AutoZone, Inc. AZO
NYSESpecialty retailFinancials to Aug 29, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Aug '25 | Aug '26 |
|---|---|---|
| Cash | 0.3 | 0.3 |
| Securities | 0.0 | 0.0 |
| Restricted cash | 0.1 | – |
| Debt | 8.8 | 9.1 |
| Net cash | -8.5 | -8.8 |
| Equity | -3.4 | -2.5 |
- Debt / EBITDA
- 2.06×
- Debt / equity
- –
- Leases (8/29/26)
- $4.1B
- Diluted shares
- 17M
- Book value / share
- −$148.38
- Price / book
- –
- Net cash / share
- −$518.96
- Market cap
- $51.8B
- Enterprise value
- $60.6B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 5.6% | +5.0 pts | |
| Operating margin | 20.0% | +0.8 pts | |
| FCF margin | 10.5% | +2.3 pts | |
| Capex / revenue | 6.6% | -0.5 pts | |
| Domestic stores | 6,863 | +4% | |
| Mexico stores | 1,001 | +13% | |
| Brazil stores | 167 | +14% | |
| Domestic commercial programs | 6,443 | +6% | |
| Domestic commercial sales | $1.9B | +9% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About AZO
AutoZone sells replacement parts, maintenance products and accessories to motorists and professional repair shops in the United States, Mexico and Brazil. ALLDATA supplies repair information.
- Distribution Control
Local hubs hold a wider parts range and replenish nearby stores several times a day.
- Physical Network Density
AutoZone had 6,863 U.S. stores at August 29, 2026, versus 6,627 a year earlier.
- Service Field Network
The commercial program combines parts selection, delivery and credit for repair shops.
- Brand Trust
Duralast and other exclusive brands pair a known name with warranties and in-store help.
- Sep 22, 2026
AutoZone reported a $96 million fourth-quarter tariff refund, lifting operating profit through recovery of past import costs rather than stronger demand.
- Sep 22, 2026
AutoZone reported 172 domestic mega hubs and 8,031 total stores at fiscal year end, extending local availability while DIY demand remained weak.
- Aug 29, 2026 · One-off benefit +$96M
FY2026 annual MD&A directly quantifies a $96m operating benefit from IEEPA tariff refunds, separate from the recurring $192m annual LIFO charge. The refund relates to previously sold inventory and was recognized in Q4.
- Apr 20, 2026
AutoZone filed tariff-refund claims with U.S. Customs, creating a potential recovery of past import costs rather than stronger parts demand.
- Jan 2, 2024
Philip Daniele became CEO and Bill Rhodes became executive chairman, transferring day-to-day leadership to the former merchandising and supply-chain leader.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | ||||||||||||
| Revenue | 374.63 | 409.17 | 465.28 | 524.30 | 641.68 | 783.88 | 913.85 | 1,038.60 | 1,098.21 | 1,205.96 | +13.9%/yr | |
| Cash flow | 54.04 | 75.86 | 83.48 | 112.90 | 154.33 | 154.88 | 153.94 | 168.74 | 180.77 | 192.65 | +15.2%/yr | |
| Earnings | 44.07 | 48.77 | 63.43 | 71.93 | 95.19 | 117.19 | 132.36 | 149.55 | 144.87 | 152.55 | +14.8%/yr | |
| Free cash flow | 34.98 | 56.83 | 64.02 | 93.90 | 127.06 | 122.45 | 112.24 | 108.49 | 103.80 | 107.65 | +13.3%/yr | |
| Capex | 19.05 | 19.03 | 19.45 | 19.00 | 27.27 | 32.43 | 41.70 | 60.25 | 76.96 | 85.00 | +18.1%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | -49.14 | -55.44 | -67.22 | -36.44 | -78.84 | -170.69 | -227.71 | -266.79 | -197.99 | -148.38 | – | |
| Diluted shares (M) | 29 | 27 | 25 | 24 | 23 | 21 | 19 | 18 | 17 | 17 | -5.9%/yr | |
| Totals ($B) | ||||||||||||
| Revenue | 10.9 | 11.2 | 11.9 | 12.6 | 14.6 | 16.3 | 17.5 | 18.5 | 18.9 | 20.3 | +7.2%/yr | |
| Operating income | 2.1 | 1.8 | 2.2 | 2.4 | 2.9 | 3.3 | 3.5 | 3.8 | 3.6 | 3.7 | +6.7%/yr | |
| Net income | 1.3 | 1.3 | 1.6 | 1.7 | 2.2 | 2.4 | 2.5 | 2.7 | 2.5 | 2.6 | +8.1%/yr | |
| Free cash flow | 1.0 | 1.6 | 1.6 | 2.3 | 2.9 | 2.5 | 2.1 | 1.9 | 1.8 | 1.8 | +6.7%/yr | |
| Buybacks | 1.1 | 1.6 | 2.0 | 0.9 | 3.4 | 4.4 | 3.7 | 3.1 | 1.6 | 2.0 | +7.3%/yr | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | -4.8 | -4.8 | -5.0 | -3.8 | -4.1 | -5.9 | -7.4 | -8.7 | -8.5 | -8.8 | −$4.0B | |
| Margins & returns (%) | ||||||||||||
| Gross margin | 52.7 | 53.2 | 53.7 | 53.6 | 52.8 | 52.1 | 52.0 | 53.1 | 52.6 | 52.3 | -0.4 pts | |
| Operating margin | 19.1 | 16.1 | 18.7 | 19.1 | 20.1 | 20.1 | 19.9 | 20.5 | 19.1 | 18.3 | -0.8 pts | |
| Net margin | 11.8 | 11.9 | 13.6 | 13.7 | 14.8 | 14.9 | 14.5 | 14.4 | 13.2 | 12.6 | +0.9 pts | |
| FCF margin | 9.3 | 13.9 | 13.8 | 17.9 | 19.8 | 15.6 | 12.3 | 10.4 | 9.5 | 8.9 | -0.4 pts | |
| ROIC | 49.1 | 44.0 | 53.0 | 66.5 | 101.5 | 111.9 | 90.6 | 75.6 | 56.0 | 47.3 | -1.9 pts | |
| Stock pay % of revenue | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.6 | 0.7 | 0.7 | +0.3 pts | |
| Capex % of revenue | 5.1 | 4.7 | 4.2 | 3.6 | 4.3 | 4.1 | 4.6 | 5.8 | 7.0 | 7.0 | +2.0 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- U.S. Auto Parts Retail & Commercial Distribution86.6%5 claims
- International Auto Parts Retail & Commercial Distribution (Mexico & Brazil)13.4%1 claim
Moat claims
- Applies to
- U.S. Auto Parts Retail & Commercial Distribution
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Local hubs hold a wider parts range and replenish nearby stores several times a day. At FY2025 year end, 367 U.S. hubs included 133 mega hubs; management reported 172 mega hubs at FY2026 year end. This stock close to repair shops helps urgent repairs and makes national scale useful locally.
Mega hubs rose from 133 to 172 and Q4 weekly commercial sales per program rose 2.7% to $18,700, while commercial average ticket rose about 5%. Coverage is expanding, but price supports sales and mature-hub returns are not disclosed.
- Domestic stores6,863+4%
- Domestic commercial sales$1.9B+9%
- Weekly commercial sales per program$18,700+3%
- Domestic mega hubs172+29%
- Domestic hubs including mega hubs367+12%
- Domestic commercial average ticket growth~+5%
- Domestic commercial transactions growth+2%
- O’Reilly and NAPA can match urgent delivery with their own networks.
- New hubs absorb capital and wages before enough nearby customers use them.
- FilingAutoZone fiscal 2025 Form 10-KOct 27, 2025
- ResultsAutoZone fiscal 2026 Q4 earnings call, management remarks; transcript hosted by Stock AnalysisSep 22, 2026
- Applies to
- U.S. Auto Parts Retail & Commercial Distribution
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 5, 2026
AutoZone had 6,863 U.S. stores at August 29, 2026, versus 6,627 a year earlier. Nearby pickup and delivery matter when a failed vehicle must return to service quickly. The footprint supports access, but a national store count does not prove density in each local market.
The U.S. footprint expanded, but Q4 domestic comparable sales slowed to 1.6% from 4.8% and DIY sales declined 0.6%. New coverage has not yet established stronger productivity across the network.
- Domestic stores6,863+4%
- Domestic same-store sales growth+2%
- Domestic mega hubs172+29%
- Domestic DIY same-store sales growth-1%
- Domestic DIY transactions growth≤-5%
- Domestic DIY average ticket growth~+5%
- More stores can divide existing demand instead of attracting new customers.
- Rent, wages and delivery costs rise when store productivity is weak.
- FilingAutoZone fiscal 2026 Q4 results, Form 8-K Exhibit 99.1Sep 22, 2026
- FilingAutoZone fiscal 2025 Form 10-KOct 27, 2025
- Applies to
- U.S. Auto Parts Retail & Commercial Distribution
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
The commercial program combines parts selection, delivery and credit for repair shops. It reached 6,443 U.S. stores and $1.913 billion of Q4 sales in FY2026. Reported weekly sales per program test whether service relationships deepen, rather than merely counting new programs.
Q4 commercial sales grew 8.6% and weekly sales per program grew 2.7% to $18,700, with average ticket up about 5%. Sales per program cover the whole network, including new programs, and do not isolate repeat orders or mature-store productivity.
- Domestic commercial programs6,443+6%
- Domestic commercial sales$1.9B+9%
- Weekly commercial sales per program$18,700+3%
- Domestic commercial average ticket growth~+5%
- Domestic commercial transactions growth+2%
- Repair-shop consolidation increases customer bargaining power.
- Delivery reliability or parts errors can send repeat orders to competitors.
- FilingAutoZone fiscal 2026 Q4 results, Form 8-K Exhibit 99.1Sep 22, 2026
- FilingAutoZone fiscal 2025 Form 10-KOct 27, 2025
- Applies to
- U.S. Auto Parts Retail & Commercial Distribution
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 5, 2026
Duralast and other exclusive brands pair a known name with warranties and in-store help. The filing identifies private labels as a differentiator, but gives no brand premium, retention or warranty-cost series. This is supporting evidence, rather than proof that customers cannot substitute another brand.
The private-label offer remains in place, but no new brand-specific loyalty or pricing evidence is disclosed. Q4 DIY comparable sales fell 0.6%, so demand does not demonstrate a stronger brand advantage.
- Domestic same-store sales growth+2%
- Domestic DIY same-store sales growth-1%
- Domestic DIY transactions growth≤-5%
- Domestic DIY average ticket growth~+5%
- Poor quality or difficult warranty service would damage repeat demand.
- Price comparison can make equivalent private-label parts interchangeable.
- FilingAutoZone fiscal 2025 Form 10-KOct 27, 2025
- ResultsAutoZone fiscal 2026 Q4 earnings call, management remarks; transcript hosted by Stock AnalysisSep 22, 2026
- Applies to
- U.S. Auto Parts Retail & Commercial Distribution
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 5, 2026
Supplier payment terms fund the inventory carried for urgent repairs. Group-wide accounts payable exceeded inventory at FY2026 year end, with a ratio of 111.1%; a separate U.S. ratio is not disclosed. This reduces the cash AutoZone must supply for stock, but depends on supplier terms and inventory turning into sales.
Accounts payable to inventory fell from 114.2% to 111.1% at fiscal year end, while reported inventory turns fell from 1.4 to 1.3. Supplier funding remains valuable, but it covers less inventory than a year earlier.
- Accounts payable to inventory1-3%
- Inventory turns1-7%
- Loss of supplier-finance access can weaken supplier economics and lead to requests for shorter terms; participation alone does not change invoice due dates.
- Slower-moving parts can consume more cash even when payable terms stay long.
- FilingAutoZone fiscal 2025 Form 10-KOct 27, 2025
- FilingAutoZone fiscal 2026 Q4 results, Form 8-K Exhibit 99.1Sep 22, 2026
- Applies to
- International Auto Parts Retail & Commercial Distribution (Mexico & Brazil)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 5, 2026
Local stores and hubs put stock near repairs in Mexico and Brazil. FY2025 had 53 international hubs, including eight Mexico mega hubs. FY2026 ended with 1,001 Mexico stores and 167 Brazil stores. Management says the enlarged Monterrey distribution center is fully operating and the new Brazil center is reducing local supply costs; country-level savings are not disclosed.
The footprint grew, but Q4 international comparable sales rose only 1.3% at constant currency versus 10.7% in USD. Currency strengthened reported growth; the disclosed operating evidence does not yet show a widening local advantage.
- Mexico stores1,001+13%
- Brazil stores167+14%
- International same-store sales growth+11%
- International same-store sales at constant currency growth+1%
- International hubs53+15%
- Imported parts, tariffs and peso or real moves can raise local costs.
- New stores take time to develop demand and delivery routes.
- FilingAutoZone fiscal 2025 Form 10-KOct 27, 2025
- FilingAutoZone fiscal 2026 Q4 results, Form 8-K Exhibit 99.1Sep 22, 2026
- ResultsAutoZone FY2026 Q4 earnings call: management on Mexico and Brazil distribution centersSep 22, 2026
Profile change log
- Oct 6, 2026 · analyst revision
The debate now includes disclosed interest-rate sensitivity and refinancing risk. Failure and maintenance products account for about 85% of sales, supporting demand through a weak cycle. International distribution evidence includes the operating Monterrey and Brazil centers; the moat direction stays stable because local comparable sales remain weak.
- Oct 6, 2026 · analyst revision
Quarterly inventory turns, DIY transactions and ticket histories now distinguish inventory efficiency and customer demand from price increases. The international leader list uses one filing; separately sourced Brazil operators remain in the market facts rather than a combined ranking.
- Oct 6, 2026 · analyst revision
Distribution and commercial-service trajectories change from widening to stable. The September call reports commercial ticket growth of about 5%, while weekly sales per program grew 2.7%; the latter averages new and mature programs and cannot prove stronger repeat demand. Supplier funding uses group-wide figures, and supplier-finance participation does not change invoice due dates.
- Oct 5, 2026 · analyst revision
The U.S. and international groups now link to dedicated parts-market profiles. Their scopes exclude repair labor and vehicle sales, and distinguish replacement demand from discretionary spending. International peers now reflect local channels rather than U.S.-only chains.
- Oct 5, 2026 · analyst revision
Each claim now has a tested direction, risks and rival arguments. The investor debate separates commercial productivity from new programs, tariff refunds and currency translation; management information is supported by the proxy and current results.
- Oct 5, 2026 · analyst revision
The September results replace the May operating snapshot: U.S. stores rose from 6,766 to 6,863, Mexico from 933 to 1,001 and Brazil from 157 to 167. Commercial and distribution evidence is stronger, while supplier funding is weaker; claim strengths stay unchanged.
- Oct 5, 2026 · business change
AutoZone reported 172 domestic mega hubs and 8,031 total stores at fiscal year end, extending local availability while DIY demand remained weak.
- Oct 5, 2026 · business change
AutoZone reported a $96 million fourth-quarter tariff refund, lifting operating profit through recovery of past import costs rather than stronger demand.
- Oct 5, 2026 · business change
AutoZone filed tariff-refund claims with U.S. Customs, creating a potential recovery of past import costs rather than stronger parts demand.
- Oct 5, 2026 · business change
Philip Daniele became CEO and Bill Rhodes became executive chairman, transferring day-to-day leadership to the former merchandising and supply-chain leader.
- Oct 5, 2026 · business change
AutoZone sold 26 Interamerican Motor Corporation branches to Parts Authority, exiting the separate import-parts distribution business to focus on its core stores.
- Oct 5, 2026 · business change
AutoZone terminated its two defined-benefit pension plans, leading to a fiscal fourth-quarter settlement charge and removing future plan obligations.
- Oct 5, 2026 · business change
AutoZone sold substantially all AutoAnything assets, leaving a non-core online business and retaining specified emissions-related liabilities.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
U.S. automotive aftermarket parts
Replacement parts, maintenance fluids, tools and accessories for cars and light trucks in the United States, sold to DIY motorists at retail or repair shops through wholesale distribution. Excludes repair labor, tires, new vehicles and heavy-duty trucks.
- AutoZone
- O’Reilly Automotive
- Advance Auto Parts / Carquest
- NAPA / Genuine Parts
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| AZO | 80 | 52.3% | 18.3% | |
| Industry median | 14 | 68 | 48.6% | 6.5% |
| Sector median | 85 | 74 | 55.3% | 17.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- An aging vehicle fleet and continued miles driven strongly support replacement demand. Expensive new-car finance can keep older vehicles in use, partly offsetting weak consumer spending.
- Failure repairs are hard to defer, while maintenance and accessories respond more to income and confidence. The cycle has a moderate, uneven effect across categories.
- Fast local stock and delivery let repair shops turn bays sooner. Large store and hub networks can take share if added stock produces higher sales per delivery program.
- More complex vehicles shift work toward professional repair shops and increase the need for accurate fitment and technical information. This supports commercial distribution.
- Extreme heat and cold increase component failures, while mild weather reduces seasonal demand. Price inflation raises sales dollars but must be tested against customer transactions.
- Tariffs, freight and parts input costs can strongly change purchasing costs and LIFO charges. Refunds from past tariffs boost profit temporarily; they do not show stronger recurring demand.
- Online price comparison and competing local networks constrain pricing. Professional customers can use several suppliers, so speed alone does not create contract lock-in.
- Higher wages and the fixed cost of new stores and hubs hurt profit until sales mature. Higher rates also raise retailer funding costs and can pressure supplier-finance arrangements.
- Electric vehicles reduce some engine and exhaust replacements over time, while software and restricted repair data can redirect spending to vehicle manufacturers. The near-term fleet remains the more important demand base.
- Fuel-price shocks can reduce miles driven and leave less disposable income for maintenance. Supply disruption and imported-part currencies add cost volatility even to U.S. sales.
Bulls & bears
Can new hubs and stores raise commercial sales per program enough to cover their costs while DIY demand is weak, without help from tariff refunds or currency gains?
Arguments
What to watch
- 1Weekly domestic commercial sales per program and commercial sales
- 2Domestic DIY comparable-store sales
- 3DIY and commercial transactions and average ticket, reported separately
- 4International comparable-store sales at constant currency
- 5Accounts payable to inventory and inventory turns
- 6Reported operating profit and capital spending, with tariff refunds shown separately
Next check: FY2027 Q1 results, with its date still unconfirmed. Test commercial productivity, DIY traffic and cash returns after the FY2026 network expansion. The October 26 annual filing has now replaced provisional release cash flows; monitor the remaining difference in release and audited cash figures.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 80/100 by <a href="https://www.findmymoat.com/stocks/XNYS:AZO">Find My Moat</a> (as of September 2026)Curation & Accuracy
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