Revenue growth remains stable at 8.4% year-over-year in 2026Q3, though operating margins have faced pressure, fluctuating between 16.3% and 21.3% over the last ten quarters.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Sales/Revenue | 19.99B | 18.94B | 18.49B | 17.46B | 16.25B | 14.63B | 12.63B | 11.86B | 11.22B | 10.89B | 10.64B | 10.19B | 9.48B | 9.15B | 8.6B | 8.07B | 7.36B | 6.82B | 6.52B | 6.17B | 5.95B | 5.71B | 5.64B | 5.46B | 5.33B | 4.82B | 4.48B | 4.12B | 3.24B | 2.69B | 2.24B |
| Revenue Growth % | 5.74% | 2.43% | 5.92% | 7.41% | 11.09% | 15.81% | 6.48% | 5.73% | 3.05% | 2.38% | 4.4% | 7.51% | 3.58% | 6.32% | 6.58% | 9.65% | 8.01% | 4.51% | 5.72% | 3.72% | 4.16% | 1.31% | 3.3% | 2.47% | 10.53% | 7.48% | 8.9% | 26.94% | 20.49% | 20.01% | 24.03% |
| Cost of Goods Sold | 9.64B | 8.97B | 8.67B | 8.39B | 7.78B | 6.91B | 5.86B | 5.5B | 5.25B | 5.15B | 5.03B | 4.86B | 4.54B | 4.41B | 4.17B | 3.95B | 3.65B | 3.4B | 3.25B | 3.11B | 3.01B | 2.92B | 2.88B | 2.94B | 2.95B | 2.8B | 2.6B | 2.26B | 1.79B | 1.48B | 1.24B |
| COGS % of Revenue | - | 47.38% | 46.91% | 48.04% | 47.87% | 47.25% | 46.4% | 46.35% | 46.76% | 47.29% | 47.26% | 47.71% | 47.92% | 48.17% | 48.49% | 48.97% | 49.59% | 49.88% | 49.9% | 50.33% | 50.6% | 51.1% | 51.1% | 53.91% | 55.4% | 58.21% | 58.05% | 54.81% | 55.29% | 55.05% | 55.48% |
| Gross Profit | 10.34B | 9.97B | 9.82B | 9.07B | 8.47B | 7.72B | 6.77B | 6.37B | 5.97B | 5.74B | 5.61B | 5.33B | 4.93B | 4.74B | 4.43B | 4.12B | 3.71B | 3.42B | 3.27B | 3.06B | 2.94B | 2.79B | 2.76B | 2.52B | 2.38B | 2.01B | 1.88B | 1.86B | 1.45B | 1.21B | 998.5M |
| Gross Margin % | 51.75% | 52.62% | 53.09% | 51.96% | 52.13% | 52.75% | 53.6% | 53.65% | 53.24% | 52.71% | 52.74% | 52.29% | 52.08% | 51.83% | 51.51% | 51.03% | 50.41% | 50.12% | 50.1% | 49.67% | 49.4% | 48.9% | 48.9% | 46.09% | 44.6% | 41.79% | 41.95% | 45.19% | 44.71% | 44.95% | 44.52% |
| Gross Profit Growth % | - | 1.52% | 8.23% | 7.06% | 9.78% | 13.99% | 6.37% | 6.55% | 4.08% | 2.33% | 5.29% | 7.95% | 4.09% | 6.97% | 7.59% | 10.98% | 8.64% | 4.54% | 6.65% | 4.28% | 5.23% | 1.3% | 9.61% | 5.88% | 17.99% | 7.07% | 1.09% | 28.29% | 19.83% | 21.17% | 24.91% |
| Operating Expenses | 6.74B | 6.36B | 6.03B | 5.6B | 5.2B | 4.77B | 4.35B | 4.15B | 4.16B | 3.66B | 3.55B | 3.37B | 3.1B | 2.97B | 2.8B | 2.62B | 2.39B | 2.24B | 2.14B | 2.01B | 1.93B | 1.82B | 1.76B | 1.6B | 1.6B | 1.63B | 1.37B | 1.43B | 1.07B | 888.6M | 729.6M |
| OpEx % of Revenue | - | 33.56% | 32.6% | 32.06% | 32.01% | 32.63% | 34.46% | 34.97% | 37.1% | 33.61% | 33.36% | 33.12% | 32.77% | 32.44% | 32.58% | 32.51% | 32.49% | 32.87% | 32.87% | 32.56% | 32.42% | 31.81% | 31.18% | 29.27% | 30.13% | 33.74% | 30.52% | 34.66% | 32.91% | 33.02% | 32.53% |
| Selling, General & Admin | 6.74B | 6.36B | 6.03B | 5.6B | 5.2B | 4.77B | 4.35B | 4.15B | 4.16B | 3.66B | 3.55B | 3.37B | 3.1B | 2.97B | 2.8B | 2.62B | 2.39B | 2.24B | 2.14B | 2.01B | 1.93B | 1.82B | 1.76B | 1.6B | 1.6B | 1.5B | 1.37B | 1.3B | 970.8M | 810.8M | 666.1M |
| SG&A % of Revenue | - | 33.56% | 32.6% | 32.06% | 32.01% | 32.63% | 34.46% | 34.97% | 37.1% | 33.61% | 33.36% | 33.12% | 32.77% | 32.44% | 32.58% | 32.51% | 32.49% | 32.87% | 32.87% | 32.56% | 32.42% | 31.81% | 31.18% | 29.27% | 30.13% | 31.11% | 30.52% | 31.54% | 29.94% | 30.13% | 29.7% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 126.69M | 0 | 128.5M | 96.6M | 77.8M | 63.5M |
| Operating Income | 3.6B | 3.61B | 3.79B | 3.47B | 3.27B | 2.94B | 2.42B | 2.22B | 1.81B | 2.08B | 2.06B | 1.95B | 1.83B | 1.77B | 1.63B | 1.49B | 1.32B | 1.18B | 1.12B | 1.06B | 1.01B | 975.66M | 998.71M | 917.8M | 771.01M | 387.69M | 512.02M | 433.2M | 382.4M | 321.3M | 268.9M |
| Operating Margin % | 18.02% | 19.06% | 20.49% | 19.9% | 20.12% | 20.13% | 19.14% | 18.68% | 16.14% | 19.1% | 19.37% | 19.17% | 19.32% | 19.38% | 18.93% | 18.52% | 17.92% | 17.25% | 17.23% | 17.1% | 16.98% | 17.08% | 17.72% | 16.82% | 14.48% | 8.05% | 11.42% | 10.52% | 11.79% | 11.94% | 11.99% |
| Operating Income Growth % | - | -4.71% | 9.06% | 6.21% | 11.08% | 21.79% | 9.09% | 22.38% | -12.94% | 0.95% | 5.5% | 6.71% | 3.22% | 8.85% | 8.97% | 13.29% | 12.19% | 4.62% | 6.53% | 4.49% | 3.51% | -2.31% | 8.82% | 19.04% | 98.87% | -24.28% | 18.19% | 13.28% | 19.02% | 19.49% | 18.09% |
| EBITDA | 4.26B | 4.22B | 4.34B | 3.97B | 3.71B | 3.35B | 2.82B | 2.59B | 2.16B | 2.4B | 2.36B | 2.22B | 2.08B | 2B | 1.84B | 1.69B | 1.51B | 1.36B | 1.29B | 1.22B | 1.15B | 1.11B | 1.11B | 1.03B | 889.26M | 519.02M | 638.82M | 561.7M | 479M | 399.1M | 332.4M |
| EBITDA Margin % | 21.33% | 22.3% | 23.46% | 22.75% | 22.85% | 22.91% | 22.29% | 21.8% | 19.21% | 22.07% | 22.17% | 21.82% | 21.97% | 21.87% | 21.39% | 20.95% | 20.53% | 19.9% | 19.83% | 19.72% | 19.35% | 19.5% | 19.69% | 18.83% | 16.7% | 10.77% | 14.25% | 13.65% | 14.77% | 14.83% | 14.82% |
| EBITDA Growth % | -0.88% | -2.65% | 9.24% | 6.97% | 10.76% | 19.08% | 8.86% | 19.95% | -10.29% | 1.92% | 6.06% | 6.8% | 4.06% | 8.67% | 8.85% | 11.88% | 11.43% | 4.86% | 6.35% | 5.69% | 3.35% | 0.34% | 8.01% | 15.55% | 71.33% | -18.75% | 13.73% | 17.27% | 20.02% | 20.07% | 20.43% |
| D&A (Non-Cash Add-back) | 661.54M | 613.2M | 549.75M | 497.58M | 442.22M | 407.68M | 397.47M | 369.96M | 345.08M | 323.05M | 297.4M | 269.92M | 251.27M | 227.25M | 211.83M | 196.21M | 192.08M | 180.43M | 169.51M | 161.13M | 141.02M | 137.94M | 111.12M | 109.75M | 118.25M | 131.33M | 126.8M | 128.5M | 96.6M | 77.8M | 63.5M |
| EBIT | 3.6B | 3.61B | 3.8B | 3.49B | 3.28B | 2.95B | 2.42B | 2.22B | 1.82B | 2.08B | 2.06B | 1.95B | 1.83B | 1.77B | 1.63B | 1.5B | 1.32B | 1.18B | 1.13B | 1.06B | 1.01B | 975.66M | 998.71M | 917.8M | 771.01M | 514.38M | 512.02M | 433.2M | 382.4M | 321.3M | 268.9M |
| Net Interest Income | -472.05M | -475.82M | -449.28M | -303.57M | -188.04M | -191.64M | -198.56M | -182.6M | -172.33M | -152.38M | -145.88M | -150.26M | -167.33M | -184.12M | -174M | -169.16M | -159.52M | -137.03M | -117.34M | -119.73M | -108.5M | -107.69M | -92.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 10.97M | 11.31M | 12.05M | 6.05M | 5.42M | 5.69M | 7.4M | 5.64M | 3.5M | 2.37M | 1.6M | 1.85M | 1.61M | 1.4M | 2.06M | 2.63M | 3.89M | 3.79M | 2.82M | 2.25M | 1.16M | 214K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 472.05M | 486.8M | 460.59M | 315.63M | 194.09M | 197.05M | 204.25M | 190M | 177.96M | 155.88M | 148.25M | 151.86M | 169.18M | 185.72M | 175.4M | 171.22M | 162.15M | 140.91M | 121.13M | 122.55M | 110.75M | 108.86M | 93.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -472.05M | -475.82M | -451.58M | -306.37M | -191.64M | -195.34M | -201.16M | -184.8M | -174.53M | -154.58M | -147.68M | -150.44M | -167.51M | -185.41M | -175.91M | -170.56M | -158.91M | -142.32M | -116.75M | -119.12M | -107.89M | -102.44M | -92.8M | -84.79M | -79.86M | -100.67M | -76.83M | -45.4M | -18.3M | -8.8M | -1.9M |
| Pretax Income | 3.13B | 3.13B | 3.34B | 3.17B | 3.08B | 2.75B | 2.22B | 2.03B | 1.64B | 1.93B | 1.91B | 1.8B | 1.66B | 1.59B | 1.45B | 1.32B | 1.16B | 1.03B | 1.01B | 936.15M | 902.04M | 873.22M | 905.9M | 833.01M | 691.15M | 287.03M | 435.19M | 387.8M | 364.1M | 312.5M | 267M |
| Pretax Margin % | 15.66% | 16.55% | 18.05% | 18.14% | 18.95% | 18.79% | 17.55% | 17.12% | 14.58% | 17.68% | 17.98% | 17.69% | 17.55% | 17.36% | 16.89% | 16.4% | 15.76% | 15.16% | 15.44% | 15.17% | 15.16% | 15.29% | 16.07% | 15.26% | 12.98% | 5.96% | 9.71% | 9.42% | 11.23% | 11.61% | 11.91% |
| Income Tax | 652.3M | 636.09M | 674.7M | 639.19M | 649.49M | 578.88M | 483.54M | 414.11M | 298.79M | 644.62M | 671.71M | 642.37M | 592.97M | 571.2M | 522.61M | 475.27M | 422.19M | 376.7M | 365.78M | 340.48M | 332.76M | 302.2M | 339.7M | 315.4M | 263M | 111.5M | 167.6M | 143M | 136.2M | 117.5M | 99.8M |
| Effective Tax Rate % | 20.84% | 20.29% | 20.22% | 20.18% | 21.09% | 21.06% | 21.82% | 20.39% | 18.26% | 33.48% | 35.12% | 35.64% | 35.66% | 35.98% | 35.97% | 35.89% | 36.38% | 36.44% | 36.31% | 36.37% | 36.89% | 34.61% | 37.5% | 37.86% | 38.05% | 38.85% | 38.51% | 36.87% | 37.41% | 37.6% | 37.38% |
| Net Income | 2.48B | 2.5B | 2.66B | 2.53B | 2.43B | 2.17B | 1.73B | 1.62B | 1.34B | 1.28B | 1.24B | 1.16B | 1.07B | 1.02B | 930.37M | 848.97M | 738.31M | 657.05M | 641.61M | 595.67M | 569.27M | 571.02M | 566.2M | 517.6M | 428.15M | 175.53M | 267.59M | 244.8M | 227.9M | 195M | 167.2M |
| Net Margin % | 12.4% | 13.19% | 14.4% | 14.48% | 14.95% | 14.84% | 13.72% | 13.63% | 11.92% | 11.76% | 11.67% | 11.39% | 11.29% | 11.11% | 10.81% | 10.52% | 10.03% | 9.64% | 9.84% | 9.65% | 9.57% | 10% | 10.04% | 9.48% | 8.04% | 3.64% | 5.97% | 5.95% | 7.03% | 7.25% | 7.46% |
| Net Income Growth % | -3.33% | -6.17% | 5.3% | 4.07% | 11.95% | 25.24% | 7.16% | 20.91% | 4.42% | 3.21% | 6.96% | 8.46% | 5.24% | 9.26% | 9.59% | 14.99% | 12.37% | 2.41% | 7.71% | 4.64% | -0.31% | 0.85% | 9.39% | 20.89% | 143.92% | -34.4% | 9.31% | 7.42% | 16.87% | 16.63% | 20.46% |
| Net Income (Continuing) | 2.48B | 2.5B | 2.66B | 2.53B | 2.43B | 2.17B | 1.73B | 1.62B | 1.34B | 1.28B | 1.24B | 1.16B | 1.07B | 1.02B | 930.37M | 848.97M | 738.31M | 657.05M | 641.61M | 595.67M | 569.27M | 571.02M | 566.2M | 517.6M | 428.15M | 175.53M | 267.59M | 244.8M | 227.9M | 195M | 167.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 147.05 | 144.87 | 149.55 | 132.36 | 117.19 | 95.19 | 71.93 | 63.43 | 48.77 | 44.07 | 40.70 | 36.03 | 31.57 | 27.79 | 23.48 | 19.47 | 14.97 | 11.73 | 10.04 | 8.53 | 7.50 | 7.18 | 6.56 | 5.34 | 4.00 | 1.54 | 2.00 | 1.63 | 1.48 | 1.28 | 1.11 |
| EPS Growth % | -1.56% | -3.13% | 12.99% | 12.94% | 23.11% | 32.34% | 13.4% | 30.06% | 10.66% | 8.28% | 12.96% | 14.13% | 13.6% | 18.36% | 20.6% | 30.06% | 27.62% | 16.83% | 17.7% | 13.73% | 4.46% | 9.45% | 22.85% | 33.5% | 159.74% | -23% | 22.7% | 10.14% | 15.63% | 15.32% | 19.35% |
| EPS (Basic) | - | 148.80 | 153.82 | 136.60 | 120.83 | 97.60 | 73.62 | 64.78 | 49.59 | 45.05 | 41.52 | 36.76 | 32.16 | 28.28 | 24.04 | 19.91 | 15.23 | 11.89 | 10.14 | 8.62 | 7.57 | 7.27 | 7.11 | 5.83 | 4.10 | 1.56 | 2.20 | 1.64 | 1.50 | 1.29 | 1.13 |
| Diluted Shares Outstanding | 16.85M | 17.25M | 17.8M | 19.1M | 20.73M | 22.8M | 24.09M | 25.5M | 27.42M | 29.07M | 30.49M | 32.21M | 33.88M | 36.58M | 39.63M | 43.6M | 49.3M | 55.99M | 63.88M | 69.84M | 75.86M | 79.51M | 86.43M | 97.31M | 107.11M | 113.8M | 137.85M | 150.18M | 153.99M | 152.34M | 150.63M |
| Basic Shares Outstanding | 16.47M | 16.79M | 17.31M | 18.51M | 20.11M | 22.24M | 23.54M | 24.97M | 26.97M | 28.43M | 29.89M | 31.56M | 33.27M | 35.94M | 38.7M | 42.63M | 48.49M | 55.28M | 63.3M | 69.1M | 75.24M | 78.53M | 84.99M | 97.31M | 104.45M | 112.83M | 137.85M | 149.27M | 151.93M | 151.16M | 147.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial segment margin dilution
As reported in recent quarterly filings, AutoZone has maintained a consistent revenue growth trajectory, with the most recent period showing an 8.4% year-over-year increase, suggesting that the company's hub-and-spoke distribution model continues to capture market share despite broader macroeconomic headwinds impacting the automotive retail sector.
The revenue expansion appears driven by a combination of steady DIY demand and the ongoing scaling of the Commercial segment. Investors should monitor whether this growth rate remains durable as the company faces tougher year-over-year comparisons and potential saturation in its core domestic markets.
Based on the provided income statement data, AutoZone has consistently maintained gross margins above 50%, with the most recent quarter reporting 52.2%, which suggests that the company's private label strategy and pricing power remain effective buffers against inflationary pressures in the automotive parts supply chain.
While these margins are robust, the slight compression from historical peaks warrants further investigation into the product mix shift. It appears that the increasing contribution of the lower-margin Commercial segment may be exerting downward pressure on overall profitability, necessitating a focus on operational efficiency to offset this trend.
According to the latest financial statements, operating margins have fluctuated between 16.3% and 21.3% over the last ten quarters, indicating that while the company maintains strong profitability, the ability to scale operating income faster than gross profit is currently constrained by rising SG&A expenses.
The variability in operating margins suggests that the company is absorbing higher costs related to its aggressive commercial expansion and logistical investments. Analysts should evaluate whether these elevated SG&A levels represent permanent structural costs or temporary investments required to secure long-term market dominance in the professional installer space.
Based on the reported figures, AutoZone's earnings per share have demonstrated significant volatility, ranging from $27.63 to $51.58 per share, which suggests that the company's aggressive share repurchase program remains the primary lever for driving shareholder returns rather than purely organic net income growth.
The reliance on share count reduction to bolster EPS may mask underlying fluctuations in core operational performance. Investors should be cautious of the impact that high debt levels, used to fund these repurchases, could have on future earnings quality if interest rate environments remain unfavorable.
As indicated by the income statement trends, the shift toward the Commercial segment may be creating a structural drag on profitability, as evidenced by the recent compression in operating margins compared to the 2024 fiscal year, which suggests a potential long-term risk to the company's premium valuation.
Short-term observers may focus on the potential for this segment shift to permanently lower the company's margin profile. If the Commercial business continues to grow as a percentage of total revenue, the company may struggle to maintain the high-margin performance that has historically defined its retail-heavy business model.
Quick answers to the most common questions about buying AZO stock.
For fiscal year 2025, AutoZone, Inc. (AZO) reported total revenue of $18.94B. This represents a 744.5% increase compared to $2.24B in 1996.
AutoZone, Inc. (AZO) is profitable, generating $2.50B in net income for the fiscal year ending 2025 with a net profit margin of 13.2%.
AutoZone, Inc. (AZO) reported an operating income of $3.61B, resulting in an operating profit margin of 19.1%. This margin reflects the operational efficiency of the business before interest and taxes.
AutoZone, Inc. (AZO) generated $9.97B in gross profit for the year, representing a gross profit margin of 52.6%. This demonstrates the company's core pricing power and production efficiency.