Bloomfield Hills – October 29, 2026 -- Penske Automotive Group (NYSE: PAG) reported third-quarter revenue of $8.4 billion, up 5% from $8.1 billion a year earlier, and net income attributable to common stockholders of $220.8 million, or $3.36 per share. The results come as the company moves toward a take-private deal that values it at an enterprise value of about $16.3 billion.
Penske Corporation and Mitsui will pay $212 per share to take PAG private
Under a merger agreement announced on October 15, 2026, Motown Acquisition Corp., owned by Penske Corporation and Mitsui & Co., Ltd., will acquire all PAG common stock held outside the investor group for $212.00 per share in cash. After closing, Penske is to hold about 64% of the company and Mitsui about 36%. Closing is expected in the first quarter of 2027, subject to closing conditions.
PAG will not host an earnings conference call because of the transaction. The merger agreement also restricts share repurchases. The company does not expect to buy back stock under its remaining $221.2 million authorization while the deal is pending.
Third-quarter earnings absorb $6.3 million in deal costs
Pre-tax earnings were $302.0 million. Results include $6.3 million of transaction costs ($4.6 million after tax, or $0.07 per share). GAAP figures include the full quarterly results of Penske Motor Group in both periods, as required for common control transactions. Foreign currency reduced revenue by $2.3 million and added $0.01 to earnings per share.
For the nine months ended September 30, revenue rose to $24.8 billion from $24.0 billion. Net income attributable to common stockholders fell to $715.7 million from $749.1 million, and earnings per share declined to $10.89 from $11.30. The nine-month results include the deal costs, a gain on the sale of dealerships, certain disposals and other charges. Currency added $272.4 million to nine-month revenue.
Retail automotive revenue grows 1% as new-vehicle unit profit slips $258
Third-quarter retail automotive revenue increased 1% to $7.0 billion, or 2% on a same-store basis. New units delivered fell 2% while used units rose 2%. Compared with the second quarter, gross profit per unit dropped $258 on new vehicles and $149 on used vehicles. Same-store service and parts revenue and gross profit each rose 3% year over year.
For nine months, retail automotive revenue rose 3% to $21.3 billion, also up 3% same-store. New units delivered declined 1% and used units increased 2%. Same-store service and parts revenue rose 3% and gross profit rose 4%.
Commercial truck dealerships lift quarterly pre-tax income to $59.6 million
Retail commercial truck dealerships sold 6,779 new and used units in the third quarter, versus 5,108 a year earlier. Revenue reached $1.1 billion, compared with $918.6 million, and income before taxes rose to $59.6 million from $41.5 million.
Nine-month truck results were steadier. Units reached 15,793 against 15,161, revenue held at $2.7 billion, and pre-tax income edged up to $143.1 million from $140.8 million.
Penske Transportation Solutions adds $68.5 million in quarterly equity earnings
PAG owns 28.9% of Penske Transportation Solutions, which manages a fleet of more than 373,600 trucks, tractors and trailers under lease, rental and maintenance contracts. PAG recorded equity-method earnings of $68.5 million for the quarter and $167.0 million for the nine months.
PAG holds $1.6 billion in liquidity at 1.6x leverage and raises its dividend
At September 30, liquidity totaled about $1.6 billion, comprising $68 million in cash and $1.5 billion of availability under credit agreements and revolving mortgage facilities. The leverage ratio was 1.6x. In the nine months, PAG repurchased 265,104 shares for about $42.5 million.
The board raised the quarterly dividend 1.4%, or $0.02, to $1.46 per share, an annualized $5.84. It is payable December 1, 2026, to shareholders of record on November 13, 2026.