On this page of StockholderLetter.com we present the latest annual shareholder letter from O REILLY AUTOMOTIVE INC — ticker symbol ORLY. Reading current and past ORLY letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
$13,328 $14,410 $15,812 $16,708 $17,782 $2.07 $2.23 $2.56 $2.71 $2.97 67.7% 71.6% 76.3% 67.7% 60.0% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 SALES DILUTED EARNINGS per SHARE (in millions) RETURN on INVESTED CAPITAL FINANCIAL HIGHLIGHTS In thousands, except earnings per share and ratio data and store count YEAR ENDED DECEMBER 31, 2025 2024 2023 2022 2021 Store Count 6,585 6,378 6,157 5,971 5,784 Percentage Increase in Comparable Store Sales 4.7% Sales 17,781,992 2.9% 16,708,479 7.9% 6.4% 15,812,250 $ 14,409,860 13.3% 13,327,563 Operating Income 3,460,612 3,251,157 3,186,376 2,954,491 2,917,168 Net Income 2,538,209 2,386,680 2,346,581 2,172,650 2,164,685 123.9% 128.0% 130.8% 134.9% 127.4% Total Assets 16,538,253 14,893,741 13,872,995 12,627,979 11,718,707 Total Debt 6,016,904 5,520,932 5,570,125 4,371,653 3,826,978 Free Cash Flow 1,563,250 1,987,808 1,987,720 2,371,123 2,548,922 Share Repurchases 2,096,840 2,076,510 3,151,120 3,282,215 2,476,003 Accounts Payable to Inventory Earnings Per Share (assuming dilution) 2.97 855,919 Weighted-Average Common Shares Outstanding (assuming dilution) 2.71 2.56 880,572 914,976 2.23 974,436 2.07 1,044,170 COMPARISON OF TEN-YEAR CUMULATIVE RETURN This graph shows the cumulative total shareholder return assuming the investment of $100 on December 31, 2015, and the reinvestment of dividends thereafter, if any, in the common stock of O Reilly Automotive, Inc., the Standard and Poor s S&P 500 Retail Index and the Standard and Poor s S&P 500 Index. $100 2015 $110 $95 $136 2016 2017 2018 $17 3 2019 $179 2020 $279 $333 2021 2022 O Reilly Automotive, Inc. $ 375 $468 2023 S&P 500 Retail Index 2024 $540 2025 S&P 500 Index Our commitment to our customers and our team members: We are enthusiastic, hardworking professionals who are dedicated to teamwork, safety/wellness, and excellent customer service. We will practice expense control while setting an example of respect, honesty, and a win-win attitude in everything we do.
Fellow shareholders: We re pleased to report that Team O Reilly continued to build momentum in 2025, once again taking our business to the next level. We served more customers in more places, tackled challenges, and continued living our culture. Our team delivered an industry-leading 4.7% increase in comparable store sales in 2025. Coupled with the continued successful execution of new store expansion, we drove a total sales increase of 6.4% to $17.8 billion. Our total 2025 sales reflect an increase of more than 50% in total sales volume during the last five years, representing growth of over $6 billion since 2020. With that track record, we continue to execute our plan for measured, sustainable growth, with our commitment to gain a strong return on every dollar spent. In 2025, we opened a greenfield distribution center (DC) in Stafford, Virginia, opening previously untapped markets for us in the heavily populated Mid-Atlantic I-95 corridor. Work also continues to expand our existing DC in Lakeland, Florida. THANK YOU, TEAM O REILLY Your dedication to providing unsurpassed levels of customer service delivered our 33rd consecutive year of sales and earnings growth. O REILLY AUTOMOTIVE 2025 ANNUAL REPORT 1
We opened 207 net, new stores in the U.S., Mexico, and Canada, which included reaching our 100th store in Mexico in the summer, and our first greenfield store in Canada in December. Our industry remains strong, as miles driven per year continues to rise and people hold on to their cars longer, understanding the value proposition in repairing and maintaining the vehicles they already own. Our investments in team member training and in tools like VeriScan, which reads our customers check engine light codes for free, helps our team provide extra value by pointing customers to potential repair solutions, whether they want to tackle the job themselves or want us to refer them to a trusted professional. Our exceptional team members will always be the drivers of our success, and they were at the heart of our decision to execute a 15-for-1 stock split in 2025. The split lowered the price of a single share so they could buy whole shares more quickly, sharing in the success they ve helped create. We re pleased to see that the split has achieved the desired effect, generating excitement among our team members as more participate and become shareholders. O REILLY AUTOMOTIVE 2025 ANNUAL REPORT 2
As always, we tackled challenges head-on this year. Just one example was tornado damage to the roof at our Indianapolis DC. To be able to continue servicing our stores, teams from across the organization worked quickly to set up alternate routes from other regional DCs, while our construction team tackled repairs. Our culture values of teamwork, hard work, dedication, and excellent customer service were clearly on display. In true Team O Reilly fashion, we didn t look at whether we could continue our regular parts deliveries, but how we could make it happen. In the end, our customers never saw a disruption in service. We re taking that grit and determination into 2026, with plans to open 225 to 235 net, new stores across North America and earn more share of the automotive aftermarket business. We will continue our track record of long-term profitable growth for you, our shareholders. Thank you for your faith in our company, and in the more than 93,000 O Reilly team members who serve our customers. BRAD BECKHAM Chief Executive Officer JEREMY FLETCHER Executive Vice President and Chief Financial Officer BRENT KIRBY President SCOTT ROSS Executive Vice President and Chief Information Officer JASON TARRANT Executive Vice President of Store Operations and Sales O REILLY AUTOMOTIVE 2025 ANNUAL REPORT 3
 • shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/5/2023 ORLY Stockholder Letter
 • stockholder letter icon 3/29/2024 ORLY Stockholder Letter
 • stockholder letter icon 3/31/2025 ORLY Stockholder Letter
 • stockholder letter icon More "Auto Dealerships" Category Stockholder Letters
 • Benford's Law Stocks icon ORLY Benford's Law Stock Score = 54


ORLY Shareholder/Stockholder Letter Transcript:

2025
Annual Report

$13,328
$14,410
$15,812
$16,708
$17,782
$2.07
$2.23
$2.56
$2.71
$2.97
67.7%
71.6%
76.3%
67.7%
60.0%
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
SALES
DILUTED EARNINGS
per SHARE
(in millions)
RETURN on
INVESTED CAPITAL
FINANCIAL HIGHLIGHTS
In thousands, except earnings per share and ratio data and store count
YEAR ENDED DECEMBER 31,
2025
2024
2023
2022
2021
Store Count
6,585
6,378
6,157
5,971
5,784
Percentage Increase in Comparable Store Sales
4.7%

Sales
17,781,992
2.9%

16,708,479

7.9%
6.4%
15,812,250
$ 14,409,860
13.3%

13,327,563
Operating Income
3,460,612
3,251,157
3,186,376
2,954,491
2,917,168
Net Income
2,538,209
2,386,680
2,346,581
2,172,650
2,164,685
123.9%
128.0%
130.8%
134.9%
127.4%
Total Assets
16,538,253
14,893,741
13,872,995
12,627,979
11,718,707
Total Debt
6,016,904
5,520,932
5,570,125
4,371,653
3,826,978
Free Cash Flow
1,563,250
1,987,808
1,987,720
2,371,123
2,548,922
Share Repurchases
2,096,840
2,076,510
3,151,120
3,282,215
2,476,003
Accounts Payable to Inventory
Earnings Per Share (assuming dilution)

2.97

855,919
Weighted-Average Common Shares
Outstanding (assuming dilution)
2.71

2.56
880,572

914,976
2.23

974,436
2.07
1,044,170
COMPARISON OF TEN-YEAR CUMULATIVE RETURN
This graph shows the cumulative total shareholder return assuming the investment of $100 on December 31, 2015, and the
reinvestment of dividends thereafter, if any, in the common stock of O   Reilly Automotive, Inc., the Standard and Poor   s S&P 500
Retail Index and the Standard and Poor   s S&P 500 Index.
$100
2015
$110
$95
$136
2016
2017
2018
$17 3
2019
$179
2020
$279
$333
2021
2022
O   Reilly Automotive, Inc.
$ 375
$468
2023
S&P 500 Retail Index
2024
$540
2025
S&P 500 Index
Our commitment to our customers and our team members:
We are enthusiastic, hardworking professionals who are dedicated to teamwork,
safety/wellness, and excellent customer service. We will practice expense control while
setting an example of respect, honesty, and a win-win attitude in everything we do.

Fellow shareholders:
We   re pleased to report that Team O   Reilly continued to build momentum in 2025,
once again taking our business to the next level. We served more customers in
more places, tackled challenges, and continued living our culture.
Our team delivered an industry-leading 4.7% increase in comparable store sales
in 2025. Coupled with the continued successful execution of new store expansion,
we drove a total sales increase of 6.4% to $17.8 billion. Our total 2025 sales reflect
an increase of more than 50% in total sales volume during the last five years,
representing growth of over $6 billion since 2020.
With that track record, we continue to execute our plan for measured, sustainable
growth, with our commitment to gain a strong return on every dollar spent.
In 2025, we opened a greenfield distribution center (DC) in Stafford, Virginia,
opening previously untapped markets for us in the heavily populated Mid-Atlantic
I-95 corridor. Work also continues to expand our existing DC in Lakeland, Florida.
THANK YOU, TEAM O   REILLY
Your dedication to providing unsurpassed levels of customer service
delivered our 33rd consecutive year of sales and earnings growth.
O   REILLY AUTOMOTIVE 2025 ANNUAL REPORT     1

We opened 207 net, new stores in the U.S., Mexico, and
Canada, which included reaching our 100th store in
Mexico in the summer, and our first greenfield store in
Canada in December.
Our industry remains strong, as miles driven per year
continues to rise and people hold on to their cars longer,
understanding the value proposition in repairing
and maintaining the vehicles they already own. Our
investments in team member training and in tools like
VeriScan, which reads our customers    check engine light
codes for free, helps our team provide extra value by
pointing customers to potential repair solutions, whether
they want to tackle the job themselves or want us to refer
them to a trusted professional.
Our exceptional team members will always be the drivers
of our success, and they were at the heart of our decision
to execute a 15-for-1 stock split in 2025. The split lowered
the price of a single share so they could buy whole shares
more quickly, sharing in the success they   ve helped
create. We   re pleased to see that the split has achieved the
desired effect, generating excitement among our team
members as more participate and become shareholders.
O   REILLY AUTOMOTIVE 2025 ANNUAL REPORT     2

As always, we tackled challenges head-on this year. Just one example was tornado damage to the roof at our
Indianapolis DC. To be able to continue servicing our stores, teams from across the organization worked
quickly to set up alternate routes from other regional DCs, while our construction team tackled repairs. Our
culture values of teamwork, hard work, dedication, and excellent customer service were clearly on display. In
true Team O   Reilly fashion, we didn   t look at whether we could continue our regular parts deliveries, but how
we could make it happen. In the end, our customers never saw a disruption in service.
We   re taking that grit and determination into 2026, with plans to open 225 to 235 net, new stores across
North America and earn more share of the automotive aftermarket business. We will continue our track record
of long-term profitable growth for you, our shareholders. Thank you for your faith in our company, and in the
more than 93,000 O   Reilly team members who serve our customers.
BRAD BECKHAM
Chief Executive Officer
JEREMY FLETCHER
Executive Vice President and
Chief Financial Officer
BRENT KIRBY
President
SCOTT ROSS
Executive Vice President and
Chief Information Officer
JASON TARRANT
Executive Vice President of
Store Operations and Sales
O   REILLY AUTOMOTIVE 2025 ANNUAL REPORT     3


shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 

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