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AutoNation (AN) investor relations material
AutoNation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved record Q3 results with 7% revenue growth to $7.04 billion, 23% higher EPS at $5.65, and robust cash flow, driven by strong new and used vehicle sales, record After-Sales and Customer Financial Services (CFS) profits, and significant capital deployment for share repurchases and acquisitions.
Adjusted EPS increased 25% to $5.01, and adjusted net income rose 18% to $191 million, excluding $40 million in business interruption insurance recoveries related to the CDK outage.
AutoNation Finance portfolio surpassed $2 billion, with improved credit quality and profitability.
Non-cash goodwill and franchise rights impairment charges of $137 million were recorded in Q2 2025, impacting year-to-date results.
Market conditions for new and used vehicles remain reasonable, with industry inventory below pre-pandemic levels and new vehicle sales below historical standards.
Financial highlights
Q3 2025 revenue was $7.04 billion, up 7% year-over-year, with gross profit of $1.24 billion (+5% YoY) and net income of $215.1 million (+16% YoY).
Adjusted net income for Q3 was $191 million (+18% YoY); adjusted operating income was $348 million (+9% YoY).
Adjusted free cash flow for the year-to-date is $786 million, 1.7x that of 2023 and 134% of adjusted net income.
Gross profit per new vehicle retailed in Q3 was $2,290 (down from $2,820 YoY); used vehicle: $1,510 (down from $1,609 YoY).
After-Sales gross margin reached 48.7% in Q3, up 100bps YoY, with record CFS and aftersales gross profits.
Outlook and guidance
Management expects continued strong results, leveraging multiple revenue streams, flexible cost structure, and investment-grade balance sheet.
New vehicle unit profitability expected to moderate due to increased supply and tariffs on imported vehicles and parts.
Ongoing capital deployment for share repurchases and acquisitions to drive shareholder returns.
The 2025 Budget Reconciliation Act provides some tax benefits but creates uncertainty in the EV market due to accelerated phasing out of EV tax credits.
OEMs have more clarity on tariffs and supply chains, with pricing for new model year vehicles broadly in line with normal changeover.
New vehicle unit profitability decline drivers
AutoNation Finance segment profit drivers
Rationale for recent dealership acquisitions
AN Finance portfolio quality outlook
Used vehicle inventory strategy for Q4
New vehicle GPU drivers and Q4 outlook
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Next AutoNation earnings date
Q4 202513 Feb, 2026
Next AutoNation earnings date
Q4 202513 Feb, 2026
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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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