O'Reilly Automotive, Inc.

O'Reilly's growth now comes from professional customers, four straight quarters of double-digit comps there, while the tariff-driven price increases that lifted last year's sales fade. Whether share gains alone can carry it is what the next few quarters decide. How much of O'Reilly's professional growth is share gain rather than market growth?

• Professional customers are now the engine, not the add-on.

  Professional comps have grown double digits four quarters running, across every market area, with smaller independent shops losing ground. Those customers buy more per visit and defer repairs less, so the growth is steadier than retail's.

• The price tailwind that carried last year's comps has nearly run out.

  Same-SKU inflation ran above 5% in the first half but is guided to about 1% in the back half. So the comp now has to come from ticket counts and from parts that cost more on newer cars, which is why the back half outlook was left unchanged. What drove the DIY transaction count declines in each of the last four quarters?

• Insurance and health-care costs ran ahead of the business.

  Claims costs for health care, workers' comp and auto liability rose faster than planned, pushing per-store cost growth above guidance. Management expects relief mostly because comparisons get easier, not because the inflation stopped. How much of O'Reilly's per-store cost growth came from insurance versus wages?