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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
AutoNation
AutoNation (AN) investor relations material
AutoNation Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Q3 revenue was $7.010B, down 0.4% YoY; GAAP diluted EPS was $4.87, down 14%, while adjusted EPS rose 2% to $5.11 for a seventh consecutive YoY increase.
Record After-Sales gross profit of $616.6M contributed 51% of total gross profit; AutoNation Finance income rose to $15.4M from $1.5M.
Softer vehicle demand and lower vehicle and F&I gross profit weighed on Q3 results, while After-Sales and AutoNation Finance supported recurring earnings and cash generation.
Management emphasized recurring earnings, customer lifetime value and disciplined capital allocation to support long-term per-share growth.
Financial highlights
Q3 gross profit was $1.208B, down 2.5%; operating income was $314.6M, down 15.5%, and net income was $162.3M, down 25%.
Q3 adjusted operating income was $322.7M vs. $348.1M; adjusted net income was $170.3M vs. $190.9M, and adjusted diluted EPS was $5.11 vs. $5.01.
9M revenue declined 1% to $20.492B; operating income rose to $947.9M from $926.0M, net income to $549.8M from $477.0M, and diluted EPS to $16.12 from $12.36.
9M adjusted operating income was $977.5M vs. $1,051.8M, adjusted net income was $522.7M vs. $584.3M, and adjusted EPS was $15.33 vs. $15.14.
9M adjusted free cash flow was $739.0M vs. $785.7M; conversion was 141% vs. 128%, with 2025 comparison excluding $40M of CDK outage insurance recoveries.
Outlook and guidance
FY2026 adjusted free cash flow was on track to meet the prior-year $965M level, excluding 2025 cyber insurance proceeds; capital expenditure guidance was reduced to $280M–$290M from $325M.
AutoNation Finance cash flow was expected at ~$120M for FY2026, with a path to at least $150M in 2027.
Management expected typical Q4 Premium Luxury seasonal mix and a lower used-to-new ratio; new inventory would be moderated without excessive discounting.
Used-vehicle initiatives were expected to drive progressive improvement, with some benefit in Q4 and broader return-on-capital tool deployment in 2027.
Service demand faced pressure from deferred work and a COVID-related vehicle-parc headwind expected to trough in 2027; initiatives aim to offset the impact.
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Latest events from AutoNation
- Record EPS and used-car growth offset new-vehicle supply constraints.AN
Q3 2021 - Record Q1 results: EPS up 103% as used vehicles and After-Sales grew.ANQ1 2022
- Record EPS and stronger After-Sales gains offset weaker vehicle volumes.ANQ3 2022
- Record EPS and operating income offset softer revenue and new-vehicle sales.ANQ2 2022
- Record After-Sales growth and stronger new-vehicle sales offset weaker earnings and used-vehicle results.ANQ1 2023
- Digital focus, service-driven profits, and disciplined capital allocation support resilient growth.ANMorgan Stanley's 14th Annual Laguna Conference
- Q2 2026 saw six straight quarters of EPS growth, record after-sales, and strong finance income.ANQ2 2026
- EPS up 31% to $5.85, net income up 17%, with record after-sales and $300M share repurchases.ANQ1 2026
- Revenue up 3.2%-4% with robust new vehicle sales, record aftersales, and adjusted EPS up 4%.ANQ1 2025
Next AutoNation earnings date
Q4 202611 Feb, 2027
AutoNation
Next AutoNation earnings date
Q4 202611 Feb, 2027
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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.