Short answer
O’Reilly Automotive (ORLY) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $17.8B (+6.4% year over year) and net income of $2.5B.
- Top risk flagged: Tariffs and trade policy changes threatening supply chain costs, with manufacturing concentration in foreign countries and potential import limitations on sourced products
FY2025 key financial metrics · XBRL
- Revenue
- $17.8B
- +6.4% YoY
- Net income
- $2.5B
- +6.3% YoY
- Operating margin
- 19.5%
- +0.0 pp YoY
- Gross margin
- 51.6%
- +0.4 pp YoY
- EPS (diluted)
- $2.97
- −92.7% YoY
- ROE
- -332.5%
- −158.4 pp YoY
- Operating cash flow
- $2.8B
- −9.4% YoY
Source: XBRL data from the O’Reilly Automotive (ORLY) FY2025 10-K on SEC EDGAR. USD.
O’Reilly Automotive FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- North America specialty auto parts retailer serving both DIY and professional service provider customers via dual market strategy; 50/50 revenue split between segments in 2025
- 15-for-1 forward stock split completed June 10, 2025: unusually large split ratio reflecting elevated per-share price
- Aggressive international expansion: Mexico stores grew to 112 (up from ~89), representing 12.1% of 2025 net new store growth; Canada at 26 stores
- Opened 207 net new stores in 2025; plans 225-235 in 2026; total network reached 6,585 stores across 48 U.S. states, Puerto Rico, Mexico, and Canada
- Full-time workforce mix rose to 84% of total Team Members (vs 65% in 2020), reflecting deliberate shift toward technically proficient permanent staff; total headcount 92,923
Management Discussion & Analysis
- Revenue $17.78B, up $1.07B (+6%) YoY; comparable store sales +4.7% vs +2.9% in 2024
- Gross margin 51.6% vs 51.2%; operating margin flat at 19.5% vs 19.5%; net margin flat at 14.3% vs 14.3%
- Operating cash flow $2.76B vs $3.05B; capex $1.17B vs $1.02B; free cash flow $1.56B vs $1.99B
- 207 net new stores opened in 2025; guidance for 225–235 net new stores in 2026 at $3.2M–$3.5M avg cost per owned location
- Key risks: rising self-insurance reserves (+$175M YoY), tariff-driven cost inflation, DIY transaction count pressure from weakening discretionary spend
Risk Factors
- Tariffs and trade policy changes threatening supply chain costs, with manufacturing concentration in foreign countries and potential import limitations on sourced products
- OEM restrictions on telematics, diagnostic tools, and repair information risk diverting customers to dealerships, reducing aftermarket demand
- Unsecured debt structure (revolving credit, commercial paper, senior notes) with covenant restrictions and SOFR-linked interest rate exposure
- Online competitors with lower cost structures creating pricing pressure against O'Reilly's high-cost in-store and distribution network model
- Key-person dependency flagged explicitly: unexpected loss of senior executives cited as material risk to business operations and cash flows
Generated from the filing text; verify against the original. How to read a 10-K
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