O'Reilly Automotive (ORLY) Earnings Date & Reports

Key Takeaways

• Q2 2026 results are scheduled for release on Wednesday, July 29, 2026, after market close, with a conference call the following morning.
• Wall Street consensus points to earnings per share (EPS) of $0.86, which would represent a 10.3% increase from the $0.78 reported in the same quarter last year.
• O'Reilly topped estimates in three of the last four quarters, including a $0.03 per share beat in Q1 2026 on revenue that grew 10.2% year-over-year to $4.56 billion.
• Full-year 2026 EPS guidance stands at $3.15 to $3.25, with revenue projected between $18.7 billion and $19.0 billion and comparable store sales growth of 3% to 5%.
• Shares have pulled back roughly 20% from their 52-week high of $108.71, trading near $86 in mid-July, potentially raising the stakes for this quarterly update.
• Analyst sentiment remains broadly bullish, with an average price target of approximately $110.70 and a consensus rating of "Moderate Buy" across 21 covering analysts.

Earnings Context and Why It Matters

O'Reilly Automotive enters its second-quarter 2026 earnings report at a compelling juncture. The stock has retreated meaningfully from its 52-week high despite underlying business momentum that produced an 8.1% comparable store sales increase in Q1 — well above the company's own full-year guidance range. With 6,644 stores across 48 U.S. states, Puerto Rico, Mexico, and Canada, O'Reilly is one of the largest pure-play retailers in the automotive aftermarket industry. The upcoming report offers investors a critical read on consumer demand trends, professional service provider spending, and whether elevated vehicle age and new car affordability pressures continue to funnel demand toward aftermarket parts. For a stock that historically rewards earnings beats, the Q2 print carries significant weight heading into the second half of 2026.

Earnings Expectations

Consensus estimates for O'Reilly's second quarter of 2026 call for EPS of $0.86, based on data compiled by MarketBeat. The estimate range among analysts spans from $0.85 to $0.87, reflecting relatively tight conviction around the result. On the revenue side, analysts are closely watching whether the company can sustain the double-digit top-line growth pace from Q1, when sales reached $4.56 billion — a 10.2% year-over-year jump that comfortably exceeded the $4.46 billion consensus at the time.

As a point of reference, O'Reilly posted Q2 2025 EPS of $0.78 on revenue of $4.53 billion, with comparable store sales growth of 4.1%. Management's full-year comp guidance of 3% to 5% looks conservative against the 8.1% Q1 result, and investors will closely monitor whether the company narrows or raises that forecast. After completing a 15-for-1 stock split in the second quarter of 2025, historical EPS figures should be viewed on a split-adjusted basis.

Gross margin is another focal point. In Q1, gross margin came in at 51.5% (up 19 basis points year-over-year), and full-year guidance calls for 51.5% to 52%. Any deviation driven by tariff-related costs, freight expenses, or commodity pricing in motor oil will be scrutinized. Additionally, private-label penetration — which crossed the 50% threshold — remains a differentiating margin lever that analysts expect management to address on the conference call.

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Market Reaction and Investor Sentiment

O'Reilly shares enter the Q2 report under modest pressure. After rallying more than 8% following the Q1 beat in late April, the stock has since drifted lower alongside broader market choppiness, recently changing hands around $86 — below both its 50-day moving average of roughly $88.76 and its 200-day moving average of approximately $91.90. The pullback puts the stock closer to its 52-week low of $82.59 than its high of $108.71.

Despite the price weakness, Wall Street remains constructive. DA Davidson reiterated a Buy rating with a $114 price target in early July, while Goldman Sachs reaffirmed its Buy rating with a $113 target in mid-July. Evercore ISI and Wells Fargo have also maintained Outperform-equivalent ratings. One cautionary signal: two top O'Reilly executives disclosed stock sales in May, a data point some investors may interpret as a near-term sentiment indicator. Still, the broader analyst community views the current price level as an attractive entry point, with the average target implying roughly 28% upside from recent levels.

Forward Outlook and Key Factors to Monitor

Beyond the headline EPS and revenue numbers, several forward-looking themes will shape the post-earnings narrative.

Comparable store sales trajectory. After posting 8.1% comp growth in Q1 — driven by double-digit gains in the professional segment and mid-single-digit DIY (do-it-yourself) growth — investors will assess whether Q2 momentum held steady or decelerated. Management's full-year comp guidance of 3% to 5% leaves ample room for upward revision if demand trends remain favorable.

Guidance revisions. O'Reilly has already raised its full-year operating margin outlook by 10 basis points to 19.3% to 19.8% and bumped EPS guidance to $3.15 to $3.25 after Q1. Any further upward adjustment to either the top-line or profitability outlook would likely be received positively. Conversely, maintaining guidance despite a strong Q1 may be interpreted as conservative caution around the macroeconomic backdrop.

Consumer health and fuel prices. Management flagged consumer sensitivity to fuel costs during the Q1 call. With gasoline prices remaining a variable in household budgets, commentary around DIY customer traffic trends will be closely watched. Historically, periods of economic pressure on new vehicle purchases have benefited the aftermarket, as consumers hold onto aging vehicles longer.

Store growth and capital allocation. O'Reilly opened 59 net new stores in Q1 and is targeting 225 to 235 net new locations for the full year. Additionally, the company repurchased 10 million shares for $923 million in Q1 alone. Any updates on the pace of buybacks or international expansion — particularly in Mexico and Canada — will add texture to the long-term growth story.

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