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ACQUISITIONS | 6 Months Ended
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Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
ACQUISITIONS | ACQUISITIONS In the first six months of 2026, we completed the following acquisitions: •In February 2026, Mercedes-Benz of Medford in Oregon. •In March 2026, Toyota of Gallatin in Tennessee. •In March 2026, Read Motor Group in the United Kingdom. •In April 2026, Agility Fleet in the United Kingdom. •In May 2026, Kia of North Tucson in Arizona. •In May 2026, Preston, Chester & Derby Group 1 Jaguar Land Rover in the United Kingdom. The acquisitions were accounted for as business combinations under the acquisition method of accounting. The results of operations of the acquired stores are included in our Consolidated Financial Statements from the date of acquisition. Revenue and operating income contributed by the 2026 acquisitions subsequent to the date of acquisition were as follows (in millions):
Six Months Ended June 30, | 2026
Revenue | $103.1
Operating income | 5.0
The following tables summarize the consideration paid for the 2026 acquisitions and the PPA for identified assets acquired and liabilities assumed as of the acquisition date:
(In millions) | Consideration
Cash paid, net of cash acquired | $221.7
Total consideration transferred | $221.7
(In millions) | Assets Acquired and Liabilities Assumed
Accounts receivables, net | $3.9
Inventories, net | 37.7
Property and equipment | 86.9
Other assets | 139.8
Floor plan notes payable assumed | (12.1)
Trade payables | (2.5)
Finance lease obligations assumed | (23.3)
Other liabilities and deferred revenue | (8.7)
Total net assets acquired and liabilities assumed | $221.7
The PPA for the 2026 acquisitions is preliminary, as we have not obtained and evaluated all of the detailed information necessary to finalize the opening balance sheet amounts in all respects. We recorded the PPA based upon information that is currently available and recorded unallocated items as a component of Other non-current assets in the Consolidated Balance Sheets. We expect all of the goodwill related to U.S. acquisitions in 2026 to be deductible for U.S. federal income tax purposes. In the three and six-month period ended June 30, 2026, we recorded $0.4 million and $0.7 million in acquisition- related expenses as a component of SG&A expense. Comparatively, we recorded $0.1 million and $0.3 million of acquisition-related expenses in the same period of 2025. The following unaudited pro forma summary presents consolidated information as if all acquisitions in the three and six-month periods ended June 30, 2026 and 2025 had occurred on January 1, 2025:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions, except per share amounts) | 2026 |  | 2025 |  | 2026 |  | 2025
Revenue | $9,847.7 |  | $9,745.3 |  | $19,250.2 |  | $19,079.0
Net income attributable to Lithia Motors, Inc. | 261.6 |  | 259.7 |  | 364.3 |  | 472.1
Basic EPS attributable to Lithia Motors, Inc. common stockholders | 11.63 |  | 10.02 |  | 15.88 |  | 18.08
Diluted EPS attributable to Lithia Motors, Inc. common stockholders | 11.61 |  | 10.01 |  | 15.85 |  | 18.05
We calculated these amounts by applying our accounting policies and estimates. The results of the acquired stores have been adjusted to reflect the following: depreciation on a straight-line basis over the expected lives for property and equipment, accounting for inventory on a specific identification method, and recognition of interest expense for real estate financing related to stores where we purchased the facility. No nonrecurring proforma adjustments directly attributable to the acquisitions are included in the reported proforma revenues and earning s.

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