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O'Reilly Automotive delivered strong Q1 FY2026 results with revenue up 10.2% YoY to $4.56B, operating income surging 13.5% to $841.6M, and operating cash flow jumping 36.8% to $1.03B, driven by continued same-store sales growth and disciplined cost management.
营业收入
$4.56B
同比 ++10.24%
每股收益（基本）
$0.72
同比 ++14.29%
毛利率
51.5%
同比 ++0.19%
营业利润
$841.61M
同比 ++13.51%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
O Reilly Automotive (ORLY) Q1 FY2026 营收 $4.56B，同比增长 10.2%。 净利润 $604.18M，同比增长 12.2%，稀释每股收益 $0.72。 毛利率 51.5%。
Total revenue grew 10.2% YoY to $4.56B in Q1 FY2026, up from $4.14B in the prior-year period, reflecting continued strength in both DIY and professional (DIFM) customer segments as demand for auto parts remains resilient.
来源: Source: 10-Q Income Statement
Gross margin improved modestly by approximately 19 basis points to 51.47%, demonstrating O'Reilly's ability to manage product costs and maintain pricing power even as cost of revenue rose 9.8% YoY to $2.21B.
来源: Source: 10-Q Income Statement & Key Ratios
Operating income grew 13.5% YoY to $841.6M, outpacing revenue growth, as SG&A expenses rose a more modest 9.1% YoY to $1.51B, resulting in operating margin expansion of approximately 53 basis points to 18.45%.
来源: Source: 10-Q Income Statement
Operating cash flow surged 36.8% YoY to $1.03B, significantly exceeding net income of $604.2M, reflecting strong working capital management and non-cash add-backs including $135.4M in D&A.
来源: Source: 10-Q Cash Flow Statement
O'Reilly repurchased $922.9M in shares during Q1 FY2026, a 65.0% increase from $559.4M in the prior-year period, underscoring management's confidence in the business and commitment to returning capital to shareholders, which contributed to the financing cash outflow of $729.0M.
来源: Source: 10-Q Cash Flow Statement
O'Reilly carries negative stockholders' equity of -$1.07B and long-term debt of $6.20B, reflecting its aggressive share buyback strategy financed largely by debt. While the equity deficit improved 21.4% YoY, the company's balance sheet remains structurally leveraged, which could constrain financial flexibility in an economic downturn or rising interest rate environment.
来源: Source: 10-Q Balance Sheet
The current ratio stands at 0.755, meaning current liabilities of $9.22B significantly exceed current assets of $6.97B. This liquidity gap, while common in retail models with strong operating cash flows, could pose risks if credit markets tighten or if unexpected cash demands arise.
来源: Source: 10-Q Balance Sheet & Key Ratios
Share repurchases increased 65.0% YoY to $922.9M in a single quarter, driving financing cash outflows of $729.0M. This pace of capital return, if sustained, could further deepen the negative equity position and increase reliance on debt financing, particularly if operating cash flows were to moderate.
来源: Source: 10-Q Cash Flow Statement
Long-term debt grew 9.6% YoY to $6.20B, adding to an already highly leveraged capital structure. Continued debt accumulation to fund buybacks and operations increases interest expense sensitivity to rate changes and could limit strategic investment capacity.
来源: Source: 10-Q Balance Sheet
SG&A expenses rose 9.1% YoY to $1.51B, reflecting ongoing labor cost inflation and store expansion costs. While operating leverage was maintained this quarter, sustained wage and occupancy cost pressures could compress margins if revenue growth decelerates.
来源: Source: 10-Q Income Statement
Q1 FY2026 实际 EPS $0.72，分析师一致预期 $0.71，超预期 +1.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.56B | $4.14B | +10.24% |
营业成本 | $2.21B | $2.02B | +9.82% |
毛利润 | $2.35B | $2.12B | +10.64% |
营业利润 | $841.61M | $741.47M | +13.51% |
净利润 | $604.18M | $538.49M | +12.20% |
每股收益（基本） | $0.72 | $0.63 | +14.29% |
每股收益（稀释） | $0.72 | $0.62 | +16.13% |
销售及管理费用 | $1.51B | $1.38B | +9.10% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $16.94B | $15.29B | +10.74% |
流动资产 | $6.97B | $6.03B | +15.55% |
流动负债 | $9.22B | $8.51B | +8.39% |
股东权益 | $-1.07B | $-1.36B | +21.39% |
现金及等价物 | $252.63M | $191.25M | +32.10% |
长期债务 | $6.2B | $5.65B | +9.62% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.03B | $755.12M | +36.79% |
投资活动现金流 | $-244.66M | $-285M | +14.16% |
筹资活动现金流 | $-729.04M | $-409.45M | -78.05% |
股票回购 | $922.95M | $559.43M | +64.98% |
折旧及摊销 | $135.36M | $122.22M | +10.75% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 51.5% | 51.3% | +0.19% |
营业利润率 | 18.5% | 17.9% | +0.53% |
净利率 | 13.2% | — | — |
净资产收益率 | -56.6% | — | — |
总资产收益率 | 3.6% | — | — |
流动比率 | $0.755 | — | — |
O'Reilly Automotive reported Q1 FY2026 diluted EPS of $0.72, up 16.1% YoY from $0.62, and revenue of $4.56B, up 10.2% YoY. The filing does not include consensus estimate comparisons, but the double-digit growth across revenue, operating income, and EPS reflects a strong quarter operationally.
The key takeaways from O'Reilly's Q1 FY2026 results include 10.2% revenue growth to $4.56B, operating margin expansion to 18.45%, and a 36.8% surge in operating cash flow to $1.03B. The company also accelerated share buybacks by 65% YoY to $922.9M, reflecting strong confidence in its business outlook.
O'Reilly's revenue grew 10.2% YoY to $4.56B in Q1 FY2026, up from $4.14B in Q1 FY2025, driven by continued demand from both DIY and professional auto parts customers. Gross profit grew even faster at 10.6% YoY to $2.35B, reflecting stable pricing power and modest cost management improvements.
O'Reilly's operational health is strong, with $1.03B in operating cash flow and an 18.45% operating margin, but its balance sheet is highly leveraged with $6.20B in long-term debt and negative stockholders' equity of -$1.07B due to its aggressive buyback strategy. The current ratio of 0.755 is below 1.0, though this is typical for the company's business model given its consistent cash generation.
O'Reilly's negative stockholders' equity of -$1.07B is the result of its long-running share repurchase program, which has returned billions of dollars to shareholders over the years, funded largely by debt and operating cash flows. In Q1 FY2026 alone, the company repurchased $922.9M in shares, and while this reduces book equity, the company's strong operating cash flow of $1.03B in the quarter demonstrates it is not in financial distress.