O'Reilly Automotive Inc (ORLY) 2025 Q4 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc., fourth-quarter and full-year 2025 earnings call. My name is Matthew, and I'll be your operator for today's call. (Operator Instructions)

歡迎參加 O'Reilly Automotive, Inc. 2025 年第四季及全年財報電話會議。我叫馬修，我將擔任您今天通話的接線生。（操作說明）

I will now turn the call over to Jeremy Fletcher. Mr. Fletcher, you may begin.

現在我將把通話轉交給傑里米·弗萊徹。弗萊徹先生，你可以開始了。

Thank you, Matthew. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our fourth-quarter and full-year 2025 results and our outlook for 2026. After our prepared comments, we will host a question-and-answer period.

謝謝你，馬修。各位早安，感謝各位的參與。在今天的電話會議上，我們將討論我們 2025 年第四季和全年的業績以及我們對 2026 年的展望。在我們發表完準備好的評論後，我們將安排問答環節。

Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements, and we intend to be covered by, and we claim the protection under the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as estimate, may, could, will, believe, expect, would, consider, should, anticipate, project, plan, intend, or similar words.

在今天早上開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述，我們打算遵守 1995 年《私人證券訴訟改革法案》中關於前瞻性陳述的「安全港」條款，並主張該條款的保護。你可以透過諸如估計、可能、可以、將、相信、預期、會、考慮、應該、預計、預測、計劃、打算或類似詞語等前瞻性詞語來識別這些陳述。

The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2024, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

由於公司截至 2024 年 12 月 31 日的最新年度報告（表格 10-K）和其他最近提交給美國證券交易委員會的文件中描述的幾個重要因素，公司的實際業績可能與任何前瞻性聲明有重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

At this time, I would like to introduce Brad Beckham.

在此，我謹向大家介紹布拉德貝克漢。

Thanks, Jeremy. Good morning, everyone, and welcome to the O'Reilly Auto Parts fourth quarter conference call. Participating on the call with me this morning are Brent Kirby, our President; and Jeremy Fletcher, our Chief Financial Officer. Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, are also present on the call.

謝謝你，傑瑞米。各位早安，歡迎參加歐萊利汽車配件公司第四季電話會議。今天早上和我一起參加電話會議的有我們的總裁布倫特·柯比和我們的財務長傑里米·弗萊徹。我們的執行主席 Greg Henslee 和執行副主席 David O'Reilly 也參加了此次電話會議。

I am once again pleased to begin our call today by congratulating Team O'Reilly on another strong year in 2025. We finished the year with a comparable store sales increase of 5.6% in the fourth quarter, which brought our full year comp for 2025 to 4.7%. The 4.7% was at the high end of our revised guidance range of 4% to 5% and above the expectations we set in our initial guidance coming into 2025.

今天，我很高興再次向奧萊利團隊表示祝賀，祝賀他們在 2025 年又取得了輝煌的成績。第四季度，我們同店銷售額成長了 5.6%，使 2025 年全年同店銷售額成長達到 4.7%。4.7% 處於我們修訂後的 4% 至 5% 指導範圍的高端，也高於我們在 2025 年初始指導中設定的預期。

Our strong comparable store sales performance, coupled with the continued successful execution of our new store expansion, drove a total sales increase of 6.4% to $17.8 billion. To provide some perspective, our total '25 sales reflect an increase of over 50% in total sales volume over the last five years, representing growth of over $6 billion since 2020.

我們強勁的同店銷售業績，加上新店擴張計畫的持續成功實施，推動總銷售額成長 6.4%，達到 178 億美元。為了讓大家對這個數字有個概念，我們 2025 年的總銷售額比過去五年的總銷售額成長了 50% 以上，自 2020 年以來成長了 60 億美元以上。

Our ability to continue to grow our business and capture market share year in and year out is a testament to our team's commitment to providing excellent customer service. I want to thank each member of Team O'Reilly for their daily commitment to our customers and our company.

我們能夠年復一年地持續發展業務並贏得市場份額，這證明了我們團隊致力於提供卓越的客戶服務。我要感謝奧萊利團隊的每一位成員，感謝他們每天對我們的客戶和公司的付出。

To touch on the rest of our results as we finish out the year, I want to briefly highlight both areas of strength and some headwinds we faced in 2025, before Brent provides more color in his remarks. For the full year, we generated operating profit of $3.5 billion, a 6.4% increase over 2024. On a sales -- a percentage of sales basis, our 2025 operating profit of 19.5% was flat to the prior year and right at the midpoint of the guidance range we maintained throughout 2025.

在結束這一年之際，為了談談我們其他的成果，我想簡要地強調我們在 2025 年面臨的優勢領域和一些不利因素，之後布倫特將在他的演講中提供更多細節。全年營業利潤為 35 億美元，比 2024 年成長 6.4%。以銷售額百分比計算，我們 2025 年的營業利潤率為 19.5%，與上一年持平，正好處於我們 2025 年全年維持的指導範圍的中點。

We are pleased with our team's ability to drive robust gross margin results in an environment of rising costs and prices by ensuring that we are providing exceptional value to our customers to earn their business. We are also pleased that our team continues to capitalize on the investments we have made in our business, including enhancements to our distribution and hub store network, expanded inventory assortments, and strategic technology investments.

在成本和價格不斷上漲的環境下，我們的團隊透過確保為客戶提供卓越的價值來贏得客戶的信任，從而實現了強勁的毛利率業績，我們對此感到非常滿意。我們也欣慰地看到，我們的團隊繼續充分利用我們對業務所做的投資，包括改善我們的分銷和樞紐商店網絡、擴大庫存種類以及戰略技術投資。

We believe our continued sales growth trends reflect share gains won by consistently executing our proven business model while also delivering incremental improvements to further differentiate our service from the competition. We will continue to prioritize these initiatives to lean into our business to sustain our growth momentum.

我們相信，持續的銷售成長趨勢反映了我們透過不斷執行行之有效的商業模式而贏得的市場份額，同時我們也不斷改進服務，以進一步使我們的服務與競爭對手區分開來。我們將繼續優先推進這些舉措，以增強業務實力，並保持成長動能。

However, we unfortunately also faced substantial cost pressures in 2025, including headwinds reflected in our fourth quarter results, primarily from rising costs related to our team member health care and self-insurance programs. We are certainly not pleased that these headwinds dampened an otherwise strong finish for our company in 2025, but we remain intensely focused on managing our business effectively to deliver the excellent customer service that drives long-term growth and profitability.

然而，不幸的是，我們在 2025 年也面臨著巨大的成本壓力，包括第四季度業績中反映出的不利因素，主要來自與團隊成員醫療保健和自保計劃相關的成本上升。我們當然不樂意看到這些不利因素影響了公司在 2025 年原本強勁的收官表現，但我們仍將全力以赴地有效管理業務，以提供卓越的客戶服務，從而推動長期增長和盈利能力。

During the fourth quarter, we generated diluted earnings per share of $0.71, which represents an increase of 13% over the prior year. For the full year, we generated EPS of $2.97, which was an increase of 10% over 2024.

第四季度，我們實現了每股攤薄收益 0.71 美元，比上年同期增長 13%。全年來看，我們實現了每股收益 2.97 美元，比 2024 年增長了 10%。

As we noted in yesterday's press release, our 2025 results represent our 33rd consecutive year of annual comparable store sales increases and record levels of revenue, operating income, and EPS. This remarkable track record of strong, consistent earnings growth is a reflection of the effectiveness of Team O'Reilly's customer service-oriented culture and our focus on profitable, sustainable growth.

正如我們在昨天的新聞稿中提到的，我們的 2025 年業績代表著我們連續第 33 年實現年度同店銷售額增長，以及創紀錄的收入、營業收入和每股收益。奧萊利團隊持續強勁的獲利成長記錄，體現了以客戶服務為導向的企業文化的有效性，以及我們對獲利、永續成長的重視。

Now I'd like to take a few minutes to provide some color on our fourth quarter sales results. Our comparable store sales for the fourth quarter grew 5.6%, which was at the high end of our expectations. Similar to the third quarter, growth in our professional business was the stronger driver of our sales results with an increase in comparable store sales of over 10% for the second consecutive quarter.

現在我想花幾分鐘時間，詳細介紹一下我們第四季的銷售業績。第四季同店銷售額成長了5.6%，達到了我們預期的高端水準。與第三季類似，我們專業業務的成長是銷售業績的主要驅動力，同店銷售額連續第二季成長超過 10%。

We're also pleased to generate a positive DIY comp in the low single digits as this side of our business also performed largely in line with the trends we saw in the third quarter. Our comparable store sales increase in the fourth quarter reflected growth in both transaction volume and average ticket value, with the average ticket growth representing the stronger of the two drivers.

我們也很欣喜地看到，DIY業務的同店銷售額實現了個位數低成長，因為我們這部分業務的表現也基本上符合第三季的趨勢。第四季同店銷售額的成長反映了交易量和平均客單價的雙雙成長，其中平均客單價的成長更為顯著。

Average ticket grew in the mid-single digits on both sides of our business, driven by a contribution from same-SKU inflation of approximately 6%, partially offset by a headwind from the composition of our product mix. As we have noted throughout 2025, the pricing environment has remained rational in response to tariff-induced product cost pressures.

我們業務的銷售和零售兩方面的平均客單價均實現了中等個位數的增長，這主要得益於同店商品價格上漲約 6%，但部分被產品組合構成方面的不利因素所抵消。正如我們在 2025 年所觀察到的，為了因應關稅帶來的產品成本壓力，定價環境一直保持理性。

After a significant ramp in these cost pressures and corresponding price changes in the third quarter, the fourth quarter leveled out, and the inflation benefit was realized in a very consistent -- was very consistent month to month. This dynamic aligned with our expectations given the timing of the impact we have seen in tariff and acquisition costs, and we believe also reflects a stable pricing environment in the aftermarket.

在第三季成本壓力和相應價格變化大幅上升之後，第四季趨於平穩，通膨帶來的好處以非常穩定的方式逐月實現。鑑於關稅和採購成本受到的影響時間，這種動態與我們的預期相符，我們認為這也反映了售後市場穩定的定價環境。

We were pleased with the positive contribution to comps from ticket count growth in the fourth quarter driven by continued robust growth in our professional business, partially offset by modest pressure in DIY transaction counts.

第四季度，由於專業業務持續強勁成長，客單價成長對同店銷售額做出了積極貢獻，我們對此感到滿意，但自助交易量略微下降，部分抵消了這一增長。

Our fourth quarter performance in our professional business matched the consistent strength we saw throughout 2025. The value proposition we are creating for our customers is clearly distinguishing O'Reilly as the preferred partner to the professional service provider.

我們在專業業務的第四季表現與2025年全年所看到的持續強勁勢頭相符。我們為客戶創造的價值主張，清楚地將 O'Reilly 定位為專業服務提供者的首選合作夥伴。

Next, I want to provide an update on the results in our DIY business in the fourth quarter. As we have discussed throughout 2025, we have remained cautious regarding the impact to consumers from broad-based inflation and macroeconomic pressures. This included our comments on the pressure trends to transaction counts we saw midway through our third quarter and into the beginning of Q4.

接下來，我想報告我們DIY業務第四季的業績。正如我們在 2025 年一直討論的那樣，我們對普遍通膨和宏觀經濟壓力對消費者的影響始終保持謹慎。這其中包括我們對第三季中期到第四季初交易量壓力趨勢的評論。

As we moved through the fourth quarter, we saw stabilization in the demand backdrop in our DIY business, including some modest improvements in DIY transactions month to month, but -- both in absolute terms and relative to our initial plan expectations for the cadence of our business.

隨著我們進入第四季度，我們看到 DIY 業務的需求環境趨於穩定，DIY 交易量也逐月略有改善，但無論從絕對值還是相對於我們最初對業務節奏的預期，都未能達到預期。

To be clear, we still experienced some pressure that resulted in slightly negative traffic comps as we finished out our fourth quarter. This was most evident in the small subset of our DIY business that is highly discretionary in nature, including categories like appearance and accessories.

需要說明的是，我們在第四季末仍然面臨一些壓力，導致客流量較去年同期略有下降。這一點在我們 DIY 業務的一小部分子業務中表現得最為明顯，這些子業務的性質具有高度的自主性，包括外觀和配件等類別。

On balance, we view the current sales trends in our DIY business is pretty consistent with what we have seen for the last several quarters now. However, we are pleased to not see any heightened pressure to the consumer that would indicate a more significant negative reaction to economic conditions.

總的來說，我們認為目前DIY業務的銷售趨勢與過去幾季的情況基本一致。然而，我們欣慰地看到，消費者並未面臨任何更大的壓力，這表明經濟狀況並未引發更顯著的負面反應。

Turning to the cadence for the quarter for our consolidated business. Our results were fairly consistent throughout the quarter with December being slightly stronger than the first two months. This was due in part to a solid performance as we finished out the year in winter weather-related categories.

接下來，我們來看看本季合併業務的節奏。本季我們的業績基本上保持穩定，12 月的業績略優於前兩個月。這部分歸功於我們在與冬季天氣相關的類別中取得了穩健的年終成績。

These categories performed well even against tougher comparisons to last year. We view this season, both in the fourth quarter and what we have seen so far in '26, as typical winter weather and consistent with last year.

即使與去年相比，這些類別的表現依然出色。我們認為本季，無論是第四季還是 2026 年至今的情況，都屬於典型的冬季天氣，與去年一致。

Beyond the strength in our winter weather-related categories, we also saw strong results in the fourth quarter in maintenance-related categories, in line with the trends we have seen for several quarters now.

除了冬季天氣相關類別的強勁表現外，我們在第四季度維護相關類別也取得了強勁的業績，這與我們幾個季度以來看到的趨勢一致。

Next, I want to transition to a discussion of our guidance for 2026, starting with our sales outlook. As we disclosed in our release yesterday, we're establishing our annual comparable store sales guidance for 2026 at a range of 3% to 5%. We want to provide some additional color on how we're viewing the economic conditions in our industry and the opportunities -- and our opportunities to outperform the market.

接下來，我想轉而討論我們對 2026 年的展望，首先從我們的銷售前景說起。正如我們在昨天發布的公告中所揭露的，我們將 2026 年的年度同店銷售額預期設定在 3% 至 5% 的範圍內。我們希望進一步闡述我們對產業經濟狀況和機會的看法，以及我們超越市場的機會。

Beginning with our industry outlook, we view the fundamental backdrop for the automotive aftermarket as relatively stable. While we believe the industry has experienced some sluggishness over the last several quarters from a more cautious consumer, we believe the drivers for demand in our industry remain very solid. There continues to be a very compelling value proposition for consumers to invest in the repair and maintenance of their existing vehicles to meet their daily transportation needs.

首先從產業展望來看，我們認為汽車售後市場的基本面相對穩定。儘管我們認為，由於消費者更加謹慎，過去幾季產業發展有所放緩，但我們相信，推動產業需求的因素依然非常穩固。對於消費者而言，投資維修和保養現有車輛以滿足日常旅行需求仍然具有非常吸引人的價值。

The US car park has seen an increase in total miles driven of approximately 1% over the last two years. We expect to continue to see steady growth in this metric supported by growth in the total size of the car park. Due to the resiliency of our customers and the nondiscretionary nature of our business, we have confidence in a steady industry environment in 2026 even if we continue to see a cautious stance from consumers.

過去兩年，美國停車場的總行駛里程增加了約 1%。我們預計，隨著停車場總規模的成長，這項指標將繼續穩定成長。由於我們的客戶具有很強的韌性，而且我們的業務具有非必需性，即使消費者繼續保持謹慎態度，我們也對 2026 年的行業環境保持穩定充滿信心。

Ultimately, our performance this year will depend on our effectiveness in executing our business model, providing exceptional customer service, and, in turn, gaining market share. To that end, our 2026 comparable store sales guidance includes expected growth in both our professional and DIY businesses that we anticipate will again outpace the industry.

最終，我們今年的業績將取決於我們執行商業模式的有效性、提供卓越的客戶服務以及進而獲得市場份額的能力。為此，我們對 2026 年同店銷售額的預期包括專業業務和 DIY 業務的成長，我們預計這兩大業務將再次超越行業平均水平。

For 2026, we expect to see continued growth in average ticket values, primarily supported by anticipated same-SKU inflation. As a reminder, our 2025 results reflected a muted impact from inflation in the first half of the year before we began to pass through tariff cost increases beginning in the third quarter.

預計 2026 年平均客單價將持續成長，主要得益於預期中的同 SKU 價格上漲。需要提醒的是，我們 2025 年的業績反映了上半年通貨膨脹的影響較小，之後我們從第三季開始才開始轉嫁關稅成本的成長。

In total, 2025 saw same-SKU inflation of just under 3% on both sides of our business, and we anticipate similar levels in 2026. However, we expect to see most of this benefit in the first half of the year as the inverse of the 2025 timing as we calendar the period before the ramp in tariff costs and associated price increases.

2025 年，我們業務的供給與需求雙方的同 SKU 價格整體上漲幅度略低於 3%，我們預期 2026 年的價格水準將與此類似。然而，我們預計今年上半年將看到大部分收益，這與 2025 年的時間表正好相反，因為我們將這段時間安排在關稅成本和相關價格上漲之前。

These projections reflect our typical assumption of only modest incremental changes in prices from the current levels exiting 2025 as we move throughout the year. This assumption also reflects our best read on the broader pricing environment in our industry.

這些預測反映了我們一貫的假設，即到 2025 年底，價格只會比當前水準略有小幅成長。這個假設也反映了我們對產業整體定價環境的最佳判斷。

As such, our guidance expectations do not anticipate incremental changes in tariffs or subsequent impacts to the pricing environment within our industry. Given the uncertainty surrounding potential future changes in this landscape, we still expect the industry to behave rationally from a pricing perspective and only react as necessary to realize changes in acquisition costs.

因此，我們的預期指引並未預料到關稅會有漸進式變化，也不會對我們產業的定價環境產生後續影響。鑑於未來市場格局可能發生變化的不確定性，我們仍然預期該行業在定價方面會保持理性，並且只會在收購成本發生變化時才會做出反應。

Consistent with our experience in 2025, we anticipate there will be limited incremental benefit within our average ticket growth outside of inflation. However, as we begin to calendar the comparison to the ramp in same-SKU inflation in the back half of '25, we expect a return to the normal dynamics supporting our average ticket. So for the back half of 2026, we expect growth in average ticket to reflect muted inflation and a more substantial benefit from increasing parts complexity.

根據我們對 2025 年的經驗，我們預計，除通貨膨脹外，平均票價成長帶來的增量收益將有限。然而，隨著我們開始將與 2025 年下半年同 SKU 價格上漲的趨勢進行比較，我們預計價格將恢復正常，從而支撐我們的平均客單價。因此，我們預期 2026 年下半年平均票價的成長將反映出溫和的通貨膨脹以及零件複雜性增加所帶來的更實質收益。

We anticipate average ticket growth will be the larger contributor to our projected comparable store sales performance, but we also expect ticket count growth to positively support our comps in 2026. We believe professional ticket counts will continue to be strong and will reflect incremental market share gains on this side of our business.

我們預期平均客單價成長將對我們預期的同店銷售業績做出更大的貢獻，但我們也預期客單價成長將在 2026 年對我們的同店銷售業績起到積極作用。我們相信專業門票數量將繼續保持強勁勢頭，並將反映出我們在該業務領域市場份額的逐步成長。

Given our history of performance in growing our share in the professional business, our 2026 expectations anticipate some moderation in ticket growth as we compare against the high bar we have set. However, we have been extremely pleased with our team's ability to comp the comp and stack continued professional transaction growth year after year, and anticipate 2026 will be no different.

鑑於我們過去在專業業務領域不斷擴大市場份額的業績，我們預計 2026 年的票務成長將有所放緩，因為我們設定的目標很高。然而，我們對團隊逐年實現可比性並持續提升專業交易成長的能力感到非常滿意，並預計 2026 年也不會例外。

We also continue to believe that we have substantial opportunities to earn a bigger piece of the pie in our DIY business. In 2026, we expect DIY transaction counts to be pressured and slightly negative as a result of the long-term industry trend of better engineered and manufactured parts and extended service and repair intervals, along with our continued caution regarding the confidence of the entry-level DIY consumer. Even though we have seen some pressure to transaction counts on this side of our business, we still believe we're outperforming the industry and gaining share.

我們也仍然相信，我們在DIY業務中有很大的機會獲得更大的市場份額。2026 年，由於零件設計和製造流程的長期發展趨勢以及維修保養週期的延長，加上我們對入門級 DIY 消費者信心的持續擔憂，我們預計 DIY 交易量將面臨壓力並略有下降。儘管我們業務的這一部分交易量面臨一些壓力，但我們仍然相信我們的業績優於行業平均水平，而且市場份額正在不斷擴大。

Before I move on from our sales guidance, I would like to highlight our expectations for the quarterly cadence of our sales growth in 2026. On a weekly volume basis, our guidance assumes our business will be fairly steady in 2026 absent unforeseen seasonal variability in weather. As a result, our quarterly comparable store sales assumptions are primarily driven by the comparisons to the results we generated in 2025.

在繼續介紹我們的銷售指導之前，我想重點介紹我們對 2026 年季度銷售成長節奏的預期。根據我們的預測，在2026年，如果沒有不可預見的季節性天氣變化，我們的業務將保持相當穩定的每週銷售。因此，我們季度同店銷售額的假設主要取決於與我們在 2025 年取得的業績的比較。

Based on the same-SKU inflation dynamics I outlined earlier, we would anticipate the first half of the year to generate a strong comp at the high end of our guidance range, with the back half of the year reflecting the more challenging comparisons. We are pleased to be off to a solid start in 2026, in line with these expectations, supported by favorable winter weather in January.

根據我之前概述的同店銷售價格上漲動態，我們預計上半年將實現強勁的同店銷售成長，達到我們預期範圍的高端，而下半年則會面臨更具挑戰性的同店銷售比較。我們很高興 2026 年開局良好，符合預期，這得益於 1 月有利的冬季天氣。

Now I'd like to move on to discuss our capital investment and expansion plans. Our capital expenditures for 2025 came in just under $1.2 billion, in line with our revised full year guidance range of approximately $150 million from 2024. For 2026, we are setting our CapEx guidance at $1.3 billion to $1.4 billion. The primary driver of the increase in our projected investment is centered around our planned acceleration in new store growth.

現在我想繼續討論我們的資本投資和擴張計劃。我們 2025 年的資本支出略低於 12 億美元，與我們自 2024 年以來修訂的全年指引範圍（約 1.5 億美元）相符。2026 年，我們的資本支出預期為 13 億美元至 14 億美元。我們預計投資增加的主要原因是計劃加快新店擴張。

As we noted on last quarter's call, we have established a target of 225 to 235 net new store openings for 2026, an increase of approximately 25 stores over our growth in 2025. This new store target contemplates a step-up in US store openings as well as a similar growth in Mexico to the 25 stores we added in that market last year.

正如我們在上個季度電話會議上提到的，我們已設定目標，到 2026 年淨增新店數量為 225 至 235 家，比 2025 年的增長量增加約 25 家。這個新的門市目標旨在加快美國門市的開設，同時在墨西哥實現類似的成長，就像我們去年在該市場新增的 25 家門市一樣。

The increase in new store openings is motivated by our continued strong new store performance and the confidence we have in our ability to grow strong store teams and effectively execute our business model across our North American footprint.

新店開幕數量的增加，源自於我們持續強勁的新店業績，以及我們對自身能力的信心——我們有能力組建強大的門市團隊，並在北美地區有效執行我們的商業模式。

We are also pleased to have opened our first greenfield location in Canada in the fourth quarter of 2025. We anticipate a handful of our projected 2026 new store openings to be opened in Canada as we see the early fruits from the development of our organic growth machine in this expansion market.

我們也很高興地宣布，我們在 2025 年第四季在加拿大開設了第一家全新門市。我們預計，在加拿大，我們計劃於 2026 年開設的新店中，將有一小部分會開業，因為我們在這個擴張市場中看到了我們有機成長機制發展的早期成果。

The second major component of our 2026 CapEx outlook is our continued investment in distribution capabilities. Our anticipated investment in these projects is expected to be down slightly in 2026, but still represent a key element of our business model and growth strategy. Brent will provide an update on our current distribution projects and expectations for '26 during his supply chain update.

我們 2026 年資本支出展望的第二個主要組成部分是我們對分銷能力的持續投資。預計 2026 年我們對這些項目的投資將略有下降，但這些項目仍然是我們商業模式和成長策略的關鍵要素。布倫特將在供應鏈更新會上介紹我們目前的配送項目以及對 2026 年的預期。

Finally, our capital investment outlook includes an expected step-up in our ongoing investments to maintain and refresh the image and appearance of our store fleet as well as continued strategic investments in technology projects and infrastructure.

最後，我們的資本投資展望包括預計將增加對門市形象和外觀的維護和更新的持續投資，以及對技術項目和基礎設施的持續策略投資。

As I wrap up my comments before turning the call over to Brent, I want to take a moment to thank our team for their continued dedication to our customers and our company. We once again had the privilege to come together with the entire leadership team of our company at our annual leadership conference in January of this year. Our conference theme was, Built for This, and there absolutely could not have been a more appropriate rallying cry to capture the excitement we have for our company's prospects as we enter 2026.

在我結束演講並將電話轉給布倫特之前，我想藉此機會感謝我們的團隊一直以來對客戶和公司的奉獻。今年一月，我們再次有幸與公司全體領導團隊齊聚一堂，參加年度領導力會議。我們本次大會的主題是“為此而生”，這絕對是一個再貼切不過的口號，能夠表達我們對公司在 2026 年前景的激動之情。

Time and again, our professional parts people have proven they truly are the most highly-skilled and customer-focused team in our industry, and they continue to be the key to our success. We couldn't be more excited about the coming year, and I look forward to the next chapter of outstanding performance our team is going to deliver.

我們的專業零件人員一次又一次證明，他們是業界技術最精湛、以客戶為中心的團隊，他們也一直是我們成功的關鍵。我們對即將到來的一年感到無比興奮，我期待著我們的團隊將在下一個篇章中繼續創造卓越的成績。

Now I'll turn the call over to Brent.

現在我把電話交給布倫特。

Thanks, Brad. I would also like to begin my comments this morning by congratulating Team O'Reilly on another strong year. Once again, your commitment to excellent customer service drove our performance in 2025. Today I will further discuss our fourth quarter and full year operational results and provide some additional color on our outlook for 2026.

謝謝你，布拉德。今天早上，我首先要祝賀奧萊利團隊又度過了輝煌的一年。再次感謝你們對卓越客戶服務的承諾，正是這種承諾推動了我們在 2025 年的業績成長。今天我將進一步討論我們第四季和全年的營運業績，並對我們 2026 年的展望做一些補充說明。

Starting with gross margin. Our fourth quarter gross margin of 51.8% was a 49 basis point increase from the fourth quarter of 2024 and above our expectations. Our full year gross margin came in at 51.6%, representing an increase of 39 basis points over last year and in the top half of our guidance range.

先從毛利率說起。我們第四季的毛利率為 51.8%，比 2024 年第四季成長了 49 個基點，高於我們的預期。我們全年的毛利率為 51.6%，比去年增加了 39 個基點，處於我們預期範圍的上半部。

Our team was able to deliver this strong gross margin performance despite facing a headwind from the robust performance in our professional business for both the fourth quarter and the full year. Our gross margin performance is the result of the collective efforts of our supply chain, store, and distribution operations teams.

儘管第四季度和全年專業業務的強勁表現給我們帶來了不利影響，但我們的團隊仍然實現瞭如此強勁的毛利率業績。我們的毛利率表現是供應鏈、門市和配送營運團隊共同努力的成果。

Our supply chain teams, with outstanding support from our supplier partners, were highly effective in navigating the rapidly evolving cost environment in 2025 to drive improved gross margins through incremental improvements in acquisition costs and effective management of the pricing environment.

在供應商合作夥伴的大力支持下，我們的供應鏈團隊在 2025 年高效應對了快速變化的成本環境，透過逐步降低採購成本和有效管理定價環境，推動了毛利率的提高。

Our distribution teams were equally effective at driving efficiencies and capitalizing on our strong sales momentum. Our DC teams generated improved leverage on our distribution cost while relentlessly delivering the highest standard of service and support to our stores.

我們的分銷團隊同樣有效地提高了效率，並充分利用了我們強勁的銷售動能。我們的配送中心團隊提高了配送成本的槓桿率，同時持續為我們的門市提供最高標準的服務和支援。

Finally, our store teams executed at a high level to maximize our value proposition to our customers. Their ability to consistently provide excellent customer service and industry-leading inventory availability enabled us to generate a healthy margin in an environment of increasing acquisition cost.

最後，我們的門市團隊有效率地執行，最大限度地提升了我們為顧客提供的價值。他們始終如一地提供卓越的客戶服務和業界領先的庫存供應能力，使我們能夠在不斷上漲的採購成本環境下獲得健康的利潤。

For 2026, we expect to continue to see further expansion of gross margin as we calendar our gains in 2025 and capitalize on incremental improvements to reduce acquisition costs as we progress through the year. We have established a guidance range for 2026 of 51.5% to 52%, which at the midpoint would represent a 16-basis point increase over 2025.

2026 年，我們預計毛利率將繼續進一步擴大，因為我們將 2025 年的收益計入帳目，並利用逐步改善來降低收購成本。我們已將 2026 年的指導區間設定為 51.5% 至 52%，其中點值將比 2025 年增長 16 個基點。

Our guidance reflects our continued confidence in the ability of our teams to effectively manage costs and leverage the premium value proposition that they create for our customers to generate improvements in our gross margin rate, despite expected incremental headwinds from a faster growth rate in our professional customer sales.

我們的績效指引反映了我們對團隊有效管理成本和利用其為客戶創造的優質價值主張來提高毛利率的持續信心，儘管專業客戶銷售成長速度加快預計會帶來一些不利影響。

Our gross margin rate also reflects an anticipated benefit from the continued evolution of our business in Mexico, away from a distribution model to independent jobbers. As we continue to increase our store count in Mexico, we anticipate a continued rapid transition away from jobber sales that historically represented the majority of our sales mix in Mexico.

我們的毛利率也反映了我們墨西哥業務持續發展（從分銷模式轉向獨立批發商）所帶來的預期收益。隨著我們在墨西哥的門市數量不斷增加，我們預計會繼續快速地減少批發銷售，而批發銷售在墨西哥的銷售組合中一直佔據主導地位。

The reduction of these lower gross margin sales creates a mixed tailwind to our consolidated gross margin rate, but also modestly pressures our SG&A rate as we reduce the leverage benefit of these non-store sales.

這些低毛利率銷售額的減少對我們的綜合毛利率產生了有利影響，但同時也略微增加了我們的銷售、一般及行政費用率，因為我們減少了這些非門市銷售的槓桿效應。

From a cadence perspective, our quarterly gross margin remained fairly consistent throughout 2025, with the quarter-to-quarter differences reflecting the pace of improvement we realized as we progressed through the year. We expect a similar quarterly cadence for 2026.

從節奏角度來看，我們在 2025 年全年的季度毛利率都保持相當穩定，季度之間的差異反映了我們在這一年中逐步實現的改善速度。我們預計 2026 年也將維持類似的季度節奏。

As Brad mentioned during his remarks, our guidance for 2026 assumes a stable cost and price inflation environment. Our baseline assumptions include the normal puts and takes in the cost environment that we would expect in a typical year and do not include any projections for volatility related to changes in tariffs in either direction. Ultimately, we expect our industry to continue to behave rationally and have confidence in our team's ability to effectively navigate through any changes that we may encounter in the coming year.

正如布拉德在演講中提到的那樣，我們對 2026 年的預測是基於成本和物價通膨環境穩定的假設。我們的基準假設包括我們在典型年份預期成本環境中的正常買賣，但不包括與關稅變化相關的任何波動預測。最終，我們期望我們的行業繼續保持理性，並對我們的團隊有能力有效應對來年可能遇到的任何變化充滿信心。

Next, I want to provide an update on some supply chain and distribution initiatives. To start on the distribution side of our business, we are very excited to report the successful opening of our newest distribution facility in Stafford, Virginia in the fourth quarter. The addition of this DC opens up a new section of the map in the heavily populated and important untapped markets for us in the Mid-Atlantic I-95 corridor.

接下來，我想就一些供應鏈和分銷舉措提供最新進展。首先，在業務的配送方面，我們非常高興地宣布，我們在維吉尼亞州斯塔福德的最新配送中心已於第四季度成功開業。新增的這個 DC 為我們在中大西洋 I-95 走廊人口稠密且尚未開發的重要市場開闢了一個新的版圖。

We're also making great progress on the development of our new distribution center in Fort Worth, Texas, and expect this facility to be operational in Q1 of 2028. This new facility will expand our available capacity in some of our most important mature core markets, enabling continued new store growth and support of increased per store volumes that have grown significantly over the last several years.

我們在德州沃斯堡的新配送中心的開發方面也取得了巨大進展，預計該設施將於 2028 年第一季投入營運。這個新設施將擴大我們在一些最重要的成熟核心市場的可用產能，從而能夠繼續發展新店，並支持過去幾年顯著增長的單店銷售。

Finally, our capital investment outlook for 2026 includes dollars allocated to future expansion and development of our distribution infrastructure. Coming into 2025, we had a similar provision in our CapEx plan that was ultimately allocated to the Fort Worth project.

最後，我們對 2026 年的資本投資展望包括分配給未來分銷基礎設施擴張和發展的資金。進入 2025 年，我們的資本支出計畫中也有一項類似的撥款，最終分配給了沃斯堡計畫。

So while we do not currently have specific details to announce on the next slate of projects, we are steadfast in our commitment to proactively enhance our distribution network to support the store growth opportunities that Brad outlined earlier.

因此，雖然我們目前還沒有關於下一批項目的具體細節可以公佈，但我們堅定地致力於積極加強我們的分銷網絡，以支持布拉德之前概述的門市成長機會。

The success of our industry-leading distribution infrastructure is a direct reflection of the professionalism of our distribution operations teams. These leaders have proven time and again their effectiveness in planning, building, and seamlessly opening new distribution centers, often successfully executing multiple DC projects at the same time.

我們業界領先的配送基礎設施的成功，直接體現了我們配送營運團隊的專業精神。這些領導者一次又一次地證明了他們在規劃、建造和無縫開設新的配送中心方面的有效性，並且經常成功地同時執行多個配送中心專案。

Moving on to inventory. Our inventory per store at the end of 2025 was $870,000, which was up 9% from the end of last year. The investment exceeded our initial plans on a per store basis, driven by our continued opportunistic investments to support our sales momentum.

接下來盤點庫存。到 2025 年底，我們每家門市的庫存為 87 萬美元，比去年年底增加了 9%。由於我們持續進行機會性投資以支持銷售成長勢頭，因此每家門市的投資金額超過了我們最初的計劃。

For 2026, we expect per-store inventory to increase approximately 5%, comprised of investments in hub store inventories and targeted additions in store assortments. We continue to prioritize incremental inventory enhancements to capitalize on the opportunities that we see to accelerate our growth momentum and are pleased with the productivity of these investments.

預計到 2026 年，單店庫存將增加約 5%，其中包括對中心門市庫存的投資以及門市商品組合的定向增加。我們繼續優先考慮逐步提升庫存水平，以抓住我們看到的機遇，加速成長勢頭，並且對這些投資的成效感到滿意。

Now I want to spend some time covering our SG&A and operating profit performance for 2025 and our outlook for 2026. Fourth quarter SG&A expense as a percent of sales was 33.0%, down 25 basis points from the fourth quarter of 2024. This reduction was the product of the favorable comparison to the $35 million charge that we recorded in the fourth quarter of 2024 to adjust reserves relating to our self-insurance liabilities for historic auto liability claims.

現在我想花點時間介紹我們 2025 年的銷售、一般及行政費用和營業利潤表現，以及我們對 2026 年的展望。第四季銷售、一般及行政費用佔銷售額的百分比為 33.0%，比 2024 年第四季下降了 25 個基點。這一減少是由於與 2024 年第四季度提列的 3,500 萬美元費用相比，該費用用於調整與歷史汽車責任索賠相關的自保負債準備金，從而產生了有利的比較。

The leverage benefit came in below our expectations for the quarter as a result of an elevated per-store SG&A increase of 3.3%. A portion of this higher than anticipated spend reflects incremental expenses in support of our strong sales momentum, which finished the quarter at the high end of our expectations, as Brad noted earlier.

由於每家門市的銷售、管理及行政費用 (SG&A) 增加了 3.3%，因此本季的槓桿收益低於我們的預期。正如布拉德之前提到的，這筆高於預期支出的一部分反映了為支持我們強勁的銷售勢頭而增加的額外費用，本季度銷售業績達到了我們預期的高端。

However, the larger impact driving our spend in the quarter was the broad-based pressures that we saw from continued heightened cost inflation in our self-insurance programs, including headwinds in team member health care cost, workers' compensation and general claims expenses, litigation costs, and auto liability reserves.

然而，本季推動我們支出的更大影響因素是，我們的自保計劃中持續上漲的成本通膨帶來了廣泛的壓力，包括團隊成員醫療保健成本、工傷賠償和一般索賠費用、訴訟成本以及汽車責任準備金方面的不利因素。

Average per-store SG&A expenses for the full year of 2025 were up 4%, finishing 0.5 point above our full year guide as a result of these same drivers. Outside of the headwinds that we face from these discrete expense pressures, our remaining SG&A was in line with our expectations.

受上述因素影響，2025 年全年平均每家門市的銷售、一般及行政費用增加了 4%，比我們全年的預期高出 0.5 個百分點。除了這些具體支出壓力帶來的不利影響外，我們剩餘的銷售、一般及行政費用符合預期。

Our ongoing priorities for our expense management remain focused on improving our operational strength in our stores, opportunistically pursuing enhanced technology, and further equipping our teams. As we look forward to 2026, we are planning to grow average SG&A per store by 3% to 4%.

我們持續優先考慮的費用管理工作仍是提高門市的營運實力，抓住機會追求更先進的技術，並進一步提升團隊實力。展望 2026 年，我們計劃將每家店的平均銷售、管理及行政費用提高 3% 至 4%。

Our SG&A expectations reflect ongoing management of our expense structure to support our core operations and lean into the sales growth opportunities that Brad outlined earlier. We have also factored in continued plans to prioritize enhancements to our hub network, development of incremental tools for our teams, and improvements in technology, infrastructure, and capabilities.

我們的銷售、一般及行政費用預期反映了我們對費用結構的持續管理，以支持我們的核心運營，並抓住布拉德之前概述的銷售成長機會。我們也考慮了繼續推進中心網路改進、為團隊開發增量工具以及技術、基礎設施和能力提升的計畫。

Also included within our assumptions is a cautious outlook regarding potential continued pressure in the self-insurance and legal line items that created the headwinds throughout 2025. While our recent experience for these costs have been more pressured than is typical for our business, at times in our history, we have experienced similar periods of accelerated above trend increases. Ultimately, we believe the inflation growth rates for these expenses will stabilize over time, but we remain cognizant of the potential to see further pressures in 2026.

我們的假設中還包括對自保和法律項目可能持續面臨壓力的謹慎展望，這些壓力在 2025 年造成了不利影響。雖然我們最近的成本壓力比我們業務的典型情況要大，但在我們的歷史上，我們也經歷過類似的成本加速成長高於趨勢的時期。最終，我們認為這些支出的通膨成長率會隨著時間的推移而趨於穩定，但我們仍然意識到 2026 年可能會面臨更大的壓力。

Based on the anticipated cadence of our SG&A spend during the year and how our comparisons to 2025 lay out, we are anticipating SG&A growth on a per store basis to be higher in the first half of the year than the back half of the year, consistent with the comparable store sales cadence that Brad detailed earlier. Based on our SG&A expectations and projected gross margin range, we are setting our operating profit guidance range at 19.2% to 19.7%, which at the midpoint is in line with our full year 2025 results.

根據我們對全年銷售、一般及行政費用支出的預期節奏以及與 2025 年的比較情況，我們預計今年上半年每家門店的銷售、一般及行政費用增長將高於下半年，這與 Brad 之前詳細說明的同店銷售節奏一致。根據我們對銷售、一般及行政費用的預期以及預計的毛利率範圍，我們將營業利潤率預期範圍設定為 19.2% 至 19.7%，其中值與我們 2025 年全年業績一致。

Stepping back for a moment from the puts and takes that drove our operating cost dynamics over the past year and our expectations for 2026, we remain pleased with our team's ability to drive consistent top line growth at stable strong operating margins. Our focus on enhancing our strong competitive positioning to sustain our industry-leading growth momentum is the strategic North Star that drives how we leverage our capital and operating investments to drive long-term growth and high returns.

暫且拋開過去一年推動我們營運成本動態的投入和投入，以及我們對 2026 年的預期，我們仍然對團隊在保持穩定強勁的營運利潤率的同時，持續推動營收成長的能力感到滿意。我們致力於增強自身強大的競爭優勢，以保持業界領先的成長勢頭，這是我們利用資本和營運投資推動長期成長和高回報的策略北極星。

Before I turn the call over to Jeremy, I want to once again thank Team O'Reilly for their continued hard work and unwavering commitment to our customers.

在將電話交給傑里米之前，我想再次感謝奧萊利團隊的持續努力和對客戶堅定不移的承諾。

Now, I will turn the call over to Jeremy.

現在，我將把電話交給傑里米。

Thanks, Brent. I would also like to thank all of Team O'Reilly for their continued hard work and dedication to our customers. Now we will fill in some additional details on our fourth quarter results and guidance for 2026. For the fourth quarter, sales increased $319 million, driven by a 5.6% increase in comparable store sales and a $94 million non-comp contribution from stores opened in 2024 and 2025 that have not yet entered the comp base. For 2026, we expect our total revenues to be between $18.7 billion and $19 billion.

謝謝你，布倫特。我還要感謝 O'Reilly 團隊的所有成員，感謝他們一直以來為我們的客戶付出的辛勤努力和奉獻精神。現在我們將補充一些關於第四季業績和2026年業績展望的細節。第四季銷售額成長 3.19 億美元，主要得益於同店銷售額成長 5.6%，以及 2024 年和 2025 年開業但尚未計入同店銷售額的門市帶來的 9,400 萬美元非同店銷售額貢獻。我們預計 2026 年的總收入將在 187 億美元至 190 億美元之間。

Our fourth quarter effective tax rate was 21.5% of pretax income, comprised of a base rate of 21.8%, reduced by a 0.3% benefit for share-based compensation. This compares to the fourth quarter of 2024 rate of 19.6% of pretax income, which was comprised of a base tax rate of 20.4%, reduced by a 0.7% benefit for share-based compensation. The fourth quarter of 2025 base rate as compared to 2024 was higher as a result of the timing of recognition of certain tax credits.

我們第四季的實際稅率為稅前收入的 21.5%，其中基本稅率為 21.8%，並扣除了 0.3% 的股權激勵收益。相比之下，2024 年第四季的稅率為稅前收入的 19.6%，其中基本稅率為 20.4%，並扣除了 0.7% 的股權激勵收益。由於某些稅收抵免的確認時間不同，2025 年第四季的基準利率比 2024 年第四季的基準利率更高。

For the full year, our effective tax rate was 21.7% of pretax income, comprised of a base rate of 22.6%, reduced by a 0.9% benefit for share-based compensation. For the full year of 2026, we expect an effective tax rate of 22.6%, comprised of a base rate of 23.0%, reduced by a benefit of 0.4% per share-based compensation. We expect the quarterly rate to fluctuate due to variations in the tax benefit from share-based compensation and the tolling of certain tax periods in the fourth quarter.

全年實際稅率為稅前收入的 21.7%，其中基本稅率為 22.6%，並扣除 0.9% 的股權激勵優惠。預計 2026 年全年實際稅率為 22.6%，其中基本稅率為 23.0%，每股股份支付的薪酬可享 0.4% 的折扣。我們預期季度稅率會因股權激勵稅收優惠的變化以及第四季度某些稅期的中止而出現波動。

As we outlined in our press release yesterday, we have established our earnings per share guidance for 2026 at $3.10 to $3.20, which reflects an increase over 2025 EPS up 6.1% at the midpoint. This year-over-year increase in our guidance range reflects the anticipated headwind of approximately $0.04 from the increase in our expected effective tax rate.

正如我們在昨天的新聞稿中所概述的那樣，我們已將 2026 年的每股收益預期設定為 3.10 美元至 3.20 美元，這反映出比 2025 年的每股收益增長 6.1%（取中間值）。此次業績指引範圍較上年同期增加，反映了預期實際稅率上升帶來的約 0.04 美元的不利影響。

Now, we will move on to free cash flow and the components that drove our results in 2025 and our expectations for 2026. Free cash flow for 2025 was $1.6 billion versus $2 billion in 2024. The reduction in free cash flow was driven by the accelerated timing of payments in the third quarter of renewable energy tax credits that were originally planned to settle in 2026 and higher CapEx, partially offset by growth in operating income.

接下來，我們將討論自由現金流以及推動我們 2025 年業績的各項因素，並展望我們對 2026 年的預期。2025 年自由現金流為 16 億美元，而 2024 年為 20 億美元。自由現金流減少的原因是再生能源稅收抵免款項提前在第三季支付（原計劃於 2026 年結算）以及資本支出增加，但部分被營業收入的成長所抵消。

For 2026, we expect free cash flow to be in the range of $1.8 billion to $2.1 billion. The expected increase in free cash flow is driven by the inverse impact of the timing of the 2025 tax credit purchase payment and growth in operating income, partially offset by the step-up in capital expenditures Brad outlined in his comments.

我們預計 2026 年自由現金流將在 18 億美元至 21 億美元之間。自由現金流的預期成長是由 2025 年稅收抵免購買付款時間的反向影響和營業收入成長所驅動的，但部分被 Brad 在他的評論中概述的資本支出增加所抵消。

I also want to touch briefly on our AP-to-inventory ratio. We finished the fourth quarter at 124%, which was down from 128% at the end of 2024 and slightly below our expectations for the end of 2025. For 2026, we expect to see continued moderation resulting from our planned incremental inventory investment, and we expect to finish the year at a ratio of approximately 122%.

我還想簡單談談我們的應付帳款與庫存比率。在第四季結束時，我們的成長率為 124%，低於 2024 年底的 128%，也略低於我們對 2025 年底的預期。2026 年，我們預計由於計劃增加庫存投資，庫存水準將繼續保持溫和，預計年底庫存水準將達到約 122%。

Moving on to debt, we finished the fourth quarter with an adjusted debt-to-EBITDAR ratio of 2.03 times, as compared to our end of 2024 ratio of 1.99 times, driven by a modest increase in adjusted debt. We continue to be below our leverage target of 2.5 times and plan to prudently approach that number over time.

再來看債務方面，第四季末，我們調整後的債務與EBITDAR比率為2.03倍，而2024年底的比率為1.99倍，這主要是由於調整後的債務略有增加。我們目前的槓桿率仍低於 2.5 倍的目標，並計劃隨著時間的推移謹慎地接近該目標。

We continue to be pleased with the execution of our share repurchase program. And for 2025, we repurchased 23 million shares at an average share price of $92.20, for a total investment of $2.1 billion. Since the inception of our share repurchase program in 2011, we have repurchased 1.5 billion shares at an average share price of $18.77, for a total investment of $27 billion.

我們對股票回購計畫的執行情況仍然感到滿意。2025 年，我們以平均每股 92.20 美元的價格回購了 2,300 萬股股票，總投資額為 21 億美元。自 2011 年啟動股票回購計畫以來，我們已以平均每股 18.77 美元的價格回購了 15 億股股票，總投資額達 270 億美元。

We remain very confident that the average repurchase price is supported by the expected discounted future cash flows of our business. And we continue to view our buyback program as an effective means of returning excess capital to our shareholders. As a reminder, our EPS guidance includes the impact of shares repurchased through this call, but does not include any additional share repurchases.

我們仍然非常有信心，平均回購價格能夠得到我們業務預期未來現金流折現值的支持。我們仍然認為股票回購計畫是向股東返還多餘資本的有效途徑。再次提醒，我們的每股盈餘預期包含了透過本次電話會議回購的股票的影響，但不包括任何額外的股票回購。

Before I open up our call to your questions, I would like to thank our team for their continued commitment to the excellent customer service that drives our success.

在正式開始回答各位的問題之前，我想感謝我們的團隊一直以來對卓越客戶服務的堅持，而正是這種堅持推動了我們的成功。

This concludes our prepared comments. At this time, I would like to ask Matthew, the operator, to return to the line, and we will be happy to answer your questions.

我們的發言到此結束。此時，我想請接線員馬修回到線路上，我們將很樂意回答您的問題。

(Operator Instructions) Scot Ciccarelli, Truist Securities.

（操作說明）Scot Ciccarelli，Truist Securities。

Good morning, guys. Thanks for the info. Based on your history, how long could we see some of these expenses, like the health care that you mentioned, continue to run above historical levels? And then related to that, if SG&A per store growth is expected to moderate in 2H, does that also imply that's the exit rate and we should expect more normalized SG&A growth as we roll into '27? Thanks.

各位早安。謝謝你提供的資訊。根據以往經驗，像您提到的醫療保健等一些支出項目，我們可能會看到它們在高於歷史水平的狀態下持續多久？與此相關的是，如果預計下半年每家門市的銷售、管理及行政費用增長將放緩，這是否也意味著這就是最終增長率，我們應該期待隨著進入 2027 年，銷售、管理及行政費用增長將更加正常化？謝謝。

Hey, Scot, this is Jeremy. Thanks for the question. I'll probably take the second one first here. I don't know that any of us would feel super comfortable talking at maybe to where exit rate would be and how we would think about how we would view 2027.

嘿，史考特，我是傑瑞米。謝謝你的提問。我大概會先選第二個。我不知道我們當中是否有人會很樂意談論退出率可能會是多少，以及我們會如何看待 2027 年。

Outside of maybe how we would just think in a normal environment, the the structural pieces of where we've been managing spend within our business where we feel good about the efficiency of how we're attacking taking care of customer service and managing all the core day-to-day expenses.

除了我們在正常環境下可能會有的思考方式之外，我們還在業務支出管理方面做出了一些結構性調整，我們對我們在客戶服務和管理所有核心日常開支方面的效率感到滿意。

And then also have been pretty pleased with the places over the course of between '25 and really the last few years where we've seen opportunities to lean into our business and, I think, equip some things that really help to drive that differentiation that helps us gain share and drive our sales momentum.

此外，在 2025 年到最近幾年裡，我們也對一些地方感到非常滿意，在這些地方我們看到了發展業務的機會，我認為，我們配備了一些真正有助於推動差異化的東西，這有助於我們獲得市場份額並推動銷售勢頭。

In terms of the first part of the question around the cadence, the timing of that, it's a little bit hard to completely troubleshoot that. I think you heard in Brent's comments that we're still cautious for what we've seen there. The pressure that we've seen, candidly, I think, has persisted longer than we would normally expect and has been a little bit of a story of increases on top of increases that we thought were already pretty dramatic.

關於節奏和時間安排的問題的第一部分，要完全排除故障有點困難。我想你從布倫特的評論中已經聽出來，我們對那裡的情況仍然保持謹慎。坦白說，我認為我們所看到的這種壓力持續時間比我們通常預期的要長，而且情況有點像是在我們已經認為相當劇烈的增長之上又增加了增長。

And so we do have a little bit of a cautious posture for that, for how we think about 2026, and in particular as we think about the first part of the year where we're not against as easy of comparisons because of the pressure that really came in over the last, I guess, half of 2025.

因此，對於我們如何看待 2026 年，我們確實抱持著一些謹慎的態度，尤其是在考慮今年上半年的時候，因為 2025 年下半年我們承受了很大的壓力，所以我們不太願意進行簡單的比較。

We understand, at some point, the base of that cost slowly builds up, and we expect it to moderate and stabilize over the course of time. But there's still some cautiousness, I think, as we approach how we think about that in 2026. And so that's why you see a little bit of a balanced approach to how we thought about what that spend looks like as we move through the year.

我們明白，在某種程度上，這種成本的基礎會慢慢累積起來，我們預期隨著時間的推移，它會趨於緩和並趨於穩定。但我認為，在展望 2026 年時，我們仍然會保持一些謹慎。所以，這就是為什麼你會看到，隨著一年的推進，我們在考慮這筆支出時採取了一種比較平衡的方法。

Any other line items we need to be thoughtful of, just for modeling purposes?

出於建模目的，還有其他需要考慮的條目嗎？

Within SG&A, Scot?

在銷售、管理及行政費用中，Scot？

Yes, correct.

是的，沒錯。

Yeah. So I mean, I think the component pieces that we talked about there, for sure, the pressured items, things I think that were different than what we expected as we move through the back half of 2025 are those self-insurance items.

是的。所以我的意思是，我認為我們討論過的組成部分，當然，那些受壓力的項目，我認為與我們預期不同的是，在 2025 年下半年，那些自保項目。

But we continue to, I think, see, and you can see it on our cash flow, seen a pretty heightened growth in the depreciation run rate that we've had. That's the key to the CapEx and all the places that we're continuing to invest within our business. I think those are the areas.

但是，我認為，我們繼續看到，而且從我們的現金流中也可以看出，我們的折舊運行率出現了相當高的成長。這是資本支出以及我們在業務中持續投資的所有領域的關鍵。我認為就是這些區域。

And then, for sure, a component piece of how we think about what we're managing and moving forward with and how we're deploying, I think, some tools within our businesses, the technology spend, that continues to be, I think, an important initiative for us.

當然，當我們思考如何管理和推進業務，以及如何在業務中部署一些工具時，技術支出也是一個重要的組成部分，我認為這仍然是我們的重要舉措。

Got it. Thank you.

知道了。謝謝。

Thanks, Scot.

謝謝你，斯科特。

Steve Forbes, Guggenheim.

史蒂夫福布斯，古根漢美術館。

Good morning, everyone. Brad, trying to think through the Virginia DC opportunity a little bit more. So I was hoping if you could maybe help frame up how you guys are planning to build out the hub network and thinking through capacity build behind Virginia.

各位早安。布拉德，我正在努力更深入地思考維吉尼亞州華盛頓特區的機會。所以我希望您能幫忙梳理一下您們計劃如何建立樞紐網絡，以及如何考慮維吉尼亞州背後的能力建設。

So I don't know if you can provide any color on the mix of stores that will be serviced from Virginia in the 2026 class. I'm really just hoping any color on gauging just how aggressive you guys are going to get exploring the Northeast and the East Coast corridor.

所以我不知道您能否提供一些關於 2026 年弗吉尼亞州將提供服務的商店組合的信息。我其實只是希望能夠了解你們在探索東北部和東海岸走廊方面究竟會採取多麼積極的行動。

Yeah, absolutely. Steve, thanks for the question. Great one. Yes, we couldn't be more excited about the launch of our new DC. We have an unbelievable leadership team there in Stafford. That's a very large regional distribution center for us that kicked off with maybe one-third of its capacity roughly that transition from other distribution centers on the periphery of that area, from Greensboro, North Carolina, from the Ohio side.

是的，絕對的。史蒂夫，謝謝你的提問。很棒。是的，我們對新配送中心的啟用感到無比興奮。我們在斯塔福德擁有一支非常優秀的領導團隊。對我們來說，那是一個非常大的區域配送中心，最初它的產能可能只有現在的三分之一，這主要是由於從該地區外圍的其他配送中心（例如北卡羅來納州格林斯伯勒和俄亥俄州一側）過渡過來的。

Not much leverage to the north with our DC that sets up in Boston. But we -- I would like to talk about the fact that, depending on where you draw the line there in the upper Mid-Atlantic, between Virginia and getting all the way through to New York City, you can almost come up with one-third of the population of the US and all the vehicles to go along with it, all the market share to go along with, though you obviously have a lot of tough competitors, large and small.

我們的華盛頓特區設在波士頓，因此對北方的影響力不大。但是，我想談談這樣一個事實：根據你在美國中大西洋北部，從弗吉尼亞州一直到紐約市的邊界線的位置，你幾乎可以算出美國三分之一的人口，以及與之相關的所有車輛，所有市場份額，儘管你顯然有很多強大的競爭對手，無論大小。

But we look at really the way that we're going to store that market really no different, Steve, than we look at any other expansion market. We're going to be -- our real estate teams are getting after that market, not only from a greenfield perspective, but also from a potential acquisition perspective. You've heard us talk about the Salvo acquisition of those seven stores in that Baltimore, Maryland market.

但史蒂夫，我們看待這個市場的方式，實際上和看待其他擴張市場的方式並沒有什麼不同。我們將—我們的房地產團隊正在積極開拓這個市場，不僅從新建項目的角度，而且從潛在收購的角度。你們都聽我們說過 Salvo 收購了馬裡蘭州巴爾的摩市場的那七家門市。

And really the whole key to that distribution center, besides the five night-a-week replenishment that we can service out a couple of hundred miles, is that model where have well over 150,000 SKUs, once you build that DC out once you build out the store network that will service not only overnight, but we'll service that greater Washington, D.C. market, basically every hour in that greater metro area, which provides just an unbelievable advantage over most every competitor we have, if not all of them.

除了每週五晚可以向數百英里範圍內補貨之外，這個配送中心的關鍵在於，我們擁有超過 15 萬個 SKU，一旦建成配送中心，再建成門市網絡，不僅可以提供夜間配送服務，而且基本上每小時都能為大華盛頓特區市場提供服務，這為我們提供了相對於大多數競爭對手（如果不是全部的話）的巨大優勢。

And then backfill that with our hub-and-spoke model, no different than we have in any other parts of the country. Knowing there's a lot of traffic, a lot of cars in that market, we're going to make sure that all those runs from that city counter out of that DC as well as any hub stores, we're going to make sure that it's absolutely appropriate for that market share that we know we can go get.

然後，我們再用中心輻射式模式填補空缺，這與我們在美國其他地區採用的模式並無二致。我們知道這個市場交通繁忙，車輛眾多，所以我們要確保從該城市櫃檯到配送中心以及任何樞紐門店的所有配送路線，都完全符合我們能夠獲得的市場份額。

And the thing I would tell you in terms of how that plays into the population that we'll bring in, in '26, it will still be -- our new store cohort for 2026 will still be, even with Virginia, will still be really spread out over the US. When I think about the ability that our team has given us, from Brent to the entire supply chain team, as we've opened these DCs, we've opened up capacity not just in one or two DCs.

至於這將如何影響我們在 2026 年引進的人口，我想告訴你們的是，即使算上弗吉尼亞州，我們 2026 年的新店群仍然會非常分散地分佈在美國各地。當我想到我們的團隊賦予我們的能力時，從 Brent 到整個供應鏈團隊，隨著我們開設這些配送中心，我們不僅提高了一個或兩個配送中心的產能。

For example, in our network, we don't just have capacity, now that we've opened Virginia in Greensboro and outside Akron, Ohio, out there in Twinsburg, we actually, when you lever those DCs, you end up levering next layer South and East and back West. And so that enables us to have backfill markets the same in a lot of our core, more mature markets.

例如，在我們的網路中，我們不僅擁有容量，現在我們在弗吉尼亞州的格林斯伯勒和俄亥俄州阿克倫郊外的特溫斯堡開設了資料中心，實際上，當你利用這些資料中心時，你最終會利用下一層向南和向東，然後再向西擴展。因此，這使我們能夠在許多核心的、更成熟的市場中擁有同樣的補充市場。

So even though we're really excited about the Stafford footprint itself in the next many years of progress, our '26 new store cohort will be still evenly spread over a lot of new and existing markets.

因此，儘管我們對未來幾年 Stafford 的發展規模感到非常興奮，但我們 2026 年的新店群仍將均勻分佈在許多新市場和現有市場中。

That's super helpful. And maybe just sticking with that a little bit and bringing it back to the expense growth profile, I think some of us, maybe myself, for sure, thought there could be some pressure as you build out the field to support the initiatives behind the expansion in the Northeast and the East Coast corridor, whether it's district managers, right, or dedicated commercial calling account staff.

這太有幫助了。或許我們應該繼續關注這一點，並將其與支出成長連結起來。我認為我們中的一些人，當然也包括我自己，都認為在拓展業務以支持東北部和東海岸走廊擴張計劃的過程中，可能會面臨一些壓力，無論是區域經理，還是專門負責商業呼叫帳戶的人員。

Is that a pressure in 2026? Like is there some demerge coming from field build out? Or is it more methodical and you're expecting the productivity to be onboarded that neutralizes the field buildout initiative?

2026年還會面臨這樣的壓力嗎？例如，在字段建設過程中是否會有一些拆分？或者，這種方法更注重系統性，你希望提高生產力，從而抵消現場建設計畫的影響？

Hey, Steve. This is Jeremy. It's a really good question. And I would tell you that our model always, I think, is predicated on that organic growth coming at some cost from a leverage pressure perspective. I mean, we have that, I think, component piece every year. Some of it is for the types of infrastructure things that you talk about there.

嘿，史蒂夫。這是傑里米。這確實是個好問題。而且我認為，我們的模式始終以有機成長需要付出一定的代價（從槓桿壓力角度來看）為前提。我的意思是，我認為我們每年都會有這個組成部分。其中一些用於你剛才提到的那種基礎設施建設。

But some of it is just those are going to be the least productive stores when you bring them on. So to the extent that we've seen a little bit of an acceleration, I think, more broadly there, that's part of how we think about the broader cost structure.

但其中一些原因在於，當你引進這些門市時，它們注定會成為生產力最低的門市。因此，就我們所看到的加速成長而言，我認為，更廣泛地說，這是我們思考更廣泛的成本結構的一部分。

In terms of just the -- how we think about building that infrastructure, I don't know that even within the Virginia DC, that incremental growth is all that different than what we would look at and see in other parts of our business. Maybe the only nuance there that I call you to is we've really got a growth machine operating in three different countries right now.

就我們如何考慮建立基礎設施而言，我什至不認為維吉尼亞州的資料中心內部的成長與我們在其他業務領域看到的成長有什麼本質區別。我唯一想提醒你的是，我們現在確實在三個不同的國家/地區擁有一台運轉中的成長機器。

And some of the, I think, initial stages of building out that muscle in Mexico and Canada have included a little bit of what you're talking about there, where there's some maybe a little bit less efficiency in how we think about some of that growth because, looking at a company like -- or the growth that we're having in Canada right now, some of the infrastructure we're building for the first time, how do you go out and get after finding sites and being able to build that construction muscle.

我認為，在墨西哥和加拿大建立這種實力的一些初期階段，也包括了你剛才提到的一些情況，即我們在思考某些增長方式時效率可能略低一些，因為，看看像我們這樣的公司——或者看看我們目前在加拿大取得的增長，我們正在首次建設的一些基礎設施，你如何在找到場地並建立起這種建設實力之後出去工作。

So there's a little bit of, I think, that, that plays into our guidance. But by and large, it's mostly just how our flywheel was built.

所以我覺得，這在某種程度上影響了我們的指導方針。但總的來說，這主要取決於我們的飛輪是如何製造的。

Helpful. Thank you.

很有幫助。謝謝。

Thanks, Steve.

謝謝你，史蒂夫。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Good morning. Thank you so much for taking my question. So your initial guidance for this year at 3% to 5% is 100 basis points higher than you guided originally for the outset of 2025. Is the only difference this year versus last year the visibility you have into inflation and like-for-like pricing? And is that -- if that's the case, what's the prospect that if tariffs are rolled back, there could be broad-based deflation moving through the year in the industry?

早安.非常感謝您回答我的問題。因此，您今年的初步指導值為 3% 至 5%，比您最初對 2025 年初的指導值高出 100 個基點。今年與去年相比，唯一的區別是否在於您對通貨膨脹和同類產品價格的了解程度？如果真是這樣，那麼如果取消關稅，整個產業今年是否有可能出現大範圍的通貨緊縮呢？

Yeah. Good morning, Michael. Thanks for the question. I think it's a good observation. And as we sit here, I guess at the beginning of 2026 relative to where we would have been last year, we do, I think, fundamentally have a different pricing assumption built in. You're aware of what our historical prices is there, that we don't spend a lot of time and energy trying to predict those types of changes moving forward when we set our initial guide.

是的。早上好，麥可。謝謝你的提問。我認為這是一個很好的觀察。而當我們坐在這裡，來到 2026 年初，與去年相比，我認為，我們確實從根本上建立了一個不同的定價假設。您也知道我們歷史價格是多少，所以我們在製定初始指導價時，不會花太多時間和精力去預測未來價格的變化。

And even this year, I think what we've put in front of all of you is I think consistent with that idea that we're not trying to forecast a lot of different changes in the overall price levels, but we know that we will calendar this benefit that we've seen.

即使是今年，我認為我們向大家展示的內容也與這個理念一致，那就是我們並不試圖預測整體價格水平的很多不同變化，但我們知道我們會把我們看到的這種好處納入計劃。

The second part of your question, I can start there, and Brad and Brent might want to jump in behind me on this, but historically, I think our industry has been pretty disciplined and pretty rational in hanging on the prices once we pass them through. When you think about the large amount of the business that's done on the professional side, where you're in your customers' businesses on a weekly, on a daily basis, and you're having to talk through those conversations, those are pretty hard one pricing increases.

關於你問題的第二部分，我可以從這裡開始，Brad 和 Brent 可能也想在我後面補充，但從歷史上看，我認為我們這個行業在價格過後一直相當自律和理性地保持價格不變。當你想到專業領域中大量的業務，你每週、每天都要進入客戶的業務，並且必須進行這些對話時，你會發現價格上漲是非常困難的。

And over the course of time, you know that even if there is some, I think, relief from a cost pressure perspective, it's typically temporary, you'll see it fill back in as you roll forward and you don't want to have a lot of volatility in how you approach that from a customer perspective.

隨著時間的推移，即使從成本壓力角度來看，可能會出現一些緩解，但這通常也是暫時的，隨著時間的推移，你會發現壓力又會恢復原狀，因此，從客戶的角度來看，你不希望在處理這個問題上出現太多的波動。

Ultimately, we'll see. We'll be priced competitively for the market. We think a behavior, actually, we think we can earn a premium, gross margin premium, for how we take care of our customers and execute our business and the value that we create. And so we think that that holds out well. But ultimately, we'll just have to see where the market goes on it as well.

最終結果如何，我們拭目以待。我們的定價將具有市場競爭力。我們認為，實際上，我們可以透過善待客戶、經營業務以及創造價值來獲得溢價，也就是毛利率溢價。所以我們認為這個結論仍然成立。但最終，我們還得看看市場對此有何反應。

And Michael, this is Brent. I would add just on the tariff rollback front. I know that question is hanging out there. But we still believe that there's an environment out there with the administration that's focused on tariffs. And whether the first method worked, we feel like there's other levers that can be pulled.

邁克爾，這位是布倫特。我還要補充一點，關於關稅下調方面。我知道這個問題一直懸而未決。但我們仍然認為，本屆政府營造了一種以關稅為中心的氛圍。無論第一種方法是否有效，我們覺得還有其他方法可以嘗試。

And we -- as Jeremy said, when we think about the outlook for '26, we're assuming what we know now, and we'll see where that goes.

正如傑里米所說，當我們展望 2026 年的前景時，我們假設我們現在所知道的，然後看看結果如何。

Okay. My follow-up question is you're starting out the year with an assumption around 3% to 4% SG&A per store growth. Over the last few years, you've under-calculated or the growth rate has been a little hotter than what you had initially expected. What's the risk that the same scenario plays out this year?

好的。我的後續問題是，您年初假設每家店的銷售、管理及行政費用增長率約為 3% 至 4%。過去幾年，你的估計可能偏低了，或者成長率比你最初預期的要高一些。今年發生同樣情況的風險有多大？

And we are seeing a similar amount of elevated growth in SG&A from another player within the industry. So to what degree is this just a function of the competitive environment, cost of doing business going up, and we should not be expecting this to moderate over time?

我們也看到業內另一家公司的銷售、一般及行政費用也出現了類似的成長。那麼，這在多大程度上只是競爭環境和經營成本上升的結果，我們不應該指望這種情況會隨著時間的推移而緩和？

Yeah. No, it's a good question, Michael. And I think it's important, I think, for us to probably start where you started in talking about how has this looked over the last few years. Because I think that the story for what we see maybe in the last six months of 2025 has been a little bit more discrete for us, I think, at least relative to our expectations and where we've seen a little bit more heightened inflation from items that are obviously a core part of how we have to run our business but are a little bit harder to control and are not some of the elective things we've done.

是的。不，邁克爾，你問得好。我認為，我們或許應該從你剛才開始討論的地方入手，談談過去幾年來的情況。因為我認為，就我們目前所看到的2025年下半年的情況而言，情況可能更加複雜，至少與我們的預期相比是如此。我們看到，一些項目（顯然是我們業務營運的核心部分，但更難控制，也不是我們可有可無的選擇）的通貨膨脹加劇。

When we think about some of the rest of where we've managed our overall cost structure over the last, call it, two, three, maybe even four years, a lot of that has been a little bit more predicated upon where we feel like we've seen opportunities to lean into our business, to prioritize certain actions and steps that we think have been effective.

當我們回顧過去兩三年甚至四年裡，我們在整體成本結構管理方面所做的其他一些工作時，會發現很多時候，我們更多地是取決於我們是否看到了可以深入業務發展的機會，以及是否優先考慮我們認為有效的某些行動和步驟。

And that in and of itself, I think, has moderated a little bit as we've moved year to year. And we would tell you that we feel pretty good about how we go to the Street every day and the proposition we have. It doesn't mean that as we move to this year, we won't see additional places and opportunities.

而且我認為，隨著時間的推移，這種情況本身已經有所緩和。我們想告訴你們，我們對每天去街上的方式以及我們提出的方案都感到非常滿意。但這並不意味著進入今年後，我們不會看到更多的地方和機會。

But some of what I think you've heard us talk about and what's been built into our model for, I think, a long time, but are also areas where we've leaned into the business a little bit more, are things like our hub store investments and how we think about the distribution capabilities and leaning into those as our sales momentum has supported that.

但我認為你們已經聽我們談過一些內容，這些內容也已經融入到我們的模式中很長時間了，但同時也是我們近年來更加重視的領域，例如我們的中心門店投資，以及我們如何看待分銷能力，並在銷售勢頭的支持下更加重視這些方面。

So those are always, I think, on the radar screen for us. Those have been very opportunistic types of moves. We think that they have been productive in allowing us to contain -- to drive the sales momentum. And I'm talking about over the last several years. And so I think that's important.

所以我認為，這些始終是我們關注的重點。這些都是非常投機取巧的舉動。我們認為，它們在幫助我們控制銷售動能方面發揮了積極作用。我指的是最近幾年的情況。所以我認為這很重要。

I don't -- as we sit here today, I don't think that that's contributing cause that industry-wide desk is now a different table stakes. We think that those are things that yield a positive benefit to us as we've moved.

就目前而言，我不認為這是造成業界整體標準變化的原因。我們認為，這些事情在我們搬遷的過程中為我們帶來了正面的好處。

As we think some of the other items, we talked about it, I think, already in the prepared comments and in the first question, I think we're cognizant of the fact that it could be pressured. Hopefully, we see that stabilize and it's less of a concerning item. But ultimately, we'll just have to see how some of those other items play out.

至於其他一些事項，我認為我們在準備好的評論和第一個問題中已經討論過了，我們意識到這可能會受到壓力。希望情況能夠穩定下來，不再那麼令人擔憂。但最終，我們只能拭目以待，看看其他一些事情會如何發展。

Thank you very much and good luck.

非常感謝，祝你好運。

Thanks, Michael.

謝謝你，麥可。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

Hi. Thanks, guys. I wanted to follow up on some of the softness and cautiousness that you've talked about from the consumer. I think you mentioned in the last call that you saw some potential DIY deferral. How do you see that trending? It sounds like maybe a little better as we got into the winter? And then historically, linked to that, how did tax refunds were elevated historically impact both the DIY and do-it-for-me side of the business?

你好。謝謝各位。我想就您剛才提到的消費者的謹慎和小心態度做進一步的探討。我想你在上次通話中提到過，你看到了一些潛在的自行延長方案。你覺得這種趨勢會如何發展？聽起來好像隨著冬天的到來稍微好轉了一些？從歷史上看，與此相關的退稅額的增加對自助服務和代辦服務業務都產生了怎樣的影響？

Yeah. Hi. Good morning, Greg. It's Brad. Great question. I'll start out here and let the other guys chime in. So yeah, as you know, these last couple of quarters, specifically last quarter, we had, really for the first time, talked about seeing some pressure to some of the larger ticket jobs, which was, again, the first time we've seen that in more of the failure and maintenance categories. We've seen it for a longer period of time with discretionary stuff.

是的。你好。早安，格雷格。是布拉德。問得好。我先來，其他人再補充。是的，正如你所知，在過去的幾個季度，特別是上個季度，我們第一次真正地談到了一些較大的項目面臨壓力，這也是我們第一次在故障和維護類別中看到這種情況。我們已經看到這種情況在非必需品領域持續了更長時間。

But really Q4 (technical difficulty)

但實際上，第四季（技術難題）

Are you still there, Greg?

格雷格，你還在嗎？

I am. I just -- I lost you for a second, Brad.

我是。布萊德，我剛才……我一時沒注意到你。

Okay. But yeah, so just wrapping up on that point, Greg. We -- it was really similar to what we saw last quarter on the larger ticket jobs, et cetera, though we did see some pretty good signs there in December as some of the winter weather started to kick in and things like that.

好的。好的，格雷格，關於這一點我就說到這裡吧。我們——這和我們上個季度在大額訂單等方面看到的情況非常相似，儘管我們在 12 月確實看到了一些相當不錯的跡象，因為一些冬季天氣開始到來等等。

But generally, overall, Greg, I think we would categorize the consumer very similar to what we have. Still cautious, still watching expenditures and things like that with heightened inflation across homes and everything they do, but we continue to be cautiously optimistic at the same time with the resiliency of our business, the nondiscretionary nature.

但總的來說，格雷格，我認為我們對消費者的分類與我們現有的分類非常相似。儘管通貨膨脹加劇，住房和其他各方面的支出仍然保持謹慎，但我們同時也對我們業務的韌性以及其非必需性保持謹慎樂觀的態度。

And then really coming into tax time, to the second part of your question, every tax season is a little bit different. It's normally a busy time for us. I think it's still yet to be seen as much positivities there's been on just what those dollars could actually look like. We still want to wait and see just how that really plays out across the different income levels. We obviously have a very low income to middle income DIY consumer and then a middle income to higher income, DIFM consumer.

至於報稅季，也就是你問題的第二部分，每個報稅季的情況都略有不同。通常這段時間我們都很忙。我認為，目前還無法完全展現這些美元究竟會呈現出什麼樣的正面面貌。我們仍然想拭目以待，看看這種情況在不同收入階層中究竟會如何發展。我們顯然有低收入到中等收入的DIY消費者，還有中等收入到較高收入的DIFM消費者。

And so again, we just have to wait and see, weather overall has been pretty conducive to business, and we're right all over the tax season here, so we'll see how it plays out.

所以，我們只能拭目以待了。總的來說，天氣對商業相當有利，而且現在正值報稅季，所以我們看看結果如何。

Yeah. And just to jump in, in case it cut out for anybody else, I think just to summarize where Brad was at on the initial part of your question. Saw that, some of what you talked about in third quarter as we moved into fourth quarter, continue, I think, to see similar dynamics. They didn't accelerate from there.

是的。為了避免其他人錯過精彩內容，我插一句，總結一下布拉德對你問題最初部分的回答。我看到，您在第三季度談到的一些問題，隨著我們進入第四季度，我認為會繼續出現類似的動態。他們並沒有從那裡加速前進。

And I think as we moved through the quarter, we saw a little bit more of a leveling out, to the point that we feel a little bit more like what we're seeing in the DIY business is more consistent with what we've seen over much of 2025 and 2026.

我認為隨著本季的推進，我們看到市場趨於平穩，以至於我們感覺 DIY 行業目前的情況與 2025 年和 2026 年的大部分時間裡的情況更加一致。

In addition to what these guys have already said is -- they've outlined pretty well what we see. The other thing is, though, that we still saw what we feel like we're pretty substantial share gains on both sides of the business even in the quarter. So we feel like we're well positioned or a challenging environment as well as a less challenging environment.

除了這些人已經說過的內容之外——他們已經很好地概括了我們所看到的情況。但另一方面，我們感覺即使在本季度，我們在業務的各個方面都取得了相當大的市場份額成長。因此，我們感覺自己處於有利位置，既可以置身於充滿挑戰的環境，也可以置身於挑戰性較小的環境。

Got it. And then just a clarification, the 600 bps of same-SKU inflation, if average ticket would have been up, say, 4% to 5% because you had fewer items of basket and mix, is that a fair way to summarize 4Q?

知道了。最後再澄清一下，如果由於購物籃和商品組合中的商品數量減少，平均客單價上漲了 4% 到 5%，那麼 600 個基點的同 SKU 通膨率，這樣總結第四季是否公平？

Yeah, that's correct. It's a little bit more of the mix of the basket than it is the pressure on items in basket, although there's a little bit of that there. Part of the mix question too is just the normal differences and how different component pieces of the basket performed.

是的，沒錯。與其說是籃子裡物品的壓力，不如說是籃子裡物品的搭配，雖然籃子裡物品的壓力也有一點影響。混合問題的一部分也在於正常的差異，以及籃子中不同組成部分的表現如何。

We had a lot of the maintenance types of categories that did really well in the quarter, that are typically a lower ticket or a lower basket size type of transaction. So there's a little bit of that dynamic that's got -- that's probably just the normal course of how mix can change quarter to quarter.

本季我們有許多維護類產品表現非常出色，這些產品通常是單價較低或訂單金額較小的交易類型。所以，其中存在一些動態因素——這可能只是產品組合每季變化的正常過程。

Thanks and good luck.

謝謝，祝你好運。

Thanks, Greg.

謝謝你，格雷格。

Zack Fadem, Wells Fargo.

札克法德姆，富國銀行。

Hey. Good morning. Just want to clarify on the comp guide, maybe asking in a slightly different way, is we do have a couple of feet of snow on the ground, we've got mid-single-digit inflation, and largely expect a bigger than typical tax refund season. So I just want to understand, like to what extent you are or are not incorporating these factors in your 3% to 5% guide?

嘿。早安.我只是想就比較指南進行一些澄清，或許可以換個方式問：我們現在地面上有幾英尺厚的積雪，通貨膨脹率在個位數，而且預計今年的退稅額將比往年大得多。所以我想了解的是，您在製定 3% 到 5% 的指導方針時，在多大程度上考慮了這些因素？

Yeah. Hi. Good morning, Zach. Thanks for the question. Yeah, we always say around here, we're much better selling auto parts and focus on what we control than we are predicting the future. But we spend a lot of time on this plan and feel really good about where we've landed, balancing out the opportunities with still yet some cautiousness on the consumer.

是的。你好。早上好，扎克。謝謝你的提問。是的，我們在這裡常說，與其預測未來，不如專注於銷售汽車零件和我們能夠控制的事情，這樣我們才能做得更好。但我們在這個計劃上投入了大量時間，並且對最終的結果感到非常滿意，在把握機會的同時，仍然對消費者保持一定的謹慎。

So I think generally, I think, again, still yet to be seen on how weather plays out over a longer period of time. While we did have some good winter weather, to your point, here in the first part of the year, which really in our industry, the almost 30 years I've spent here, the extremes, long, tough winters and hot, hot summers, obviously play out well for us over a long period of time.

所以我覺得，總的來說，天氣在較長一段時間內的發展趨勢還有待觀察。正如您所說，雖然我們這裡今年上半年的冬季天氣不錯，但就我們這個行業而言，在我近 30 年的從業經歷中，極端天氣，漫長而嚴酷的冬季和炎熱的夏季，從長遠來看，顯然對我們有利。

That said, there can be a lot of puts and takes in the short term with weather. Some of the weather that's hit some of our southern markets doesn't pay off in the mid to long term near as much as it does when the snowplows are on the road hard and heavy for months on end, in some of the northern markets. So some of those can be a little bit of a takeaway, and we'll just have to see if that really plays out beyond what it does in the next couple of months.

也就是說，短期內天氣狀況可能會帶來許多波動。一些南方市場遭受的惡劣天氣，從中長期來看，其帶來的收益遠不如一些北方市場連續數月鏟雪車辛勤作業所帶來的收益。所以其中一些可以作為參考，至於未來幾個月的情況如何，我們還需要拭目以待。

But generally speaking, Scot -- or Zach, again, we feel really good about our guidance, feel good about what we can control this year, but also still have a certain amount of cautiousness with all the pressure on the end consumer.

但總的來說，斯科特——或者扎克，我們對我們的業績指引感到非常滿意，對我們今年能夠控制的事情感到滿意，但考慮到終端消費者面臨的所有壓力，我們仍然保持著一定的謹慎。

Got it. And then as you think about the margin good guys and maybe bad guys in 2026, at the gross margin line, maybe we could talk about magnitude of supply chain and distribution tailwinds, on the do-it-for-me mix drag offset by Mexico potential benefit. And then when you think through just the impact of health insurance and all these other factors, how long or to what extent are you incorporating those elevated levels as you think through 2026?

知道了。然後，當你思考 2026 年利潤率的好壞因素時，在毛利率方面，我們或許可以討論供應鏈和分銷順風的規模，以及墨西哥潛在收益抵消的“代我服務”組合拖累。然後，當你仔細考慮健康保險和所有這些因素的影響時，你在展望 2026 年時，會把這些較高的水平考慮多久，或者在多大程度上考慮這些水平？

Yeah. No, great questions. I'll try to make sure we hit on all the points that you asked about there. We think about the gross margin, I guess, dynamics as we move through the year within the context of how we think about the range of our gross margin. The magnitude of, I think, any of the individual drivers that are puts and takes either way are not as large as even that range.

是的。不，問得好。我會盡量確保我們能談到你提出的所有問題。我想，我們會考慮毛利率的動態變化，並結合我們對毛利率範圍的思考來考慮這一年的發展。我認為，任何單一驅動因素的幅度，無論是做多或做空，都沒有那麼大的範圍。

So we're talking about items that are typically 10 to 20 basis points, maybe a little bit higher than that in each of the pieces. But for sure, a decent size, I think headwind from the professional business is growing as fast as it did, particularly if you look at the third and fourth quarters where that was heightened.

所以我們說的是那些通常每件產品價格在 10 到 20 個基點之間的產品，也許每件產品的價格會略高一些。但可以肯定的是，規模相當可觀，我認為來自專業業務的阻力正在以同樣的速度增長，尤其是在第三季度和第四季度，這種阻力更加明顯。

But on the positive end, I would tell you, both, I think, positive drivers, I think the acquisition cost improvement is a little bit a larger piece of that than what we saw on the distribution side, but I think also meaningful efficiencies from a distribution perspective.

但從積極的方面來說，我認為，這兩個方面都是積極的驅動因素。我認為，採購成本的改善比我們在分銷方面看到的要大一些，但我認為從分銷的角度來看，效率的提高也意義重大。

Now when we look at just how that lays out for next year, I think knowing the gains that we've had this year and the opportunity to calendar those, we feel good about what our gross margin outlook is last year, I think more cautious of what we're going to be able to gain there than what we saw in 2025, which is, I think, a great gross margin year for us really on both of those, I think, positives that you look at.

現在，當我們展望明年的發展前景時，考慮到我們今年的成就以及將這些成就納入計劃的機會，我們對去年的毛利率前景感到樂觀。相較之下，我們對2025年的毛利率前景更加謹慎，因為我認為2025年對我們來說將是一個非常好的毛利率年份，這主要得益於上述兩個正面因素。

And then just the changing evolution of the Mexico business is a help for, it's probably 4, 5 basis points than it is a big change, but it's [adopted] that moves us.

墨西哥業務的演變也對我們有幫助，雖然變化幅度可能只有 4、5 個基點，但這雖然不算很大的變化，卻推動了我們前進。

In terms of the question around how we're thinking about the cautiousness of pressure, that is, I think, on the SG&A side, for some of the types of costs that I think have hit us here in the last couple of quarters, we do think that that's more heightened in the front half of the year. Brent mentioned that in his prepared comments, I think as much as anything because the comparisons get a lot easier as you move into the balance of the year.

關於我們如何看待謹慎應對壓力的問題，我認為，就銷售、一般及行政費用而言，對於過去幾個季度給我們帶來衝擊的一些成本類型，我們認為這種情況在今年上半年會更加突出。布倫特在他的準備好的評論中提到了這一點，我認為這在很大程度上是因為隨著一年中剩餘時間的到來，比較會變得容易得多。

But we do expect that as we think about the year plays out for our SG&A guide, that we would see more pressure from a dollar perspective on per store growth in the front part of the year, particularly first quarter, than we would see imbalance for the full year.

但我們預計，在考慮本年度的銷售、一般及行政費用指導方針時，從美元角度來看，今年上半年（尤其是第一季）每家門市的成長壓力會比全年更大，而不是出現不平衡。

Now that does match up with how we think about the sales cadence as well that we talked about I know quite a bit on the call already this morning. And so we probably land in a place that's, from a leverage perspective, it's a little bit more consistent quarter to quarter for our expectations of operating profit leverage, SG&A leverage. But for sure, the thought process of how the dollars play out is going to be more pressured in the front part of the year.

這和我們今天早上在電話會議上討論的銷售節奏的想法也相符，我已經了解了很多。因此，從槓桿角度來看，我們可能會達到一個更穩定、更具季度一致性的局面，這對於我們對營業利潤槓桿和銷售、一般及行政費用槓桿的預期而言。但可以肯定的是，美元走勢的考量在今年上半年將面臨更大的壓力。

Really appreciate the color. Thanks for the time.

非常喜歡這個顏色。感謝您抽出時間。

Thanks, Zach.

謝謝你，扎克。

Thanks, Zach.

謝謝你，扎克。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默公司。

I'm sorry. The phone was cutting off there. I appreciate it. I want to go back, I know we discussed it a lot, but just the SG&A and SG&A per store guidance for '26. The question I want to ask is we've been talking about these elevated expenses for a while.

對不起。電話那邊斷線了。謝謝。我想回去，我知道我們討論過很多次了，但只是2026年的銷售、一般及行政費用和每家門店的銷售、一般及行政費用指導。我想問的問題是，我們已經討論這些不斷上漲的開支已經有一段時間了。

As you look beyond '26, given that -- how persistent these expenses have been, I mean, are you starting to identify more aggressively levers that could be pulled, to the extent these pressures continue, that internally O'Reilly can start to manage these costs better?

展望 2026 年之後，考慮到這些開支的持續性，我的意思是，如果這些壓力持續下去，您是否開始更積極地尋找可以採取的措施，以便 O'Reilly 內部能夠更好地控制這些成本？

Yeah. No, it's a great question, Brian. And interestingly, not -- I think not new questions. I think part of what we've experienced over the course of the last year, and the things that Brent lined out, some of the self-insurance cost pressures, those types of things around how we manage our vehicle fleet and team member expenses around health care and workers' comp, those types of items, it's been a big -- it's a big focus, a big part of how we run our business has been for a long, long time.

是的。不，布萊恩，你問得好。有趣的是，我認為並沒有提出新的問題。我認為，過去一年我們所經歷的部分事情，以及布倫特所列舉的一些事情，例如自保成本壓力，以及我們如何管理車隊和團隊成員在醫療保健和工傷賠償方面的支出等問題，長期以來一直是我們的關注重點，也是我們經營業務的重要組成部分。

And I think part of what we're running up against is it's been a pretty tightly and effectively controlled part of our cost structure for a long time. And so we've had some exposure that -- as inflation has really rolled in, and we've seen it that we do have, I think, a lot of easy and quick levers to reduce what's something that has always been a key management item for us.

我認為我們遇到的部分問題是，長期以來，這部分成本在我們成本結構中一直受到嚴格有效的控制。因此，隨著通貨膨脹的真正到來，我們已經意識到，我們有許多簡單且快速的手段來降低通貨膨脹，而通貨膨脹一直是我們管理的關鍵事項。

Having said that, However, so many of these items are key items in stress and priority. And some of the things that we talk about from a technology perspective are things that we want to lean into to help us to manage safety and how we manage the overall value and what we're able to deliver from a team member benefits perspective.

話雖如此，但其中許多項目都是壓力和優先事項中的關鍵項目。從技術角度來看，我們討論的一些事情是我們希望重點關注的，以幫助我們管理安全、管理整體價值，以及從團隊成員福利的角度來看我們能夠提供什麼。

And so those things continue to be important pieces for us to manage and will be things, to your point, at a -- you'll get a high level of attention. But they also have always been, I think, important parts of how we think about managing our business well.

因此，這些事情仍然是我們需要管理的重要部分，正如您所說，這些事情將會受到高度重視。但我認為，它們也一直是我們如何思考如何更好地管理業務的重要組成部分。

And so that's right -- I think the right outlook for you. But over the course of time, I think that gives us some confidence that not only does the market slowdown and the inflation environment normalize a little bit there, but that we'll continue to work hard to do everything we can and mitigate that pressure.

所以沒錯──我認為這才是適合你的正確態度。但隨著時間的推移，我認為這讓我們有信心，不僅市場會放緩，通膨環境也會逐漸正常化，我們將繼續努力，盡一切可能減輕這種壓力。

Appreciate it. Thank you.

謝謝。謝謝。

Steven Zaccone, Citi.

史蒂文‧扎科內，花旗集團。

Hey. Good morning. Thanks for taking my question. I want to follow up on the same-SKU inflation. So can you just help us understand the cadence of the year in a little bit more detail? Will the first quarter be similar to the level of same-SKU inflation that you had in the fourth quarter?

嘿。早安.謝謝您回答我的問題。我想跟進一下同SKU價格上漲的問題。那麼，您能否更詳細地幫助我們了解這一年的節奏呢？第一季的同店商品價格上漲幅度是否會與第四季類似？

And then someone asked earlier about this hypothetical tariffs are reduced. How would that impact you from a timing of inventory perspective, right? If costs come down, would that more likely be like a second half of '26 phenomenon at this point?

之前有人問過，如果關稅降低會怎麼樣。從庫存時間安排的角度來看，這會對你產生什麼影響呢？如果成本下降，那麼目前來看，這更有可能是類似 2026 年下半年的現象嗎？

Yes, Steve. Thanks for the questions. I think on the first part -- and Brad talked about the -- how we think about inflation cadence in his prepared comments. It's really mostly a function of what are we comparing it against and what do we see in 2025? Remember, first quarter was pretty muted in inflation. I think it was maybe 0.5 point.

是的，史蒂夫。謝謝大家的提問。我認為在第一部分——布拉德在他的準備好的評論中談到了——我們如何看待通貨膨脹節奏。這主要取決於我們用什麼來比較，以及我們對 2025 年的預期是什麼？請記住，第一季的通膨水準相當溫和。我想大概是0.5分吧。

So we would expect to see a similar level of same-SKU. We'll ultimately have to see how it plays out. Some of that can be impacted by just the mix of things that you sell, too, in terms of the magnitude of some of those cost changes.

因此，我們預計會看到類似水平的同SKU。最終結果如何，我們拭目以待。其中一些成本變化的幅度也會受到你所銷售的商品組合的影響。

But when we think about where price levels sit now and understanding that the turn of that same-SKU benefit will benefit us more in the first half than the second half, that's the thought process. As we start to move up against periods where we realized a benefit in 2025 on a -- think about it on maybe a stacked basis, you're going to have similar results, but the declining benefit as you move through the next year.

但當我們考慮到目前的價格水平，並意識到同一 SKU 的這種優勢在上半年比下半年對我們更有利時，這就是我們的想法。當我們開始接近 2025 年實現收益的時期時——想想看，也許可以把它疊加起來，你會得到類似的結果，但隨著你進入下一個年頭，收益會下降。

What was the second part of that?

那件事的第二部分是什麼？

Tariffs.

關稅。

In terms of how we think about the tariff impact flowing through from a cost perspective, that's, being a LIFO reporter, and we've been, I think, pretty straightforward over the course of the of the last few years in just talking about what we see reflected in our gross margin results and our cost of goods sold line, is more akin to what the current costs look like.

從成本角度來看，我們如何看待關稅的影響？作為一家採用後進先出法（LIFO）的報告機構，我認為，在過去幾年裡，我們一直非常直白地談論我們在毛利率結果和銷售成本中看到的情況，這更接近於當前成本的實際情況。

So to whatever extent that we see cost reductions, they typically will show up pretty quickly within our gross margin results. And so that's the right way to think about that tariff cadence that we might see in 2026.

因此，無論成本降低的幅度有多大，通常都會很快反映在我們的毛利率結果中。所以，這就是思考我們在 2026 年可能會看到的關稅調整節奏的正確方式。

Again, with I think the note that Brent made earlier that we anticipate a pretty stable environment there. We might see some changes, but ultimately think that there are other methods by which the administration will have to execute what they want to do from a tariff landscape.

再次強調，我認為布倫特之前也提到過，我們預期那裡的環境會相當穩定。我們可能會看到一些變化，但最終認為，政府必須透過其他方式才能在關稅領域實現其目標。

Okay. Then the follow-up I had, was asked earlier about growing within the Northeast. Can you just help us understand where you are from a market share perspective maybe DIFM in like the Mid-Atlantic and Northeast, versus where you are from a market share perspective in some of your mature markets? How do you see the pace of that sales lift happening over the next couple of years now that the DC is opening and then probably more to come?

好的。然後，我之前被問到在東北地區發展的問題，之後我又進行了後續跟進。您能否幫我們了解一下，從市場佔有率的角度來看，您在中大西洋和東北地區（例如 DIFM）的市佔率情況如何？再對比一下您在一些成熟市場的市佔率狀況？隨著配送中心的開幕以及未來可能更多的配送中心的開放，您認為未來幾年銷售額的成長速度會如何？

Yeah. No, great question, Steven. Well, the good news is with us and our industry, if we work in this $170 billion industry, we have roughly 10% share, so surprisingly -- maybe surprisingly, maybe not so much for others.

是的。不，問得好，史蒂文。好消息是，就我們和我們所在的行業而言，在這個價值 1700 億美元的行業中，我們大約佔 10% 的份額，所以令人驚訝——也許令人驚訝，也許對其他人來說並不那麼令人驚訝。

Even when you look at our most mature markets, it's not the difference in having a 5% share and 50%. It's -- even when I look at our business here in Missouri or Oklahoma, Kansas, Arkansas, down in Texas, we still have so much market share to go get. And so the differences aren't near what you might think.

即使看看我們最成熟的市場，5% 的市場份額和 50% 的市場份額之間也沒有區別。即使我看看我們在密蘇裡州、俄克拉荷馬州、堪薩斯州、阿肯色州以及德克薩斯州的業務，我們仍然有很多市場份額需要爭取。因此，實際差異遠沒有你想像的那麼大。

Now we've operated in that core of the Mid-Atlantic, the Carolinas up into Virginia, southern part of Virginia, like the Roanoke from the west over to Richmond, over the Virginia Beach, we've been in those markets for many, many years. They were just more on the edge of where Greensboro would effectively service.

現在，我們的業務主要集中在大西洋中部的核心區域，從卡羅來納州一直延伸到弗吉尼亞州，弗吉尼亞州南部，例如從西部的羅阿諾克到里士滿，再到弗吉尼亞海灘，我們已經在這些市場經營了很多年。他們只是位於格林斯伯勒有效服務範圍的邊緣地帶。

And so those markets, along with the North Carolina-type market, we would be a little bit more mature, but still immature overall. It would be a lot closer to our average 10% share, than it would be some dominant position in terms of big percentage.

因此，這些市場，連同北卡羅來納州類型的市場，我們會稍微成熟一些，但總體而言仍然不成熟。這會更接近我們平均 10% 的市場份額，而不是佔據很大的主導地位。

And so we don't necessarily disclose by market what our penetration is, but the markets that, as you get up into Northern Virginia and you look around the D.C. Metro and you look at Baltimore and, obviously, as you get into Philly and New York, we don't have any presence. And so it would be a zero and all opportunity for us.

因此，我們不一定會按市場揭露我們的滲透率，但是，當你進入北維吉尼亞、華盛頓特區都會區、巴爾的摩，以及顯然進入費城和紐約等市場時，我們顯然沒有任何業務。所以這對我們來說將是一次從零開始的機會。

But really, all of that is going to depend on our ability to execute our business model, do well on both sides of the business. And all that happens only by building really great teams at the store level, the sales force, all those things. And so we still have a tremendous opportunity in the market, but we still have a tremendous opportunity from a share perspective even in the most mature markets.

但實際上，這一切都取決於我們能否成功執行我們的商業模式，能否在業務的各個方面都取得成功。而這一切只有透過在門市層級、銷售團隊等各方面建立真正優秀的團隊才能實現。因此，即使在最成熟的市場中，我們仍然擁有巨大的市場機會，從市場份額的角度來看，我們仍然擁有巨大的機會。

Okay. Thanks for the detail.

好的。謝謝你提供的詳細資訊。

Thank you. We have reached our allotted time for questions. I'll now turn the call back over to Mr. Brad Beckham for closing remarks.

謝謝。我們的提問時間已到。現在我將把電話交還給布拉德貝克漢先生，請他作總結發言。

Thank you, Matthew. We would like to conclude our call today by thanking the entire O'Reilly team for your continued dedication to our customers. I would like to thank everyone for joining our call today, and we look forward to reporting our first quarter results in April. Thank you.

謝謝你，馬修。今天通話結束之際，我們要感謝 O'Reilly 團隊全體成員一直以來對客戶的奉獻精神。感謝各位今天參加我們的電話會議，我們期待在四月公佈第一季業績。謝謝。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。