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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-5690

__________________________________________

GENUINE PARTS COMPANY

(Exact name of registrant as specified in its charter)

__________________________________________


GA						58-0254510
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

2999 WILDWOOD PARKWAY,

30339

ATLANTA,

(Address of principal executive offices)

(Zip Code)

678-934-5000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of each exchange on which registered

Common Stock, $1.00 par value per share

GPC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 139,092,294 shares of common stock outstanding as of July 17, 2025.


Table of Contents

PART I		Page

Item 1.	Financial Statements	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Income	3
	Condensed Consolidated Statements of Comprehensive Income	4
	Condensed Consolidated Statements of Equity	5
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28

PART II

Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 5.	Other Information	29
Item 6.	Exhibits	30
	Signatures	31

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

GENUINE PARTS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in thousands, except share and per share data)	June 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	457,993	$	479,991
Trade accounts receivable, less allowance for doubtful accounts (2025 – $76,830; 2024 – $68,976)	2,600,737		2,182,856
Merchandise inventories, net	5,774,046		5,514,427
Prepaid expenses and other current assets	1,640,974		1,675,310
Total current assets	10,473,750		9,852,584
Goodwill	3,094,594		2,897,270
Other intangible assets, less accumulated amortization	1,877,578		1,799,031
Property, plant and equipment, less accumulated depreciation (2025 – $1,950,462; 2024 – $1,771,785)	2,053,449		1,950,760
Operating lease assets	1,939,322		1,769,720
Other assets	992,374		1,013,340
Total assets	$	20,431,067	$	19,282,705

Liabilities and equity
Current liabilities:
Trade accounts payable	$	5,996,943	$	5,923,684
Short-term borrowings	961,451		41,705
Current portion of long-term debt	101,230		500,000
Dividends payable	143,265		134,355
Other current liabilities	2,010,259		1,925,636
Total current liabilities	9,213,148		8,525,380
Long-term debt	3,744,118		3,742,640
Operating lease liabilities	1,614,961		1,458,391
Pension and other post–retirement benefit liabilities	222,244		218,629
Deferred tax liabilities	430,497		441,705
Other long-term liabilities	487,181		544,109
Equity:
Preferred stock, par value – $1 per share; authorized – 10,000,000 shares; none issued	—		—
Common stock, par value – $1 per share; authorized – 450,000,000 shares; issued and outstanding – 2025 – 139,092,221 shares; 2024 – 138,779,664 shares	139,092		138,780
Additional paid-in capital	205,146		196,532
Accumulated other comprehensive loss	(1,068,219)		(1,261,743)
Retained earnings	5,426,894		5,263,838
Total parent equity	4,702,913		4,337,407
Noncontrolling interests in subsidiaries	16,005		14,444
Total equity	4,718,918		4,351,851
Total liabilities and equity	$	20,431,067	$	19,282,705

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

GENUINE PARTS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net sales	$	6,164,425	$	5,962,567	$	12,030,494	$	11,746,198
Cost of goods sold	3,840,037		3,782,264		7,532,422		7,491,240
Gross profit	2,324,388		2,180,303		4,498,072		4,254,958
Operating expenses:
Selling, administrative and other expenses	1,771,195		1,647,456		3,480,874		3,222,383
Depreciation and amortization	123,018		99,202		238,453		189,812
Provision for doubtful accounts	7,625		5,678		13,480		11,889
Restructuring and other costs	45,712		29,760		100,482		112,802
Total operating expenses	1,947,550		1,782,096		3,833,289		3,536,886
Non-operating expenses (income):
Interest expense, net	40,211		21,921		77,427		39,611
Other	(1,930)		(9,915)		(2,838)		(32,921)
Total non-operating expenses (income)	38,281		12,006		74,589		6,690
Income before income taxes	338,557		386,201		590,194		711,382
Income taxes	83,677		90,657		140,922		166,944
Net income	$	254,880	$	295,544	$	449,272	$	544,438
Basic earnings per share	$	1.83	$	2.12	$	3.23	$	3.91
Diluted earnings per share	$	1.83	$	2.11	$	3.23	$	3.89

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

GENUINE PARTS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Net income	$	254,880	$	295,544	$	449,272	$	544,438
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments,net of income taxes in 2025 — $40,342 and $57,108; 2024 — $3,419 and $11,611	136,828		15,278		186,157		(64,642)
Pension and postretirement benefit adjustments, net of income taxes in 2025 — $1,325 and $2,652; 2024 — $1,063 and $2,126	3,683		2,887		7,367		5,775
Other comprehensive income (loss), net of income taxes	140,511		18,165		193,524		(58,867)
Comprehensive income	$	395,391	$	313,709	$	642,796	$	485,571

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

GENUINE PARTS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(UNAUDITED)


	Three Months Ended June 30, 2025
(in thousands, except share and per share data)	Common Stock Shares	Common Stock Amount		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Parent Equity		Non-controlling Interests in Subsidiaries		Total Equity
April 1, 2025	138,788,979	$	138,789	$	204,595	$	(1,208,730)	$	5,315,279	$	4,449,933	$	14,630	$	4,464,563
Net income	—	—		—		—		254,880		254,880		—		254,880
Other comprehensive income, net of tax	—	—		—		140,511		—		140,511		—		140,511
Cash dividend declared, $1.03 per share	—	—		—		—		(143,265)		(143,265)		—		(143,265)
Shares issued from employee incentive plans	303,242	303		(15,055)		—		—		(14,752)		—		(14,752)
Share-based compensation	—	—		15,606		—		—		15,606		—		15,606
Purchase of stock	—	—		—		—		—		—		—		—
Noncontrolling interest activities	—	—		—		—		—		—		1,375		1,375
June 30, 2025	139,092,221	$	139,092	$	205,146	$	(1,068,219)	$	5,426,894	$	4,702,913	$	16,005	$	4,718,918


	Six Months Ended June 30, 2025
(in thousands, except share and per share data)	Common Stock Shares	Common Stock Amount		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Parent Equity		Non-controlling Interests in Subsidiaries		Total Equity
January 1, 2025	138,779,664	$	138,780	$	196,532	$	(1,261,743)	$	5,263,838	$	4,337,407	$	14,444	$	4,351,851
Net income	—	—		—		—		449,272		449,272		—		449,272
Other comprehensive income, net of tax	—	—		—		193,524		—		193,524		—		193,524
Cash dividend declared, $2.06 per share	—	—		—		—		(286,216)		(286,216)		—		(286,216)
Shares issued from employee incentive plans	312,557	312		(15,566)		—		—		(15,254)		—		(15,254)
Share-based compensation	—	—		24,180		—		—		24,180		—		24,180
Purchase of stock	—	—		—		—		—		—		—		—
Noncontrolling interest activities	—	—		—		—		—		—		1,561		1,561
June 30, 2025	139,092,221	$	139,092	$	205,146	$	(1,068,219)	$	5,426,894	$	4,702,913	$	16,005	$	4,718,918

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	Three Months Ended June 30, 2024
(in thousands, except share and per share data)	Common Stock Shares	Common Stock Amount		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Parent Equity		Non-controlling Interests in Subsidiaries		Total Equity
April 1, 2024	139,335,342	$	139,335	$	179,349	$	(1,053,904)	$	5,137,597	$	4,402,377	$	14,799	$	4,417,176
Net income	—	—		—		—		295,544		295,544		—		295,544
Other comprehensive income, net of tax	—	—		—		18,165		—		18,165		—		18,165
Cash dividend declared, $1.00 per share	—	—		—		—		(139,376)		(139,376)		—		(139,376)
Shares issued from employee incentive plans	259,702	259		(16,828)		—		—		(16,569)		—		(16,569)
Share-based compensation	—	—		18,006		—		—		18,006		—		18,006
Purchase of stock	(249,026)	(248)		—		—		(37,251)		(37,499)		—		(37,499)
Noncontrolling interest activities	—	—		—		—		—		—		676		676
June 30, 2024	139,346,018	$	139,346	$	180,527	$	(1,035,739)	$	5,256,514	$	4,540,648	$	15,475	$	4,556,123


	Six Months Ended June 30, 2024
(in thousands, except share and per share data)	Common Stock Shares	Common Stock Amount		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Parent Equity		Non-controlling Interests in Subsidiaries		Total Equity
January 1, 2024	139,567,071	$	139,567	$	173,025	$	(976,872)	$	5,065,327	$	4,401,047	$	15,938	$	4,416,985
Net income	—	—		—		—		544,438		544,438		—		544,438
Other comprehensive loss, net of tax	—	—		—		(58,867)		—		(58,867)		—		(58,867)
Cash dividend declared, $2.00 per share	—	—		—		—		(278,761)		(278,761)		—		(278,761)
Shares issued from employee incentive plans	288,513	288		(19,068)		—		—		(18,780)		—		(18,780)
Share-based compensation	—	—		26,570		—		—		26,570		—		26,570
Purchase of stock	(509,566)	(509)		—		—		(74,490)		(74,999)		—		(74,999)
Noncontrolling interest activities	—	—		—		—		—		—		(463)		(463)
June 30, 2024	139,346,018	$	139,346	$	180,527	$	(1,035,739)	$	5,256,514	$	4,540,648	$	15,475	$	4,556,123

See accompanying Notes to Condensed Consolidated Financial Statements.

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GENUINE PARTS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Six Months Ended June 30,
(in thousands)	2025		2024
Operating activities:
Net income	$	449,272	$	544,438
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	238,453		189,812
Share-based compensation	24,180		26,570
Excess tax deficiency (benefits) from share-based compensation	7,073		(8,233)
Other operating activities, including changes in operating assets and liabilities	(549,863)		(140,672)
Net cash provided by operating activities	169,115		611,915
Investing activities:
Purchases of property, plant and equipment	(248,822)		(259,245)
Proceeds from sale of property, plant and equipment	19,451		73,645
Acquisitions of businesses	(111,973)		(581,141)
Other investing activities	23,394		4,715
Net cash used in investing activities	(317,950)		(762,026)
Financing activities:
Proceeds from debt	21,405		16
Payments on debt	(522,637)		(104,355)
Net proceeds of commercial paper	916,587		99,706
Shares issued from employee incentive plans	(15,254)		(18,780)
Dividends paid	(277,306)		(272,021)
Purchases of stock	—		(74,999)
Other financing activities	(20,268)		(11,893)
Net cash provided by (used in) financing activities	102,527		(382,326)
Effect of exchange rate changes on cash and cash equivalents	24,310		(14,293)
Net decrease in cash and cash equivalents	(21,998)		(546,730)
Cash and cash equivalents at beginning of period	479,991		1,102,007
Cash and cash equivalents at end of period	$	457,993	$	555,277

See accompanying Notes to Condensed Consolidated Financial Statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.General

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the Notes to the Consolidated Financial Statements included in the Annual Report on Form 10-K of Genuine Parts Company (the “Company,” “we,” “our,” “us,” or “its”) for the year ended December 31, 2024. Accordingly, the unaudited Condensed Consolidated Financial Statements and related disclosures herein should be read in conjunction with our 2024 Annual Report on Form 10-K.

The preparation of interim financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited Condensed Consolidated Financial Statements. Specifically, we make estimates and assumptions in our unaudited Condensed Consolidated Financial Statements for inventory adjustments, the accrual of bad debts, credit losses on guaranteed loans, customer sales returns, volume incentives earned, and the asbestos-related product liability, among others. Inventory adjustments (including adjustments for a majority of inventories that are valued under the last-in, first-out (“LIFO”) method) are accrued on an interim basis and adjusted in the fourth quarter based on the annual book to physical inventory adjustment and LIFO valuation. Reserves for bad debts, credit losses on guaranteed loans and customer sales returns are estimated and accrued on an interim basis based on a consideration of historical experience, current conditions, and reasonable and supportable forecasts. Volume incentives are estimated based upon cumulative and projected purchasing levels.

Certain prior year amounts are reclassified to conform to the current year presentation. These reclassifications had no impact on our previously reported total assets, total liabilities, results of operations, comprehensive income or net cash flows from operating, financing or investing activities.

In the opinion of management, all adjustments necessary for a fair presentation of our financial results for the interim periods have been made. These adjustments are of a normal recurring nature. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of results for the year ended December 31, 2025. We have evaluated subsequent events through the date the unaudited Condensed Consolidated Financial Statements covered by this quarterly report were issued.

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements.

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items, income before tax expense disaggregated between domestic and foreign, income tax expense disaggregated by federal, state and foreign, as well as further information on income taxes paid. The guidance is effective for the year ended December 31, 2025, with early adoption permitted. The guidance should be applied on a prospective basis, with retrospective application permitted. We are currently evaluating the impact of adopting this standard on our financial statements and disclosures.

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires disclosure in the notes to financial statements, at each interim and annual reporting period, of specified information about certain costs and expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption. Also required is a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated. This guidance is effective for all public entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and early adoption is permitted. This guidance should be applied either prospectively to financial statements issued after the effective date of this update or retrospectively to all prior

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periods presented in the financial statements. We are currently evaluating the impact of adopting this standard on our financial statements and disclosures.

Prepaid Expenses and Other Current Assets

The following table provides a detail of prepaid expenses and other current assets reported within the Condensed Consolidated Balance Sheets as of:


(in thousands)	June 30, 2025		December 31, 2024
Prepaid expenses	$	170,430	$	118,401
Consideration receivable from vendors	969,800		972,842
Other current assets	500,744		584,067
Total prepaid expenses and other current assets	$	1,640,974	$	1,675,310

Derivatives and Hedging

We are exposed to various risks arising from business operations and market conditions, including fluctuations in certain foreign currencies. We use derivative and non-derivative instruments as risk management tools to mitigate the potential impact of foreign exchange rate risks. The objective of using these tools is to reduce fluctuations in our earnings and cash flows associated with changes in these rates. Derivative instruments are recognized in the Condensed Consolidated Balance Sheets at fair value and are designated as Level 2 in the fair value hierarchy. They are valued using inputs other than quoted prices, such as foreign exchange rates and yield curves.

The following table summarizes the classification and carrying amounts of the derivative instruments and the foreign currency denominated debt, a non-derivative financial instrument, that are designated and qualify as part of hedging relationships (in thousands):


		June 30, 2025				December 31, 2024
Instrument	Balance Sheet Location	Notional		Balance		Notional		Balance
Net investment hedges:
Forward contract	Prepaid expenses and other current assets	$	245,960	$	4,394	$	1,867,966	$	85,834
Forward contracts	Other current liabilities	$	1,633,396	$	83,467	$	—	$	—
Foreign currency debt	Long-term debt	€	475,000	$	556,700	€	475,000	$	494,285

The tables below presents gains and losses related to designated net investment hedges:


	Gain (Loss) Recognized in AOCL before Reclassifications				Gain Recognized in Interest Expense for Excluded Components
(in thousands)	2025		2024		2025		2024
Three Months Ended June 30,
Net investment hedges:
Forward contracts	$	(110,006)	$	6,994	$	5,755	$	4,651
Foreign currency debt	(42,228)		5,670		—		—
Total	$	(152,234)	$	12,664	$	5,755	$	4,651

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	Gain (Loss) Recognized in AOCL before Reclassifications				Gain Recognized in Interest Expense for Excluded Components
(in thousands)	2025		2024		2025		2024
Six Months Ended June 30,
Net investment hedges:
Forward contracts	$	(153,086)	$	20,256	$	11,514	$	9,020
Foreign currency debt	(62,415)		22,750		—		—
Total	$	(215,501)	$	43,006	$	11,514	$	9,020

Fair Value of Financial Instruments

As of June 30, 2025, the fair value of our senior unsecured notes was approximately $3.8 billion, which are designated as Level 2 in the fair value hierarchy. Our valuation technique is based primarily on prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities.

Guarantees

We guarantee the borrowings of certain independently controlled automotive parts stores and businesses (“independents”). While such borrowings of the independents are outstanding, we are required to maintain compliance with certain covenants. As of June 30, 2025, we were in compliance with all such covenants.

As of June 30, 2025, the total borrowings of the independents subject to guarantee by us were approximately $573 million. These loans generally mature over periods from one to six years. We regularly monitor the performance of these loans and the ongoing operating results, financial condition and ratings from credit rating agencies of the independents that participate in the guarantee programs. In the event that we are required to make payments in connection with these guarantees, we would obtain and liquidate certain collateral pledged by the independents (e.g., accounts receivable and inventory) to recover all or a substantial portion of the amounts paid under the guarantees. We recognize a liability equal to current expected credit losses over the lives of the loans in the guaranteed loan portfolio, based on a consideration of historical experience, current conditions, the nature and expected value of any collateral, and reasonable and supportable forecasts. To date, we have not had significant losses in connection with guarantees of independents’ borrowings and the current expected credit loss reserve is not material. As of June 30, 2025, there are no material guaranteed loans for which the borrower is experiencing financial difficulty and recovery is expected to be provided substantially through the operation or sale of the collateral.

As of June 30, 2025, we have recognized $37 million of certain assets and liabilities for the guarantees related to the independents’ borrowings. These assets and liabilities are included in other assets and other long-term liabilities in the Condensed Consolidated Balance Sheets. The liabilities relate to our noncontingent obligation to stand ready to perform under the guarantee programs and they are distinct from our current expected credit loss reserve.

Supply Chain Finance Programs

Several global financial institutions offer voluntary supply chain finance (“SCF”) programs which enable our suppliers (generally those that grant extended terms), at their sole discretion, to sell their receivables from us to these financial institutions on a non-recourse basis at a rate that takes advantage of our credit rating and may be beneficial to them. We and our suppliers agree on commercial terms for the goods and services we procure, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. Our current payment terms with the majority of our suppliers range from 30 to 360 days. The suppliers sell goods or services, as applicable, to us and they issue the associated invoices to us based on the agreed-upon contractual terms. Then, if they are participating in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, they want to sell to the financial institutions. In turn, we direct payment to the financial institutions, rather than the suppliers, for the invoices sold to the financial institutions. No guarantees are provided by us or any of our subsidiaries on third-party performance under the SCF program; however, we guarantee the payment by our subsidiaries to the financial institutions participating in the SCF program for the applicable invoices. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Accordingly,

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amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable in our Condensed Consolidated Balance Sheets.

All activity related to amounts due to suppliers that elected to participate in the SCF program is reflected in cash flows from operating activities in our Condensed Consolidated Statement of Cash Flows. As of June 30, 2025 and December 31, 2024, the outstanding payment obligations to the financial institutions were $3.2 billion and $3.3 billion, respectively. The amount settled through the SCF program was $2.2 billion and $2.0 billion for the six months ended June 30, 2025 and June 30, 2024, respectively.


(in thousands)	June 30, 2025
Obligations outstanding at the beginning of the period	$	3,365,836
Invoices confirmed during the period	2,035,678
Confirmed invoices paid during the period	(2,215,695)
Confirmed obligations outstanding at the end of the period	$	3,185,819

Earnings Per Share

We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding. Certain outstanding options are not included in the diluted earnings per share calculation because their inclusion would have been anti-dilutive. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material.

The following table summarizes basic and diluted shares outstanding:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net income	$	254,880	$	295,544	$	449,272	$	544,438

Weighted average common shares outstanding	138,990		139,358		138,887		139,394
Dilutive effect of stock options and non-vested restricted stock awards	254		471		320		567
Weighted average common shares outstanding – assuming dilution	139,244		139,829		139,207		139,961
Basic earnings per share	$	1.83	$	2.12	$	3.23	$	3.91
Diluted earnings per share	$	1.83	$	2.11	$	3.23	$	3.89

2. Segment Information

Automotive Segment

The following table presents a summary of our reportable Automotive segment financial information:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2025			2024			2025			2024
Net sales	$	3,912,281		$	3,726,991		$	7,577,169		$	7,301,011
Cost of goods sold	2,275,249			2,219,302			4,432,073			4,381,018
Gross profit	1,637,032			1,507,689			3,145,096			2,919,993
Operating expenses	1,299,040			1,144,820			2,521,597			2,237,448
EBITDA	$	337,992		$	362,869		$	623,499		$	682,545

Gross margin (1)	41.8		%	40.5		%	41.5		%	40.0		%
Operating expenses as a percentage of net sales	33.2		%	30.7		%	33.3		%	30.6		%
EBITDA margin (2)	8.6		%	9.7		%	8.2		%	9.3		%

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Industrial Segment

The following table presents a summary of our reportable Industrial segment financial information:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2025			2024			2025			2024
Net sales	$	2,252,144		$	2,235,576		$	4,453,325		$	4,445,187
Cost of goods sold	1,564,815			1,555,514			3,100,409			3,102,814
Gross profit	687,329			680,062			1,352,916			1,342,373
Operating expenses	399,191			395,102			786,067			778,426
EBITDA	$	288,138		$	284,960		$	566,849		$	563,947

Gross margin (1)	30.5		%	30.4		%	30.4		%	30.2		%
Operating expenses as a percentage of net sales	17.7		%	17.7		%	17.7		%	17.5		%
EBITDA margin (2)	12.8		%	12.7		%	12.7		%	12.7		%

(1)Gross margin is gross profit as a percentage of net sales.

(2)EBITDA margin is earnings before interest, taxes, depreciation and amortization ("EBITDA") as a percentage of net sales.

Additional Information

The following table presents a reconciliation from EBITDA to net income:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Segment EBITDA
Automotive	$	337,992	$	362,869	$	623,499	$	682,545
Industrial	288,138		284,960		566,849		563,947
Corporate EBITDA (1)	(78,632)		(78,480)		(169,757)		(160,620)
Interest expense, net	(40,211)		(21,921)		(77,427)		(39,611)
Depreciation and amortization	(123,018)		(99,202)		(238,453)		(189,812)
Other unallocated costs (2)	(45,712)		(62,025)		(114,517)		(145,067)
Income before income taxes	338,557		386,201		590,194		711,382
Income taxes	(83,677)		(90,657)		(140,922)		(166,944)
Net Income	$	254,880	$	295,544	$	449,272	$	544,438

(1)Corporate EBITDA consists of costs related to our corporate headquarter’s broad support to our business units and other costs that are managed centrally and not allocated to business segments. These include personnel and other costs for company-wide functions such as executive leadership, human resources, technology, cybersecurity, legal, corporate finance, internal audit, and risk management, as well as asbestos-related product liability costs and A/R Sales Agreement fees.

(2)The following table presents a summary of the other unallocated costs:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Other unallocated costs:
Restructuring and other costs (3)	$	(45,712)	$	(37,247)	$	(100,482)	$	(120,289)
Acquisition and integration related costs and other (4)	—		(24,778)		(14,035)		(24,778)
Total other unallocated costs	$	(45,712)	$	(62,025)	$	(114,517)	$	(145,067)

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(3)Please refer to the Restructuring and Other Costs Footnote in the Notes to Condensed Consolidated Financial Statements for more information.

(4)Adjustment primarily reflects lease and other exit costs related to the ongoing integration of acquired independent automotive stores.

The following table presents a summary of our reportable segment total assets, as well as Corporate and other unallocated reconciling items:


	As of June 30,
(in thousands)	2025		2024
Assets:
Automotive	$	11,337,753	$	10,075,903
Industrial	3,464,425		3,532,669
Corporate (5)	656,717		583,199
Goodwill and other intangible assets	4,972,172		4,677,622
Total assets	$	20,431,067	$	18,869,393
Long-lived assets:
United States	$	1,199,197	$	1,071,053
Europe	417,116		358,682
Canada	199,785		163,864
Australasia	236,388		193,344
Mexico	963		879
Total long-lived assets	$	2,053,449	$	1,787,822

(5)Corporate is a reconciling category that includes our corporate offices, substantially all financing activities and any other items that are not allocated to the business segments other than goodwill and other intangible assets.

The following table presents a summary of select financial information by reportable segment, as well as Corporate and other unallocated reconciling items:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Depreciation and amortization:
Automotive	$	57,611	$	49,089	$	117,714	$	95,829
Industrial	9,828		8,166		19,492		16,314
Corporate	17,788		7,262		26,585		8,884
Intangible asset amortization	37,791		34,685		74,662		68,785
Total depreciation and amortization	$	123,018	$	99,202	$	238,453	$	189,812
Capital expenditures:
Automotive	$	66,911	$	80,930	$	132,045	$	146,662
Industrial	4,070		20,290		19,236		32,703
Corporate	58,001		38,457		97,541		78,966
Total capital expenditures	$	128,982	$	139,677	$	248,822	$	258,331
Net sales:
United States	$	3,991,977	$	3,899,904	$	7,845,755	$	7,683,833
Europe	1,013,110		961,854		1,985,975		1,938,636
Canada	547,322		531,711		1,010,796		1,004,514
Australasia	586,697		546,648		1,139,051		1,076,481
Mexico	25,319		22,450		48,917		42,734
Total net sales	$	6,164,425	$	5,962,567	$	12,030,494	$	11,746,198

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Net sales are disaggregated by geographical region for each of our reportable segments, as we deem this presentation best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The following table presents disaggregated geographical net sales from contracts with customers by reportable segment:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
North America:
Automotive	$	2,444,377	$	2,352,254	$	4,709,158	$	4,549,144
Industrial	2,120,241		2,101,811		4,196,310		4,181,937
Total North America	$	4,564,618	$	4,454,065	$	8,905,468	$	8,731,081
Australasia:
Automotive	$	454,794	$	412,883	$	882,036	$	813,231
Industrial	131,903		133,765		257,015		263,250
Total Australasia	$	586,697	$	546,648	$	1,139,051	$	1,076,481
Europe – Automotive	$	1,013,110	$	961,854	$	1,985,975	$	1,938,636
Total net sales	$	6,164,425	$	5,962,567	$	12,030,494	$	11,746,198

3. Accounts Receivable Sales Agreement

Under our accounts receivable sales agreement (the "A/R Sales Agreement"), we continuously sell designated pools of receivables as they are originated by us and certain U.S. subsidiaries to a separate bankruptcy-remote special purpose entity (“SPE”). The A/R Sales Agreement has a one year term expiring in January 2026.

We continue to be involved with the receivables transferred by the SPE to the unaffiliated financial institutions by providing collection services. As cash is collected on sold receivables, the SPE continuously transfers ownership and control of new qualifying receivables to the unaffiliated financial institutions so that the total principal amount outstanding of receivables sold is approximately $1.0 billion at any point in time (which is the maximum amount allowed under the A/R Sales Agreement).

The total principal amount outstanding of receivables sold is approximately $1.0 billion and $1.0 billion as of June 30, 2025 and December 31, 2024, respectively. The amount of receivables pledged as collateral as of June 30, 2025 and December 31, 2024 is approximately $1.5 billion and $1.3 billion, respectively.

The following table summarizes the activity under the A/R Sales Agreement for the:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Receivables sold to the financial institutions and derecognized	$	2,106,139	$	2,135,710	$	4,209,403	$	4,305,752
Cash collected on sold receivables	$	2,106,135	$	2,135,626	$	4,209,391	$	4,305,670

Continuous cash activity related to the A/R Sales Agreement is reflected in net cash provided by (used in) operating activities in the Condensed Consolidated Statements of Cash Flows. The SPE incurs fees due to the unaffiliated financial institutions related to the accounts receivable sales transactions. Those fees, which totaled $26 million and $31 million for the six months ended June 30, 2025 and 2024, respectively, are recorded within other non-operating expense (income) in the Condensed Consolidated Statements of Income. The SPE has a recourse obligation to repurchase from the unaffiliated financial institutions any previously sold receivables that are not collected due to the occurrence of certain events, including credit quality deterioration and customer sales returns. The reserve recognized for this recourse obligation as of June 30, 2025 and December 31, 2024 is not material. The servicing liability related to our collection services also is not material, given the high quality of the customers underlying the receivables and the anticipated short collection period.

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4. Debt

Unsecured Revolving Credit Facility

On October 30, 2020, we entered into a $1.5 billion Syndicated Facility Agreement (as amended, the "Unsecured Revolving Credit Facility"). On March 20, 2025, we amended the Unsecured Revolving Credit Facility to expand the borrowing capacity from $1.5 billion to $2.0 billion and extend the maturity date to March 20, 2030. We had no outstanding borrowings under the Unsecured Revolving Credit Facility as of June 30, 2025 or December 31, 2024.

Commercial Paper Program

On November 29, 2023, we established a commercial paper program that allows us to issue unsecured commercial paper notes up to $1.5 billion outstanding. We amended our commercial paper program on March 27, 2025 to expand the maximum borrowing capacity from $1.5 billion to $2.0 billion. The maturities of the commercial paper notes vary but may not exceed 364 days from the date of issuance. The commercial paper notes are sold under customary terms in the commercial paper market and rank pari passu with unsecured and unsubordinated indebtedness. The notes are issued at par less a discount representing an interest factor or, if interest bearing, at par. The net proceeds of issuances of the commercial paper notes have been used to repay certain of our unsecured senior notes (as described below) and have been and are expected to continue to be used for general corporate purposes. We had $922 million outstanding under our commercial paper program as of June 30, 2025, presented in Short-term borrowings on the Condensed Consolidated Balance Sheet, and no outstanding borrowings as of December 31, 2024. The weighted average interest rate of our commercial paper outstanding as of June 30, 2025 was 4.69%.

In the Condensed Consolidated Statement of Cash Flows, we present commercial paper activity with original maturities of three months or less on a net basis given their short-term nature.

Notes and Other Borrowings

In addition to funding other working capital requirements, we used commercial paper borrowings to repay the $500 million principal amount of our 1.75% Unsecured Senior Notes due February 1, 2025.

Covenants

Certain borrowings require us to comply with a financial covenant with respect to a maximum debt to EBITDA ratio. At June 30, 2025, we were in compliance with all such covenants.

5. Employee Benefit Plans

Net periodic benefit income from our pension plans included the following components for our pension benefits:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Service cost	$	1,576	$	1,711	$	3,101	$	3,438
Interest cost	22,931		25,324		45,760		50,689
Expected return on plan assets	(29,222)		(44,339)		(58,305)		(88,743)
Amortization of prior service cost	285		281		570		562
Amortization of actuarial loss	4,619		3,567		9,241		7,134
Net periodic loss (income)	$	189	$	(13,456)	$	367	$	(26,920)

Service cost is recorded in selling, administrative and other expenses in the Condensed Consolidated Statements of Income while all other components are recorded within other non-operating expense (income). Pension benefits also include amounts related to supplemental retirement plans.

On April 29, 2024, our Board of Directors approved the termination of the frozen U.S. qualified defined benefit pension plan, effective September 30, 2024. To support this transition, during 2024 we adjusted our investment strategy to fully hedge plan obligations, including the purchase of annuity contracts using existing plan assets to fund ongoing obligations prior to termination. As a result of these changes, income from our expected return on plan assets is significantly reduced in 2025, with the investment strategy focused on minimizing funded status volatility during the termination process. The final settlement process, including transferring the management

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of benefits to an insurance company, is expected to be completed by late 2025 or early 2026, pending regulatory approvals.

6. Acquisitions

We acquired several businesses for approximately $211 million and $651 million, which includes certain non-cash consideration and is net of cash acquired, during the six months ended June 30, 2025 and June 30, 2024, respectively. For each acquisition, we allocate the purchase price to the assets acquired and the liabilities assumed based on their fair values as of their respective acquisition dates. We recorded approximately $103 million of goodwill and other intangible assets associated with these acquisitions, primarily related to a U.S. acquisition in our Industrial segment. Other intangible assets acquired of $50 million consisted of customer relationships with weighted average amortization lives of 20 years. The results of operations for acquired businesses are included in our Condensed Consolidated Statements of Income beginning on their respective acquisition dates. During the six months ended June 30, 2025, we recognized approximately $37 million and $29 million of revenue related to our current year Automotive and Industrial acquisitions, respectively.

7. Accumulated Other Comprehensive Loss

The following tables present the changes in AOCL by component for the six months ended June 30:


	Changes in Accumulated Other Comprehensive Loss by Component, Net of Income Taxes
(in thousands)	Pension and Other Post-Retirement Benefits		Foreign Currency Translation		Total
Beginning balance, January 1, 2025	$	(581,000)	$	(680,743)	$	(1,261,743)
Other comprehensive income before reclassifications	—		186,157		186,157
Amounts reclassified from accumulated other comprehensive loss	7,367		—		7,367
Other comprehensive income, net of income taxes	7,367		186,157		193,524
Ending balance, June 30, 2025	$	(573,633)	$	(494,586)	$	(1,068,219)


	Changes in Accumulated Other Comprehensive Loss by Component, Net of Income Taxes
(in thousands)	Pension and Other Post-Retirement Benefits		Foreign Currency Translation		Total
Beginning balance, January 1, 2024	$	(517,941)	$	(458,931)	$	(976,872)
Other comprehensive (loss) before reclassifications	—		(64,642)		(64,642)
Amounts reclassified from accumulated other comprehensive loss	5,775		—		5,775
Other comprehensive income (loss), net of income taxes	5,775		(64,642)		(58,867)
Ending balance, June 30, 2024	$	(512,166)	$	(523,573)	$	(1,035,739)

The AOCL components related to the pension benefits are included in the computation of net periodic benefit income in the Employee Benefit Plans Footnote. Generally, tax effects in AOCL are established at the currently enacted tax rate and reclassified to net income in the same period that the related pre-tax AOCL reclassifications are recognized.

8. Commitments and Contingencies

Legal Matters

We are subject to various claims and lawsuits, principally in the United States, and regulatory proceedings worldwide. The liabilities recognized on these claims and other matters are based on the best available information and assumptions that we believe are reasonable. While litigation of any type contains an element of uncertainty, we believe that our insurance coverage and our defense, and ultimate resolution of pending and reasonably anticipated claims will not have a material adverse effect on our business, results of operations or financial condition.

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Asbestos-Related Product Liability and Insurance Receivable

We maintain a liability for probable and estimable claims and settlements associated with our distribution and sales of asbestos-containing brake and friction products sold primarily before 1991. These claims and settlements are unrelated to our ongoing operations, revenue generating activities, and business strategy.

We regularly conduct a comprehensive legal review of our asbestos liability. We review recent and historical claims data, including, (i) the number of pending claims filed, (ii) the nature and mix of those claims (e.g., disease type, plaintiff type, geography), (iii) the costs to resolve pending claims, and (iv) trends in filing rates and in costs to resolve claims (collectively, the “Claims Data”). We also consider the known latency periods for common asbestos diseases when projecting future filing trends and claims. We provide the Claims Data to a third-party actuarial specialist with expertise in determining the impact of Claim Data on future filing trends and costs. The actuarial specialist assists us in estimating the costs to resolve pending and future claims. We use this analysis to develop our estimate of probable liability on a discounted basis, using risk-free interest rates derived from market data about monetary assets with maturities comparable to those of the projected liability.

Developments may occur that could affect our estimate of asbestos-related product liability and actual results may differ under different assumptions or conditions. These developments include, but are not limited to, significant changes in (i) the key assumptions underlying the estimate, including the number of future claims, the nature and mix of those claims and the average cost of resolving claims, (ii) trial and appellate outcomes, (iii) the law and procedure applicable to these claims and (iv) the financial viability of other codefendants and insurers. Complaints nearly always assert claims against multiple defendants where the damages alleged are typically not attributed to individual defendants so that a defendant’s share of liability may turn on the law of joint and several liability, which can vary by state. Our estimate has been impacted by adverse inflation trends, a backlog of claims building up from court closures during the COVID-19 pandemic, and an evolving legal and product liability environment.

We have 2,864 pending asbestos lawsuits as of June 30, 2025. The amount accrued for pending and future claims was $240 million as of June 30, 2025, which represented our best estimate of the liability within our calculated range of $212 million to $302 million, discounted using a discount rate of 4.24%. The amount accrued for pending and future claims was $256 million as of December 31, 2024, which represented our best estimate of the liability within our calculated range of $219 million to $313 million, discounted using a discount rate of 4.58%. Our undiscounted product liability was $317 million and $336 million as of June 30, 2025 and December 31, 2024, respectively. There have been no significant developments to the information presented in our 2024 Annual Report on Form 10-K with respect to litigation or commitments and contingencies.

We hold insurance policies that cover some asbestos settlements and defense costs. Annually, we conduct an insurance exhaustion study to model expected recoveries for pending and future claims, and we adjust the insurance receivable balance to reflect the present value of these recoveries. Our receivable for estimated insurance recoveries related to pending and future claims was $40 million and $44 million as of June 30, 2025 and December 31, 2024, respectively.

Environmental Liabilities

Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed an applied threshold not to exceed $1 million. Applying this threshold, there are no environmental matters to disclose for this period.

9. Restructuring and Other Costs

In February 2024, we approved and initiated a global restructuring initiative designed to better align our assets and further improve the efficiency of the business. This initiative included an announced voluntary retirement offer in the U.S. in 2024, along with a rationalization and optimization of certain distribution centers, stores and other facilities. The initiative was approved and funded by our corporate office and therefore these costs are not allocated to our segments.

For the six months ended June 30, 2025, we incurred $100 million in restructuring and other costs, compared to $113 million in the prior year period. We expect to incur total costs up to $210 million related to the global restructuring efforts in 2025 and to substantially complete the initiative by the end of 2025. In total, we expect to incur costs of between $400 million and $430 million related to our global restructuring initiative in 2024 and 2025. We may incur additional charges not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of these initiatives.

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The tables below summarize the activity related to the restructuring costs discussed above.


(in thousands)	Severance and other employee costs		Other restructuring costs (1)		Total
Liability as of January 1, 2025	$	23,830	$	926	$	24,756
Restructuring and other costs	36,600		63,882		100,482
Cash payments	(31,249)		(57,268)		(88,517)
Non-cash charges	—		(5,778)		(5,778)
Translation	1,847		41		1,888
Liability as of June 30, 2025	$	31,028	$	1,803	$	32,831


(in thousands)	Severance and other employee costs		Other restructuring costs (1)		Total
Liability as of January 1, 2024	$	—	$	—	$	—
Restructuring and other costs	65,954		46,848		112,802
Cash payments	(41,277)		(32,872)		(74,149)
Non-cash charges	3,094		(12,844)		(9,750)
Translation	(90)		2		(88)
Liability as of June 30, 2024	$	27,681	$	1,134	$	28,815

(1) Amount reflects professional fees, accelerated rent, facility closure costs, moving expenses and asset impairment costs that are attributable to our restructuring.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and accompanying notes contained herein and with the audited Consolidated Financial Statements, accompanying notes, related information and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of results for the year ended December 31, 2025.

Forward-Looking Statements

Some statements in this report, as well as in other materials we file with the Securities and Exchange Commission (“SEC”), release to the public, or make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in the future tense and all statements accompanied by words such as “expect,” “likely,” “outlook,” “forecast,” “preliminary,” “would,” “could,” “should,” “position,” “will,” “project,” “intend,” “plan,” “on track,” “anticipate,” “to come,” “may,” “possible,” “assume,” or similar expressions are intended to identify such forward-looking statements. These forward-looking statements include our view of business and economic trends for the remainder of the year and our expectations regarding our ability to capitalize on these business and economic trends and to execute our strategic priorities. Senior officers may also make verbal statements to analysts, investors, the media and others that are forward-looking.

We caution you that all forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors. Such factors may include, among other things, changes in general economic conditions, including unemployment, inflation (including the direct and indirect impact of tariffs and other similar measures, as well as the impact of retaliatory tariffs and other actions) or deflation, financial institution disruptions and geopolitical conflicts such as the conflict between Russia and Ukraine, the conflict in the Gaza strip and other continuing unrest in the Middle East; volatility in oil prices; significant cost increases, such as rising fuel and freight expenses; public health emergencies, including the effects on the financial health of our business partners and customers, on supply chains and our suppliers, on vehicle miles driven as well as other metrics that affect our business, and on access to capital and liquidity provided by the financial and capital markets; our ability to maintain compliance with our debt covenants; our ability to successfully integrate acquired businesses into our operations and to realize the anticipated synergies and benefits; our ability to successfully implement our business initiatives in our two business segments; slowing demand for our products; the ability to maintain favorable supplier arrangements and relationships; changes in national and international legislation or government regulations or policies, including changes to import tariffs, environmental and social policy, infrastructure programs and privacy legislation, and their direct and indirect impact to us, our suppliers and customers; changes in tax policies, including those included in the One Big Beautiful Bill Act; volatile exchange rates; our ability to successfully attract and retain employees in the current labor market; uncertain credit markets and other macroeconomic conditions; competitive product, service and pricing pressures; failure or weakness in our disclosure controls and procedures and internal controls over financial reporting; the uncertainties and costs of litigation; disruptions caused by a failure or breach of our information systems, as well as other risks and uncertainties discussed in our 2024 Annual Report on Form 10-K, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and from time to time in our subsequent filings with the SEC.

Forward-looking statements speak only as of the date they are made, and we undertake no duty to update any forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports filed with the SEC.

Overview

Genuine Parts Company ("GPC") is a global service organization with a long history of growth and innovation dating back to our founding in Atlanta, Georgia, in 1928. Over nearly a century, we’ve built a reputation for delivering excellent customer service, profitable growth, leading distribution capabilities and strong cash flow.

As of June 30, 2025, we conducted business in North America, Europe and Australasia from more than 10,700 locations. Our Automotive business operated in the U.S., Canada, Mexico, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain, Portugal, Australia and New Zealand and accounted for 63% of total revenues for the six months ended June 30, 2025. Our Industrial business operated in the U.S., Canada, Mexico, Australia, New Zealand, Indonesia and Singapore and accounted for 37% of total revenues during this period.

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Key Performance Indicators

We consider a variety of performance and financial measures in assessing our business, and the key performance indicators used to measure our results are Comparable Sales, Gross Profit and Gross Margin, Selling, Administrative and Other Expenses ("SG&A"), Segment EBITDA and Segment EBITDA Margin, and Net Income and EBITDA along with their adjusted measures. For more information regarding our key performance indicators please reference the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Results of Operations

Our second quarter results reflect ongoing weakness in market conditions and persistent cost inflation. The operating environment across all of our geographies has several challenges, including recently enacted tariffs in the U.S., ongoing trade uncertainty, high interest rates and cautious customers. Despite these headwinds, execution of our strategic initiatives and cost actions has allowed us to partially mitigate the negative impact of these factors on our results for the quarter.

Net sales increased 3.4% year-over-year to $6.2 billion. Growth in Automotive sales was driven primarily by contributions from acquisitions and foreign exchange benefits. Industrial achieved modest sales growth despite the Purchasing Managers’ Index ("PMI"), a measure of U.S. manufacturing trends, signaling contraction and an overall weak industrial backdrop throughout the quarter.

Second quarter net income declined 13.8% compared to the same prior year period. This was primarily driven by higher depreciation and interest expense from planned investments and lower pension income due to a change in our investing strategy related to our planned U.S. pension plan termination. Additionally, we experienced higher SG&A expenses resulting from planned salary and merit increases and increased rent from lease renewals in a higher interest rate environment. Lastly, restructuring and other costs totaled $46 million in the second quarter, up slightly from $37 million in the prior year period, primarily driven by costs associated with facility closures and additional severance costs. These factors were partially offset by successful execution of our ongoing strategic pricing and sourcing initiatives and acquisitions completed in the prior year, which contributed to the 110 basis point improvement in gross margin. Additionally, disciplined cost management and the continued rollout of our global restructuring program yielded $33 million in operational savings, underscoring our commitment to enhancing business efficiency and adaptability amid a challenging economic environment.

During the first half of 2025, new global trade tariffs were announced on imports into the U.S., including additional tariffs on merchandise inventories sourced directly or indirectly from several countries, such as Canada, China, and Mexico. Since then, various modifications and delays to these tariffs have been implemented, with further changes anticipated, potentially including additional sector-specific tariffs or other measures. Our results were not materially impacted by this tariff activity during the first half of 2025. However, because the long-term effects remain uncertain, we continue to closely monitor the evolving tariff policy environment and the impact it may have on our operations. See Part II, Item 1A. Risk Factors in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 for further discussion regarding tariff-related risks.

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Our second quarter results of operations are summarized below for the three and six months ended June 30, 2025 and 2024.


	Three Months Ended June 30,
	2025				2024
(in thousands)	$		% of Sales		$		% of Sales		$ Change		% Change
Net sales	$	6,164,425	100.0	%	$	5,962,567	100.0	%	$	201,858	3.4	%
Cost of goods sold	3,840,037		62.3	%	3,782,264		63.4	%	57,773		1.5	%
Gross profit	2,324,388		37.7	%	2,180,303		36.6	%	144,085		6.6	%
Operating expense:
Selling, administrative and other expenses	1,771,195		28.7	%	1,647,456		27.6	%	123,739		7.5	%
Depreciation and amortization	123,018		2.0	%	99,202		1.7	%	23,816		24.0	%
Provision for doubtful accounts	7,625		0.1	%	5,678		0.1	%	1,947		34.3	%
Restructuring and other costs	45,712		0.7	%	29,760		0.5	%	15,952		53.6	%
Total operating expense	1,947,550		31.6	%	1,782,096		29.9	%	165,454		9.3	%
Non-operating (income) expense:
Interest expense, net	40,211		0.7	%	21,921		0.4	%	18,290		83.4	%
Other	(1,930)		—	%	(9,915)		(0.2)	%	7,985		(80.5)	%
Total non-operating (income) expense	38,281		0.6	%	12,006		0.2	%	26,275		218.8	%
Income before income taxes	338,557		5.5	%	386,201		6.5	%	(47,644)		(12.3)	%
Income taxes	83,677		1.4	%	90,657		1.5	%	(6,980)		(7.7)	%
Net income	$	254,880	4.1	%	$	295,544	5.0	%	$	(40,664)	(13.8)	%


	Three Months Ended June 30,
(in thousands, except per share data)	2025			2024			$ Change		% Change
Diluted EPS	$	1.83		$	2.11		$	(0.28)	(13.3)	%
Adjusted diluted EPS	$	2.10		$	2.44		$	(0.34)	(13.9)	%
Automotive segment EBITDA	$	337,992		$	362,869		$	(24,877)	(6.9)	%
Industrial segment EBITDA	$	288,138		$	284,960		$	3,178	1.1	%
Corporate EBITDA	$	(78,632)		$	(78,480)		$	(152)	0.2	%
Total adjusted EBITDA	$	547,498		$	569,349		$	(21,851)	(3.8)	%
Automotive segment EBITDA margin	8.6		%	9.7		%
Industrial segment EBITDA margin	12.8		%	12.7		%
Corporate EBITDA margin	(1.3)		%	(1.3)		%
Total adjusted EBITDA margin	8.9		%	9.5		%

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	Six Months Ended June 30,
	2025				2024
(in thousands)	$		% of Sales		$		% of Sales		$ Change		% Change
Net sales	$	12,030,494	100.0	%	$	11,746,198	100.0	%	$	284,296	2.4	%
Cost of goods sold	7,532,422		62.6	%	7,491,240		63.8	%	41,182		0.5	%
Gross profit	4,498,072		37.4	%	4,254,958		36.2	%	243,114		5.7	%
Operating expense:
Selling, administrative and other expenses	3,480,874		28.9	%	3,222,383		27.4	%	258,491		8.0	%
Depreciation and amortization	238,453		2.0	%	189,812		1.6	%	48,641		25.6	%
Provision for doubtful accounts	13,480		0.1	%	11,889		0.1	%	1,591		13.4	%
Restructuring and other costs	100,482		0.8	%	112,802		1.0	%	(12,320)		(10.9)	%
Total operating expense	3,833,289		31.9	%	3,536,886		30.1	%	296,403		8.4	%
Non-operating (income) expense:
Interest expense, net	77,427		0.6	%	39,611		0.3	%	37,816		95.5	%
Other	(2,838)		—	%	(32,921)		(0.3)	%	30,083		(91.4)	%
Total non-operating (income) expense	74,589		0.6	%	6,690		0.1	%	67,899		1014.9	%
Income before income taxes	590,194		4.9	%	711,382		6.1	%	(121,188)		(17.0)	%
Income taxes	140,922		1.2	%	166,944		1.4	%	(26,022)		(15.6)	%
Net income	$	449,272	3.7	%	$	544,438	4.6	%	$	(95,166)	(17.5)	%


	Six Months Ended June 30,
(in thousands, except per share data)	2025			2024			$ Change		% Change
Diluted EPS	$	3.23		$	3.89		$	(0.66)	(17.0)	%
Adjusted diluted EPS	$	3.84		$	4.66		$	(0.82)	(17.6)	%
Automotive segment EBITDA	$	623,499		$	682,545		$	(59,046)	(8.7)	%
Industrial segment EBITDA	$	566,849		$	563,947		$	2,902	0.5	%
Corporate EBITDA	$	(169,757)		$	(160,620)		$	(9,137)	5.7	%
Total adjusted EBITDA	$	1,020,591		$	1,085,872		$	(65,281)	(6.0)	%
Automotive segment EBITDA margin	8.2		%	9		%
Industrial segment EBITDA margin	12.7		%	12.7		%
Corporate EBITDA margin	(1.4)		%	(1.4)		%
Total adjusted EBITDA margin	8.5		%	9.2		%

Net Sales

For the three months ended June 30, 2025, net sales increased 3.4% compared to 2024. The increase was driven by a 2.6% benefit from acquisitions and a net favorable impact of foreign currency and other of 0.6%. Comparable sales were essentially flat when compared to 2024.

For the six months ended June 30, 2025, net sales increased 2.4% compared to 2024. We experienced a 2.8% benefit from acquisitions, slightly offset by a net unfavorable impact of foreign currency and other of 0.1%. Comparable sales were essentially flat when compared to 2024.

Our net sales for the three and six months ended June 30, 2025 were impacted by the challenging macroeconomic environment. Net sales for the six months ended June 30, 2025 were also impacted by one less selling day in the U.S. compared to the prior period.

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Automotive

Net sales for the three months ended June 30, 2025 for Automotive were $3.9 billion, an increase of 5.0% from 2024. The increase is attributable to a 3.4% benefit from acquisitions and a 1.2% net favorable impact of foreign currency and other.

Net sales for the six months ended June 30, 2025 for Automotive were $7.6 billion, an increase of 3.8% from 2024. The increase is attributable to a 3.7% benefit from acquisitions and a 0.3% net favorable impact of foreign currency and other.

Our sales growth was driven by the strong contribution from our stores that were acquired over the last twelve months, which enhanced our ability to reach and serve our customers, and, to a lesser extent, the favorable impact resulting from the strength of the Euro relative to the U.S. Dollar. Comparable sales were essentially flat for the three and six months ended June 30, 2025, nonetheless they demonstrated sequential improvement for the three months ended June 30, 2025 relative to the preceding quarter.

Industrial

Net sales for the three months ended June 30, 2025 for Industrial were $2.3 billion, an increase of 0.7% compared to 2024. The increase in sales reflects a 1.3% benefit from acquisitions, partially offset by a 0.5% unfavorable impact of foreign currency. Comparable sales were essentially flat when compared to 2024.

Net sales for the six months ended June 30, 2025 for Industrial were $4.5 billion, an increase of 0.2% compared to 2024. The increase in sales reflects a 1.3% benefit from acquisitions. This was partially offset by a 0.7% unfavorable impact of foreign currency. Comparable sales were essentially flat when compared to 2024.

This modest sales growth was achieved despite the Purchasing Managers’ Index ("PMI") signaling contraction and an overall weak industrial backdrop throughout the quarter.

Gross Profit and Gross Margin

Gross profit increased $144 million, or 6.6%, during the three months ended June 30, 2025 and gross margin increased 110 basis points to 37.7% compared to the prior year period. Gross profit increased $243 million, or 5.7%, during the six months ended June 30, 2025 and gross margin increased 120 basis points to 37.4% compared to the prior year period. These increases primarily reflect the benefit of successful execution of our ongoing strategic pricing and sourcing initiatives and acquisitions completed in the prior year.

Selling, Administrative and Other Expenses

SG&A expenses increased $124 million, or 7.5%, during the three months ended June 30, 2025 compared to the prior year period. The 7.5% increase comprised 4.3% from acquisitions and 3.2% from other cost increases.

SG&A expenses increased $258 million, or 8.0%, during the six months ended June 30, 2025 compared to the prior year period. The 8.0% increase comprised 4.8% from acquisitions and 3.2% from other cost increases.

We incurred higher SG&A expenses due to our recent acquisitions, driven largely by additional personnel and rent costs from acquiring more of our U.S. automotive stores from our independent owners. We expect the SG&A impact from acquiring these stores to diminish over time as we realize the impact of anticipated synergies. The remaining increase in SG&A is primarily due to planned salary and merit adjustments and increased rent from lease renewals in a higher interest rate environment. We are managing the impact of higher SG&A through our global restructuring initiatives, which we estimate had a $59 million benefit to SG&A for the six months ended June 30, 2025.

SG&A expenses as a percentage of sales increased to 28.7% of sales in the three months ended June 30, 2025 compared to 27.6% last year, but improved sequentially from 29.1% of sales during the first quarter of 2025. SG&A expenses as a percentage of sales increased to 28.9% of sales in the six months ended June 30, 2025 compared to 27.4% last year. The increases in percentage for both periods in 2025 was primarily driven by increased SG&A expenses from acquisitions and other items, as discussed above, and cost deleveraging from comparable sales that were essentially flat.

Restructuring and Other Costs

We incurred $46 million and $100 million of restructuring and other costs during the three months and six months ended June 30, 2025, respectively, as part of our global restructuring plan which was approved and initiated in February 2024 and remains on track to deliver an improved overall cost structure. Restructuring and other costs increased by $8 million compared to the prior period, reflecting costs associated with facility closures and additional

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severance costs. For additional details, refer to the Restructuring Footnote in the Notes to Condensed Consolidated Financial Statements.

Depreciation and Amortization

Depreciation and amortization expenses increased $24 million and $49 million for the three and six months ended June 30, 2025, respectively, related to planned investments in technology and supply chain initiatives.

Non-Operating Expenses and Income

This category primarily includes net interest expense, pension and investment income, foreign currency gains and losses, and fees associated with our Accounts Receivable Sales Agreement ("A/R Sales Agreement").

We incurred $38 million in net non-operating expenses for the three months ended June 30, 2025, a $26 million change from $12 million in net non-operating expense in the prior year period. The $26 million expense increase primarily includes the effects of an $18 million increase in net interest expense in 2025, due to increased borrowings, as well as a $14 million decrease in pension income as a result of changes in expected returns due to the planned termination of our U.S. pension plan.

For the six months ended June 30, 2025, we incurred $75 million in net non-operating expenses, a $68 million change from the prior year period. The $68 million expense increase primarily includes the effects of a $38 million increase in net interest expense in 2025, due to increased borrowings, and a $27 million decrease in pension income as a result of changes in expected returns due to the planned termination of our U.S. pension plan.

Income Taxes

Our effective income tax rates were 24.7% and 23.5% for three months ended June 30, 2025 and 2024, respectively. Our effective income tax rates were 23.9% and 23.5% for six months ended June 30, 2025 and 2024, respectively. The rate increase for both the three and six month periods are primarily due to a reduction of excess tax stock compensation benefits and comparative restructuring costs.

Net Income and Adjusted Net Income

Net income was $255 million, for the three months ended June 30, 2025, a decrease of 13.8% compared to net income of $296 million for the prior year period. On a per share diluted basis, net income was $1.83, a decrease of 13.3% compared to $2.11 in the prior year period. For the six months ended June 30, 2025 net income was $449 million, a decrease of 17.5% compared to net income of $544 million for the prior year period. On a per share diluted basis, net income was $3.23, a decrease of 17.0% compared to $3.89 in the prior year period.

Adjusted net income was $292 million for the three months ended June 30, 2025, a decrease of 14.6% compared to the prior year period. On a per share basis, the three months ended June 30, 2025 adjusted net income was $2.10, a decrease of 13.9% compared to $2.44 in the prior year period. Adjusted net income was $535 million for the six months ended June 30, 2025, a decrease of 18.0% compared to the prior year period. On a per share basis, the six months ended June 30, 2025 adjusted net income was $3.84, a decrease of 17.6% compared to $4.66 in the prior year period.

In line with our expectations, these decreases are primarily due to continued soft market conditions, planned investments in the business generating higher depreciation and interest costs, lower pension income due to a change in our investing strategy related to our planned U.S. pension plan termination, and increased personnel and rent expenses. The decrease for the six month period was also impacted by lost profit from one less selling day in the U.S. compared to the prior year period. These factors were partially offset by a 110 basis point gross margin improvement driven by the continued execution of ongoing strategic pricing and sourcing initiatives and acquisitions completed in the prior year.

Segment EBITDA

Automotive

Automotive net sales increased 5.0% in the three months ended June 30, 2025, mainly driven by acquisitions and the favorable foreign currency effects primarily with our European operations. While gross margin improved due to store acquisitions and strategic pricing and sourcing initiatives, profitability declined due to inflation driven increases in the costs of salaries and wages, rent, and freight, along with loss of fixed cost leverage from essentially flat comparable sales. As a result, Automotive EBITDA declined 6.9%, and EBITDA margin decreased to 8.6%, down from 9.7% in the prior year period.

Automotive EBITDA decreased $59 million, or 8.7%, in the six months ended June 30, 2025 compared to the prior year period, and Automotive EBITDA margin decreased to 8.2% compared to 9.3% in the prior year period.

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The increase in operating expenses and declines in Automotive EBITDA and EBITDA margin were driven by the factors detailed above.

Industrial

Despite a challenging macroeconomic environment and contracting PMI, our Industrial results reflect steady execution of our long-term strategic initiatives. Industrial net sales increased 0.7% in the three months ended June 30, 2025, primarily driven by a 1.3% benefit from acquisitions, partially offset by an unfavorable 0.5% impact of foreign currency translation. Industrial EBITDA increased 1.1%, with EBITDA margin improving slightly to 12.8% compared to 12.7% in the prior year period. For the six months ended June 30, 2025, Industrial sales grew 0.2%, primarily driven by a 1.3% benefit from acquisitions, partially offset by an unfavorable 0.7% impact of foreign currency translation. EBITDA increased $3 million, or 0.5%, with EBITDA margin holding steady at 12.7%.

Gross profit and operating expenses in our Industrial segment remained largely unchanged over both periods compared to the prior year.

Corporate EBITDA and Other Segment Reconciling items

Corporate EBITDA amounted to a loss of $79 million, or 1.3% of net sales, for the three months ended June 30, 2025, compared to a loss of $78 million, or 1.3% of net sales, for the three months ended June 30, 2024. Corporate EBITDA amounted to a loss of $170 million, or 1.4% of net sales, for the six months ended June 30, 2025, compared to a loss of $161 million, or 1.4% of net sales, in the prior year period.

We continue to consolidate certain back-office functions at Corporate to streamline operations and drive improvements. Our operational objective is to maintain Corporate EBITDA within a range of 1.5% to 2.0% of net sales.

Corporate EBITDA loss increased primarily due to increased personnel costs and ongoing investments in technology.

Other unallocated costs represent restructuring and other costs and acquisition and integration related costs and other.

EBITDA

EBITDA was $502 million for the three months ended June 30, 2025, a decrease of 1.1% from $507 million during the prior year period. Adjusted EBITDA was $547 million for the three months ended June 30, 2025, a decrease of 3.8% from $569 million during the prior year period.

EBITDA was $906 million for the six months ended June 30, 2025, a decrease of 3.7% from $941 million during the prior year period. Adjusted EBITDA was $1.0 billion for the six months ended June 30, 2025, a decrease of 6.0% from $1.1 billion during the prior year period.

In line with our expectations, the decreases in EBITDA and adjusted EBITDA are primarily due to continued soft market conditions, lower pension income due to a change in our investing strategy related to our planned U.S. pension plan termination, and increased personnel and rent expenses. These factors were partially offset by a 110 and 120 basis point gross margin improvement for the three and six months ended June 30, 2025, respectively, driven by the continued execution of our strategic pricing and sourcing initiatives as well as contributions from prior-year acquisitions. Additionally, sales were impacted by one less sales day in the six months ended June 30, 2025.

Adjusted net income, adjusted diluted EPS, EBITDA and adjusted EBITDA are non-GAAP measures (see table below for reconciliations to the most directly comparable GAAP measures).

Non-GAAP Financial Measures

The following tables set forth reconciliations of net income and diluted EPS to adjusted net income and adjusted diluted EPS, respectively, to account for the impact of adjustments. We also include a reconciliation from net income to adjusted EBITDA. We believe that the presentation of adjusted net income, adjusted diluted EPS, and adjusted EBITDA, which are not calculated in accordance with GAAP, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provide meaningful supplemental information to both management and investors that is indicative of our core operations. We consider these metrics useful to investors because they provide greater transparency into management’s view and assessment of our ongoing operating performance by removing items management believes are not representative of our operations and may distort our longer-term operating trends. For example, certain of the non-GAAP metrics contained herein exclude costs relating to our global restructuring initiative and acquisition of acquired independent automotive stores, which are one-time events that do not recur in the ordinary course of business. We believe the

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non-GAAP metrics included herein also enhance the comparability of our results from period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not associated with our core operations. We do not, nor do we suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
GAAP net income	$	254,880	$	295,544	$	449,272	$	544,438

Adjustments:
Restructuring and other costs (1)	45,712		37,247		100,482		120,289
Acquisition and integration related costs and other (2)	—		24,778		14,035		24,778
Total adjustments	45,712		62,025		114,517		145,067
Tax impact of adjustments (3)	(8,805)		(16,008)		(28,929)		(37,046)
Adjusted net income	$	291,787	$	341,561	$	534,860	$	652,459

The table below represents amounts per common share assuming dilution:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
GAAP diluted earnings per share	$	1.83	$	2.11	$	3.23	$	3.89

Adjustments:
Restructuring and other costs (1)	0.33		0.27		0.72		0.86
Acquisition and integration related costs and other (2)	—		0.17		0.10		0.17
Total adjustments	0.33		0.44		0.82		1.03
Tax impact of adjustments (3)	(0.06)		(0.11)		(0.21)		(0.26)
Adjusted diluted earnings per share	$	2.10	$	2.44	$	3.84	$	4.66
Weighted average common shares outstanding – assuming dilution	139,244		139,829		139,207		139,961

(1) Amount reflects costs related to the global restructuring initiative which includes a voluntary retirement offer in the U.S. in 2024, and rationalization and optimization of certain distribution centers, stores and other facilities.

(2) Amount primarily reflects lease and other exit costs related to the ongoing integration of acquired independent automotive stores.

(3) We determine the tax effect of non-GAAP adjustments by considering the tax laws and statutory income tax rates applicable in the tax jurisdictions of the underlying non-GAAP adjustments, including any related valuation allowances. For the three and six months ended June 30, 2025, we applied the statutory income tax rates to the taxable portion of all of our adjustments, which resulted in a favorable tax impact of $9 million and $29 million, respectively.

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The table below represents a reconciliation from GAAP net income to adjusted EBITDA:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
GAAP net income	$	254,880	$	295,544	$	449,272	$	544,438
Depreciation and amortization	123,018		99,202		238,453		189,812
Interest expense, net	40,211		21,921		77,427		39,611
Income taxes	83,677		90,657		140,922		166,944
EBITDA	501,786		507,324		906,074		940,805
Total adjustments (1)	45,712		62,025		114,517		145,067
Adjusted EBITDA	$	547,498	$	569,349	$	1,020,591	$	1,085,872

(1) Amounts are the same as adjustments included within the adjusted net income table above.

The table below clarifies where the adjusted items are presented in the Condensed Consolidated Statements of Income:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Line item:
Cost of goods sold	$	—	$	7,487	$	—	$	7,487
Selling, administrative and other expenses	—		24,778		14,035		24,778
Restructuring and other costs	45,712		29,760		100,482		112,802
Total adjustments	$	45,712	$	62,025	$	114,517	$	145,067

Financial Condition

Our cash and cash equivalents balance was $458 million as of June 30, 2025, a decrease of $22 million from December 31, 2024. For the six months ended June 30, 2025, we had net cash provided by operating activities of $169 million, net cash used in investing activities of $318 million and net cash provided by financing activities of $103 million.

Cash from operations decreased mainly due to lower net income and working capital changes primarily driven by accelerated tax payments as compared to prior year. Additionally, the decrease was also impacted by the prior year timing and volume of purchases and related payments in connection with our strategic inventory investments that did not repeat in the current year. We had $318 million in net cash used for investing activities primarily consisting of capital expenditures and acquisitions of $361 million. We had $103 million in net cash provided by financing activities which comprised of $917 million in net proceeds from our commercial paper program, partially offset by $500 million used to repay the principal amount of our 1.75% Unsecured Senior Notes and $277 million for dividends paid to shareholders.

Accounts receivable increased $418 million, or 19.1%, from December 31, 2024. Inventory increased $260 million, or 4.7%. Accounts receivable and inventory were both impacted by an increase in revenues and related product demand in the six months ended June 30, 2025. Accounts payable increased $73 million, or 1.2%, from December 31, 2024, in line with the increase in inventory. Working capital at any point in time is subject to many variables, including seasonality, inventory management and category expansion, the timing of cash receipts and payments, vendor payment terms, and fluctuations in foreign exchange rates. Total debt of $4.8 billion at June 30, 2025 increased $522 million, or 12.2%, from December 31, 2024.

Liquidity and Capital Resources

As of June 30, 2025, we had $458 million of cash and cash equivalents, as well as $2 billion in undrawn capacity on our Revolving Credit Agreement, before giving effect to commercial paper borrowings. From time to time, we may enter into other credit facilities or financing arrangements to provide additional liquidity and to manage against foreign currency risk. We currently believe that the existing lines of credit, commercial paper program, and cash generated from operations will be sufficient to fund anticipated operations for the foreseeable future.

As announced in 2024, our Board of Directors approved the termination of the frozen U.S. qualified defined benefit pension plan, effective September 30, 2024. Plan settlement is expected between late 2025 and early 2026.

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In connection with the anticipated settlement, we adjusted our investment strategy for our pension assets which resulted in lower pension income.

On February 18, 2025, we announced a 3% increase in the regular quarterly cash dividend for 2025. Our Board of Directors increased the cash dividend payable to an annual rate of $4.12 per share compared with the prior year dividend of $4.00 per share. We have paid a cash dividend every year since going public in 1948, and 2025 will mark the 69th consecutive year of increased dividends paid to shareholders.

In March 2025, we amended our Unsecured Revolving Credit Facility to expand the borrowing capacity from $1.5 billion to $2.0 billion and extend the maturity date to March 20, 2030. We also amended our commercial paper program to expand the borrowing capacity from $1.5 billion to $2.0 billion.

As of June 30, 2025, we had no outstanding borrowings under the Unsecured Revolving Credit Facility. Outstanding borrowings under our commercial paper program totaled $922 million, of which $500 million was used to repay the principal amount of our 1.75% Unsecured Senior Notes that matured on February 1, 2025. The net proceeds of the remaining borrowings are expected to be used for general corporate purposes.

We have a strong cash position and solid financial strength to pursue strategic growth opportunities through disciplined, strategic capital deployment. Our key priorities include the reinvestment in our businesses through capital expenditures, mergers and acquisitions, the dividend and share repurchases. We have plans for additional investments in our businesses to drive growth, improve efficiencies and productivity, and drive shareholder value.

We expect to be able to continue to borrow funds at reasonable rates over the long term. At June 30, 2025, our total average cost of debt was 3.98%, and we remain in compliance with all covenants connected with our borrowings.

Any failure to comply with our debt covenants or restrictions could result in a default under our financing arrangements or could require us to obtain waivers from our lenders for failure to comply with these restrictions. The occurrence of a default that remains uncured or the inability to secure a necessary consent or waiver could create cross defaults under other debt arrangements and have a material adverse effect on our business, financial condition, results of operations and cash flows.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

For quantitative and qualitative disclosures about market risk, refer to “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of Part II of our 2024 Annual Report on Form 10-K. Our exposure to market risk has not changed materially since December 31, 2024.

Item 4. Controls and Procedures

As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and procedures. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed by us in the reports that we file or furnish under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 of the SEC that occurred during our last quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Information with respect to our legal proceedings may be found in the Commitments and Contingencies Footnote in the Notes to Condensed Consolidated Financial Statements in Item 1 of Part I, which is incorporated herein by reference.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors previously reported in Part I, ITEM 1A, "Risk Factors", in our 2024 Annual Report on Form 10-K and Part II, ITEM 1A, "Risk Factors", in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about the purchases of shares of our common stock during the three months ended June 30, 2025:

ISSUER PURCHASES OF EQUITY SECURITIES


Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
April 1, 2025 through April 30, 2025	11,424	$117.10	—	7,452,811
May 1, 2025 through May 31, 2025	131,181	$118.66	—	7,452,811
June 1, 2025 through June 30, 2025	—	$—	—	7,452,811
Totals	142,605	$118.54	—	7,452,811

(1)Consists of shares surrendered by employees to satisfy tax withholding obligations in connection with the vesting of shares of restricted stock, the exercise of share appreciation rights and/or tax withholding obligations.

(2)On August 21, 2017, the Board of Directors announced that it had authorized the repurchase of 15 million shares. The authorization for the repurchase continues until all such shares have been repurchased or the repurchase plan is terminated by action of the Board of Directors. Approximately 7.5 million shares authorized remain available to be repurchased. There were no other repurchase plans announced as of June 30, 2025.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2025, none of the Company’s directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits

(a) The following exhibits are filed or furnished as part of this report:


Exhibit 3.1						Amended and Restated Articles of Incorporation of the Company, dated April 23, 2007 (incorporated herein by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K dated April 23, 2007)

Exhibit 3.2						By-Laws of the Company, as amended and restated November 19, 2018 (incorporated herein by reference from Exhibit 3.2 to the Company’s Current Report on Form 8-K dated November 19, 2018)

Exhibit 31.1						Certification pursuant to SEC Rule 13a-14(a) signed by the Chief Executive Officer – filed herewith

Exhibit 31.2						Certification pursuant to SEC Rule 13a-14(a) signed by the Chief Financial Officer – filed herewith

Exhibit 32						Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by the Chief Executive Officer and Chief Financial Officer – furnished herewith

Exhibit 101.INS						XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

Exhibit 101.SCH						XBRL Taxonomy Extension Schema Document

Exhibit 101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document

Exhibit 101.DEF						XBRL Taxonomy Extension Definition Linkbase Document

Exhibit 101.LAB						XBRL Taxonomy Extension Labels Linkbase Document

Exhibit 101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document

Exhibit 104						The cover page from this Quarterly Report on Form 10-Q for the period ended June 30, 2025 formatted in Inline XBRL

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


						Genuine Parts Company (Registrant)

Date: July 22, 2025						/s/ Bert Nappier
						Bert Nappier
						Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer)

GENUINE PARTS CO 10-Q