Form 8-K

8-K — AUTONATION, INC.

Accession: 0001628280-26-029100

Filed: 2026-05-01

Period: 2026-05-01

CIK: 0000350698

SIC: 5500 (RETAIL-AUTO DEALERS & GASOLINE STATIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — an-20260501.htm (Primary)

EX-99.1 (anearningsrelease33126ex991.htm)

GRAPHIC (image.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: an-20260501.htm · Sequence: 1

an-20260501

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date Of Report (Date Of Earliest Event Reported) May 1, 2026

AUTONATION, INC.

(Exact name of registrant as specified in its charter)

Delaware 1-13107 73-1105145

(State or other jurisdiction

of incorporation) (Commission

File Number) (IRS Employer

Identification No.)

200 SW 1st Ave

Fort Lauderdale, Florida 33301

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code (954) 769-6000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, par value $0.01 per share AN New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On May 1, 2026, AutoNation, Inc. (the “Company”) issued a press release announcing its results of operations for the fiscal quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release of AutoNation, Inc. dated May 1, 2026, regarding results of operations for the fiscal quarter ended March 31, 2026.

104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AUTONATION, INC.

Date: May 1, 2026 By: /s/ C. Coleman Edmunds

C. Coleman Edmunds

Executive Vice President, General Counsel and Corporate Secretary

EX-99.1

Filename: anearningsrelease33126ex991.htm · Sequence: 2

Document

Exhibit 99.1

Investor Contact: Derek Fiebig

(954) 769-2227

fiebigd@autonation.com

Media Contact: Lisa Rhodes Ryans

(954) 769-4120

publicrelations@autonation.com

AutoNation Reports First Quarter 2026 Results

•Q1 2026 EPS $5.85 and Adjusted EPS $4.69

•Record Q1 After-Sales gross profit; total store growth of 5%

•Record Q1 CFS gross profit per unit

•Substantial portfolio and profitability growth at AN Finance

•Sequential improvements in new and used vehicle unit profitability

•Share repurchases of $300 million in Q1 (4% share count reduction)

FORT LAUDERDALE, Fla., (May 1, 2026) — AutoNation, Inc. (NYSE: AN) today reported first quarter 2026 revenue of $6.6 billion, a decrease of 2% compared to the same period a year ago. For the quarter, EPS was $5.85, compared to $4.45 a year ago, and Adjusted EPS was $4.69, compared to $4.68 a year ago. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

“We are pleased to report our strong first quarter results highlighted by record gross profit in After-Sales and record unit profitability in Customer Financial Services. Unit profitability for new and used vehicles increased sequentially. These gains largely offset expected year‑over‑year declines in unit sales,” said Mike Manley, Chief Executive Officer of AutoNation. “Adjusted earnings per share increased year-over-year for the fifth consecutive quarter, and strong cash flow conversion supported our continued deployment of capital toward share repurchases. AutoNation Finance continued to scale, growing its portfolio to $2.4 billion while improving profitability, credit performance, and debt funding. Our diversified earnings profile, flexible cost structure, and strong balance sheet and cash flows continue to support resilient performance and disciplined capital deployment to generate shareholder returns in a dynamic operating environment,” Manley concluded.

Operational Summary

First Quarter 2026 compared to the year-ago period:

Selected GAAP Financial Data

($ in millions, except per share data and unit sales)

Three Months Ended March 31,

2026 2025 YoY

Revenue $ 6,552.1 $ 6,690.4 -2%

Gross Profit $ 1,211.1 $ 1,219.9 -1%

Operating Income $ 314.3 $ 336.0 -6%

Net Income $ 205.4 $ 175.5 17%

Diluted EPS $ 5.85 $ 4.45 31%

Diluted weighted average common shares outstanding

35.1 39.4 -11%

Same-store Revenue $ 6,404.7 $ 6,650.5 -4%

Same-store Gross Profit $ 1,182.7 $ 1,212.9 -2%

Same-store New Vehicle Retail Unit Sales

56,316 62,156 -9%

Same-store Used Vehicle Retail Unit Sales

64,182 67,370 -5%

Selected Non-GAAP Financial Data*

($ in millions, except per share data)

Three Months Ended March 31,

2026 2025 YoY

Adjusted Operating Income $ 311.7 $ 334.5 -7%

Adjusted Net Income $ 164.6 $ 184.2 -11%

Adjusted Diluted EPS $ 4.69 $ 4.68 —%

*Reconciliations of non-GAAP financial measures are included in the attached financial tables. 2026 Adjusted Diluted EPS excludes net gains on equity investments of $54 million.

Capital Allocation, Liquidity, and Leverage

For the quarter, cash used in operating activities was $22 million, auto loans receivable, net, increased $254 million, capital expenditures were $56 million, and adjusted free cash flow was $256 million, or 155% of adjusted net income.

During the quarter, AutoNation repurchased 1.5 million shares of common stock for an aggregate purchase price of $300 million, or $201 per share. Year-to-date through April 29, 2026, AutoNation repurchased 1.9 million shares, for an aggregate purchase price of $391 million, or $201 per share, and has more than $685 million of repurchase authorization remaining under its current share repurchase program.

As of March 31, 2026, AutoNation had $1.6 billion of liquidity, including $66 million in cash and $1.6 billion of availability under its revolving credit facility, net of commercial paper borrowings. The Company’s covenant leverage ratio was 2.57x at quarter end and the Company had $4.1 billion of non-vehicle debt outstanding.

In January 2026, AN Finance completed its second asset-backed term securitization, generating $749.2 million in funding for its auto loan portfolio at a weighted-average fixed interest rate of 4.25%. The strong advance rates of this ABS transaction helped improve the debt funded status of the $2.4 billion portfolio to 90 percent.

The first quarter conference call may be accessed by telephone at 800-715-9871 (Conference ID: 90621) at 9:00 a.m. Eastern Time today or on AutoNation’s investor relations website at investors.autonation.com. The webcast will also be made available on AutoNation’s investor relations website following the call under “Events & Presentations.” Finally, additional information regarding AutoNation’s results can be found in the Investor Presentation available on the investor relations website.

About AutoNation, Inc.

AutoNation, one of the largest automotive retailers in the United States, offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for our customers and their automotive needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $50 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.

Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations.

NON-GAAP FINANCIAL MEASURES

This news release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure, provide a meaningful presentation of the Company's results excluding the impact of items not related to the Company's ongoing core business operations, and improve the period-to-period comparability of the Company's results from its core business operations. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as “anticipates,” “expects,” “estimates,” “intends,” “goals,” “targets,” “projects,” “plans,” “believes,” “continues,” “may,” “will,” “could,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic

initiatives, partnerships, and investments, including AutoNation Finance, statements regarding our expectations for shareholder returns, potential tariff-related impacts, and the future performance of our business and the automotive retail industry, including during 2026, and other statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties, and other factors that are difficult to predict and may cause our actual results, performance, or achievements to be materially different from any future results, performance, and achievements expressed or implied by these statements. These risks, uncertainties, and other factors include, among others: economic conditions, including changes in tariffs, unemployment, interest, and/or inflation rates, consumer demand, and fuel prices; our ability to implement successfully our strategic acquisitions, initiatives, partnerships, and investments; our ability to maintain or improve gross profit margins; our ability to maintain or gain market share; legal, reputational, and financial risks resulting from cyber incidents and the potential impact on our operating results; the receipt of any insurance or other recoveries in connection with any cyber incidents; our ability to successfully implement and maintain expense controls; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to acquire and integrate successfully new acquisitions; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for franchise acquisitions; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; changes in automotive laws and regulation affecting our business, including fuel economy requirements; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

AUTONATION, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

Three Months Ended March 31,

2026 2025

Revenue:

New vehicle $ 3,011.0 $ 3,248.1

Used vehicle 1,963.8 1,922.4

Parts and service 1,220.9 1,164.0

Finance and insurance, net 352.0 352.5

Other 4.4 3.4

Total revenue 6,552.1 6,690.4

Cost of sales:

New vehicle 2,866.5 3,073.2

Used vehicle 1,842.4 1,797.9

Parts and service 627.5 596.3

Other 4.6 3.1

Total cost of sales 5,341.0 5,470.5

Gross profit 1,211.1 1,219.9

AutoNation Finance income

9.4 0.1

Selling, general, and administrative expenses 842.2 821.9

Depreciation and amortization 63.0 61.8

Other expense, net(1)

1.0 0.3

Operating income 314.3 336.0

Non-operating income (expense) items:

Floorplan interest expense (41.8) (46.5)

Other interest expense (48.0) (42.3)

Other income (loss), net(2)

51.2 (13.2)

Income before income taxes 275.7 234.0

Income tax provision 70.3 58.5

Net income $ 205.4 $ 175.5

Diluted earnings per share

$ 5.85 $ 4.45

Diluted weighted average common shares outstanding

35.1 39.4

Common shares outstanding, net of treasury stock, at period end 33.9 37.9

(1)Includes asset impairments and net gains on business/property divestitures.

(2)Includes net gains and losses on minority equity investments, as well as net losses related to changes in the cash surrender value of corporate-owned life insurance for deferred compensation plan participants.

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA

($ in millions, except per vehicle data)

Operating Highlights Three Months Ended March 31,

2026 2025 $ Variance % Variance

Revenue:

New vehicle $ 3,011.0 $ 3,248.1 $ (237.1) (7.3)

Retail used vehicle 1,819.6 1,792.1 27.5 1.5

Wholesale 144.2 130.3 13.9 10.7

Used vehicle 1,963.8 1,922.4 41.4 2.2

Finance and insurance, net 352.0 352.5 (0.5) (0.1)

Total variable operations 5,326.8 5,523.0 (196.2) (3.6)

Parts and service 1,220.9 1,164.0 56.9 4.9

Other 4.4 3.4 1.0

Total revenue $ 6,552.1 $ 6,690.4 $ (138.3) (2.1)

Gross profit:

New vehicle $ 144.5 $ 174.9 $ (30.4) (17.4)

Retail used vehicle 104.9 113.0 (8.1) (7.2)

Wholesale 16.5 11.5 5.0

Used vehicle 121.4 124.5 (3.1) (2.5)

Finance and insurance 352.0 352.5 (0.5) (0.1)

Total variable operations 617.9 651.9 (34.0) (5.2)

Parts and service 593.4 567.7 25.7 4.5

Other (0.2) 0.3 (0.5)

Total gross profit 1,211.1 1,219.9 (8.8) (0.7)

AutoNation Finance income

9.4 0.1 9.3

Selling, general, and administrative expenses 842.2 821.9 (20.3) (2.5)

Depreciation and amortization 63.0 61.8 (1.2)

Other expense, net 1.0 0.3 (0.7)

Operating income 314.3 336.0 (21.7) (6.5)

Non-operating income (expense) items:

Floorplan interest expense (41.8) (46.5) 4.7

Other interest expense (48.0) (42.3) (5.7)

Other income (loss), net 51.2 (13.2) 64.4

Income before income taxes $ 275.7 $ 234.0 $ 41.7 17.8

Retail vehicle unit sales:

New 57,482 62,387 (4,905) (7.9)

Used 65,818 68,000 (2,182) (3.2)

123,300 130,387 (7,087) (5.4)

Revenue per vehicle retailed:

New $ 52,382 $ 52,064 $ 318 0.6

Used $ 27,646 $ 26,354 $ 1,292 4.9

Gross profit per vehicle retailed:

New $ 2,514 $ 2,803 $ (289) (10.3)

Used $ 1,594 $ 1,662 $ (68) (4.1)

Finance and insurance $ 2,855 $ 2,703 $ 152 5.6

Total variable operations(1)

$ 4,878 $ 4,912 $ (34) (0.7)

(1) Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.

Operating Percentages Three Months Ended March 31,

2026 (%) 2025 (%)

Revenue mix percentages:

New vehicle 46.0 48.5

Used vehicle 30.0 28.7

Parts and service 18.6 17.4

Finance and insurance, net 5.4 5.3

Other — 0.1

100.0 100.0

Gross profit mix percentages:

New vehicle 11.9 14.3

Used vehicle 10.0 10.2

Parts and service 49.0 46.5

Finance and insurance 29.1 28.9

Other — 0.1

100.0 100.0

Operating items as a percentage of revenue:

Gross profit:

New vehicle 4.8 5.4

Used vehicle - retail 5.8 6.3

Parts and service 48.6 48.8

Total 18.5 18.2

Selling, general, and administrative expenses

12.9 12.3

Operating income 4.8 5.0

Operating items as a percentage of total gross profit:

Selling, general, and administrative expenses

69.5 67.4

Operating income 26.0 27.5

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA

($ in millions)

Segment Operating Highlights Three Months Ended March 31,

2026 2025 $ Variance % Variance

Revenue:

Domestic $ 1,716.6 $ 1,717.4 $ (0.8) —

Import 2,048.1 2,047.3 0.8 —

Premium luxury 2,441.5 2,576.5 (135.0) (5.2)

Total Franchised Dealerships

6,206.2 6,341.2 (135.0) (2.1)

Corporate and other 345.9 349.2 (3.3) (0.9)

Total consolidated revenue $ 6,552.1 $ 6,690.4 $ (138.3) (2.1)

Segment income(1):

Domestic $ 78.1 $ 69.0 $ 9.1 13.2

Import 113.8 126.2 (12.4) (9.8)

Premium luxury 154.8 178.7 (23.9) (13.4)

Total Franchised Dealerships

346.7 373.9 (27.2) (7.3)

AutoNation Finance income

9.4 0.1 9.3

Corporate and other (83.6) (84.5) 0.9

Add: Floorplan interest expense 41.8 46.5 (4.7)

Operating income $ 314.3 $ 336.0 $ (21.7) (6.5)

(1) Segment income for the Domestic, Import, and Premium Luxury reportable segments is a non-GAAP measure and is defined as operating income less floorplan interest expense.

Retail new vehicle unit sales:

Domestic 15,858 16,778 (920) (5.5)

Import 26,779 28,003 (1,224) (4.4)

Premium luxury 14,845 17,606 (2,761) (15.7)

Retail used vehicle unit sales:

Domestic 17,907 18,424 (517) (2.8)

Import 23,034 23,155 (121) (0.5)

Premium luxury 18,174 19,017 (843) (4.4)

Brand Mix - Retail New Vehicle Units Sold Three Months Ended

March 31,

2026 (%) 2025 (%)

Domestic:

Ford, Lincoln 12.1 11.3

Chevrolet, Buick, Cadillac, GMC 10.4 10.7

Chrysler, Dodge, Jeep, Ram 5.1 4.9

Domestic total 27.6 26.9

Import:

Toyota 22.7 20.2

Honda 12.3 12.7

Hyundai 3.4 3.5

Subaru 3.9 4.1

Other Import 4.3 4.4

Import total 46.6 44.9

Premium Luxury:

Mercedes-Benz 9.2 9.7

BMW 8.6 9.2

Lexus 3.2 3.5

Audi 1.7 2.1

Jaguar Land Rover 1.9 2.2

Other Premium Luxury 1.2 1.5

Premium Luxury total 25.8 28.2

100.0 100.0

AutoNation Finance Three Months Ended March 31,

2026 2025 $ Variance

Interest margin:

Interest and fee income $ 62.7 $ 41.9 $ 20.8

Interest expense (24.4) (13.9) (10.5)

Total interest margin 38.3 28.0 10.3

Provision for credit losses (19.5) (18.9) (0.6)

Total interest margin after provision for credit losses

18.8 9.1 9.7

Direct expenses(1)

(9.4) (9.0) (0.4)

AutoNation Finance income

$ 9.4 $ 0.1 $ 9.3

(1) Direct expenses are comprised primarily of compensation expenses and loan administration costs incurred by our auto finance company.

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA, Continued

($ in millions)

Capital Allocation

Three Months Ended March 31,

2026 2025

Capital expenditures $ 56.4 $ 75.2

Cash paid for acquisitions, net of cash acquired $ — $ 69.6

Cash received from divestitures, net of cash relinquished $ 12.7 $ —

Stock repurchases:

Aggregate purchase price(1)

$ 300.0 $ 224.8

Shares repurchased (in millions) 1.5 1.4

New Vehicle Floorplan Assistance and Expense Three Months Ended March 31,

2026 2025 Variance

Floorplan assistance earned (included in cost of sales) $ 30.4 $ 31.1 $ (0.7)

New vehicle floorplan interest expense (40.0) (44.0) 4.0

Net new vehicle inventory carrying expense $ (9.6) $ (12.9) $ 3.3

Balance Sheet and Other Highlights March 31, 2026 December 31, 2025 March 31, 2025

Cash and cash equivalents $ 65.5 $ 58.6 $ 70.5

Inventory $ 3,444.4 $ 3,404.9 $ 3,231.6

Floorplan notes payable $ 3,759.0 $ 3,828.3 $ 3,558.9

Auto loans receivable, net

$ 2,371.2 $ 2,140.2 $ 1,397.7

Non-recourse debt $ 2,185.6 $ 1,944.6 $ 1,080.2

Non-vehicle debt $ 4,115.9 $ 3,979.5 $ 3,962.7

Equity $ 2,226.9 $ 2,341.1 $ 2,403.2

New days supply (industry standard of selling days) 46 days 45 days 38 days

Used days supply (trailing calendar month days) 35 days 38 days 36 days

Key Credit Agreement Covenant Compliance Calculations (2)

Leverage ratio 2.57x

Covenant less than or equal to 3.75x

Interest coverage ratio 4.73x

Covenant greater than or equal to 3.00x

(1) Excludes excise taxes imposed under Inflation Reduction Act.

(2) Calculated in accordance with our credit agreement as filed with our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.

AUTONATION, INC.

UNAUDITED SUPPLEMENTARY DATA, Continued

($ in millions, except per share data)

Comparable Basis Reconciliations(1)

Three Months Ended March 31,

Operating Income Income Before

Income Taxes

Income Tax Provision(2)

Effective Tax Rate Net Income

Diluted Earnings

Per Share(3)

2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025

As reported $ 314.3 $ 336.0 $ 275.7 $ 234.0 $ 70.3 $ 58.5 25.5 % 25.0 % $ 205.4 $ 175.5 $ 5.85 $ 4.45

Decrease in compensation expense related to market valuation changes in deferred compensation obligations(4)

(2.6) (1.5) — — — — — — $ — $ —

Net (gain) loss on equity investments

— — (54.0) 11.5 (13.2) 2.8 (40.8) 8.7 $ (1.16) $ 0.22

Adjusted $ 311.7 $ 334.5 $ 221.7 $ 245.5 $ 57.1 $ 61.3 25.8 % 25.0 % $ 164.6 $ 184.2 $ 4.69 $ 4.68

Three Months Ended March 31,

SG&A SG&A as a Percentage of Gross Profit (%)

2026 2025 2026 2025

As reported $ 842.2 $ 821.9 69.5 67.4

Excluding:

Decrease in compensation expense related to market valuation changes in deferred compensation obligations

(2.6) (1.5)

Adjusted $ 844.8 $ 823.4 69.8 67.5

(1) Please refer to the “Non-GAAP Financial Measures” section of the Press Release.

(2) Tax expense is determined based on the amount of additional taxes or tax benefits associated with each individual item.

(3) Diluted earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.

(4)

Decreases in deferred compensation obligations, which are recorded in SG&A, are substantially offset by corresponding losses related to changes in the cash surrender value of corporate-owned life insurance (“COLI”) for deferred compensation plan participants as a result of changes in market performance of the underlying investments; therefore, the net impact to net income and earnings per share is de minimis. Losses related to the COLI are recorded in non-operating Other Income (Loss), Net.

Free Cash Flow Three Months Ended March 31,

2026 2025

Net cash provided by (used in) operating activities

$ 22.2 $ (52.5)

Net proceeds from (payments of) vehicle floorplan - non-trade

36.3 (0.9)

Increase in auto loans receivable, net 253.5 365.4

Adjusted cash provided by operating activities 312.0 312.0

Purchases of property and equipment

(56.4) (75.2)

Adjusted free cash flow $ 255.6 $ 236.8

Adjusted net income $ 164.6 $ 184.2

Adjusted free cash flow conversion % 155 129

AUTONATION, INC.

UNAUDITED SAME STORE DATA

($ in millions, except per vehicle data)

Operating Highlights Three Months Ended March 31,

2026 2025 $ Variance % Variance

Revenue:

New vehicle $ 2,949.8 $ 3,238.5 $ (288.7) (8.9)

Retail used vehicle 1,773.4 1,778.4 (5.0) (0.3)

Wholesale 140.9 129.4 11.5 8.9

Used vehicle 1,914.3 1,907.8 6.5 0.3

Finance and insurance, net 344.1 350.8 (6.7) (1.9)

Total variable operations 5,208.2 5,497.1 (288.9) (5.3)

Parts and service 1,192.1 1,150.1 42.0 3.7

Other 4.4 3.3 1.1

Total revenue $ 6,404.7 $ 6,650.5 $ (245.8) (3.7)

Gross profit:

New vehicle $ 141.5 $ 174.6 $ (33.1) (19.0)

Retail used vehicle 103.2 112.4 (9.2) (8.2)

Wholesale 16.4 11.6 4.8

Used vehicle 119.6 124.0 (4.4) (3.5)

Finance and insurance 344.1 350.8 (6.7) (1.9)

Total variable operations 605.2 649.4 (44.2) (6.8)

Parts and service 577.6 563.1 14.5 2.6

Other (0.1) 0.4 (0.5)

Total gross profit $ 1,182.7 $ 1,212.9 $ (30.2) (2.5)

Retail vehicle unit sales:

New 56,316 62,156 (5,840) (9.4)

Used 64,182 67,370 (3,188) (4.7)

120,498 129,526 (9,028) (7.0)

Revenue per vehicle retailed:

New $ 52,379 $ 52,103 $ 276 0.5

Used $ 27,631 $ 26,398 $ 1,233 4.7

Gross profit per vehicle retailed:

New $ 2,513 $ 2,809 $ (296) (10.5)

Used $ 1,608 $ 1,668 $ (60) (3.6)

Finance and insurance $ 2,856 $ 2,708 $ 148 5.5

Total variable operations(1)

$ 4,886 $ 4,924 $ (38) (0.8)

Operating Percentages Three Months Ended March 31,

2026 (%) 2025 (%)

Revenue mix percentages:

New vehicle 46.1 48.7

Used vehicle 29.9 28.7

Parts and service 18.6 17.3

Finance and insurance, net 5.4 5.3

Other — —

100.0 100.0

Gross profit mix percentages:

New vehicle 12.0 14.4

Used vehicle 10.1 10.2

Parts and service 48.8 46.4

Finance and insurance 29.1 28.9

Other — 0.1

100.0 100.0

Operating items as a percentage of revenue:

Gross profit:

New vehicle 4.8 5.4

Used vehicle - retail 5.8 6.3

Parts and service 48.5 49.0

Total 18.5 18.2

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Document and Entity Information

May 01, 2026

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May 01, 2026

Entity Registrant Name

AUTONATION, INC.

Entity Incorporation, State or Country Code

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0000350698

Entity File Number

1-13107

Entity Tax Identification Number

73-1105145

Entity Address, Address Line One

200 SW 1st Ave

Entity Address, City or Town

Fort Lauderdale

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33301

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954

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769-6000

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NYSE

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