O'Reilly Automotive

ORLY · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

ORLY · Last close · October 26, 2026

$91.05

O'Reilly Automotive's revenue rose 6.4% to $17.8 billion in fiscal 2025. Its operating margin was 19.5%, about the same as 19.5% a year earlier. Free cash flow was $1.6 billion, down 21.4%. It paid out $2.1 billion in dividends and buybacks, 132% of free cash flow. The diluted share count fell 2.8%.

O REILLY AUTOMOTIVE INC Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0000898173-26-000009 Updated October 10, 2026

Revenue

$17.8B

6.4%

Operating margin

19.5%

0.0 pts

Net income

$2.5B

6.3%

Free cash flow

$1.6B

21.4%

Return on capital

59.7%

7.6 pts

Market cap

$75.5B

Oct 26 close

P/E

28.9x

On $3.15 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (15-for-1), so every year is on today's share basis.

What O'Reilly Automotive does

O'Reilly Automotive sells replacement auto parts, tools, supplies, equipment and accessories in North America. It sells to do-it-yourself customers and to professional service providers, which it calls its dual market strategy. It was founded in 1957 and began with one store in Springfield, Missouri.

At the end of 2025 it ran 6,447 stores in 48 U.S. states and Puerto Rico, 112 stores in Mexico and 26 in Canada. Its stores carry new and remanufactured hard parts and maintenance items, such as batteries, brake parts, filters, oil and wiper blades, plus accessories such as floor mats and seat covers.

Stores also offer services such as battery diagnostic testing, battery, wiper and bulb replacement, check engine code reading, a loaner tool program, and recycling of used oil, oil filters and batteries. In June 2025 the company split its stock 15 for 1.

Its biggest risks, as it describes them

Weak economic conditions that cut demand and customers' access to credit.
Heavy competition in the automotive aftermarket.
Changes in its relationships with key suppliers, or limited supply of key products.
Interruptions at its distribution centers and other facilities.
Growth objectives it may fail to achieve, and risks from its international operations.

From O'Reilly Automotive's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 17.1% a year and net income 10.4% a year, as buybacks cut the share count by 41%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value O'Reilly Automotive yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from O'Reilly Automotive's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from O'Reilly Automotive's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 2.3 times depreciation, which holds its free cash flow down) of $2.3B, net cash of −$5.8B at December 31, 2025 and 856 million diluted shares, from its filings. The scenarios are fitted to O'Reilly Automotive: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.3% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Automotive Retail); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to O'Reilly Automotive's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 7.5% then 5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 11% then 7% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $91.05
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from O'Reilly Automotive's earnings per share of $3.15 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of O'Reilly Automotive's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Asbury Automotive Group, Murphy USA, AutoZone.

Earnings growth in the years ahead (% a year) Starts at O'Reilly Automotive's revenue growth over the last 3 years, 7.3% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $91.05
Value at this multiple, against the last close: —
O'Reilly Automotive's P/E at the last close: 28.9×

Company	Last close	Earnings per share	P/E today
O'Reilly AutomotiveORLY	$91.05	$3.15	28.9×
AutoZoneAZO	$3,190.07	$152.55	20.9×
Murphy USAMUSA	$539.14	$32.77	16.5×
Asbury Automotive GroupABG	$172.96	$26.78	6.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	362	109	279	130	194
Debt incl. finance leases	3,827	4,372	5,570	5,521	6,017
Net debt (negative means net cash)	3,465	4,263	5,291	5,391	5,823
Net debt to EBITDA	1.1x	1.3x	1.5x	1.4x	1.5x
Debt to equity	—	—	—	—	—
Interest coverage	20.1x	18.7x	15.8x	14.6x	14.7x
Current ratio	0.8x	0.7x	0.7x	0.7x	0.8x
Quick ratio	0.1x	0.1x	0.1x	0.1x	0.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought O'Reilly Automotive shares on the open market, and 8 insiders sold $11.7 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 28, 2026	Thomas HendricksonDirector	Sold	1,000	$87.83	$87,830	Form 4
Aug 12, 2026	Christopher Andrew ManciniSVP of Prof Sales & Store Ops	Sold	3,000	$93.00	$279,000	Form 4
Aug 12, 2026	Maria SastreDirector	Sold	2,000	$91.85	$183,700	Form 4
May 29, 2026	Thomas HendricksonDirector	Sold	1,200	$88.32	$105,984	Form 4
May 20, 2026	Robert Allen DumasSVP of Eastern Store Ops/sales	Sold	84,600	$92.60	$7.8 million	Form 4
May 18, 2026	John Raymond MurphyDirector	Sold	2,595	$88.67	$230,099	Form 4
May 8, 2026	Brad W BeckhamCEO	Sold	13,635	$95.00	$1.3 million	Form 4
May 7, 2026	Philip M HopperSVP of Real Estate & Expansion	Sold	3,700	$94.60	$350,020	Form 4
Feb 27, 2026	Maria SastreDirector	Sold	1,000	$92.68	$92,680	Form 4
Nov 26, 2025	Philip M HopperSVP of Real Estate & Expansion	Sold	3,500	$101.25	$354,375	Form 4
Nov 26, 2025	Christopher Andrew ManciniSVP of Store Operations	Sold	2,355	$101.31	$238,585	Form 4
Nov 18, 2025	Jeremy Adam FletcherEVP & CFO	Sold	3,795	$100.00	$379,500	Form 4

The latest 12 of 13 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 9	5 of 9	7 of 9
Accruals ratio	−5.2%	−4.6%	−1.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put O'Reilly Automotive side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
O'Reilly Automotive	FY25	6.4%	19.5%	9.0%	59.7%	1.5x	7
Asbury Automotive Group	FY25	4.7%	4.8%	—	9.2%	3.7x	6	Compare
Murphy USA	FY25	−4.2%	3.7%	1.9%	20.5%	2.2x	5	Compare
Carvana	FY25	48.6%	9.3%	4.4%	24.6%	—	6	Compare
AutoZone	FY26	7.4%	18.3%	8.9%	48.4%	2.1x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	8,593	8,978	9,536	10,150	11,604	13,328	14,410	15,812	16,708	17,782
Revenue growth	7.9%	4.5%	6.2%	6.4%	14.3%	14.8%	8.1%	9.7%	5.7%	6.4%
Gross profit	4,509	4,721	5,040	5,395	6,086	7,020	7,382	8,105	8,554	9,174
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	1,699	1,725	1,815	1,921	2,419	2,917	2,954	3,186	3,251	3,461
Net income	1,038	1,134	1,324	1,391	1,752	2,165	2,173	2,347	2,387	2,538
Diluted EPS (US$)	0.72	0.84	1.07	1.19	1.57	2.07	2.23	2.56	2.71	2.97
Diluted shares (millions)	1,451	1,342	1,234	1,167	1,117	1,044	974	915	881	856
Cash flow
Cash from operations	1,511	1,404	1,728	1,708	2,837	3,207	3,148	3,034	3,050	2,762
Capital expenditure	476	466	504	628	466	443	563	1,006	1,023	1,169
Free cash flow	1,034	938	1,223	1,080	2,371	2,764	2,585	2,028	2,026	1,593
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	1,505	2,172	1,714	1,433	2,087	2,476	3,282	3,151	2,076	2,097
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	19	19	20	22	23	25	26	28	29	35
Balance sheet at fiscal year end
Cash and short-term investments	147	46	31	40	466	362	109	279	130	194
Debt incl. finance leases	1,900	2,978	3,417	3,890	4,123	3,827	4,372	5,570	5,521	6,017
Total assets	7,204	7,572	7,981	10,717	11,597	11,719	12,628	13,873	14,894	16,538
Total liabilities	5,577	6,919	7,627	10,320	11,456	11,785	13,689	15,612	16,265	17,302
Shareholders' equity	1,627	653	354	397	140	−66	−1,061	−1,739	−1,371	−763
Margins and ratios
Gross margin	52.5%	52.6%	52.9%	53.1%	52.4%	52.7%	51.2%	51.3%	51.2%	51.6%
Operating margin	19.8%	19.2%	19.0%	18.9%	20.9%	21.9%	20.5%	20.1%	19.5%	19.5%
Net margin	12.1%	12.6%	13.9%	13.7%	15.1%	16.2%	15.1%	14.8%	14.3%	14.3%
Free cash flow margin	12.0%	10.4%	12.8%	10.6%	20.4%	20.7%	17.9%	12.8%	12.1%	9.0%
Return on capital	32.5%	34.3%	38.8%	37.4%	46.5%	63.1%	69.5%	73.7%	67.3%	59.7%
Return on equity	57.8%	99.5%	263.1%	—	—	—	—	—	—	—
Return on assets	14.9%	15.3%	17.0%	14.9%	15.7%	18.6%	17.9%	17.7%	16.6%	16.1%
Net debt to EBITDA	0.9x	1.5x	1.6x	1.8x	1.3x	1.1x	1.3x	1.5x	1.4x	1.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: O'Reilly Automotive's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with O'Reilly Automotive.