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Penske Automotive Group vs CarMax: PAG and KMX compared
Penske Automotive Group is the larger company: $8.4B of revenue in its latest quarter (Q3 2026) against $7.9B for CarMax (Q2 FY27). CarMax is growing faster (+20% against +4% a year earlier). Penske Automotive Group is more profitable, with an operating margin of 3.6% against 2.8%.
Where the money goes: PAG and KMX
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.
CarMax (KMX) · Q2 FY27
CarMax, Q2 FY27: revenue $7.9B (+20% year over year), operating margin 2.8%, net earnings $165M, operating cash flow $883M. The chart follows the revenue to costs, profit and cash.
| Penske Automotive Group (PAG) | CarMax (KMX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $8.4B | $7.9B |
| Revenue growth, Y/Y | +4% | +20% |
| Gross margin | 15.7% | 10.1% |
| Operating margin | 3.6% | 2.8% |
| Net earnings | $221M | $165M |
| Net margin | 2.6% | 2.1% |
| Operating cash flow | $306M | $883M |
| Free cash flow | $223M | $806M |
| Market value | $13.9B | $7.5B |
| P/E | 15.5× | 24.7× |
| Analysts’ mean target | $210.86 | $61.31 |
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%)
CarMax
- Used vehicle sales: $6.3B (80%)
- Wholesale vehicle sales: $1.4B (17%)
- Extended protection plan revenues: $142M (2%)
- Advertising & subscription revenues: $36.3M (0%)
Questions
Which is bigger, Penske Automotive Group or CarMax?
Penske Automotive Group is the larger company: $8.4B of revenue in its latest quarter (Q3 2026) against $7.9B for CarMax (Q2 FY27).
Is Penske Automotive Group or CarMax growing faster?
CarMax is growing faster (+20% against +4% a year earlier).
Which is more profitable, Penske Automotive Group or CarMax?
Penske Automotive Group is more profitable, with an operating margin of 3.6% against 2.8%.
More: Penske Automotive Group earnings · how Penske Automotive Group makes money · CarMax earnings · how CarMax makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Sep 30, 2026). Fiscal quarters can end on different dates. Not investment advice.