Penske 10-Q Details Q3 EPS of $3.36 and $2.4B Merger-Financing Revolver Option
PAG sits 52% above its 52-week low of $140.12.
Summary
Penske's Q3 10-Q shows revenue up 5% to $8.4 billion but EPS down to $3.36 from $3.41, and details a conditional revolver increase to as much as $2.4 billion plus up to $1.8 billion of permitted merger debt ahead of its $212.00-per-share take-private.
Key Events · Earnings and Guidance · PAG
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Q3 Revenue Up, Profit Down
Revenue rose 5% to $8,415.6 million from $8,053.0 million, but net income fell to $221.2 million and diluted EPS to $3.36 from $3.41.
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Dealership Sale Gains Boost Nine Months
Nine-month results include a $90.9 million pre-tax gain on dealership sales ($67.5 million after tax, $1.03 per share), partly offset by $13.0 million of disposal charges.
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Conditional Revolver Increase to $2.4B
The credit amendment gives a one-time option to raise the U.S. revolver from $1.5 billion to up to $2.4 billion, including a $400 million Overadvance Commitment, effective only if the merger closes with at least $2.2 billion of equity financing.
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Up to $1.8B Merger Debt Permitted
Lenders consented to the merger and allowed up to $1.8 billion of new debt — a senior unsecured 364-day bridge facility and/or new senior subordinated notes — to fund the $212.00-per-share consideration.
Analysis · PAG · Trade & Services
The 10-Q puts full numbers behind the Q3 release: revenue rose 5% to $8.4 billion, but net income fell to $221.2 million ($3.36 per diluted share) from $224.8 million ($3.41), with SG&A up 3.2% and other interest expense up 40.5% to $30.9 million. Nine-month results lean on a $90.9 million pre-tax gain on dealership sales ($67.5 million after tax, $1.03 per share). The filing also spells out the credit amendment tied to the $212.00-per-share take-private: a one-time option to lift the U.S. revolver from $1.5 billion to up to $2.4 billion, including a $400 million Overadvance Commitment, plus permission for up to $1.8 billion of new merger debt — all conditional on the merger closing with at least $2.2 billion of equity financing. With the $212.00 cash price fixed, near-term equity value hinges on whether the deal clears the stockholder vote and HSR review, targeted for the first quarter of 2027.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 32.7% of the 1912 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PAG was trading at $212.34 on NYSE in the Trade & Services sector, with a market capitalization of approximately $13.9B. The 52-week trading range was $140.12 to $227.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.