純正部件第二季銷售增6%至65.37億美元 惟重組成本拖累純利跌10.7%

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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, 2026 
OR
☐
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)
   __________________________________________ 
GA58-0254510
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

2999 WILDWOOD PARKWAY, 30339
ATLANTA,GA
(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 ClassTrading SymbolName of each exchange on which registered
Common Stock, $1.00 par value per shareGPCNew 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 137,859,758 shares of common stock outstanding as of July 17, 2026.

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
3

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
30

Item 4.
Controls and Procedures
30

  
PART II

  
Item 1.
Legal Proceedings
31

Item 1A.
Risk Factors
31

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
31

Item 5.
Other Information
31

Item 6.
Exhibits 
32

Signatures
33

1

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, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$559,118 $477,179 
Trade accounts receivable, less allowance for doubtful accounts (2026 – $86,670; 2025 – $85,537)
2,652,749 2,370,939 
Merchandise inventories, net 6,287,933 6,071,996 
Prepaid expenses and other current assets1,565,881 1,644,620 
Total current assets11,065,681 10,564,734 
Goodwill3,190,572 3,188,815 
Other intangible assets, less accumulated amortization1,774,401 1,855,714 
Property, plant and equipment, less accumulated depreciation (2026 – $2,270,687; 2025 – $2,137,108)
2,152,789 2,172,140 
Operating lease assets2,018,088 2,084,487 
Other assets856,762 929,650 
Total assets$21,058,293 $20,795,540 

Liabilities and equity
Current liabilities:
Trade accounts payable$6,279,867 $6,051,882 
Short-term borrowings 752,474 943,540 
Current portion of long-term debt250,000 353,788 
Dividends payable148,070 143,291 
Other current liabilities2,117,656 2,295,204 
Total current liabilities9,548,067 9,787,705 
Long-term debt3,976,648 3,498,423 
Operating lease liabilities1,673,663 1,739,478 
Pension and other post–retirement benefit liabilities219,833 219,270 
Deferred tax liabilities378,977 385,948 
Other long-term liabilities717,316 724,353 
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 – 2026 – 137,859,581 shares; 2025 – 137,617,832 shares
137,860 137,618 
Additional paid-in capital244,572 228,370 
Accumulated other comprehensive loss(548,532)(511,766)
Retained earnings4,692,112 4,568,769 
Total parent equity4,526,012 4,422,991 
Noncontrolling interests in subsidiaries17,777 17,372 
Total equity4,543,789 4,440,363 
Total liabilities and equity$21,058,293 $20,795,540 

See accompanying Notes to Condensed Consolidated Financial Statements.
2

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)2026202520262025
Net sales$6,536,951 $6,164,425 $12,801,891 $12,030,494 
Cost of goods sold4,066,244 3,840,037 7,992,220 7,532,422 
Gross profit2,470,707 2,324,388 4,809,671 4,498,072 
Operating expenses:
Selling, administrative and other expenses1,917,508 1,771,195 3,774,338 3,480,874 
Depreciation and amortization134,716 123,018 265,744 238,453 
Provision for doubtful accounts10,998 7,625 18,101 13,480 
Restructuring and other costs 71,149 45,712 128,881 100,482 
Total operating expenses2,134,371 1,947,550 4,187,064 3,833,289 
Non-operating expense (income):
Interest expense, net45,800 40,211 89,753 77,427 
Other(3,294)(1,930)(6,369)(2,838)
Total non-operating expense42,506 38,281 83,384 74,589 
Income before income taxes293,830 338,557 539,223 590,194 
Income taxes66,272 83,677 123,130 140,922 
Net income$227,558 $254,880 $416,093 $449,272 
Basic earnings per share$1.65 $1.83 $3.02 $3.23 
Diluted earnings per share$1.65 $1.83 $3.01 $3.23 

See accompanying Notes to Condensed Consolidated Financial Statements.

3

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)2026202520262025
Net income$227,558 $254,880 $416,093 $449,272 
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments, net of income taxes in 2026 — $445 and $14,582; 2025 — $40,342 and $57,108
(35,358)136,828 (34,680)186,157
Pension and postretirement benefit adjustments, net of income taxes in 2026 — $821 and $761; 2025 — $1,325 and $2,652
291 3,683 (2,086)7,367
Other comprehensive income (loss), net of income taxes(35,067)140,511 (36,766)193,524
Comprehensive income$192,491 $395,391 $379,327 $642,796 

See accompanying Notes to Condensed Consolidated Financial Statements.
4

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GENUINE PARTS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)

Three Months Ended June 30, 2026
(in thousands, except share and per share data)Common Stock SharesCommon Stock AmountAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Parent EquityNon-controlling Interests in SubsidiariesTotal Equity
April 1, 2026137,624,545 $137,625 $240,228 $(513,465)$4,611,029 $4,475,417 $16,800 $4,492,217 
Net income— — — — 227,558 227,558 — 227,558 
Other comprehensive loss, net of tax— — — (35,067)— (35,067)— (35,067)
Cash dividend declared, $1.0625 per share
— — — — (146,475)(146,475)— (146,475)
Shares issued from employee incentive plans235,036 235 (13,186)— — (12,951)— (12,951)
Share-based compensation— — 17,530 — — 17,530 — 17,530 
Noncontrolling interest activities— — — — — — 977 977 
June 30, 2026137,859,581 $137,860 $244,572 $(548,532)$4,692,112 $4,526,012 $17,777 $4,543,789 

Six months ended June 30, 2026
(in thousands, except share and per share data)Common Stock SharesCommon Stock AmountAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Parent EquityNon-controlling Interests in SubsidiariesTotal Equity
January 1, 2026137,617,832$137,618 $228,370 $(511,766)$4,568,769 $4,422,991 $17,372 $4,440,363 
Net income— — — — 416,093 416,093 — 416,093 
Other comprehensive loss, net of tax— — — (36,766)— (36,766)— (36,766)
Cash dividend declared, $2.125 per share
— — — — (292,750)(292,750)— (292,750)
Shares issued from employee incentive plans241,749 242 (13,496)— — (13,254)— (13,254)
Share-based compensation— — 29,698 — — 29,698 — 29,698 
Noncontrolling interest activities— — — — — — 405 405 
June 30, 2026137,859,581 $137,860 $244,572 $(548,532)$4,692,112 $4,526,012 $17,777 $4,543,789 

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Three Months Ended June 30, 2025
(in thousands, except share and per share data)Common Stock SharesCommon Stock AmountAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Parent EquityNon-controlling Interests in SubsidiariesTotal Equity
April 1, 2025138,788,979$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 plans303,242 303 (15,055)— — (14,752)— (14,752)
Share-based compensation— — 15,606 — — 15,606 — 15,606 
Noncontrolling interest activities— — — — — — 1,375 1,375 
June 30, 2025139,092,221 $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 SharesCommon Stock AmountAdditional Paid-In CapitalAccumulated Other Comprehensive LossRetained EarningsTotal Parent EquityNon-controlling Interests in SubsidiariesTotal Equity
January 1, 2025138,779,664$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 plans312,557 312 (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, 2025139,092,221 $139,092 $205,146 $(1,068,219)$5,426,894 $4,702,913 $16,005 $4,718,918 

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)20262025
Operating activities:
Net income$416,093 $449,272 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization265,744 238,453 
Share-based compensation29,698 24,180 
Other operating activities, including changes in operating assets and liabilities(247,421)(542,790)
Net cash provided by operating activities464,114 169,115 
Investing activities:
Purchases of property, plant and equipment(205,391)(248,822)
Proceeds from sale of property, plant and equipment17,884 19,451 
Acquisitions of businesses (37,613)(111,973)
Proceeds from divestitures of businesses6,718 59 
Other investing activities(9,604)23,335 
Net cash used in investing activities(228,006)(317,950)
Financing activities:
Proceeds from debt791,217 21,405 
Payments on debt(926,328)(522,637)
Net proceeds of commercial paper338,853 916,587 
Shares issued from employee incentive plans(13,254)(15,254)
Dividends paid(287,972)(277,306)
Other financing activities(26,679)(20,268)
Net cash provided by (used in) financing activities(124,163)102,527 
Effect of exchange rate changes on cash and cash equivalents(30,006)24,310 
Net increase (decrease) in cash and cash equivalents81,939 (21,998)
Cash and cash equivalents at beginning of period477,179 479,991 
Cash and cash equivalents at end of period$559,118 $457,993 

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, 2025. Accordingly, the unaudited Condensed Consolidated Financial Statements and related disclosures herein should be read in conjunction with our 2025 Annual Report on Form 10-K.
On February 17, 2026, we announced our intention to separate the Company into two independent, publicly traded companies: Global Automotive and Global Industrial. Global Automotive would include our North America Automotive and International Automotive segments, and Global Industrial would include our Industrial segment. The transaction is intended to qualify as a tax-free transaction for U.S. federal income tax purposes for the Company’s shareholders. The separation is targeted for completion in the first quarter of 2027, subject to certain customary and regulatory conditions. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing. Our Condensed Consolidated Financial Statements and related footnotes do not reflect the proposed separation.
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, 2026 are not necessarily indicative of results for the year ended December 31, 2026. 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 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.
Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update provides revised guidance aimed at refining the accounting for costs related to internal-use software. The update removes the concept of distinct project phases and requires that capitalization of software costs begins once (1) management authorizes and commits to funding a computer software project, and (2) it is probable the project will be completed, and the software will be used to perform the function as intended. When assessing whether completion is probable, entities must carefully consider any substantial uncertainties in development. In addition, the guidance specifies that the property, plant, and equipment disclosure requirements apply to capitalized software costs. The new standard will take effect in the first quarter of 2028, though early adoption is permitted at the start of any annual reporting period. Entities may adopt the guidance using prospective application, retrospective application, or a modified transition approach. We are currently evaluating the impact of adopting this standard on our financial statements and disclosures.
Interim Reporting (Topic 270)
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270). This update enhances the clarity and organization of interim reporting and the applicability of Topic 270. It also clarifies the required form and content of interim financial statements, including requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the update either prospectively or retrospectively. 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, 2026December 31, 2025
Prepaid expenses$191,694 $150,014 
Consideration receivable from vendors788,535 907,321 
Other current assets585,652 587,285 
Total prepaid expenses and other current assets$1,565,881 $1,644,620 

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, 2026December 31, 2025
InstrumentBalance Sheet LocationNotionalBalanceNotionalBalance
Net investment hedges:
Forward contractsPrepaid expenses and other current assets$612,326$22,273$245,960$7,146
Forward contractsOther current liabilities$1,154,200$25,850$1,633,396$66,516
Foreign currency debt Long-term debt€475,000$542,640€475,000$558,030

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The tables below presents pre-tax gains and losses related to net investment hedges:

Gain (Loss) Recognized in AOCL before ReclassificationsGain Recognized in Interest Expense for Excluded Components
(in thousands)2026202520262025
Three Months Ended June 30,
Net investment hedges:
Forward contracts$(3,487)$(110,006)$5,499 $5,755 
Foreign currency debt 1,805 (42,228)— — 
Total$(1,682)$(152,234)$5,499 $5,755 

Gain (Loss) Recognized in AOCL before ReclassificationsGain Recognized in Interest Expense for Excluded Components
(in thousands)2026202520262025
Six Months Ended June 30,
Net investment hedges:
Forward contracts$39,635 $(153,086)$11,438 $11,514 
Foreign currency debt 15,390 (62,415)— — 
Total$55,025 $(215,501)$11,438 $11,514 

Fair Value of Financial Instruments 
As of June 30, 2026 and December 31, 2025, the fair value of our senior unsecured notes was approximately $3.6 billion and $3.8 billion, respectively, 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.
Following the December 2025 settlement of our U.S. pension plan, we hold a short-term bond fund that is designated to fund future contributions to our U.S. defined contribution plan. The bond fund is classified as a noncurrent available-for-sale ("AFS") debt security within other assets in the Condensed Consolidated Balance Sheets. As of June 30, 2026 and December 31, 2025, the fair value of the AFS debt security was $246 million and $243 million, respectively. The difference between fair value and amortized cost at each date is immaterial. 

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, 2026, we were in compliance with all such covenants.
As of June 30, 2026, the total borrowings of the independents subject to guarantee by us were approximately $504 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, 2026, 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, 2026, we have recognized $29 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.
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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, 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, 2026 and December 31, 2025, the outstanding payment obligations to the financial institutions were $3.2 billion and $3.1 billion, respectively. The amount settled through the SCF program was $2.0 billion and $2.2 billion for the six months ended June 30, 2026 and June 30, 2025, respectively.

(in thousands)June 30, 2026
Obligations outstanding at the beginning of the period$3,140,825 
Invoices confirmed during the period2,048,099 
Confirmed invoices paid during the period(2,017,462)
Confirmed obligations outstanding at the end of the period$3,171,462 

Earnings Per Share
We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding. Certain outstanding stock awards 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)2026202520262025
Net income$227,558 $254,880 $416,093 $449,272 

Weighted average common shares outstanding137,773 138,990 137,698 138,887 
Dilutive effect of stock awards204 254 319 320 
Weighted average common shares outstanding – assuming dilution137,977 139,244 138,017 139,207 
Basic earnings per share$1.65 $1.83 $3.02 $3.23 
Diluted earnings per share$1.65 $1.83 $3.01 $3.23 

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2. Segment Information
North America Automotive Segment 
The following table presents a summary of our reportable North America automotive segment financial information:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Net sales$2,537,236$2,444,377$4,900,268$4,709,158
Cost of goods sold 1,547,4971,486,1923,001,8442,882,809
Gross profit 989,739958,1851,898,4241,826,349
Operating expenses 781,411761,6851,533,8911,482,854
EBITDA$208,328$196,500$364,533$343,495

Gross margin (1) 39.0 %39.2 %38.7 %38.8 %
Operating expenses as a percentage of net sales30.8 %31.2 %31.3 %31.5 %
EBITDA margin (2) 8.2 %8.0 %7.4 %7.3 %

International Automotive Segment 
The following table presents a summary of our reportable international automotive segment financial information:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Net sales$1,588,112$1,467,904$3,173,628$2,868,011
Cost of goods sold 854,023789,0571,720,3501,549,264
Gross profit 734,089678,8471,453,2781,318,747
Operating expenses 584,098537,3551,158,4421,038,743
EBITDA$149,991$141,492$294,836$280,004

Gross margin (1) 46.2 %46.2 %45.8 %46.0 %
Operating expenses as a percentage of net sales36.8 %36.6 %36.5 %36.2 %
EBITDA margin (2) 9.4 %9.6 %9.3 %9.8 %

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)2026202520262025
Net sales$2,411,603$2,252,144$4,727,995$4,453,325
Cost of goods sold 1,659,4591,564,8153,264,7933,100,409
Gross profit 752,144687,3291,463,2021,352,916
Operating expenses 435,697399,191832,635786,067
EBITDA$316,447$288,138$630,567$566,849

Gross margin (1)31.2 %30.5 %30.9 %30.4 %
Operating expenses as a percentage of net sales18.1 %17.7 %17.6 %17.7 %
EBITDA margin (2) 13.1 %12.8 %13.3 %12.7 %

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(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)2026202520262025
Segment EBITDA
North America Automotive$208,328 $196,500 $364,533 $343,495 
International Automotive149,991 141,492 294,836 280,004 
Industrial316,447 288,138 630,567 566,849 
Corporate EBITDA (1)(107,813)(78,632)(227,338)(169,757)
Interest expense, net(45,800)(40,211)(89,753)(77,427)
Depreciation and amortization(134,716)(123,018)(265,744)(238,453)
Other unallocated costs(92,607)(45,712)(167,878)(114,517)
Income before income taxes293,830 338,557 539,223590,194 
Income taxes (66,272)(83,677)(123,130)(140,922)
Net Income $227,558 $254,880 $416,093 $449,272 

(1)Corporate EBITDA consists of costs related to our corporate headquarters' 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.
The following table presents a summary of the other unallocated costs:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Other unallocated costs: 
Restructuring and other costs (2)$(76,438)$(45,712)$(134,170)$(100,482)
Separation costs (3)(16,169)— (33,708)— 
Acquisition and integration related costs and other (4)— — — (14,035)
Total other unallocated costs$(92,607)$(45,712)$(167,878)$(114,517)

(2)Refer to the Restructuring and Other Costs Footnote in the Notes to Condensed Consolidated Financial Statements for more information.
(3)Adjustment primarily reflects legal and professional services and executive incentive plan costs related to the planned separation of our Global Automotive and Global Industrial businesses that was announced on February 17, 2026 and is targeted for completion in the first quarter of 2027.
(4)Adjustment primarily reflects lease and other exit costs related to the integration of acquired independent automotive stores.
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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)20262025
Assets:
North America Automotive$6,817,795 $7,149,458 
International Automotive3,994,000 4,188,295 
Industrial2,771,155 3,464,425 
Corporate (5)2,510,370 656,717 
Goodwill and other intangible assets4,964,973 4,972,172 
Total assets$21,058,293 $20,431,067 
Net property, plant and equipment:
United States$1,257,461 $1,199,197 
Europe413,861 417,116
Canada217,796 199,785
Australasia262,412 236,388
Mexico1,259 963
Total net property, plant and equipment$2,152,789 $2,053,449 

(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.
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)2026202520262025
Depreciation and amortization:
North A