10-KPeriod: FY2025

AUTOZONE INC Annual Report, Year Ended Aug 30, 2025

Filed October 27, 2025For Securities:AZO

Summary

AutoZone, Inc. (AZO) reported its fiscal year 2025 results, showcasing resilience in net sales despite a slight decrease in net income year-over-year. The company maintained effective internal controls over financial reporting, as attested by its independent auditor. A key area of focus for investors will be the company's inventory management, which saw a significant increase, alongside robust capital expenditures for store growth and improvements. AutoZone continues its substantial share repurchase program, returning capital to shareholders. Financially, the company demonstrated strong operating cash flow, supporting its investing activities and financing needs, including debt management. The balance sheet reflects an increase in assets, particularly merchandise inventories and property and equipment, while liabilities show a mix of increasing accounts payable and a slight decrease in long-term debt. The effective tax rate remained stable. Investors should monitor trends in inventory levels and capital allocation strategies, especially concerning share buybacks and debt financing.

Financial Highlights

46 data points
Beta

Revenue

$18.94B

52.6% Gross Margin

Net Income

$2.50B

13.2% Net Margin

EPS (Diluted)

$144.87

Total Assets

$19.36B

Cash & Equivalents

$271.80M

Free Cash Flow

$1.79B

Financial Statements
Beta
Revenue$18.94B
Cost of Revenue$8.97B
Gross Profit$9.97B
SG&A Expenses$6.36B
Operating Income$3.61B
Net Income$2.50B
EPS (Basic)$148.80
EPS (Diluted)$144.87
Shares Outstanding (Basic)16.79M
Shares Outstanding (Diluted)17.25M

Key Highlights

  • 1Net sales increased to $18.94 billion in fiscal year 2025, up from $18.49 billion in fiscal year 2024.
  • 2Net income decreased to $2.50 billion in fiscal year 2025, compared to $2.66 billion in fiscal year 2024.
  • 3The company operated 7,657 stores across the Americas at the end of fiscal 2025.
  • 4Merchandise inventories saw a significant increase, rising to $7.03 billion from $6.16 billion in the prior year.
  • 5Capital expenditures were substantial at $1.33 billion, reflecting investments in property and equipment.
  • 6The company repurchased $1.53 billion of treasury stock during fiscal year 2025.
  • 7AutoZone maintained effective internal control over financial reporting, with an unqualified opinion from its independent auditor, Ernst & Young LLP.

Frequently Asked Questions

In fiscal year 2025, AutoZone reported net sales of $18.94 billion, an increase from $18.49 billion in the prior year. However, net income slightly decreased to $2.50 billion from $2.66 billion in fiscal year 2024. The company maintained strong operating cash flow.

AutoZone's merchandise inventories increased significantly to $7.03 billion as of August 30, 2025, up from $6.16 billion a year prior. Capital expenditures were also substantial at $1.33 billion, indicating ongoing investment in its store base and infrastructure.

The company continued its active share repurchase program, buying back $1.53 billion of treasury stock in fiscal year 2025. As of August 30, 2025, AutoZone had $632.3 million remaining under its authorized repurchase program, with an additional $1.5 billion authorized on October 8, 2025.

No. AutoZone's management concluded that its internal control over financial reporting was effective as of August 30, 2025. This conclusion was supported by an unqualified attestation report from its independent registered public accounting firm, Ernst & Young LLP.