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AI核心结论
GPC's FY2025 revenue grew 3.5% to $24.3B, but net income collapsed 92.7% to $65.9M, driven by a sharp rise in SG&A expenses and elevated debt, signaling significant profitability pressure despite modest top-line growth.
营业收入
$24.3B
同比 ++3.46%
每股收益（基本）
$0.47
同比 -92.76%
毛利率
36.8%
同比 ++0.50%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Genuine Parts (GPC) FY2025 营收 $24.3B，同比增长 3.5%。 净利润 $65.94M，同比下降 92.7%，稀释每股收益 $0.47。 毛利率 36.8%。
GPC achieved revenue of $24.3B in FY2025, up 3.5% year-over-year from $23.5B, indicating continued demand across its distribution segments despite a challenging macroeconomic environment.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Gross margin improved modestly to 36.8% from 36.3%, with gross profit rising 4.9% to $8.94B. However, SG&A expenses surged 7.6% to $7.15B, significantly eroding operating leverage and compressing net profitability.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Net income fell from $904.1M to just $65.9M, a decline of 92.7%, with EPS dropping from $6.49 to $0.47 on a basic basis. This dramatic decline suggests significant one-time charges, restructuring costs, or impairments beyond normal operating expenses.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Operating cash flow declined 28.8% to $890.8M from $1.25B in the prior year, reflecting weaker earnings conversion and higher working capital requirements, raising questions about near-term cash generation capacity.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
Long-term debt rose 11.9% to $4.80B, while current liabilities surged 14.8% to $9.79B, pushing the current ratio down to 1.08x — a thin liquidity buffer that warrants monitoring given the sharp drop in profitability.
来源: Source: 10-K Balance Sheet (XBRL Financial Data)
Net income dropped 92.7% year-over-year to $65.9M despite revenue growth of 3.5%, suggesting the presence of large non-recurring charges, impairments, or restructuring costs. If these pressures persist or recur, GPC's ability to sustain dividends and service debt could be at risk.
来源: Source: 10-K Income Statement (XBRL Financial Data)
SG&A expenses grew 7.6% to $7.15B, outpacing revenue growth of 3.5% and gross profit growth of 4.9%. This cost creep indicates potential inefficiencies or integration costs that could structurally impair operating margins if not controlled.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Long-term debt increased 11.9% to $4.80B and current liabilities rose 14.8% to $9.79B, resulting in a current ratio of just 1.08x. The combination of higher debt and weakened earnings significantly reduces financial flexibility.
来源: Source: 10-K Balance Sheet (XBRL Financial Data)
GPC paid $563.8M in dividends in FY2025 while generating only $65.9M in net income, meaning dividends far exceeded reported earnings. With operating cash flow declining 28.8% to $890.8M, the dividend payout is increasingly reliant on cash flow rather than earnings.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
GPC suspended share repurchases entirely in FY2025 (down from $150.0M in FY2024), likely reflecting capital preservation priorities amid weakened profitability and rising debt. This may signal management's concern about near-term financial flexibility.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
FY2025 实际 EPS $1.55，分析师一致预期 $1.84，不及预期 -15.6%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $24.3B | $23.49B | +3.46% |
营业成本 | $15.36B | $14.96B | +2.65% |
毛利润 | $8.94B | $8.52B | +4.89% |
净利润 | $65.94M | $904.08M | -92.71% |
每股收益（基本） | $0.47 | $6.49 | -92.76% |
每股收益（稀释） | $0.47 | $6.47 | -92.74% |
销售及管理费用 | $7.15B | $6.64B | +7.65% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $20.8B | $19.28B | +7.85% |
流动资产 | $10.56B | $9.85B | +7.23% |
流动负债 | $9.79B | $8.53B | +14.81% |
股东权益 | $4.42B | $4.34B | +1.97% |
长期债务 | $4.8B | $4.28B | +11.94% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $890.76M | $1.25B | -28.81% |
投资活动现金流 | $-711.59M | $-1.51B | +52.80% |
筹资活动现金流 | $-209.25M | $-333.94M | +37.34% |
股息支出 | $563.84M | $554.93M | +1.61% |
股票回购 | $0 | $150M | -100.00% |
折旧及摊销 | $538.02M | $407.98M | +31.88% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 36.8% | 36.3% | +0.50% |
净利率 | 0.3% | — | — |
净资产收益率 | 1.5% | — | — |
总资产收益率 | 0.3% | — | — |
流动比率 | $1.079 | — | — |
In Q2 FY2026, GPC increased revenue 6.0% to $6.5B and expanded gross margin modestly, but GAAP net income declined 10.7% to $227.6M as SG&A, restructuring, separation, and other costs rose faster than sales. Source: 10-Q Item 2 MD&A, p.21
GPC reported Q1 2026 revenue of $6.26B (+6.8% YoY) driven by top-line growth, but net income declined 3.0% to $188.5M as SG&A expenses surged 8.6%, compressing profitability despite a modest gross margin improvement.
GPC's net income dropped 92.7% in FY2025 to just $65.9M, down from $904.1M in FY2024, despite revenue growing 3.5% to $24.3B. The collapse in profitability was driven by SG&A expenses surging 7.6% to $7.15B and likely significant non-recurring charges or impairments not separately broken out in the XBRL data.
Yes, GPC's revenue grew 3.5% year-over-year to $24.3B in FY2025, up from $23.5B in FY2024. However, this top-line growth was insufficient to offset rising operating costs, resulting in a near-total collapse of net income.
GPC paid $563.8M in dividends in FY2025 while reporting only $65.9M in net income, meaning the dividend was not covered by earnings. However, operating cash flow of $890.8M still covered the dividend payment, though the 28.8% decline in operating cash flow warrants close monitoring.
The biggest risks include the dramatic 92.7% decline in net income, rising SG&A costs outpacing revenue growth, and increasing financial leverage with long-term debt up 11.9% to $4.80B. The current ratio of just 1.08x also signals tight liquidity, leaving limited room for financial flexibility.
No, GPC did not repurchase any shares in FY2025, compared to $150.0M in buybacks in FY2024. The suspension of buybacks likely reflects management's decision to preserve capital amid weakened profitability and rising debt levels.