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AutoNation (AN) investor relations material
AutoNation Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary25 Jul, 2025
Executive summary
Revenue grew 8% year-over-year to $7.0 billion in Q2 2025, driven by strong new and used vehicle sales, customer financial services, and record after-sales gross profit, despite non-cash impairments impacting GAAP results.
Adjusted EPS rose 37% to $5.46, while reported EPS declined 29% to $2.26 due to $123 million in after-tax non-cash goodwill and franchise rights impairments.
AutoNation Finance originations doubled to $700 million, with a $700 million inaugural ABS issuance completed and segment income doubling year-over-year.
Robust cash conversion and healthy balance sheet, with leverage reduced to 2.33x EBITDA, below the targeted range midpoint.
Capital allocation remained disciplined, with $254 million in share repurchases and reduced capex.
Financial highlights
Q2 2025 revenue was $6.97–$7.0 billion, up 8% year-over-year; gross profit increased 10% to $1.28 billion, with after-sales up 12% and customer financial services up 13%.
Adjusted net income for Q2 was $209 million, up 29% year-over-year; adjusted EPS was $5.46, up 37%.
Free cash flow for H1 2025 was $394 million, with 100% FCF conversion.
Gross margin for Q2 2025 was 18.3%, up 40 bps year-over-year.
GAAP results included $123 million in after-tax non-cash impairments, mainly for goodwill and franchise rights.
Outlook and guidance
Management expects margin stability for the remainder of 2025, with some fluctuations in sales and margins possible due to inventory and tariffs.
After-sales business projected to grow mid-single digits annually; focus remains on growing AutoNation Finance, used vehicle stores, and mobile service.
Optimistic for full-year performance, with continued focus on growth, efficiency, and disciplined capital allocation.
The 2025 Budget Reconciliation Act is not expected to have a material impact.
Planning further ABS transactions to support finance portfolio growth.
Explain AN Finance's higher credit provisioning.
How did the AN Finance securitization impact debt?
Why did new vehicle gross profit decrease?
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Next AutoNation earnings date
Q3 202523 Oct, 2025
Next AutoNation earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
New and Used Cars
AutoNation is an American automotive retailer operating hundreds of outlets across the United States. These retail locations sell new as well as pre-owned vehicles and related services to customers all over the country. The company is headquartered in Fort Lauderdale, Florida and its shares are traded on the NYSE. The company also operates various rent-a-car solutions for customers, even if primary operations are centered around the sale of cars.
The Brainchild of H. Wayne Huizenga
AutoNation, founded in 1996, stands as a significant entity in the U.S. automotive retail landscape. H. Wayne Huizenga, known for his ventures in Waste Management and various Florida sports franchises, was the driving force behind AutoNation's inception. Seeing an opportunity to consolidate the fragmented car dealership market in the US, Huizenga spearheaded a strategy of acquiring and unifying various dealerships under one umbrella brand. Over the years, this approach allowed AutoNation to grow exponentially, positioning it as one of the largest automotive retailers in America. The company introduced certain practices, such as transparent pricing, which aimed to simplify the car-buying process for consumers.
New Cars
With a vast network of dealerships spread across the country, they represent a multitude of car brands, encompassing domestic, imported, and luxury vehicles. Their approach to new car sales emphasizes transparency, often deploying a "no-haggle" pricing strategy. This seeks to offer customers a clear and direct price, potentially streamlining the purchasing process by reducing lengthy negotiations. AutoNation operates in a highly competitive industry, with a list of peers including names such as Sonic Automotive, Penske, Group 1 Automotive, and several others.
Pre-Owned Cars
AutoNation is not only active in the new car segment but also has a significant footprint in the pre-owned and used car market. Their retail locations across the U.S. offer a substantial inventory of pre-owned vehicles, spanning a diverse range of brands, models, and price points. One of AutoNation's distinguishing features in the used car sector is its certification process. Many of their used vehicles available for purchase undergo rigorous inspections and, if necessary, repairs, to meet specific company standards. This process is conducted to ensure buyers receive a car that is reliable and roadworthy straight away. Furthermore, to enhance transparency, AutoNation often provides vehicle history reports, allowing prospective buyers to understand the car's past in terms of ownership, accidents, and maintenance.
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