Selected Financial Data
since 2005
Income Statement
O’Reilly Automotive Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Sales | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2021 | 13,327,563) | 2,917,168) | 2,164,685) |
| Dec 31, 2020 | 11,604,493) | 2,419,336) | 1,752,302) |
| Dec 31, 2019 | 10,149,985) | 1,920,726) | 1,391,042) |
| Dec 31, 2018 | 9,536,428) | 1,815,184) | 1,324,487) |
| Dec 31, 2017 | 8,977,726) | 1,725,400) | 1,133,804) |
| Dec 31, 2016 | 8,593,096) | 1,699,206) | 1,037,691) |
| Dec 31, 2015 | 7,966,674) | 1,514,021) | 931,216) |
| Dec 31, 2014 | 7,216,081) | 1,270,374) | 778,182) |
| Dec 31, 2013 | 6,649,237) | 1,103,485) | 670,292) |
| Dec 31, 2012 | 6,182,184) | 977,393) | 585,746) |
| Dec 31, 2011 | 5,788,816) | 866,766) | 507,673) |
| Dec 31, 2010 | 5,397,525) | 712,776) | 419,373) |
| Dec 31, 2009 | 4,847,062) | 537,619) | 307,498) |
| Dec 31, 2008 | 3,576,553) | 335,617) | 186,232) |
| Dec 31, 2007 | 2,522,319) | 305,151) | 193,988) |
| Dec 31, 2006 | 2,283,222) | 282,315) | 178,085) |
| Dec 31, 2005 | 2,045,318) | 252,524) | 164,266) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2021 demonstrates consistent and substantial growth across all primary income statement metrics. Revenue, operating income, and net income have all expanded significantly, indicating a scalable business model characterized by increasing operational efficiency and strong market demand.
- Revenue Growth Trends
- Sales increased from approximately 2.05 billion in 2005 to 13.33 billion in 2021. Growth remained steady throughout the period, with notable accelerations occurring between 2008 and 2009, and again between 2019 and 2021. This represents a sustained upward trajectory in top-line performance over the 16-year span.
- Operating Performance and Margin Expansion
- Operating income grew from 252.5 million in 2005 to 2.92 billion in 2021. The growth in operating income outpaced the growth in sales, signaling an expansion in operating margins. The operating margin rose from approximately 12.3% in 2005 to 21.9% by 2021, reflecting significant improvements in cost management and operational leverage.
- Net Profitability and Bottom-Line Results
- Net income followed a similar growth pattern, rising from 164.3 million in 2005 to 2.16 billion in 2021. While a slight contraction was observed in 2008, the subsequent recovery was rapid. The net profit margin increased from roughly 8.0% in 2005 to 16.2% in 2021, indicating a heightened ability to convert revenue into actual profit over time.
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Balance Sheet: Assets
O’Reilly Automotive Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 4,504,262) | 11,718,707) |
| Dec 31, 2020 | 4,499,787) | 11,596,642) |
| Dec 31, 2019 | 3,833,662) | 10,717,160) |
| Dec 31, 2018 | 3,543,102) | 7,980,789) |
| Dec 31, 2017 | 3,397,672) | 7,571,885) |
| Dec 31, 2016 | 3,257,975) | 7,204,189) |
| Dec 31, 2015 | 3,010,026) | 6,676,684) |
| Dec 31, 2014 | 3,066,978) | 6,540,301) |
| Dec 31, 2013 | 2,835,201) | 6,067,208) |
| Dec 31, 2012 | 2,732,948) | 5,749,187) |
| Dec 31, 2011 | 2,607,610) | 5,500,501) |
| Dec 31, 2010 | 2,301,252) | 5,047,827) |
| Dec 31, 2009 | 2,226,719) | 4,781,471) |
| Dec 31, 2008 | 1,875,433) | 4,193,317) |
| Dec 31, 2007 | 1,102,304) | 2,279,737) |
| Dec 31, 2006 | 1,000,676) | 1,977,496) |
| Dec 31, 2005 | 910,655) | 1,713,899) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
A consistent and significant upward trajectory in the asset base is observed from 2005 through 2021. Total assets grew from 1.71 billion USD in 2005 to 11.72 billion USD by the end of 2021, representing a substantial expansion of the corporate balance sheet over the 16-year period.
- Total Asset Growth Trends
- The expansion of total assets was characterized by two periods of accelerated growth. The first occurred between 2007 and 2008, where total assets nearly doubled from 2.28 billion USD to 4.19 billion USD. A second significant surge is noted between 2018 and 2019, with assets increasing from 7.98 billion USD to 10.72 billion USD. Outside of these spikes, the growth remained steady and incremental.
- Current Asset Trajectory
- Current assets exhibited a steady climb, increasing from 910.7 million USD in 2005 to 4.50 billion USD in 2021. While this growth mirrors the general upward trend of total assets, the progression was more linear, with a notable increase occurring between 2007 and 2009.
- Asset Composition Shift
- An analysis of the relationship between current and total assets reveals a shift in the balance sheet structure. In 2005, current assets comprised approximately 53% of total assets. By 2021, this proportion decreased to approximately 38%. This trend indicates that the growth in non-current assets—such as property, plant, and equipment—has outpaced the growth of liquid assets, suggesting an increase in long-term capital investment and infrastructure expansion.
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Balance Sheet: Liabilities and Stockholders’ Equity
O’Reilly Automotive Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Long-term debt | Shareholders’ equity (deficit) | |
|---|---|---|---|
| Dec 31, 2021 | 5,874,615) | 3,826,978) | (66,423) |
| Dec 31, 2020 | 5,262,417) | 4,123,217) | 140,258) |
| Dec 31, 2019 | 4,469,427) | 3,890,527) | 397,340) |
| Dec 31, 2018 | 3,894,020) | 3,417,122) | 353,667) |
| Dec 31, 2017 | 3,647,366) | 2,978,390) | 653,046) |
| Dec 31, 2016 | 3,400,649) | 1,887,019) | 1,627,136) |
| Dec 31, 2015 | 3,046,398) | 1,390,018) | 1,961,314) |
| Dec 31, 2014 | 2,830,556) | 1,396,640) | 2,018,418) |
| Dec 31, 2013 | 2,423,010) | 1,396,208) | 1,966,321) |
| Dec 31, 2012 | 2,272,865) | 1,095,956) | 2,108,307) |
| Dec 31, 2011 | 1,580,010) | 797,574) | 2,844,851) |
| Dec 31, 2010 | 1,228,958) | 358,704) | 3,209,685) |
| Dec 31, 2009 | 1,231,375) | 790,748) | 2,685,865) |
| Dec 31, 2008 | 1,053,501) | 732,695) | 2,282,218) |
| Dec 31, 2007 | 528,976) | 100,469) | 1,592,477) |
| Dec 31, 2006 | 433,784) | 110,479) | 1,364,096) |
| Dec 31, 2005 | 485,681) | 100,774) | 1,145,769) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2021 reveals a significant shift in the capital structure, characterized by a steady accumulation of liabilities and a progressive erosion of shareholders' equity, eventually resulting in a negative equity position.
- Current Liabilities
- A consistent upward trend is observed in current liabilities, which grew from 485.68 million USD in 2005 to 5.87 billion USD by 2021. A notable acceleration occurred between 2007 and 2008, where obligations nearly doubled. Following this period, the growth remained steady and aggressive, reflecting a substantial increase in short-term financial obligations over the sixteen-year period.
- Long-term Debt
- Long-term debt exhibited significant volatility and overall growth, rising from 100.77 million USD in 2005 to 3.83 billion USD in 2021. The debt profile saw a sharp increase in 2008, a temporary reduction in 2010, and a subsequent sustained climb starting in 2011. The peak debt level was reached in 2020 at 4.12 billion USD before a slight contraction in the final year of the analysis.
- Shareholders' Equity
- The equity position underwent a complete reversal over the analyzed period. Equity initially grew from 1.15 billion USD in 2005 to a peak of 3.21 billion USD in 2010. From 2011 onward, a persistent downward trend emerged. This decline accelerated sharply after 2016, with equity falling from 1.63 billion USD to 653.05 million USD in 2017. By December 31, 2021, the equity position transitioned into a deficit of 66.42 million USD.
The divergence between rising total liabilities and declining shareholders' equity indicates a strategic shift toward high leverage. The transition from a substantial equity surplus to a deficit, coinciding with the multi-billion dollar increase in both current and long-term debt, suggests an aggressive financing strategy that has significantly altered the company's solvency profile.
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Cash Flow Statement
O’Reilly Automotive Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 3,207,310) | (615,620) | (2,694,858) |
| Dec 31, 2020 | 2,836,603) | (614,895) | (1,796,577) |
| Dec 31, 2019 | 1,708,479) | (796,746) | (902,811) |
| Dec 31, 2018 | 1,727,555) | (534,302) | (1,208,286) |
| Dec 31, 2017 | 1,403,687) | (464,223) | (1,039,714) |
| Dec 31, 2016 | 1,454,167) | (529,096) | (894,774) |
| Dec 31, 2015 | 1,281,476) | (407,188) | (1,008,547) |
| Dec 31, 2014 | 1,190,430) | (423,402) | (747,786) |
| Dec 31, 2013 | 908,026) | (388,754) | (536,082) |
| Dec 31, 2012 | 1,251,555) | (317,407) | (1,047,572) |
| Dec 31, 2011 | 1,118,991) | (319,653) | (467,507) |
| Dec 31, 2010 | 703,687) | (351,277) | (349,624) |
| Dec 31, 2009 | 285,200) | (410,661) | 121,095) |
| Dec 31, 2008 | 298,542) | (367,597) | 52,801) |
| Dec 31, 2007 | 299,418) | (300,318) | 18,552) |
| Dec 31, 2006 | 185,928) | (225,201) | 37,792) |
| Dec 31, 2005 | 213,322) | (269,073) | 18,107) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2021 reflects a transition from a growth-oriented phase characterized by modest cash generation and external financing to a mature phase defined by substantial organic cash production and aggressive capital return.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibits a strong and consistent upward trajectory. From 2005 to 2009, cash flows remained relatively stable, ranging between 185 million and 299 million. A significant inflection point occurred in 2010, where operating cash flow more than doubled to 703 million, continuing a climb to 1.1 billion by 2011. The most pronounced acceleration is observed between 2019 and 2021, with cash flow increasing from 1.7 billion to 3.2 billion, indicating high operational efficiency and scaling capacity.
- Investing Cash Flow Trends
- Net cash used in investing activities remained consistently negative throughout the period, reflecting ongoing capital expenditures. Outflows were relatively contained between 2005 and 2014, typically ranging from 225 million to 423 million. A peak in investing outflows occurred in 2019 at 796 million, followed by a stabilization at approximately 615 million in 2020 and 2021. The growth in investing outflows has been vastly outpaced by the growth in operating cash flow, suggesting that the company's expansion is being funded entirely by internal operations.
- Financing Cash Flow Trends
- A fundamental shift in financing strategy is evident in the data. Between 2005 and 2009, financing activities provided a net inflow of cash, peaking at 121 million in 2009. Beginning in 2010, this trend reversed sharply, with the company moving toward significant net cash outflows. These outflows accelerated aggressively over the next decade, reaching 1.79 billion in 2020 and 2.69 billion in 2021. This pattern suggests a strategic pivot toward returning capital to shareholders or reducing debt obligations as operating cash flows became abundant.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a robust financial model where operating cash flows are used to both cover all investing requirements and fund massive financing outflows. By 2021, the net cash provided by operations (3.2 billion) was sufficient to cover both the investing outflows (615 million) and the financing outflows (2.69 billion), demonstrating a high degree of financial self-sufficiency and a mature capital allocation strategy focused on shareholder value.
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Per Share Data
O’Reilly Automotive Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 31.39 | 31.10 | 0.00 |
| Dec 31, 2020 | 23.74 | 23.53 | 0.00 |
| Dec 31, 2019 | 18.07 | 17.88 | 0.00 |
| Dec 31, 2018 | 16.27 | 16.10 | 0.00 |
| Dec 31, 2017 | 12.82 | 12.67 | 0.00 |
| Dec 31, 2016 | 10.87 | 10.73 | 0.00 |
| Dec 31, 2015 | 9.32 | 9.17 | 0.00 |
| Dec 31, 2014 | 7.46 | 7.34 | 0.00 |
| Dec 31, 2013 | 6.14 | 6.03 | 0.00 |
| Dec 31, 2012 | 4.83 | 4.75 | 0.00 |
| Dec 31, 2011 | 3.77 | 3.71 | 0.00 |
| Dec 31, 2010 | 3.02 | 2.95 | 0.00 |
| Dec 31, 2009 | 2.26 | 2.23 | 0.00 |
| Dec 31, 2008 | 1.50 | 1.48 | 0.00 |
| Dec 31, 2007 | 1.69 | 1.67 | 0.00 |
| Dec 31, 2006 | 1.57 | 1.55 | 0.00 |
| Dec 31, 2005 | 1.47 | 1.45 | 0.00 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Earnings per share exhibit a consistent and strong upward trajectory over the period from 2005 to 2021. Aside from a brief contraction in 2008, profitability on a per-share basis has grown steadily, with the rate of increase accelerating significantly in the latter half of the period.
- Earnings Per Share Growth Trends
- Basic earnings per share increased from 1.47 USD in 2005 to 31.39 USD in 2021. A slight decline occurred in 2008, where Basic EPS fell to 1.50 USD from a previous high of 1.69 USD in 2007. Following this dip, earnings entered a period of sustained growth, particularly after 2013, moving from 6.14 USD to 31.39 USD by the end of 2021.
- Analysis of Dilution
- Diluted earnings per share closely mirror the trend of basic earnings per share, starting at 1.45 USD in 2005 and reaching 31.10 USD in 2021. The marginal difference between basic and diluted figures throughout the entire period suggests a low level of dilution from convertible securities or stock options, indicating that the growth in earnings per share is not significantly offset by the issuance of new shares.
- Dividend Policy
- No dividends were distributed per share between 2005 and 2021. This absence of dividend payments indicates a strategic preference for the retention of earnings to facilitate internal growth, debt reduction, or share repurchases rather than providing direct cash returns to shareholders through dividends.
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