ORLYMEDIUM SIGNALFINANCIAL10-K

O'Reilly executed a 15-for-1 stock split while significantly expanding operations with 182 net new stores and strengthening its balance sheet through increased cash and reduced negative equity.

The stock split indicates management confidence in the stock's performance and aims to improve accessibility for retail investors. The substantial store expansion of nearly 3% demonstrates aggressive growth execution, while the shift from describing themselves as a U.S.-focused retailer to "across North America" reflects their strategic expansion into international markets.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

O'Reilly showed robust operational growth with total assets increasing 11% and inventory expanding 12.5% to support new store openings, while cash nearly doubled (+48.8%) indicating strong cash generation. The company reduced its negative stockholders' equity by 44.3% (from -$1.4B to -$763.4M) despite taking on additional debt (+35.7%), suggesting improved capital structure management. Overall, the financial picture reflects a company in an aggressive but controlled expansion phase with strengthening liquidity and improving equity position.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+48.8%
$130.2M→$193.8M

Cash position surged 48.8% — strong cash generation or capital raise providing significant financial cushion.

Stockholders Equity
Balance Sheet
+44.3%
-$1.4B→-$763.4M

Equity base grew 44.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Debt
Balance Sheet
+35.7%
$1.4B→$1.9B

Debt increased 35.7% — substantial leverage increase; assess whether deployed for growth or covering losses.

Current Assets
Balance Sheet
+15.5%
$5.8B→$6.7B

Current assets grew 15.5% — improving short-term liquidity or inventory/receivables build.

Inventory
Balance Sheet
+12.5%
$5.1B→$5.7B

Inventory built 12.5% — monitor whether demand supports this build or if write-downs may follow.

Total Assets
Balance Sheet
+11%
$14.9B→$16.5B

Asset base grew 11% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
At February 23, 2026, an aggregate of 838,487,034 shares of common stock of the registrant were outstanding.
O Reilly is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories across North America, selling our products to both do-it-yourself ( DIY ) and professional service provider customers, our dual market strategy.
On June 10, 2025, the Company completed a 15-for-1 forward stock split of our common stock.
All share and per share information, including share-based compensation, in the current and comparable periods throughout this annual report on Form 10-K, has been retrospectively adjusted to reflect the stock split.
All shares of common stock retained a par value of $0.01 per share.
At December 31, 2025, we operated 6,447 stores in 48 states in the United States ( U.S.
) and Puerto Rico, 112 stores in Mexico, and 26 stores in Canada.
Our stores carry an extensive product line, including: New and remanufactured automotive hard parts and maintenance items, such as alternators, batteries, brake system components, belts, chassis parts, driveline parts, engine parts, fuel pumps, hoses, starters, temperature control, water pumps, antifreeze, appearance products, engine additives, filters, fluids, lighting, oil, and wiper blades.
Accessories, such as floor mats, seat covers, and truck accessories.
Our stores offer many enhanced services and programs to our customers, such as: Battery diagnostic testing.
REMOVED
At February 24, 2025, an aggregate of 57,272,442 shares of common stock of the registrant were outstanding.
O Reilly is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States ( U.S.
), selling our products to both do-it-yourself ( DIY ) and professional service provider customers, our dual market strategy.
On January 22, 2024, the Company completed the previously announced strategic acquisition of Groupe Del Vasto ( Vast Auto ), an auto parts supplier headquartered in Montreal, Quebec, Canada.
At the time of the acquisition, Vast Auto operated two distribution centers and six satellite warehouses that support a network of 23 company-owned stores and thousands of independent jobber and professional customers across Eastern Canada.
At December 31, 2024, we operated 6,265 stores in 48 states in the United States and Puerto Rico, 87 stores in Mexico, and 26 stores in Canada.
Our stores carry an extensive product line, including new and remanufactured automotive hard parts and maintenance items, such as alternators, batteries, brake system components, belts, chassis parts, driveline parts, engine parts, fuel pumps, hoses, starters, temperature control, water pumps, antifreeze, appearance products, engine additives, filters, fluids, lighting, oil, and wiper blades and accessories, such as floor mats, seat covers, and truck accessories.
Our stores offer many enhanced services and programs to our customers, such as battery diagnostic testing; battery, wiper, and bulb replacement; check engine light code extraction, with diagnostic information, list of possible repair fixes, and referrals to trusted local repair shops provided; custom hydraulic hoses; drum and rotor resurfacing; electrical and module testing; loaner tool program; professional paint shop mixing and related materials; and used oil, oil filter, and battery recycling.
In 2024, we derived approximately 52% of our sales from our DIY customers and approximately 48% of our sales from our professional service provider customers.
During 2024, we opened 198 net, new stores and acquired 23 stores in Canada.
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