Autonation, Inc. · NYSE:AN
Autonation — Q3 2026 Earnings Presentation
21 slides from Autonation's earnings presentation, Oct 30, 2026
Slide 1: Third Quarter 2026 Earnings Release
Third Quarter 2026 Earnings Release October 30, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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 dee
Slide 3: Shareholder Value
Shareholder Value Customer Focus and Execution Exceptional Cash Generation Relationship focus to meet all customer mobility Relentless balance sheet focus needs and interests 141% cash conversion Durable After-Sales growth: recurring business Meaningful, predictable and sustained cash flow with cont
Slide 4: Adjusted EPS and Free Cash Flow
Adjusted EPS and Free Cash Flow Adjusted EPS Adjusted FCF ($M) / Conversion % Recurring Adjusted FCF ($M) Conversion % Business Interruption Insurance ($M) $786 $739 $5.11 $40 $5.01 141% 128% $746 $739 Q3 2025 Q3 2026 Q3 '25 YTD Q3 '26 YTD New locations • After-Sales and AN Finance are operational d
Slide 5: Adjusted EPS Walk
Adjusted EPS Walk $0.64 $5.01 $5.11 $0.27 ($0.39) $0.38 ($0.52) ($0.28) New locations Q3 2025 Vehicle Volume Vehicle PVR After-Sales AN Finance Share Count All Other Q3 2026 Demonstrated Durability in a Softer Operating Environment Refer to the Appendix for Non-GAAP Reconciliations 5
Slide 6: Q3 Drivers
Q3 Drivers After-Sales Gross Profit ($M) AN Finance Portfolio CFS Gross Profit ($M) (51% of AN Gross Profit) Non-Recourse Debt AN Equity (29% of AN Gross Profit) $597 $617 $375 $2,865 $349 $2,020 91% 86% Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 New locations • Customer Pay and Warranty each +
Slide 7: Capital Deployment and Leverage
Capital Deployment and Leverage Capital Allocation ($M) $1.1 B $1.0 B • ~84% of FCF deployed to share repurchases • $1B additional repurchase authorization ($1.4B currently available) • M&A adds $600M annualized revenue New locations • Leverage stable from Q2 2026; Investment Grade Rating Q3 25 YTD
Slide 8: After-Sales
After-Sales Revenue ($M) & Gross Margin (%) Revenue ($M) Gross Profit Margin (%) 5% $1,290 $1,226 • Revenue growth driven by Customer Pay +6% and Wholesale Parts +16% 48.7% 47.8% • Record Gross Profit of $617M up 3% y/y • Customer Pay and Warranty Gross profit each up 5% - increased traffic New loca
Slide 9: Customer Financial Services Platform
Customer Financial Services Platform Origination flows and value creation · Q3 2026 AN operates a full origination hub and allocation platform, yielding a scaled AN Finance portfolio and attractive shareholder returns. FUTURE VALUE Origination Hub Allocation Platform AutoNation Finance portfolio Ori
Slide 10: AutoNation Finance
AutoNation Finance Profitability ($M) $15 • Healthy interest margin reflecting improved portfolio quality • Stable expenses and delinquencies $2 • Cash generation in Q3 of $33M; YTD of Q3 2025 Q3 2026 $~93M; on track for $~120M FY ‘26 Portfolio Balance ($M) AN Equity Funding (%) Non-Recourse Debt Fu
Slide 11: Customer Financial Services
Customer Financial Services Gross Profit ($M) & Unit Profitability Gross Profit ($M) Gross Profit per Unit $375 • Product attachment remains robust – New $349 2.2, Used 1.6 • Pricing stable $2,775 • Gross profit primarily reflects lower unit $2,698 volume New locations • AN Finance growth shifts a p
Slide 12: Vehicle Sales
Vehicle Sales New Vehicles Used Vehicles (11% of AN Gross Profit) (9% of AN Gross Profit) Retail Units Gross Profit per Unit -3% -5% 68,896 66,189 63,929 65,410 $1,524 $2,281 $2,176 $1,489 New locations Q3 2025 Q3 2026 Q3 2025 Q3 2026 • Market share stable with first half 2026 • Stronger volume perf
Slide 13: Free Cash Flow
Free Cash Flow Adj. FCF ($M) & Conversion (%) Recurring Adjusted FCF ($M) Conversion % Business Interruption Insurance ($M) $786 $40 $739 • Consistent, attractive cash conversion profile (100+%) 141% 128% • Continued working capital and cycle time focus $746 $739 New locations • Expect full year Cap
Slide 14: Commentary & Outlook
Commentary & Outlook • After-Sales contributes half of AN gross profit • The Customer Finance Hub and AN Finance are emerging as a meaningful earnings engine • Cash generation continues to exceed reported earnings • Investment grade balance sheet provides funding efficiency and flexibility • Capital
Slide 15: Investment Thesis
Investment Thesis Customer Focus and Execution Exceptional Cash Generation Relationship focus to meet all customer mobility Relentless balance sheet focus needs and interests 141% cash conversion Durable After-Sales growth: recurring business Meaningful, predictable and sustained cash flow with cont
Slide 16: Appendix
‘AutoNation Appendix
Slide 17: Global Financial Crisis to Present
Global Financial Crisis to Present 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM FY Avg. Light Vehicle SAAR (M) 13.1 10.3 11.5 12.6 14.3 15.4 16.4 17.4 17.5 17.1 17.2 17.0 14.5 14.9 13.7 15.6 15.9 16.3 16.0 15.0 New Retail SAAR (M) 10.6 8.6 9.2 10.3 11
Slide 18: Balance Sheet and Other Items
Balance Sheet and Other Items ($ in millions) Balance Sheet and Other Highlights 9/30/25 9/30/26 Cash and cash equivalents $98 $51 Inventory 3,489 3,674 Floorplan notes payable 3,797 4,019 Auto loans receivable, net 1,954 2,784 Non-recourse debt (AN Finance Funding) 1,741 2,587 Non-vehicle debt 3,83
Slide 19: Non-GAAP Reconciliations – Comparable Basis (Three Months)
Non-GAAP Reconciliations – Comparable Basis(1) Three Months Ended September 30, 2025, and September 30, 2026 Income Before Income Tax Diluted Earnings Operating Income Effective Tax Rate Net Income Income Taxes Provision(2) Per Share(3) 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 As
Slide 20: Non-GAAP Reconciliations – Comparable Basis (Nine Months)
Non-GAAP Reconciliations – Comparable Basis(1) Nine Months Ended September 30, 2025, and September 30, 2026 Operating Income Before Income Tax Effective Tax Diluted Earnings Net Income Income Income Taxes Provision(2) Rate Per Share(3) 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 As r
Slide 21: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Free Cash Flow Reconciliation Nine Months Ended Sept. 30 2025 2026 Net cash provided by (used in) operating activities ($38.6) $160.4 Net Proceeds from vehicle floorplan – non-trade 74.6 71.9 Increase in auto loans receivable, net 972.8 708.4 Adj. cash p