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Penske Automotive Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$223M in Q3 2026 · $498M over twelve months

Operating cash flow$306M
Capital spending−$82.2M
Free cash flow+$223M
Cash / net income1.4×
Cash conversion cycle65 days

Analysis

In Q3 2026, Penske Automotive Group generated $306M of operating cash flow and spent $82.2M on capital projects, leaving free cash flow of $223M. That is $96.8M less than in Q3 2025 ($320M).

Over the twelve months to Sep 30, 2026, operating cash flow was $800M; the largest uses were acquisitions ($670M), dividends ($372M), capital spending ($302M); besides operations, cash came from net borrowing (+) / repaid (−) ($653M), asset & business sales ($223M); the cash balance fell by $20.4M.

Operating cash flow was $306M against net income of $221M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: inventory +$90.8M, depreciation & amortization +$45.5M, other operating capital +$32.2M.

Its cash conversion cycle was 65 days (receivables 12 + inventory 66 − payables 12).

Free cash flow

Penske Automotive Group: free cash flow by quarterPenske Automotive Group: free cash flow by quarter$173MQ4 2024$206MQ1 2025$138MQ2 2025$320MQ3 2025−$9.6MQ4 2025$152MQ1 2026$132MQ2 2026$223MQ3 2026
Operating cash flow less capital spending.
Penske Automotive Group: operating cash flow against capital spendingPenske Automotive Group: operating cash flow against capital spendingOperating cash flowCapital spending$268M$95.2MQ4 2024$291M$84.7MQ1 2025$209M$70.8MQ2 2025$399M$79.1MQ3 2025$75.7M$85.3MQ4 2025$215M$62.6MQ1 2026$204M$72.3MQ2 2026$306M$82.2MQ3 2026
Latest (Q3 2026): Operating cash flow $306M, Capital spending $82.2M.

Capital allocation, year by year

Penske Automotive Group: where the cash came from (up) and went (down), by fiscal yearPenske Automotive Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.3BFY2021: Net borrowing −$212MFY2021: Asset sales $59.2MFY2021: Capital spending −$249MFY2021: Acquisitions −$432MFY2021: Buybacks −$281MFY2021: Dividends −$142M$1.4BFY2021FY2022: Operating cash flow $1.5BFY2022: Net borrowing $160MFY2022: Asset sales $45.4MFY2022: Capital spending −$282MFY2022: Acquisitions −$393MFY2022: Buybacks −$869MFY2022: Dividends −$154M$1.7BFY2022FY2023: Operating cash flow $1.1BFY2023: Net borrowing −$4.3MFY2023: Asset sales $30.7MFY2023: Capital spending −$386MFY2023: Acquisitions −$215MFY2023: Buybacks −$359MFY2023: Dividends −$189M$1.2BFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing $119MFY2024: Asset sales $108MFY2024: Capital spending −$378MFY2024: Acquisitions −$786MFY2024: Buybacks −$58.7MFY2024: Dividends −$274M$1.5BFY2024FY2025: Operating cash flow $975MFY2025: Net borrowing $612MFY2025: Asset sales $147MFY2025: Capital spending −$325MFY2025: Acquisitions −$21.5MFY2025: Buybacks −$159MFY2025: Dividends −$344M$1.7BFY2025
Over these 5 years operating cash flow totalled $6.1B; the largest uses were acquisitions ($1.8B) and buybacks ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$68.3M
Debt$2.4B
Net debt$2.3B
Due within a year$355M

Penske Automotive Group funds itself: free cash flow was $498M over the last twelve months, and $68.3M of cash and investments stands against $2.4B of debt ($355M due within a year, 0.2× covered by cash).

Penske Automotive Group: debt maturities by year (FY2025)Penske Automotive Group: debt maturities by year (FY2025)$355MYear 1$91.7MYear 2$939MYear 3$525MYear 4$117MYear 5$137MAfter year 5
Principal due in each year as disclosed in the annual report, against $68.3M of cash and investments now.

Where the cash came from and went

Penske Automotive Group: sources (+) and uses (−) of cash, Q3 2026Penske Automotive Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$306MOther financing−$118MDividends−$94.8MCapital spending−$82.2MNet borrowing (+) / repaid (−)−$17.3MAsset & business sales$7.0MOther investing−$1.7MCash drawn (+) / kept (−)$1.2MExchange rates$400K
Penske Automotive Group: sources (+) and uses (−) of cash, TTM to Q3 2026Penske Automotive Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$800MAcquisitions−$670MNet borrowing (+) / repaid (−)$653MDividends−$372MCapital spending−$302MOther financing−$264MAsset & business sales$223MBuybacks−$66.4MCash drawn (+) / kept (−)$20.4MTaxes on employees’ shares−$16.5MOther investing−$5.2MExchange rates−$400K

From profit to cash

Penske Automotive Group: net income to operating cash flow, Q3 2026Penske Automotive Group: net income to operating cash flow, Q3 2026Net income$221MDepreciation & amortization$45.5MStock-based pay$6.7MDeferred taxes$15.4MReceivables$14.8MInventory$90.8MPayables$14.3MPrepaid and other assets$1.3MOther operating capital$32.2MOperating cash flow$306M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202612661265
Q2 202611641263
Q1 202612671366
Q4 202512671366
Q3 202512651364
Q2 202513641364
Q1 202513621263
Q4 202412571158

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$306M−$82.2M——−$94.8M−$17.3M$1.2M$223M
Q2 2026$204M−$72.3M——−$93.6M−$89.2M$14.2M$132M
Q1 2026$215M−$62.6M−$670M−$26.3M−$92.6M$415M−$19.0M$152M
Q4 2025$75.7M−$85.3M—−$40.1M−$91.1M$344M$24.0M−$9.6M
Q3 2025$399M−$79.1M−$21.5M−$7.8M−$87.3M$363M$70.5M$320M
Q2 2025$209M−$70.8M—−$71.3M−$83.6M−$51.1M−$36.0M$138M
Q1 2025$291M−$84.7M—−$39.9M−$81.8M−$44.5M−$39.6M$206M
Q4 2024$268M−$95.2M−$149M−$600K−$79.7M−$73.6M$14.5M$173M

Penske Automotive Group: income statement and cash flow

Penske Automotive Group, Q3 2026: revenue $8.4B (+4% year over year), operating margin 3.6%. The chart follows the revenue to costs, profit and cash.

Penske Automotive Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.