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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.
Lithia Motors
Lithia Motors (LAD) investor relations material
Lithia Motors Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary21 Oct, 2026
Executive summary
Q3 revenue rose 2.8% YoY to $9,946.7M and gross profit rose 2.0% to $1,495.8M; operating income was nearly flat at $420.2M.
Adjusted diluted EPS was $10.34, up 9% YoY; adjusted net income declined 5% to $229.3M.
Reported earnings benefited from a $92.5M Pinewood investment fair-value gain; diluted EPS was $13.22, up 54% YoY.
Same-store revenue fell 1.4%; used-vehicle profitability, aftersales and Financing Operations growth helped offset softer new-vehicle results.
Financial highlights
Q3 adjusted EBITDA was $443.5M, up 1.3% YoY; adjusted cash flow from operations was $377M, up 12%.
Nine-month revenue was $29,009.4M, operating income $1,204.2M and net income attributable to LAD $651.5M.
Nine-month adjusted diluted EPS was $27.61 versus $26.60; adjusted net income attributable to LAD was $625.4M.
Nine-month adjusted operating cash flow was $2,125.2M, including a $1,138.3M increase from converting inventory-secured revolvers to floorplan facilities.
Outlook and guidance
Mid-term targets include financing operations income of $225M–$275M, DFC penetration of 18%, SG&A at 60%–65% of gross profit and $2B–$4B in annualized acquired revenue over the long run.
Long-term targets include $75B–$100B revenue, operating margin above 5%, SG&A at 55%–60% of gross profit and $2 EPS per $1B of revenue.
Long-term DFC targets include 20% U.S. penetration and $550M–$600M financing operations income.
Pinewood.AI rollout across North American stores is targeted by end-2028; progress toward lower SG&A is expected to follow store rollout.
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Latest events from Lithia Motors
- Record FY2023 revenue of $31.042B offset by lower earnings and vehicle gross profit per unit.LAD
Q4 2023 - Record Q2 revenue, EPS growth, and capital returns highlight strong operational momentum.LADQ2 2026
- Board and auditor ratified, record financials reported, independent chair proposal rejected.LADAGM 2026
- Record Q1 revenue of $9.3B, but net income and margins declined amid higher costs.LADQ1 2026
- Record revenue, robust governance, and enhanced ESG drive shareholder value amid board stability.LADProxy Filing
- Record revenue and EPS growth led by used/aftersales, major buybacks, and strategic acquisitions.LADQ4 2025
- 2024 revenue hit $36.2B, with strong digital, aftersales, and used vehicle growth.LADQ3 2025
- Record Q3 and YTD revenue, but earnings fell amid margin pressure and higher expenses.LADQ3 2024
- Record Q1 revenue and EPS growth, with strong aftersales, financing, and share buybacks.LADQ1 2025
Next Lithia Motors earnings date
Q4 202610 Feb, 2027
Lithia Motors
Next Lithia Motors earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
Automotive Retail Chain
Lithia Motors is an American automotive retailer active in the United States. The company specializes in the retail sale of new and used vehicles, vehicle maintenance, repair services, and finance and insurance products. The company operates a network of automotive dealerships across the country and its inventory includes a diverse range of cars from luxury and economy vehicles to trucks and SUVs. Lithia Motors is headquartered in Medford, Oregon, and its shares are listed on the NYSE.
Founded as a Single Dealership
Lithia Motors was founded by Walt DeBoer in 1946 in Medford, Oregon, and began as a single Chrysler-Plymouth-Dodge dealership. This single location was the inception of what would evolve and grow into one of the largest automotive retailers in the United States. After Walt DeBoer's passing in 1968, his son, Sid DeBoer, took over and gradually began expanding the business. Lithia Motors' expansion strategy has focused on acquiring and maintaining a network of dealerships across the U.S., offering a wide range of automotive brands. This growth has been marked by a significant increase in dealership count, diversification of brands, and a focus on customer service. The strategy has seen Lithia Motors grow into a massive player in the US automotive trade, and the company of today competes with names such as AutoNation, Sonic Automotive, and Group 1 Automotive.
New and Used Cars
Lithia Motors is primarily engaged in the retail sale of new and used vehicles. They operate a widespread network of dealerships across the United States, offering cars, trucks, and SUVs from a broad array of manufacturers. This diverse portfolio allows them to cater to a wide range of customer preferences, from economy cars to luxury vehicles. Their dealerships are equipped to provide a variety of options within each vehicle category, including different makes, models, and price points. Lithia's approach to vehicle sales emphasizes a blend of local dealership experience with the support and scale of a large national entity, aiming to provide customers with a comprehensive and accessible retail experience
Other Services
Beyond vehicle sales, Lithia Motors offers a variety of automotive services that enhance the car ownership experience. Their dealerships provide professional maintenance and repair services, including routine servicing like oil changes, tire rotations, and brake inspections, as well as more complex repairs. Additionally, Lithia dealerships offer a wide selection of automotive parts, supporting both their service departments and customers interested in purchasing parts directly. Financing services are also a key component of Lithia’s operations, offering customers options for loans and leases to facilitate vehicle purchases, as well as various insurance programs.