Autonation, Inc. · NYSE:AN
Autonation — Q1 2026 Earnings Presentation
19 slides from Autonation's earnings presentation, May 1, 2026
Slide 1: First Quarter 2026 Earnings Release
First Quarter 2026 Earnings Release May 1, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be dee
Slide 3: Business Line Performance
Business Line Performance 49% 29% 12% 10% After-Sales Gross Profit ($M) CFS Gross Profit ($M) New Gross Profit ($M) Used Gross Profit ($M) $593 $353 $175 $352 $568 $2,855 $125 $121 $145 $2,703 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 New locations • Record Q1 performance (up 5
Slide 4: Cash Generation & Deployment
Cash Generation & Deployment AN Finance Profitability ($M) Adjusted Free Cash Flow ($M) Capital Allocation ($M) Covenant Leverage Repurchases CapEx M&A $256 $237 $370 $356 $9 2.56X 2.57X 155% 129% $- Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 New locations • Portfolio $2.45B up
Slide 5: Financial Summary
Financial Summary ($ in millions, except per share data) Q1 2025 Q1 2026 Change Total Revenue $6,690 $6,552 (2%) Tariff driven pull ahead in 2025 Gross Profit $1,220 $1,211 (1%) 18.5% of revenue (up 30 bps) Adj. SG&A Expense 67.5% 69.8% (3%) Marketing, strategic investments & self-insurance Adj. Ope
Slide 6: After-Sales
After-Sales Revenue ($M) & Gross Margin (%) 5% $1,221 $1,164 • Continued mid-single-digit growth • Higher repair order count and value per 48.8% 48.6% repair order • Customer Pay grew 8% • Gross margin rate stable New locations • Improved technician retention, franchise technician headcount growth o
Slide 7: Customer Financial Services
Customer Financial Services Gross Profit ($M) & Unit Profitability $353 $352 • Continued strong product and finance penetration • Unit profitability up 6% YoY to a Q1 record $2,855 $2,703 • Continued growth of AN Finance – superior New locations long-term shareholder value • Unit profitability $~160
Slide 8: AutoNation Finance
AutoNation Finance Profitability ($M) $9 • Scale benefits driving results with Q1 2026 OpEx 1.6% of portfolio (v 2.8% Q1 25) • $1B growth in portfolio YoY; 17% penetration $- of deals financed in Q1 2026 • Improving credit on underwritings – Q1 2026 FICO ~ 700 Portfolio Balance ($M) New locations AN
Slide 9: New Vehicles
New Vehicles Retail Units & Unit Profitability -8% • Industry retail units were down >8% YoY 62,387 • BEV decline had a disproportionate impact 57,482 to AN Premium Luxury units $2,803 $2,514 • BEV -53% / HEV -11% / ICE -4% • Domestic -5% / Import -4% / PL -16% New locations • Unit profitability up
Slide 10: Used Vehicles
Used Vehicles Retail Units & Unit Profitability -3% 68,000 65,818 • Used : New unit ratio - 1.15X • <$20k units down 9%, >$40k units up 7% $1,662 $1,594 • Unit sales of 0 – 3-year-old vehicles up 6% YoY New locations • Unit profitability increased >$150 QoQ • Vehicle supply at 35 days (v. Dec. 38 da
Slide 11: Free Cash Flow
Free Cash Flow Adj. FCF ($M) & Conversion (%) $256 $237 155% • Consistent, attractive cash conversion profile (100+%) 129% • Focused on working capital and cycle times (e.g. billing, time-to-auction, and New locations service WIP) • CapEx $56M vs. $75M Q1 2025 Q1 2025 Q1 2026 Adjusted FCF ($M) Conve
Slide 12: Capital Allocation
Capital Allocation Capital Allocation ($M) First Quarter 2025 2026 • Continued strong cash conversion provides Capital Expenditures $75 $56 optionality • CapEx down 25% vs. Q1 2025 expected to M&A $70 - be approx. flat for full year (~$325M) New locations • Reduced shares outstanding by 11%+ from Sh
Slide 13: Closing
Closing • Five consecutive quarters of increasing adjusted EPS • After Sales well positioned for continuing growth; technician and technology focus • Customer Financial Services sustaining performance • AN Finance portfolio scaling and profitability improving • Higher sequential new and used unit pr
Slide 14: Appendix
‘AutoNation Appendix
Slide 15: AutoNation Business Overview
AutoNation Business Overview Financials Fundamentals • Strong predictable cash flows with a disciplined capital After-Sales CFS New Used allocation strategy focused on total shareholder returns Q1 26 Total Revenue: $6.6 Billion • Well positioned to capitalize on macro trends including pent-up vehicl
Slide 16: Balance Sheet and Other Items
Balance Sheet and Other Items ($ in millions) Balance Sheet and Other Highlights 3/31/25 3/31/26 Cash and cash equivalents $70 $65 Inventory 3,232 3,444 Floorplan notes payable 3,559 3,759 Auto loans receivable, net 1.398 2,371 Non-recourse debt (AN Finance Funding) 1,080 2,186 Non-vehicle debt 3,96
Slide 17: Non-GAAP Reconciliations – Comparable Basis
Non-GAAP Reconciliations – Comparable Basis Three Months Ended March 31, 2025, and March 31, 2026 Income Before Income Tax Diluted Earnings Operating Income Effective Tax Rate Net Income Income Taxes Provision(2) Per Share(3) 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 As reported 33
Slide 18: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Free Cash Flow Reconciliation 2025 2026 Net cash provided by (used in) operating activities ($52.5) $22.2 Net Proceeds from (payments of) vehicle floorplan – non-trade (0.9) 36.3 Increase in auto loans receivable, net 365.4 253.5 Adj. cash provided by op
Slide 19: Global Financial Crisis to 2025
Global Financial Crisis to 2025 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FY Avg. Light Vehicle SAAR (mm) 13.1 10.3 11.5 12.6 14.3 15.4 16.4 17.4 17.5 17.1 17.2 17.0 14.5 14.9 13.7 15.6 15.9 16.3 15.0 New Retail SAAR (mm) 10.6 8.6 9.2 10.3 11.7 12.8 13