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O鈥橰eilly Automotive, Inc. Reports Fourth Quarter and Full-Year 2024 Results

• 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鈥橰eilly Automotive, Inc. (the 鈥淐ompany鈥� or 鈥淥鈥橰eilly鈥�) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue for its fourth quarter and full-year ended December听31,听2024. The results represent 32 consecutive years of comparable store sales growth and record revenue and operating income for O鈥橰eilly since becoming a public company in April of 1993.

4^th Quarter Financial Results

Brad Beckham, O鈥橰eilly鈥檚 CEO, commented, 鈥淲e 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鈥橰eilly on their performance in the fourth quarter and thank each of you for your hard work and continued commitment to providing excellent customer service.鈥�

Sales for the fourth quarter ended December听31,听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 (鈥淪G&A鈥�) 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 December听31,听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, 鈥淥ur 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鈥檚 ability to deliver solid comparable store sales growth听despite 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鈥橰eilly 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.鈥�

Sales for the year ended December听31,听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 December听31,听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 December听31,听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 December听31,听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 December听31,听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 December听31,听2024, increased 6% to $40.66 on 59 million shares versus $38.47 on 61 million shares for the same period one year ago.

4^th 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听31,听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 December听31,听2024, on top of 3.4% for the same period one year ago. Comparable store sales increased 2.9% for the year ended December听31,听2024, on top of 7.9% for the same period one year ago.

Share Repurchase Program

During the fourth quarter ended December听31,听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 December听31,听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 $25.44听产颈濒濒颈辞苍. 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鈥檚 guidance for selected full-year 2025 financial data:

Non-GAAP Information

This release contains certain financial information not derived in accordance with United States generally accepted accounting principles (鈥淕AAP鈥�). These items include adjusted debt to earnings before interest, taxes, depreciation, amortization, share-based compensation, and rent (鈥淓BITDAR鈥�) 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鈥檚 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鈥檚 website at www.OReillyAuto.com by clicking on 鈥淚nvestor Relations鈥� and then 鈥淣ews Room.鈥� 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鈥檚 website through Thursday, February 05, 2026.

About O鈥橰eilly Automotive, Inc.

O鈥橰eilly Automotive, Inc. was founded in 1957 by the O鈥橰eilly 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鈥檚 website at www.OReillyAuto.com for additional information about O鈥橰eilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities, and other programs. As of December听31,听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 鈥渆stimate,鈥� 鈥渕ay,鈥� 鈥渃ould,鈥� 鈥渨ill,鈥� 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渨ould,鈥� 鈥渃onsider,鈥� 鈥渟hould,鈥� 鈥渁nticipate,鈥� 鈥減roject,鈥� 鈥減lan,鈥� 鈥渋ntend,鈥� 鈥済uidance,鈥� 鈥渢arget,鈥� 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 鈥淩isk Factors鈥� section of the annual report on Form 10-K for the year ended December听31,听2023, and subsequent Securities and Exchange Commission filings, for additional factors that could materially affect the Company鈥檚 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.

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