Form 8-K
8-K — SONIC AUTOMOTIVE INC
Accession: 0001628280-26-050837
Filed: 2026-07-30
Period: 2026-07-30
CIK: 0001043509
SIC: 5500 (RETAIL-AUTO DEALERS & GASOLINE STATIONS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — sah-20260730.htm (Primary)
EX-99.1 (q220268kexhibit991.htm)
EX-99.2 (exhibit992.htm)
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8-K
8-K (Primary)
Filename: sah-20260730.htm · Sequence: 1
sah-20260730
0001043509FALSE00010435092026-07-302026-07-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 8-K
____________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2026
____________________________________
SONIC AUTOMOTIVE, INC.
(Exact name of registrant as specified in its charter)
____________________________________
Delaware
(State or other jurisdiction
of incorporation)
1-13395 56-2010790
(Commission
File Number)
(IRS Employer
Identification No.)
4401 Colwick Road
Charlotte, North Carolina 28211
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (704) 566-2400
Not Applicable
(Former name or former address, if changed since last report.)
____________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share SAH New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On July 30, 2026, Sonic Automotive, Inc. (the “Company”) issued a press release announcing its financial results for its first fiscal quarter ended June 30, 2026 (the “Earnings Press Release”). A copy of the Earnings Press Release is attached hereto as Exhibit 99.1 and a copy of the earnings call presentation materials is attached hereto as Exhibit 99.2.
Item 7.01. Regulation FD Disclosure.
On July 30, 2026, in the Earnings Press Release, the Company announced the approval of a quarterly cash dividend.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No.
Description
99.1
Press Release of Sonic Automotive, Inc., dated July 30, 2026.
99.2
Earnings Call Presentation Materials.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SONIC AUTOMOTIVE, INC.
July 30, 2026 By:
Stephen K. Coss
Senior Vice President and General Counsel
EX-99.1
EX-99.1
Filename: q220268kexhibit991.htm · Sequence: 2
Document
Exhibit 99.1
Sonic Automotive Reports Second Quarter 2026 Financial Results
Sonic Reported Second Quarter Record Consolidated Revenues and All-Time Record Quarterly Gross Profit
EchoPark Segment Retail Unit Sales Volume Increased 17% Year-Over-Year, Driving Second Quarter Record Segment Gross Profit
CHARLOTTE, N.C. – July 30, 2026 – Sonic Automotive, Inc. (“Sonic Automotive,” “Sonic,” the “Company,” “we,” “us” or “our”) (NYSE:SAH), one of the nation’s largest automotive retailers, today reported financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Financial Summary
•Second quarter total revenues of $3.9 billion, up 8% year-over-year; second quarter record total gross profit of $616.2 million, up 2% year-over-year
•Reported net income in the second quarter was $57.4 million, up 226% year-over-year ($1.79 earnings per diluted share, up 234% year-over-year)
▪Adjusted net income* for the second quarter of 2026 was $58.3 million, down 23% year-over-year ($1.82 adjusted earnings per diluted share*, down 17% year-over-year)
•Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 72.2% (71.9% on a Franchised Dealerships Segment basis, 73.4% on an EchoPark Segment basis, and 73.5% on a Powersports Segment basis)
▪Total adjusted SG&A expenses as a percentage of gross profit* of 72.0% (71.7% on a Franchised Dealerships Segment basis, 73.4% on an EchoPark Segment basis, and 73.5% on a Powersports Segment basis)
•EchoPark Segment revenues of $582.9 million, up 15% year-over-year; second quarter record EchoPark Segment total gross profit of $64.3 million, up 4% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 19,601, up 17% year-over-year
•Reported EchoPark Segment income of $7.2 million, as compared to $11.7 million in the prior year period, a 38% decrease year-over-year
◦Adjusted EchoPark Segment income* of $7.2 million, as compared to $10.9 million in the prior year period, a 34% decrease year-over-year
•EchoPark Segment adjusted EBITDA* of $13.9 million, as compared to $16.4 million in the prior year period, down 15% year-over-year
•Previously announced acquisition of Space Coast Harley-Davidson, Treasure Coast Harley-Davidson, Falcons Fury Harley-Davidson, Raging Bull Harley-Davidson, and San Diego Harley-Davidson in April 2026 is expected to add approximately $100 million in annualized revenue to Sonic's Powersports Segment
•Sonic’s Board of Directors approved a quarterly cash dividend of $0.41 per share, payable on October 15, 2026 to all stockholders of record on September 15, 2026
* Represents a non-GAAP financial measure — please refer to the discussion and reconciliation of non-GAAP financial measures below.
Commentary
David Smith, Chairman and Chief Executive Officer of Sonic Automotive, stated, “Our second quarter performance reflects the strength of Sonic’s diversified business model and the commitment of our teammates across the organization. We generated second quarter record consolidated revenues of $3.9 billion and all-time record quarterly gross profit of $616.2 million, driven by growth across our diversified operating segments. EchoPark delivered double-digit unit volume growth and second quarter record gross profit, while Powersports achieved record second quarter revenue and gross profit. Our latest results and outlook reaffirm our commitment to investing in differentiated platforms that broaden our earnings base and position Sonic to create sustainable long-term value for our stockholders.”
Jeff Dyke, President of Sonic Automotive, commented, “Our teams executed well in a quarter that included difficult year-over-year comparisons and a challenging consumer affordability backdrop. Our continued focus on opportunities in our used vehicle and fixed operations businesses led to our Franchised Dealerships segment delivering strong used vehicle volume growth and all-time record quarterly fixed operations gross profit, along with second quarter record F&I gross profit. At EchoPark, retail used vehicle volume increased 17% year-over-year, driving revenue and gross profit growth despite lower total gross profit per unit. We remain focused on improving our inventory sourcing mix, optimizing F&I performance, and positioning EchoPark for disciplined footprint expansion beginning in the fourth quarter of 2026.”
Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “We ended the quarter with approximately $294 million of cash and floor plan deposits and approximately $676 million of total available liquidity resources. Our balance sheet and liquidity position provide the flexibility to fund our existing operations, support targeted growth investments and return capital to stockholders. We will continue to apply a disciplined approach to capital allocation, balancing strategic acquisitions, organic investment and share repurchases as opportunities arise and market conditions evolve.”
Second Quarter 2026 Segment Highlights
The financial measures discussed below are results for the second quarter of 2026 with comparisons made to the second quarter of 2025, unless otherwise noted.
•Franchised Dealerships Segment operating results include:
•Same store revenues up 2%; same store gross profit down 3%
•Same store retail new vehicle unit sales volume was flat; same store retail new vehicle gross profit per unit down 16%, to $2,872
•Same store retail used vehicle unit sales volume up 7%; same store retail used vehicle gross profit per unit down 13%, to $1,401
•Same store parts, service and collision repair (“Fixed Operations”) gross profit up 2%; same store customer pay gross profit up 1%; same store warranty gross profit up 3%; same store Fixed Operations gross profit margin down 30 basis points, to 51.0%
•Same store finance and insurance (“F&I”) gross profit down 1%; same store F&I gross profit per retail unit of $2,619, down 4%
•On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 56 days’ supply of new vehicle inventory (including in-transit) and 35 days’ supply of used vehicle inventory
•EchoPark Segment operating results include:
•Revenues of $582.9 million, up 15%; gross profit of $64.3 million, up 4%
•Retail used vehicle unit sales volume of 19,601, up 17%
•Quarterly reported segment income of $7.2 million, quarterly adjusted segment income* of $7.2 million, and quarterly adjusted EBITDA* of $13.9 million
•On a trailing quarter cost of sales basis, the EchoPark Segment had 47 days’ supply of used vehicle inventory
•Powersports Segment operating results include:
•Second quarter record revenues of $73.5 million, up 53%; second quarter record gross profit of $19.7 million, up 58%
•Segment income of $2.3 million, compared to breakeven in the prior year period, and adjusted EBITDA* of $4.9 million, a 145% improvement from adjusted EBITDA* of $2.0 million in the prior year period
* Represents a non-GAAP financial measure — please refer to the discussion and reconciliation of non-GAAP financial measures below.
Dividend
Sonic’s Board of Directors approved a quarterly cash dividend of $0.41 per share, payable on October 15, 2026 to all stockholders of record on September 15, 2026.
Second Quarter 2026 Earnings Conference Call
Senior management will hold a conference call today at 11:00 A.M. (Eastern). Investor presentation and earnings press release materials will be accessible beginning prior to the conference call on the Company’s website at ir.sonicautomotive.com.
To access the live webcast of the conference call, please go to ir.sonicautomotive.com and select the webcast link at the top of the page. For telephone access to this conference call, please dial (877) 407-8289 (domestic) or +1 (201) 689-8341 (international) and ask to be connected to the Sonic Automotive Second Quarter 2026 Earnings Conference Call. Dial-in access remains available throughout the live call; however, to ensure you are connected for the full call we suggest dialing in at least 10 minutes before the start of the call. A webcast replay will be available following the call for 14 days at ir.sonicautomotive.com.
About Sonic Automotive
For more than 60 years, Sonic Automotive has pursued a single purpose: to deliver an experience for our guests and our teammates that fulfills dreams, enriches lives, and delivers happiness. We don’t simply sell and service vehicles. We help people pursue their dreams, whether it’s a guest purchasing their first vehicle, a family creating lifelong memories, or a teammate building a meaningful career.
Founded in 1966 by Bruton Smith, the company has grown into a Fortune 300 company under the leadership of Chairman and CEO David B. Smith. Today, more than 11,000 teammates bring the company’s purpose to life across a nationwide network of 173
automotive and powersports franchises in 145 locations in 90 cities and 21 states. We are proud to represent 24 automotive and 15 powersports brands and have helped more than 7 million guests purchase vehicles, delivered over 40 million service experiences, and earned more than 1 million 5-star reviews by consistently putting people first.
At Sonic Automotive, we believe trust isn’t claimed – it’s earned through transparency, consistency, integrity, and genuine care. That’s why we were the only automotive and powersports retailer recognized by Newsweek as one of America’s Most Trustworthy Companies in 2026. As the automotive and powersports industries continue to evolve, our mission remains constant: to innovate, lead with integrity, and create exceptional experiences that inspire confidence, build lifelong relationships, and positively impact every life we touch.
Sonic Automotive. Driven By People. Inspired By Purpose. For more information, visit www.sonicautomotive.com and ir.sonicautomotive.com.
Forward-Looking Statements
Included herein are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address our future objectives, plans and goals, as well as our intent, beliefs and current expectations regarding future operating performance, results and events, and can generally be identified by words such as “may,” “will,” “should,” “could,” “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “foresee” and other similar words or phrases. You should not place undue reliance on these statements, and you are cautioned that these forward-looking statements are not guarantees of future performance. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, the effects of tariffs on vehicle and parts pricing and supply, the effects of tariffs on consumer demand, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and changes in interest rates, new and used vehicle industry sales volume, future levels of consumer demand for new and used vehicles, anticipated future growth in each of our operating segments, the success of our operational strategies and investment in new technologies, the rate and timing of overall economic expansion or contraction, the integration of acquisitions, cybersecurity incidents and other disruptions to our information systems, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other reports and information filed with the United States Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Non-GAAP Financial Measures
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income, adjusted earnings per diluted share, adjusted SG&A expenses, adjusted SG&A expenses as a percentage of gross profit, adjusted segment income (loss), and adjusted EBITDA (loss). As required by SEC rules, the Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the schedules included in this press release. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosures and provide a meaningful presentation of the Company’s results.
Company Contacts
Investor Inquiries:
Heath Byrd, Executive Vice President and Chief Financial Officer
Danny Wieland, Vice President, Investor Relations & Financial Reporting
ir@sonicautomotive.com
Press Inquiries:
Sonic Automotive Media Relations
media.relations@sonicautomotive.com
Sonic Automotive, Inc.
Results of Operations (Unaudited)
Results of Operations - Consolidated
Three Months Ended June 30, Better / (Worse) Six Months Ended June 30, Better / (Worse)
2026 2025 % Change 2026 2025 % Change
(In millions, except per share amounts)
Revenues:
Retail new vehicles $ 1,769.3 $ 1,666.1 6 % $ 3,376.8 $ 3,322.4 2 %
Fleet new vehicles 24.8 29.4 NM 45.4 51.5 NM
Total new vehicles 1,794.1 1,695.5 6 % 3,422.2 3,373.9 1 %
Used vehicles 1,329.7 1,180.7 13 % 2,599.3 2,405.7 8 %
Wholesale vehicles 70.5 83.3 NM 142.1 166.1 NM
Total vehicles 3,194.3 2,959.5 8 % 6,163.6 5,945.7 4 %
Parts, service and collision repair 530.2 495.6 7 % 1,046.9 970.0 8 %
Finance, insurance and other, net 209.5 202.1 4 % 412.0 392.8 5 %
Total revenues 3,934.0 3,657.2 8 % 7,622.5 7,308.5 4 %
Cost of sales:
Retail new vehicles (1,677.9) (1,566.9) (7) % (3,200.9) (3,133.8) (2) %
Fleet new vehicles (24.3) (28.9) NM (44.6) (50.4) NM
Total new vehicles (1,702.2) (1,595.8) (7) % (3,245.5) (3,184.2) (2) %
Used vehicles (1,283.1) (1,132.6) (13) % (2,504.3) (2,311.3) (8) %
Wholesale vehicles (73.7) (84.9) NM (146.9) (168.8) NM
Total vehicles (3,059.0) (2,813.3) (9) % (5,896.7) (5,664.3) (4) %
Parts, service and collision repair (258.8) (241.7) (7) % (510.9) (475.5) (7) %
Total cost of sales (3,317.8) (3,055.0) (9) % (6,407.6) (6,139.8) (4) %
Gross profit 616.2 602.2 2 % 1,214.9 1,168.7 4 %
Selling, general and administrative expenses (444.6) (412.6) (8) % (871.6) (792.9) (10) %
Impairment charges — (172.4) NM (0.4) (173.8) NM
Depreciation and amortization (40.0) (40.5) 1 % (78.6) (80.4) 2 %
Operating income (loss) 131.6 (23.3) 665 % 264.3 121.6 117 %
Other income (expense):
Interest expense, floor plan (20.9) (18.3) (14) % (40.2) (38.3) (5) %
Interest expense, other, net (30.4) (27.4) (11) % (58.7) (55.0) (7) %
Other income (expense), net — (0.1) NM — — NM
Total other income (expense) (51.3) (45.8) (12) % (98.9) (93.3) (6) %
Income (loss) before taxes 80.3 (69.1) 216 % 165.4 28.3 484 %
Provision for income taxes - benefit (expense) (22.9) 23.5 (197) % (47.1) (3.3) (1,327) %
Net income (loss) $ 57.4 $ (45.6) 226 % $ 118.3 $ 25.0 373 %
Basic earnings (loss) per common share $ 1.82 $ (1.34) 236 % $ 3.63 $ 0.74 391 %
Basic weighted-average common shares outstanding 31.6 34.1 7 % 32.6 34.0 4 %
Diluted earnings (loss) per common share $ 1.79 $ (1.34) 234 % $ 3.58 $ 0.72 397 %
Diluted weighted-average common shares outstanding 32.1 34.1 6 % 33.0 34.7 5 %
Dividends declared per common share $ 0.41 $ 0.35 17 % $ 0.79 $ 0.70 13 %
NM = Not Meaningful
Franchised Dealerships Segment - Reported
Three Months Ended June 30, Better / (Worse) Six Months Ended June 30, Better / (Worse)
2026 2025 % Change 2026 2025 % Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles $ 1,731.4 $ 1,639.1 6 % $ 3,316.6 $ 3,276.1 1 %
Fleet new vehicles 24.8 29.5 NM 45.4 51.5 NM
Total new vehicles 1,756.2 1,668.6 5 % 3,362.0 3,327.6 1 %
Used vehicles 814.3 744.9 9 % 1,582.9 1,490.6 6 %
Wholesale vehicles 43.7 57.8 NM 87.8 112.2 NM
Total vehicles 2,614.2 2,471.3 6 % 5,032.7 4,930.4 2 %
Parts, service and collision repair 515.5 484.9 6 % 1,024.8 952.4 8 %
Finance, insurance and other, net 147.9 144.3 2 % 287.2 274.9 4 %
Total revenues 3,277.6 3,100.5 6 % 6,344.7 6,157.7 3 %
Gross Profit:
Retail new vehicles 85.9 95.2 (10) % 167.1 182.0 (8) %
Fleet new vehicles 0.4 0.6 NM 0.9 1.1 NM
Total new vehicles 86.3 95.8 (10) % 168.0 183.1 (8) %
Used vehicles 37.0 39.5 (6) % 77.5 79.4 (2) %
Wholesale vehicles (2.9) (0.9) NM (4.7) (1.9) NM
Total vehicles 120.4 134.4 (10) % 240.8 260.6 (8) %
Parts, service and collision repair 263.8 248.9 6 % 524.9 486.1 8 %
Finance, insurance and other, net 147.9 144.3 2 % 287.2 274.9 4 %
Total gross profit 532.1 527.6 1 % 1,052.9 1,021.6 3 %
Selling, general and administrative expenses (382.9) (360.2) (6) % (757.3) (686.1) (10) %
Impairment charges — (165.9) NM (0.4) (165.9) NM
Depreciation and amortization (31.9) (34.1) 6 % (63.7) (67.5) 6 %
Operating income (loss) 117.3 (32.6) 460 % 231.5 102.1 127 %
Other income (expense):
Interest expense, floor plan (17.3) (15.3) (13) % (33.3) (31.6) (5) %
Interest expense, other, net (29.2) (26.3) (11) % (56.5) (52.9) (7) %
Other income (expense), net (0.1) (0.1) NM — 0.1 NM
Total other income (expense) (46.6) (41.7) (12) % (89.8) (84.4) (6) %
Income (loss) before taxes 70.7 (74.3) 195 % 141.7 17.7 701 %
Add: Impairment charges — 165.9 NM 0.4 165.9 NM
Segment income $ 70.7 $ 91.6 (23) % $ 142.1 $ 183.6 (23) %
Unit Sales Volume:
Retail new vehicles 28,403 28,084 1 % 54,233 56,166 (3) %
Fleet new vehicles 452 571 (21) % 789 954 (17) %
Total new vehicles 28,855 28,655 1 % 55,022 57,120 (4) %
Used vehicles 26,444 24,953 6 % 52,779 50,394 5 %
Wholesale vehicles 5,001 6,213 (20) % 9,714 12,408 (22) %
Retail new & used vehicles 54,847 53,037 3 % 107,012 106,560 — %
Used-to-New Ratio 0.93 0.89 4 % 0.97 0.90 8 %
Gross Profit Per Unit:
Retail new vehicles $ 3,024 $ 3,391 (11) % $ 3,081 $ 3,240 (5) %
Fleet new vehicles $ 962 $ 918 5 % $ 1,091 $ 1,129 (3) %
New vehicles $ 2,992 $ 3,342 (10) % $ 3,053 $ 3,205 (5) %
Used vehicles $ 1,399 $ 1,583 (12) % $ 1,469 $ 1,575 (7) %
Finance, insurance and other, net $ 2,697 $ 2,721 (1) % $ 2,684 $ 2,580 4 %
NM = Not Meaningful
Note: Reported Franchised Dealerships Segment results include (i) same store results from the “Franchised Dealerships Segment - Same Store” table below and (ii) the effects of acquisitions, open points, dispositions and holding company impacts for the periods reported. All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.
Franchised Dealerships Segment - Same Store
Three Months Ended June 30, Better / (Worse) Six Months Ended June 30, Better / (Worse)
2026 2025 % Change 2026 2025 % Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles $ 1,633.2 $ 1,620.4 1 % $ 3,118.7 $ 3,237.4 (4) %
Fleet new vehicles 23.8 29.5 NM 42.5 51.5 NM
Total new vehicles 1,657.0 1,649.9 — % 3,161.2 3,288.9 (4) %
Used vehicles 795.6 732.7 9 % 1,541.8 1,465.2 5 %
Wholesale vehicles 42.0 56.7 NM 83.3 110.4 NM
Total vehicles 2,494.6 2,439.3 2 % 4,786.3 4,864.5 (2) %
Parts, service and collision repair 492.6 479.5 3 % 976.2 941.7 4 %
Finance, insurance and other, net 140.1 141.8 (1) % 270.8 270.1 — %
Total revenues 3,127.3 3,060.6 2 % 6,033.3 6,076.3 (1) %
Gross Profit:
Retail new vehicles 79.0 94.7 (17) % 153.3 181.3 (15) %
Fleet new vehicles 0.4 0.5 NM 1.0 1.1 NM
Total new vehicles 79.5 95.3 (17) % 154.2 182.4 (15) %
Used vehicles 36.4 39.4 (8) % 75.7 78.9 (4) %
Wholesale vehicles (2.8) (0.8) NM (4.5) (1.5) NM
Total vehicles 113.1 133.9 (16) % 225.4 259.8 (13) %
Parts, service and collision repair 251.5 246.0 2 % 498.6 480.5 4 %
Finance, insurance and other, net 140.1 141.8 (1) % 270.8 270.1 — %
Total gross profit $ 504.7 $ 521.7 (3) % $ 994.8 $ 1,010.4 (2) %
Unit Sales Volume:
Retail new vehicles 27,515 27,613 — % 52,240 55,211 (5) %
Fleet new vehicles 443 571 (22) % 760 954 (20) %
Total new vehicles 27,958 28,184 (1) % 53,000 56,165 (6) %
Used vehicles 25,990 24,397 7 % 51,626 49,229 5 %
Wholesale vehicles 4,904 6,056 (19) % 9,423 12,024 (22) %
Retail new & used vehicles 53,505 52,010 3 % 103,866 104,440 (1) %
Used-to-New Ratio 0.94 0.88 7 % 0.99 0.89 11 %
Gross Profit Per Unit:
Retail new vehicles $ 2,872 $ 3,431 (16) % $ 2,934 $ 3,283 (11) %
Fleet new vehicles $ 975 $ 918 6 % $ 1,284 $ 1,129 14 %
New vehicles $ 2,842 $ 3,380 (16) % $ 2,910 $ 3,247 (10) %
Used vehicles $ 1,401 $ 1,615 (13) % $ 1,467 $ 1,603 (8) %
Finance, insurance and other, net $ 2,619 $ 2,727 (4) % $ 2,607 $ 2,587 1 %
Note: All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.
EchoPark Segment - Reported
Three Months Ended June 30, Better / (Worse) Six Months Ended June 30, Better / (Worse)
2026 2025 % Change 2026 2025 % Change
(In millions, except unit and per unit data)
Revenues:
Used vehicles $ 499.0 $ 427.4 17 % $ 990.8 $ 901.1 10 %
Wholesale vehicles 25.8 25.4 NM 53.1 52.8 NM
Total vehicles 524.8 452.8 16 % 1,043.9 953.9 9 %
Finance, insurance and other, net 58.1 55.8 4 % 119.5 114.5 4 %
Total revenues 582.9 508.6 15 % 1,163.4 1,068.4 9 %
Gross Profit:
Used vehicles 6.4 6.9 (7) % 12.7 12.3 3 %
Wholesale vehicles (0.2) (0.6) NM 0.1 (0.8) NM
Total vehicles 6.2 6.3 (2) % 12.8 11.5 11 %
Finance, insurance and other, net 58.1 55.8 4 % 119.5 114.5 4 %
Total gross profit 64.3 62.1 4 % 132.3 126.0 5 %
Selling, general and administrative expenses (47.3) (42.2) (12) % (90.0) (87.0) (3) %
Impairment charges — — NM — (0.2) NM
Depreciation and amortization (6.3) (5.2) (21) % (12.1) (10.5) (15) %
Operating income (loss) 10.7 14.7 (27) % 30.2 28.3 7 %
Other income (expense):
Interest expense, floor plan (3.2) (2.6) (23) % (6.2) (5.8) (7) %
Interest expense, other, net (0.3) (0.4) 25 % (0.6) (0.8) 25 %
Other income (expense), net — — NM — 0.1 NM
Total other income (expense) (3.5) (3.0) (17) % (6.8) (6.5) (5) %
Income before taxes 7.2 11.7 (38) % 23.4 21.8 7 %
Add: Impairment charges — — NM — 0.2 NM
Segment income $ 7.2 $ 11.7 (38) % $ 23.4 $ 22.0 6 %
Unit Sales Volume:
Used vehicles 19,601 16,742 17 % 38,927 35,540 10 %
Wholesale vehicles 3,468 3,097 12 % 6,595 6,247 6 %
Gross Profit Per Unit:
Total used vehicle and F&I $ 3,292 $ 3,747 (12) % $ 3,396 $ 3,569 (5) %
NM = Not Meaningful
EchoPark Segment - Same Market
Three Months Ended June 30, Better / (Worse) Six Months Ended June 30, Better / (Worse)
2026 2025 % Change 2026 2025 % Change
(In millions, except unit and per unit data)
Revenues:
Used vehicles $ 499.0 $ 427.5 17 % $ 990.8 $ 901.2 10 %
Wholesale vehicles 25.8 25.4 NM 53.2 52.8 NM
Total vehicles 524.8 452.9 16 % 1,044.0 954.0 9 %
Finance, insurance and other, net 58.3 56.1 4 % 119.9 115.2 4 %
Total revenues 583.1 509.0 15 % 1,163.9 1,069.2 9 %
Gross Profit:
Used vehicles 6.4 7.0 (9) % 12.8 12.4 3 %
Wholesale vehicles (0.2) (0.7) NM 0.1 (0.9) NM
Total vehicles 6.2 6.3 (2) % 12.9 11.5 12 %
Finance, insurance and other, net 58.3 56.1 4 % 119.9 115.2 4 %
Total gross profit $ 64.5 $ 62.4 3 % $ 132.8 $ 126.7 5 %
Unit Sales Volume:
Used vehicles 19,601 16,742 17 % 38,927 35,540 10 %
Wholesale vehicles 3,468 3,097 12 % 6,595 6,247 6 %
Gross Profit Per Unit:
Total used vehicle and F&I $ 3,303 $ 3,769 (12) % $ 3,410 $ 3,591 (5) %
Note: All currently operating EchoPark stores in a local geographic market are included within the same market group as of the first full month following the first anniversary of the market's opening.
Powersports Segment - Reported
Three Months Ended June 30, Better / (Worse) Six Months Ended June 30, Better / (Worse)
2026 2025 % Change 2026 2025 % Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles $ 37.9 $ 26.9 41 % $ 60.2 $ 46.3 30 %
Used vehicles 16.4 8.3 98 % 25.6 14.0 83 %
Wholesale vehicles 1.0 0.3 NM 1.2 1.1 NM
Total vehicles 55.3 35.5 56 % 87.0 61.4 42 %
Parts, service and collision repair 14.7 10.6 39 % 22.1 17.6 26 %
Finance, insurance and other, net 3.5 2.0 75 % 5.3 3.4 56 %
Total revenues 73.5 48.1 53 % 114.4 82.4 39 %
Gross Profit:
Retail new vehicles 5.5 3.9 41 % 8.8 6.6 33 %
Used vehicles 3.2 1.6 100 % 4.8 2.7 78 %
Wholesale vehicles (0.1) — NM (0.2) — NM
Total vehicles 8.6 5.5 56 % 13.4 9.3 44 %
Parts, service and collision repair 7.6 5.0 52 % 11.1 8.4 32 %
Finance, insurance and other, net 3.5 2.0 75 % 5.3 3.4 56 %
Total gross profit 19.7 12.5 58 % 29.8 21.1 41 %
Selling, general and administrative expenses (14.5) (10.2) (42) % (24.3) (19.8) (23) %
Impairment charges — (6.5) NM — (7.6) NM
Depreciation and amortization (1.7) (1.2) (42) % (2.9) (2.5) (16) %
Operating income (loss) 3.5 (5.4) 165 % 2.6 (8.8) 130 %
Other income (expense):
Interest expense, floor plan (0.3) (0.4) 25 % (0.7) (0.9) 22 %
Interest expense, other, net (0.8) (0.7) (14) % (1.6) (1.4) (14) %
Other income (expense), net (0.1) — NM — — NM
Total other income (expense) (1.2) (1.1) (9) % (2.3) (2.3) — %
Income (loss) before taxes 2.3 (6.5) 135 % 0.3 (11.1) 103 %
Add: Impairment charges — 6.5 NM — 7.6 NM
Segment income (loss) $ 2.3 $ — 100 % $ 0.3 $ (3.5) 109 %
Unit Sales Volume:
Retail new vehicles 1,775 1,394 27 % 2,899 2,387 21 %
Used vehicles 1,317 817 61 % 2,149 1,395 54 %
Wholesale vehicles 70 58 21 % 119 118 1 %
Gross Profit Per Unit:
Retail new vehicles $ 3,107 $ 2,828 10 % $ 3,023 $ 2,767 9 %
Used vehicles $ 2,402 $ 2,014 19 % $ 2,222 $ 1,935 15 %
Finance, insurance and other, net $ 1,125 $ 889 27 % $ 1,040 $ 912 14 %
NM = Not Meaningful
Powersports Segment - Same Store
Three Months Ended June 30, Better / (Worse) Six Months Ended June 30, Better / (Worse)
2026 2025 % Change 2026 2025 % Change
(In millions, except unit and per unit data)
Revenues:
Retail new vehicles $ 28.6 $ 26.9 6 % $ 50.8 $ 45.8 11 %
Used vehicles 11.6 8.3 40 % 20.8 13.5 54 %
Wholesale vehicles 0.8 0.3 NM 1.2 1.0 NM
Total vehicles 41.0 35.5 15 % 72.8 60.3 21 %
Parts, service and collision repair 11.1 10.6 5 % 18.4 17.2 7 %
Finance, insurance and other, net 2.4 2.0 20 % 4.2 3.4 24 %
Total revenues 54.5 48.1 13 % 95.4 80.9 18 %
Gross Profit:
Retail new vehicles 4.2 3.9 8 % 7.4 6.6 12 %
Used vehicles 2.0 1.6 25 % 3.7 2.6 42 %
Wholesale vehicles — 0.1 NM (0.2) (0.1) NM
Total vehicles 6.2 5.6 11 % 10.9 9.1 20 %
Parts, service and collision repair 5.5 4.9 12 % 9.1 8.2 11 %
Finance, insurance and other, net 2.4 2.0 20 % 4.2 3.4 24 %
Total gross profit $ 14.1 $ 12.5 13 % $ 24.2 $ 20.7 17 %
Unit Sales Volume:
Retail new vehicles 1,433 1,394 3 % 2,557 2,363 8 %
Used vehicles 975 817 19 % 1,807 1,350 34 %
Wholesale vehicles 58 56 4 % 107 116 (8) %
Retail new & used vehicles 2,408 2,211 9 % 4,364 3,713 18 %
Used-to-New Ratio 0.68 0.59 15 % 0.71 0.57 25 %
Gross Profit Per Unit:
Retail new vehicles $ 2,925 $ 2,822 4 % $ 2,910 $ 2,776 5 %
Used vehicles $ 2,092 $ 2,014 4 % $ 2,021 $ 1,929 5 %
Finance, insurance and other, net $ 995 $ 890 12 % $ 955 $ 915 4 %
Note: All currently operating powersports stores are included within the same store group as of the first full month following the first anniversary of the store’s opening or acquisition.
Non-GAAP Reconciliation - Consolidated - SG&A Expenses
Three Months Ended June 30, Better / (Worse)
2026 2025 Change % Change
(In millions)
Reported:
Compensation $ 277.1 $ 264.8 $ (12.3) (5) %
Advertising 28.5 24.4 (4.1) (17) %
Rent 13.1 9.9 (3.2) (32) %
Other 125.9 113.5 (12.4) (11) %
Total SG&A expenses $ 444.6 $ 412.6 $ (32.0) (8) %
Adjustments:
Acquisition and disposition-related gain (loss) $ — $ (1.6)
Cyber insurance proceeds — 10.0
Storm damage charges (1.2) (4.1)
Total SG&A adjustments $ (1.2) $ 4.3
Adjusted:
Total adjusted SG&A expenses $ 443.4 $ 416.9 $ (26.5) (6) %
Reported:
SG&A expenses as a % of gross profit:
Compensation 45.0 % 44.0 % (100) bps
Advertising 4.6 % 4.1 % (50) bps
Rent 2.1 % 1.6 % (50) bps
Other 20.5 % 18.8 % (170) bps
Total SG&A expenses as a % of gross profit 72.2 % 68.5 % (370) bps
Adjustments:
Acquisition and disposition-related gain (loss) — % (0.3) %
Cyber insurance proceeds — % 1.7 %
Storm damage charges (0.2) % (0.7) %
Total effect of adjustments (0.2) % 0.7 %
Adjusted:
Total adjusted SG&A expenses as a % of gross profit 72.0 % 69.2 % (280) bps
Reported:
Total gross profit $ 616.2 $ 602.2 $ 14.0 2 %
Six Months Ended June 30, Better / (Worse)
2026 2025 Change % Change
(In millions)
Reported:
Compensation $ 551.3 $ 523.3 $ (28.0) (5) %
Advertising 55.8 48.2 (7.6) (16) %
Rent 22.8 20.1 (2.7) (13) %
Other 241.7 201.3 (40.4) (20) %
Total SG&A expenses $ 871.6 $ 792.9 $ (78.7) (10) %
Adjustments:
Acquisition and disposition-related gain (loss) $ 5.1 $ (2.6)
Cyber insurance proceeds — 40.0
Storm damage charges (1.2) (5.0)
Gain (loss) on exit of leased dealerships 3.6 —
Total SG&A adjustments $ 7.5 $ 32.4
Adjusted:
Total adjusted SG&A expenses $ 879.1 $ 825.3 $ (53.8) (7) %
Reported:
SG&A expenses as a % of gross profit:
Compensation 45.4 % 44.8 % (60) bps
Advertising 4.6 % 4.1 % (50) bps
Rent 1.9 % 1.7 % (20) bps
Other 19.8 % 17.2 % (260) bps
Total SG&A expenses as a % of gross profit 71.7 % 67.8 % (390) bps
Adjustments:
Acquisition and disposition-related gain (loss) 0.5 % (0.2) %
Cyber insurance proceeds — % 3.4 %
Storm damage charges (0.1) % (0.4) %
Gain (loss) on exit of leased dealerships 0.3 % — %
Total effect of adjustments 0.7 % 2.8 %
Adjusted:
Total adjusted SG&A expenses as a % of gross profit 72.4 % 70.6 % (180) bps
Reported:
Total gross profit $ 1,214.9 $ 1,168.7 $ 46.2 4 %
Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses
Three Months Ended June 30, Better / (Worse)
2026 2025 Change % Change
(In millions)
Reported:
Compensation $ 239.7 $ 232.3 $ (7.4) (3) %
Advertising 19.7 16.7 (3.0) (18) %
Rent 12.0 9.4 (2.6) (28) %
Other 111.5 101.8 (9.7) (10) %
Total SG&A expenses $ 382.9 $ 360.2 $ (22.7) (6) %
Adjustments:
Acquisition and disposition-related gain (loss) $ — $ (2.4)
Cyber insurance proceeds — 10.0
Storm damage charges (1.2) (4.1)
Total SG&A adjustments $ (1.2) $ 3.5
Adjusted:
Total adjusted SG&A expenses $ 381.7 $ 363.7 $ (18.0) (5) %
Reported:
SG&A expenses as a % of gross profit:
Compensation 45.0 % 44.0 % (100) bps
Advertising 3.7 % 3.2 % (50) bps
Rent 2.3 % 1.8 % (50) bps
Other 20.9 % 19.3 % (160) bps
Total SG&A expenses as a % of gross profit 71.9 % 68.3 % (360) bps
Adjustments:
Acquisition and disposition-related gain (loss) — % (0.5) %
Cyber insurance proceeds — % 1.9 %
Storm damage charges (0.2) % (0.8) %
Total effect of adjustments (0.2) % 0.6 %
Adjusted:
Total adjusted SG&A expenses as a % of gross profit 71.7 % 68.9 % (280) bps
Reported:
Total gross profit $ 532.1 $ 527.6 $ 4.5 1 %
Six Months Ended June 30, Better / (Worse)
2026 2025 Change % Change
(In millions)
Reported:
Compensation $ 479.9 $ 458.7 $ (21.2) (5) %
Advertising 38.4 32.6 (5.8) (18) %
Rent 24.4 19.1 (5.3) (28) %
Other 214.6 175.7 (38.9) (22) %
Total SG&A expenses $ 757.3 $ 686.1 $ (71.2) (10) %
Adjustments:
Acquisition and disposition-related gain (loss) $ 5.1 $ (2.7)
Cyber insurance proceeds — 40.0
Storm damage charges (1.2) (5.0)
Total SG&A adjustments $ 3.9 $ 32.3
Adjusted:
Total adjusted SG&A expenses $ 761.2 $ 718.4 $ (42.8) (6) %
Reported:
SG&A expenses as a % of gross profit:
Compensation 45.6 % 44.9 % (70) bps
Advertising 3.6 % 3.2 % (40) bps
Rent 2.3 % 1.9 % (40) bps
Other 20.4 % 17.2 % (320) bps
Total SG&A expenses as a % of gross profit 71.9 % 67.2 % (470) bps
Adjustments:
Acquisition and disposition-related gain (loss) 0.5 % (0.3) %
Cyber insurance proceeds — % 3.9 %
Storm damage charges (0.1) % (0.5) %
Total effect of adjustments 0.4 % 3.1 %
Adjusted:
Total adjusted SG&A expenses as a % of gross profit 72.3 % 70.3 % (200) bps
Reported:
Total gross profit $ 1,052.9 $ 1,021.6 $ 31.3 3 %
Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses
Three Months Ended June 30, Better / (Worse)
2026 2025 Change % Change
(In millions)
Reported:
Compensation $ 27.3 $ 25.2 $ (2.1) (8) %
Advertising 8.2 7.3 (0.9) (12) %
Rent 1.1 0.7 (0.4) (57) %
Other 10.7 9.0 (1.7) (19) %
Total SG&A expenses $ 47.3 $ 42.2 $ (5.1) (12) %
Adjustments:
Acquisition and disposition-related gain (loss) $ — $ 0.8
Total SG&A adjustments $ — $ 0.8
Adjusted:
Total adjusted SG&A expenses $ 47.3 $ 43.0 $ (4.3) (10) %
Reported:
SG&A expenses as a % of gross profit:
Compensation 42.5 % 42.7 % 20 bps
Advertising 12.8 % 12.4 % (40) bps
Rent 1.7 % 1.2 % (50) bps
Other 16.4 % 11.7 % (470) bps
Total SG&A expenses as a % of gross profit 73.4 % 68.0 % (540) bps
Adjustments:
Acquisition and disposition-related gain (loss) — % 1.3 %
Total effect of adjustments — % 1.3 %
Adjusted:
Total adjusted SG&A expenses as a % of gross profit 73.4 % 69.3 % (410) bps
Reported:
Total gross profit $ 64.3 $ 62.1 $ 2.2 4 %
Six Months Ended June 30, Better / (Worse)
2026 2025 Change % Change
(In millions)
Reported:
Compensation $ 54.2 $ 51.1 $ (3.1) (6) %
Advertising 16.5 15.1 (1.4) (9) %
Rent (1.7) 1.4 3.1 221 %
Other 21.0 19.4 (1.6) (8) %
Total SG&A expenses $ 90.0 $ 87.0 $ (3.0) (3) %
Adjustments:
Acquisition and disposition-related gain (loss) $ — $ 1.0
Gain (loss) on exit of leased dealerships 3.6 —
Total SG&A adjustments $ 3.6 $ 1.0
Adjusted:
Total adjusted SG&A expenses $ 93.6 $ 88.0 $ (5.6) (6) %
Reported:
SG&A expenses as a % of gross profit:
Compensation 41.0 % 41.6 % 60 bps
Advertising 12.5 % 12.3 % (20) bps
Rent (1.3) % 1.1 % 240 bps
Other 15.8 % 14.1 % (170) bps
Total SG&A expenses as a % of gross profit 68.0 % 69.1 % 110 bps
Adjustments:
Acquisition and disposition-related gain (loss) — % 0.8 %
Gain (loss) on exit of leased dealerships 2.7 % — %
Total effect of adjustments 2.7 % 0.8 %
Adjusted:
Total adjusted SG&A expenses as a % of gross profit 70.7 % 69.9 % (80) bps
Reported:
Total gross profit $ 132.3 $ 126.0 $ 6.3 5 %
Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses
Three Months Ended June 30, Better / (Worse)
2026 2025 Change % Change
(In millions)
Reported:
Compensation $ 10.0 $ 7.3 $ (2.7) (37) %
Advertising 0.6 0.3 (0.3) (100) %
Rent — (0.3) (0.3) (100) %
Other 3.9 2.9 (1.0) (34) %
Total SG&A expenses $ 14.5 $ 10.2 $ (4.3) (42) %
Reported:
SG&A expenses as a % of gross profit:
Compensation 51.0 % 58.1 % 710 bps
Advertising 3.2 % 2.4 % (80) bps
Rent (0.1) % (2.0) % (190) bps
Other 19.4 % 22.6 % 320 bps
Total SG&A expenses as a % of gross profit 73.5 % 81.1 % 760 bps
Reported:
Total gross profit $ 19.7 $ 12.5 $ 7.2 58 %
Six Months Ended June 30, Better / (Worse)
2026 2025 Change % Change
(In millions)
Reported:
Compensation $ 17.3 $ 13.5 $ (3.8) (28) %
Advertising 1.0 0.6 (0.4) (67) %
Rent — (0.4) (0.4) (100) %
Other 6.0 6.1 0.1 2 %
Total SG&A expenses $ 24.3 $ 19.8 $ (4.5) (23) %
Adjustments:
Acquisition and disposition-related gain (loss) $ — $ (0.9)
Total SG&A adjustments $ — $ (0.9)
Adjusted:
Total adjusted SG&A expenses $ 24.3 $ 18.9 $ (5.4) (29) %
Reported:
SG&A expenses as a % of gross profit:
Compensation 58.1 % 64.0 % 590 bps
Advertising 3.2 % 2.6 % (60) bps
Rent 0.1 % (2.0) % (210) bps
Other 20.3 % 29.2 % 890 bps
Total SG&A expenses as a % of gross profit 81.7 % 93.8 % 1,210 bps
Adjustments:
Acquisition and disposition-related gain (loss) — % (4.2) %
Total effect of adjustments — % (4.2) %
Adjusted:
Total adjusted SG&A expenses as a % of gross profit 81.7 % 89.6 % 790 bps
Reported:
Total gross profit $ 29.8 $ 21.1 $ 8.7 41 %
Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 % Change 2026 2025 % Change
(In millions)
Reported:
Income (loss) before taxes $ 70.7 $ (74.3) 195 % $ 141.7 $ 17.7 701 %
Add: Impairment charges — 165.9 0.4 165.9
Segment income $ 70.7 $ 91.6 (23) % $ 142.1 $ 183.6 (23) %
Adjustments:
Acquisition and disposition-related (gain) loss $ — $ 2.4 $ (5.1) $ 2.7
Cyber insurance proceeds — (10.0) — (40.0)
Storm damage charges 1.2 4.1 1.2 5.0
Total pre-tax adjustments $ 1.2 $ (3.5) $ (3.9) $ (32.3)
Adjusted:
Segment income $ 71.9 $ 88.1 (18) % $ 138.2 $ 151.3 (9) %
Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 % Change 2026 2025 % Change
(In millions)
Reported:
Income before taxes $ 7.2 $ 11.7 (38) % $ 23.4 $ 21.8 7 %
Add: Impairment charges — — — 0.2
Segment income $ 7.2 $ 11.7 (38) % $ 23.4 $ 22.0 6 %
Adjustments:
Acquisition and disposition-related (gain) loss $ — $ (0.8) $ — $ (1.0)
Loss (gain) on exit of leased dealerships — — (3.6) —
Total pre-tax adjustments $ — $ (0.8) $ (3.6) $ (1.0)
Adjusted:
Segment income $ 7.2 $ 10.9 (34) % $ 19.8 $ 21.0 (6) %
Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 % Change 2026 2025 % Change
(In millions)
Reported:
Income (loss) before taxes $ 2.3 $ (6.5) 135 % $ 0.3 $ (11.1) 103 %
Add: Impairment charges — 6.5 — 7.6
Segment income (loss) $ 2.3 $ — 100 % $ 0.3 $ (3.5) 109 %
Adjustments:
Acquisition and disposition-related (gain) loss $ — $ — $ — $ 0.9
Adjusted:
Segment income (loss) $ 2.3 $ — 100.0 % $ 0.3 $ (2.6) 112 %
NM = Not Meaningful
Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share
Three Months Ended June 30, 2026 Three Months Ended June 30, 2025
Weighted-
Average
Shares Amount Per
Share
Amount Weighted-
Average
Shares Amount Per
Share
Amount
(In millions, except per share amounts)
Reported net income (loss), diluted shares, and diluted earnings (loss) per share
32.1 $ 57.4 $ 1.79 34.1 $ (45.6) $ (1.34)
Adjustments:
Acquisition and disposition-related (gain) loss $ — $ 1.6
Cyber insurance proceeds — (10.0)
Storm damage charges 1.2 4.1
Impairment charges — 172.4
Total pre-tax adjustments $ 1.2 $ 168.1
Tax effect of above items (0.3) (46.3)
Adjusted net income, diluted shares, and diluted earnings per share 32.1 $ 58.3 $ 1.82 34.8 $ 76.2 $ 2.19
Six Months Ended June 30, 2026 Six Months Ended June 30, 2025
Weighted-
Average
Shares Net Income (Loss) Per
Share
Amount Weighted-
Average
Shares Net Income (Loss) Per
Share
Amount
(In millions, except per share amounts)
Reported net income, diluted shares, and diluted earnings per share 33.0 $ 118.3 $ 3.58 34.7 $ 25.0 $ 0.72
Adjustments:
Acquisition and disposition-related (gain) loss $ (5.1) $ 2.6
Cyber insurance proceeds — (40.0)
Storm damage charges 1.2 5.0
Impairment charges 0.4 173.8
Loss (gain) on exit of leased dealerships (3.6) —
Total pre-tax adjustments $ (7.1) $ 141.4
Tax effect of above items 2.0 (38.9)
Adjusted net income, diluted shares, and diluted earnings per share 33.0 $ 113.2 $ 3.43 34.7 $ 127.5 $ 3.68
Non-GAAP Reconciliation - Adjusted EBITDA
Three Months Ended June 30, 2026 Three Months Ended June 30, 2025
Franchised Dealerships Segment EchoPark Segment Powersports Segment Total Franchised Dealerships Segment EchoPark Segment Powersports Segment Total
(In millions)
Net income (loss) $ 57.4 $ (45.6)
Provision for income taxes 22.9 (23.5)
Income (loss) before taxes $ 70.7 $ 7.2 $ 2.3 $ 80.3 $ (74.3) $ 11.7 $ (6.5) $ (69.1)
Non-floor plan interest (1) 27.3 0.3 0.8 28.4 24.7 0.4 0.7 25.8
Depreciation and amortization (2) 33.7 6.4 1.8 41.9 35.8 5.1 1.3 42.2
Stock-based compensation expense 5.9 — — 5.9 5.7 — — 5.7
Impairment charges — — — — 165.9 — 6.5 172.4
Cyber insurance proceeds — — — — (10.0) — — (10.0)
Acquisition and disposition related (gain) loss — — — — 2.4 (0.8) — 1.6
Storm damage charges 1.2 — — 1.2 4.1 — — 4.1
Adjusted EBITDA $ 138.8 $ 13.9 $ 4.9 $ 157.7 $ 154.3 $ 16.4 $ 2.0 $ 172.7
Six Months Ended June 30, 2026 Six Months Ended June 30, 2025
Franchised Dealerships Segment EchoPark Segment Powersports Segment Total Franchised Dealerships Segment EchoPark Segment Powersports Segment Total
(In millions)
Net income $ 118.3 $ 25.0
Provision for income taxes 47.1 3.3
Income (loss) before taxes $ 141.7 $ 23.4 $ 0.3 $ 165.4 $ 17.7 $ 21.8 $ (11.1) $ 28.3
Non-floor plan interest (1) 52.9 0.6 1.5 55.0 49.6 0.9 1.4 51.9
Depreciation & amortization (2) 67.1 12.1 3.0 82.2 70.8 10.3 2.5 83.6
Stock-based compensation expense 11.1 — — 11.1 11.5 — — 11.5
Loss (gain) on exit of leased dealerships — (3.6) — (3.6) — — — —
Impairment charges 0.4 — — 0.4 165.9 0.2 7.6 173.8
Cyber insurance proceeds — — — — (40.0) — — (40.0)
Acquisition and disposition related (gain) loss (5.1) — — (5.1) 2.7 (1.0) 0.9 2.6
Storm damage charges 1.2 — — 1.2 5.0 — — 5.0
Adjusted EBITDA (loss) $ 269.3 $ 32.5 $ 4.8 $ 306.6 $ 283.2 $ 32.2 $ 1.3 $ 316.7
Note: Due to rounding, segment level financial data may not sum to consolidated results.
(1)Includes interest expense, other, net in the accompanying consolidated statements of operations, net of any amortization of debt issuance costs or net debt discount/premium included in (2) below.
(2)Includes the following line items from the accompanying consolidated statements of cash flows: depreciation and amortization of property and equipment; debt issuance cost amortization; and debt discount amortization, net of premium amortization.
EX-99.2
EX-99.2
Filename: exhibit992.htm · Sequence: 3
exhibit992
SONIC AUTOMOTIVE Updated July 30, 2026 Investor Presentation | Second Quarter 2026 EXHIBIT 99.2
NYSE SAH Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events, are not historical facts and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. These statements can generally be identified by lead-in words such as “may,” “will,” “should,” “could,” “believe,” “expect,” “estimate,” “anticipate,” “intend,” “plan,” “project,” “foresee” and other similar words or phrases. Statements that describe our Company’s objectives, plans or goals are also forward-looking statements. Examples of such forward-looking information we may be discussing in this presentation include, without limitation, the potential impact of tariffs on new vehicle pricing, inventory levels, and consumer demand, our anticipated future new vehicle unit sales volume, revenues and profitability (including per unit data), our anticipated future used vehicle unit sales volume, revenues and profitability (including per unit data), future levels of consumer demand for new and used vehicles, our anticipated future parts, service and collision repair (“Fixed Operations”) gross profit, our anticipated future finance and insurance (“F&I”) gross profit, our anticipated expense reductions, targeted increases to our technician headcount, hybrid and electric vehicle trends and related GPU headwinds, long-term annual revenue and profitability targets, anticipated future growth capital expenditures, profitability and pricing expectations in our EchoPark Segment, EchoPark’s omnichannel strategy, anticipated future EchoPark population coverage, anticipated future EchoPark revenue and unit sales volume, anticipated future performance and growth of our Franchised Dealerships Segment, anticipated growth and profitability of our Powersports Segment, anticipated liquidity positions, anticipated industry new vehicle sales volume, anticipated industry used vehicle supply, the implementation of growth and operating strategies, including acquisitions of dealerships and properties, anticipated future acquisition synergies, the return of capital to stockholders, anticipated future success and impacts from the implementation of our strategic initiatives, and earnings per share expectations. You are cautioned that these forward-looking statements are not guarantees of future performance, involve risks and uncertainties and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties include, without limitation, risks associated with tariffs, import product restrictions and foreign trade risks, economic conditions in the markets in which we operate, supply chain disruptions and manufacturing delays, labor shortages, the impacts of inflation and fluctuations in interest rates, new and used vehicle industry sales volume, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, and the other risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other reports and information filed with the United States Securities and Exchange Commission (the “SEC”). These forward-looking statements, risks, uncertainties and additional factors speak only as of the date of this presentation. We undertake no obligation to update any such statements, except as required under federal securities laws and the rules and regulations of the SEC. 2
NYSE SAH Sonic Automotive Company Overview • Our Franchised Dealerships Segment is a full-service automotive retail business with a diversified brand portfolio and multiple strategic growth levers • 107 locations - $12.9 billion in FY 2025 revenues • Our EchoPark Segment provides high growth potential in a highly fragmented pre-owned vehicle market • 18 locations - $2.1 billion in FY 2025 revenues • Our Powersports Segment represents an early-stage consolidation growth opportunity at attractive multiples • 20 locations** - $203 million in FY 2025 revenues • We believe our diversified business model provides balanced growth opportunities across our Franchised Dealerships, EchoPark and Powersports Segments that differentiates Sonic from other companies in the automotive retail space 3 Note: Location counts as of June 30, 2026. * Refer to appendix for calculation and reconciliation of Adjusted EPS (a non-GAAP measure). ** Includes Five Harley-Davidson Dealerships And One Authorized Retail Outlet Acquired In April 2026, Estimated To Generate $100 Million In Annualized Revenues. Actual results may differ. See “Forward-Looking Statements.” $12.4 $14.0 $14.4 $14.2 $15.2 $3.7 $3.9 $8.06 $2.23 $4.97 $6.18 $3.42 $(1.34) $1.79 $8.46 $9.61 $6.81 $5.60 $6.60 $2.19 $1.82 $- $5 $10 $15 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 Total Revenues and Earnings Per Share Revenue (Billions) GAAP EPS Adjusted EPS* NYSE: SAH – A Fortune 300 Diversified Automotive Retailer
NYSE SAH Diversified Portfolio And Business Lines 4 Geographic Distribution TX 26% CA 25% CO 8% TN 7% FL 6% AL 5% NC 4% GA 4% ID 3% VA 2% MD 2% NV 2% All Others 6% Total Revenues By State Note: Percentages are percent of total for year ended December 31, 2025. 5% 34% 14% 43% 34% 7% 47% 16% Revenue Gross Profit New Vehicle Used Vehicle (Including Wholesale) Parts, Service & Collision Repair ("Fixed Operations") Finance & Insurance ("F&I") Category % of Total Revenue Franchised Brand % of Total Revenue BMW 20% Mercedes 11% Audi 5% Land Rover 5% Lexus 4% Porsche 4% Cadillac 3% Other Luxury (1) 3% Honda 9% Toyota 7% Other Import (2) 3% EchoPark 14% Non-Franchised 14% Chevrolet GMC Buick 5% Ford 4% Chrysler Dodge Jeep RAM 2% Powersports 1% Powersports (3) 1% Luxury 55% 19%Import Domestic 11% (1) Includes Jaguar, MINI, Polestar and Volvo (2) Includes Hyundai, Nissan, Subaru and Volkswagen (3) Includes Harley-Davidson, Kawasaki, BRP, Polaris, Honda, Suzuki, BMW Motorrad, Yamaha, Ducati, Triumph, and Indian Motorcycle Business Line MixBrand Distribution
NYSE SAH Strategic Focus – Franchised Dealerships Segment • Manage tariff impact on inventory and pricing strategy to maintain market share in challenging affordability environment • Focus on opportunities to emphasize growth in parts and service (Fixed Operations) and finance and insurance (F&I) revenues and gross profit • Actively manage new and used vehicle inventory across internal combustion (ICE), hybrid electric (HEV), and electric vehicles (BEV) to align with evolving consumer demand • Focus on controllable selling, general and administrative (SG&A) expenses to maintain structural improvement in SG&A leverage as a percent of gross profit (compared to high 70% range prior to 2020) • Opportunity to pursue accretive strategic acquisition opportunities to drive revenue growth and optimize our dealership network Franchised Dealerships Strategy $10.1 $11.5 $11.8 $11.9 $12.9 $3.1 $3.3 $530 $642 $448 $258 $316 $92 $71 $692 $839 $675 $526 $554 $154 $139 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 Total Revenues, Segment Income*, and Adjusted EBITDA* Revenue (Billions) Segment Income* (Millions) Adjusted EBITDA* (Millions) * Refer to appendix for calculation and reconciliation of Segment Income, Adjusted EBITDA and Adjusted SG&A Expenses As % Of Gross Profit (non-GAAP measures). 5 1.5% 1.7% 2.0% 2.8% 3.3% 3.2% 3.7% 40.8% 40.2% 42.1% 45.2% 45.7% 44.0% 45.0% 16.0% 16.2% 19.5% 20.4% 20.1% 19.9% 20.7% 2.6% 2.0% 2.0% 2.0% 2.1% 1.8% 2.3% 60.9% 60.1% 65.6% 70.4% 71.2% 68.9% 71.7% 61.0% 59.9% 64.6% 70.9% 69.9% 68.3% 71.9% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 Reported and Adjusted SG&A Expenses as % of Gross Profit* Advertising* Compensation* Other* Rent* Adjusted SG&A Expenses* Reported SG&A Expenses
NYSE SAH Strategic Focus – Franchised Dealerships Segment (continued) 6 99.8 99.4 107.3 111.5 116.0 28.1 28.4 $49.9 $56.1 $57.9 $57.7 $59.9 $58.4 $61.0 $4,595 $6,591 $4,836 $3,382 $3,170 $3,391 $3,024 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 Retail New Vehicle Unit Sales Volume, Revenue, and Gross Profit Per Unit Unit Sales Volume (Thousands) Revenue Per Unit (Thousands) GPU 105.5 108.5 100.2 102.0 104.2 25.0 26.4 $27.5 $31.3 $30.4 $28.6 $29.6 $29.9 $30.8 $1,784 $1,607 $1,626 $1,473 $1,514 $1,583 $1,399 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 Retail Used Vehicle Unit Sales Volume, Revenue, and Gross Profit Per Unit Unit Sales Volume (Thousands) Revenue Per Unit (Thousands) GPU Retail New And Used Vehicles • Tariffs continue to drive increases in new vehicle average sales price, creating consumer affordability challenges and pressure on new vehicle demand and GPU • The rate of new vehicle GPU normalization has continued to moderate, and we believe the "new normal" will remain higher than pre-pandemic levels, subject to tariff impact on inventory levels, pricing and demand (new vehicle gross margin percentage has already returned to pre-pandemic levels) • We believe used vehicle GPU may decline over time if we are able to drive higher retail used vehicle unit sales volume by supplementing our inventory levels as off-lease inventory supply begins to grow in 2026 and beyond • Strategic focus to return to selling at least 100 retail used vehicles per store per month, on average (represents approximately 25% improvement in retail used vehicle volume throughput per store) • As new and used vehicle sales volume continues to normalize from pandemic-induced lows, Fixed Operations gross profit and F&I gross profit should benefit from higher customer throughput and increased service demand Note: New and used vehicle GPU, sales volume, and F&I and fixed operations gross profit expectations and projections are estimates of future results. Actual results may differ. See “Forward-Looking Statements.”
NYSE SAH Strategic Focus – Franchised Dealerships Segment (continued) 7 Fixed Operations And F&I • Increased technician headcount and focus on technician retention and productivity is expected to drive additional fixed operations revenues and gross profit growth • Fixed operations parts and labor cost inflation is generally passed along to customers, supporting stable fixed operations profit margins over time • Vehicle affordability challenges may drive consumers to choose to repair their current vehicle to extend its life rather than replace it with a newer vehicle, benefitting fixed operations revenues • F&I gross profit per unit increased over 60% from pre- pandemic to FY 2025, driven primarily by higher warranty contract penetration rates • We believe F&I GPU will remain structurally higher than pre-pandemic as a result of optimized F&I presentation, consumer preferences, lower product cost structure and higher average vehicle sale prices • Even in an elevated interest rate environment, finance contract penetration rates remain robust and are supported by manufacturer financing or lease incentives only available at franchised dealerships $2,160 $2,453 $2,403 $2,374 $2,596 $2,721 $2,697 77.6% 72.9% 71.2% 72.6% 72.8% 72.4% 73.7% 44.4% 49.4% 48.9% 48.0% 48.9% 50.2% 49.3% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 F&I Gross Profit Per Unit and Product Penetration Rates F&I GPU Finance Contract Penetration Rate Warranty Penetration Rate Note: Fixed operations gross profit, fixed operations profit margin and F&I GPU are estimates of future results. Actual results may differ. See “Forward-Looking Statements.” $673 $787 $853 $909 $1,006 $249 $264 50.2% 49.5% 49.7% 50.4% 51.1% 51.3% 51.2% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 Fixed Operations Gross Profit and Gross Margin % Fixed Operations Gross Profit (Millions) Fixed Operations Gross Margin %
NYSE SAH Strategic Focus – Franchised Dealerships Segment (continued) Hybrid vs. Electric Vehicle Trends • Industry sales volume penetration rates for combined hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV) are nearly 4x the penetration rates for battery electric vehicles (BEV) and are trending upward, while BEV penetration rates are declining • FY 2025 hybrid new vehicle GPU was higher than internal combustion engine (ICE) new vehicle GPU in our import and domestic brands, and marginally lower in our luxury brands, driven by better consumer demand and relatively lower hybrid days’ supply vs. both ICE and BEV • BEV new vehicle GPU has lagged both hybrid and ICE vehicles as a result of higher inventory days’ supply, higher average prices, and consumer preference for hybrid electric vehicles, resulting in BEV sales negatively impacting total average new vehicle GPU by approximately $125 in YTD 2026 (representing GPU upside if future electrified vehicle production mix better aligns with demand) • Initial BEV repair and maintenance trends show lower frequency of service visits but higher gross profit per repair order vs. ICE vehicles, while hybrid vehicles create opportunity to service both types of power trains • Both BEV and hybrid electric vehicles typically have longer manufacturer warranty periods, which could extend our service customer retention period and drive future market share gains 21.9% 5.6% 0% 5% 10% 15% 20% 25% Ju n- 19 D ec -1 9 Ju n- 20 D ec -2 0 Ju n- 21 D ec -2 1 Ju n- 22 D ec -2 2 Ju n- 23 D ec -2 3 Ju n- 24 D ec -2 4 Ju n- 25 D ec -2 5 Ju n- 26 Hybrid Vehicle vs. EV Industry Sales Volume Penetration Hybrid (HEV/PHEV) Penetration % BEV Penetration % So ur ce : M or ga n St an le y R es ea rc h 8 100% Luxury Import Domestic Total Sonic FY 2025 Average New Vehicle Relative GPU by Power Train BEV Hybrid ICE Average New Vehicle GPU Note: Average new vehicle relative GPU by power train in the chart above is shown as a percentage of blended average GPU for each brand group and franchised dealerships segment total GPU, where 100% represents the blended average GPU for each brand group and the franchised dealerships segment total GPU. Note: Hybrid and electric vehicle trends and GPU upside are estimates of future results. Actual results may differ. See “Forward-Looking Statements.”
NYSE SAH Strategic Focus – EchoPark Segment • FY 2025 EchoPark Segment adjusted EBITDA* of $49.2 million, up 78% year-over-year • Expect to resume disciplined expansion of EchoPark footprint with 1 new location in Q4 2026 and 2-4 new locations in FY 2027 as used vehicle market conditions become more supportive of profitable growth • Long-term goal to reach 90% of the U.S. population • Below-market pricing and no-haggle, transparent guest experience expected to drive market share gains as brand awareness grows • Begin to invest in EchoPark brand marketing to drive consumer awareness and support new market expansion (expect $8-$12 million in incremental brand advertising expense in Q4 2026) • EchoPark maintains the #1 ranking in guest satisfaction among all major pre-owned vehicle retailers according to Reputation.com EchoPark Strategy * Refer to appendix for calculation and reconciliation of Adjusted EBITDA (a non-GAAP measure). Note: “EchoPark Operations” chart data includes currently operating stores and corporate/holding company results. “Closed Stores” chart data includes results from stores that are not currently in operation as of the date of this presentation. $(27.0) $(70.1) $(49.5) $32.5 $48.3 $16.0 $13.8 $(19.3) $(35.3) $(33.5) $(4.9) $0.9 $0.4 $0.1 $(120) $(80) $(40) $- $40 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 EchoPark Segment Adjusted EBITDA* (Millions) EchoPark Operations (with Holding Company) Closed Stores 203 111 164 268 313 310 363 77,835 64,107 73,676 69,053 67,636 16,742 19,601 - 200 400 600 800 1,000 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 M on th ly V ol um e Pe r S to re EchoPark Segment Retail Unit Sales Volume Average Monthly Unit Volume Per Store Used Retail Unit Sales Volume 9
NYSE SAH Strategic Focus – EchoPark Segment (continued) 10 • Maintain focus on optimizing vehicle sourcing and inventory mix, vehicle pricing and F&I product offerings to drive targeted levels of total GPU along with unit volume growth • Focus on maintaining positive retail used vehicle GPU throughout FY 2026 driven by fast inventory turns, expected stability in the spread between wholesale and retail prices, and a focus on sourcing more inventory from non-auction sources, which is expected to drive total GPU in the $3,100 to $3,300 range • Lower total GPU in Q2 2026 was due in part to a shift in the unit sales volume mix from incremental BEV and high-mileage used vehicle units, which typically generate lower F&I product penetration, negatively impacting total GPU • Used vehicle supply reached its lowest point in late 2025, due to lower levels of off-lease inventory as a result of declines in new vehicle industry sales volume and fewer lease originations since 2020 (see chart for supply trend of 3-year-old vehicles, which approximates the average age of vehicles in our inventory mix) • Beginning in 2026, gradual expansion of used vehicle supply and further normalization of used vehicle pricing should drive consumer demand and higher retail sales volume for EchoPark EchoPark Strategy $(46.3) $(105.4) $(83.0) $27.6 $49.2 $16.4 $13.9 $1,762 $2,657 $2,318 $3,029 $3,484 $3,747 $3,292 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 EchoPark Segment Adjusted EBITDA* and Total GPU (Used GPU + F&I GPU) Adjusted EBITDA* (Millions) Total GPU Source: J.D. Power Vehicle Age (0-5 Years) * Refer to appendix for calculation and reconciliation of Adjusted EBITDA (a non-GAAP measure). Note: F&I GPU growth, total GPU, used vehicle price and supply, and sales volume projections are estimates of future results. Actual results may differ. See “Forward-Looking Statements.” 4.8 5.1 5.1 5.1 4.7 4.1 3.4 3.7 3.8 4.6 0 3 6 9 12 15 18 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E (In M ill io ns ) Used Vehicle Supply Trend For Units Up To Five Years In Age 1 2 3 4 5 Forecast
NYSE SAH 11 • Standardized operating playbooks and processes in existing stores to facilitate future organic and acquisition growth • Completed roll out of modernized inventory management and marketing strategy in FY 2025 • Manage expenses and inventory to mitigate effects of weaker seasonal demand in Q1 and Q4 while supporting higher seasonal demand in Q2 and Q3 • Beginning to realize synergies from network effect, driving gains in used vehicle volume, and F&I and cross-selling opportunities • Identify desirable acquisition opportunities at attractive valuations to grow this segment and reduce seasonal volatility • Acquired five Harley-Davidson dealerships in California, Florida, Georgia and North Carolina in April 2026 to diversify geographic footprint and seasonality while estimated to add $100 million in annualized revenues Powersports Strategy Note: Multiples are based on the most recent Haig Partners Report. Multiples are typically applied to a normalized dealership earnings before taxes. Luxury includes: BMW, Jaguar Land Rover, Lexus, Mercedes-Benz and Porsche Other Luxury includes: Audi, Cadillac and Volvo Import includes: Toyota, Honda, Subaru, Kia, Hyundai, VW Domestic includes: Buick, Chevrolet, Ford, GMC, Chrysler, Jeep, Dodge, RAM Strategic Focus – Powersports Segment * Refer to appendix for calculation and reconciliation of Adjusted EBITDA (a non-GAAP measure). Note: Gains in used vehicle volume and F&I, and expected annualized revenues from acquisitions are estimates of future results. Actual results may differ. See “Forward-Looking Statements.” $4.6 $10.8 $6.3 $11.5 $2.0 $10.1 $0.1 $(0.1) $4.9 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Powersports Segment Adjusted EBITDA* (Millions) Industry Demand Seasonally Weak In Q4 & Q1 Acquisition Multiple Franchise Type Low High High-Line Luxury 6.0x 10.0x Other Luxury 3.0x 5.0x Import 3.0x 8.5x Domestic 3.0x 4.5x Powersports 2.5x 4.5x
NYSE SAH Strategic Focus – Consolidated Company 12 • Expect to maintain strong balance sheet and free cash flows • Balanced capital allocation strategy prioritizes highest return opportunity • History of returning capital to shareholders via dividend and share repurchases • Quarterly dividend per share has grown 300% since FY 2019, current forward yield >1.5% • Reduced outstanding shares by 27% since FY 2019 • Sonic’s Board approved additional $500 million of share repurchase authorization in April 2026, resulting in $528 million of remaining share repurchase authorization as of June 30, 2026 • Net debt to adjusted EBITDA ratio* of 2.42 for the 12 months ended Q2 2026 is within our target leverage range Consolidated Company Strategy $399 $501 $374 $384 $306 $294 $703 $794 $846 $862 $702 $676 $- $200 $400 $600 $800 $1,000 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Jun 2026 $ In M ill io ns Strong Balance Sheet and Liquidity Cash and Floor Plan Deposit Balance Total Liquidity * Refer to appendix for calculation and reconciliation of Net Debt to Adjusted EBITDA Ratio (a non-GAAP measure). Note: Dividend yield is based on stock price as of July 28, 2026. Note: Balance sheet and free cash flow projections are estimates of future results. Actual results may differ. See “Forward-Looking Statements.” $1,019 $102 $75 $55 $440 $66 $298 $227 $204 $187 $150 $155 $93 $262 $178 $34 $82 $142 $18 $35 $40 $41 $49 $25 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 YTD Q2 2026 $ In M ill io ns Capital Allocation Trend Acquisitions Cap Ex Share Repurchases Dividends Note: Cap Ex represents total purchases of land, property and equipment from consolidated statements of cash flows included in Sonic’s Annual Report on Form 10-K for the applicable fiscal year.
NYSE SAH Sonic Automotive FY 2026 Outlook • Anticipate new vehicle GPU in the $2,850 to $3,000 per unit range for FY 2026 (previously $2,700 to $3,000) – second half of 2026 could be lower than first half of 2026 depending on tariff impact of new model year vehicle pricing, affordability, and consumer demand • Anticipate FY 2026 used vehicle GPU in the $1,350 to $1,450 per unit range, depending on flow through tariff impact on pricing, demand and volume • Expect mid single digit percentage growth in same store fixed operations gross profit for FY 2026 (customer pay growth expected to offset effects of potential lower warranty recall activity) • Expect F&I GPU in the $2,600 to $2,700 per unit range for FY 2026 • Expect FY 2026 adjusted SG&A expenses as a % of gross profit* in the low 70% range, including effects of EchoPark brand marketing investment • Anticipate FY 2026 effective income tax rate in the 28.0% to 29.0% range due to changes in corporate tax regulations • Expect adjusted EBITDA* between $35-$40 million, including effects of planned new store openings and brand marketing investment driving $8-$12 million in incremental advertising expense in Q4 2026 (previously $10-20 million beginning mid-2026) • Expect 12% to 15% increase in used retail unit sales volume for FY 2026 (previously high single digit percentage increase) and total GPU in the $3,100 to $3,300 per unit range for FY 2026 (previously $3,400 to $3,600 per unit) • Expect FY 2026 adjusted EBITDA* between $14-$17 million including recent acquisitions (majority in Q3 2026 due to seasonality and geographic footprint) • Acquired five Harley-Davidson dealerships in April 2026, expected to generate approximately $100 million in annualized revenues * Refer to appendix for calculation and reconciliation of Adjusted EBITDA and Adjusted SG&A Expenses as a % of Gross Profit (non-GAAP measures). Note: Above outlook is based on projections. Actual results may differ. See “Forward-Looking Statements.” Financial data may also include certain forward-looking information that is not presented in accordance with GAAP. We believe that a quantitative reconciliation of such forward-looking information to the most directly comparable GAAP financial measure cannot be made available without unreasonable efforts, because a reconciliation of these non-GAAP financial measures would require an estimate of future non-operating items such as impairment charges, gain/loss on property dispositions, and/or non-recurring SG&A expenses. Neither the timing nor likelihood of these events, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of such forward-looking information to the most directly comparable GAAP financial measure is not provided. 13 Please see the below guidance for our current expectations for FY 2026. Previously issued guidance shown in parentheses where applicable. Franchised Dealerships Segment EchoPark Segment Powersports Segment Consolidated
NYSE SAH Appendix: Financial Tables & Non-GAAP Reconciliations 14
NYSE SAH Definition of Non-GAAP Financial Measures 15 Adjusted Net Income is defined as GAAP net income, excluding certain non-operating charges and/or benefits that may affect the comparability of results from period to period. Adjusted Diluted Earnings Per Share (“Adjusted EPS”) is defined as Adjusted Net Income divided by diluted weighted-average common shares outstanding. Segment Income (Loss) is defined as segment income (loss) before taxes, less impairment charges. Adjusted Segment Income (Loss) is defined as Segment Income (Loss), excluding certain non- operating charges and/or benefits that may affect the comparability of results from period to period. Adjusted Gross Profit is defined as GAAP gross profit, excluding certain non-operating charges that may affect the comparability of results from period to period. Adjusted SG&A Expenses is defined as GAAP SG&A expenses, excluding certain non-operating charges and/or benefits that may affect the comparability of results from period to period. Adjusted SG&A Expenses as a % of Gross Profit is defined as GAAP SG&A expenses, excluding certain non-operating charges and/or benefits that may affect the comparability of results from period to period, expressed as a percentage of adjusted gross profit. Adjusted EBITDA is defined as GAAP net income (loss), excluding the provision for income taxes, non-floor plan interest expense, depreciation and amortization expense, stock-based compensation expense, and certain non-operating charges and/or benefits that may affect the comparability of results from period to period. Segment Adjusted EBITDA and Segment Adjusted EBITDA Loss is defined as segment income (loss) before taxes, excluding non-floor plan interest expense, depreciation and amortization expense, stock-based compensation expense, and certain non-operating charges and/or benefits that may affect the comparability of results from period to period. Net Debt to Adjusted EBITDA Ratio is defined as long-term debt (including current portion), less cash and equivalents, less outstanding floor plan deposit balance, expressed as a ratio to Adjusted EBITDA. To supplement the Company’s financial data presented in accordance with accounting principles generally accepted in the United States (“GAAP”), this presentation contains certain non- GAAP financial measures, such as adjusted net income, adjusted earnings per diluted share, segment income (loss), adjusted segment income (loss), adjusted SG&A expenses as a percentage of gross profit, adjusted EBITDA, adjusted EBITDA loss, and net debt to adjusted EBITDA ratio. The Company has provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the appendix to this presentation. Management believes that these non-GAAP financial measures are important supplemental measures of performance which improve the comparability and transparency of the Company’s disclosures and provide a meaningful presentation of the Company’s results. Management also considers these non-GAAP financial measures when making financial, operating and strategic decisions. Financial data may also include certain forward-looking information that is not presented in accordance with GAAP. We believe that a quantitative reconciliation of such forward-looking information to the most directly comparable GAAP financial measure cannot be made available without unreasonable efforts, because a reconciliation of these non-GAAP financial measures would require an estimate of future non-operating items such as impairment charges, gain/loss on property dispositions, and/or non-recurring SG&A expenses. Neither the timing nor likelihood of these events, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of such forward-looking information to the most directly comparable GAAP financial measure is not provided.
NYSE SAH GAAP Income Statement – Annual Trend – Consolidated 16 NM = Not MeaningfulNote: Earnings (loss) per share and gross profit per unit metrics are calculated based on actual unrounded amounts. FY 2025 Better / (Worse) % Change (In millions, except unit, per unit, and per share data) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Year-Over-Year Revenues: Retail new vehicles 7,047.4$ 6,507.5$ 6,304.6$ 5,622.6$ 4,993.4$ 8% Fleet new vehicles 101.5 95.3 92.2 99.4 124.6 NM Total new vehicles 7,148.9 6,602.8 6,396.8 5,722.0 5,118.0 8% Used vehicles 4,872.6 4,780.1 5,213.6 5,515.4 4,933.6 2% Wholesale vehicles 314.1 287.1 318.8 484.9 367.2 NM Total vehicles 12,335.6 11,670.0 11,929.2 11,722.3 10,418.8 6% Parts, service and collision repair 2,019.1 1,846.5 1,759.5 1,599.7 1,340.4 9% Finance, insurance and other, net ("F&I") 798.9 707.8 683.7 679.1 637.2 13% Total revenues 15,153.6 14,224.3 14,372.4 14,001.1 12,396.4 7% Gross profit: Retail new vehicles 383.3 388.4 535.4 662.8 459.8 (1%) Fleet new vehicles 1.7 3.0 4.0 4.9 1.6 NM Total new vehicles 385.0 391.4 539.4 667.7 461.4 (2%) Used vehicles 181.1 170.7 151.2 180.8 133.0 6% Wholesale vehicles (11.2) (6.0) (2.6) (3.1) 9.6 NM Total vehicles 554.9 556.1 688.0 845.4 604.0 0% Parts, service and collision repair 1,029.1 928.9 874.0 792.5 673.1 11% Finance, insurance and other, net 798.9 707.8 683.7 679.1 637.2 13% Total gross profit 2,382.9 2,192.8 2,245.7 2,317.0 1,914.3 9% SG&A expenses (1,678.2) (1,577.0) (1,600.5) (1,555.1) (1,274.7) (6%) Impairment charges (173.8) (3.9) (79.3) (320.4) (0.1) NM Depreciation and amortization (163.4) (150.4) (142.3) (127.5) (101.1) (9%) Operating income (loss) 367.5 461.5 423.6 314.0 538.4 (20%) Interest expense, floor plan (84.7) (86.9) (67.2) (34.3) (16.7) 3% Interest expense, other, net (110.1) (118.0) (114.6) (89.9) (48.0) 7% Other income (expense), net 0.1 (0.5) 0.1 0.2 (15.5) NM Income (loss) from continuing operations before taxes 172.8 256.1 241.9 190.0 458.2 (33%) Income tax benefit (expense) (54.1) (40.1) (63.7) (101.5) (109.3) (35%) Net income (loss) from continuing operations 118.7$ 216.0$ 178.2$ 88.5$ 348.9$ (45%) Diluted weighted-average shares outstanding 34.7 35.0 35.9 39.7 43.3 1% Diluted earnings (loss) per share from continuing operations 3.42$ 6.18$ 4.97$ 2.23$ 8.06$ (45%) Unit sales volume: Retail new vehicles 121,124 115,694 112,110 101,168 99,943 5% Fleet new vehicles 1,991 1,805 2,000 2,115 3,543 10% Used vehicles 175,280 173,257 176,147 173,209 183,292 1% Wholesale vehicles 34,982 32,223 32,330 35,323 36,795 9% Gross profit per unit ("GPU"): Retail new vehicles 3,165$ 3,358$ 4,776$ 6,552$ 4,600$ (6%) Used vehicles 1,033$ 985$ 859$ 1,043$ 720$ 5% F&I 2,695$ 2,450$ 2,372$ 2,475$ 2,250$ 10%
NYSE SAH Non-GAAP Reconciliation – Annual Trend – Consolidated 17 Note: Earnings (loss) per share and SG&A expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts. Balance sheet amounts are as of December 31 for the FY then ended. (In millions, except per share data) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Reported net income (loss) from continuing operations 118.7$ 216.0$ 178.2$ 88.5$ 348.9$ Adjustments: Impairment charges 173.8$ 3.9$ 79.3$ 320.4$ -$ Acquisition and disposition-related (gain) loss 5.6 (5.6) (20.7) (9.1) 1.2 Severance and long-term compensation charges - 5.5 5.1 4.4 6.5 Loss on debt extinguishment - - - - 15.6 Storm damage charges 5.0 8.3 1.9 - - Loss (gain) on exit of leased dealerships - (3.0) 4.3 - - Used vehicle inventory valuation adjustment - - 10.0 - - Closed store accrued expenses - 2.1 - - - Cyber insurance proceeds (40.0) (10.0) - - - Excess compensation related to CDK outage - 13.4 - - - Legal settlements 0.7 - - - - Total pre-tax adjustments 145.1 14.6 79.9 315.7 23.3 Tax effect of above items (39.9) (3.8) (19.9) (22.6) (5.9) Non-recurring tax items 5.3 (31.0) 5.8 - - Total net income effect of adjustments 110.5 (20.2) 65.8 293.1 17.4 Adjusted net income (loss) from continuing operations 229.2$ 195.8$ 244.0$ 381.6$ 366.3$ Diluted weighted-average shares outstanding 34.7 35.0 35.9 39.7 43.3 Adjusted diluted earnings (loss) per share from continuing operations 6.60$ 5.60$ 6.81$ 9.61$ 8.46$ Reported gross profit 2,382.9$ 2,192.8$ 2,245.7$ 2,317.0$ 1,914.3$ Excess compensation related to CDK outage - 2.0 - - - Adjusted gross profit 2,382.9$ 2,194.8$ 2,245.7$ 2,317.0$ 1,914.3$ Reported SG&A expenses (1,678.2)$ (1,577.0)$ (1,600.5)$ (1,555.1)$ (1,274.7)$ Acquisition and disposition-related (gain) loss 5.6 (5.6) (20.7) (9.1) 1.2 Severance and long-term compensation charges - 5.5 5.1 4.4 6.5 Storm damage charges 5.0 8.3 1.9 - - Loss (gain) on exit of leased dealerships - (3.0) 4.3 - - Closed store accrued expenses - 2.1 - - - Cyber insurance proceeds (40.0) (10.0) - - - Excess compensation related to CDK outage - 11.4 - - - Legal settlements 0.7 - - - - Adjusted SG&A expenses (1,706.9)$ (1,568.3)$ (1,609.9)$ (1,559.8)$ (1,267.0)$ Adjusted SG&A expenses as a percentage of gross profit 71.6% 71.5% 71.4% 67.3% 66.2%
NYSE SAH Non-GAAP Reconciliation – Annual Trend – Consolidated 18 Note: Balance sheet amounts are as of December 31 for the FY then ended. Last twelve month (“LTM”) Q2 2026 balance sheet amounts are as of June 30, 2026. (In millions, except ratios) LTM Q2 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Reported net income (loss) 211.9$ 118.7$ 216.0$ 178.2$ 88.5$ 348.9$ Income tax (benefit) expense 97.9 54.1 40.1 63.7 101.5 109.3 Income (loss) before taxes 309.8 172.8 256.1 241.9 190.0 458.2 Non-floor plan interest 106.6 103.5 112.2 108.1 84.7 44.7 Depreciation and amortization 168.7 170.1 155.9 148.8 132.7 104.3 Stock-based compensation expense 22.7 23.1 21.3 23.3 16.0 15.0 Loss (gain) on exit of leased dealerships (3.6) - (3.0) 4.3 - - Impairment charges 0.4 173.8 3.9 79.3 320.4 0.1 Loss on debt extinguishment - - 0.6 - - 15.6 Severance and long-term compensation charges - - 5.6 5.1 4.4 8.0 Excess compensation related to CDK outage - - 13.4 - - - Acquisition and disposition-related (gain) loss (2.1) 5.6 (6.3) (20.4) (9.7) (0.4) Storm damage charges 1.2 5.0 8.3 1.9 - - Used vehicle inventory valuation adjustment - - - 10.0 - - Closed store accrued expenses - - 2.1 - - - Cyber insurance proceeds - (40.0) (10.0) - - - (Gain) loss on legal settlements 0.7 0.7 - - - - Adjusted EBITDA 604.4$ 614.6$ 560.1$ 602.3$ 738.5$ 645.5$ Long-term debt (including current portion) 1,758.7$ 1,615.4$ 1,588.0$ 1,676.6$ 1,751.7$ 1,561.2$ Cash and equivalents (19.2) (6.3) (44.0) (28.9) (229.2) (299.4) Floor plan deposit balance (275.0) (300.0) (340.0) (345.0) (272.0) (99.8) Net debt 1,464.5$ 1,309.1$ 1,204.0$ 1,302.7$ 1,250.5$ 1,162.0$ Net debt to adjusted EBITDA ratio 2.42 2.13 2.15 2.16 1.69 1.80 Long-term debt (including current portion) to adjusted EBITDA ratio 2.91 2.63 2.84 2.78 2.37 2.42
NYSE SAH GAAP Income Statement – Quarterly Trend – Consolidated 19 NM = Not MeaningfulNote: Earnings (loss) per share and gross profit per unit metrics are calculated based on actual unrounded amounts. Q2 2026 Better / (Worse) % Change (In millions, except unit, per unit, and per share data) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sequential Year-Over-Year Revenues: Retail new vehicles 1,769.3$ 1,607.4$ 1,852.2$ 1,872.8$ 1,666.1$ 10% 6% Fleet new vehicles 24.8 20.7 24.1 26.0 29.4 NM NM Total new vehicles 1,794.1 1,628.1 1,876.3 1,898.8 1,695.5 10% 6% Used vehicles 1,329.7 1,269.6 1,213.8 1,253.1 1,180.7 5% 13% Wholesale vehicles 70.5 71.8 63.6 84.2 83.3 NM NM Total vehicles 3,194.3 2,969.5 3,153.7 3,236.1 2,959.5 8% 8% Parts, service and collision repair 530.2 516.6 515.3 533.9 495.6 3% 7% Finance, insurance and other, net ("F&I") 209.5 202.4 202.3 203.8 202.1 3% 4% Total revenues 3,934.0 3,688.5 3,871.3 3,973.8 3,657.2 7% 8% Gross profit: Retail new vehicles 91.4 84.5 97.3 97.4 99.2 8% (8%) Fleet new vehicles 0.5 0.4 0.7 - 0.5 NM NM Total new vehicles 91.9 84.9 98.0 97.4 99.7 8% (8%) Used vehicles 46.6 48.5 41.4 45.2 48.1 (4%) (3%) Wholesale vehicles (3.2) (1.6) (5.2) (3.3) (1.6) NM NM Total vehicles 135.3 131.8 134.2 139.3 146.2 3% (7%) Parts, service and collision repair 271.4 264.6 262.2 272.4 253.9 3% 7% Finance, insurance and other, net 209.5 202.4 202.3 203.8 202.1 3% 4% Total gross profit 616.2 598.8 598.7 615.5 602.2 3% 2% SG&A expenses (444.6) (427.0) (433.7) (451.6) (412.6) (4%) (8%) Impairment charges - (0.4) - - (172.4) NM NM Depreciation and amortization (40.0) (38.7) (41.8) (41.2) (40.5) (4%) 1% Operating income (loss) 131.6 132.7 123.2 122.7 (23.3) (1%) 665% Interest expense, floor plan (20.9) (19.4) (22.4) (23.9) (18.3) (8%) (14%) Interest expense, other, net (30.4) (28.3) (27.6) (27.5) (27.4) (7%) (11%) Other income (expense), net - 0.1 - (0.1) (0.1) NM NM Income (loss) before taxes 80.3 85.1 73.2 71.2 (69.1) (6%) 216% Income tax benefit (expense) (22.9) (24.3) (26.3) (24.4) 23.5 6% (197%) Net income (loss) 57.4$ 60.8$ 46.9$ 46.8$ (45.6)$ (6%) 226% Diluted weighted-average shares outstanding 32.1 34.0 34.4 35.1 34.1 6% 6% Diluted earnings (loss) per share 1.79$ 1.79$ 1.36$ 1.33$ (1.34)$ 0% 234% Unit sales volume: Retail new vehicles 30,178 26,954 30,485 32,086 29,478 12% 2% Fleet new vehicles 452 337 458 579 571 34% (21%) Used vehicles 47,362 46,493 43,784 44,167 42,512 2% 11% Wholesale vehicles 8,539 7,889 7,252 8,957 9,368 8% (9%) Gross profit per unit ("GPU"): Retail new vehicles 3,029$ 3,133$ 3,193$ 3,035$ 3,365$ (3%) (10%) Used vehicles 983$ 1,042$ 946$ 1,024$ 1,131$ (6%) (13%) F&I 2,702$ 2,756$ 2,724$ 2,673$ 2,807$ (2%) (4%)
NYSE SAH Non-GAAP Reconciliation – Quarterly Trend – Consolidated 20 NM = Not MeaningfulNote: Earnings (loss) per share and SG&A expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts. Q2 2026 Better / (Worse) % Change (In millions, except per share data) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sequential Year-Over-Year Reported net income (loss) 57.4$ 60.8$ 46.9$ 46.8$ (45.6)$ (6%) 226% Adjustments: Impairment charges -$ 0.4$ -$ -$ 172.4$ NM NM Acquisition and disposition-related (gain) loss - (5.1) - 3.0 1.6 NM NM Storm damage charges 1.2 - - - 4.1 NM NM Loss (gain) on exit of leased dealerships - (3.6) - - - NM NM Cyber insurance proceeds - - - - (10.0) NM NM Legal settlements - - - 0.7 - NM NM Total pre-tax adjustments 1.2 (8.3) - 3.7 168.1 NM NM Tax effect of above items (0.3) 2.4 - (1.0) (46.3) NM NM Non-recurring tax items - - 5.3 - - NM NM Total net income effect of adjustments 0.9 (5.9) 5.3 2.7 121.8 NM NM Adjusted net income (loss) 58.3$ 54.9$ 52.2$ 49.5$ 76.2$ 6% (24%) Diluted weighted-average shares outstanding 32.1 34.0 34.4 35.1 34.8 6% 8% Adjusted diluted earnings (loss) per share 1.82$ 1.62$ 1.52$ 1.41$ 2.19$ 12% (17%) Reported gross profit 616.2$ 598.8$ 598.7$ 615.5$ 602.2$ 3% 2% Reported SG&A expenses (444.6)$ (427.0)$ (433.7)$ (451.6)$ (412.6)$ (4%) (8%) Acquisition and disposition-related (gain) loss - (5.1) - 3.0 1.6 NM NM Storm damage charges 1.2 - - - 4.1 NM NM Loss (gain) on exit of leased dealerships - (3.6) - - - NM NM Cyber insurance proceeds - - - - (10.0) NM NM Legal settlements - - - 0.7 - NM NM Adjusted SG&A expenses (443.4)$ (435.7)$ (433.7)$ (447.9)$ (416.9)$ (2%) (6%) Adjusted SG&A expenses as a percentage of gross profit 72.0% 72.8% 72.4% 72.8% 69.2% 80 bps (280) bps Reported net income (loss) 57.4$ 60.8$ 46.9$ 46.8$ (45.6)$ (6%) 226% Income tax (benefit) expense 22.9 24.3 26.3 24.4 (23.5) NM NM Income (loss) before taxes 80.3 85.1 73.2 71.2 (69.1) (6%) 216% Non-floor plan interest 28.4 26.6 25.8 25.8 25.8 NM NM Depreciation and amortization 41.9 40.2 43.7 42.9 42.2 NM NM Stock-based compensation expense 5.9 5.2 5.8 5.8 5.7 NM NM Loss (gain) on exit of leased dealerships - (3.6) - - - NM NM Impairment charges - 0.4 - - 172.4 NM NM Acquisition and disposition-related (gain) loss - (5.1) - 3.0 1.6 NM NM Storm damage charges 1.2 - - - 4.1 NM NM Cyber insurance proceeds - - - - (10.0) NM NM Loss (gain) on legal settlements - - - 0.7 - NM NM Adjusted EBITDA 157.7$ 148.8$ 148.5$ 149.4$ 172.7$ 6% (9%)
NYSE SAH GAAP Income Statement – Annual Trend – Franchised Dealerships Segment 21 NM = Not MeaningfulNote: Gross profit per unit metrics are calculated based on actual unrounded amounts. FY 2025 Better / (Worse) % Change (In millions, except unit and per unit data) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Year-Over-Year Revenues: Retail new vehicles 6,941.9$ 6,425.5$ 6,215.0$ 5,581.6$ 4,984.4$ 8% Fleet new vehicles 101.5 95.3 92.2 99.4 124.6 NM Total new vehicles 7,043.4 6,520.8 6,307.2 5,681.0 5,109.0 8% Used vehicles 3,087.0 2,919.8 3,050.3 3,391.5 2,901.0 6% Wholesale vehicles 207.0 188.9 204.5 314.0 257.2 NM Total vehicles 10,337.4 9,629.5 9,562.0 9,386.5 8,267.2 7% Parts, service and collision repair 1,970.2 1,802.9 1,714.2 1,588.0 1,340.4 9% Finance, insurance and other, net ("F&I") 571.5 506.8 498.6 510.1 443.5 13% Total revenues 12,879.1 11,939.2 11,774.8 11,484.6 10,051.1 8% Gross profit: Retail new vehicles 367.6 376.9 518.7 655.3 458.8 (2%) Fleet new vehicles 1.7 3.0 4.0 4.9 1.5 NM Total new vehicles 369.3 379.9 522.7 660.2 460.3 (3%) Used vehicles 157.8 150.2 162.9 174.5 188.1 5% Wholesale vehicles (9.3) (4.6) (3.3) (6.4) 0.6 NM Total vehicles 517.8 525.5 682.3 828.3 649.0 (1%) Parts, service and collision repair 1,005.9 908.9 852.7 786.7 673.1 11% Finance, insurance and other, net 571.5 506.8 498.6 510.1 443.5 13% Total gross profit 2,095.2 1,941.2 2,033.6 2,125.1 1,765.6 8% SG&A expenses (1,463.6) (1,375.4) (1,314.6) (1,273.0) (1,076.9) (6%) Impairment charges (165.9) (1.2) (1.0) (115.5) - NM Depreciation and amortization (137.7) (124.4) (112.3) (101.8) (84.8) (11%) Operating income (loss) 328.0 440.2 605.7 634.8 603.9 (26%) Interest expense, floor plan (72.0) (70.6) (49.2) (23.6) (11.8) (2%) Interest expense, other, net (105.9) (112.7) (109.7) (85.1) (46.3) 6% Other income (expense), net 0.1 (0.5) 0.2 - (15.5) NM Income (loss) before taxes 150.2$ 256.4$ 447.0$ 526.1$ 530.3$ (41%) Unit sales volume: Retail new vehicles 115,981 111,450 107,257 99,424 99,815 4% Fleet new vehicles 1,991 1,805 2,000 2,115 3,543 10% Used vehicles 104,202 101,976 100,210 108,512 105,457 2% Wholesale vehicles 22,868 21,018 20,602 24,052 25,128 9% Gross profit per unit ("GPU"): Retail new vehicles 3,170$ 3,382$ 4,836$ 6,591$ 4,595$ (6%) Used vehicles 1,514$ 1,473$ 1,626$ 1,607$ 1,784$ 3% F&I 2,596$ 2,374$ 2,403$ 2,453$ 2,160$ 9%
NYSE SAH Non-GAAP Reconciliation – Annual Trend – Franchised Dealerships Segment 22 Note: SG&A expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts. (In millions) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Reported income (loss) before taxes 150.2$ 256.4$ 447.0$ 526.1$ 530.3$ Impairment charges 165.9 1.2 1.0 115.5 - Segment income (loss) 316.1$ 257.6$ 448.0$ 641.6$ 530.3$ Acquisition and disposition-related (gain) loss 5.5 (3.5) (20.9) (9.1) 1.2 Long-term compensation charges - 2.2 - 4.4 - Loss on debt extinguishment - - - - 15.6 Storm damage charges 5.0 8.3 1.9 - - Excess compensation related to CDK outage - 13.0 - - - Cyber insurance proceeds (40.0) (10.0) - - - Legal settlements 0.7 - - - - Adjusted segment income (loss) 287.3$ 267.6$ 429.0$ 636.9$ 547.1$ Reported gross profit 2,095.2$ 1,941.2$ 2,033.6$ 2,125.1$ 1,765.6$ Excess compensation related to CDK outage - 2.0 - - - Adjusted gross profit 2,095.2$ 1,943.2$ 2,033.6$ 2,125.1$ 1,765.6$ Reported SG&A expenses (1,463.6)$ (1,375.4)$ (1,314.6)$ (1,273.0)$ (1,076.9)$ Acquisition and disposition-related (gain) loss 5.5 (3.5) (20.9) (9.1) 1.2 Long-term compensation charges - 2.2 - 4.4 - Storm damage charges 5.0 8.3 1.9 - - Excess compensation related to CDK outage - 11.0 - - - Cyber insurance proceeds (40.0) (10.0) - - - Legal settlements 0.7 - - - - Adjusted SG&A expenses (1,492.4)$ (1,367.4)$ (1,333.6)$ (1,277.7)$ (1,075.7)$ Adjusted SG&A expenses as a percentage of gross profit 71.2% 70.4% 65.6% 60.1% 60.9% Income (loss) before taxes 150.2 256.4 447.0 526.1 530.3 Non-floor plan interest 99.1 107.0 103.2 80.0 43.0 Depreciation and amortization 144.4 130.0 118.8 107.0 87.9 Stock-based compensation expense 23.1 21.3 23.3 16.0 15.0 Impairment charges 165.9 1.2 1.0 115.5 - Loss on debt extinguishment - 0.6 - - 15.6 Severance and long-term compensation charges - 2.2 - 4.4 - Excess compensation related to CDK outage - 13.0 - - - Acquisition and disposition-related (gain) loss 5.5 (3.8) (20.7) (9.7) - Storm damage charges 5.0 8.3 1.9 - - Cyber insurance proceeds (40.0) (10.0) - - - Loss (gain) on legal settlements 0.7 - - - - Adjusted EBITDA 553.9$ 526.2$ 674.5$ 839.3$ 691.8$
NYSE SAH GAAP Income Statement – Quarterly Trend – Franchised Dealerships Segment 23 NM = Not MeaningfulNote: Gross profit per unit metrics are calculated based on actual unrounded amounts. Q2 2026 Better / (Worse) % Change (In millions, except unit and per unit data) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sequential Year-Over-Year Revenues: Retail new vehicles 1,731.4$ 1,585.2$ 1,831.8$ 1,834.0$ 1,639.1$ 9% 6% Fleet new vehicles 24.8 20.7 24.0 26.0 29.5 NM NM Total new vehicles 1,756.2 1,605.9 1,855.8 1,860.0 1,668.6 9% 5% Used vehicles 814.3 768.7 799.7 796.7 744.9 6% 9% Wholesale vehicles 43.7 43.9 41.8 52.8 57.8 NM NM Total vehicles 2,614.2 2,418.5 2,697.3 2,709.5 2,471.3 8% 6% Parts, service and collision repair 515.5 509.3 507.8 510.1 484.9 1% 6% Finance, insurance and other, net ("F&I") 147.9 139.3 149.1 147.6 144.3 6% 2% Total revenues 3,277.6 3,067.1 3,354.2 3,367.2 3,100.5 7% 6% Gross profit: Retail new vehicles 85.9 81.2 94.3 91.3 95.2 6% (10%) Fleet new vehicles 0.4 0.4 0.7 - 0.6 NM NM Total new vehicles 86.3 81.6 95.0 91.3 95.8 6% (10%) Used vehicles 37.0 40.5 38.1 40.4 39.5 (9%) (6%) Wholesale vehicles (2.9) (1.8) (4.9) (2.9) (0.9) NM NM Total vehicles 120.4 120.3 128.2 128.8 134.4 0% (10%) Parts, service and collision repair 263.8 261.1 258.5 261.3 248.9 1% 6% Finance, insurance and other, net 147.9 139.3 149.1 147.6 144.3 6% 2% Total gross profit 532.1 520.7 535.8 537.7 527.6 2% 1% SG&A expenses (382.9) (374.4) (382.4) (395.1) (360.2) (2%) (6%) Impairment charges - (0.4) - - (165.9) NM NM Depreciation and amortization (31.9) (31.7) (35.6) (34.6) (34.1) (1%) 6% Operating income (loss) 117.3 114.2 117.8 108.0 (32.6) 3% 460% Interest expense, floor plan (17.3) (16.0) (19.6) (20.7) (15.3) (8%) (13%) Interest expense, other, net (29.2) (27.3) (26.5) (26.4) (26.3) (7%) (11%) Other income (expense), net (0.1) 0.1 - (0.1) (0.1) NM NM Income (loss) before taxes 70.7$ 71.0$ 71.7$ 60.8$ (74.3)$ 0% 195% Unit sales volume: Retail new vehicles 28,403 25,830 29,400 30,415 28,084 10% 1% Fleet new vehicles 452 337 458 579 571 34% (21%) Used vehicles 26,444 26,335 27,401 26,407 24,953 0% 6% Wholesale vehicles 5,001 4,713 4,811 5,649 6,213 6% (20%) Gross profit per unit ("GPU"): Retail new vehicles 3,024$ 3,144$ 3,209$ 3,001$ 3,391$ (4%) (11%) Used vehicles 1,399$ 1,539$ 1,389$ 1,528$ 1,583$ (9%) (12%) F&I 2,697$ 2,670$ 2,624$ 2,597$ 2,721$ 1% (1%)
NYSE SAH Non-GAAP Reconciliation – Quarterly Trend – Franchised Dealerships Segment 24 NM = Not MeaningfulNote: SG&A expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts. Q2 2026 Better / (Worse) % Change (In millions) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sequential Year-Over-Year Reported income (loss) before taxes 70.7$ 71.0$ 71.7$ 60.8$ (74.3)$ 0% 195% Impairment charges - 0.4 - - 165.9 NM NM Segment income (loss) 70.7$ 71.4$ 71.7$ 60.8$ 91.6$ (1%) (23%) Acquisition and disposition-related (gain) loss - (5.1) - 2.8 2.4 NM NM Storm damage charges 1.2 - - - 4.1 NM NM Cyber insurance proceeds - - - - (10.0) NM NM Legal settlements - - - 0.7 - NM NM Adjusted segment income (loss) 71.9$ 66.3$ 71.7$ 64.3$ 88.1$ 9% (18%) Reported gross profit 532.1$ 520.7$ 535.8$ 537.7$ 527.6$ 2% 1% Reported SG&A expenses (382.9)$ (374.4)$ (382.4)$ (395.1)$ (360.2)$ (2%) (6%) Acquisition and disposition-related (gain) loss - (5.1) - 2.8 2.4 NM NM Storm damage charges 1.2 - - - 4.1 NM NM Cyber insurance proceeds - - - - (10.0) NM NM Legal settlements - - - 0.7 - NM NM Adjusted SG&A expenses (381.7)$ (379.5)$ (382.4)$ (391.6)$ (363.7)$ (1%) (5%) Adjusted SG&A expenses as a percentage of gross profit 71.7% 72.9% 71.4% 72.8% 68.9% 120 bps (280) bps Income (loss) before taxes 70.7$ 71.0$ 71.7$ 60.8$ (74.3)$ 0% 195% Non-floor plan interest 27.3 25.6 24.8 24.7 24.7 NM NM Depreciation and amortization 33.7 33.3 37.4 36.3 35.8 NM NM Stock-based compensation expense 5.9 5.2 5.8 5.8 5.7 NM NM Impairment charges - 0.4 - - 165.9 NM NM Acquisition and disposition-related (gain) loss - (5.1) - 2.8 2.4 NM NM Storm damage charges 1.2 - - - 4.1 NM NM Cyber insurance proceeds - - - - (10.0) NM NM Loss (gain) on legal settlements - - - 0.7 - NM NM Adjusted EBITDA 138.8$ 130.4$ 139.7$ 131.1$ 154.3$ 6% (10%)
NYSE SAH GAAP Income Statement – Annual Trend – EchoPark Segment 25 NM = Not MeaningfulNote: Gross profit per unit metrics are calculated based on actual unrounded amounts. FY 2025 Better / (Worse) % Change (In millions, except unit, per unit, and per share data) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Year-Over-Year Revenues: Total new vehicles -$ -$ 1.0$ 9.2$ 9.0$ 0% Used vehicles 1,747.8 1,838.0 2,143.8 2,116.8 2,032.6 (5%) Wholesale vehicles 104.6 95.8 168.1 209.9 82.4 NM Total vehicles 1,852.4 1,933.8 2,312.9 2,335.9 2,124.0 (4%) Finance, insurance and other, net ("F&I") 219.2 194.0 177.9 166.4 193.7 13% Total revenues 2,071.6 2,127.8 2,434.4 2,463.0 2,345.3 (3%) Gross profit: Total new vehicles - - 0.1 1.1 1.1 0% Used vehicles 16.5 15.2 (17.1) 4.4 (55.2) 8% Wholesale vehicles (1.8) (1.3) 1.9 2.4 7.3 NM Total vehicles 14.7 13.9 (15.1) 7.9 (46.8) 6% Finance, insurance and other, net 219.2 194.0 177.9 166.4 193.7 13% Total gross profit 233.9 207.9 161.8 175.1 148.8 13% SG&A expenses (172.8) (165.7) (247.0) (269.9) (197.8) (4%) Impairment charges (0.2) (2.7) (78.3) (204.9) (0.1) NM Depreciation and amortization (20.4) (21.8) (26.6) (24.6) (16.3) 6% Operating income (loss) 40.5 17.7 (190.1) (324.3) (65.4) 128% Interest expense, floor plan (11.1) (14.2) (17.4) (10.6) (5.0) 22% Interest expense, other, net (1.5) (2.7) (3.2) (3.9) (1.7) 46% Other income (expense), net - - (0.1) - - NM Income (loss) before taxes 27.9$ 0.8$ (210.8)$ (338.8)$ (72.1)$ 3383% Unit sales volume: Retail new vehicles - - 11 152 128 0% Used vehicles 67,636 69,053 73,676 64,107 77,835 (2%) Wholesale vehicles 11,836 11,059 11,512 11,236 11,667 7% Gross profit per unit ("GPU"): Retail new vehicles N/A N/A 6,934$ 7,510$ 8,303$ NM Total used vehicle and F&I 3,484$ 3,029$ 2,183$ 2,657$ 1,762$ 15%
NYSE SAH Non-GAAP Reconciliation – Annual Trend – EchoPark Segment 26 Note: SG&A expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts. (In millions) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Reported income (loss) before taxes 27.9$ 0.8$ (210.8)$ (338.8)$ (72.1)$ Impairment charges 0.2 2.7 78.3 204.9 0.1 Segment income (loss) 28.1$ 3.5$ (132.5)$ (133.9)$ (72.0)$ Acquisition and disposition-related (gain) loss (0.9) (2.1) 0.3 - - Severance and long-term compensation charges - 2.8 5.1 - 6.5 Loss (gain) on exit of leased dealerships - (3.0) 4.3 - - Used vehicle inventory valuation adjustment - - 10.0 - - Excess compensation related to CDK outage - 0.4 - - - Closed store accrued expenses - 2.1 - - - Adjusted segment income (loss) 27.2$ 3.7$ (112.8)$ (133.9)$ (65.5)$ Reported gross profit 233.9$ 207.9$ 161.8$ 175.1$ 148.8$ Used vehicle inventory valuation adjustment - - 10.0 - - Adjusted gross profit 233.9$ 207.9$ 171.8$ 175.1$ 148.8$ Reported SG&A expenses (172.8)$ (165.7)$ (247.0)$ (269.9)$ (197.8)$ Acquisition and disposition-related (gain) loss (0.9) (2.1) 0.3 - - Severance and long-term compensation charges - 2.8 5.1 - 6.5 Loss (gain) on exit of leased dealerships - (3.0) 4.3 - - Excess compensation related to CDK outage - 0.4 - - - Closed store accrued expenses - 2.1 - - - Adjusted SG&A expenses (173.7)$ (165.5)$ (237.3)$ (269.9)$ (191.3)$ Adjusted SG&A expenses as a percentage of gross profit 74.2% 79.6% 138.2% 154.1% 128.6% Income (loss) before taxes 27.9$ 0.8$ (210.8)$ (338.8)$ (72.1)$ Non-floor plan interest 1.6 2.6 3.2 3.7 1.7 Depreciation and amortization 20.4 21.6 26.6 24.8 16.4 Loss (gain) on exit of leased dealerships - (3.0) 4.3 - - Impairment charges 0.2 2.7 78.3 204.9 0.1 Severance and long-term compensation charges - 2.9 5.1 - 8.0 Excess compensation related to CDK outage - 0.4 - - - Acquisition and disposition-related (gain) loss (0.9) (2.5) 0.3 - (0.4) Closed store accrued expenses - 2.1 - - - Used vehicle inventory valuation adjustment - - 10.0 - - Adjusted EBITDA 49.2$ 27.6$ (83.0)$ (105.4)$ (46.3)$ Adjusted EBITDA - Closed Stores 0.9$ (4.9)$ (33.5)$ (35.3)$ (19.3)$ Adjusted EBITDA - EchoPark Operations (with Holding Company) 48.3 32.5 (49.5) (70.1) (27.0) Adjusted EBITDA - Total EchoPark Segment 49.2$ 27.6$ (83.0)$ (105.4)$ (46.3)$
NYSE SAH GAAP Income Statement – Quarterly Trend – EchoPark Segment 27 NM = Not MeaningfulNote: Gross profit per unit metrics are calculated based on actual unrounded amounts. Q2 2026 Better / (Worse) % Change (In millions, except unit and per unit data) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sequential Year-Over-Year Revenues: Used vehicles 499.0$ 491.8$ 407.5$ 439.2$ 427.4$ 1% 17% Wholesale vehicles 25.8 27.3 21.5 30.4 25.4 NM NM Total vehicles 524.8 519.1 429.0 469.6 452.8 1% 16% Finance, insurance and other, net ("F&I") 58.1 61.4 51.7 52.9 55.8 (5%) 4% Total revenues 582.9 580.5 480.7 522.5 508.6 0% 15% Gross profit: Used vehicles 6.4 6.3 2.1 2.0 6.9 1% (7%) Wholesale vehicles (0.2) 0.2 (0.3) (0.5) (0.6) NM NM Total vehicles 6.2 6.5 1.8 1.5 6.3 (6%) (2%) Finance, insurance and other, net 58.1 61.4 51.7 52.9 55.8 (5%) 4% Total gross profit 64.3 67.9 53.5 54.4 62.1 (5%) 4% SG&A expenses (47.3) (42.7) (42.2) (43.5) (42.2) (11%) (12%) Impairment charges - - - - - NM NM Depreciation and amortization (6.3) (5.7) (4.9) (5.1) (5.2) (11%) (21%) Operating income (loss) 10.7 19.5 6.4 5.8 14.7 (45%) (27%) Interest expense, floor plan (3.2) (3.0) (2.5) (2.8) (2.6) (6%) (23%) Interest expense, other, net (0.3) (0.3) (0.3) (0.4) (0.4) 5% 25% Other income (expense), net - - - - - NM NM Income (loss) before taxes 7.2$ 16.2$ 3.6$ 2.6$ 11.7$ (55%) (38%) Unit sales volume: Used vehicles 19,601 19,326 15,743 16,353 16,742 1% 17% Wholesale vehicles 3,468 3,127 2,365 3,224 3,097 11% 12% Gross profit per unit ("GPU"): Total used vehicle and F&I 3,292$ 3,502$ 3,420$ 3,359$ 3,747$ (6%) (12%)
NYSE SAH Non-GAAP Reconciliation – Quarterly Trend – EchoPark Segment 28 NM = Not MeaningfulNote: SG&A expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts. Q2 2026 Better / (Worse) % Change (In millions) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sequential Year-Over-Year Reported income (loss) before taxes 7.2$ 16.2$ 3.6$ 2.6$ 11.7$ (55%) (38%) Impairment charges - - - - - NM NM Segment income (loss) 7.2$ 16.2$ 3.6$ 2.6$ 11.7$ (55%) (38%) Acquisition and disposition-related (gain) loss - - - 0.1 (0.8) NM NM Loss (gain) on exit of leased dealerships - (3.6) - - - NM NM Adjusted segment income (loss) 7.2$ 12.6$ 3.6$ 2.7$ 10.9$ (43%) (34%) Reported gross profit 64.3$ 67.9$ 53.5$ 54.4$ 62.1$ (5%) 4% Reported SG&A expenses (47.3)$ (42.7)$ (42.2)$ (43.5)$ (42.2)$ (11%) (12%) Acquisition and disposition-related (gain) loss - - - 0.1 (0.8) NM NM Loss (gain) on exit of leased dealerships - (3.6) - - - NM NM Adjusted SG&A expenses (47.3)$ (46.3)$ (42.2)$ (43.4)$ (43.0)$ (2%) (10%) Adjusted SG&A expenses as a percentage of gross profit 73.4% 68.2% 78.9% 79.8% 69.3% (520) bps (410) bps Income (loss) before taxes 7.2$ 16.2$ 3.6$ 2.6$ 11.7$ (55%) (38%) Non-floor plan interest 0.3 0.3 0.3 0.4 0.4 NM NM Depreciation and amortization 6.4 5.7 4.9 5.1 5.1 NM NM Loss (gain) on exit of leased dealerships - (3.6) - - - NM NM Acquisition and disposition-related (gain) loss - - - 0.1 (0.8) NM NM Adjusted EBITDA 13.9$ 18.6$ 8.8$ 8.2$ 16.4$ (25%) (15%) Adjusted EBITDA - Closed Stores 0.1$ 0.8$ 0.4$ 0.1$ 0.4$ NM NM Adjusted EBITDA - EchoPark Operations (with Holding Company) 13.8 17.8 8.4 8.1 16.0 (22%) (14%) Adjusted EBITDA - Total EchoPark Segment 13.9$ 18.6$ 8.8$ 8.2$ 16.4$ (25%) (15%)
NYSE SAH GAAP Income Statement – Annual Trend – Powersports Segment 29 NM = Not MeaningfulNote: Gross profit per unit metrics are calculated based on actual unrounded amounts. FY 2025 Better / (Worse) % Change (In millions, except unit and per unit data) FY 2025 FY 2024 FY 2023 FY 2022 Year-Over-Year Revenues: Retail new vehicles 105.5$ 82.0$ 88.6$ 31.8$ 29% Used vehicles 37.9 22.3 19.5 7.1 70% Wholesale vehicles 2.4 2.3 2.6 0.3 NM Total vehicles 145.8 106.6 110.7 39.2 37% Parts, service and collision repair 48.9 43.6 45.3 11.7 12% Finance, insurance and other, net ("F&I") 8.2 7.1 7.2 2.6 17% Total revenues 202.9 157.3 163.2 53.5 29% Gross profit: Retail new vehicles 15.7 11.5 16.6 6.3 36% Used vehicles 6.8 5.3 5.4 2.0 28% Wholesale vehicles (0.1) (0.3) (0.2) 0.1 NM Total vehicles 22.4 16.5 21.8 8.4 34% Parts, service and collision repair 23.2 20.1 21.3 5.8 16% Finance, insurance and other, net 8.2 7.1 7.2 2.6 17% Total gross profit 53.8 43.7 50.3 16.8 23% SG&A expenses (41.8) (35.9) (38.9) (12.3) (17%) Impairment charges (7.6) - - - NM Depreciation and amortization (5.3) (4.2) (3.4) (1.0) (22%) Operating income (loss) (0.9) 3.6 8.0 3.5 (125%) Interest expense, floor plan (1.6) (2.1) (0.6) - 23% Interest expense, other, net (2.8) (2.6) (1.7) (1.0) (8%) Other income (expense), net - - - 0.2 NM Income (loss) before taxes (5.3)$ (1.1)$ 5.7$ 2.7$ (403%) Unit sales volume: Retail new vehicles 5,143 4,244 4,842 1,592 21% Used vehicles 3,442 2,228 2,261 590 54% Wholesale vehicles 278 146 216 35 90% Gross profit per unit ("GPU"): Retail new vehicles 3,050$ 2,713$ 3,435$ 3,973$ 12% Used vehicles 1,980$ 2,397$ 2,394$ 3,349$ (17%) F&I 959$ 1,092$ 1,017$ 1,205$ (12%)
NYSE SAH Non-GAAP Reconciliation – Annual Trend – Powersports Segment 30 Note: SG&A expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts. (In millions) FY 2025 FY 2024 FY 2023 FY 2022 Reported income (loss) before taxes (5.3)$ (1.1)$ 5.7$ 2.7$ Impairment charges 7.6 - - - Segment income (loss) 2.3$ (1.1)$ 5.7$ 2.7$ Acquisition and disposition-related (gain) loss 1.1 - - - Long-term compensation charges - 0.5 - - Adjusted segment income (loss) 3.4$ (0.6)$ 5.7$ 2.7$ Reported SG&A expenses (41.8)$ (35.9)$ (38.9)$ (12.3)$ Acquisition and disposition-related (gain) loss 1.1 - - - Long-term compensation charges - 0.5 - - Adjusted SG&A expenses (40.7)$ (35.4)$ (38.9)$ (12.3)$ Adjusted SG&A expenses as a percentage of gross profit 75.8% 80.9% 77.2% 73.4% Income (loss) before taxes (5.3) (1.1) 5.7 2.7 Non-floor plan interest 2.8 2.6 1.7 1.0 Depreciation and amortization 5.3 4.3 3.4 0.9 Impairment charges 7.6 - - - Severance and long-term compensation charges - 0.5 - - Acquisition and disposition-related (gain) loss 1.1 - - - Adjusted EBITDA 11.5$ 6.3$ 10.8$ 4.6$
NYSE SAH GAAP Income Statement – Quarterly Trend – Powersports Segment 31 NM = Not MeaningfulNote: Gross profit per unit metrics are calculated based on actual unrounded amounts. Q2 2026 Better / (Worse) % Change (In millions, except unit and per unit data) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sequential Year-Over-Year Revenues: Retail new vehicles 37.9$ 22.3$ 20.4$ 38.8$ 26.9$ 70% 41% Used vehicles 16.4 9.2 6.6 17.2 8.3 78% 98% Wholesale vehicles 1.0 0.2 0.4 1.0 0.3 NM NM Total vehicles 55.3 31.7 27.4 57.0 35.5 74% 56% Parts, service and collision repair 14.7 7.4 7.5 23.8 10.6 100% 39% Finance, insurance and other, net ("F&I") 3.5 1.8 1.5 3.3 2.0 97% 75% Total revenues 73.5 40.9 36.4 84.1 48.1 80% 53% Gross profit: Retail new vehicles 5.5 3.2 3.0 6.1 3.9 69% 41% Used vehicles 3.2 1.6 1.2 2.9 1.6 98% 100% Wholesale vehicles (0.1) - - (0.1) - NM NM Total vehicles 8.6 4.8 4.2 8.9 5.5 80% 56% Parts, service and collision repair 7.6 3.5 3.7 11.1 5.0 114% 52% Finance, insurance and other, net 3.5 1.8 1.5 3.3 2.0 97% 75% Total gross profit 19.7 10.1 9.4 23.3 12.5 95% 58% SG&A expenses (14.5) (9.9) (9.0) (13.0) (10.2) (47%) (42%) Impairment charges - - - - (6.5) NM NM Depreciation and amortization (1.7) (1.2) (1.4) (1.3) (1.2) (40%) (42%) Operating income (loss) 3.5 (1.0) (1.0) 9.0 (5.4) 456% 165% Interest expense, floor plan (0.3) (0.4) (0.3) (0.4) (0.4) 13% 25% Interest expense, other, net (0.8) (0.7) (0.7) (0.7) (0.7) (12%) (14%) Other income (expense), net (0.1) 0.1 - (0.1) - NM NM Income (loss) before taxes 2.3$ (2.0)$ (2.0)$ 7.8$ (6.5)$ 213% 135% Unit sales volume: Retail new vehicles 1,775 1,124 1,085 1,671 1,394 58% 27% Used vehicles 1,317 832 640 1,407 817 58% 61% Wholesale vehicles 70 49 76 84 58 NM NM Gross profit per unit ("GPU"): Retail new vehicles 3,107$ 2,891$ 2,742$ 3,655$ 2,828$ 7% 10% Used vehicles 2,402$ 1,938$ 1,927$ 2,048$ 2,014$ 24% 19% F&I 1,125$ 907$ 874$ 1,066$ 889$ 24% 27%
NYSE SAH Non-GAAP Reconciliation – Quarterly Trend – Powersports Segment 32 NM = Not MeaningfulNote: SG&A expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts. Q2 2026 Better / (Worse) % Change (In millions) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Sequential Year-Over-Year Reported income (loss) before taxes 2.3$ (2.0)$ (2.0)$ 7.8$ (6.5)$ 213% 135% Impairment charges - - - - 6.5 NM NM Segment income (loss) 2.3$ (2.0)$ (2.0)$ 7.8$ -$ 213% 100% Acquisition and disposition-related (gain) loss - - - 0.2 - NM NM Adjusted segment income (loss) 2.3$ (2.0)$ (2.0)$ 8.0$ -$ 213% 100% Reported gross profit 19.7$ 10.1$ 9.4$ 23.3$ 12.5$ 95% 58% Reported SG&A expenses (14.5)$ (9.9)$ (9.0)$ (13.0)$ (10.2)$ (47%) (42%) Acquisition and disposition-related (gain) loss - - - 0.2 - NM NM Adjusted SG&A expenses (14.5)$ (9.9)$ (9.0)$ (12.8)$ (10.2)$ (47%) (42%) Adjusted SG&A expenses as a percentage of gross profit 73.5% 97.7% 96.2% 55.1% 81.1% 2,420 bps 760 bps Income (loss) before taxes 2.3$ (2.0)$ (2.0)$ 7.8$ (6.5)$ 213% 135% Non-floor plan interest 0.8 0.7 0.7 0.7 0.7 NM NM Depreciation and amortization 1.8 1.2 1.4 1.4 1.3 NM NM Impairment charges - - - - 6.5 NM NM Acquisition and disposition-related (gain) loss - - - 0.2 - NM NM Adjusted EBITDA 4.9$ (0.1)$ 0.1$ 10.1$ 2.0$ NM 145%
NYSE SAH Non-GAAP Reconciliation – SG&A Expenses as % of Gross Profit Franchised Dealerships Segment 33 NM = Not MeaningfulNote: SG&A expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts. (In millions) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2025 Q2 2026 Reported: Compensation 719.6$ 858.0$ 856.6$ 892.4$ 956.9$ 232.3$ 239.7$ Advertising 26.1 36.9 40.5 55.1 69.9 16.7 19.7 Rent 46.6 42.4 40.3 39.2 44.3 9.4 12.0 Other 284.6 335.7 377.2 388.7 392.5 101.8 111.5 Total SG&A expenses 1,076.9$ 1,273.0$ 1,314.6$ 1,375.4$ 1,463.6$ 360.2$ 382.9$ Adjustments: Acquisition and disposition-related gain (loss) (1.2)$ 9.1$ 20.9$ 3.5$ (5.5)$ (2.4)$ -$ Severance and long-term compensation charges - (4.4) - (2.2) - - - Storm damage charges - - (1.9) (8.3) (5.0) (4.1) (1.2) Excess compensation related to CDK outage - - - (11.0) - - - Cyber insurance proceeds - - - 10.0 40.0 10.0 - Legal settlements - - - - (0.7) - - Total SG&A adjustments (1.2) 4.7 19.0 (8.0) 28.8 3.5 (1.2) Adjusted: Adjusted SG&A expenses 1,075.7$ 1,277.7$ 1,333.6$ 1,367.4$ 1,492.4$ 363.7$ 381.7$ Reported: Compensation 40.8% 40.4% 42.1% 46.0% 45.7% 44.0% 45.0% Advertising 1.5% 1.7% 2.0% 2.8% 3.3% 3.2% 3.7% Rent 2.6% 2.0% 2.0% 2.0% 2.1% 1.8% 2.3% Other 16.1% 15.8% 18.5% 20.1% 18.8% 19.3% 20.9% Total SG&A expenses as % of gross profit 61.0% 59.9% 64.6% 70.9% 69.9% 68.3% 71.9% Adjustments: Acquisition and disposition-related gain (loss) (0.1%) 0.4% 1.1% 0.2% (0.3%) (0.5%) 0.0% Severance and long-term compensation charges 0.0% (0.2%) 0.0% (0.1%) 0.0% 0.0% 0.0% Storm damage charges 0.0% 0.0% (0.1%) (0.5%) (0.2%) (0.8%) (0.2%) Excess compensation related to CDK outage 0.0% 0.0% 0.0% (0.7%) 0.0% 0.0% 0.0% Cyber insurance proceeds 0.0% 0.0% 0.0% 0.6% 1.8% 1.9% 0.0% Legal settlements 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total effect of adjustments (0.1%) 0.2% 1.0% (0.5%) 1.3% 0.6% (0.2%) Adjusted: Compensation 40.8% 40.2% 42.1% 45.2% 45.7% 44.0% 45.0% Advertising 1.5% 1.7% 2.0% 2.8% 3.3% 3.2% 3.7% Rent 2.6% 2.0% 2.0% 2.0% 2.1% 1.8% 2.3% Other 16.0% 16.2% 19.5% 20.4% 20.1% 19.9% 20.7% Total adjusted SG&A expenses as % of gross profit 60.9% 60.1% 65.6% 70.4% 71.2% 68.9% 71.7% Reported: Total gross profit 1,765.6$ 2,125.1$ 2,033.6$ 1,941.2$ 2,095.2$ 527.6$ 532.1$ Excess compensation related to CDK outage - - - 2.0 - - - Adjusted gross profit 1,765.6$ 2,125.1$ 2,033.6$ 1,943.2$ 2,095.2$ 527.6$ 532.1$
Investor Relations Contact: Danny Wieland, Vice President, Investor Relations & Financial Reporting Sonic Automotive Inc. (NYSE: SAH) Email: ir@sonicautomotive.com Investor Relations Website: ir.sonicautomotive.com
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