O’Reilly Automotive Inc (ORLY)

Operating profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	3,186,376	3,149,857	3,056,829	3,001,606	2,954,491	2,948,155	2,898,560	2,895,593	2,917,168	2,775,559	2,745,973	2,686,880	2,419,336	2,326,567	2,137,917	1,899,501	1,920,726	1,907,263	1,856,048	1,837,124
Revenue (ttm)	US$ in thousands	15,673,280	15,485,750	15,089,740	14,703,610	14,301,060	13,948,060	13,635,980	13,430,250	13,222,560	12,759,840	12,481,270	12,103,380	11,487,200	11,141,410	10,606,010	10,111,240	10,049,160	9,881,140	9,700,550	9,569,440
Operating profit margin		20.33%	20.34%	20.26%	20.41%	20.66%	21.14%	21.26%	21.56%	22.06%	21.75%	22.00%	22.20%	21.06%	20.88%	20.16%	18.79%	19.11%	19.30%	19.13%	19.20%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $3,186,376K ÷ $15,673,280K
= 20.33%

The operating profit margin of O'Reilly Automotive, Inc. has shown stability over the past eight quarters, ranging between 20.08% to 21.40%. The margin peaked in Q2 2022 at 21.40% and has since slightly declined but remained above 20% consistently. This indicates that the company has been able to effectively manage its operating expenses to generate strong profitability from its core operations. The consistent profitability over time reflects the company's ability to efficiently control costs and maximize revenues, maintaining a healthy margin relative to its revenues.