Sonic Automotive : Investor Presentation

Published: 2026-04-30 07:37:27 ET SAH

Published on 04/30/2026 at 07:37 am EDT

Investor Presentation | First Quarter 2026

Updated April 29, 2026

NYSE: SAH - A Fortune 500 Diversified Automotive Retailer

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

$15

$10

Total Revenues and Earnings Per Share

$8.46 $6.61

$6.81

$6.60

$8.06

$4.67

$5.60

$6.18

$1.48 $1.62

$2.23

$3.42

$2.04 $1.76

$12.4 $14.0 $14.4 $14.2 $15.2

$3.7

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

Note: Location counts as of April 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."

NYSE SAH

Geographic Distribution

Brand Distribution

Business Line Mix

NV 2%

All Others

MD 2%

VA 2%

ID 3%

GA 4%

TX 26%

NC 4%

AL 5%

Total

Revenues By State

FL 6%

TN 7%

CO 8%

Luxury 55%

BMW 20%

Audi

Land Rover

Mercedes 11%

Lexus 4%

Porsche 4%

Cadillac 3%

Other Luxury (1) 3%

Honda 6%

% of

Total

Category Revenue Franchised Brand

% of

Total Revenue

34%

14%

34%

43%

16%

47%

Import

16%

Toyota

Other Import (2)

EchoPark

14%

Non-Franchised

14%

CA 25%

Chevrolet GMC Buick

Domestic

11%

Ford

Chrysler Dodge Jeep RAM

Powersports

Powersports (3)

Note: Percentages are percent of total for year ended December 31, 2025.

Includes Jaguar, MINI, Polestar and Volvo

Includes Hyundai, Nissan, Subaru and Volkswagen

Includes Harley-Davidson, Kawasaki, BRP, Polaris, Honda, Suzuki, BMW Motorrad, Yamaha, Ducati, and Indian Motorcycle

Revenue Gross Profit

NYSE SAH

Manage tariff impact on inventory and

pricing strategy to maintain market share

Focus on opportunities to emphasize growth in parts and service (Fixed Operations) and finance and insurance (FCI) revenues and gross profit

Actively manage new and used vehicle inventory turnover and adapt to electric vehicle (EV) and hybrid electric vehicle (HEV) transition

Focus on controllable selling, general and administrative (SGCA) expenses to maintain structural improvement in SGCA leverage as a percent of gross profit

Opportunity to pursue accretive strategic acquisition opportunities to drive revenue growth and optimize our dealership network

Franchised Dealerships Strategy

Total Revenues, Segment Income*, and Adjusted EBITDA*

$448

$662

$530

$258

$3.1

$130

$71

$62

$126

$316

$3.1

$642

$554

$526

$675

$11.5

$836

$10.1

$11.6

$11.8

$12.6

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

Reported and Adjusted SGsA Expenses as % of Gross Profit*

60.9%

60.1%

65.6%

70.4%

71.2%

71.8%

72.9%

61.0%

59.9%

71.9%

2.4%

2.6%

2.0%

64.6%

2.0%

70.9%

2.0%

69.9%

2.1%

66.0%

2.0%

40.2%

1.7%

40.8%

1.5%

42.1%

2.0%

3.3%

2.8%

45.7%

45.2%

3.6%

3.2%

46.1%

45.8%

16.2%

16.0%

16.5%

20.8%

20.1%

20.4%

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

* Refer to appendix for calculation and reconciliation of Segment Income, Adjusted EBITDA and Adjusted SGsA Expenses As % Of Gross Profit (non-GAAP measures).

NYSE SAH

Tariffs may create volatility in new and used vehicle pricing, volume and GPU in 2026 and beyond

The rate of new vehicle GPU decline has moderated, and we believe the "new normal" will remain higher than pre-pandemic levels, in the

$2,500-$3,000 per unit range, subject to tariff

impact on inventory levels, pricing and demand

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 volumes have recovered from pandemic-induced lows, FCI gross profit and fixed operations gross profit have benefitted from higher industry retail volume

Retail New And Used Vehicles

Retail New Vehicle Unit Sales Volume, Revenue, and Gross Profit Per Unit

$6,591

$4,595

$4,836

$3,382

$3,170 $3,089 $3,144

$57.9

107.3

$57.7

111.5

$59.9 $58.3 $61.4

116.0

$56.1

99.4

$49.9 99.8

25.8

28.1

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

Retail Used Vehicle Unit Sales Volume, Revenue, and Gross Profit Per Unit

$1,784

$1,607

$1,626

$1,473

$1,514 $1,568 $1,539

$27.5

$31.3

$29.6 $29.3 $29.2

105.5

108.5

104.2

26.3

$28.6 102.0

$30.4 100.2

25.4

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

Note: New and used vehicle GPU, sales volume, and FsI and fixed operations gross profit expectations and projections are estimates of future results. Actual results may differ. See "Forward-Looking Statements."

NYSE SAH

Fixed Operations Gross Profit and Gross Margin %

50.2%

49.5%

50.7%

51.3%

$673

$1,006

$909

$853

$787

51.1%

$237

$261

49.7%

50.4%

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

FsI Gross Profit Per Unit and Product Penetration Rates

77.6%

44.4%

72.6%

49.4%

71.2%

48.9%

72.6%

48.0%

72.8%

48.9%

71.7%

47.9%

$2,160 $2,453 $2,403 $2,374 $2,566

$2,436

$2,670

49.4%

74.5%

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

Fixed Operations And FsI

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

FCI gross profit per unit increased over 60% from pre-pandemic to FY 2025, driven primarily by higher warranty contract penetration rates

We believe FCI GPU will remain structurally higher than pre-pandemic as a result of optimized FCI 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

Note: Fixed operations gross profit, fixed operations profit margin and FsI GPU are estimates of future results. Actual results may differ. See "Forward-Looking Statements."

NYSE SAH

Hybrid vs. Electric Vehicle Trends

Industry sales volume penetration rates for combined hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV) exceed the penetration rates for battery electric vehicles (BEV) and are trending upward

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 excess inventory supply, resulting in BEV sales negatively impacting total new vehicle GPU by approximately $200 in FY 2025 (improved from $350 in FY 2024) and $100 in Q1 2026 (flat compared to $100 in Q4 2025 due to better alignment of BEV inventory with consumer demand)

To the extent OEMs can align BEV supply with natural consumer demand following the expiration of the federal EV tax credit, this BEV mix-driven GPU headwind could improve in 2026 and beyond

Initial BEV repair and maintenance trends show lower frequency but higher gross profit per repair order vs. ICE vehicles, while hybrid vehicles create opportunity to service both types of power trains

20%

Hybrid Vehicle vs. EV Industry Sales Volume Penetration

18.3%

5.1%

Mar-16

Sep-16

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25

Sep-25

Mar-26

Source: Morgan Stanley Research

Hybrid (HEV/PHEV) Penetration % BEV Penetration %

100%

Luxury

Import

Domestic

Total

Sonic FY 2025 Average New Vehicle Relative GPU by Power Train

Note: Hybrid and electric vehicle trends and GPU headwinds are estimates of future results. Actual results may differ. See "Forward-Looking Statements."

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.

NYSE SAH

FY 2025 EchoPark Segment adjusted EBITDA*

of $49.2 million, up 78% year-over-year

All-time record quarterly EchoPark Segment adjusted EBITDA* of $18.6 million in Q1 2026

Returned to positive segment adjusted EBITDA* in FY 2024 after 3 years of used vehicle industry headwinds

Expect to resume disciplined expansion of EchoPark footprint in Q4 2026 as used vehicle market conditions become more supportive of 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

EchoPark maintains the #1 ranking in guest satisfaction among all major pre-owned vehicle retailers according to Reputation.com

EchoPark Strategy

EchoPark Segment Adjusted EBITDA* (Millions)

$48.3

$17.8

$0.8

$(16.3)

$(70.1)

$(35.3)

$(46.5)

$(33.5)

$40

$(40)

$(80)

$(120)

1,000

Monthly Volume Per Store

800

600

400

200

$32.5

$15.6

$(27.0)

$(4.6)

$0.6

$(0.1)

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

EchoPark Segment Retail Unit Sales Volume

77,835

64,107

73,676

66,053

67,636

18,768 16,326

268

313

348

358

111

203

164

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

* 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.

NYSE SAH

$1,762

$2,183

$27.6

$49.2

$15.8

$18.6

$(47.8)

$(105.4)

$(83.0)

EchoPark Strategy

EchoPark Segment Adjusted EBITDA* and Total GPU (Used GPU + FsI GPU)

Maintain focus on optimizing FCI product offerings, cost, and

pricing to drive FCI GPU growth in FY 2026

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 $3,400 to $3,600

range

$2,657

$3,029 $3,484 $3,411 $3,502

Anticipate sustained pricing increases in the new vehicle market as a result of tariffs, which should benefit used vehicle demand as a relatively more affordable vehicle option for consumers

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

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q1 2026

Used Vehicle Supply Trend For Units Up To Five Years In Age

Forecast

4.8

5.1

4.7

4.1

3.4

3.7

3.8

4.6

(In Millions)

2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E

consumer demand and higher retail sales volume for EchoPark

Vehicle Age (0-5 Years)

Source: J.D. Power

* Refer to appendix for calculation and reconciliation of Adjusted EBITDA (a non-GAAP measure).

Note: FsI 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."

NYSE SAH

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

Expect to realize synergies from network effect, driving potential gains in used vehicle volume and FCI 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

Powersports Strategy

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

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

Powersports Segment Adjusted EBITDA* (Millions)

$10.8

$10.1

$6.3

$2.0

$0.1

$(0.7)

$(0.1)

Industry Demand Seasonally Weak In Q4 C Q1

$11.5

$4.6

FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

* Refer to appendix for calculation and reconciliation of Adjusted EBITDA (a non-GAAP measure).

Note: Gains in used vehicle volume and FsI are estimates of future results. Actual results may differ. See "Forward-Looking Statements."

NYSE 11

SAH

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 >2.0%

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 current remaining share repurchase authorization

Net debt to adjusted EBITDA ratio* of 2.17 for the 12 months ended Q1 2026 is within our target leverage range

Consolidated Company Strategy

Strong Balance Sheet and Liquidity

$1,000

$ In Millions

$800

$600

$400

$200

$ In Millions

$1,019

$846 $862

$764

$703

$702

$770

$501

$366

$374

$384

$306

$381

Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 Mar 2026

Capital Allocation Trend

$268

$262

$227

$204 $178

$440

$187

$150

$93

$102

$75

$55

$82

$46

$18

$35

$40

$34 $41

* 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 April 28, 2026.

Note: Balance sheet and free cash flow projections are estimates of future results. Actual results may differ. See

"Forward-Looking Statements."

FY 2021 FY 2022 FY 2023 FY 2024 FY 2025

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 12

SAH

Please see the below guidance for our current expectations for FY 2026. Previously issued guidance shown in parentheses where applicable.

Franchised Dealerships Segment

Anticipate new vehicle GPU in the $2,700 to $3,000 per unit range for FY 2026 - 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 (previously $1,300 to $1,400 per unit), depending on flow through tariff

impact on pricing and demand

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 FsI GPU in the $2,600 to $2,700 per unit range for FY 2026

EchoPark Segment

Expect adjusted EBITDA* between $35-$40 million (previously $25-$35 million), depending on effects of new store openings in late 2026 and brand marketing investment (estimate $10-20 million incremental advertising expense beginning mid-2026)

Expect high single digit percentage increase in used retail unit sales volume for FY 2026 and total GPU in the $3,400 to $3,600 per unit range for FY 2026

Powersports Segment

Expect FY 2026 adjusted EBITDA* between $14-$17 million (previously $12-$15 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

Consolidated

Expect FY 2026 adjusted SGsA expenses as a % of gross profit* in the low 70% range, including effects of EchoPark brand marketing investment

Anticipate FY 2026 floor plan interest expense to increase approximately 10% from FY 2025, depending on inventory levels and floor plan offset balance

Anticipate FY 2026 effective income tax rate in the 28.0% to 26.0% range due to changes in corporate tax regulations

* Refer to appendix for calculation and reconciliation of Adjusted EBITDA and Adjusted SGsA 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 SGsA 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

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 SGsA 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 SGsA 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.

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 SGsA Expenses is defined as GAAP SGsA expenses, excluding certain non-operating charges and/or benefits that may affect the comparability of results from period to period.

Adjusted SGsA Expenses as a % of Gross Profit is defined as GAAP SGsA 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.

NYSE SAH

(In millions, except unit, per unit, and per share data)

FY 2025

FY 2024

FY 2023

FY 2022

FY 2021

FY 2025 Better /

(Worse) % Change

Year-Over-Year

Revenues:

Retail new vehicles

$ 7,047.4

$ 6,507.5

$ 6,304.6

$ 5,622.6

$ 4,993.4

Fleet new vehicles

101.5

95.3

92.2

99.4

124.6

Total new vehicles

7,148.9

6,602.8

6,396.8

5,722.0

5,118.0

Used vehicles

4,872.6

4,780.1

5,213.6

5,515.4

4,933.6

Wholesale vehicles

314.1

287.1

318.8

484.9

367.2

Total vehicles

12,335.6

11,670.0

11,929.2

11,722.3

10,418.8

Parts, service and collision repair

2,019.1

1,846.5

1,759.5

1,599.7

1,340.4

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

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

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

Wholesale vehicles

(11.2)

(6.0)

(2.6)

(3.1)

9.6

Total vehicles

554.9

556.1

688.0

845.4

604.0

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

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)

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)

Interest expense, other, net

(110.1)

(118.0)

(114.6)

(89.9)

(48.0)

Other income (expense), net

0.1

(0.5)

0.1

0.2

(15.5)

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

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

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

Wholesale vehicles

34,982

32,223

32,330

35,323

36,795

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

F&I

$ 2,695

$ 2,450

$ 2,372

$ 2,475

$ 2,250

10%

Note: Earnings (loss) per share and gross profit per unit metrics are calculated based on actual unrounded amounts.

NM = Not Meaningful

NYSE SAH

(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%

Note: Earnings (loss) per share and SGsA 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.

NYSE SAH

(In millions, except ratios)

LTM Q1 2026

FY 2025

FY 2024

FY 2023

FY 2022

FY 2021

Reported net income (loss)

$ 108.9

$ 118.7

$ 216.0

$ 178.2

$ 88.5

$ 348.9

Income tax (benefit) expense

51.5

54.1

40.1

63.7

101.5

109.3

Income (loss) before taxes

160.4

172.8

256.1

241.9

190.0

458.2

Non-floor plan interest

104.0

103.5

112.2

108.1

84.7

44.7

Depreciation and amortization

169.0

170.1

155.9

148.8

132.7

104.3

Stock-based compensation expense

22.5

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

172.8

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

(0.5)

5.6

(6.3)

(20.4)

(9.7)

(0.4)

Storm damage charges

4.1

5.0

8.3

1.9

Used vehicle inventory valuation adjustment

10.0

Closed store accrued expenses

2.1

Cyber insurance proceeds

(10.0)

(40.0)

(10.0)

(Gain) loss on legal settlements

0.7

Adjusted EBITDA

$ 619.4

$ 614.6

$ 560.1

$ 602.3

$ 738.5

$ 645.5

Long-term debt (including current portion)

$ 1,727.6

$ 1,615.4

$ 1,588.0

$ 1,676.6

$ 1,751.7

$ 1,561.2

Cash and equivalents

(5.7)

(6.3)

(44.0)

(28.9)

(229.2)

(299.4)

Floor plan deposit balance

(375.0)

(300.0)

(340.0)

(345.0)

(272.0)

(99.8)

Net debt

$ 1,346.9

$ 1,309.1

$ 1,204.0

$ 1,302.7

$ 1,250.5

$ 1,162.0

Net debt to adjusted EBITDA ratio

2.17

2.13

2.15

2.16

1.69

1.80

Long-term debt (including current portion) to adjusted EBITDA ratio

2.79

2.63

2.84

2.78

2.37

2.42

Note: Balance sheet amounts are as of December 31 for the FY then ended. Last twelve month ("LTM") Q1 2026 balance sheet amounts are as of March 31, 2026.

NYSE SAH

Q1 2026

Better / (Worse) % Change

(In millions, except unit, per unit, and per share data) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Sequential Year-Over-Year

Revenues:

Retail new vehicles

$ 1,607.4

$ 1,852.2

$ 1,872.8

$ 1,666.1

$ 1,656.3

(13%)

(3%)

Fleet new vehicles

20.7

24.1

26.0

29.4

22.1

Total new vehicles

1,628.1

1,876.3

1,898.8

1,695.5

1,678.4

(13%)

(3%)

Used vehicles

1,269.6

1,213.8

1,253.1

1,180.7

1,225.0

Wholesale vehicles

71.8

63.6

84.2

83.3

82.7

Total vehicles

2,969.5

3,153.7

3,236.1

2,959.5

2,986.1

(6%)

(1%)

Parts, service and collision repair

516.6

515.3

533.9

495.6

474.4

Finance, insurance and other, net ("F&I")

202.4

202.3

203.8

202.1

190.8

Total revenues

3,688.5

3,871.3

3,973.8

3,657.2

3,651.3

(5%)

Gross profit:

Retail new vehicles

84.5

97.3

97.4

99.2

89.4

(13%)

(5%)

Fleet new vehicles

0.4

0.7

0.5

0.6

Total new vehicles

84.9

98.0

97.4

99.7

90.0

(13%)

(6%)

Used vehicles

48.5

41.4

45.2

48.1

46.4

17%

Wholesale vehicles

(1.6)

(5.2)

(3.3)

(1.6)

(1.4)

Total vehicles

131.8

134.2

139.3

146.2

135.0

(2%)

Parts, service and collision repair

264.6

262.2

272.4

253.9

240.6

10%

Finance, insurance and other, net

202.4

202.3

203.8

202.1

190.8

Total gross profit

598.8

598.7

615.5

602.2

566.4

SG&A expenses

(427.0)

(433.7)

(451.6)

(412.6)

(380.3)

(12%)

Impairment charges

(0.4)

(172.4)

(1.4)

Depreciation and amortization

(38.7)

(41.8)

(41.2)

(40.5)

(39.7)

Operating income (loss)

132.7

123.2

122.7

(23.3)

145.0

(8%)

Interest expense, floor plan

(19.4)

(22.4)

(23.9)

(18.3)

(20.0)

13%

Interest expense, other, net

(28.3)

(27.6)

(27.5)

(27.4)

(27.6)

(3%)

Other income (expense), net

0.1

(0.1)

Income (loss) before taxes

85.1

73.2

71.2

(69.1)

97.4

16%

(13%)

Income tax benefit (expense)

(24.3)

(26.3)

(24.4)

23.5

(26.8)

Net income (loss)

$ 60.8

$ 46.9

$ 46.8

$ (45.6)

$ 70.6

30%

(14%)

Diluted weighted-average shares outstanding

34.0

34.4

35.1

34.1

34.6

Diluted earnings (loss) per share

$ 1.79

$ 1.36

$ 1.33

$ (1.34)

$ 2.04

32%

(12%)

Unit sales volume:

Retail new vehicles

26,954

30,485

32,086

29,478

29,075

(12%)

(7%)

Fleet new vehicles

337

458

579

571

383

(26%)

(12%)

Used vehicles

46,493

43,784

44,167

42,512

44,817

Wholesale vehicles

7,889

7,252

8,957

9,368

9,405

(16%)

Gross profit per unit ("GPU"):

Retail new vehicles

$ 3,133

$ 3,193

$ 3,035

$ 3,365

$ 3,075

(2%)

Used vehicles

$ 1,042

$ 946

$ 1,024

$ 1,131

$ 1,034

10%

F&I

$ 2,756

$ 2,724

$ 2,673

$ 2,807

$ 2,582

Note: Earnings (loss) per share and gross profit per unit metrics are calculated based on actual unrounded amounts.

NM = Not Meaningful

NYSE SAH

Q1 2026

Better / (Worse) % Change

(In millions, except per share data) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Sequential Year-Over-Year

Reported net income (loss) $ 60.8

$ 46.9

$ 46.8

$ (45.6)

$ 70.6

30%

(14%)

Adjustments:

Impairment charges $ 0.4

$ -

$ 172.4

$ 1.4

Acquisition and disposition-related (gain) loss (5.1)

3.0

1.6

1.0

Storm damage charges -

4.1

0.9

Loss (gain) on exit of leased dealerships (3.6)

Cyber insurance proceeds -

(10.0)

(30.0)

Legal settlements -

0.7

Total pre-tax adjustments

(8.3)

3.7

168.1

(26.7)

Tax effect of above items

2.4

(1.0)

(46.3)

7.4

Non-recurring tax items

5.3

Total net income effect of adjustments

(5.9)

5.3

2.7

121.8

(19.3)

Adjusted net income (loss)

$ 54.9

$ 52.2

$ 49.5

$ 76.2

$ 51.3

Diluted weighted-average shares outstanding

34.0

34.4

35.1

34.8

34.6

Adjusted diluted earnings (loss) per share

$ 1.62

$ 1.52

$ 1.41

$ 2.19

$ 1.48

Reported gross profit

$ 598.8

$ 598.7

$ 615.5

$ 602.2

$ 566.4

Reported SG&A expenses

$ (427.0)

$ (433.7)

$ (451.6)

$ (412.6)

$ (380.3)

(12%)

Acquisition and disposition-related (gain) loss

(5.1)

3.0

1.6

1.0

Storm damage charges

4.1

0.9

Loss (gain) on exit of leased dealerships

(3.6)

Cyber insurance proceeds

(10.0)

(30.0)

Legal settlements

0.7

Adjusted SG&A expenses

$ (435.7)

$ (433.7)

$ (447.9)

$ (416.9)

$ (408.4)

(7%)

Adjusted SG&A expenses as a percentage of gross profit

72.8%

72.4%

72.8%

69.2%

72.1%

(40) bps

(70) bps

Reported net income (loss)

$ 60.8

$ 46.9

$ 46.8

$ (45.6)

$ 70.6

30%

(14%)

Income tax (benefit) expense

24.3

26.3

24.4

(23.5)

26.8

Income (loss) before taxes

85.1

73.2

71.2

(69.1)

97.4

16%

(13%)

Non-floor plan interest

26.6

25.8

26.1

Depreciation and amortization

40.2

43.7

42.9

42.2

41.4

Stock-based compensation expense

5.2

5.8

5.7

5.8

Loss (gain) on exit of leased dealerships

(3.6)

Impairment charges

0.4

172.4

1.4

Severance and long-term compensation charges

Acquisition and disposition-related (gain) loss

(5.1)

3.0

1.6

1.0

Storm damage charges

4.1

0.9

Cyber insurance proceeds

(10.0)

(30.0)

Loss (gain) on legal settlements

0.7

Adjusted EBITDA

$ 148.8

$ 148.5

$ 149.4

$ 172.7

$ 144.0

Note: Earnings (loss) per share and SGsA expenses as a percentage of gross profit metrics are calculated based on actual unrounded amounts.

NM = Not Meaningful

NYSE SAH

Disclaimer

Sonic Automotive Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 11:33 UTC.