property, equipment, and improvements | (324.6) | (377.8) | (386.0) |
| Proceeds from sale of dealerships | 119.9 | 82.1 | — |
| Proceeds from sale of property and equipment | 27.5 | 26.2 | 30.7 |
| Proceeds from sale of equity method investment | 16.0 | 20.7 | — |
| Acquisitions net, including repayment of sellers' floor plan notes payable of $0.0, $212.5, and $24.3, respectively | (21.5) | (786.2) | (214.9) |
| Other | 7.7 | (10.9) | (12.8) |
| Net cash used in investing activities | (175.0) | (1,045.9) | (583.0) |
| Financing Activities: | |||
| Proceeds from borrowings under revolving U.S. credit agreement and mortgage facilities | 5,782.8 | 4,301.4 | 3,150.3 |
| Repayments under revolving U.S. credit agreement and mortgage facilities | (5,166.6) | (4,182.7) | (3,227.8) |
| Repayment of 3.50% senior subordinated notes | (550.0) | — | — |
| Net cash borrowings of other debt | 59.7 | 113.3 | 73.2 |
| Repayments of related party promissory note | (4.3) | — | — |
| Net (repayments) borrowings of floor plan notes payable — non-trade | (4.7) | (15.7) | 59.9 |
| Repurchases of common stock | (159.1) | (58.7) | (358.7) |
| Payments of tax withholding for stock-based compensation | (22.9) | (18.8) | (23.5) |
| Dividends | (343.8) | (274.4) | (189.1) |
| PMG distributions to partners | (52.5) | (36.6) | (54.7) |
| PMG common control transaction | (363.6) | — | — |
| Payment of debt issuance costs | (0.5) | (1.0) | (2.1) |
| Purchase of subsidiary shares from non-controlling interest | — | (16.7) | — |
| Other | — | (11.7) | 0.1 |
| Net cash used in financing activities | (825.5) | (201.6) | (572.4) |
| Effect of exchange rate changes on cash and cash equivalents | 6.5 | (2.1) | (0.3) |
| Net change in cash and cash equivalents | (18.9) | (19.0) | (10.5) |
| Cash and cash equivalents, beginning of period | 83.6 | 102.6 | 113.1 |
| Cash and cash equivalents, end of period | $64.7 | $83.6 | $102.6 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for: | |||
| Interest | $274.2 | $275.1 | $216.2 |
| Income taxes | 271.5 | 317.4 | 288.1 |
| Non-cash activities: | |||
| Receivable from sale of investment | $— | $10.4 | $— |
| Note payable from purchase of common control entity | 155.8 | — | — |
F - 8
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