O’Reilly Automotive, Inc. Reports Fourth Quarter and Full-Year 2024 Results
O'Reilly Automotive (ORLY) reported strong Q4 2024 results with comparable store sales growth of 4.4% and full-year growth of 2.9%. Q4 sales increased 7% to $4.10 billion, while gross profit rose 7% to $2.10 billion. Operating income grew 3% to $739 million, though net income slightly decreased to $551 million.
For full-year 2024, sales increased 6% to $16.71 billion, with net income rising 2% to $2.39 billion. The company successfully opened 198 net new stores and completed the relocation of its Atlanta distribution center. Share repurchases totaled $2.08 billion for 1.9 million shares in 2024.
Looking ahead to 2025, O'Reilly projects comparable store sales growth of 2.0% to 4.0%, total revenue between $17.4-17.7 billion, and plans to open 200-210 new stores. The company expects diluted earnings per share of $42.60-$43.10.
O'Reilly Automotive (ORLY) ha riportato risultati forti per il quarto trimestre del 2024, con una crescita delle vendite nei negozi comparabili del 4,4% e una crescita annuale del 2,9%. Le vendite del quarto trimestre sono aumentate del 7% a $4,10 miliardi, mentre il profitto lordo è salito del 7% a $2,10 miliardi. I ricavi operativi sono cresciuti del 3% a $739 milioni, sebbene l'utile netto sia leggermente diminuito a $551 milioni.
Per l'intero anno 2024, le vendite sono aumentate del 6% a $16,71 miliardi, con un utile netto in crescita del 2% a $2,39 miliardi. L'azienda ha aperto con successo 198 nuovi negozi netti e ha completato il trasferimento del suo centro di distribuzione di Atlanta. Gli acquisti di azioni sono ammontati a $2,08 miliardi per 1,9 milioni di azioni nel 2024.
Guardando al 2025, O'Reilly prevede una crescita delle vendite nei negozi comparabili dal 2,0% al 4,0%, un fatturato totale tra $17,4 e $17,7 miliardi e intende aprire tra 200 e 210 nuovi negozi. L'azienda si aspetta utili per azione diluiti tra $42,60 e $43,10.
O'Reilly Automotive (ORLY) reportó resultados sólidos para el cuarto trimestre de 2024, con un crecimiento de las ventas en tiendas comparables del 4,4% y un crecimiento anual del 2,9%. Las ventas del cuarto trimestre aumentaron un 7% a $4.10 mil millones, mientras que la ganancia bruta aumentó un 7% a $2.10 mil millones. Los ingresos operativos crecieron un 3% a $739 millones, aunque la renta neta disminuyó ligeramente a $551 millones.
Para el año completo 2024, las ventas aumentaron un 6% a $16.71 mil millones, con un aumento del ingreso neto del 2% a $2.39 mil millones. La empresa abrió con éxito 198 nuevas tiendas netas y completó la reubicación de su centro de distribución en Atlanta. Las recompras de acciones sumaron $2.08 mil millones por 1.9 millones de acciones en 2024.
Mirando hacia 2025, O'Reilly proyecta un crecimiento de las ventas en tiendas comparables del 2.0% al 4.0%, ingresos totales entre $17.4 y $17.7 mil millones, y planea abrir entre 200 y 210 nuevas tiendas. La empresa espera ganancias diluidas por acción de $42.60 a $43.10.
O'Reilly Automotive (ORLY)는 2024년 4분기 강력한 실적을 보고했으며, 비교 가능한 매장 매출이 4.4% 증가하고 연간 성장률이 2.9%에 달했습니다. 4분기 매출은 7% 증가하여 41억 달러에 이르렀고, 총 이익은 7% 증가하여 21억 달러에 달했습니다. 운영 수익은 3% 증가하여 7억 3900만 달러에 이르렀지만, 순이익은 약간 감소하여 5억 5100만 달러가 되었습니다.
2024년 전체적으로 매출은 6% 증가한 167억 1000만 달러에 달하며, 순이익은 2% 증가한 23억 9000만 달러에 이릅니다. 회사는 신규 매장 198개를 성공적으로 개장하고 애틀랜타 물류 센터 이전을 완료했습니다. 주식 재매입은 2024년 190만 주에 대해 20억 8000만 달러에 달했습니다.
2025년을 바라보며 O'Reilly는 비교 가능한 매장 매출 성장률이 2.0%에서 4.0% 사이일 것으로 예상하고, 총 수익은 174억에서 177억 달러, 신규 매장 200-210개를 개장할 계획입니다. 회사는 희석 기준 주당 순이익이 42.60에서 43.10 달러에 이를 것으로 기대하고 있습니다.
O'Reilly Automotive (ORLY) a annoncé des résultats solides pour le quatrième trimestre de 2024, avec une croissance des ventes dans les magasins comparables de 4,4 % et une croissance annuelle de 2,9 %. Les ventes du quatrième trimestre ont augmenté de 7 % pour atteindre 4,10 milliards de dollars, tandis que le bénéfice brut a augmenté de 7 % pour atteindre 2,10 milliards de dollars. Le revenu d'exploitation a augmenté de 3 % pour atteindre 739 millions de dollars, bien que le revenu net ait légèrement diminué à 551 millions de dollars.
Pour l'année complète 2024, les ventes ont augmenté de 6 % pour atteindre 16,71 milliards de dollars, avec un revenu net en hausse de 2 % à 2,39 milliards de dollars. L'entreprise a ouvert avec succès 198 nouveaux magasins nets et terminé le déménagement de son centre de distribution d'Atlanta. Les rachats d'actions ont totalisé 2,08 milliards de dollars pour 1,9 million d'actions en 2024.
En regardant vers 2025, O'Reilly prévoit une croissance des ventes dans les magasins comparables de 2,0 % à 4,0 %, un chiffre d'affaires total compris entre 17,4 et 17,7 milliards de dollars, et prévoit d'ouvrir entre 200 et 210 nouveaux magasins. L'entreprise s'attend à des bénéfices dilués par action de 42,60 à 43,10 dollars.
O'Reilly Automotive (ORLY) berichtete über starke Ergebnisse für das vierte Quartal 2024, mit einem Umsatzwachstum in vergleichbaren Geschäften von 4,4 % und einem jährlichen Wachstum von 2,9 %. Im vierten Quartal stiegen die Verkäufe um 7 % auf 4,10 Milliarden US-Dollar, während der Bruttogewinn um 7 % auf 2,10 Milliarden US-Dollar anstieg. Der Betriebsgewinn wuchs um 3 % auf 739 Millionen US-Dollar, obwohl der Nettogewinn leicht auf 551 Millionen US-Dollar zurückging.
Für das gesamte Jahr 2024 stiegen die Verkäufe um 6 % auf 16,71 Milliarden US-Dollar, während der Nettogewinn um 2 % auf 2,39 Milliarden US-Dollar anstieg. Das Unternehmen eröffnete erfolgreich 198 netto neue Geschäfte und vollendete den Umzug seines Vertriebszentrums in Atlanta. Die Aktienrückkäufe beliefen sich im Jahr 2024 auf insgesamt 2,08 Milliarden US-Dollar für 1,9 Millionen Aktien.
Für 2025 erwartet O'Reilly ein Wachstum des Umsatzes in vergleichbaren Geschäften von 2,0 % bis 4,0 %, einen Gesamtumsatz von 17,4 bis 17,7 Milliarden US-Dollar und plant die Eröffnung von 200 bis 210 neuen Geschäften. Das Unternehmen rechnet mit einem verwässerten Gewinn pro Aktie von 42,60 bis 43,10 US-Dollar.
- Q4 comparable store sales growth of 4.4%, exceeding previous year's 3.4%
- Full-year revenue increased 6% to $16.71 billion
- Successful expansion with 198 new stores opened in 2024
- Strong share repurchase program with $2.08 billion invested in 2024
- 32nd consecutive year of comparable store sales growth
- Q4 net income decreased to $551 million from $553 million year-over-year
- Operating margin declined to 18.0% in Q4 from 18.8% previous year
- SG&A expenses increased 9% in Q4, including $35 million charge for insurance liabilities
- Full-year operating margin decreased to 19.5% from 20.2% year-over-year
Insights
O'Reilly's Q4 2024 results demonstrate the company's resilient business model despite challenging market conditions. The 4.4% comparable store sales growth in Q4 significantly outpaced the full-year's 2.9%, indicating accelerating momentum in the core business. However, beneath the headline numbers lies a more nuanced story.
The 80 basis point decline in Q4 operating margin (18.0% vs 18.8%) reflects increasing cost pressures, particularly in SG&A, which rose to 33.3% of sales from 32.6%. The
Capital allocation remains shareholder-friendly, with $2.08 billion deployed in share repurchases at an average price of
The 2025 guidance of 2-4% comparable sales growth and projected operating margins of 19.2-19.7% suggests management expects cost pressures to persist but remains confident in their ability to maintain pricing power and market share gains. The planned expansion of 200-210 new stores in 2025 indicates continued opportunities in their core markets.
The automotive aftermarket sector's defensive characteristics, combined with O'Reilly's dual DIY/professional customer base and extensive distribution network, position the company well for sustained growth despite economic uncertainties. The successful completion of the Atlanta distribution center relocation enhances operational capabilities in a key market.
O'Reilly's strategic execution in 2024 reveals a carefully calibrated approach to market expansion and operational enhancement. The addition of 198 net new stores demonstrates disciplined growth, while the modernization of the Atlanta distribution center strengthens the company's competitive moat in a important southeastern market.
The sustained growth in both professional and DIY segments underscores O'Reilly's successful dual-market strategy. This balanced approach provides natural hedging against market cycles, as DIY demand typically increases during economic downturns while professional services remain steady in stronger economies.
The planned $1.2-1.3 billion capital expenditure for 2025 indicates significant investment in infrastructure and expansion, suggesting confidence in future market opportunities. The projected $2.8-3.2 billion operating cash flow guidance for 2025 provides ample coverage for these investments while maintaining financial flexibility.
Market penetration metrics remain strong, with the company now operating 6,378 stores across 48 U.S. states, Puerto Rico, Mexico and Canada. The international expansion, particularly in Mexico and Canada, represents a growing opportunity for market share gains in less saturated markets.
The company's ability to maintain 51.3% gross margins in Q4 demonstrates strong pricing power and inventory management despite inflationary pressures, suggesting effective market positioning and robust supplier relationships.
- Fourth quarter comparable store sales growth of
4.4% , full-year increase of2.9% $3.0 billion net cash provided by operating activities in 2024
SPRINGFIELD, Mo., Feb. 05, 2025 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue for its fourth quarter and full-year ended December 31, 2024. The results represent 32 consecutive years of comparable store sales growth and record revenue and operating income for O’Reilly since becoming a public company in April of 1993.
4th Quarter Financial Results
Brad Beckham, O’Reilly’s CEO, commented, “We are pleased to report a strong finish to 2024 in the fourth quarter, highlighted by
Sales for the fourth quarter ended December 31, 2024, increased
SG&A expenses for the fourth quarter included a charge of
Net income for the fourth quarter ended December 31, 2024, decreased
Full-Year Financial Results
Mr. Beckham continued, “Our strong performance in the fourth quarter lifted our full-year comparable store sales growth to
Sales for the year ended December 31, 2024, increased
Net income for the year ended December 31, 2024, increased
4th Quarter and Full-Year Comparable Store Sales Results
Comparable store sales are calculated based on the change in sales for U.S. stores open at least one year and exclude sales of specialty machinery, sales to independent parts stores, and sales to Team Members, as well as sales from Leap Day for the year ended December 31, 2024. Online sales for ship-to-home orders and pick-up-in-store orders for U.S. stores open at least one year are included in the comparable store sales calculation. Comparable store sales increased
Share Repurchase Program
During the fourth quarter ended December 31, 2024, the Company repurchased 0.4 million shares of its common stock, at an average price per share of
Full-Year 2025 Guidance
The table below outlines the Company’s guidance for selected full-year 2025 financial data:
| For the Year Ending | |||
| December 31, 2025 | |||
| Net, new store openings | 200 to 210 | ||
| Comparable store sales | |||
| Total revenue | |||
| Gross profit as a percentage of sales | |||
| Operating income as a percentage of sales | |||
| Effective income tax rate | |||
| Diluted earnings per share (1) | |||
| Net cash provided by operating activities | |||
| Capital expenditures | |||
| Free cash flow (2) | |||
| (1) Weighted-average shares outstanding, assuming dilution, used in the denominator of this calculation, includes share repurchases made by the Company through the date of this release. | |||
| (2) Free cash flow is a non-GAAP financial measure. The table below reconciles Free cash flow guidance to Net cash provided by operating activities guidance, the most directly comparable GAAP financial measure: | |||
| For the Year Ending | |||||||||
| (in millions) | December 31, 2025 | ||||||||
| Net cash provided by operating activities | $ | 2,810 | to | $ | 3,220 | ||||
| Less: | Capital expenditures | 1,200 | to | 1,300 | |||||
| Excess tax benefit from share-based compensation payments | 10 | to | 20 | ||||||
| Free cash flow | $ | 1,600 | to | $ | 1,900 | ||||
Non-GAAP Information
This release contains certain financial information not derived in accordance with United States generally accepted accounting principles (“GAAP”). These items include adjusted debt to earnings before interest, taxes, depreciation, amortization, share-based compensation, and rent (“EBITDAR”) and free cash flow. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information. The Company believes that the presentation of adjusted debt to EBITDAR and free cash flow provide meaningful supplemental information to both management and investors that is indicative of the Company’s core operations. The Company has included a reconciliation of this additional information to the most comparable GAAP measure in the table above and the selected financial information below.
Earnings Conference Call Information
The Company will host a conference call on Thursday, February 06, 2025, at 10:00 a.m. Central Time to discuss its results as well as future expectations. Investors may listen to the conference call live on the Company’s website at www.OReillyAuto.com by clicking on “Investor Relations” and then “News Room.” Interested analysts are invited to join the call. The dial-in number for the call is (888) 506-0062 and the conference call identification number is 186296. A replay of the conference call will be available on the Company’s website through Thursday, February 05, 2026.
About O’Reilly Automotive, Inc.
O’Reilly Automotive, Inc. was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider markets. Visit the Company’s website at www.OReillyAuto.com for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities, and other programs. As of December 31, 2024, the Company operated 6,378 stores across 48 U.S. states, Puerto Rico, Mexico, and Canada.
Forward-Looking Statements
The Company claims the protection of the safe-harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as “estimate,” “may,” “could,” “will,” “believe,” “expect,” “would,” “consider,” “should,” “anticipate,” “project,” “plan,” “intend,” “guidance,” “target,” or similar words. In addition, statements contained within this press release that are not historical facts are forward-looking statements, such as statements discussing, among other things, expected growth, store development, integration and expansion strategy, business strategies, future revenues, and future performance. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events and results. Such statements are subject to risks, uncertainties, and assumptions, including, but not limited to, the economy in general; inflation; consumer debt levels; product demand; a public health crisis; the market for auto parts; competition; weather; tariffs; availability of key products and supply chain disruptions; business interruptions, including terrorist activities, war and the threat of war; failure to protect our brand and reputation; challenges in international markets; volatility of the market price of our common stock; our increased debt levels; credit ratings on public debt; damage, failure, or interruption of information technology systems, including information security and cyber-attacks; historical growth rate sustainability; our ability to hire and retain qualified employees; risks associated with the performance of acquired businesses; and governmental regulations. Actual results may materially differ from anticipated results described or implied in these forward-looking statements. Please refer to the “Risk Factors” section of the annual report on Form 10-K for the year ended December 31, 2023, and subsequent Securities and Exchange Commission filings, for additional factors that could materially affect the Company’s financial performance. Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
| For further information contact: | Investor Relations Contacts |
| Leslie Skorick (417) 874-7142 | |
| Eric Bird (417) 868-4259 | |
| Media Contact | |
| Sonya Cox (417) 829-5709 | |
| O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| (Unaudited) | (Note) | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 130,245 | $ | 279,132 | |||
| Accounts receivable, net | 356,839 | 375,049 | |||||
| Amounts receivable from suppliers | 139,091 | 140,443 | |||||
| Inventory | 5,095,804 | 4,658,367 | |||||
| Other current assets | 117,916 | 105,311 | |||||
| Total current assets | 5,839,895 | 5,558,302 | |||||
| Property and equipment, at cost | 9,192,254 | 8,312,367 | |||||
| Less: accumulated depreciation and amortization | 3,587,098 | 3,275,387 | |||||
| Net property and equipment | 5,605,156 | 5,036,980 | |||||
| Operating lease, right-of-use assets | 2,324,638 | 2,200,554 | |||||
| Goodwill | 930,161 | 897,696 | |||||
| Other assets, net | 193,891 | 179,463 | |||||
| Total assets | $ | 14,893,741 | $ | 13,872,995 | |||
| Liabilities and shareholders’ deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,524,811 | $ | 6,091,700 | |||
| Self-insurance reserves | 149,387 | 128,548 | |||||
| Accrued payroll | 107,495 | 138,122 | |||||
| Accrued benefits and withholdings | 199,593 | 174,650 | |||||
| Income taxes payable | 6,274 | 7,860 | |||||
| Current portion of operating lease liabilities | 419,213 | 389,536 | |||||
| Other current liabilities | 876,732 | 730,937 | |||||
| Total current liabilities | 8,283,505 | 7,661,353 | |||||
| Long-term debt | 5,520,932 | 5,570,125 | |||||
| Operating lease liabilities, less current portion | 1,980,705 | 1,881,344 | |||||
| Deferred income taxes | 247,599 | 295,471 | |||||
| Other liabilities | 231,961 | 203,980 | |||||
| Shareholders’ equity (deficit): | |||||||
| Common stock, | |||||||
| Authorized shares – 245,000,000 | |||||||
| Issued and outstanding shares – | |||||||
| 57,482,184 as of December 31, 2024, and | |||||||
| 59,072,792 as of December 31, 2023 | 575 | 591 | |||||
| Additional paid-in capital | 1,462,565 | 1,352,275 | |||||
| Retained deficit | (2,791,288 | ) | (3,131,532 | ) | |||
| Accumulated other comprehensive (loss) income | (42,813 | ) | 39,388 | ||||
| Total shareholders’ deficit | (1,370,961 | ) | (1,739,278 | ) | |||
| Total liabilities and shareholders’ deficit | $ | 14,893,741 | $ | 13,872,995 | |||
| Note: The balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. | |||||||
| O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) | |||||||||||||||
| For the Three Months Ended | For the Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Note) | ||||||||||||
| Sales | $ | 4,095,601 | $ | 3,832,015 | $ | 16,708,479 | $ | 15,812,250 | |||||||
| Cost of goods sold, including warehouse and distribution expenses | 1,994,569 | 1,864,586 | 8,153,990 | 7,707,447 | |||||||||||
| Gross profit | 2,101,032 | 1,967,429 | 8,554,489 | 8,104,803 | |||||||||||
| Selling, general and administrative expenses | 1,362,382 | 1,248,693 | 5,303,332 | 4,918,427 | |||||||||||
| Operating income | 738,650 | 718,736 | 3,251,157 | 3,186,376 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest expense | (55,403 | ) | (56,148 | ) | (222,548 | ) | (201,668 | ) | |||||||
| Interest income | 2,056 | 1,980 | 7,295 | 4,900 | |||||||||||
| Other, net | (106 | ) | 6,963 | 9,160 | 15,142 | ||||||||||
| Total other expense | (53,453 | ) | (47,205 | ) | (206,093 | ) | (181,626 | ) | |||||||
| Income before income taxes | 685,197 | 671,531 | 3,045,064 | 3,004,750 | |||||||||||
| Provision for income taxes | 134,067 | 119,027 | 658,384 | 658,169 | |||||||||||
| Net income | $ | 551,130 | $ | 552,504 | $ | 2,386,680 | $ | 2,346,581 | |||||||
| Earnings per share-basic: | |||||||||||||||
| Earnings per share | $ | 9.56 | $ | 9.33 | $ | 40.91 | $ | 38.80 | |||||||
| Weighted-average common shares outstanding – basic | 57,673 | 59,200 | 58,339 | 60,475 | |||||||||||
| Earnings per share-assuming dilution: | |||||||||||||||
| Earnings per share | $ | 9.50 | $ | 9.26 | $ | 40.66 | $ | 38.47 | |||||||
| Weighted-average common shares outstanding – assuming dilution | 57,997 | 59,673 | 58,705 | 60,998 | |||||||||||
| Note: The income statement for the year ended December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. | |||||||||||||||
| O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||
| For the Year Ended | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| (Unaudited) | (Note) | ||||||
| Operating activities: | |||||||
| Net income | $ | 2,386,680 | $ | 2,346,581 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization of property, equipment and intangibles | 461,892 | 409,061 | |||||
| Amortization of debt discount and issuance costs | 6,613 | 4,954 | |||||
| Deferred income taxes | (50,238 | ) | 48,232 | ||||
| Share-based compensation programs | 28,931 | 27,511 | |||||
| Other | 6,360 | 2,116 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 30,495 | (35,539 | ) | ||||
| Inventory | (403,886 | ) | (288,323 | ) | |||
| Accounts payable | 421,364 | 207,061 | |||||
| Income taxes payable | (8,690 | ) | 33,889 | ||||
| Other | 170,055 | 278,541 | |||||
| Net cash provided by operating activities | 3,049,576 | 3,034,084 | |||||
| Investing activities: | |||||||
| Purchases of property and equipment | (1,023,387 | ) | (1,006,264 | ) | |||
| Proceeds from sale of property and equipment | 16,350 | 17,689 | |||||
| Return of (investment in) tax credit equity investments | 1,490 | (4,150 | ) | ||||
| Other, including acquisitions, net of cash acquired | (161,258 | ) | (3,211 | ) | |||
| Net cash used in investing activities | (1,166,805 | ) | (995,936 | ) | |||
| Financing activities: | |||||||
| Proceeds from borrowings on revolving credit facility | 30,000 | 3,227,000 | |||||
| Payments on revolving credit facility | (30,000 | ) | (3,227,000 | ) | |||
| Net (payments) proceeds of commercial paper | (547,604 | ) | 746,789 | ||||
| Proceeds from the issuance of long-term debt | 498,910 | 749,655 | |||||
| Principal payments on long-term debt | — | (300,000 | ) | ||||
| Payment of debt issuance costs | (4,076 | ) | (4,989 | ) | |||
| Payment of excise tax on share repurchases | (28,830 | ) | — | ||||
| Repurchases of common stock | (2,076,529 | ) | (3,151,155 | ) | |||
| Net proceeds from issuance of common stock | 128,981 | 91,316 | |||||
| Other | (569 | ) | (354 | ) | |||
| Net cash used in financing activities | (2,029,717 | ) | (1,868,738 | ) | |||
| Effect of exchange rate changes on cash | (1,941 | ) | 1,139 | ||||
| Net (decrease) increase in cash and cash equivalents | (148,887 | ) | 170,549 | ||||
| Cash and cash equivalents at beginning of the period | 279,132 | 108,583 | |||||
| Cash and cash equivalents at end of the period | $ | 130,245 | $ | 279,132 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Income taxes paid | $ | 640,426 | $ | 315,060 | |||
| Interest paid, net of capitalized interest | 209,094 | 189,611 | |||||
| Note: The cash flow statement for the year ended December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. | |||||||
| O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES SELECTED FINANCIAL INFORMATION (Unaudited) | |||||||
| For the Year Ended | |||||||
| December 31, | |||||||
| Adjusted Debt to EBITDAR: | 2024 | 2023 | |||||
| (In thousands, except adjusted debt to EBITDAR ratio) | |||||||
| GAAP debt | $ | 5,520,932 | $ | 5,570,125 | |||
| Add: | Letters of credit | 127,310 | 112,163 | ||||
| Unamortized discount and debt issuance costs | 29,068 | 30,775 | |||||
| Six-times rent expense | 2,715,174 | 2,548,890 | |||||
| Adjusted debt | $ | 8,392,484 | $ | 8,261,953 | |||
| GAAP net income | $ | 2,386,680 | $ | 2,346,581 | |||
| Add: | Interest expense | 222,548 | 201,668 | ||||
| Provision for income taxes | 658,384 | 658,169 | |||||
| Depreciation and amortization | 461,892 | 409,061 | |||||
| Share-based compensation expense | 28,931 | 27,511 | |||||
| Rent expense (i) | 452,529 | 424,815 | |||||
| EBITDAR | $ | 4,210,964 | $ | 4,067,805 | |||
| Adjusted debt to EBITDAR | 1.99 | 2.03 | |||||
| (i) The table below outlines the calculation of Rent expense and reconciles Rent expense to Total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the year ended December 31, 2024 and 2023 (in thousands): | |||||||
| For the Year Ended | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| Total lease cost, per ASC 842 | $ | 543,495 | $ | 503,151 | |||
| Less: | Variable non-contract operating lease components, related to property taxes and insurance | 90,966 | 78,336 | ||||
| Rent expense | $ | 452,529 | $ | 424,815 | |||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| Selected Balance Sheet Ratios: | |||||||
| Inventory turnover (1) | 1.7 | 1.7 | |||||
| Average inventory per store (in thousands) (2) | $ | 799 | $ | 757 | |||
| Accounts payable to inventory (3) | 128.0 | % | 130.8 | % | |||
| For the Three Months Ended | For the Year Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Reconciliation of Free Cash Flow (in thousands): | |||||||||||||||
| Net cash provided by operating activities | $ | 624,487 | $ | 516,429 | $ | 3,049,576 | $ | 3,034,084 | |||||||
| Less: | Capital expenditures | 290,471 | 252,306 | 1,023,387 | 1,006,264 | ||||||||||
| Excess tax benefit from share-based compensation payments | 4,827 | 8,098 | 39,871 | 35,950 | |||||||||||
| (Return of) investment in tax credit equity investments | (1,490 | ) | — | (1,490 | ) | 4,150 | |||||||||
| Free cash flow | $ | 330,679 | $ | 256,025 | $ | 1,987,808 | $ | 1,987,720 | |||||||
| For the Three Months Ended | For the Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue Disaggregation (in thousands): | ||||||||||||
| Sales to do-it-yourself customers | $ | 2,092,414 | $ | 1,993,233 | $ | 8,459,084 | $ | 8,248,213 | ||||
| Sales to professional service provider customers | 1,894,666 | 1,765,535 | 7,796,486 | 7,245,747 | ||||||||
| Other sales, sales adjustments, and sales from the acquired Vast Auto stores | 108,521 | 73,247 | 452,909 | 318,290 | ||||||||
| Total sales | $ | 4,095,601 | $ | 3,832,015 | $ | 16,708,479 | $ | 15,812,250 | ||||
| For the Three Months Ended | For the Year Ended | ||||||||
| December 31, | December 31, | ||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||
| Store Count: | |||||||||
| Beginning domestic store count | 6,187 | 6,063 | 6,095 | 5,929 | |||||
| New stores opened | 78 | 33 | 170 | 169 | |||||
| Stores closed | — | (1 | ) | — | (3 | ) | |||
| Ending domestic store count | 6,265 | 6,095 | 6,265 | 6,095 | |||||
| Beginning Mexico store count | 78 | 48 | 62 | 42 | |||||
| New stores opened | 9 | 14 | 25 | 20 | |||||
| Ending Mexico store count | 87 | 62 | 87 | 62 | |||||
| Beginning Canada store count | 26 | — | — | — | |||||
| Stores acquired | — | — | 23 | — | |||||
| New stores opened | — | — | 3 | — | |||||
| Ending Canada store count | 26 | — | 26 | — | |||||
| Total ending store count | 6,378 | 6,157 | 6,378 | 6,157 | |||||
| For the Three Months Ended | For the Year Ended | ||||||||||
| December 31, | December 31, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Store and Team Member Information: | |||||||||||
| Total employment | 93,176 | 90,189 | |||||||||
| Square footage (in thousands) (4) | 48,809 | 46,681 | |||||||||
| Sales per weighted-average square foot (4)(5) | $ | 82.70 | $ | 81.06 | $ | 342.32 | $ | 340.23 | |||
| Sales per weighted-average store (in thousands) (4)(6) | $ | 642 | $ | 619 | $ | 2,642 | $ | 2,578 | |||
| (1) Calculated as cost of goods sold for the last 12 months divided by average inventory. Average inventory is calculated as the average of inventory for the trailing four quarters used in determining the denominator. | |||||||||||
| (2) Calculated as inventory divided by store count at the end of the reported period. | |||||||||||
| (3) Calculated as accounts payable divided by inventory. | |||||||||||
| (4) Represents O’Reilly’s U.S. and Puerto Rico operations only. | |||||||||||
| (5) Calculated as sales less jobber sales, divided by weighted-average square footage. Weighted-average square footage is determined by weighting store square footage based on the approximate dates of store openings, acquisitions, expansions, or closures. | |||||||||||
| (6) Calculated as sales less jobber sales, divided by weighted-average stores. Weighted-average stores is determined by weighting stores based on their approximate dates of openings, acquisitions, or closures. | |||||||||||
FAQ
What was O'Reilly Automotive's (ORLY) comparable store sales growth in Q4 2024?
How many new stores did ORLY open in 2024?
What is ORLY's revenue guidance for 2025?
How much did ORLY spend on share repurchases in 2024?
What are ORLY's comparable store sales growth projections for 2025?
