Up, Up, & Away... M&A Update as the Jet Lands in Atlanta

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Up, Up, & Away... M&A Update as the Jet Lands in Atlanta

Broadlines & Hardlines

FLASH

FLASH: O'REILLY AUTOMOTIVE (ORLY) July 15, 2026

Up, Up, & Away... M&A Update as the Jet Lands in Atlanta Rating:

OutperformO'Reilly's corporate jet has made 3 trips to Atlanta (GPC HQ) in the last 2 weeks, Price:

including a trip there yesterday, and then flew to Birmingham, AL (GPC's Motion $85.75

Segment HQ). The plane will be flying to other Southeast cities in the coming days, Price Target:

$105visiting markets where they both have DCs. ORLY is also planning its Investor Day

% Upside:

later than usual, in September (vs. August historically), and it will be in Atlanta, 22.1%

where GPC has its HQ. ORLY also announced on Friday night that they are hiring

a new Supply Chain Officer from TSCO. Source: FactSet, Wolfe Research

Priced as of 07/14/26

We expect the combination of these data points to increase expectations that there

will be a transaction involving at least some of GPC's assets. It is impossible to

know what they are buying if anything (although a Bloomberg article suggests it's

the whole Automotive Unit), and we continue to debate the strategic rationale /

synergies with investors.

Spencer Hanus

(+/-) Investor Day Moving Back to September vs August Normally & in Atlanta. shanus@wolferesearch.com

(646) 582-9344

O'Reilly is planning to host an Investor Day on September 17th in Atlanta, where GPC View Spencer’s Research

is headquartered. Since at least 2008, they have hosted this Investor Day in August, View ORLY Model

but this year it will be later. While this could absolutely be a coincidence, the timing View Comp Table

and location of this event are notable. ORLY historically hosts these Investor Days Zachary Frederick

every other year. zfrederick@wolferesearch.com