Asbury Automotive

As of December 31, 2025, long‑term debt including current portion was about 3.6 billion dollars across laddered senior notes and facilities, with 2026 maturities manageable relative to cash generation. As of March 31, 2026, liquidity was about 1.2 billion dollars and transaction‑adjusted net leverage about 3.2 times.

Operating cash flow was 775 million dollars in 2025 and 223 million dollars in Q1 2026; capex is guided around 250 million dollars for 2026, which we view as supportable. Floorplan dynamics complicate GAAP cash flow optics, but coverage looks adequate under base conditions.