AUTOZONE (AZO) Company Report

AutoZone’s 2025 Annual Meeting was convened with 14.85 million shares represented, equal to 89% of the approximately 16.6 million outstanding shares.
Shareholders re-elected all 11 director nominees, ratified Ernst & Young LLP as auditor for FY2026, and approved the advisory vote on executive compensation.
Management reported a LIFO inventory charge of about $100 million in Q1 FY2025 and expects roughly $60 million in Q2 due to higher tariffs.
The company is diversifying its supply chain and expanding internationally, opening 89 stores in Mexico and 8 in Brazil in 2025, with a goal of 500 global stores (300 domestic, 200 international) by 2028.

4 days ago

Transcript

AutoZone holds FY2025 Annual Meeting of Stockholders

AZO

Proxy Vote Outcomes

Executive Compensation

New Projects/Investments

All 11 directors were re-elected, Ernst & Young LLP ratified as independent auditor, and the advisory vote on executive compensation approved.
14.85 million shares (representing 89% of outstanding shares) were present in person or by proxy, establishing a quorum.
Management reported a LIFO inventory charge of approximately $100 million in Q1 and an expected $60 million in Q2 due to higher tariffs, and outlined ongoing diversification of global sourcing.
The company opened 89 stores in Mexico and 7–8 in Brazil in 2025, targeting ~300 domestic and ~200 international stores (≈500 total) by 2028.

4 days ago

Transcript

AutoZone holds 2025 Annual Meeting: Board re-elected and strategic updates

AZO

Proxy Vote Outcomes

Guidance Update

At the meeting, 89% of approximately 16.6 million shares were represented, and all 11 director nominees were re-elected; Ernst & Young LLP was ratified as auditor for FY 2026, and the advisory vote on executive compensation passed.
In Q1 FY 2025, LIFO charges were just under $100 million, with Q2 projected at ~$60 million due to higher tariffs.
AutoZone has diversified its supply chain since the 2016–2017 tariffs, securing multiple suppliers per category to mitigate tariff impacts and ensure product availability.
International expansion in FY 2025 included 89 new stores in Mexico and 7–8 in Brazil; the company aims for 300 domestic and 200 international openings (total 500 stores) by 2028.

4 days ago

Transcript

AutoZone reports Q1 2026 results

AZO

Earnings

Guidance Update

Share Buyback

Total sales grew 8.2%, driven by 4.7% same-store sales growth (domestic +4.8%, international constant currency +3.7%), with 53 net new stores opened for a total of 7,708 outlets.
Earnings per share were $31.04, down 4.6%, including a $98 million LIFO charge; adjusted EPS excluding LIFO would have risen 8.9%.
Gross margin contracted to 51.0% (down 203 bps, with 212 bps from LIFO), while SG&A expenses increased 10.4%, deleveraging operating margin by 69 bps.
Generated $630 million free cash flow, repurchased $431 million of stock, ended with leverage at 2.5× EBITDA; guiding to 65–70 Q2 store openings and 350–360 for FY26.

Dec 9, 2025, 3:00 PM

Transcript

AutoZone reports Q1 FY2026 results

AZO

Earnings

Share Buyback

Total sales rose 8.2% to $4.6 billion, with domestic same-store sales up 4.8% and international comps +3.7% on a constant-currency basis.
EPS of $31.04 decreased 4.6%, though excluding a $98 million LIFO charge would have grown 8.9% year-over-year.
Commercial sales surged 14.5%, driven by improved inventory, hub investments and Duralast brand strength, while DIY comp was +1.5%.
CapEx of $1.6 billion planned for FY26 to support accelerated store growth (53 new stores opened in Q1) and two new distribution centers.
Free cash flow of $630 million and share repurchase of $431 million; leverage at 2.5× EBITDA.

Dec 9, 2025, 3:00 PM

Transcript

AutoZone reports Q1 FY2026 results

AZO

Earnings

Guidance Update

Share Buyback

AutoZone’s Q1 FY26 total sales grew 8.2% year-over-year, while diluted EPS was $31.04, down 4.6% (impacted by a $98 M non-cash LIFO charge, equating to $4.39 per share; ex-LIFO EPS +8.9%)
Domestic same-store sales increased 4.8% (DIY +1.5%, commercial +14.5% with traffic +5.9%), and international same-store comps rose 3.7% on a constant-currency basis
Committing $1.6 B CapEx in FY26 to accelerate global store growth (350–360 new stores, peaking at ~500 by FY28), expand hubs/mega hubs (100 in pipeline) and build new distribution centers in Mexico and Brazil
Generated $630 M free cash flow; repurchased $431 M of stock with $1.7 B remaining under buyback authorization; leverage ended at 2.5× EBITDA
For Q2, expects a $57 M FX tailwind to revenue, $18 M to EBIT and $0.77 EPS benefit; anticipates LIFO to reduce EPS by $2.70 and gross margin by ~140 bps

Dec 9, 2025, 3:00 PM

Transcript

AutoZone announces Q1 fiscal 2026 results

AZO

Earnings

Revenue Acceleration/Inflection

Share Buyback

AutoZone reported EPS of $31.04, below analyst expectations of $32.03–$32.87 and down from $32.52 a year ago, with net income falling to $530.8 million from $564.9 million.
Revenue rose 8.2% to $4.63 billion, driven by a 4.7%–5.5% increase in same-store sales across domestic and international markets.
Operating profit declined 6.8% to $784.2 million, while gross margin fell 203 bps to 51.0% due mainly to a non-cash LIFO impact; operating expenses rose to 34.0% of sales.
The company opened 53 net new stores globally and repurchased 108,000 shares for $431.1 million, leaving $1.7 billion available under its buyback program.

Dec 9, 2025, 12:08 PM

WSJ

AutoZone announces Q1 FY2026 results

AZO

Earnings

Net sales rose 8.2% to $4.6 billion for the quarter ended November 22, 2025.
Total Company same store sales increased 5.5% (constant currency 4.7%), with Domestic same store sales up 4.8%.
Operating profit declined 6.8% to $784.2 million, and net income decreased to $530.8 million.
Diluted EPS was $31.04, compared to $32.52 in Q1 FY2025.
The Company opened 53 net new stores, bringing its total to 7,710 locations.

Dec 9, 2025, 11:55 AM

8-K

AutoZone reports Q1 FY2026 same store sales up 4.7% and EPS of $31.04

AZO

Earnings

Share Buyback

Net sales rose 8.2% to $4.6 billion in Q1 FY2026 (ended November 22, 2025).
Same store sales grew 4.8% domestically and 11.2% internationally, driving a 5.5% total-company increase (constant currency 4.7%).
Diluted EPS of $31.04 and net income of $530.8 million, compared to $32.52 and $564.9 million in Q1 FY2025.
Share repurchases: bought 108 thousand shares at an average of $3,999 for $431.1 million; $1.7 billion remaining authorization.

Dec 9, 2025, 11:55 AM

Press Release

AutoZone highlights consumer resilience and growth strategies

AZO

Revenue Acceleration/Inflection

New Projects/Investments

The DIY-focused consumer remains resilient despite high new car (> $50k avg) and used car (> $500 monthly) costs, with no observed trade-downs and an increasing 12.8-year vehicle parc.
AutoZone’s break-fix model and inelastic demand allow disciplined price increases to offset inflation and tariff impacts, with retail pricing expected to rise over the next few quarters and margins expanding on subsequent deflation.
Commercial segment mix in the U.S. rose from ~20% to 33% through local market expansion, including mega hubs (aiming for ~300 total) and a dedicated sales force, capturing share in a ~$100 billion market.
Mexican operations comprise ~900 stores with potential to double in size over the next decade, benefiting from an older vehicle parc, higher gross margins, and lower labor costs.
Sourcing diversification has cut China direct imports from ~85–90% to ~60%, shifting volume to Turkey and India, with plans to further reduce China reliance and maintain margin structure.

Nov 4, 2025, 7:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for AUTOZONE.

Q1 2026

Dec 9, 2025

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Q4 2025

Sep 23, 2025

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Q3 2025

May 27, 2025

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AUTOZONE (AZO)

Analyst Earnings Quarterly Reports

Q4 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Philip B. Daniele, III

Jamere Jackson

Kenneth E. Jaycox, Jr.

Thomas B. Newbern

William C. Rhodes, III

William R. Hackney

Board Members

Brian P. Hannasch

Claire R. McDonough

Constantino Spas Montesinos

Earl G. Graves, Jr.

Gale V. King

George R. Mrkonic, Jr.

Jill A. Soltau

Linda A. Goodspeed

Michael A. George

Analyst Coverage

Bret Jordan

Christopher Horvers

Michael Lasser

Brian Nagel

Gregory Melich

Steven Forbes

Steven Zaccone

David Bellinger

Scot Ciccarelli

Zachary Fadem

Simeon Gutman

Lauren Ng

Seth Sigman

Victoria O

Ariana Warden

Beatriz Rowan

Beculio

Justin Kleber

Kate McShane

Mark Carden

Mark Jordan

Michael Baker

Michael Montani

Robert Ohmes

Scott Stember

Seth Basham

Skylar Tennant

Travis Sherman

Zane Brock

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