O Reilly Automotive Inc. Q3 FY2023 results: revenue $4.2 billion, up 10.7% on the year

O Reilly Automotive Inc. (ORLY) reported revenue of $4.2 billion for Q3 FY2023, the quarter ended 30 September 2023, up 10.7% on the same quarter a year earlier. Net income was $650 million, up 11.0% on the year, and diluted earnings per share $10.72. The figures are the company's own, from the 10-Q it filed with the SEC on 8 November 2023.

Revenue$4.2 billionup 10.7%

Net income$650 millionup 11.0%

Diluted EPS$10.72

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	4,203	n/a	n/a	n/a
Cost of revenue	2,043	n/a	n/a	n/a
Gross profit	2,160	n/a	n/a	n/a
Gross margin	51.4%	n/a	n/a
Selling, general and administrative	1,263	n/a	n/a	n/a
Operating income	897	n/a	n/a	n/a
Operating margin	21.3%	n/a	n/a
Interest expense	51.4	n/a	n/a	n/a
Pre-tax income	847	n/a	n/a	n/a
Income tax	197	n/a	n/a	n/a
Effective tax rate	23.2%	n/a	n/a
Net income	650	n/a	n/a	n/a
Net margin	15.5%	n/a	n/a
Diluted EPS	$10.72	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	866	n/a	n/a	n/a
Capital expenditure	293	n/a	n/a	n/a
Free cash flow	573	n/a	n/a	n/a
Free cash flow margin	13.6%	n/a	n/a
Depreciation and amortisation	105	n/a	n/a	n/a
Share-based compensation	7.4	n/a	n/a	n/a
Buybacks	800	n/a	n/a	n/a
Diluted shares, weighted	61m	n/a	n/a	n/a
Shares outstanding at period end	60m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	13,552	n/a	n/a	n/a
Cash and equivalents	82.7	n/a	n/a	n/a
Receivables	400	n/a	n/a	n/a
Inventory	4,632	n/a	n/a	n/a
Goodwill	895	n/a	n/a	n/a
Long-term debt	5,102	n/a	n/a	n/a
Borrowings, as the company tags them	5,130	n/a	n/a	n/a
Operating lease liabilities	1,896	n/a	n/a	n/a
Shareholders' equity	-1,760	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,203	3,832	3,976	4,272	4,364	4,096	4,137	4,525	4,706	4,414	4,561	4,892
Cost of revenue	2,043	1,865	1,942	2,104	2,113	1,995	2,015	2,199	2,266	2,128	2,213	2,375
Gross profit	2,160	1,967	2,034	2,168	2,251	2,101	2,121	2,327	2,440	2,286	2,347	2,517
Gross margin	51%	51%	51%	51%	52%	51%	51%	51%	52%	52%	51%	51%
SG&A	1,263	1,249	1,282	1,305	1,354	1,362	1,380	1,412	1,464	1,458	1,506	1,531
Operating income	897	719	752	863	897	739	741	914	976	829	842	986
Operating margin	21%	19%	19%	20%	21%	18%	18%	20%	21%	19%	18%	20%
Interest expense	51.4	56.1	57.1	54.8	55.2	55.4	57.6	57.3	59.6	60.6	62.7	69.9
Pre-tax income	847	672	700	812	848	685	684	861	924	771	780	924
Tax rate	23%	18%	22%	23%	22%	20%	21%	22%	21%	21%	23%	23%
Net income	650	553	547	623	665	551	538	669	726	605	604	715
Net margin	15%	14%	14%	15%	15%	13%	13%	15%	15%	14%	13%	15%
Diluted EPS	$10.72	$9.26	$9.20	$10.55	$11.41	$9.50	$9.35	$0.78	$0.85	n/a	$0.72	$0.86
Operating cash flow	866	516	704	949	772	624	755	757	617	633	1,033	1,006
Capital expenditure	293	252	249	225	258	290	287	301	312	269	244	308
Free cash flow	573	264	455	723	514	334	468	456	304	364	788	699
Buybacks	800	560	270	794	541	472	559	617	420	500	923	1,510
Shares outstanding	60m	59m	59m	58m	58m	57m	57m	851m	847m	842m	832m	816m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless. EPS is as filed for each quarter. A split or a bonus issue changes the share count, so quarters before it are on the old count.

Source

10-Q for the period ended 30 September 2023, filed 8 November 2023, accession 0000898173-23-000058: the filing on EDGAR. All of O Reilly Automotive Inc.'s filings: EDGAR company page.

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