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Penske Automotive Group vs Carvana: PAG and CVNA compared
Penske Automotive Group is the larger company: $8.4B of revenue in its latest quarter (Q3 2026) against $8.0B for Carvana (Q3 2026). Carvana is growing faster (+42% against +4% a year earlier). Carvana is more profitable, with an operating margin of 8.9% against 3.6%.
Where the money goes: PAG and CVNA
Penske Automotive Group (PAG) · Q3 2026
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 follows the revenue to costs, profit and cash.
Carvana (CVNA) · Q3 2026
Carvana, Q3 2026: revenue $8.0B (+42% year over year), operating margin 8.9%, net earnings $289M, operating cash flow $555M. The chart follows the revenue to costs, profit and cash.
| Penske Automotive Group (PAG) | Carvana (CVNA) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $8.4B | $8.0B |
| Revenue growth, Y/Y | +4% | +42% |
| Gross margin | 15.7% | 18.9% |
| Operating margin | 3.6% | 8.9% |
| Net earnings | $221M | $289M |
| Net margin | 2.6% | 3.6% |
| Operating cash flow | $306M | $555M |
| Free cash flow | $223M | $491M |
| Market value | $13.9B | $53.3B |
| P/E | 15.5× | 31.3× |
| Analysts’ mean target | $210.86 | $81.14 |
Where the revenue comes from
Penske Automotive Group
- Retail automotive dealership: $7.0B (83%)
- Retail commercial truck dealership: $1.1B (13%)
- Commercial vehicle distribution and other: $266M (3%)
Carvana
- Retail vehicle sales, net: $6.1B (76%)
- Wholesale sales and revenues: $1.3B (16%)
- Other sales and revenues: $594M (7%)
Questions
Which is bigger, Penske Automotive Group or Carvana?
Penske Automotive Group is the larger company: $8.4B of revenue in its latest quarter (Q3 2026) against $8.0B for Carvana (Q3 2026).
Is Penske Automotive Group or Carvana growing faster?
Carvana is growing faster (+42% against +4% a year earlier).
Which is more profitable, Penske Automotive Group or Carvana?
Carvana is more profitable, with an operating margin of 8.9% against 3.6%.
More: Penske Automotive Group earnings · how Penske Automotive Group makes money · Carvana earnings · how Carvana makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.