Revenue growth remains largely stagnant with a 1.0% increase in 2026Q1, while net margins have compressed to 1.6% due to elevated SG&A expenses of $427.0 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 15.19B | 15.15B | 14.22B | 14.37B | 14B | 12.4B | 9.77B | 10.45B | 9.95B | 9.87B | 9.73B | 9.62B | 9.2B | 8.84B | 8.37B | 7.52B | 6.58B | 6.06B | 7.01B | 8.34B | 7.99B | 7.32B | 6.47B | 6.95B | 6.42B | 5.44B | 5.44B | 3.31B | 1.6B | 536M | 376.9M |
| Revenue Growth % | 4.82% | 6.53% | -1.03% | 2.65% | 12.94% | 26.92% | -6.57% | 5.05% | 0.86% | 1.39% | 1.12% | 4.64% | 4% | 5.71% | 11.23% | 14.33% | 8.63% | -13.6% | -15.94% | 4.41% | 9.1% | 13.12% | -6.9% | 8.2% | 18.12% | -0.13% | 64.42% | 106.48% | 199.2% | 42.21% | - |
| Cost of Goods Sold | 12.78B | 12.77B | 12.03B | 12.13B | 11.68B | 10.48B | 8.34B | 8.93B | 8.51B | 8.41B | 8.3B | 8.21B | 7.83B | 7.54B | 7.13B | 6.36B | 5.51B | 5.02B | 5.89B | 7.05B | 6.76B | 6.2B | 5.48B | 5.89B | 5.42B | 4.59B | 4.63B | 2.84B | 1.4B | 473M | 332.1M |
| COGS % of Revenue | - | 84.28% | 84.58% | 84.37% | 83.45% | 84.56% | 85.42% | 85.45% | 85.47% | 85.23% | 85.31% | 85.3% | 85.15% | 85.28% | 85.24% | 84.59% | 83.82% | 82.95% | 83.99% | 84.51% | 84.62% | 84.74% | 84.66% | 84.68% | 84.31% | 84.42% | 85% | 85.88% | 87.07% | 88.25% | 88.11% |
| Gross Profit | 2.42B | 2.38B | 2.19B | 2.25B | 2.32B | 1.91B | 1.42B | 1.52B | 1.45B | 1.46B | 1.43B | 1.41B | 1.37B | 1.3B | 1.24B | 1.16B | 1.06B | 1.03B | 1.12B | 1.29B | 1.23B | 1.12B | 992.25M | 1.06B | 1.01B | 847M | 816.59M | 467.5M | 207.4M | 63M | 44.8M |
| Gross Margin % | 15.9% | 15.72% | 15.42% | 15.63% | 16.55% | 15.44% | 14.58% | 14.55% | 14.53% | 14.77% | 14.69% | 14.7% | 14.85% | 14.72% | 14.76% | 15.41% | 16.18% | 17.05% | 16.01% | 15.49% | 15.38% | 15.26% | 15.34% | 15.32% | 15.69% | 15.58% | 15% | 14.12% | 12.93% | 11.75% | 11.89% |
| Gross Profit Growth % | - | 8.67% | -2.36% | -3.08% | 21.04% | 34.47% | -6.4% | 5.18% | -0.79% | 1.99% | 1.04% | 3.57% | 4.94% | 5.38% | 6.61% | 8.83% | 3.09% | -7.97% | -13.12% | 5.15% | 9.95% | 12.59% | -6.8% | 5.68% | 18.94% | 3.72% | 74.67% | 125.41% | 229.21% | 40.63% | - |
| Operating Expenses | 1.89B | 1.84B | 1.73B | 1.74B | 1.68B | 1.38B | 1.39B | 1.21B | 1.27B | 1.25B | 1.2B | 1.2B | 1.13B | 1.07B | 994.75M | 939.07M | 880.53M | 887.56M | 1.78B | 995.01M | 966.14M | 871.48M | 786.47M | 854.88M | 771.57M | 652.41M | 616.04M | 455.92M | 154.7M | 48.1M | 33.7M |
| OpEx % of Revenue | - | 12.15% | 12.14% | 12.13% | 12.02% | 11.1% | 14.23% | 11.61% | 12.75% | 12.63% | 12.29% | 12.44% | 12.31% | 12.07% | 11.89% | 12.49% | 13.39% | 14.66% | 25.37% | 11.94% | 12.1% | 11.91% | 12.16% | 12.3% | 12.01% | 12% | 11.32% | 13.77% | 9.65% | 8.97% | 8.94% |
| Selling, General & Admin | 1.72B | 1.68B | 1.58B | 1.6B | 1.56B | 1.27B | 1.03B | 1.1B | 1.15B | 1.15B | 1.11B | 1.11B | 1.07B | 1B | 949.03M | 899.42M | 846.59M | 829.22M | 921.37M | 967.71M | 942.89M | 852.74M | 772.04M | 843.56M | 763.76M | 630.25M | 594.93M | 340M | 150.1M | 46.8M | 32.6M |
| SG&A % of Revenue | - | 11.07% | 11.09% | 11.14% | 11.11% | 10.28% | 10.53% | 10.52% | 11.51% | 11.63% | 11.41% | 11.54% | 11.61% | 11.34% | 11.34% | 11.96% | 12.87% | 13.69% | 13.15% | 11.61% | 11.81% | 11.65% | 11.93% | 12.14% | 11.89% | 11.59% | 10.93% | 10.27% | 9.36% | 8.73% | 8.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 163.4M | 150.4M | 142.3M | 127.5M | 101.2M | 361M | 113.9M | 123.14M | 98.34M | 85.51M | 86.75M | 64.85M | 63.88M | 45.73M | 39.65M | 33.94M | 58.34M | 856.51M | 27.31M | 23.25M | 18.74M | 14.43M | 11.31M | 7.8M | 22.16M | 21.11M | 115.92M | 4.6M | 1.3M | 1.1M |
| Operating Income | 528.1M | 541.3M | 465.4M | 502.9M | 634.4M | 538.4M | 33.9M | 307.7M | 177.66M | 211.56M | 232.91M | 217.29M | 233.61M | 234.6M | 240.4M | 219.54M | 184.04M | 145.11M | -655.8M | 296.57M | 262.15M | 245.69M | 205.78M | 209.77M | 235.85M | 194.59M | 200.54M | 11.58M | 52.7M | 14.9M | 11.1M |
| Operating Margin % | 3.48% | 3.57% | 3.27% | 3.5% | 4.53% | 4.34% | 0.35% | 2.94% | 1.79% | 2.14% | 2.39% | 2.26% | 2.54% | 2.65% | 2.87% | 2.92% | 2.8% | 2.4% | -9.36% | 3.56% | 3.28% | 3.36% | 3.18% | 3.02% | 3.67% | 3.58% | 3.68% | 0.35% | 3.29% | 2.78% | 2.95% |
| Operating Income Growth % | - | 16.31% | -7.46% | -20.73% | 17.83% | 1488.2% | -88.98% | 73.19% | -16.02% | -9.16% | 7.19% | -6.99% | -0.42% | -2.41% | 9.5% | 19.29% | 26.82% | 122.13% | -321.13% | 13.13% | 6.7% | 19.39% | -1.9% | -11.06% | 21.2% | -2.97% | 1631.81% | -78.03% | 253.69% | 34.23% | - |
| EBITDA | 690.3M | 704.7M | 615.8M | 645.2M | 761.9M | 639.5M | 121.5M | 397.6M | 271.9M | 301.15M | 311.09M | 286.74M | 293.03M | 290.21M | 287.88M | 263.03M | 220.99M | 181.2M | -619.43M | 330.43M | 288.52M | 268.46M | 223.96M | 223.53M | 246.02M | 220.7M | 223.55M | 23.28M | 57.3M | 16.2M | 12.2M |
| EBITDA Margin % | 4.54% | 4.65% | 4.33% | 4.49% | 5.44% | 5.16% | 1.24% | 3.8% | 2.73% | 3.05% | 3.2% | 2.98% | 3.19% | 3.28% | 3.44% | 3.5% | 3.36% | 2.99% | -8.84% | 3.96% | 3.61% | 3.67% | 3.46% | 3.22% | 3.83% | 4.06% | 4.11% | 0.7% | 3.57% | 3.02% | 3.24% |
| EBITDA Growth % | 5.13% | 14.44% | -4.56% | -15.32% | 19.14% | 426.34% | -69.44% | 46.23% | -9.71% | -3.19% | 8.49% | -2.15% | 0.97% | 0.81% | 9.45% | 19.02% | 21.95% | 129.25% | -287.46% | 14.53% | 7.47% | 19.87% | 0.19% | -9.14% | 11.47% | -1.28% | 860.27% | -59.37% | 253.7% | 32.79% | - |
| D&A (Non-Cash Add-back) | 162.2M | 163.4M | 150.4M | 142.3M | 127.5M | 101.1M | 87.6M | 89.9M | 94.23M | 89.59M | 78.18M | 69.44M | 59.42M | 55.61M | 47.48M | 43.48M | 36.95M | 36.09M | 36.38M | 33.86M | 26.36M | 22.77M | 18.18M | 13.76M | 10.17M | 26.1M | 23.01M | 11.7M | 4.6M | 1.3M | 1.1M |
| EBIT | 349.6M | 361.9M | 454.7M | 423.7M | 314.2M | 518.1M | 31.4M | 301.1M | 177.77M | 197.04M | 225.46M | 207.72M | 220.91M | 192.94M | 205.21M | 196.31M | 150.13M | 126.67M | -655.06M | 296.57M | 262.15M | 245.69M | 205.78M | 209.77M | 235.85M | 194.59M | 200.54M | 11.58M | 52.7M | 14.9M | 11.1M |
| Net Interest Income | -194.8M | -194.8M | -204.3M | -180.8M | -123.5M | -63.2M | -69.14M | -104.35M | -102.52M | -86.08M | -72.79M | -64.86M | -71.78M | -65.47M | -66.45M | -86.55M | -96.68M | -111.45M | -92.69M | -107.43M | -91.19M | -86.66M | -68.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.2M | 9.7M | 7.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 194.8M | 194.8M | 204.3M | 180.8M | 123.5M | 63.2M | 69.14M | 104.35M | 102.52M | 86.08M | 72.79M | 64.86M | 71.78M | 65.47M | 66.45M | 86.55M | 96.68M | 111.45M | 92.69M | 107.43M | 102.39M | 96.36M | 75.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -367.7M | -368.5M | -209.3M | -261M | -444.4M | -80.2M | -68.7M | -108.1M | -102.35M | -103.44M | -77.7M | -72.14M | -71.89M | -105.58M | -99.17M | -86.28M | -100.94M | -117.22M | -115.16M | -107.36M | -99.83M | -77.51M | -63.7M | -76.75M | -58.99M | -62.39M | -82.65M | 61.32M | -23M | -9M | -6.2M |
| Pretax Income | 160.4M | 172.8M | 256.1M | 241.9M | 190M | 458.2M | -34.8M | 199.6M | 75.31M | 108.12M | 155.21M | 145.16M | 161.73M | 129.02M | 141.23M | 133.26M | 83.09M | 27.89M | -770.97M | 189.21M | 162.32M | 168.18M | 142.09M | 133.03M | 176.86M | 132.21M | 117.89M | 72.9M | 29.7M | 5.9M | 4.9M |
| Pretax Margin % | 1.06% | 1.14% | 1.8% | 1.68% | 1.36% | 3.7% | -0.36% | 1.91% | 0.76% | 1.1% | 1.59% | 1.51% | 1.76% | 1.46% | 1.69% | 1.77% | 1.26% | 0.46% | -11% | 2.27% | 2.03% | 2.3% | 2.2% | 1.91% | 2.75% | 2.43% | 2.17% | 2.2% | 1.85% | 1.1% | 1.3% |
| Income Tax | 51.5M | 54.1M | 40.1M | 63.7M | 101.5M | 109.3M | 15.9M | 55.1M | 22.92M | 13.97M | 60.7M | 57.06M | 63.17M | 44.34M | 49.97M | 51.73M | -15.77M | -29.27M | -125.4M | 74.38M | 65.49M | 62.46M | 53.94M | 45.72M | 67.23M | 51.1M | 45.01M | 28.3M | 11.1M | 2.2M | 1.9M |
| Effective Tax Rate % | 32.11% | 31.31% | 15.66% | 26.33% | 53.42% | 23.85% | -45.69% | 27.61% | 30.44% | 12.92% | 39.11% | 39.31% | 39.06% | 34.37% | 35.38% | 38.82% | -18.98% | -104.96% | 16.27% | 39.31% | 40.35% | 37.14% | 37.96% | 34.37% | 38.01% | 38.65% | 38.18% | 38.82% | 37.37% | 37.29% | 38.78% |
| Net Income | 108.9M | 118.7M | 216M | 178.2M | 88.5M | 348.9M | -51.4M | 144.1M | 51.65M | 92.98M | 93.19M | 86.31M | 97.22M | 81.62M | 89.1M | 76.25M | 89.93M | 31.55M | -692.35M | 95.5M | 81.12M | 91.86M | 86.07M | 71.56M | 106.56M | 79.33M | 74.17M | 44.6M | 18.6M | 3.7M | 3M |
| Net Margin % | 0.72% | 0.78% | 1.52% | 1.24% | 0.63% | 2.81% | -0.53% | 1.38% | 0.52% | 0.94% | 0.96% | 0.9% | 1.06% | 0.92% | 1.07% | 1.01% | 1.37% | 0.52% | -9.88% | 1.15% | 1.02% | 1.26% | 1.33% | 1.03% | 1.66% | 1.46% | 1.36% | 1.35% | 1.16% | 0.69% | 0.8% |
| Net Income Growth % | -55.48% | -45.05% | 21.21% | 101.36% | -74.63% | 778.79% | -135.67% | 178.99% | -44.45% | -0.23% | 7.97% | -11.22% | 19.11% | -8.4% | 16.85% | -15.21% | 185.05% | 104.56% | -824.96% | 17.73% | -11.7% | 6.73% | 20.28% | -32.85% | 34.33% | 6.95% | 66.3% | 139.78% | 402.7% | 23.33% | - |
| Net Income (Continuing) | 108.9M | 118.7M | 216M | 178.2M | 88.5M | 348.9M | -50.7M | 144.5M | 52.39M | 94.15M | 94.52M | 88.09M | 98.56M | 84.68M | 91.26M | 81.53M | 98.86M | 57.17M | -645.57M | 114.84M | 96.83M | 105.71M | 88.14M | 87.31M | 109.63M | 81.11M | 72.88M | 44.6M | 18.6M | 3.7M | 3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -700K | -400K | -740K | -1.17M | -1.32M | -1.78M | -1.34M | -3.06M | -2.16M | -5.28M | -8.93M | -25.62M | -46.78M | -19.33M | -15.71M | -13.85M | -2.07M | -10.13M | -3.07M | -1.78M | 1.29M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K |
| EPS (Diluted) | 3.20 | 3.42 | 6.18 | 4.96 | 2.23 | 8.06 | -1.19 | 3.31 | 1.20 | 2.09 | 2.03 | 1.70 | 1.84 | 1.53 | 1.53 | 1.29 | 1.49 | 0.62 | -17.00 | 2.13 | 1.85 | 2.12 | 2.08 | 1.94 | 2.24 | 1.92 | 1.55 | 1.27 | 0.74 | 0.27 | 0.24 |
| EPS Growth % | -54.84% | -44.66% | 24.6% | 122.42% | -72.33% | 777.31% | -135.95% | 175.83% | -42.58% | 2.96% | 19.41% | -7.61% | 20.26% | 0% | 18.6% | -13.42% | 140.32% | 103.65% | -898.12% | 15.14% | -12.74% | 1.92% | 7.22% | -13.39% | 16.67% | 23.87% | 22.05% | 71.62% | 174.07% | 12.5% | - |
| EPS (Basic) | - | 3.49 | 6.33 | 5.09 | 2.29 | 8.43 | -1.19 | 3.36 | 1.21 | 2.11 | 2.04 | 1.71 | 1.86 | 1.55 | 1.64 | 1.44 | 1.70 | 0.71 | -17.00 | 2.25 | 1.92 | 2.20 | 2.17 | 2.02 | 2.34 | 1.97 | 1.59 | 1.41 | 0.81 | 0.27 | 0.24 |
| Diluted Shares Outstanding | 34M | 34.7M | 35M | 35.9M | 39.7M | 43.28M | 42.48M | 43.71M | 42.95M | 44.36M | 45.95M | 50.88M | 52.56M | 52.94M | 60.41M | 65.46M | 65.79M | 55.83M | 40.36M | 46.94M | 46.27M | 45.53M | 41.38M | 36.89M | 43.48M | 41.51M | 44.26M | 35.25M | 25.14M | 11.54M | 12.5M |
| Basic Shares Outstanding | 33.6M | 34M | 34.1M | 35M | 38.7M | 41.4M | 42.48M | 43.02M | 42.71M | 44M | 45.64M | 50.49M | 52.06M | 52.71M | 53.55M | 52.36M | 52.21M | 43.84M | 40.36M | 42.48M | 42.34M | 41.82M | 39.66M | 35.43M | 41.82M | 40.59M | 42.58M | 31.74M | 22.96M | 11.54M | 12.5M |
| Dividend Payout Ratio | - | 41.11% | 18.89% | 22.45% | 38.98% | 5.25% | - | 10.75% | 19.03% | 9.52% | 9.34% | 5.88% | 5.41% | 4.89% | 7.57% | 6.93% | - | 15.41% | - | 21.92% | 25.16% | 21.86% | 20.18% | 5.73% | - | - | - | - | - | - | - |
High floorplan interest sensitivity
As reported in recent financial filings, Sonic Automotive's revenue growth has remained largely stagnant, fluctuating between a 1.0% increase and a 0.6% decline over the last two quarters, suggesting that the company is struggling to maintain consistent volume expansion in a challenging retail environment.
The lack of meaningful top-line momentum indicates that the company's reliance on both franchised luxury sales and the EchoPark used-vehicle segment is facing significant headwinds. Investors should monitor whether this plateau reflects a broader cooling in consumer demand or specific execution challenges within the EchoPark rollout.
Based on the provided income statement data, Sonic Automotive's net margin has compressed to 1.6% in 2026Q1, reflecting the ongoing difficulty in balancing high-margin service operations against the lower-margin, capital-intensive nature of the company's broader vehicle retailing and inventory acquisition strategy.
The gross margin of 16.2% appears to be under pressure as the company navigates the normalization of vehicle pricing. This suggests that the firm's ability to maintain profitability is increasingly dependent on its high-margin fixed operations, which may not be sufficient to offset broader retail volatility.
According to the latest quarterly data, operating income has failed to scale proportionally with gross profit, as SG&A expenses remain elevated at $427.0 million, suggesting that the company's cost structure is not yet optimized for the current level of top-line performance.
The inability to drive significant operating leverage implies that fixed costs, particularly those associated with the EchoPark expansion, are weighing heavily on the bottom line. This warrants further investigation into whether management can achieve better expense discipline without sacrificing long-term growth potential.
As indicated by the volatility in net income, which swung from a $45.6 million loss in 2025Q2 to a $60.8 million profit in 2026Q1, the quality of earnings appears inconsistent, raising concerns about the underlying stability of the company's current business model.
Short-term fluctuations in profitability suggest that the company is highly sensitive to external factors such as interest rates and inventory valuation. Investors should be cautious, as the reliance on non-operating items or volatile market conditions may mask underlying operational weaknesses in the core dealership business.
Quick answers to the most common questions about buying SAH stock.
For fiscal year 2025, Sonic Automotive, Inc. (SAH) reported total revenue of $15.15B. This represents a 3920.6% increase compared to $376.9M in 1996.
Sonic Automotive, Inc. (SAH) is profitable, generating $118.7M in net income for the fiscal year ending 2025 with a net profit margin of 0.8%.
Sonic Automotive, Inc. (SAH) reported an operating income of $541.3M, resulting in an operating profit margin of 3.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Sonic Automotive, Inc. (SAH) generated $2.38B in gross profit for the year, representing a gross profit margin of 15.7%. This demonstrates the company's core pricing power and production efficiency.