O`Reilly Automotive, Inc.
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong Q3 operational performance; comps beat expectations
- Comparable store sales +7.2% in Q3, with growth spread evenly across the quarter’s months; also +7.1% YTD.
- 2-year stack comp: +12.8%, described as accelerating vs. the first half.
- EPS up 14% (diluted), on top of +12% in Q3 last year, reflecting “profitable growth.”
- Professional business ~main driver: pro comp slightly >10%, with growth split between higher ticket and transaction count (mid-single-digit ticket/customer count growth).
- Retail also strong: mid-single-digit comp increase; DIY transaction counts were a low-single-digit headwind, but average ticket rose, helped by ~4% same-SKU inflation (oil/lube and other petroleum-based items flagged as major contributors).
Updated full-year 2026 guidance: sales, margin, profit, EPS
- Sales comp guidance raised to 5.5%–6.5% (from prior 4%–6%), driven primarily by Q3 outperformance.
- EPS guidance updated to $3.25–$3.35, including YTD performance and updated gross margin / SG&A assumptions.
- At the midpoint, EPS guidance implies +2% vs prior midpoint and +11% YoY.
- Gross margin guidance raised by 10 bps to 51.6%–52.1% (and Q4 expected to moderate vs Q3 due to the tariff refund impact being discrete).
- Operating profit margin guidance raised by 20 bps to 19.5%–20%.
Tariff refunds provided a large but “one-time” boost to Q3 gross margin (key surprise / nuance)
- Q3 gross margin: 52.4%, +54 bps YoY and above expectations.
- Main driver: $39M tariff refund benefit, equating to ~76 bps of rate benefit in Q3.
- Management emphasized not to model tariff refunds as recurring; they were not factored into how they managed Q3 gross margin, per management commentary.
- Net effect: excluding tariff refunds, gross margin was described as bottom of expected range.
- Additional dynamic: petroleum-based categories saw meaningful pricing benefit but also mix/rate pressures (because those categories generally carry lower gross margins and there was timing lag vs market pass-through).
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Share Statistics
| Market cap | $72.28 Billion |
|---|---|
| Enterprise Value | $81.60 Billion |
| Earnings per Share | $2.98 |
| Beta | 0.54 |
| Outstanding Shares | 808,851,000 |
Return
| Return on Equity | -147.63% |
|---|---|
| Return on Assets | 15.59% |
| Return on Invested Capital | 48.03% |
Valuation & Multiples
| P/E Ratio | 26.87 |
|---|---|
| PEG | 326.53 |
| Price to Sales | 4.01 |
| Price to Book Ratio | -30.78 |
| Enterprise Value to Revenue | 4.3 |
| Enterprise Value to EBIT | 21.74 |
| Enterprise Value to Net Income | 30 |
| Total Debt to Enterprise | 0.12 |
| Debt to Equity | -5.22 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$0.93
Consensus analyst estimateRevenue Estimate
$5.02 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$0.77
Consensus analyst estimateRevenue Estimate
$4.70 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.61, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.6135▼ 44.34% |
|---|---|
| Total Calls | 16,300▼ 99.02% |
| Total Puts | 10,000▼ 99.43% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.17%▼ 80.48% |
|---|---|
| Total Invested | $3.62B▼ 94.52% |
| Investors Holding | 624▼ 1092.00% |
About O`Reilly Automotive, Inc.
92,923 employees
CEO: Gregory Johnson
O'Reilly Automotive, Inc., along with its subsidiaries, functions as a prominent retailer and distributor of automotive aftermarket products across the United States and Mexico. The company offers an extensive inventory encompassing both...