AutoZone Q4 earnings rise; EPS hits $56.05

AutoZone posts higher Q4 and full-year sales and EPS, expands gross margin, but sees lower ROIC and slightly softer inventory efficiency.

Rhea-AI Filing Summary

AUTOZONE INC (AZO) reported solid growth for its 16-week fourth quarter ended August 29, 2026, with net sales of $6.6 billion, up 5.6% from a year ago, and total company same store sales up 2.7% (domestic 1.6%, international 10.7%). Gross margin expanded to 53.3%, up 182 basis points, helped by tariff refunds and a favorable non-cash LIFO impact. Operating profit rose 10.1% to $1.3 billion, and net income increased to $931.6 million, driving diluted EPS of $56.05 versus $48.71 last year.

For fiscal 2026, net sales were $20.3 billion, up 7.4%, with total company same store sales up 4.5%. Full-year operating profit grew 3.1% to $3.7 billion, net income rose 3.0% to $2.6 billion, and diluted EPS increased 5.3% to $152.55. Adjusted debt to EBITDAR remained at 2.5x, while adjusted after-tax ROIC declined to 35.8% from 41.3%. AutoZone was active in capital returns, repurchasing 579 thousand shares for $2.0 billion during the year and ending with $1.6 billion of remaining authorization.

Store expansion continued, with 374 new stores opened in fiscal 2026, bringing the total to 8,031 (6,863 in the U.S., 1,001 in Mexico, 167 in Brazil). Inventory increased 10.1%, largely tied to growth initiatives; inventory turns eased to 1.3x and accounts payable to inventory fell to 111.1%. Management highlighted stronger sales trends in the back half of the quarter and expressed confidence in positioning for fiscal 2027 growth.

Positive

• Fourth quarter earnings strength: Q4 net sales rose 5.6% to $6.6 billion, operating profit grew 10.1% to $1.3 billion, and diluted EPS increased to $56.05, up about 15% from $48.71.
• Full-year growth and EPS increase: Fiscal 2026 net sales reached $20.3 billion, up 7.4%, with diluted EPS up 5.3% to $152.55, indicating continued earnings expansion.
• Margin expansion in Q4: Quarterly gross margin improved by 182 basis points to 53.3%, supported by tariff refunds and favorable non-cash LIFO effects.
• Significant capital returns: The company repurchased 579 thousand shares for $2.0 billion in fiscal 2026 and still has $1.6 billion remaining under its share repurchase authorization.
• Ongoing footprint and commercial growth: Total stores increased to 8,031, and total domestic commercial sales grew 10.6% for the year to $5.76 billion, with higher average sales per commercial program.

Negative

• ROIC compression: Adjusted after-tax ROIC declined to 35.8% from 41.3%, a drop of over 5 percentage points, signaling reduced returns on invested capital.
• Higher operating expense burden: Operating expenses rose as a percentage of sales to 33.4% in Q4 (from 32.4%) and 34.0% for the year (from 33.6%), reflecting deleverage from growth initiatives.
• Slightly weaker inventory efficiency: Inventory turns decreased to 1.3x from 1.4x, and the accounts payable to inventory ratio fell to 111.1% from 114.2%, indicating softer working capital leverage.

Filing Explained

At August 29, 2026, AutoZone reported cash of $326,115 thousand against debt of $9,078,320 thousand and stockholders’ deficit of ($2,502,470 thousand).

This Form 8-K reports AutoZone’s completed fiscal-year results for the 52 weeks ended August 29, 2026 and furnishes the accompanying earnings release.

At year end, the company reported cash of $326,115 thousand, total debt of $9,078,320 thousand, working capital of ($1,000,396 thousand), and a stockholders’ deficit of ($2,502,470 thousand); these figures describe the company’s reported balance-sheet position rather than a new financing or equity issuance.

The release also reports operating cash flow of $3,302,846 thousand and capital spending of $1,496,255 thousand for fiscal 2026, providing the year’s cash-generation and investment figures alongside the earnings results.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q4 2026 Net Sales: $6,594,879,000 Q4 2026 Diluted EPS: $56.05 Fiscal 2026 Net Sales: $20,338,555,000 +5 more

8 metrics

Q4 2026 Net Sales $6,594,879,000 16 weeks ended August 29, 2026; up 5.6% from $6,242,726,000 in Q4 2025

Q4 2026 Diluted EPS $56.05 Compared with $48.71 in the prior-year quarter

Fiscal 2026 Net Sales $20,338,555,000 52 weeks ended August 29, 2026; 7.4% above $18,938,717,000 in fiscal 2025

Fiscal 2026 Diluted EPS $152.55 Up 5.3% from $144.87 in fiscal 2025

Adjusted Debt to EBITDAR 2.5x Based on adjusted debt of $12,495,768,000 and EBITDAR of $5,044,403,000 for fiscal 2026

Adjusted After-Tax ROIC 35.8% 52 weeks ended August 29, 2026; down from 41.3% a year earlier

Fiscal 2026 Share Repurchases $2,000,000,000 579,000 shares repurchased at an average price of $3,496 per share

Total Store Count 8,031 stores As of August 29, 2026 across the U.S., Mexico, and Brazil

Key Terms

same store sales, LIFO, EBITDAR, Adjusted Return on Invested Capital (ROIC), +2 more

6 terms

same store sales financial

"Same store sales, or sales for our domestic and international stores open at least one year"

Same store sales measure the change in revenue generated by stores that have been open for at least a year, comparing current sales to past periods. It helps investors see how well a business is growing from its existing locations, without the influence of new store openings or closures. This metric provides a clearer picture of ongoing performance and customer demand.

LIFO financial

"a 105 basis point net non-cash LIFO impact, partially offset by higher commercial mix"

An accounting method that assumes the most recently acquired inventory items are sold first, so the newest costs flow into cost of goods sold while older costs stay on the balance sheet. Imagine a stack of boxes where you take from the top; when prices are rising, that top-first approach produces higher reported costs and lower reported profits, which can reduce taxes and change profit margins. Investors watch LIFO because it affects reported earnings, tax liabilities, and how comparable a company’s performance is to peers.

EBITDAR financial

"adjusted debt to earnings before interest, taxes, depreciation, amortization, rent and share-based expense (“EBITDAR”)"

EBITDAR stands for Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent; it measures a company's operating profit before the cost of financing, taxes, accounting write-downs, and lease or rent payments. For investors, it reveals how much cash a business generates from its core activities without the effects of capital structure or rent commitments — similar to checking how much money a store makes from selling goods before paying for the building, loan interest, or taxes.

Adjusted Return on Invested Capital (ROIC) financial

"Adjusted Return on Invested Capital (ROIC)"

A measure of how much profit a company generates from the money invested in its business, expressed as a percentage, after removing one-off items and accounting quirks so the underlying operating performance is clearer. Think of it like the annual yield from a garden bed after excluding a single bumper crop or loss: it shows how efficiently management turns capital into sustainable returns, helping investors judge whether the business is creating value above its cost of funding.

working capital financial

"Working capital | | (1,000,396 | )"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

ASC 842 regulatory

"reconciles rent expense to total lease cost, per ASC 842, the most directly comparable GAAP"

ASC 842 is the U.S. accounting rule that requires most lease agreements to be recorded on a company’s balance sheet as right-of-use assets and corresponding lease liabilities, rather than being hidden as off‑balance-sheet rent. For investors, this brings clearer visibility into a firm’s true obligations and asset base—like converting a long-term apartment rental into a visible mortgage-like entry—helping compare companies, assess leverage, and judge cash flow risks more accurately.

Earnings Snapshot

Q4 Net Sales: $6.59 billion

Fourth quarter and fiscal year ended August 29, 2026

Q4 Net Sales $6.59 billion Up 5.6% from $6.24 billion in Q4 fiscal 2025

Q4 Diluted EPS $56.05 Up from $48.71 in the prior-year quarter

Fiscal 2026 Net Sales $20.34 billion Up 7.4% from $18.94 billion in fiscal 2025

Fiscal 2026 Diluted EPS $152.55 Up 5.3% from $144.87 in fiscal 2025

Q4 Gross Margin 53.3% Increased by 182 basis points versus prior year

Adjusted After-Tax ROIC 35.8% Down from 41.3% in the prior year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did AutoZone (AZO) perform financially in Q4 2026?

AutoZone reported Q4 2026 net sales of $6.6 billion, up 5.6% year over year, with operating profit up 10.1% to $1.3 billion and net income of $931.6 million. Diluted EPS was $56.05, compared with $48.71 in the prior-year quarter.

What were AutoZone’s full-year fiscal 2026 results?

For fiscal 2026, AutoZone generated $20.3 billion in net sales, a 7.4% increase. Operating profit was $3.7 billion, net income $2.57 billion, and diluted EPS $152.55, up 5.3% from $144.87 in fiscal 2025.

How did same store sales trend for AutoZone in 2026?

Total company same store sales rose 2.7% in Q4 2026 and 4.5% for fiscal 2026. Domestic same store sales increased 1.6% in Q4 and 3.3% for the year, while international same store sales grew 10.7% in Q4 and 13.5% for the year.

What capital return actions did AutoZone (AZO) take in fiscal 2026?

AutoZone repurchased 579 thousand shares in fiscal 2026 at an average price of $3,496, for a total of $2.0 billion. In Q4 alone, it bought back 223 thousand shares for $697.5 million and ended the year with $1.6 billion of remaining repurchase authorization.

How leveraged is AutoZone’s balance sheet based on adjusted debt metrics?

For the 52 weeks ended August 29, 2026, AutoZone reported adjusted debt of $12.50 billion and EBITDAR of $5.04 billion, resulting in an adjusted debt to EBITDAR ratio of 2.5x, unchanged from the prior year.

How many stores does AutoZone operate after fiscal 2026 expansion?

As of August 29, 2026, AutoZone operated 8,031 stores: 6,863 in the U.S., 1,001 in Mexico, and 167 in Brazil. The company opened 374 new stores during fiscal 2026.

What happened to AutoZone’s return on invested capital (ROIC)?

Adjusted after-tax ROIC for the 52 weeks ended August 29, 2026 was 35.8%, down from 41.3% a year earlier. This is based on adjusted after-tax return of $3.34 billion and invested capital of $9.33 billion.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 22, 2026

_______________________________

AUTOZONE, INC.

(Exact name of registrant as specified in its charter)

_______________________________

Nevada	1-10714	62-1482048
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

123 South Front Street

Memphis, Tennessee 38103

(Address of Principal Executive Offices) (Zip Code)

(901) 495-6500

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	AZO	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On September 22, 2026, AutoZone, Inc. issued a press release announcing its earnings for the fiscal quarter ended August 29, 2026, which is furnished as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.
99.1		Press Release, dated September 22, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AUTOZONE, INC.
Date: September 22, 2026	By:	/s/ Jamere Jackson
		Jamere Jackson
		Chief Financial Officer

EXHIBIT 99.1

AutoZone 4th Quarter Total Company Same Store Sales Increase 1.5%; Domestic Same Store Sales Increase 1.6%; 4th Quarter EPS of $56.05; Annual Sales of $20.3 Billion

MEMPHIS, Tenn., Sept. 22, 2026 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $6.6 billion for its fourth quarter (16 weeks) ended August 29, 2026, an increase of 5.6% from the fourth quarter of fiscal 2025 (16 weeks). Same store sales, or sales for our domestic and international stores open at least one year, are as follows:

					Constant Currency							Constant Currency
	16 Weeks				16 Weeks*			52 Weeks				52 Weeks*
Domestic	1.6	%			1.6	%		3.3	%			3.3		%
International	10.7	%			1.3	%		13.5	%			2.2		%
Total Company	2.7	%			1.5	%		4.5	%			3.2		%
* Excludes impacts from fluctuations of foreign exchange rates.

For the quarter, gross profit, as a percentage of sales, was 53.3%, an increase of 182 basis points versus the prior year. The increase in gross margin was driven by a 145 basis point impact from tariff refunds and a 105 basis point net non-cash LIFO impact, partially offset by higher commercial mix. Operating expenses, as a percentage of sales, were 33.4% versus last year at 32.4% with deleverage primarily driven by growth initiatives.

Operating profit increased 10.1% to $1.3 billion. Net income for the quarter was $931.6 million compared to $837.0 million in the same period last year, while diluted earnings per share were $56.05 compared to last year at $48.71.

For the fiscal year ended August 29, 2026, net sales were $20.3 billion, an increase of 7.4% from the prior year. Gross profit, as a percentage of sales, was 52.3% versus last year at 52.6%. The decrease in gross margin was impacted by a 61 basis point net non-cash LIFO impact, partially offset by a 48 basis point benefit from tariff refunds. Operating expenses, as a percentage of sales, were 34.0% versus last year at 33.6%. Operating profit increased 3.1% to $3.7 billion, net income increased 3.0% to $2.6 billion and diluted earnings per share increased 5.3% to $152.55 from $144.87.

Under its share repurchase program, AutoZone repurchased 223 thousand shares of its common stock at an average price per share of $3,125, for a total investment of $697.5 million. For the fiscal year, the Company repurchased 579 thousand shares of its common stock, at an average price of $3,496, for a total investment of $2.0 billion. At year end, the Company had $1.6 billion remaining under its current share repurchase authorization.

The Company’s inventory increased 10.1% over the same period last year, driven primarily by growth initiatives. Net inventory, defined as merchandise inventories less accounts payable, on a per store basis, was negative $107 thousand versus negative $131 thousand last year and negative $107 thousand last quarter.

“I want to thank our entire organization for delivering another quarter of sales and earnings growth. In spite of a difficult selling environment the first eight weeks of our quarter, we remained committed to executing on our strategies to grow both our domestic and international businesses. Over the last eight weeks of the quarter our sales results strengthened, and we feel we are well positioned for sales growth in fiscal 2027.  We opened 175 new stores this past quarter, which included 16 new Mega Hub stores in the U.S. We continue to improve our inventory offering for both the do-it-yourself and professional customers. We continue to improve our speed of delivery and are intently focused on exceptional customer service. Based on the data we have, we continued to gain share and we expect sales in each of the three countries in which we operate to accelerate in the new fiscal year.  As always, we will remain committed to a disciplined approach of driving shareholder value,” said Phil Daniele, President and Chief Executive Officer.

During the quarter ended August 29, 2026, AutoZone opened 97 new stores in the U.S., 68 in Mexico and 10 in Brazil for a total of 175 new stores. For the fiscal year, the Company opened 374 new stores. As of August 29, 2026, the Company had 6,863 stores in the U.S., 1,001 in Mexico and 167 in Brazil for a total store count of 8,031.

AutoZone is a leading retailer and distributor of automotive replacement parts and accessories in the Americas. Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. The majority of stores have a commercial sales program that provides prompt delivery of parts and other products and commercial credit to local, regional and national repair garages, dealers, service stations, fleet owners and other accounts. AutoZone also sells automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com. Additionally, we sell the ALLDATA brand of automotive diagnostic, repair, collision and shop management software through www.alldata.com. We also provide product information on our Duralast branded products through www.duralastparts.com. AutoZone does not derive revenue from automotive repair or installation services.

AutoZone will host a conference call this morning, Tuesday, September 22, 2026, beginning at 10:00 a.m. (ET) to discuss its fourth quarter results. This call is being webcast and can be accessed, along with supporting slides, at AutoZone’s website at www.autozone.com by clicking on Investor Relations. Investors may also listen to the call by dialing (888) 506-0062, passcode AUTOZONE. In addition, a telephone replay will be available by dialing (877) 481-4010, replay passcode 54424 through October 20, 2026.

This release includes certain financial information not derived in accordance with generally accepted accounting principles (“GAAP”). These non-GAAP measures include adjustments to reflect return on invested capital, adjusted debt and adjusted debt to earnings before interest, taxes, depreciation, amortization, rent and share-based expense (“EBITDAR”). The Company believes that the presentation of these non-GAAP measures provides information that is useful to investors as it indicates more clearly the Company’s comparative year-to-year operating results, but this information should not be considered a substitute for any measures derived in accordance with GAAP. Management targets the Company’s capital structure in order to maintain its investment grade credit ratings. The Company believes this is important information for the management of its debt levels and share repurchases. We have included a reconciliation of this additional information to the most comparable GAAP measures in the accompanying reconciliation tables.

Certain statements herein constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically use words such as “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “seek,” “may,” “could” and similar expressions. These statements are based on assumptions and assessments made by our management in light of experience, historical trends, current conditions, expected future developments and other factors that we believe appropriate. These forward-looking statements are subject to a number of risks and uncertainties, including without limitation: product demand, due to changes in fuel prices, miles driven or otherwise; energy prices; weather, including extreme temperatures and natural disasters; competition; credit market conditions; cash flows; access to financing on favorable terms; future stock repurchases; the impact of recessionary conditions; consumer debt levels; changes in laws or regulations; risks associated with self-insurance; war and the prospect of war, including terrorist activity; public health issues; inflation, including wage inflation; exchange rates; the ability to hire, train and retain qualified employees, including members of management; construction delays; failure or interruption of our information technology systems; issues relating to the confidentiality, integrity or availability of information, including due to cyber-attacks; historic sales and profit growth rate sustainability; downgrade of our credit ratings; damage to our reputation; challenges associated with doing business in and expanding into international markets; origin and raw material costs of suppliers; inventory availability; disruption in our supply chain; tariffs, trade policies and other geopolitical factors; new accounting standards; our ability to execute our growth initiatives; and other business interruptions. These and other risks and uncertainties are discussed in more detail in the “Risk Factors” section contained in Item 1A under Part 1 of our Annual Report on Form 10-K for the year ended August 30, 2025. Forward-looking statements are not guarantees of future performance and actual results may differ materially from those contemplated by such forward-looking statements. Events described above and in the “Risk Factors” section could materially and adversely affect our business. However, it is not possible to identify or predict all such risks and other factors that could affect these forward-looking statements. Forward-looking statements speak only as of the date made. Except as required by applicable law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information:
Financial: Brian Campbell at (901) 495-7005, brian.campbell@autozone.com
Media: Jennifer Hughes at (901) 495-6022, jennifer.hughes@autozone.com

AutoZone's 4th Quarter Highlights - Fiscal 2026
Condensed Consolidated Statements of Operations
4th Quarter, FY2026
(in thousands, except per share data)
	GAAP Results
	16 Weeks Ended				16 Weeks Ended
	August 29, 2026				August 30, 2025
Net sales	$	6,594,879			$	6,242,726
Cost of sales		3,077,151				3,026,233
Gross profit		3,517,728				3,216,493
Operating, SG&A expenses		2,200,811				2,020,428
Operating profit (EBIT)		1,316,917				1,196,065
Interest expense, net		148,684				148,087
Income before taxes		1,168,233				1,047,978
Income tax expense		236,646				211,027
Net income	$	931,587			$	836,951
Net income per share:
Basic	$	57.17			$	50.02
Diluted	$	56.05			$	48.71
Weighted average shares outstanding:
Basic		16,294				16,731
Diluted		16,620				17,181
Fiscal Year 2026
(in thousands, except per share data)
	GAAP Results
	52 Weeks Ended				52 Weeks Ended
	August 29, 2026				August 30, 2025
Net sales	$	20,338,555			$	18,938,717
Cost of sales		9,693,581				8,972,243
Gross profit		10,644,974				9,966,474
Operating, SG&A expenses		6,921,660				6,356,318
Operating profit (EBIT)		3,723,314				3,610,156
Interest expense, net		472,614				475,824
Income before taxes		3,250,700				3,134,332
Income tax expense		677,923				636,085
Net income	$	2,572,777			$	2,498,247
Net income per share:
Basic	$	156.11			$	148.80
Diluted	$	152.55			$	144.87
Weighted average shares outstanding:
Basic		16,481				16,789
Diluted		16,865				17,245
Selected Balance Sheet Information
(in thousands)
	August 29, 2026				August 30, 2025
Cash and cash equivalents	$	326,115			$	271,803
Merchandise inventories		7,735,560				7,025,688
Current assets		9,106,134				8,341,379
Property and equipment, net		8,056,120				7,062,509
Operating lease right-of-use assets		3,470,379				3,194,666
Total assets		21,630,510				19,355,324
Accounts payable		8,596,585				8,025,590
Current liabilities		10,106,530				9,519,397
Operating lease liabilities, less current portion		3,369,119				3,093,936
Total Debt		9,078,320				8,799,775
Stockholders' deficit		(2,502,470	)			(3,414,313	)
Working capital		(1,000,396	)			(1,178,018	)

AutoZone's 4th Quarter Highlights - Fiscal 2026
Condensed Consolidated Statements of Operations
Adjusted Debt / EBITDAR
(in thousands, except adjusted debt to EBITDAR ratio)
	52 Weeks Ended
	August 29, 2026				August 30, 2025
Net income	$	2,572,777			$	2,498,247
Add: Interest expense		472,614				475,824
Income tax expense		677,923				636,085
EBIT		3,723,314				3,610,156
Add: Depreciation and amortization		684,265				613,199
Rent expense(1)		500,020				463,031
Share-based expense		136,804				124,717
EBITDAR	$	5,044,403			$	4,811,103
Debt	$	9,078,320			$	8,799,775
Financing lease liabilities		417,328				399,940
Add: Rent x 6(1)		3,000,120				2,778,186
Adjusted debt	$	12,495,768			$	11,977,901
Adjusted debt to EBITDAR		2.5				2.5
Adjusted Return on Invested Capital (ROIC)
(in thousands, except ROIC)
	52 Weeks Ended
	August 29, 2026				August 30, 2025
Net income	$	2,572,777			$	2,498,247
Adjustments:
Interest expense		472,614				475,824
Rent expense(1)		500,020				463,031
Tax effect(2)		(203,281	)			(190,588	)
Adjusted after-tax return	$	3,342,130			$	3,246,514
Average debt(3)	$	8,884,947			$	8,948,381
Average stockholders' deficit(3)		(2,967,742	)			(4,253,805	)
Add: Rent x 6(1)		3,000,120				2,778,186
Average financing lease liabilities(3)		415,701				396,323
Invested capital	$	9,333,026			$	7,869,085
Adjusted After-Tax ROIC		35.8	%			41.3	%
(1)The table below outlines the calculation of rent expense and reconciles rent expense to total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the 52 weeks ended August 29, 2026, and August 30, 2025.
									52 Weeks Ended
(in thousands)	August 29, 2026				August 30, 2025
Total lease cost, per ASC 842	$	673,134			$	626,625
Less: Financing lease interest and amortization		(125,127	)			(119,801	)
Less: Variable operating lease components, related to insurance and common area maintenance		(47,987	)			(43,793	)
				Rent expense				$	500,020			$	463,031
(2)Effective tax rate for fiscal 2026 and 2025 was 20.9% and 20.3%, respectively.
(3)All averages are computed based on trailing five quarter balances.
Other Selected Financial Information
(in thousands)
	August 29, 2026				August 30, 2025
Cumulative share repurchases ($ since fiscal 1998)	$	40,543,302			$	38,517,689
Remaining share repurchase authorization ($)		1,606,698				632,311
Cumulative share repurchases (shares since fiscal 1998)		156,208				155,629
Shares outstanding, end of quarter		16,173				16,665
	16 Weeks Ended				16 Weeks Ended				52 Weeks Ended			52 Weeks Ended
	August 29, 2026				August 30, 2025				August 29, 2026			August 30, 2025
Depreciation and amortization	$	220,139			$	197,412			$	684,265		$	613,199
Cash flow from operations		1,183,259				990,819				3,302,846			3,155,401
Capital spending		498,769				479,698				1,496,255			1,365,321

AutoZone's 4th Quarter Highlights - Fiscal 2026
Condensed Consolidated Statements of Operations
Selected Operating Highlights
Store Count & Square Footage
	16 Weeks Ended				16 Weeks Ended				52 Weeks Ended				52 Weeks Ended
	August 29, 2026				August 30, 2025				August 29, 2026				August 30, 2025
Domestic:
Beginning stores		6,766				6,537				6,627				6,432
Stores opened		97				91				236				196
Stores closed		-				(1	)			-				(1	)
Ending domestic stores		6,863				6,627				6,863				6,627
Relocated stores		2				4				10				9
Stores with commercial programs		6,443				6,098				6,443				6,098
Square footage (in thousands)		45,934				44,138				45,934				44,138
Mexico:
Beginning stores		933				838				883				794
Stores opened		68				45				118				89
Ending Mexico stores		1,001				883				1,001				883
Brazil:
Beginning stores		157				141				147				127
Stores opened		10				6				20				20
Ending Brazil stores		167				147				167				147
Total		8,031				7,657				8,031				7,657
Total Company stores opened, net		175				141				374				304
Square footage (in thousands)		54,661				51,818				54,661				51,818
Square footage per store		6,806				6,767				6,806				6,767
Sales Statistics
($ in thousands, except sales per average square foot)
	16 Weeks Ended				16 Weeks Ended				52 Weeks Ended				52 Weeks Ended
Total AutoZone Stores (Domestic, Mexico and Brazil)	August 29, 2026				August 30, 2025				August 29, 2026				August 30, 2025
Sales per average store	$	830			$	823			$	2,593			$	2,523
Sales per average square foot	$	122			$	122			$	382			$	374
Domestic Commercial
Total domestic commercial sales	$	1,912,981			$	1,761,960			$	5,762,414			$	5,212,294
% Increase vs. LY		8.6	%			6.0	%			10.6	%			6.7	%
Average sales per program per week	$	18.7			$	18.2			$	17.7			$	16.7
% Increase vs. LY		2.7	%			9.0	%			6.0	%			5.0	%
	16 Weeks Ended				16 Weeks Ended				52 Weeks Ended				52 Weeks Ended
Same store sales (1)	August 29, 2026				August 30, 2025				August 29, 2026				August 30, 2025
Domestic		1.6	%			4.8	%			3.3	%			3.2	%
International		10.7	%			2.1	%			13.5	%			(3.2	%)
Total Company		2.7	%			4.5	%			4.5	%			2.4	%
International - Constant Currency		1.3	%			7.2	%			2.2	%			9.3	%
Total Company - Constant Currency		1.5	%			5.1	%			3.2	%			3.9	%
(1) Same store sales are based on sales for all stores open at least one year. Constant Currency same store sales exclude the impact of fluctuations of foreign currency exchange rates by converting both the current year and prior year international results at the prior year foreign currency exchange rate.
												Inventory Statistics (Total Stores)
	as of				as of
	August 29, 2026				August 30, 2025
Accounts payable/inventory		111.1	%			114.2	%
($ in thousands)
Inventory	$	7,735,560			$	7,025,688
Inventory per store		963				918
Net inventory (net of payables)		(861,025	)			(999,902	)
Net inventory/per store		(107	)			(131	)
	Trailing 5 Quarters
	August 29, 2026				August 30, 2025
Inventory turns		1.3	x			1.4	x

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 PRESS RELEASE 183.4 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 3.3 KB
• EX-101 XBRL DEFINITION FILE 25.5 KB
• EX-101 XBRL LABEL FILE 35.1 KB
• EX-101 XBRL PRESENTATION FILE 24.1 KB