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Equity Method Investees
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investees Equity Method Investees
As of December 31, 2025, we own an investment in Penske Commercial Leasing Australia (28%) that is accounted for under the equity method. In June 2025, we sold the remaining 50% interest in our joint venture in Barcelona, Spain.
We also have a 28.9% ownership interest in PTS, a leading provider of transportation and supply chain services. The partnership agreement requires PTS, subject to applicable law and the terms of its credit agreements, to make quarterly distributions to the partners with respect to each fiscal year by no later than 45 days after the end of each of the first three quarters of the year and by April 15 of the following year. PTS' partnership agreement and certain of its debt agreements
allow partner distributions only as long as it is not in default under those agreements and the amount it pays does not exceed 50% of its consolidated net income, unless its debt-to-equity ratio is less than 3.0 to 1.0, in which case its distributions may not exceed 80% of its consolidated net income. Our investment in PTS, which is accounted for under the equity method, amounted to $1,920.6 million and $1,803.9 million at December 31, 2025, and 2024, respectively.
The net book value of our equity method investments was $1,923.7 million and $1,827.0 million as of December 31, 2025, and 2024, respectively. We recorded $192.9 million, $200.7 million, and $293.7 million during the years ended December 31, 2025, 2024, and 2023, respectively, on our statements of income under the caption “Equity in earnings of affiliates” related to earnings from our equity method investments. We received $98.7 million, $99.1 million, and $169.9 million of dividends from our equity method investments during the years ended December 31, 2025, 2024, and 2023, respectively. Retained earnings as of December 31, 2025, included undistributed earnings from our equity method investments of $1.02 billion.
The combined results of operations and financial position of our equity method investees as of December 31 for each of the years presented are summarized as follows:
Condensed income statement information:
Year Ended December 31,
202520242023
Revenues$13,215.4 $13,967.4 $13,884.1 
Gross profit2,953.4 2,960.9 2,917.3 
Net income667.1 691.9 1,008.3 
Condensed balance sheet information:
December 31,
20252024
Current assets$2,191.5 $2,272.2 
Noncurrent assets20,626.0 21,564.1 
Total assets$22,817.5 $23,836.3 
Current liabilities$6,475.5 $5,971.8 
Noncurrent liabilities11,103.0 13,004.9 
Equity5,239.0 4,859.6 
Total liabilities and equity$22,817.5 $23,836.3