Filing Flows › Penske Automotive Group (PAG) › Q3 2026 › vs Q2 2026
Penske Automotive Group (PAG) Q3 2026 vs Q2 2026 (quarter over quarter)
Penske Automotive Group's revenue fell $97.1M (-1%) from $8.5B in Q2 2026 to $8.4B in Q3 2026. The biggest changes: Retail automotive dealership −$276M (-4%); Retail commercial truck dealership +$196M (+21%); Commercial vehicle distribution and other −$17.6M (-6%). Gross margin 15.7% against 15.9% (-0.2 pts).
Penske Automotive Group, Q3 2026: revenue $8.4B (+4% year over year), operating margin 3.6%, net earnings $221M, operating cash flow $306M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 15.7% | 15.9% | -0.2 pts |
| Operating margin | 3.6% | 4.0% | -0.4 pts |
| Net margin | 2.6% | 3.1% | -0.4 pts |
| Free cash flow margin | 2.7% | 1.5% | +1.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Retail automotive dealership | $7.0B | $7.3B | −$276M | -4% |
| Retail commercial truck dealership | $1.1B | $928M | $196M | +21% |
| Commercial vehicle distribution and other | $266M | $284M | −$17.6M | -6% |
| Revenue | $8.4B | $8.5B | −$97.1M | -1% |
| Gross profit | $1.3B | $1.4B | −$32.9M | -2% |
| Cost of revenue | $7.1B | $7.2B | −$64.2M | -0.9% |
| Operating profit | $303M | $338M | −$34.5M | -10% |
| Operating expenses | $1.0B | $1.0B | $1.6M | +0.2% |
| Pre-tax earnings | $302M | $354M | −$51.8M | -15% |
| SG&A | $976M | $974M | $1.5M | +0.2% |
| Other operating costs | $45.5M | $45.4M | $100K | +0.2% |
| Net earnings | $221M | $261M | −$40.0M | -15% |
| Income tax | $80.8M | $92.6M | −$11.8M | -13% |
| Depreciation | $45.5M | $45.4M | $100K | +0.2% |
| Share-based compensation | $6.7M | $7.7M | −$1.0M | -13% |
| Working capital & other | $32.1M | −$110M | $142M | — |
| Operating cash flow | $306M | $204M | $101M | +50% |
| Free cash flow (OCF − capex) | $223M | $132M | $91.5M | +69% |
| Capital expenditures | $82.2M | $72.3M | $9.9M | +14% |
Questions
How much did Penske Automotive Group's revenue grow quarter over quarter in Q3 2026?
Penske Automotive Group's revenue fell $97.1M (-1%) from $8.5B in Q2 2026 to $8.4B in Q3 2026.
What drove Penske Automotive Group's revenue change in Q3 2026?
Retail automotive dealership −$276M (-4%); Retail commercial truck dealership +$196M (+21%); Commercial vehicle distribution and other −$17.6M (-6%).