AUTOZONE INCAZO
AUTOZONE INC Financial Overview 2021–2025
Updated Jul 10, 2026AutoZone consistently achieves staggering capital efficiency, peaking at a 55.4% after-tax return on invested capital in FY2023. This profitability underlines a clear investment thesis: the company is a compounding machine that leverages resilient demand for automotive parts to fund massive share repurchases and physical expansion. The steady aging of the domestic vehicle fleet ensures a durable tailwind for its maintenance and failure-related merchandise.
Top-line performance reflects this structural advantage, with net sales growing from $14.63 billion in FY2021 to $18.94 billion in FY2025. Management successfully expanded the lucrative business-to-business commercial segment, which surged by 26.5% in FY2022. Despite recent non-cash LIFO charges and inflationary supply chain pressures, the company delivered a formidable 53.1% gross margin in FY2024. AutoZone aggressively reinvests its operating cash flow, directing $1.33 billion toward capital expenditures in FY2025 to build out its mega-hub distribution network and open new store locations.
Excess capital is systematically returned to equity holders. The company retired billions of dollars in stock over the last five years, lifting per-share metrics despite a slight dip in net income to $2.50 billion in FY2025. The market continues to reward this disciplined capital allocation strategy. At the close of FY2025, the stock traded at $4,198.53, pricing the retailer at 29.0x earnings based on an EPS of $144.87.
Recent Developments (Q2 and Q3 2026)
AutoZone sustained robust top-line momentum in Q3 2026, posting an 8.4% year-over-year increase in net sales to $4.8 billion, while diluted EPS climbed 7.7% to $38.07. This improved upon Q2 2026, when net sales grew 8.1% to $4.3 billion but operating profit slipped 1.2% due to inventory accounting impacts. Reinforcing its capital return strategy, management authorized an additional $1.5 billion for share repurchases in June 2026.
Bulls will applaud consistent consumer demand, highlighted by a 3.9% increase in same-store sales during Q3 2026. Conversely, bears can point to ongoing LIFO-related cost pressures, which recently compressed the gross margin to 52.2%. Following continued earnings growth, the stock appears cheaply valued, trading at 21.5x earnings as of June 12, 2026.
What to watch: deployment of the $1.5 billion share repurchase authorization; lingering LIFO impacts on future gross margin performance.
Rev
$18.94B
FY2025
NI
$2.50B
FY2025
EPS
$148.80
FY2025
OCF
$3.12B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All AZO Financial Metrics(56)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Short-Term Debt
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Treasury Stock
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
AUTOZONE INC 8-K Report, Material Agreement (Jul 14, 2026)
AutoZone, Inc. (AZO) filed an 8-K on July 14, 2026, primarily detailing the issuance of new debt instruments. The filing includes an Officers' Certificate for the Notes, setting forth the terms of these notes, specifically a 4.950% Note due 2031. This indicates the company is raising capital through a new series of senior notes, likely to fund ongoing operations, strategic initiatives, or refinance existing debt. Investors should note the coupon rate and maturity date as key financial characteristics of this new issuance.
AUTOZONE INC 8-K Report, Material Agreement (Jul 9, 2026)
AutoZone, Inc. (AZO) has filed an 8-K report detailing a significant financing event. On July 7, 2026, the company entered into an underwriting agreement to issue and sell $850 million in aggregate principal amount of 4.950% Notes due 2031. This issuance, facilitated by a syndicate of underwriters including BofA Securities, J.P. Morgan Securities, Truist Securities, and U.S. Bancorp Investments, is a key move to bolster its capital structure. Investors should note that the underwriting agreement includes standard provisions such as representations, warranties, conditions to closing, indemnification, and termination clauses. The involvement of these major financial institutions, some of whom have existing relationships with AutoZone as lenders and financial advisors, underscores the scale of this debt offering. The proceeds from this note issuance will likely be used to fund ongoing operations, strategic initiatives, or debt management, though specific use of proceeds is not detailed in this filing. Investors should monitor future filings for further clarity on the deployment of these funds.
AUTOZONE INC 8-K Report, Corporate Update (Jun 16, 2026)
AutoZone, Inc. (AZO) has announced a significant expansion of its share repurchase program, with the Board authorizing an additional $1.5 billion for the buyback of the Company's common stock. This move underscores the company's commitment to returning capital to shareholders and reflects confidence in its financial position and future prospects. Investors should view this as a positive signal regarding management's strategy and the company's ability to generate substantial free cash flow. The repurchase is part of an ongoing program, indicating a consistent approach to capital allocation. While specific details regarding the timeline or methods of the repurchase are not provided in this filing, the substantial amount signals a material initiative aimed at potentially increasing earnings per share and enhancing shareholder value over time. Investors will likely monitor future earnings reports and investor calls for updates on the execution of this expanded repurchase authorization.
AUTOZONE INC 8-K Report, Financial Results (May 26, 2026)
AutoZone, Inc. (AZO) has filed an 8-K report on May 26, 2026, to announce its financial results for the fiscal quarter ended May 9, 2026. The primary purpose of this filing is to furnish the earnings press release, which contains the detailed financial performance and operational updates for the period. Investors should review the furnished press release for comprehensive information regarding AutoZone's performance, including revenue, profitability, and any forward-looking statements or guidance provided by the company. This report indicates that AutoZone has met the requirements for furnishing its earnings information via a press release, which is a standard practice for publicly traded companies. The specific details of the financial results, such as same-store sales growth, earnings per share (EPS), net income, and any commentary on market conditions or strategic initiatives, will be found within the attached Exhibit 99.1. Investors seeking to understand the company's recent financial health and future outlook should prioritize examining this press release.
AUTOZONE INC 8-K Report, Financial Results (Mar 3, 2026)
AutoZone, Inc. filed an 8-K on March 3, 2026, to report its financial results for the fiscal quarter ended February 14, 2026. The report primarily consists of a furnished press release containing these earnings details. While the 8-K itself does not contain detailed financial statements or management's discussion and analysis, it directs investors to the accompanying press release (Exhibit 99.1) for comprehensive information on operational performance and financial condition for the period. Investors should refer to this press release for specific revenue figures, profitability metrics, sales trends, and any forward-looking statements or guidance provided by the company.
View all 8-K filings →