O'Reilly Automotive, Inc. (ORLY) Cash Flow Statement
Where ORLY’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.76B −9.4% vs 2024
- Capital expenditures
- $1.17B 6.6% of revenue
- Free cash flow
- $1.59B 9.0% margin
- Returned to shareholders
- $2.10B 132% of free cash flow
- Change in cash
- $63.5M cash at year-end $193.8M
Cash from operations
$2.76B
Capital expenditures
−$1.17B
Acquisitions & other
+$16.5M
Share buybacks (net)
−$2.10B
Net borrowing (repayment)
+$488.8M
Shares issued
+$80.8M
Other financing
−$21.4M
Change in cash
$63.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ORLY operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ORLY cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.51B2016 | $2.76B2025 | +6.9%/yr | |
| Capital expenditures | $476.3M2016 | $1.17B2025 | +10.5%/yr | |
| Free cash flow | $1.03B2016 | $1.59B2025 | +4.9%/yr | |
| Free cash flow margin | 12.0%2016 | 9.0%2025 | −3.1 pts | |
| Operating cash flow / net income | 1.462016 | 1.092025 | −0.37 | |
| Stock-based compensation | $18.9M2016 | $35.1M2025 | +7.2%/yr | |
| Dividends paid | $02016 | $5,0002023 | — | |
| Share buybacks (net) | $1.51B2016 | $2.10B2025 | +3.8%/yr | |
| Capex / revenue | 5.5%2016 | 6.6%2025 | +1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ORLY cash flow by activity
OperatingInvestingFinancingChange in cash
ORLY net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ORLY cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.54B | $2.39B | $2.35B | $2.17B | $2.16B | $1.75B | $1.39B | $1.32B | $1.13B | $1.04B |
| Depreciation & amortization | $511.2M | $461.9M | $409.1M | $357.9M | $328.2M | $314.6M | $270.9M | $258.9M | $233.8M | $217.9M |
| Stock-based compensation | $35.1M | $28.9M | $27.5M | $26.5M | $24.7M | $22.7M | $21.9M | $20.2M | $19.4M | $18.9M |
| Change in working capital | −$303.5M | $209.3M | $195.6M | $516.0M | $662.9M | $725.3M | −$8.0M | $90.4M | $6.6M | $217.0M |
| Other non-cash items | −$19.1M | −$37.3M | $55.3M | $75.2M | $26.9M | $21.6M | $32.6M | $33.5M | $10.1M | $19.3M |
| Cash from operating activities | $2.76B | $3.05B | $3.03B | $3.15B | $3.21B | $2.84B | $1.71B | $1.73B | $1.40B | $1.51B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.17B | −$1.02B | −$1.01B | −$563.3M | −$442.9M | −$465.6M | −$628.1M | −$504.3M | −$465.9M | −$476.3M |
| Investments (net) | — | −$1.17B | −$1.11B | −$740.0M | −$615.6M | −$164.1M | −$33.8M | −$534.3M | −$464.2M | $1.0M |
| Acquisitions & other investing | $16.5M | $1.02B | $1.12B | $563.3M | $442.9M | $14.8M | −$134.9M | $504.3M | $465.9M | −$53.8M |
| Cash from investing activities | −$1.15B | −$1.17B | −$995.9M | −$740.0M | −$615.6M | −$614.9M | −$796.7M | −$534.3M | −$464.2M | −$529.1M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$5,000 | — | — | −$2.16B | −$3.21B | −$2.91B | −$3.85B | $0 |
| Share repurchases & issuance (net) | −$2.10B | −$2.08B | −$3.15B | −$3.28B | −$2.48B | −$2.09B | −$1.43B | −$1.71B | −$2.17B | −$1.51B |
| Net borrowing (repayment) | $488.8M | −$48.7M | $1.20B | $547.3M | −$300.0M | $228.6M | $470.0M | $435.7M | $1.09B | $495.0M |
| Shares issued | $80.8M | $129.0M | $94.4M | $79.4M | $84.9M | $62.3M | $60.2M | $72.1M | $0 | $0 |
| Other financing | −$21.4M | −$33.5M | −$8.4M | −$6.9M | −$3.7M | $2.16B | $3.21B | $2.91B | $3.90B | $59.1M |
| Cash from financing activities | −$1.55B | −$2.03B | −$1.87B | −$2.66B | −$2.69B | −$1.80B | −$902.8M | −$1.21B | −$1.04B | −$951.3M |
| Summary | ||||||||||
| Net change in cash | $63.5M | −$148.9M | $170.5M | −$253.5M | −$103.5M | $425.2M | $9.1M | −$15.0M | −$100.2M | $30.3M |
| Cash at end of period | $193.8M | $130.2M | $279.1M | $108.6M | $362.1M | $465.6M | $40.4M | $31.3M | $46.3M | $146.6M |
| Free cash flow | $1.59B | $2.03B | $2.03B | $2.58B | $2.76B | $2.37B | $1.08B | $1.22B | $937.7M | $1.03B |
| Free cash flow margin | 9.0% | 12.1% | 12.8% | 17.9% | 20.7% | 20.4% | 10.6% | 12.8% | 10.4% | 12.0% |
| Capex / revenue | 6.6% | 6.1% | 6.4% | 3.9% | 3.3% | 4.0% | 6.2% | 5.3% | 5.2% | 5.5% |
| Operating cash flow / net income | 1.09 | 1.28 | 1.29 | 1.45 | 1.48 | 1.62 | 1.23 | 1.30 | 1.24 | 1.46 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $715.1M | $604.2M | $605.2M | $725.9M | $668.6M | $538.5M | $551.1M | $665.5M | $622.8M | $547.2M | $552.5M | $649.8M |
| Depreciation & amortization | $138.3M | $135.4M | $135.4M | $128.7M | $124.9M | $122.2M | $122.6M | $116.4M | $113.2M | $109.6M | $112.5M | $104.9M |
| Stock-based compensation | $8.7M | $8.8M | $8.0M | $8.3M | $10.4M | $8.4M | $7.3M | $7.4M | $7.2M | $7.0M | $5.6M | $7.4M |
| Change in working capital | $124.6M | $267.4M | −$27.1M | −$276.4M | −$92.1M | $92.1M | $57,000 | −$10.0M | $185.9M | $33.3M | −$166.3M | $77.0M |
| Other non-cash items | $19.9M | $17.2M | −$88.1M | $30.1M | $45.0M | −$6.1M | −$56.6M | −$7.3M | $19.6M | $7.0M | $12.1M | $27.1M |
| Cash from operating activities | $1.01B | $1.03B | $633.5M | $616.5M | $756.8M | $755.1M | $624.5M | $772.0M | $948.9M | $704.2M | $516.4M | $866.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$307.6M | −$244.4M | −$269.0M | −$312.1M | −$300.7M | −$287.0M | −$290.5M | −$258.3M | −$225.4M | −$249.2M | −$252.3M | −$293.0M |
| Investments (net) | — | — | — | −$301.6M | −$310.0M | −$285.0M | −$283.2M | −$261.2M | −$221.7M | −$400.8M | −$246.2M | −$289.8M |
| Acquisitions & other investing | $2.6M | −$209,000 | $13.2M | $312.1M | $300.7M | $287.0M | $290.5M | $258.3M | $225.4M | $249.2M | $252.3M | $293.0M |
| Cash from investing activities | −$305.0M | −$244.7M | −$255.8M | −$301.6M | −$310.0M | −$285.0M | −$283.2M | −$261.2M | −$221.7M | −$400.8M | −$246.2M | −$289.8M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$2.98B | −$1.48B |
| Share repurchases & issuance (net) | −$1.51B | −$922.9M | −$500.3M | −$420.0M | −$617.2M | −$559.4M | −$472.0M | −$540.7M | −$793.8M | −$270.0M | −$560.2M | −$799.5M |
| Net borrowing (repayment) | $815.8M | $183.5M | $99.0M | $90.9M | $169.6M | $129.3M | $159.2M | −$34.4M | — | — | — | — |
| Shares issued | $21.2M | $16.6M | $12.5M | $20.1M | $23.2M | $24.9M | $16.2M | $39.0M | $16.0M | $57.8M | $19.7M | $22.9M |
| Other financing | −$19.5M | −$6.2M | −$168,000 | −$14,000 | −$17.0M | −$4.2M | −$29.0M | −$3.9M | $107.3M | −$281.4M | $3.45B | $1.70B |
| Cash from financing activities | −$692.6M | −$729.0M | −$388.9M | −$309.0M | −$441.4M | −$409.5M | −$325.6M | −$540.0M | −$670.5M | −$493.6M | −$74.0M | −$551.5M |
| Summary | ||||||||||||
| Net change in cash | $9.5M | $58.8M | −$10.7M | $5.9M | $7.4M | $61.0M | $14.6M | −$29.4M | $55.8M | −$189.9M | $196.5M | $24.8M |
| Cash at end of period | $262.2M | $252.6M | $193.8M | $204.5M | $198.6M | $191.2M | $130.2M | $115.6M | $145.0M | $89.3M | $279.1M | $82.7M |
| Free cash flow | $698.9M | $788.5M | $364.5M | $304.4M | $456.1M | $468.2M | $334.0M | $513.7M | $723.5M | $455.0M | $264.1M | $573.3M |
| Free cash flow margin | 14.3% | 17.3% | 8.3% | 6.5% | 10.1% | 11.3% | 8.2% | 11.8% | 16.9% | 11.4% | 6.9% | 13.6% |
| Capex / revenue | 6.3% | 5.4% | 6.1% | 6.6% | 6.6% | 6.9% | 7.1% | 5.9% | 5.3% | 6.3% | 6.6% | 7.0% |
| Operating cash flow / net income | 1.41 | 1.71 | 1.05 | 0.85 | 1.13 | 1.40 | 1.13 | 1.16 | 1.52 | 1.29 | 0.93 | 1.33 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ORLY cash generation
In fiscal 2025 (ended December 31, 2025), O'Reilly Automotive generated $2.8 billion of cash from operations (down 9.4%) and spent $1.2 billion on capital expenditures, leaving free cash flow of $1.6 billion, 9.0% of revenue. It returned $2.1 billion to shareholders through dividends ($0) and net share buybacks ($2.1 billion). Cash and equivalents rose by $63.5 million over the year.
Related: ORLY income statement, ORLY balance sheet. See the ORLY stock overview for the latest quote and news.
ORLY cash flow FAQ
What is O'Reilly Automotive's free cash flow?
O'Reilly Automotive's free cash flow was $1.6 billion in fiscal 2025: $2.8 billion of operating cash flow minus $1.2 billion of capital expenditures It was $2.0 billion a year earlier..
How much cash does O'Reilly Automotive generate from operations?
O'Reilly Automotive generated $2.8 billion of cash from operating activities in fiscal 2025, 1.09 times its net income of $2.5 billion.
How much does O'Reilly Automotive spend on capital expenditures?
O'Reilly Automotive spent $1.2 billion on capital expenditures in fiscal 2025, 6.6% of revenue, compared with $1.0 billion the year before.
How much stock does O'Reilly Automotive buy back?
O'Reilly Automotive spent $2.1 billion on net share repurchases in fiscal 2025.