Market Signal Briefing

Dogecoin is trading under low pressure, struggling to build sustained upside momentum due to low bullish sentiment in the entire market. The leading meme coin has had its price action trading around the $0.1 support, with buyers and sellers locked in a tight battle. 

However, crypto analyst Cryptollica has shared a chart that suggests that Dogecoin may be setting up for the biggest déjà-vu in history. His analysis points to a recurring pattern that has appeared multiple times since 2014, with the current structure following lows in previous cycles.

The Four-Cycle Pattern Dogecoin’s weekly timeframe was mapped out from 2014 through early 2026 in the weekly candlestick price chart shared by the analyst. Four separate points were marked with circles labeled 1, 2, 3, and 4. Each of these points corresponds with periods where Dogecoin entered deeply oversold conditions on the Relative Strength Index (RSI), shown in the lower panel of the chart. 

The first circle is projected around 2014-2015, when Dogecoin experienced an extended price decline, and the RSI dipped into oversold territory. That period was followed by a strong recovery and eventually a larger expansion phase. The second marked zone was in 2020, which also coincided with a depressed RSI reading and a horizontal support region on price. Shortly after, Dogecoin launched into its historic 2021 rally.

Source: Chart from Cryptollica on X The third instance is visible around 2022, when the market entered a bear cycle after the previous bull cycle in 2021. Dogecoin once again found support near a similar structure and RSI levels. Now, the fourth circle is projected in early 2026, with the RSI pressing near the low 30 region, close to previous cycle bottoms. Price is also sitting around a horizontal support band that previously acted as support back in late 2024.

Cryptollica’s question, “Coincidence or Math?” is based on the symmetry in these repeating structures. Each time Dogecoin reached comparable oversold conditions on the weekly chart, a significant move followed.

What A History Repeat Could Mean For Dogecoin Every time Dogecoin’s weekly RSI fell below the 30 level, it led to exhaustion in selling pressure. Following those oversold phases, Dogecoin did not immediately explode upward. Instead, it formed a base before beginning a sustained climb.

If the fourth marked setup follows previous cycles, the outcome would likely unfold in stages. The first phase would involve stabilization around the current support zone, with volatility gradually compressing between $0.10 and $0.15. This would then be followed by bullish momentum when market conditions finally improve, and capital rotates into meme coins.

Based on this outlook, we could see the Dogecoin price reversing from oversold into normal condition, which in turn would be reflected in its price action, pushing into price levels above $0.2 at least in the short term.

DOGE trading at $0.10 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured Image from Peakpx, chart from Tradingview.com

The first quarterly report for the Franklin Templeton XRP exchange-traded fund (ETF), trading under the ticker XRPZ, has offered an early look at how quickly institutional investors are entering the XRP market. The filing shows that the fund, launched in late November 2025, already controls a massive pool of XRP worth hundreds of millions of dollars, signaling a growing shift from retail-driven trading to institutional participation.

The ETF officially began operations on November 24, 2025, and is listed on NYSE Arca, giving traditional investors a simple way to gain exposure to XRP without directly buying or storing the digital asset. By the end of December 2025, the fund held more than 118.3 million XRP, valued at approximately $216 million, according to the quarterly filing.

Rapid asset build-up after launchThe numbers show that the fund scaled quickly within weeks of launching. Initial seed investments and large creation unit purchases helped expand holdings rapidly, bringing total net assets to over $216 million by year-end. 

The ETF had 10.9 million shares outstanding at the end of the reporting period, reflecting strong early participation from authorized institutional investors who create ETF shares by contributing XRP or cash.

Although the fund recorded an unrealized loss of about $28.6 million during the quarter, this was mainly due to short-term price movements in XRP rather than operational issues. Since the ETF is designed to passively track the price of XRP, its value naturally rises or falls with the underlying asset.

Designed to simplify XRP investingThe ETF operates as a passive investment vehicle that seeks to mirror XRP’s price performance before expenses. Instead of requiring investors to manage private keys, wallets, or exchange accounts, the ETF provides exposure through the traditional stock market. Custody of the XRP holdings is handled by institutional digital asset custodians, while the fund’s daily net asset value is calculated using recognized benchmark pricing.

This structure is aimed at attracting institutional funds, retirement accounts, and investors who prefer regulated securities markets over direct cryptocurrency trading platforms.

Institutional adoption narrative strengthensThe accumulation of over 118 million XRP within just weeks of launch suggests that institutional demand for XRP-linked investment products is beginning to expand. As more asset managers introduce regulated crypto investment vehicles, ETFs like XRPZ could play a major role in bringing larger pools of capital into the XRP ecosystem.

With traditional finance firms now offering regulated access to digital assets, the early growth of Franklin Templeton’s XRP ETF signals that the institutional era for XRP investing may already be underway.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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Solana (SOL) price is struggling near the $85 mark, after failing to reclaim the $100 psychological level. The broader crypto market remains stable, but Solana is not showing relative strength. Instead, SOL is drifting inside a weakening structure that has produced consistent lower lows since the rejection near $130. The question now shifts from recovery to stability: Can $85 hold as a base, or is this just a pause before another leg lower?

Solana (SOL) Network Metrics Reflect Cooling DemandSolana’s on-chain data reinforces the cautious price structure. SOL’s Total Value Locked currently sits near $6.58 billion, reflecting a noticeable moderation from prior peaks. 

While the decline is not dramatic, it signals that capital inflows have slowed rather than expanded. In strong recovery phases, TVL typically rises alongside price as liquidity returns aggressively. That dynamic is absent for now. Transaction data paints a similar picture. Over the past 24 hours, decentralized exchange volume has reached approximately $2.67 billion, while perpetual futures volume stands near $1.01 billion. Active addresses are around 1.99 million. 

The divergence between price stability and slowing network expansion often precedes range-bound consolidation. Markets tend to require renewed participation before sustaining upside breakouts. Until TVL and network activity flows begin trending higher, price rallies may struggle to hold momentum.

Solana Price Compresses Below $100: What’s Next?Solana price remains inside a broader corrective channel that began after the rejection from the $120 region. Currently, SOL price is compressing between $80 and $90 range, making it a structural demand area. However, each rebound from this region has printed progressively lower highs. That formation suggests controlled distribution rather than aggressive accumulation. The drop below $100 transformed that level into a key resistance ceiling. Since then, each rebound has struggled to sustain follow-through. SOL’s immediate support now sits between $78-$80. A sustained break below $78 would likely expose the next demand region near $70-$72, where earlier accumulation phases occurred. 

On the upside, price must first reclaim the $90-$95 resistance band before attempting a move back toward $100. A daily close above $100 would invalidate the sequence of lower highs and potentially restore short-term bullish structure. Until that happens, rallies appear corrective rather than reversing. The next sustained move will depend on whether network activity and capital flows begin to expand again. Until then, price action remains cautious, controlled, and technically compressed within a narrowing decision zone.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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Ahmed Balaha

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Ahmed Balaha

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Ahmed Balaha is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.

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9 minutes ago

Peter Thiel just made a quiet but loud move. He and Founders Fund have fully exited their position in Ethereum treasury firm ETHZilla. The confirmation came through a fresh 13G filing with the SEC.

That is a sharp pivot. Just months ago, Thiel’s entry sent the stock flying more than 90%. Now he is out.

The timing raises eyebrows. It suggests that institutional enthusiasm for this Ethereum treasury model may be cooling, especially with broader market volatility back in focus.

Key Takeaways:

Total Exit: Founders Fund liquidated its entire stake following an initial 7.5% acquisition in August 2025. Market Impact: ETHZilla shares slid nearly 7% to $3.20 in premarket trading, down 97% from their $107 peak. Strategic Pivot: The firm is shifting focus from pure ETH accumulation to tokenizing real-world assets (RWA) like aircraft engines. What Does the Exit Signal?This is not just any investor stepping aside. Founders Fund was one of the biggest early backers, taking a 7.5% stake when ETHZilla pivoted from biotech into a digital asset treasury play. At the time, that move felt like serious institutional validation for Ethereum linked balance sheet strategies.

Now they are out. Completely.

BREAKING: Peter Thiel Fully Exits ETHZilla – What It Means

Billionaire Peter Thiel just dumped his ENTIRE stake in #ETHZilla – The company that tried to be the "MicroStrategy of Ethereum."

They raised $425M, hoarded 100,000+ ETH, got Thiel's backing… and now?
→ $ETH Crashed… pic.twitter.com/ykaQ1uDJND

— Crypto Patel (@CryptoPatel) February 18, 2026 That does not automatically mean they are bearish on crypto itself. It looks more like a shift in confidence toward this specific treasury model. The distinction matters.

Interestingly, Founders Fund has kept exposure to other crypto infrastructure names. That suggests selectivity, not retreat. In volatile markets, capital often consolidates into what it sees as higher quality plays rather than spreading risk widely.

Breaking Down the Filing And What Could Happen NextThe SEC filing shows Founders Fund fully liquidated its position. No trimming. No partial exit. A clean break. The market did not take it lightly.

ETHZilla shares fell nearly 7% in premarket trading, hovering around $3.20. That is a brutal 97% drop from the $107 peak last August.

Source: ETHZ / TradingViewThe weakness lines up with the company’s own moves. ETHZilla recently sold $40 million worth of ETH for stock buybacks and another $74.5 million to manage debt. It now holds about 69,802 ETH, roughly $139 million at current prices. That is small compared to larger treasury players in the space.

The firm is now shifting toward real world asset tokenization, targeting areas like housing loans and aircraft engines.

At this stage, the story is no longer just about holding ETH. It is about whether the RWA strategy can generate real revenue and stabilize the business model.

Discover: Here are the crypto likely to explode!

Retail crypto investors are increasingly moving beyond the largest cryptocurrencies and building long-term positions in select altcoins, according to insights shared by a senior executive at Caleb & Brown, a global crypto brokerage that works closely with high-net-worth and retail clients.

Speaking about recent client activity, the executive Jake Boyle revealed that investor interest has remained strong even during market pullbacks in early 2026, with many traders using volatility as an opportunity to accumulate assets they believe have long-term growth potential.

Newer projects attracting strong retail demandAmong the standout altcoins gaining traction is Canton Network, which has become one of the most popular projects across the firm’s client base. The executive explained that newer tokens often benefit from investor optimism because they have not yet gone through severe multi-year bear markets that can damage sentiment.

According to the brokerage, investors often find it psychologically easier to support newer assets that still appear to have “fresh upside potential,” rather than buying older altcoins that may still be trading far below their previous cycle highs. This sentiment-driven behavior has helped newer blockchain projects attract steady inflows from retail buyers looking for long-term opportunities.

Hyperliquid also sees growing investor attentionAnother project drawing interest is Hyperliquid. Clients have been particularly focused on its trading behavior, as the token has occasionally shown price movements that differ from Bitcoin’s trend. In some recent market sessions, the asset recorded gains even while Bitcoin declined, prompting traders to view it as a potential diversification play within crypto portfolios.

Such performance patterns have encouraged investors to monitor altcoins that do not always move in perfect correlation with the broader market, especially during periods of volatility.

Educated investors buying during market fearDespite the recent correction across digital assets, the brokerage reports continued “buy-side pressure” from clients. The executive attributed this to increasing investor education and greater awareness of historical crypto market cycles. Many clients now follow a strategy of accumulating assets during periods of market fear and reducing exposure during times of extreme optimism.

Because the firm maintains direct advisory relationships with clients, investors are often guided through historical market patterns, helping them remain confident during downturns rather than exiting positions prematurely.

Tokenization trend expected to reshape investingLooking ahead, the executive believes that tokenized financial assets, including tokenized stocks and commodities, could further reshape investor behavior by reducing the divide between traditional finance and crypto markets. As tokenized assets become easier to trade alongside cryptocurrencies, capital may begin flowing more freely between asset classes, potentially increasing overall participation in digital asset markets.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

In brief Trump-family linked World Liberty Financial’s recent move was a short squeeze: whale buys amid negative funding, and a 40% OI spike, Decrypt was told. The DeFi project has announced a February 18 "World Liberty Forum" at the president's Florida residence Mar-a-Lago. Its $500 million deal with a UAE firm has sparked scrutiny, with experts split on how the political heat affects the token and its meme premium. World Liberty Financial's WLFI token surged double digits ahead of a high-profile gathering at Mar-a-Lago, though experts remain divided on whether the move signals genuine momentum or a short squeeze fueled by whale activity.

WLFI is up by more than 22% over the past 24 hours, according to CoinGecko data, despite dropping 25% over the past month. The token's sudden spike coincides with the Trump-family-backed project's Tuesday announcement of a February 18 "World Liberty Forum" at the president's Florida residence, with an agenda covering digital assets, stablecoins, AI, and dollar strength, among others.

The move tests whether politically themed tokens can sustain rallies on event-driven speculation—and whether intensifying scrutiny from Washington could cap any upside before it gains traction.

Connor Howe, CEO and co-founder of Layer 1 network Enso, attributed the surge to technical factors rather than organic demand. "One whale dropped 2.75 million USDC in a single buy, a team-linked wallet received 10 million from Coinbase, and a bunch of short sellers got caught on the wrong side of the trade," Howe told Decrypt.

He noted that volume doubled overnight, open interest spiked 40%, and funding remained negative heading into the move. "That's called a short squeeze, not organic demand," Howe said. "WLFI is still down 27% over 30 days and sitting 60% below its 2025 all-time high. Speculators got a relief rally."

Illia Otychenko, lead analyst at CEX.IO, pointed to reports of a WLFI token buyback over the past 24 hours as another catalyst tightening supply.

"On-chain data suggests increased whale accumulation, reinforcing upward momentum," he told Decrypt. "Together, these catalysts may have created conditions for a sharp move higher."

The Mar-a-Lago event clearly amplified market attention, Otychenko added. "Zack Witkoff, co-founder and CEO of WLFI, said the team plans to make 'groundbreaking announcements' at the forum. Heightened visibility and anticipation likely strengthened existing bullish momentum rather than creating it from scratch."

WLFI token’s sudden uptick looks "sentiment-driven rather than purely fundamental," Shivam Thakral, CEO of Indian crypto exchange BuyUCoin, told Decrypt. "Traders are rotating into politically themed or narrative-based tokens as macro uncertainty rises… Markets react to perceived influence and access. Any gathering involving policymakers, donors, and crypto stakeholders fuels expectations of friendlier regulation."

World Liberty Financial under scrutinyEven as traders chase the rally, the project faces intensifying scrutiny over a $500 million investment from a UAE-linked firm that arrived days before Trump's inauguration—followed shortly after by U.S. approval of AI-chip exports to the UAE.

Representative Ro Khanna (D-CA-17) has launched an investigation into the deal, which Senator Chris Murphy (D-CT) characterized on the Senate floor as containing "the elements of a bribe."

Last week, the heat ramped up as Senators Elizabeth Warren (D-MA) and Andy Kim (D-NJ) urged the Committee on Foreign Investment in the United States to conduct a review of the deal.

Howe warned the market may be underestimating the risk. "In the short term, the political heat actually fuels WLFI's meme premium,” the Enso analyst said. “But if a real CFIUS probe gains traction, it kills institutional appetite and caps any serious upside just when the project needs credibility most."

Otychenko tempered his tone, noting that "political scrutiny can add uncertainty and increase volatility, particularly for projects perceived as politically connected."

Thakral argued that the short-term release that led to WLFI’s pump may come undone over the long-term, with investigations likely to “create short- or even long-term pressure on the token’s price and expansion plans.”

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TL;DR

ETF Outflows: US spot Bitcoin ETFs experienced $104.9 million in outflows, accompanied by a notable decline in trading volume, indicating a cooling of market activity. Mystery Buyer: Filings revealed Laurore, a little-known Hong Kong firm, bought $436.2 million of IBIT, prompting speculation about potential Chinese institutional involvement. Diverging Positions: While firms like Weiss, 59 North Capital, and Mubadala expanded IBIT holdings, others, including Brevan Howard and Goldman Sachs, significantly reduced exposure, reflecting mixed institutional sentiment.
Spot Bitcoin ETFs in the United States recorded $104.9 million in net outflows in the first trading session of the week, extending a cooling trend in ETF activity. Trading volumes fell sharply to just over $3 billion, a steep decline from the $14.7 billion peak seen on Feb. 5. The slowdown arrived as new fourth-quarter 2025 filings revealed which institutions were adjusting their Bitcoin ETF exposure, offering a clearer picture of shifting sentiment among major market participants.

Institutional Filings Reveal New IBIT Entrant Fresh disclosures showed Jane Street emerging as the second-largest buyer of BlackRock’s IBIT in Q4, accumulating $276 million. Yet the most striking development came from Laurore. This obscure Hong Kong-based firm purchased $436.2 million of IBIT in a single transaction. The company has no public presence, and its filer, Zhang Hui, shares a common Chinese name, adding to the intrigue surrounding the purchase.

Bitwise advisor Jeff Park suggested Laurore’s move could signal early institutional Chinese capital entering Bitcoin. He noted the lack of public information about the firm and raised the possibility of capital flight motivations. Others questioned why a buyer seeking Bitcoin exposure would choose an ETF instead of direct acquisition, highlighting the uncertainty around Laurore’s strategy and intentions.

Major Firms Expand Bitcoin ETFs Positions Several institutions increased their IBIT holdings during Q4. Weiss Asset Management added roughly 2.8 million shares valued at $107.5 million, while 59 North Capital boosted its position by 2.6 million shares worth $99.8 million. Abu Dhabi’s Mubadala Investment expanded its stake by 45%, rising to 12.7 million shares valued at $630.7 million. These moves contrasted with the broader Bitcoin ETF outflow trend and underscored continued institutional interest in Bitcoin exposure.

Not all firms increased their positions. Brevan Howard cut its IBIT holdings by about 85%, dropping from 37 million shares to 5.5 million. Goldman Sachs also reduced its exposure by roughly 40%, leaving around $1 billion in assets. These reductions highlighted diverging institutional views during a period of declining Bitcoin ETF activity.

3 mins mins

BlackRock BTC deposit to Coinbase: primarily ETF operations via Coinbase PrimeBlackRock deposited 2,494.6 BTC, worth about $168 million, into Coinbase. The transfer aligns with patterns typically associated with institutional ETF operations conducted through Coinbase Prime.

Large movements to Coinbase Prime are often operational, enabling liquidity, settlement, and custody workflows. On-chain transfers alone do not confirm selling without corroborating ETF flow data or subsequent wallet movements.

Why it matters for IBIT, liquidity, and market interpretationFor IBIT, the venue and size point to the plumbing behind creations, redemptions, and rebalancing rather than a directional bet. Coinbase Prime functions as an institutional hub for execution and custody, which can require periodic funding.

Some market commentary interprets sizable deposits as potential sell pressure. After editorial review of reports on prior transfers, one outlet noted they were “suggesting further sell-offs,” as reported by CoinGape.

The same transfer can be liquidity-ready positioning without immediate execution. Interpreting intent requires triangulating ETF net flows, post-transfer wallet paths, and price/volume behavior in the hours that follow.

BingX: a trusted exchange delivering real advantages for traders at every level.

First, compare the timing with IBIT’s net creations or redemptions. Matching outflows would strengthen a distribution narrative; net inflows would lean toward inventory and operational staging.

Second, monitor whether coins remain at Coinbase Prime or are swept to cold custody. Rapid on-exchange movement plus price weakness can corroborate execution; stasis or withdrawal reduces the sell-off case.

Finally, consider attribution caveats. Exchange and institutional wallets are frequently relabeled or aggregated, and mistaken attributions can mislead short-horizon interpretations.

Operational context: Coinbase Prime, ETF plumbing, and ETH staking linkETF creation and redemption flows for IBIT explainedInstitutional flows to Coinbase Prime typically reflect ETF mechanics, including creation or redemption of shares and shifts from cold storage to operational wallets. These steps support settlement, rebalancing, and liquidity management.

Such transfers are common during high-volume periods, reweighting events, or end-of-day processes. The presence of assets at an exchange venue indicates readiness for operations, not necessarily imminent sales.

ETH staking ETF’s 18% rewards share as contextual signalBlackRock and Coinbase’s staking-revenue split underscores an integrated operating model across products. As reported by Decrypt, BlackRock and Coinbase will receive an 18% share of staking revenue from the proposed ethereum etf.

While distinct from BTC, that revenue framework signals how counterparties may structure crypto fund operations and costs. The model provides context for understanding service roles in custody, execution, and yield routing.

FAQ about BlackRock BTC deposit to CoinbaseHow do ETF creation and redemption flows translate into large on-chain transfers to Coinbase Prime?Creations, redemptions, and rebalancing require funding operational wallets. Sponsors and service providers move assets to Coinbase Prime for execution, settlement, and custody before returning to long-term storage.

What should traders watch after a large BlackRock BTC transfer (ETF net flows, wallet movements, price action)?Check IBIT net flows, on-chain wallet paths post-deposit, and immediate price/volume. Confirm whether coins stay on-exchange, move off, or coincide with market weakness.

At the time of this writing, Coinbase Global (COIN) was trading at 164.81 after-hours (+0.30%) with a session range of 146.16–167.65, based on data from Nasdaq.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) -- Figure Technology Solutions, Inc. (Nasdaq: FIGR) (“Figure”), the leading blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets, today announced the pricing and upsizing of a secondary public offering of 4,375,000 shares of its Series A Blockchain Common Stock, representing an increase of 145,000 shares from the initial offering size, at a public offering price of $32.00 per share. The offering is expected to close today, subject to the satisfaction of customary closing conditions.

Figure has also agreed to repurchase from the underwriters 312,500 shares of its Class A common stock that are subject to the offering for an aggregate price of approximately $10 million. The closing of this share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the offering. The offering is not conditioned upon the completion of this share repurchase. Figure intends to fund this share repurchase with cash on hand.

In total, the selling shareholders are selling 4,687,500 shares of Class A common stock in the offering, representing an increase of 457,500 shares from the initial offering size. 

Goldman Sachs & Co. LLC, Morgan Stanley and Cantor are acting as lead joint book-running managers and sales agents for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on February 17, 2026. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, by facsimile at 212-902-9316 or by email at [email protected]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Figure Technology Solutions, Inc.

Figure Technology Solutions, Inc. (Nasdaq: FIGR) is a blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 200 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $22 billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Figure's ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC-registered yield-bearing stablecoin that operates as a tokenized money market fund.

$YLDS stablecoins are unsecured face-amount certificates and solely backed by the assets of Figure Certificate Company (“FCC”), which is the issuer of the certificates. The registration of $YLDS and FCC with the SEC does not imply approval of either by the SEC. You should consider the investment objectives, risks, charges and expenses of certificates carefully before investing in $YLDS. Download a free prospectus, which contains this and other important information about FCC and its certificates on the SEC’s website at www.sec.gov.

Forward-Looking Statements

This press release contains forward looking statements, including statements regarding the offering. These statements are not historical facts but rather are based on Figure’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “would,” “should,” “predict,” “expects” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including, but not limited to, those in Figure’s registration statement filed with the SEC, which is available free of charge on the SEC’s website at: www.sec.gov.

Contact

[email protected]
[email protected]

Global Business Travel Group, Inc. (GBTG) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.

JP Morgan said speculation had grown around a potential reintroduction of the Government’s Help to Buy scheme and assessed the implications for UK housebuilders, with Persimmon PLC (LSE:PSN) rated 'overweight' and identified as the key beneficiary.

The bank reiterated its positive stance on Persimmon and argued that a renewed scheme would provide the greatest relative support to those builders with higher exposure to first-time buyers and lower price points.

Recent press reports suggested the Government was considering a new version of Help to Buy to address a slump in demand for new homes.

JPM noted that, unlike the previous iteration, housebuilders had indicated in lobbying efforts that they would contribute to the upfront costs of any new scheme.

The analysts pointed to historical precedents for joint initiatives between developers and the Government, including HomeBuy Direct and FirstBuy, which predated the original Help to Buy programme.

In terms of sector impact, JP Morgan said the most immediate effect would likely be a rise in private sales rates, which measure the number of homes sold per outlet per week.

In a scenario where private sales rates increased by 10%, the bank estimated this would translate into an average 6% uplift in private completions.

Savills data had previously suggested that Help to Buy boosted sales rates by more than 10%.

However, the US Bank expected the impact of any new scheme to be more muted than in prior iterations.

The analysts cited the higher interest rate environment and the likelihood that a revised programme would be restricted to first-time buyers as limiting factors.

Over the medium to long term, JP Morgan argued that improved visibility on demand would support faster outlet expansion, meaning builders could open more active sales sites and grow volumes further.

On margins, the bank saw scope for some benefit from operating leverage, where higher volumes improve recovery of fixed overheads.

However, it cautioned against assuming that incentives would fall away and drive an immediate margin uplift.

Any reduction in buyer incentives was likely to be offset by direct financial contributions from developers to support the scheme.

As a result, JPM viewed the near-term net margin impact as broadly neutral.

Over the medium to long term, faster completions could allow builders to work through older land acquired during periods of elevated build cost inflation more quickly.

That dynamic could accelerate margin recovery as newer, potentially higher margin land replaced older plots in the delivery mix.

Full Year Results Include All-Time Record Annual Revenues of $15.2 Billion, Up 7% from the Prior Year

All-Time Record Annual Gross Profit Driven by All-Time Records in Both Fixed Operations and F&I Gross Profit

All-Time Record Annual EchoPark and Powersports Segment Income and Adjusted EBITDA*

CHARLOTTE, N.C.--(BUSINESS WIRE)--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 fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter 2025 Financial Summary

Total revenues of $3.9 billion, down 1% year-over-year; fourth quarter record total gross profit of $598.7 million, up 4% year-over-year Reported net income of $46.9 million, down 20% year-over-year ($1.36 earnings per diluted share, down 19% year-over-year) Reported net income for the fourth quarter of 2025 includes a $5.3 million non-recurring income tax charge Reported net income for the fourth quarter of 2024 includes the effect of a $10.0 million pre-tax gain from cyber insurance proceeds and a $2.7 million net pre-tax acquisition and disposition related gain, offset partially by a $3.2 million pre-tax storm damage charge, a $1.5 million pre-tax charge related to non-cash impairment charges, and a $0.5 million pre-tax long-term compensation charge (collectively, these items are partially offset by a $2.0 million tax expense on the above net benefit) Excluding the above items, adjusted fourth quarter net income* was $52.2 million, down 2% year-over-year ($1.52 adjusted earnings per diluted share*, up 1% year-over-year) Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 72.4% (71.4% on a Franchised Dealerships Segment basis, 78.9% on an EchoPark Segment basis, and 96.2% on a Powersports Segment basis) Franchised Dealerships Segment revenues of $3.4 billion, flat year-over-year; fourth quarter record Franchised Dealerships Segment gross profit of $535.8 million, up 4% year-over-year EchoPark Segment revenues of $480.7 million, down 5% year-over-year; fourth quarter record EchoPark Segment gross profit of $53.5 million, up 9% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 15,743 units, down 6% year-over-year Reported EchoPark Segment income of $3.6 million, a 238% improvement year-over-year, as compared to a $2.6 million loss in the prior year period, and adjusted EchoPark Segment income* of $3.6 million, a 300% improvement year-over-year, as compared to a $1.8 million loss in the prior year period Fourth quarter record EchoPark Segment adjusted EBITDA* of $8.8 million, up 110% year-over-year, as compared to $4.2 million in the prior year period During the fourth quarter, Sonic repurchased approximately 0.6 million shares of its Class A Common Stock for an aggregate purchase price of approximately $38.3 million Subsequent to December 31, 2025, Sonic’s Board of Directors approved a quarterly cash dividend of $0.38 per share, payable on April 15, 2026 to all stockholders of record on March 13, 2026 * Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

Full Year 2025 Financial Summary

All-time record annual total revenues of $15.2 billion, up 7% year-over-year; all-time record annual total gross profit of $2.4 billion, up 9% year-over-year Reported full year net income of $118.7 million, down 45% year-over-year ($3.42 earnings per diluted share, down 45% year-over-year) Reported net income for the full year 2025 includes the effect of a $5.0 million pre-tax charge related to storm damage, a $5.6 million pre-tax disposition-related loss, a $173.8 million pre-tax charge related to non-cash impairment charges in the second quarter, and a $0.7 million net pre-tax charge for legal settlement reserves, offset partially by a $40.0 million pre-tax gain from cyber insurance proceeds (collectively, these items are partially offset by a $39.9 million tax benefit on the above net charge), and a non-recurring income tax charge of $5.3 million. Reported net income for full year 2024 includes the effect of $13.4 million in excess compensation expense paid to our teammates related to the CDK outage, an $8.3 million pre-tax storm damage charge, $5.5 million in pre-tax severance and long-term compensation charges, a $3.9 million pre-tax charge related to non-cash impairment charges, and a $2.1 million pre-tax charge related to closed store accrued expenses, offset partially by a $10.0 million pre-tax gain from cyber insurance proceeds, a $5.6 million net pre-tax acquisition and disposition related gain, and a $3.0 million pre-tax gain on the exit of leased dealerships (collectively, these items are partially offset by a $3.8 million tax benefit on the above net charges), and a one-time income tax benefit of $31.0 million associated with an out of period adjustment correcting an error recorded in connection with the impairment of franchise assets in a prior period Excluding these items, adjusted net income* was $229.2 million, up 17% year-over year ($6.60 adjusted earnings per diluted share*, up 18% year-over-year) Total reported selling, general and administrative (“SG&A”) expenses as a percentage of gross profit of 70.4% (69.9% on a Franchised Dealerships Segment basis, 73.8% on an EchoPark Segment basis, and 77.7% on a Powersports Segment basis) Total adjusted SG&A expenses as a percentage of gross profit* of 71.6% (71.2% on a Franchised Dealerships Segment basis, 74.2% on an EchoPark Segment basis, and 75.8% on a Powersports Segment basis) All-time record annual Franchised Dealerships Segment revenues of $12.9 billion, up 8% year-over-year; Franchised Dealerships Segment gross profit of $2.1 billion, up 8% year-over-year EchoPark Segment revenues of $2.1 billion, down 3% year-over-year; all-time record annual EchoPark Segment gross profit of $233.9 million, up 13% year-over-year; EchoPark Segment retail used vehicle unit sales volume of 67,636 units, down 2% year-over-year Reported EchoPark Segment income of $28.1 million, up 703% year-over-year from $3.5 million in the prior year, and adjusted EchoPark Segment income* of $27.2 million, up 635% year-over year from $3.7 million in the prior year All-time record annual EchoPark Segment adjusted EBITDA* of $49.2 million, up 78% year-over-year from $27.6 million in the prior year All-time record annual Powersports Segment adjusted EBITDA* of $11.5 million, up 83% year-over-year from $6.3 million in the prior year During 2025, Sonic repurchased approximately 1.3 million shares of its Class A Common Stock for an aggregate purchase price of approximately $82.4 million * Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

Commentary

“Our fourth quarter results reflect the strength of Sonic Automotive’s diversified business model and the disciplined execution of our long-term strategy,” said David Smith, Chairman and Chief Executive Officer of Sonic Automotive. “Despite a dynamic operating environment throughout 2025, our team delivered record performance across all three segments of our business. As we enter the new year, we remain focused on operational excellence, cost control, and continuing to deliver exceptional value to our guests and shareholders.”

“Our operating teams executed with focus and consistency throughout the quarter, driving strong performance across our franchised dealership portfolio while continuing to optimize EchoPark's inventory and pricing strategy,” said Jeff Dyke, President of Sonic Automotive. “We remain disciplined in our approach to inventory management, expense control, and delivering an outstanding guest experience, and we are well positioned to build on this momentum as we move into 2026.”

Heath Byrd, Chief Financial Officer of Sonic Automotive, added, “Our fourth quarter financial results reflect disciplined cost management, strong cash flow generation, and continued balance sheet strength, with over $700 million of available liquidity as of December 31, 2025. We are committed to a prudent approach to capital allocation while investing strategically in our growth initiatives, positioning the company to remain flexible and financially resilient in a changing market environment.”

Fourth Quarter 2025 Segment Highlights

The financial measures discussed below are results for the fourth quarter of 2025 with comparisons made to the fourth quarter of 2024, unless otherwise noted.

Franchised Dealerships Segment operating results include: Same store revenues down 5%; same store gross profit down 2% Same store retail new vehicle unit sales volume down 11%; same store retail new vehicle gross profit per unit down 7%, to $3,033 Same store retail used vehicle unit sales volume up 5%; same store retail used vehicle gross profit per unit down 2%, to $1,379 Same store parts, service and collision repair (“Fixed Operations”) gross profit up 3%; same store customer pay gross profit up 6%; same store warranty gross profit up 2%; same store Fixed Operations gross margin up 10 basis points, to 50.8% Same store finance and insurance (“F&I”) gross profit remained flat; same store F&I gross profit per retail unit of $2,541, up 5% On a trailing quarter cost of sales basis, the Franchised Dealerships Segment had 48 days’ supply of new vehicle inventory (including in-transit) and 31 days’ supply of used vehicle inventory EchoPark Segment operating results include: Revenues of $480.7 million, down 5% year-over-year; fourth quarter record gross profit of $53.5 million, up 9% year-over-year Retail used vehicle unit sales volume of 15,743, down 6% year-over-year Reported segment income of $3.6 million and fourth quarter record adjusted EBITDA* of $8.8 million On a trailing quarter cost of sales basis, the EchoPark Segment had 40 days’ supply of used vehicle inventory Powersports Segment operating results include: Fourth quarter record revenues of $36.4 million, up 19%; fourth quarter record gross profit of $9.4 million, up 25%; gross margin of 25.7% Reported segment loss of $2.0 million and adjusted EBITDA* of $0.1 million * Please refer to the discussion and reconciliation of Non-GAAP Financial Measures below.

Full Year 2025 Segment Highlights

The financial measures discussed below are results for the full year 2025 with comparisons made to the full year 2024, unless otherwise noted.

Franchised Dealerships Segment operating results include: Same store revenues up 5%; same store gross profit up 4% Same store retail new vehicle unit sales volume up 2%; same store retail new vehicle gross profit per unit down 9%, to $3,094 Same store retail used vehicle unit sales volume flat; same store retail used vehicle gross profit per unit up 2%, to $1,516 Same store Fixed Operations gross profit up 8%; same store customer pay gross profit up 6%; same store warranty gross profit up 20%; same store Fixed Operations gross margin up 60 basis points, to 51.0% Same store F&I gross profit up 9%; same store F&I gross profit per retail unit of $2,551, up 7% EchoPark Segment operating results include: Revenues of $2.1 billion, down 3% year-over-year; all-time record annual gross profit of $233.9 million, up 13% Retail used vehicle unit sales volume of 67,636, down 2% Reported segment income of $28.1 million, adjusted segment income* of $27.2 million, and all-time record annual adjusted EBITDA* of $49.2 million Powersports Segment operating results include: All-time record annual revenues of $202.9 million, up 29%; all-time record annual gross profit of $53.8 million, up 23%; gross margin of 26.5% Reported segment income of $2.3 million, adjusted segment income* of $3.4 million, and all-time record annual adjusted EBITDA* of $11.5 million * 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 $0.38 per share, payable on April 15, 2026 to all stockholders of record on March 13, 2026.

Fourth Quarter 2025 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 Fourth Quarter 2025 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

Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is on a quest to become the most valuable diversified automotive retail and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive and powersports retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in these categories. Our new platforms, programs, and people are set to drive the next generation of automotive and powersports experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.

About EchoPark Automotive

EchoPark Automotive is one of the most comprehensive retailers of nearly new pre-owned vehicles in America today. Our unique business model offers a best-in-class shopping experience and utilizes one of the most innovative technology-enabled sales strategies in our industry. Our approach provides a personalized and proven guest-centric buying process that consistently delivers award-winning guest experiences and superior value to car buyers nationwide, with savings of up to $3,000 versus the competition. Consumers have responded by putting EchoPark among the top national pre-owned vehicle retailers in products, sales, and service. EchoPark’s mission is in the name: Every Car, Happy Owner. This drives the experience for guests and differentiates EchoPark from the competition. More information about EchoPark Automotive can be found at www.echopark.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, 2024 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 as a percentage of gross profit, adjusted segment income, and adjusted EBITDA. 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.

Sonic Automotive, Inc.

Results of Operations (Unaudited)

Results of Operations - Consolidated

Three Months Ended December 31,

Better /

(Worse)

Twelve Months Ended December 31,

Better /

(Worse)

2025

2024

% Change

2025

2024

% Change

(In millions, except per share amounts)

Revenues:

Retail new vehicles

$

1,852.2

$

1,932.3

(4

)%

$

7,047.4

$

6,507.5

8

%

Fleet new vehicles

24.1

27.3

(12

)%

101.5

95.3

7

%

Total new vehicles

1,876.3

1,959.6

(4

)%

7,148.9

6,602.8

8

%

Used vehicles

1,213.8

1,197.6

1

%

4,872.6

4,780.1

2

%

Wholesale vehicles

63.6

71.3

(11

)%

314.1

287.1

9

%

Total vehicles

3,153.7

3,228.5

(2

)%

12,335.6

11,670.0

6

%

Parts, service and collision repair

515.3

476.7

8

%

2,019.1

1,846.5

9

%

Finance, insurance and other, net

202.3

190.6

6

%

798.9

707.8

13

%

Total revenues

3,871.3

3,895.8

(1

)%

15,153.6

14,224.3

7

%

Cost of sales:

Retail new vehicles

(1,754.9

)

(1,825.7

)

4

%

(6,664.1

)

(6,119.1

)

(9

)%

Fleet new vehicles

(23.4

)

(26.6

)

12

%

(99.8

)

(92.3

)

(8

)%

Total new vehicles

(1,778.3

)

(1,852.3

)

4

%

(6,763.9

)

(6,211.4

)

(9

)%

Used vehicles

(1,172.4

)

(1,159.8

)

(1

)%

(4,691.5

)

(4,609.4

)

(2

)%

Wholesale vehicles

(68.8

)

(74.6

)

8

%

(325.3

)

(293.1

)

(11

)%

Total vehicles

(3,019.5

)

(3,086.7

)

2

%

(11,780.7

)

(11,113.9

)

(6

)%

Parts, service and collision repair

(253.1

)

(235.1

)

(8

)%

(990.0

)

(917.6

)

(8

)%

Total cost of sales

(3,272.6

)

(3,321.8

)

1

%

(12,770.7

)

(12,031.5

)

(6

)%

Gross profit

598.7

574.0

4

%

2,382.9

2,192.8

9

%

Selling, general and administrative expenses

(433.7

)

(399.6

)

(9

)%

(1,678.2

)

(1,577.0

)

(6

)%

Impairment charges

—

(1.5

)

NM

(173.8

)

(3.9

)

NM

Depreciation and amortization

(41.8

)

(39.4

)

(6

)%

(163.4

)

(150.4

)

(9

)%

Operating income (loss)

123.2

133.5

(8

)%

367.5

461.5

(20

)%

Other income (expense):

Interest expense, floor plan

(22.4

)

(21.4

)

(5

)%

(84.7

)

(86.9

)

3

%

Interest expense, other, net

(27.6

)

(29.9

)

8

%

(110.1

)

(118.0

)

7

%

Other income (expense), net

—

(0.1

)

100

%

0.1

(0.5

)

120

%

Total other income (expense)

(50.0

)

(51.4

)

3

%

(194.7

)

(205.4

)

5

%

Income (loss) before taxes

73.2

82.1

(11

)%

172.8

256.1

(33

)%

Provision for income taxes - benefit (expense)

(26.3

)

(23.5

)

(12

)%

(54.1

)

(40.1

)

(35

)%

Net income (loss)

$

46.9

$

58.6

(20

)%

$

118.7

$

216.0

(45

)%

Basic earnings (loss) per common share

$

1.39

$

1.72

(19

)%

$

3.49

$

6.34

(45

)%

Basic weighted-average common shares outstanding

33.8

34.1

1

%

34.0

34.1

—

%

Diluted earnings (loss) per common share

$

1.36

$

1.67

(19

)%

$

3.42

$

6.18

(45

)%

Diluted weighted-average common shares outstanding

34.4

35.2

2

%

34.7

35.0

1

%

Dividends declared per common share

$

0.38

$

0.35

9

%

$

1.46

$

1.25

17

%

NM = Not Meaningful

Franchised Dealerships Segment - Reported

Three Months Ended December 31,

Better /

(Worse)

Twelve Months Ended December 31,

Better /

(Worse)

2025

2024

% Change

2025

2024

% Change

(In millions, except unit and per unit data)

Revenues:

Retail new vehicles

$

1,831.8

$

1,914.8

(4

)%

$

6,941.9

$

6,425.5

8

%

Fleet new vehicles

24.0

27.2

(12

)%

101.5

95.3

7

%

Total new vehicles

1,855.8

1,942.0

(4

)%

7,043.4

6,520.8

8

%

Used vehicles

799.7

757.0

6

%

3,087.0

2,919.8

6

%

Wholesale vehicles

41.8

49.8

(16

)%

207.0

188.9

10

%

Total vehicles

2,697.3

2,748.8

(2

)%

10,337.4

9,629.5

7

%

Parts, service and collision repair

507.8

469.7

8

%

1,970.2

1,802.9

9

%

Finance, insurance and other, net

149.1

140.5

6

%

571.5

506.8

13

%

Total revenues

3,354.2

3,359.0

—

%

12,879.1

11,939.2

8

%

Gross Profit:

Retail new vehicles

94.3

104.4

(10

)%

367.6

376.9

(2

)%

Fleet new vehicles

0.7

0.7

—

%

1.7

3.0

(43

)%

Total new vehicles

95.0

105.1

(10

)%

369.3

379.9

(3

)%

Used vehicles

38.1

36.0

6

%

157.8

150.2

5

%

Wholesale vehicles

(4.9

)

(2.7

)

(81

)%

(9.3

)

(4.6

)

(102

)%

Total vehicles

128.2

138.4

(7

)%

517.8

525.5

(1

)%

Parts, service and collision repair

258.5

238.5

8

%

1,005.9

908.9

11

%

Finance, insurance and other, net

149.1

140.5

6

%

571.5

506.8

13

%

Total gross profit

535.8

517.4

4

%

2,095.2

1,941.2

8

%

Selling, general and administrative expenses

(382.4

)

(348.5

)

(10

)%

(1,463.6

)

(1,375.4

)

(6

)%

Impairment charges

—

(0.2

)

NM

(165.9

)

(1.2

)

NM

Depreciation and amortization

(35.6

)

(32.7

)

(9

)%

(137.7

)

(124.4

)

(11

)%

Operating income (loss)

117.8

136.0

(13

)%

328.0

440.2

(25

)%

Other income (expense):

Interest expense, floor plan

(19.6

)

(18.0

)

(9

)%

(72.0

)

(70.6

)

(2

)%

Interest expense, other, net

(26.5

)

(28.6

)

7

%

(105.9

)

(112.7

)

6

%

Other income (expense), net

—

—

—

%

0.1

(0.5

)

120

%

Total other income (expense)

(46.1

)

(46.6

)

1

%

(177.8

)

(183.8

)

3

%

Income (loss) before taxes

71.7

89.4

(20

)%

150.2

256.4

(41

)%

Add: Impairment charges

—

0.2

NM

165.9

1.2

NM

Segment income (loss)

$

71.7

$

89.6

(20

)%

$

316.1

$

257.6

23

%

Unit Sales Volume:

Retail new vehicles

29,400

32,250

(9

)%

115,981

111,450

4

%

Fleet new vehicles

458

506

(9

)%

1,991

1,805

10

%

Total new vehicles

29,858

32,756

(9

)%

117,972

113,255

4

%

Used vehicles

27,401

25,702

7

%

104,202

101,976

2

%

Wholesale vehicles

4,811

5,692

(15

)%

22,868

21,018

9

%

Retail new & used vehicles

56,801

57,952

(2

)%

220,183

213,426

3

%

Used:New Ratio

0.93

0.80

17

%

0.90

0.91

(1

)%

Gross Profit Per Unit:

Retail new vehicles

$

3,209

$

3,238

(1

)%

$

3,170

$

3,382

(6

)%

Fleet new vehicles

$

1,398

$

1,363

3

%

$

869

$

1,636

(47

)%

New vehicles

$

3,181

$

3,209

(1

)%

$

3,131

$

3,354

(7

)%

Used vehicles

$

1,389

$

1,401

(1

)%

$

1,514

$

1,473

3

%

Finance, insurance and other, net

$

2,624

$

2,424

8

%

$

2,596

$

2,374

9

%

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 December 31,

Better /

(Worse)

Twelve Months Ended December 31,

Better /

(Worse)

2025

2024

% Change

2025

2024

% Change

(In millions, except unit and per unit data)

Revenues:

Retail new vehicles

$

1,732.1

$

1,906.7

(9

)%

$

6,696.7

$

6,397.8

5

%

Fleet new vehicles

24.1

27.3

(12

)%

99.5

94.9

5

%

Total new vehicles

1,756.2

1,934.0

(9

)%

6,796.2

6,492.7

5

%

Used vehicles

769.8

752.6

2

%

2,995.0

2,902.3

3

%

Wholesale vehicles

38.8

49.6

(22

)%

197.8

187.7

5

%

Total vehicles

2,564.8

2,736.2

(6

)%

9,989.0

9,582.7

4

%

Parts, service and collision repair

481.7

467.4

3

%

1,903.9

1,794.8

6

%

Finance, insurance and other, net

140.0

139.7

—

%

547.8

503.8

9

%

Total revenues

3,186.5

3,343.3

(5

)%

12,440.7

11,881.3

5

%

Gross Profit:

Retail new vehicles

86.3

104.2

(17

)%

350.2

377.0

(7

)%

Fleet new vehicles

0.6

0.7

(14

)%

1.8

3.0

(40

)%

Total new vehicles

86.9

104.9

(17

)%

352.0

380.0

(7

)%

Used vehicles

36.8

35.9

3

%

154.0

150.9

2

%

Wholesale vehicles

(4.4

)

(2.6

)

(69

)%

(8.8

)

(4.3

)

(105

)%

Total vehicles

119.3

138.2

(14

)%

497.2

526.6

(6

)%

Parts, service and collision repair

244.6

237.1

3

%

971.4

903.9

8

%

Finance, insurance and other, net

140.0

139.7

—

%

547.8

503.8

9

%

Total gross profit

$

503.9

$

515.0

(2

)%

$

2,016.4

$

1,934.3

4

%

Unit Sales Volume:

Retail new vehicles

28,435

32,067

(11

)%

113,181

110,770

2

%

Fleet new vehicles

458

506

(9

)%

1,972

1,797

10

%

Total new vehicles

28,893

32,573

(11

)%

115,153

112,567

2

%

Used vehicles

26,687

25,528

5

%

101,587

101,220

—

%

Wholesale vehicles

4,667

5,648

(17

)%

22,233

20,809

7

%

Retail new & used vehicles

55,122

57,595

(4

)%

214,768

211,990

1

%

Used:New Ratio

0.94

0.80

18

%

0.90

0.91

(1

)%

Gross Profit Per Unit:

Retail new vehicles

$

3,033

$

3,250

(7

)%

$

3,094

$

3,404

(9

)%

Fleet new vehicles

$

1,398

$

1,363

3

%

$

909

$

1,646

(45

)%

New vehicles

$

3,008

$

3,221

(7

)%

$

3,057

$

3,376

(9

)%

Used vehicles

$

1,379

$

1,408

(2

)%

$

1,516

$

1,491

2

%

Finance, insurance and other, net

$

2,541

$

2,425

5

%

$

2,551

$

2,377

7

%

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 December 31,

Better /

(Worse)

Twelve Months Ended December 31,

Better /

(Worse)

2025

2024

% Change

2025

2024

% Change

(In millions, except unit and per unit data)

Revenues:

Used vehicles

$

407.5

$

436.0

(7

)%

$

1,747.8

$

1,838.0

(5

)%

Wholesale vehicles

21.5

21.4

—

%

104.6

95.8

9

%

Total vehicles

429.0

457.4

(6

)%

1,852.4

1,933.8

(4

)%

Finance, insurance and other, net

51.7

48.8

6

%

219.2

194.0

13

%

Total revenues

480.7

506.2

(5

)%

2,071.6

2,127.8

(3

)%

Gross Profit:

Used vehicles

2.1

0.8

163

%

16.5

15.2

9

%

Wholesale vehicles

(0.3

)

(0.6

)

50

%

(1.8

)

(1.3

)

(38

)%

Total vehicles

1.8

0.2

800

%

14.7

13.9

6

%

Finance, insurance and other, net

51.7

48.8

6

%

219.2

194.0

13

%

Total gross profit

53.5

49.0

9

%

233.9

207.9

13

%

Selling, general and administrative expenses

(42.2

)

(42.6

)

1

%

(172.8

)

(165.7

)

(4

)%

Impairment charges

—

(1.3

)

NM

(0.2

)

(2.7

)

NM

Depreciation and amortization

(4.9

)

(5.4

)

9

%

(20.4

)

(21.8

)

6

%

Operating income (loss)

6.4

(0.3

)

NM

40.5

17.7

129

%

Other income (expense):

Interest expense, floor plan

(2.5

)

(3.0

)

17

%

(11.1

)

(14.2

)

22

%

Interest expense, other, net

(0.3

)

(0.7

)

57

%

(1.5

)

(2.7

)

44

%

Other income (expense), net

—

0.1

(100

)%

—

—

—

%

Total other income (expense)

(2.8

)

(3.6

)

22

%

(12.6

)

(16.9

)

25

%

Income (loss) before taxes

3.6

(3.9

)

192

%

27.9

0.8

NM

Add: Impairment charges

—

1.3

NM

0.2

2.7

NM

Segment income (loss)

$

3.6

$

(2.6

)

238

%

$

28.1

$

3.5

703

%

Unit Sales Volume:

Used vehicles

15,743

16,674

(6

)%

67,636

69,053

(2

)%

Wholesale vehicles

2,365

2,752

(14

)%

11,836

11,059

7

%

Gross Profit Per Unit:

Total used vehicle and F&I

$

3,420

$

2,974

15

%

$

3,484

$

3,029

15

%

NM = Not Meaningful

EchoPark Segment - Same Market

Three Months Ended December 31,

Better /

(Worse)

Twelve Months Ended December 31,

Better /

(Worse)

2025

2024

% Change

2025

2024

% Change

(In millions, except unit and per unit data)

Revenues:

Used vehicles

$

407.5

$

436.0

(7

)%

$

1,747.8

$

1,828.3

(4

)%

Wholesale vehicles

21.5

21.5

—

%

104.6

92.7

13

%

Total vehicles

429.0

457.5

(6

)%

1,852.4

1,921.0

(4

)%

Finance, insurance and other, net

51.8

49.3

5

%

220.3

195.5

13

%

Total revenues

480.8

506.8

(5

)%

2,072.7

2,116.5

(2

)%

Gross Profit:

Used vehicles

2.1

0.8

163

%

16.5

15.8

4

%

Wholesale vehicles

(0.3

)

(0.6

)

50

%

(1.7

)

(0.6

)

(183

)%

Total vehicles

1.8

0.2

800

%

14.8

15.2

(3

)%

Finance, insurance and other, net

51.8

49.3

5

%

220.3

195.5

13

%

Total gross profit

$

53.6

$

49.5

8

%

$

235.1

$

210.7

12

%

Unit Sales Volume:

Used vehicles

15,743

16,674

(6

)%

67,636

68,690

(2

)%

Wholesale vehicles

2,365

2,752

(14

)%

11,836

10,850

9

%

Gross Profit Per Unit:

Total used vehicle and F&I

$

3,427

$

3,004

14

%

$

3,501

$

3,077

14

%

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 December 31,

Better /

(Worse)

Twelve Months Ended December 31,

Better /

(Worse)

2025

2024

% Change

2025

2024

% Change

(In millions, except unit and per unit data)

Revenues:

Retail new vehicles

$

20.4

$

17.5

17

%

$

105.5

$

82.0

29

%

Used vehicles

6.6

4.7

40

%

37.9

22.3

70

%

Wholesale vehicles

0.4

0.1

300

%

2.4

2.3

4

%

Total vehicles

27.4

22.3

23

%

145.8

106.6

37

%

Parts, service and collision repair

7.5

7.0

7

%

48.9

43.6

12

%

Finance, insurance and other, net

1.5

1.3

15

%

8.2

7.1

15

%

Total revenues

36.4

30.6

19

%

202.9

157.3

29

%

Gross Profit:

Retail new vehicles

3.0

2.2

36

%

15.7

11.5

37

%

Used vehicles

1.2

1.0

20

%

6.8

5.3

28

%

Wholesale vehicles

—

(0.1

)

100

%

(0.1

)

(0.3

)

67

%

Total vehicles

4.2

3.1

35

%

22.4

16.5

36

%

Parts, service and collision repair

3.7

3.1

19

%

23.2

20.1

15

%

Finance, insurance and other, net

1.5

1.3

15

%

8.2

7.1

15

%

Total gross profit

9.4

7.5

25

%

53.8

43.7

23

%

Selling, general and administrative expenses

(9.0

)

(8.5

)

(6

)%

(41.8

)

(35.9

)

(16

)%

Impairment charges

—

—

NM

(7.6

)

—

NM

Depreciation and amortization

(1.4

)

(1.2

)

(17

)%

(5.3

)

(4.2

)

(26

)%

Operating income (loss)

(1.0

)

(2.2

)

55

%

(0.9

)

3.6

(125

)%

Other income (expense):

Interest expense, floor plan

(0.3

)

(0.5

)

40

%

(1.6

)

(2.1

)

24

%

Interest expense, other, net

(0.7

)

(0.7

)

—

%

(2.8

)

(2.6

)

(8

)%

Other income (expense), net

—

—

—

%

—

—

—

%

Total other income (expense)

(1.0

)

(1.2

)

17

%

(4.4

)

(4.7

)

6

%

Income (loss) before taxes

(2.0

)

(3.4

)

41

%

(5.3

)

(1.1

)

(382

)%

Add: impairment charges

—

—

NM

7.6

—

NM

Segment income (loss)

$

(2.0

)

$

(3.4

)

41

%

$

2.3

$

(1.1

)

309

%

Unit Sales Volume:

Retail new vehicles

1,085

940

15

%

5,143

4,244

21

%

Used vehicles

640

520

23

%

3,442

2,228

54

%

Wholesale vehicles

76

16

375

%

278

146

90

%

Gross Profit Per Unit:

Retail new vehicles

$

2,742

$

2,338

17

%

$

3,050

$

2,713

12

%

Used vehicles

$

1,927

$

1,940

(1

)%

$

1,980

$

2,397

(17

)%

Finance, insurance and other, net

$

874

$

868

1

%

$

959

$

1,092

(12

)%

NM = Not Meaningful

Powersports Segment - Same Store

Three Months Ended December 31,

Better /

(Worse)

Twelve Months Ended December 31,

Better /

(Worse)

2025

2024

% Change

2025

2024

% Change

(In millions, except unit and per unit data)

Revenues:

Retail new vehicles

$

18.8

$

16.7

13

%

$

93.8

$

79.0

19

%

Used vehicles

5.9

4.2

40

%

33.7

20.9

61

%

Wholesale vehicles

0.5

0.2

150

%

2.5

2.1

19

%

Total vehicles

25.2

21.1

19

%

130.0

102.0

27

%

Parts, service and collision repair

6.8

6.3

8

%

44.7

41.6

7

%

Finance, insurance and other, net

1.4

1.2

17

%

7.8

6.7

16

%

Total revenues

33.4

28.6

17

%

182.5

150.3

21

%

Gross Profit:

Retail new vehicles

2.7

2.1

29

%

13.9

11.2

24

%

Used vehicles

1.1

0.9

22

%

6.1

5.0

22

%

Wholesale vehicles

0.1

(0.1

)

200

%

(0.1

)

(0.3

)

67

%

Total vehicles

3.9

2.9

34

%

19.9

15.9

25

%

Parts, service and collision repair

3.4

2.6

31

%

21.5

19.0

13

%

Finance, insurance and other, net

1.4

1.2

17

%

7.8

6.7

16

%

Total gross profit

$

8.7

$

6.7

30

%

$

49.2

$

41.6

18

%

Unit Sales Volume:

Retail new vehicles

999

900

11

%

4,583

4,115

11

%

Used vehicles

585

470

24

%

3,101

2,087

49

%

Wholesale vehicles

76

16

375

%

275

146

88

%

Retail new & used vehicles

1,584

1,370

16

%

7,684

6,202

24

%

Used:New Ratio

0.59

0.52

13

%

0.68

0.51

33

%

Gross Profit Per Unit:

Retail new vehicles

$

2,743

$

2,280

20

%

$

3,032

$

2,713

12

%

Used vehicles

$

1,935

$

1,965

(2

)%

$

1,982

$

2,419

(18

)%

Finance, insurance and other, net

$

902

$

878

3

%

$

1,019

$

1,073

(5

)%

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 December 31,

Better / (Worse)

2025

2024

Change

% Change

(In millions)

Reported:

Compensation

$

280.6

$

263.5

$

(17.1

)

(6

)%

Advertising

26.5

19.1

(7.4

)

(39

)%

Rent

13.1

10.7

(2.4

)

(22

)%

Other

113.5

106.3

(7.2

)

(7

)%

Total SG&A expenses

$

433.7

$

399.6

$

(34.1

)

(9

)%

Adjustments:

Cyber insurance proceeds

$

—

$

10.0

Acquisition and disposition related gain (loss)

—

2.7

Storm damage charges

—

(3.2

)

Severance and long-term compensation charges

—

(0.5

)

Total SG&A adjustments

$

—

$

9.0

Adjusted:

Total adjusted SG&A expenses

$

433.7

$

408.6

$

(25.1

)

(6

)%

Reported:

SG&A expenses as a % of gross profit:

Compensation

46.9

%

45.9

%

(100

)

bps

Advertising

4.4

%

3.3

%

(110

)

bps

Rent

2.2

%

1.9

%

(30

)

bps

Other

18.9

%

18.5

%

(40

)

bps

Total SG&A expenses as a % of gross profit

72.4

%

69.6

%

(280

)

bps

Adjustments:

Cyber insurance proceeds

—

%

1.8

%

Acquisition and disposition related gain (loss)

—

%

0.5

%

Storm damage charges

—

%

(0.6

)%

Severance and long-term compensation charges

—

%

(0.1

)%

Total effect of adjustments

—

%

1.6

%

Adjusted:

Total adjusted SG&A expenses as a % of gross profit

72.4

%

71.2

%

(120

)

bps

Reported:

Total gross profit

$

598.7

$

574.0

$

24.7

4

%

Non-GAAP Reconciliation - Consolidated - SG&A Expenses (Continued)

Twelve Months Ended December 31,

Better / (Worse)

2025

2024

Change

% Change

(In millions)

Reported:

Compensation

$

1,087.4

$

1,013.9

$

(73.5

)

(7

)%

Advertising

101.2

84.5

(16.7

)

(20

)%

Rent

46.4

36.6

(9.8

)

(27

)%

Other

443.2

442.0

(1.2

)

—

%

Total SG&A expenses

$

1,678.2

$

1,577.0

$

(101.2

)

(6

)%

Adjustments:

Excess compensation related to CDK outage

$

—

$

(11.4

)

Storm damage charges

(5.0

)

(8.3

)

Severance and long-term compensation charges

—

(5.5

)

Closed store accrued expenses

—

(2.1

)

Cyber insurance proceeds

40.0

10.0

Acquisition and disposition related gain (loss)

(5.6

)

5.6

Legal settlements

(0.7

)

—

Gain (loss) on exit of leased dealerships

—

3.0

Total SG&A adjustments

$

28.7

$

(8.7

)

Adjusted:

Total adjusted SG&A expenses

$

1,706.9

$

1,568.3

$

(138.6

)

(9

)%

Reported:

SG&A expenses as a % of gross profit:

Compensation

45.6

%

46.2

%

60

bps

Advertising

4.2

%

3.9

%

(30

)

bps

Rent

1.9

%

1.7

%

(20

)

bps

Other

18.7

%

20.1

%

140

bps

Total SG&A expenses as a % of gross profit

70.4

%

71.9

%

150

bps

Adjustments:

Excess compensation related to CDK outage

—

%

(0.5

)%

Storm damage charges

(0.2

)%

(0.4

)%

Severance and long-term compensation charges

—

%

(0.3

)%

Closed store accrued expenses

—

%

(0.1

)%

Cyber insurance proceeds

1.7

%

0.5

%

Acquisition and disposition related gain (loss)

(0.2

)%

0.3

%

Legal settlements

—

%

—

%

Gain (loss) on exit of leased dealerships

—

%

0.1

%

Total effect of adjustments

1.2

%

(0.4

)%

Adjusted:

Total adjusted SG&A expenses as a % of gross profit

71.6

%

71.5

%

(10

)

bps

Reported:

Total gross profit

$

2,382.9

$

2,192.8

$

190.1

9

%

Adjustments:

Excess compensation related to CDK outage

$

—

$

2.0

Total adjustments

$

—

$

2.0

Adjusted:

Total adjusted gross profit

$

2,382.9

$

2,194.8

$

188.1

9

%

Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses

Three Months Ended December 31,

Better / (Worse)

2025

2024

Change

% Change

(In millions)

Reported:

Compensation

$

249.4

$

233.9

$

(15.5

)

(7

)%

Advertising

18.5

11.9

(6.6

)

(55

)%

Rent

12.6

9.6

(3.0

)

(31

)%

Other

101.9

93.1

(8.8

)

(9

)%

Total SG&A expenses

$

382.4

$

348.5

$

(33.9

)

(10

)%

Adjustments:

Cyber insurance proceeds

$

—

$

10.0

Acquisition and disposition related gain (loss)

—

3.5

Storm damage charges

—

(3.2

)

Total SG&A adjustments

$

—

$

10.3

Adjusted:

Total adjusted SG&A expenses

$

382.4

$

358.8

$

(23.6

)

(7

)%

Reported:

SG&A expenses as a % of gross profit:

Compensation

46.5

%

45.2

%

(130

)

bps

Advertising

3.5

%

2.3

%

(120

)

bps

Rent

2.3

%

1.9

%

(40

)

bps

Other

19.1

%

17.9

%

(120

)

bps

Total SG&A expenses as a % of gross profit

71.4

%

67.3

%

(410

)

bps

Adjustments:

Cyber insurance proceeds

—

%

1.9

%

Acquisition and disposition related gain (loss)

—

%

0.7

%

Storm damage charges

—

%

(0.6

)%

Total effect of adjustments

—

%

2.0

%

Adjusted:

Total adjusted SG&A expenses as a % of gross profit

71.4

%

69.3

%

(210

)

bps

Reported:

Total gross profit

$

535.8

$

517.4

$

18.4

4

%

Non-GAAP Reconciliation - Franchised Dealerships Segment - SG&A Expenses (Continued)

Twelve Months Ended December 31,

Better / (Worse)

2025

2024

Change

% Change

(In millions)

Reported:

Compensation

$

956.9

$

892.4

$

(64.5

)

(7

)%

Advertising

69.9

55.1

(14.8

)

(27

)%

Rent

44.3

39.2

(5.1

)

(13

)%

Other

392.5

388.7

(3.8

)

(1

)%

Total SG&A expenses

$

1,463.6

$

1,375.4

$

(88.2

)

(6

)%

Adjustments:

Excess compensation related to CDK outage

$

—

$

(11.0

)

Storm damage charges

(5.0

)

(8.3

)

Long-term compensation charges

—

(2.2

)

Cyber insurance proceeds

40.0

10.0

Legal settlements

(0.7

)

—

Acquisition and disposition related gain (loss)

(5.5

)

3.5

Total SG&A adjustments

$

28.8

$

(8.0

)

Adjusted:

Total adjusted SG&A expenses

$

1,492.4

$

1,367.4

$

(125.0

)

(9

)%

Reported:

SG&A expenses as a % of gross profit:

Compensation

45.7

%

46.0

%

30

bps

Advertising

3.3

%

2.8

%

(50

)

bps

Rent

2.1

%

2.0

%

(10

)

bps

Other

18.8

%

20.1

%

130

bps

Total SG&A expenses as a % of gross profit

69.9

%

70.9

%

100

bps

Adjustments:

Excess compensation related to CDK outage

—

%

(0.7

)%

Storm damage charges

(0.2

)%

(0.5

)%

Long-term compensation charges

—

%

(0.1

)%

Cyber insurance proceeds

1.8

%

0.6

%

Legal settlements

—

%

—

%

Acquisition and disposition related gain (loss)

(0.3

)%

0.2

%

Total effect of adjustments

1.3

%

(0.5

)%

Adjusted:

Total adjusted SG&A expenses as a % of gross profit

71.2

%

70.4

%

(80

)

bps

Reported:

Total gross profit

$

2,095.2

$

1,941.2

$

154.0

8

%

Adjustments:

Excess compensation related to CDK outage

$

—

$

2.0

Total adjustments

$

—

$

2.0

Adjusted:

Total adjusted gross profit

$

2,095.2

$

1,943.2

$

154.0

8

%

Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses

Three Months Ended December 31,

Better / (Worse)

2025

2024

Change

% Change

(In millions)

Reported:

Compensation

$

24.5

$

23.8

$

(0.7

)

(3

)%

Advertising

7.7

6.7

(1.0

)

(15

)%

Rent

0.7

0.9

0.2

22

%

Other

9.3

11.2

1.9

17

%

Total SG&A expenses

$

42.2

$

42.6

$

0.4

1

%

Adjustments:

Acquisition and disposition related gain (loss)

$

—

$

(0.8

)

Total SG&A adjustments

$

—

$

(0.8

)

Adjusted:

Total adjusted SG&A expenses

$

42.2

$

41.8

$

(0.4

)

(1

)%

Reported:

SG&A expenses as a % of gross profit:

Compensation

45.7

%

48.6

%

290

bps

Advertising

14.5

%

13.7

%

(80

)

bps

Rent

1.4

%

1.9

%

50

bps

Other

17.3

%

22.8

%

550

bps

Total SG&A expenses as a % of gross profit

78.9

%

87.0

%

810

bps

Adjustments:

Acquisition and disposition related gain (loss)

—

%

(1.5

)%

Total effect of adjustments

—

%

(1.5

)%

Adjusted:

Total adjusted SG&A expenses as a % of gross profit

78.9

%

85.5

%

660

bps

Reported:

Total gross profit

$

53.5

$

49.0

$

4.5

9

%

Non-GAAP Reconciliation - EchoPark Segment - SG&A Expenses (Continued)

Twelve Months Ended December 31,

Better / (Worse)

2025

2024

Change

% Change

(In millions)

Reported:

Compensation

$

100.6

$

95.8

$

(4.8

)

(5

)%

Advertising

30.2

27.7

(2.5

)

(9

)%

Rent

3.0

(1.7

)

(4.7

)

(276

)%

Other

39.0

43.9

4.9

11

%

Total SG&A expenses

$

172.8

$

165.7

$

(7.1

)

(4

)%

Adjustments:

Severance and long-term compensation charges

$

—

$

(2.8

)

Closed store accrued expenses

—

(2.1

)

Excess compensation related to CDK outage

—

(0.4

)

Gain (loss) on exit of leased dealerships

—

3.0

Acquisition and disposition related gain (loss)

0.9

2.1

Total SG&A adjustments

$

0.9

$

(0.2

)

Adjusted:

Total adjusted SG&A expenses

$

173.7

$

165.5

$

(8.2

)

(5

)%

Reported:

SG&A expenses as a % of gross profit:

Compensation

43.0

%

46.1

%

310

bps

Advertising

12.9

%

13.3

%

40

bps

Rent

1.3

%

(0.8

)%

(210

)

bps

Other

16.6

%

21.1

%

450

bps

Total SG&A expenses as a % of gross profit

73.8

%

79.7

%

590

bps

Adjustments:

Severance and long-term compensation charges

—

%

(1.4

)%

Closed store accrued expenses

—

%

(1.1

)%

Excess compensation related to CDK outage

—

%

(0.2

)%

Gain (loss) on exit of leased dealerships

—

%

1.5

%

Acquisition and disposition related gain (loss)

0.4

%

1.1

%

Total effect of adjustments

0.4

%

(0.1

)%

Adjusted:

Total adjusted SG&A expenses as a % of gross profit

74.2

%

79.6

%

540

bps

Reported:

Total gross profit

$

233.9

$

207.9

$

26.0

13

%

Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses

Three Months Ended December 31,

Better / (Worse)

2025

2024

Change

% Change

(In millions)

Reported:

Compensation

$

6.7

$

5.9

$

(0.8

)

(14

)%

Advertising

0.3

0.5

0.2

40

%

Rent

(0.2

)

0.1

0.3

300

%

Other

2.2

2.0

(0.2

)

(10

)%

Total SG&A expenses

$

9.0

$

8.5

$

(0.5

)

(6

)%

Adjustments:

Severance and long-term compensation charges

$

—

$

(0.5

)

Total SG&A adjustments

$

—

$

(0.5

)

Adjusted:

Total adjusted SG&A expenses

$

9.0

$

8.0

$

(1.0

)

(12.5

)%

Reported:

SG&A expenses as a % of gross profit:

Compensation

71.7

%

77.5

%

580

bps

Advertising

3.0

%

6.0

%

300

bps

Rent

(2.4

)%

1.4

%

380

bps

Other

23.9

%

28.3

%

440

bps

Total SG&A expenses as a % of gross profit

96.2

%

113.2

%

1,700

bps

Adjustments:

Long-term compensation charges

—

%

(6.6

)%

Total effect of adjustments

—

%

(6.6

)%

Adjusted:

Total adjusted SG&A expenses as a % of gross profit

96.2

%

106.6

%

1,040

bps

Reported:

Total gross profit

$

9.4

$

7.5

$

1.9

25

%

Non-GAAP Reconciliation - Powersports Segment - SG&A Expenses (Continued)

Twelve Months Ended December 31,

Better / (Worse)

2025

2024

Change

% Change

(In millions)

Reported:

Compensation

$

29.9

$

25.7

$

(4.2

)

(16

)%

Advertising

1.1

1.7

0.6

35

%

Rent

(0.9

)

(0.9

)

—

—

%

Other

11.7

9.4

(2.3

)

(24

)%

Total SG&A expenses

$

41.8

$

35.9

$

(5.9

)

(16

)%

Adjustments:

Severance and long-term compensation charges

$

—

$

(0.5

)

Acquisition and disposition related gain (loss)

(1.1

)

—

Total SG&A adjustments

$

(1.1

)

$

(0.5

)

Adjusted:

Total adjusted SG&A expenses

$

40.7

$

35.4

$

(5.3

)

(15

)%

Reported:

SG&A expenses as a % of gross profit:

Compensation

55.6

%

58.7

%

310

bps

Advertising

2.1

%

3.9

%

180

bps

Rent

(1.6

)%

(2.1

)%

(50

)

bps

Other

21.6

%

21.5

%

(10

)

bps

Total SG&A expenses as a % of gross profit

77.7

%

82.0

%

430

bps

Adjustments:

Severance and long-term compensation charges

—

%

(1.1

)%

Acquisition and disposition related gain (loss)

(1.9

)%

—

%

Total effect of adjustments

(1.9

)%

(1.1

)%

Adjusted:

Total adjusted SG&A expenses as a % of gross profit

75.8

%

80.9

%

510

bps

Reported:

Total gross profit

$

53.8

$

43.7

$

10.1

23

%

Non-GAAP Reconciliation - Franchised Dealerships Segment - Income (Loss) Before Taxes and Segment Income (Loss)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

% Change

2025

2024

% Change

(In millions)

Reported:

Income (loss) before taxes

$

71.7

$

89.4

(20

)%

$

150.2

$

256.4

(41

)%

Add: impairment charges

—

0.2

165.9

1.2

Segment income (loss)

$

71.7

$

89.6

(20

)%

$

316.1

$

257.6

23

%

Adjustments:

Cyber insurance proceeds

$

—

$

(10.0

)

$

(40.0

)

$

(10.0

)

Acquisition and disposition related (gain) loss

—

(3.5

)

5.5

(3.5

)

Legal settlements

—

—

0.7

—

Storm damage charges

—

3.2

5.0

8.3

Long-term compensation charges

—

—

—

2.2

Excess compensation related to CDK outage

—

—

—

13.0

Total pre-tax adjustments

$

—

$

(10.3

)

$

(28.8

)

$

10.0

Adjusted:

Segment income (loss)

$

71.7

$

79.3

(10

)%

$

287.3

$

267.6

7

%

Non-GAAP Reconciliation - EchoPark Segment - Income (Loss) Before Taxes and Segment Income (Loss)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

% Change

2025

2024

% Change

(In millions)

Reported:

Income (loss) before taxes

$

3.6

$

(3.9

)

192

%

$

27.9

$

0.8

NM

Add: impairment charges

—

1.3

0.2

2.7

Segment income (loss)

$

3.6

$

(2.6

)

238

%

$

28.1

$

3.5

703

%

Adjustments:

Acquisition and disposition related (gain) loss

$

—

$

0.8

$

(0.9

)

$

(2.1

)

Loss (gain) on exit of leased dealerships

—

—

—

(3.0

)

Severance and long-term compensation charges

—

—

—

2.8

Excess compensation related to CDK outage

—

—

—

0.4

Closed store accrued expenses

—

—

—

2.1

Total pre-tax adjustments

$

—

$

0.8

$

(0.9

)

$

0.2

Adjusted:

Segment income (loss)

$

3.6

$

(1.8

)

300

%

$

27.2

$

3.7

635

%

Non-GAAP Reconciliation - Powersports Segment - Income (Loss) Before Taxes and Segment Income (Loss)

Three Months Ended December 31,

Twelve Months Ended December 31,

2025

2024

% Change

2025

2024

% Change

(In millions)

Reported:

Income (loss) before taxes

$

(2.0

)

$

(3.4

)

41

%

$

(5.3

)

$

(1.1

)

(382

)%

Add: impairment charges

—

—

7.6

—

Segment income (loss)

$

(2.0

)

$

(3.4

)

41

%

$

2.3

$

(1.1

)

309

%

Adjustments:

Acquisition and disposition related (gain) loss

$

—

$

—

$

1.1

$

—

Long-term compensation charges

—

0.5

—

0.5

Total pre-tax adjustments

$

—

$

0.5

$

1.1

$

0.5

Adjusted:

Adjusted segment income (loss)

$

(2.0

)

$

(2.9

)

31

%

$

3.4

$

(0.6

)

667

%

Non-GAAP Reconciliation - Consolidated - Net Income (Loss) and Diluted Earnings (Loss) Per Share

Three Months Ended December 31, 2025

Three Months Ended December 31, 2024

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 (loss), diluted shares, and diluted earnings (loss) per share

34.4

$

46.9

$

1.36

35.2

$

58.6

$

1.67

Adjustments:

Acquisition and disposition related (gain) loss

$

—

$

(2.7

)

Impairment charges

—

1.5

Storm damage charges

—

3.2

Severance and long-term compensation charges

—

0.5

Cyber insurance proceeds

—

(10.0

)

Total pre-tax adjustments

$

—

$

(7.5

)

Tax effect of above items

—

2.0

Non-recurring tax items

5.3

—

Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share

34.4

$

52.2

$

1.52

35.2

$

53.1

$

1.51

Twelve Months Ended December 31, 2025

Twelve Months Ended December 31, 2024

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 (loss), diluted shares, and diluted earnings (loss) per share

34.7

$

118.7

$

3.42

35.0

$

216.0

$

6.18

Adjustments:

Acquisition and disposition related (gain) loss

$

5.6

$

(5.6

)

Storm damage charges

5.0

8.3

Legal settlements

0.7

—

Impairment charges

173.8

3.9

Loss (gain) on exit of leased dealerships

—

(3.0

)

Severance and long-term compensation charges

—

5.5

Closed store accrued expenses

—

2.1

Cyber insurance proceeds

(40.0

)

(10.0

)

Excess compensation related to CDK outage

—

13.4

Total pre-tax adjustments

$

145.1

$

14.6

Tax effect of above items

(39.9

)

(3.8

)

Non-recurring tax items

5.3

(31.0

)

Adjusted net income (loss), diluted shares, and diluted earnings (loss) per share

34.7

$

229.2

$

6.60

35.0

$

195.8

$

5.60

Non-GAAP Reconciliation - Adjusted EBITDA

Three Months Ended December 31, 2025

Three Months Ended December 31, 2024

Franchised Dealerships Segment

EchoPark Segment

Powersports

Segment

Total

Franchised Dealerships Segment

EchoPark Segment

Powersports

Segment

Total

(In millions)

Net income (loss)

$

46.9

$

58.6

Provision for income taxes

26.3

23.5

Income (loss) before taxes

$

71.7

$

3.6

$

(2.0

)

$

73.2

$

89.4

$

(3.9

)

$

(3.4

)

$

82.1

Non-floor plan interest (1)

24.8

0.3

0.7

25.8

27.1

0.6

0.7

28.4

Depreciation and amortization (2)

37.4

4.9

1.4

43.7

34.2

5.4

1.2

40.8

Stock-based compensation expense

5.8

—

—

5.8

5.5

—

—

5.5

Impairment charges

—

—

—

—

0.2

1.3

—

1.5

Severance and long-term compensation charges

—

—

—

—

—

—

0.5

0.5

Acquisition and disposition-related (gain) loss

—

—

—

—

(3.5

)

0.8

—

(2.7

)

Storm damage charges

—

—

—

—

3.2

—

—

3.2

Cyber insurance proceeds

—

—

—

—

(10.0

)

—

—

(10.0

)

Adjusted EBITDA

$

139.7

$

8.8

$

0.1

$

148.5

$

146.1

$

4.2

$

(1.0

)

$

149.3

Twelve Months Ended December 31, 2025

Twelve Months Ended December 31, 2024

Franchised Dealerships Segment

EchoPark Segment

Powersports

Segment

Total

Franchised Dealerships Segment

EchoPark Segment

Powersports

Segment

Total

(In millions)

Net income (loss)

$

118.7

$

216.0

Provision for income taxes

54.1

40.1

Income (loss) before taxes

$

150.2

$

27.9

$

(5.3

)

$

172.8

$

256.4

$

0.8

$

(1.1

)

$

256.1

Non-floor plan interest (1)

99.1

1.6

2.8

103.5

107.0

2.6

2.6

112.2

Depreciation and amortization (2)

144.4

20.4

5.3

170.1

130.0

21.6

4.3

155.9

Stock-based compensation expense

23.1

—

—

23.1

21.3

—

—

21.3

Loss (gain) on exit of leased dealerships

—

—

—

—

—

(3.0

)

—

(3.0

)

Impairment charges

165.9

0.2

7.6

173.8

1.2

2.7

—

3.9

Loss on debt extinguishment

—

—

—

—

0.6

—

—

0.6

Severance and long-term compensation charges

—

—

—

—

2.2

2.9

0.5

5.6

Acquisition and disposition-related (gain) loss

5.5

(0.9

)

1.1

5.6

(3.8

)

(2.5

)

—

(6.3

)

Storm damage charges

5.0

—

—

5.0

8.3

—

—

8.3

Excess compensation related to CDK outage

—

—

—

—

13.0

0.4

—

13.4

Cyber insurance proceeds

(40.0

)

—

—

(40.0

)

(10.0

)

—

—

(10.0

)

Closed store accrued expenses

—

—

—

—

—

2.1

—

2.1

Loss (gain) on legal settlements

0.7

—

—

0.7

—

—

—

—

Adjusted EBITDA

$

553.9

$

49.2

$

11.5

$

614.6

$

526.2

$

27.6

$

6.3

$

560.1

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