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AZOAutoZone

Consumer discretionary · Auto Parts Retail · NYSE

AutoZone, Inc. (“AutoZone,” the “Company,” “we,” “our” or “us”) is a leading retailer and distributor of automotive replacement parts and accessories in the Americas. 10-K, Item 1

AZO quote by TradingView
Headquarters
Memphis, TN
CEO
Philip B. Daniele
Next results
around Dec 8, 2026
Compare with peers → Embed
All key numbers (37, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)152.55Sales (ttm)20.3BNet income (ttm)2.6BSales growth+7.4%EPS growth+5.3%Sales Q/Q-
Free cash flow1.8BGross margin52.3%Oper. margin18.3%Net margin12.6%FCF margin8.9%ROEn/m
ROA11.9%R&D / sales-Dividend-Debt/Eqn/mCurr. ratio0.90Cash326.1M
Op. cash flow (ttm)3.2BEBITDA4.4BEBITDA margin21.7%Net debt8.8BQuick ratio0.90Interest cover7.59
Tax rate20.9%Stock pay / sales0.7%Shares out.16.1MShares Y/Y-2.2%Book / share-155.49Cash / share20.26
Sales / share1,263.71Asset turnover0.94Days sales out.14Sales 3Y CAGR+5.2%Sales 5Y CAGR+6.8%EPS 3Y CAGR+4.8%
EPS 5Y CAGR+9.9%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

AZO against Consumer discretionary peers

Ten years, side by side → · All 47 →
GrowthProfitBalanceCleanInsiders
AZOPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth
+7.4%20th of 47 · median +5.4%
Net margin
12.6%17th of 47 · median 10.8%
Free cash flow margin
8.9%24th of 45 · median 9.4%
AZO and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
AZO AutoZone$20.3B +7.4%52.3%12.6%-8.9%-
APTV Aptiv$20.6B +3.5%19.0%3.7%8.8%1.9%0.61
RCL Royal Caribbean Group$19.1B +8.8%49.1%23.8%38.9%7.9%1.91
ORLY O'Reilly Automotive$19.0B +6.4%51.8%14.3%-11.1%-
MGM MGM Resorts$17.7B +1.7%-3.9%27.7%7.9%2.26
DASH DoorDash$17.1B +27.9%-6.2%9.9%15.8%-

From $16.3B of sales to $2.4B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $8.5BRevenue to Cost of revenue: $7.8BGross profit to Operating profit: $3.3BGross profit to Operating expenses: $5.2BOperating profit to Net profit: $2.4BOperating profit to Tax & other: $841.1M Revenue: $16.3B Revenue$16.3B +11% Y/Y Gross profit: $8.5B · 52% margin Gross profit$8.5B52% margin +10% Y/Y Cost of revenue: $7.8B · 48% of revenue Cost of revenue$7.8B48% of revenue Operating profit: $3.3B · 20% margin Operating profit$3.3B20% margin +11% Y/Y Operating expenses: $5.2B · 32% of revenue Operating expenses$5.2B32% of revenue Net profit: $2.4B · 15% margin Net profit$2.4B15% margin +12% Y/Y Tax & other: $841.1M · 5% of revenue Tax & other$841.1M5% of revenue

Swipe sideways for the whole flow →

From $17.5B of sales to $2.5B of profit

FY2023, from the 10-K income statement and revenue by region
United States to Revenue: $15.6BOutside the United States to Revenue: $1.8BRevenue to Gross profit: $9.1BRevenue to Cost of revenue: $8.4BGross profit to Operating profit: $3.5BGross profit to Operating expenses: $5.6BOperating profit to Net profit: $2.5BOperating profit to Tax & other: $945.6M United States: $15.6B · 89% United States$15.6B89% Outside the United States: $1.8B · 11% Outside the United Stat…$1.8B11% Revenue: $17.5B Revenue$17.5B +7% Y/Y Gross profit: $9.1B · 52% margin Gross profit$9.1B52% margin +7% Y/Y Cost of revenue: $8.4B · 48% of revenue Cost of revenue$8.4B48% of revenue Operating profit: $3.5B · 20% margin Operating profit$3.5B20% margin +6% Y/Y Operating expenses: $5.6B · 32% of revenue Operating expenses$5.6B32% of revenue Net profit: $2.5B · 14% margin Net profit$2.5B14% margin +4% Y/Y Tax & other: $945.6M · 5% of revenue Tax & other$945.6M5% of revenue

Swipe sideways for the whole flow →

From $18.5B of sales to $2.7B of profit

FY2024, from the 10-K income statement and revenue by region
United States to Revenue: $16.2BOutside the United States to Revenue: $2.3BRevenue to Gross profit: $9.8BRevenue to Cost of revenue: $8.7BGross profit to Operating profit: $3.8BGross profit to Operating expenses: $6.0BOperating profit to Net profit: $2.7BOperating profit to Tax & other: $1.1B United States: $16.2B · 88% United States$16.2B88% Outside the United States: $2.3B · 12% Outside the United Stat…$2.3B12% Revenue: $18.5B Revenue$18.5B +6% Y/Y Gross profit: $9.8B · 53% margin Gross profit$9.8B53% margin +8% Y/Y Cost of revenue: $8.7B · 47% of revenue Cost of revenue$8.7B47% of revenue Operating profit: $3.8B · 20% margin Operating profit$3.8B20% margin +9% Y/Y Operating expenses: $6.0B · 33% of revenue Operating expenses$6.0B33% of revenue Net profit: $2.7B · 14% margin Net profit$2.7B14% margin +5% Y/Y Tax & other: $1.1B · 6% of revenue Tax & other$1.1B6% of revenue

Swipe sideways for the whole flow →

From $18.9B of sales to $2.5B of profit

FY2025, from the 10-K income statement and revenue by region
United States to Revenue: $16.7BOutside the United States to Revenue: $2.3BRevenue to Gross profit: $10.0BRevenue to Cost of revenue: $9.0BGross profit to Operating profit: $3.6BGross profit to Operating expenses: $6.4BOperating profit to Net profit: $2.5BOperating profit to Tax & other: $1.1B United States: $16.7B · 88% United States$16.7B88% Outside the United States: $2.3B · 12% Outside the United Stat…$2.3B12% Revenue: $18.9B Revenue$18.9B +2% Y/Y Gross profit: $10.0B · 53% margin Gross profit$10.0B53% margin +2% Y/Y Cost of revenue: $9.0B · 47% of revenue Cost of revenue$9.0B47% of revenue Operating profit: $3.6B · 19% margin Operating profit$3.6B19% margin −5% Y/Y Operating expenses: $6.4B · 34% of revenue Operating expenses$6.4B34% of revenue Net profit: $2.5B · 13% margin Net profit$2.5B13% margin −6% Y/Y Tax & other: $1.1B · 6% of revenue Tax & other$1.1B6% of revenue

Swipe sideways for the whole flow →

From $20.3B of sales to $2.6B of profit

FY2026, from the 10-K income statement and revenue by region
United States to Revenue: $17.6BOutside the United States to Revenue: $2.7BRevenue to Gross profit: $10.6BRevenue to Cost of revenue: $9.7BGross profit to Operating profit: $3.7BGross profit to Operating expenses: $6.9BOperating profit to Net profit: $2.6BOperating profit to Tax & other: $1.2B United States: $17.6B · 87% United States$17.6B87% Outside the United States: $2.7B · 13% Outside the United Stat…$2.7B13% Revenue: $20.3B Revenue$20.3B +7% Y/Y Gross profit: $10.6B · 52% margin Gross profit$10.6B52% margin +7% Y/Y Cost of revenue: $9.7B · 48% of revenue Cost of revenue$9.7B48% of revenue Operating profit: $3.7B · 18% margin Operating profit$3.7B18% margin +3% Y/Y Operating expenses: $6.9B · 34% of revenue Operating expenses$6.9B34% of revenue Net profit: $2.6B · 13% margin Net profit$2.6B13% margin +3% Y/Y Tax & other: $1.2B · 6% of revenue Tax & other$1.2B6% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median12.6% vs 10.8%
  • !
    Gross margin down over 5 years52.8% → 52.3%
  • ✓
    A profit in every one of 10 years
Net margin, FY2017 to FY2026: 11.8% → 12.6%

Balance sheet

1 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 7.6× interest expense
  • !
    Equity below zeroDebt $9.1B, equity −$2.5B
  • !
    Current ratio below 1Current ratio 0.90
  • !
    Net debt over 3 years of free cash flow$8.8B net debt, 4.8 years
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$1.8B last year
  • ✓
    Share count down over 5 years−26.0%
  • ✓
    Cash from operations above net income$3.2B vs $2.6B
Free cash flow, FY2017 to FY2026: 1.0B → 1.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Aug 29, 2026
Debt: $9.1B Debt$9.1B Long-term debt: $9.1B · 99% Long-term debt$9.1B · 99% Next 12 months: $1.6B · 18% Next 12 months$1.6B · 18% Year 2: $450.0M · 5% Year 2$450.0M · 5% Year 3: $1.6B · 17% Year 3$1.6B · 17% Year 4: $1.2B · 14% Year 4$1.2B · 14% Year 5: $1.4B · 16% Year 5$1.4B · 16% After year 5: $2.8B · 31% After year 5$2.8B · 31%

The debt note's own lines, 2026-08-29

Line, as the company names itKindRateFixed or floatingAmount
4.950% Senior Notes due July 2031, effective interest rate 4.97%Notes and bonds4.95–4.97%not stated$850.0M
4.000% Senior Notes due April 2030, effective interest rate 4.09%Notes and bonds4.00–4.09%not stated$750.0M
4.750% Senior Notes due August 2032, effective interest rate 4.76%Notes and bonds4.75–4.76%not stated$750.0M
5.400% Senior Notes due July 2034, effective interest rate 5.54%Notes and bonds5.40–5.54%not stated$700.0M
5.100% Senior Notes due July 2029, effective interest rate 5.30%Notes and bonds5.10–5.30%not stated$600.0M
1.650% Senior Notes due January 2031, effective interest rate 2.19%Notes and bonds1.65–2.19%not stated$600.0M
3.750% Senior Notes due June 2027, effective interest rate 3.83%Notes and bonds3.75–3.83%not stated$600.0M
4.750% Senior Notes due February 2033, effective interest rate 4.70%Notes and bonds4.70–4.75%not stated$550.0M
6.550% Senior Notes due November 2033, effective interest rate 6.71%Notes and bonds6.55–6.71%not stated$500.0M
6.250% Senior Notes due November 2028, effective interest rate 6.46%Notes and bonds6.25–6.46%not stated$500.0M
5.125% Senior Notes due June 2030, effective interest rate 5.14%Notes and bonds5.12–5.14%not stated$500.0M
4.500% Senior Notes due February 2028, effective interest rate 4.43%Notes and bonds4.43–4.50%not stated$450.0M
3.750% Senior Notes due April 2029, effective interest rate 3.86%Notes and bonds3.75–3.86%not stated$450.0M
5.200% Senior Notes due August 2033, effective interest rate 5.22%Notes and bonds5.20–5.22%not stated$300.0M
All 14 lines

From the debt note in the 10-K's XBRL (0001104659-26-118791), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 20.3B Net income 2.6B
FY2017 revenue 10.9B · Revenues, 0001193125-19-276201 FY2017 net income 1.3B · NetIncomeLoss, 0001193125-19-276201 10.9B FY2017 FY2018 revenue 11.2B · Revenues, 0001558370-20-011748 FY2018 net income 1.3B · NetIncomeLoss, 0001558370-20-011748 11.2B FY2018 FY2019 revenue 11.9B · Revenues, 0001558370-21-013446 FY2019 net income 1.6B · NetIncomeLoss, 0001558370-21-013446 11.9B FY2019 FY2020 revenue 12.6B · Revenues, 0001558370-22-015239 FY2020 net income 1.7B · NetIncomeLoss, 0001558370-22-015239 12.6B FY2020 FY2021 revenue 14.6B · Revenues, 0001558370-23-016668 FY2021 net income 2.2B · NetIncomeLoss, 0001558370-23-016668 14.6B FY2021 FY2022 revenue 16.3B · Revenues, 0001558370-24-013758 FY2022 net income 2.4B · NetIncomeLoss, 0001558370-24-013758 16.3B FY2022 FY2023 revenue 17.5B · Revenues, 0001104659-25-102611 FY2023 net income 2.5B · NetIncomeLoss, 0001104659-25-102611 17.5B FY2023 FY2024 revenue 18.5B · Revenues, 0001104659-26-118791 FY2024 net income 2.7B · NetIncomeLoss, 0001104659-26-118791 18.5B FY2024 FY2025 revenue 18.9B · Revenues, 0001104659-26-118791 FY2025 net income 2.5B · NetIncomeLoss, 0001104659-26-118791 18.9B FY2025 FY2026 revenue 20.3B · Revenues, 0001104659-26-118791 FY2026 net income 2.6B · NetIncomeLoss, 0001104659-26-118791 20.3B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

AZO's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue20.3B
FY2017: 10.9BFY2018: 11.2BFY2019: 11.9BFY2020: 12.6BFY2021: 14.6BFY2022: 16.3BFY2023: 17.5BFY2024: 18.5BFY2025: 18.9BFY2026: 20.3B FY2018FY2020FY2022FY2024FY2026
Net income2.6B
FY2017: 1.3BFY2018: 1.3BFY2019: 1.6BFY2020: 1.7BFY2021: 2.2BFY2022: 2.4BFY2023: 2.5BFY2024: 2.7BFY2025: 2.5BFY2026: 2.6B FY2018FY2020FY2022FY2024FY2026
Free cash flow1.8B
FY2017: 1.0BFY2018: 1.6BFY2019: 1.6BFY2020: 2.3BFY2021: 2.9BFY2022: 2.5BFY2023: 2.1BFY2024: 1.9BFY2025: 1.8BFY2026: 1.8B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)152.55
FY2017: 44.07FY2018: 48.77FY2019: 63.43FY2020: 71.93FY2021: 95.19FY2022: 117.19FY2023: 132.36FY2024: 149.55FY2025: 144.87FY2026: 152.55 FY2018FY2020FY2022FY2024FY2026
Diluted shares16.9M
FY2017: 29.1MFY2018: 27.4MFY2019: 25.5MFY2020: 24.1MFY2021: 22.8MFY2022: 20.7MFY2023: 19.1MFY2024: 17.8MFY2025: 17.2MFY2026: 16.9M FY2018FY2020FY2022FY2024FY2026

The segments changed

10-K filed 2026-10-26
During the fourth quarter of fiscal 2025, the Company combined all its previously defined operating segments into a single operating and reportable segment to align with how the Company is currently managed and evaluated. 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by region

year to Aug 29, 2026
RevenueSharevs year before
United States 17.6B86.6% +5.7%
Outside the United States 2.7B13.4% +20.2%

10-K 0001104659-26-118791, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue10.9B11.2B11.9B12.6B14.6B16.3B17.5B18.5B18.9B20.3B
Cost of revenue5.1B5.2B5.5B5.9B6.9B7.8B8.4B8.7B9.0B9.7B
Gross profit5.7B6.0B6.4B6.8B7.7B8.5B9.1B9.8B10.0B10.6B
SG&A3.7B4.2B4.1B4.4B4.8B5.2B5.6B6.0B6.4B6.9B
Operating income2.1B1.8B2.2B2.4B2.9B3.3B3.5B3.8B3.6B3.7B
Interest expense159.3M181.7M193.7M208.0M202.3M198.9M320.1M465.2M490.0M490.2M
Pretax income1.9B1.6B2.0B2.2B2.7B3.1B3.2B3.3B3.1B3.3B
Income tax644.6M298.8M414.1M483.5M578.9M649.5M639.2M674.7M636.1M677.9M
Net income1.3B1.3B1.6B1.7B2.2B2.4B2.5B2.7B2.5B2.6B
EPS (diluted)44.0748.7763.4371.9395.19117.19132.36149.55144.87152.55
Diluted shares29.1M27.4M25.5M24.1M22.8M20.7M19.1M17.8M17.2M16.9M
Depreciation & amortization323.1M345.1M370.0M397.5M407.7M442.2M497.6M549.8M613.2M684.3M
EBITDA2.4B2.2B2.6B2.8B3.4B3.7B4.0B4.3B4.2B4.4B
Gross margin52.7%53.2%53.7%53.6%52.8%52.1%52.0%53.1%52.6%52.3%
Operating margin19.1%16.1%18.7%19.1%20.1%20.1%19.9%20.5%19.1%18.3%
Net margin11.8%11.9%13.6%13.7%14.8%14.9%14.5%14.4%13.2%12.6%
Revenue growth-+3.1%+5.7%+6.5%+15.8%+11.1%+7.4%+5.9%+2.4%+7.4%
EPS growth-+10.7%+30.1%+13.4%+32.3%+23.1%+12.9%+13.0%-3.1%+5.3%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash293.3M217.8M176.3M1.8B1.2B264.4M277.1M298.2M271.8M326.1M
Receivables280.7M258.1M309.0M364.8M378.4M504.9M520.4M545.6M670.1M755.0M
Current assets4.6B4.6B5.0B6.8B6.4B6.6B6.8B7.3B8.3B9.1B
Property & equipment4.0B4.2B4.4B4.5B4.9B5.2B5.6B6.2B7.1B8.1B
Goodwill391.9M302.6M302.6M302.6M302.6M302.6M302.6M302.6M302.6M302.6M
Total assets9.3B9.3B9.9B14.4B14.5B15.3B16.0B17.2B19.4B21.6B
Accounts payable4.2B4.4B4.9B5.2B6.0B7.3B7.2B7.4B8.0B8.6B
Current liabilities4.8B5.0B5.5B6.3B7.4B8.6B8.5B8.7B9.5B10.1B
Total debt5.1B5.0B5.2B5.5B5.3B6.1B7.7B9.0B8.8B9.1B
Shareholders' equity-1.4B-1.5B-1.7B-878.0M-1.8B-3.5B-4.3B-4.7B-3.4B-2.5B
Retained earnings-1.6B-1.2B-1.3B-1.5B-419.8M-1.3B-3.0B-4.4B-4.0B-2.8B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow1.6B2.1B2.1B2.7B3.5B3.2B2.9B3.0B3.1B3.2B
Capital spending553.8M521.8M496.1M457.7M621.8M672.4M796.7M1.1B1.3B1.4B
Free cash flow1.0B1.6B1.6B2.3B2.9B2.5B2.1B1.9B1.8B1.8B
Stock-based pay (added back)38.2M43.7M43.3M44.8M56.1M70.6M93.1M106.2M124.7M136.8M
Buybacks1.1B1.6B2.0B930.9M3.4B4.4B3.7B3.1B1.6B2.0B
Acquisitions0---------
Debt raised600.0M-750.0M1.9B-750.0M1.8B2.3B500.0M850.0M
Debt repaid400.0M250.0M250.0M500.0M250.0M500.0M800.0M300.0M900.0M850.0M
Investing cash flow-553.6M-521.9M-491.8M-497.9M-601.8M-648.1M-876.2M-1.3B-1.4B-1.4B
Financing cash flow-914.3M-1.6B-1.7B-643.6M-3.5B-3.5B-2.1B-1.7B-1.7B-1.8B

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)38.2M43.7M43.3M44.8M56.1M70.6M93.1M106.2M124.7M136.8M
Stock-based pay / revenue0.4%0.4%0.4%0.4%0.4%0.4%0.5%0.6%0.7%0.7%
Operating lease cash paid---352.9M300.6M316.0M335.2M362.5M382.7M407.1M
Finance lease principal paid-49.0M53.3M52.2M59.9M67.2M81.1M85.3M96.2M109.0M
Right-of-use assets--02.6B2.7B2.9B3.0B3.1B3.2B3.5B
Operating lease liabilities--02.7B2.9B3.1B3.2B3.2B3.4B3.7B
Finance lease liabilities---223.4M276.1M310.3M287.6M399.4M399.9M417.3M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on AZO in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AZO/export.csv") into a cell.