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O’Reilly Automotive, Inc. Reports Fourth Quarter and Full-Year 2024 Results

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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)� 2024� 4분기 강력� 실적� 보고했으�, 비교 가능한 매장 매출� 4.4% 증가하고 연간 성장률이 2.9%� 달했습니�. 4분기 매출은 7% 증가하여 41� 달러� 이르렀�, � 이익은 7% 증가하여 21� 달러� 달했습니�. 운영 수익은 3% 증가하여 7� 3900� 달러� 이르렀지�, 순이익은 약간 감소하여 5� 5100� 달러가 되었습니�.

2024� 전체적으� 매출은 6% 증가� 167� 1000� 달러� 달하�, 순이익은 2% 증가� 23� 9000� 달러� 이릅니다. 회사� 신규 매장 198개를 성공적으� 개장하고 애틀랜타 물류 센터 이전� 완료했습니다. 주식 재매입은 2024� 190� 주에 대� 20� 8000� 달러� 달했습니�.

2025년을 바라보며 O'Reilly� 비교 가능한 매장 매출 성장률이 2.0%에서 4.0% 사이� 것으� 예상하고, � 수익은 174억에� 177� 달러, 신규 매장 200-210개를 개장� 계획입니�. 회사� 희석 기준 주당 순이익이 42.60에서 43.10 달러� 이를 것으� 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.

Positive
  • 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
Negative
  • 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 $35 million self-insurance reserve adjustment masks underlying operational efficiency, as excluding this one-time item would show more stable margins.

Capital allocation remains shareholder-friendly, with $2.08 billion deployed in share repurchases at an average price of $1,072.47. This aggressive buyback strategy, combined with the reduction in shares outstanding from 60M to 58M year-over-year, demonstrates management's confidence in the business model and commitment to returning capital to shareholders.

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 of 2.9%
  • $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 December31,2024. 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 4.4% growth in comparable store sales, driven by solid growth in both professional and DIY. Our Team is relentlessly focused on executing our industry-leading model at a high level, which we believe continues to generate market share gains on both sides of our business. I would like to take this opportunity to commend Team O’Reilly on their performance in the fourth quarter and thank each of you for your hard work and continued commitment to providing excellent customer service.�

Sales for the fourth quarter ended December31,2024, increased $264 million, or 7%, to $4.10 billion from $3.83 billion for the same period one year ago. Gross profit for the fourth quarter increased 7% to $2.10 billion (or 51.3% of sales) from $1.97 billion (or 51.3% of sales) for the same period one year ago. Selling, general and administrative expenses (“SG&A�) for the fourth quarter increased 9% to $1.36 billion (or 33.3% of sales) from $1.25 billion (or 32.6% of sales) for the same period one year ago. Operating income for the fourth quarter increased 3% to $739 million (or 18.0% of sales) from $719 million (or 18.8% of sales) for the same period one year ago.

SG&A expenses for the fourth quarter included a charge of $35 million to adjust reserves relating to our self-insurance liabilities for historic auto liability claims. The adjustment relates to claims that occurred prior to 2024 and reflects adverse claim development experience and revised assumptions used to estimate future liabilities for these claim years.

Net income for the fourth quarter ended December31,2024, decreased $1 million to $551 million (or 13.5% of sales) from $553 million (or 14.4% of sales) for the same period one year ago. Diluted earnings per common share for the fourth quarter increased 3% to $9.50 on 58 million shares versus $9.26 on 60 million shares for the same period one year ago. The self-insurance reserve adjustment, net of tax, impacted fourth quarter net income and diluted earnings per share by $27 million and $0.46, respectively.

Full-Year Financial Results

Mr. Beckham continued, “Our strong performance in the fourth quarter lifted our full-year comparable store sales growth to 2.9%, at the high end of our revised guidance range of 2% to 3%. While our 2024 results were below our expectations entering the year, we are pleased with our Team’s ability to deliver solid comparable store sales growthdespite tough market conditions. 2024 represents our 32nd consecutive year of annual comparable store sales growth and record earnings, and I want to congratulate Team O’Reilly on their consistent performance and unwavering commitment to our customers. Our Team also delivered a strong finish to our expansion efforts in 2024, meeting our new store opening target with the successful opening of 198 net, new stores and completing our planned distribution expansion with the relocation of our Atlanta, Georgia distribution center to a larger, modern facility in the fourth quarter.�

Sales for the year ended December31,2024, increased $896 million, or 6%, to $16.71 billion from $15.81 billion for the same period one year ago. Gross profit for the year ended December31,2024, increased 6% to $8.55 billion (or 51.2% of sales) from $8.10 billion (or 51.3% of sales) for the same period one year ago. SG&A for the year ended December31,2024, increased 8% to $5.30 billion (or 31.7% of sales) from $4.92 billion (or 31.1% of sales) for the same period one year ago. Operating income for the year ended December31,2024, increased 2% to $3.25 billion (or 19.5% of sales) from $3.19 billion (or 20.2% of sales) for the same period one year ago.

Net income for the year ended December31,2024, increased $40 million, or 2%, to $2.39 billion (or 14.3% of sales) from $2.35 billion (or 14.8% of sales) for the same period one year ago. Diluted earnings per common share for the year ended December31,2024, increased 6% to $40.66 on 59 million shares versus $38.47 on 61 million shares for the same period one year ago.

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 December31,2024. 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 4.4% for the fourth quarter ended December31,2024, on top of 3.4% for the same period one year ago. Comparable store sales increased 2.9% for the year ended December31,2024, on top of 7.9% for the same period one year ago.

Share Repurchase Program

During the fourth quarter ended December31,2024, the Company repurchased 0.4 million shares of its common stock, at an average price per share of $1,207.43, for a total investment of $472 million. During the year ended December 31, 2024, the Company repurchased 1.9 million shares of its common stock, at an average price per share of $1,072.47, for a total investment of $2.08 billion. Excise tax on shares repurchased, assessed at one percent of the fair market value of shares repurchased, was $20.8 million for the year ended December31,2024. Subsequent to the end of the fourth quarter and through the date of this release, the Company repurchased an additional 0.1 million shares of its common stock, at an average price per share of $1,232.37, for a total investment of $181 million. The Company has repurchased a total of 96.2 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through the date of this release, at an average price of $264.49, for a total aggregate investment of $25.44Dz. As of the date of this release, the Company had approximately $2.31 billion remaining under its current share repurchase authorizations.

Full-Year 2025 Guidance

The table below outlines the Company’s guidance for selected full-year 2025 financial data:

FortheYearEnding
December 31, 2025
Net, new store openings200 to 210
Comparable store sales2.0% to 4.0%
Total revenue$17.4 billion to $17.7 billion
Gross profit as apercentage of sales51.2% to 51.7%
Operating income as apercentage of sales19.2% to 19.7%
Effective income tax rate22.6%
Diluted earnings per share (1)$42.60 to $43.10
Net cash provided by operating activities$2.8 billion to $3.2 billion
Capital expenditures$1.2 billion to $1.3 billion
Free cash flow (2)$1.6 billion to $1.9 billion
(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:


FortheYearEnding
(in millions)December 31, 2025
Net cash provided by operating activities$2,810to$3,220
Less:Capital expenditures1,200to1,300
Excess tax benefit from share-based compensation payments10to20
Free cash flow$1,600to$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 December31,2024, 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 December31,2023, 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)
December31,2024December31,2023
(Unaudited)(Note)
Assets
Current assets:
Cash and cash equivalents$ 130,245$279,132
Accounts receivable, net 356,839375,049
Amounts receivable from suppliers 139,091140,443
Inventory 5,095,8044,658,367
Other current assets 117,916105,311
Total current assets 5,839,8955,558,302
Property and equipment, at cost 9,192,2548,312,367
Less: accumulated depreciation and amortization 3,587,0983,275,387
Net property and equipment 5,605,1565,036,980
Operating lease, right-of-use assets 2,324,6382,200,554
Goodwill 930,161897,696
Other assets, net 193,891179,463
Total assets$ 14,893,741$13,872,995
Liabilities and shareholders� deficit
Current liabilities:
Accounts payable$ 6,524,811$6,091,700
Self-insurance reserves 149,387128,548
Accrued payroll 107,495138,122
Accrued benefits and withholdings 199,593174,650
Income taxes payable 6,2747,860
Current portion of operating lease liabilities 419,213389,536
Other current liabilities 876,732730,937
Total current liabilities 8,283,5057,661,353
Long-term debt 5,520,9325,570,125
Operating lease liabilities, less current portion 1,980,7051,881,344
Deferred income taxes 247,599295,471
Other liabilities 231,961203,980
Shareholders� equity (deficit):
Common stock, $0.01 par value:
Authorized shares � 245,000,000
Issued and outstanding shares �
57,482,184 as of December31,2024, and
59,072,792 as of December31,2023 575591
Additional paid-in capital 1,462,5651,352,275
Retained deficit (2,791,288)(3,131,532)
Accumulated other comprehensive (loss) income (42,813)39,388
Total shareholders� deficit (1,370,961)(1,739,278)
Total liabilities and shareholders� deficit$ 14,893,741$13,872,995
Note: The balance sheet at December31,2023, 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)
Forthe Three Months Ended Forthe Year Ended
December31,December31,
2024202320242023
(Unaudited)(Unaudited)(Unaudited)(Note)
Sales$4,095,601$3,832,015$16,708,479$15,812,250
Cost of goods sold, including warehouse and distribution expenses1,994,5691,864,5868,153,9907,707,447
Gross profit2,101,0321,967,4298,554,4898,104,803
Selling, general and administrative expenses1,362,3821,248,6935,303,3324,918,427
Operating income738,650718,7363,251,1573,186,376
Other income (expense):
Interest expense(55,403)(56,148)(222,548)(201,668)
Interest income2,0561,9807,2954,900
Other, net (106)6,963 9,16015,142
Total other expense (53,453)(47,205) (206,093)(181,626)
Income before income taxes 685,197671,531 3,045,0643,004,750
Provision for income taxes 134,067119,027 658,384658,169
Net income$ 551,130$552,504$ 2,386,680$2,346,581
Earnings per share-basic:
Earnings per share$9.56$9.33$40.91$38.80
Weighted-average common shares outstanding � basic57,67359,20058,33960,475
Earnings per share-assuming dilution:
Earnings per share$ 9.50$9.26$ 40.66$38.47
Weighted-average common shares outstanding � assuming dilution 57,99759,673 58,70560,998
Note: The income statement for the year ended December31,2023, 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)
Forthe Year Ended
December31,
20242023
(Unaudited)(Note)
Operating activities:
Net income$ 2,386,680$2,346,581
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and intangibles 461,892409,061
Amortization of debt discount and issuance costs 6,6134,954
Deferred income taxes (50,238)48,232
Share-based compensation programs 28,93127,511
Other 6,3602,116
Changes in operating assets and liabilities:
Accounts receivable 30,495(35,539)
Inventory (403,886)(288,323)
Accounts payable 421,364207,061
Income taxes payable (8,690)33,889
Other 170,055278,541
Net cash provided by operating activities 3,049,5763,034,084
Investing activities:
Purchases of property and equipment (1,023,387)(1,006,264)
Proceeds from sale of property and equipment 16,35017,689
Return of (investment in) tax credit equity investments 1,490(4,150)
Other, including acquisitions, net of cash acquired (161,258)(3,211)
Net cash used in investing activities (1,166,805)(995,936)
Financing activities:
Proceeds from borrowings on revolving credit facility 30,0003,227,000
Payments on revolving credit facility (30,000)(3,227,000)
Net (payments) proceeds of commercial paper (547,604)746,789
Proceeds from the issuance of long-term debt 498,910749,655
Principal payments on long-term debt(300,000)
Payment of debt issuance costs (4,076)(4,989)
Payment of excise tax on share repurchases (28,830)
Repurchases of common stock (2,076,529)(3,151,155)
Net proceeds from issuance of common stock 128,98191,316
Other (569)(354)
Net cash used in financing activities (2,029,717)(1,868,738)
Effect of exchange rate changes on cash (1,941)1,139
Net (decrease) increase in cash and cash equivalents (148,887)170,549
Cash and cash equivalents at beginning of the period 279,132108,583
Cash and cash equivalents at end of the period$ 130,245$279,132
Supplemental disclosures of cash flow information:
Income taxes paid$ 640,426$315,060
Interest paid, net of capitalized interest 209,094189,611
Note: The cash flow statement for the year ended December31,2023, 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
December31,
Adjusted Debt to EBITDAR:20242023
(In thousands, except adjusted debt to EBITDAR ratio)
GAAP debt$ 5,520,932$5,570,125
Add:Letters of credit 127,310112,163
Unamortized discount and debt issuance costs 29,06830,775
Six-times rent expense 2,715,1742,548,890
Adjusted debt$ 8,392,484$8,261,953
GAAP net income$ 2,386,680$2,346,581
Add:Interest expense 222,548201,668
Provision for income taxes 658,384658,169
Depreciation and amortization 461,892409,061
Share-based compensation expense 28,93127,511
Rent expense (i) 452,529424,815
EBITDAR$ 4,210,964$4,067,805
Adjusted debt to EBITDAR 1.992.03
(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 December31,2024 and 2023 (in thousands):


For the Year Ended
December31,
20242023
Total lease cost, per ASC 842$543,495$503,151
Less:Variable non-contract operating lease components, related to property taxes and insurance90,96678,336
Rent expense$452,529$424,815


December31,
20242023
Selected Balance Sheet Ratios:
Inventory turnover (1) 1.71.7
Average inventory per store (in thousands) (2)$ 799$757
Accounts payable to inventory (3) 128.0%130.8%


Forthe Three Months Ended Forthe Year Ended
December31,December31,
2024202320242023
Reconciliation of Free Cash Flow (in thousands):
Net cash provided by operating activities$ 624,487$516,429$ 3,049,576$3,034,084
Less:Capital expenditures 290,471252,306 1,023,3871,006,264
Excess tax benefit from share-based compensation payments 4,8278,098 39,87135,950
(Return of) investment in tax credit equity investments (1,490) (1,490)4,150
Free cash flow$ 330,679$256,025$ 1,987,808$1,987,720


For the Three Months Ended For the Year Ended
December31,December31,
2024202320242023
Revenue Disaggregation (in thousands):
Sales to do-it-yourself customers$ 2,092,414$1,993,233$ 8,459,084$8,248,213
Sales to professional service provider customers 1,894,6661,765,535 7,796,4867,245,747
Other sales, sales adjustments, and sales from the acquired Vast Auto stores 108,52173,247 452,909318,290
Total sales$ 4,095,601$3,832,015$ 16,708,479$15,812,250


Forthe Three Months Ended Forthe Year Ended
December31,December31,
2024202320242023
Store Count:
Beginning domestic store count 6,1876,063 6,0955,929
New stores opened 7833 170169
Stores closed(1)(3)
Ending domestic store count 6,2656,095 6,2656,095
Beginning Mexico store count 7848 6242
New stores opened 914 2520
Ending Mexico store count 8762 8762
Beginning Canada store count 26
Stores acquired 23
New stores opened 3
Ending Canada store count 26 26
Total ending store count 6,3786,157 6,3786,157


Forthe Three Months Ended FortheYear Ended
December31,December31,
2024202320242023
Store and Team Member Information:
Total employment 93,17690,189
Square footage (in thousands) (4) 48,80946,681
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?

O'Reilly Automotive reported a 4.4% comparable store sales growth in Q4 2024, compared to 3.4% in the same period last year.

How many new stores did ORLY open in 2024?

O'Reilly Automotive opened 198 net new stores in 2024, meeting their new store opening target.

What is ORLY's revenue guidance for 2025?

O'Reilly Automotive projects total revenue between $17.4 billion to $17.7 billion for 2025.

How much did ORLY spend on share repurchases in 2024?

O'Reilly Automotive spent $2.08 billion on share repurchases in 2024, buying back 1.9 million shares at an average price of $1,072.47 per share.

What are ORLY's comparable store sales growth projections for 2025?

O'Reilly Automotive expects comparable store sales growth of 2.0% to 4.0% for 2025.
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Specialty Retail
Retail-auto & Home Supply Stores
United States
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