Autonation, Inc. · NYSE:AN
Autonation — Q3 2025 Earnings Presentation
18 slides from Autonation's earnings presentation, Oct 23, 2025
Slide 1: Third Quarter 2025 Earnings Release
Third Quarter 2025 Earnings Release October 23, 2025 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This news release 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: Overview
3Q 2025 Overview HIGHLIGHTS New Vehicle Unit Growth (SS) +4% Double-digit Domestic growth; record BEV sales Used Vehicle Unit Growth (SS) +2% Higher profitability YoY, strong wholesale performance CFS Gross Profit (SS) +11% 7% unit profitability, 4% unit volume After-Sales Gross Profit (SS) +7% Reco
Slide 4: Financial Summary
3Q 2025 Financial Summary ($ in millions, except per share data) 3Q 2024 3Q 2025 YoY Total Revenue $6,586 $7,037 7% Same-store New Vehicle +7%, After-Sales +6% Gross Profit $1,183 $1,238 5% Same-store CFS +11%, After-Sales +7% Used +2% Adj. SG&A Expense $797 $834 5% 67.4% of Gross Profit (Target 66
Slide 5: New Vehicles
3Q 2025 New Vehicles RETAIL UNITS & UNIT PROFITABILITY 5% 66,189 • Same store units increased 4%, led by increases in domestic and import brands 63,150 • PVRs lower YoY driven by: • Lower manufacturer assistance $2,804 $2,281 • Domestic Mix • Record BEV sales, low exit inventory • Vehicle supply at
Slide 6: Used Vehicles
3Q 2025 Used Vehicles RETAIL UNITS & UNIT PROFITABILITY 68,896 • Unit sales increased 4% from 2024 66,454 • Strong unit growth led by over $40k category (+17% YoY) $1,589 • Total Used gross profit +3%, reflecting $1,489 increased units and stronger wholesale • Lower PVR reflects higher acquisition c
Slide 7: Customer Financial Services
3Q 2025 Customer Financial Services GROSS PROFIT ($M) & UNIT PROFITABILITY $375 • Total unit sales increased 4%+ $335 $2,775 • Record total CFS profit – unit profitability increased YoY and QoQ $2,588 • Improved margins on vehicle service contracts • Consistent attachment rates and higher finance pe
Slide 8: AutoNation Finance
Sep. YTD 2025 AutoNation Finance YTD PROFITABILITY ($M) $4 • Attractive offerings driving strong customer take-up in high ROE business model • 10% penetration rate (vs 7% in 3Q 24) -$10 • Originations of $1.3+B in YTD 25 (vs. $0.7B in YTD 24 YTD 25 YTD 24) PORTFOLIO BALANCE ($M) • Weighted average F
Slide 9: After Sales
3Q 2025 After Sales REVENUE ($M) & GROSS MARGIN (%) $1,226 $1,171 • Same-store top-line and gross profit growth of 6% and 7% 48.7% 47.7% • Growth led by Customer Pay, Internal, and Warranty • Increased repair order count and value per repair order • Increased technician headcount 3Q 24 3Q 25 Revenue
Slide 10: Free Cash Flow
Sep. YTD 2025 Free Cash Flow ADJ FCF ($M) & CONVERSION % $786M • Consistent, attractive cash conversion profile (100%) $467M • Focused on working capital and cycle times 134% (e.g. billing, time-to-auction, and service WIP) 91% • CapEx discipline ($40M YoY reduction) • CDK business interruption insu
Slide 11: Capital Allocation
Sep. YTD 2025 Capital Allocation CAPITAL ALLOCATION ($M) Sep. Sep. YTD 24 YTD 25 Capital Expenditures $262 $223 • Continued strong cash conversion provides optionality M&A - $348 • Disciplined CapEx (down 15% vs. YTD 24) • Through Sep. reduced shares outstanding by 6% from YE 24 at an average price
Slide 12: Closing Comments
Closing Comments • Strong execution and performance across the business • Healthy balance sheet and robust cash conversion • Focus on generating attractive returns through capital allocation and share repurchases • Well positioned for success in evolving landscape Durable business model proven in al
Slide 13: Appendix
Appendix This presentation contains certain non-GAAP financial measures as defined under SEC rules, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures.
Slide 14: Balance Sheet and Other Items
3Q 2025 Balance Sheet and Other Items ($ in millions) Balance Sheet and Other Highlights 9/30/24 9/30/25 Cash and cash equivalents $60.2 $97.6 Inventory $3,530.8 $3,489.2 Floorplan notes payable $3,805.2 $3,796.6 Auto loans receivable, net $891.5 $1,953.9 Non-recourse debt (AN Finance funding) $645.
Slide 15: Comparable Basis Reconciliations
NON-GAAP RECONCILIATIONS Comparable Basis Reconciliations(1) Three Months Ended September 30, 2024, and September 30, 2025 Income Before Diluted Earnings Per Operating Income Income Tax Provision(2) Effective Tax Rate Net Income Income Taxes Share(3) 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
Slide 16: Comparable Basis Reconciliations
NON-GAAP RECONCILIATIONS Comparable Basis Reconciliations(1) Nine Months Ended September 30, 2024, and September 30, 2025 Income Before Operating Income Income Tax Provision(2) Effective Tax Rate Net Income Diluted Earnings Per Share(3) Income Taxes 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
Slide 17: Free Cash Flow Reconciliation
Sep. YTD 2025 Free Cash Flow Reconciliation ($ in millions) Free Cash Flow Reconciliation 2024 2025 Net cash provided by (used in) operating activities $164.9 ($38.6) Net Proceeds from (payments of) vehicle floorplan – non-trade ($24.0) $74.6 Increase in auto loans receivable, net $588.3 $972.8 Adj.
Slide 18: Global Financial Crisis to 2025
SELECT HISTORICAL DATA Global Financial Crisis to 2025 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 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