At a glance
AutoZone Inc is worth $52.36B, about 21 times its fiscal 2026 earnings. Revenue grew 7.4% to $20.34B in fiscal 2026, with 12.6% kept as profit; over 5 years it has grown 6.8% a year. It pays no dividend; it spent $14.79B buying back its shares over FY2022–FY2026. The stock returned −11.5% over the past year with dividends reinvested and +12.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.0% in the 2020 crash (S&P 500: 33.7%) and 21.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 3 months after the lows.
The business in plain English
AutoZone sells replacement parts and accessories for cars, SUVs, vans and light trucks. Its range covers new and remanufactured hard parts (the mechanical components that wear out or fail), maintenance items, accessories and some non-automotive products. It earns no revenue from repair or installation work. As of August 29, 2026, it ran 8,031 stores: 6,863 in the US, 1,001 in Mexico and 167 in Brazil.
It serves two groups. Do-it-yourself drivers shop in stores and at autozone.com. Professional customers, such as repair garages, dealers, service stations and fleet owners, use its commercial program. That program offers prompt delivery and credit accounts in 6,443 US stores and most stores in Mexico and Brazil. Stores can typically draw on a hub store's wider stock the same day. The largest hubs, called mega hubs, carry up to 110,000 items. AutoZone also sells ALLDATA diagnostic, repair and shop-management software. The company calls vehicles seven or more years old “our kind of vehicles,” since they are usually out of warranty and need more repairs.
In the fiscal year ended August 29, 2026, revenue rose 7.4% to $20.3 billion. US stores, including Puerto Rico, brought in 86.6% and operations outside the US 13.4%. After paying for the goods it sold, AutoZone kept 52.3% of sales, a figure called gross margin.
Price history
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AZO -11.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| Stores in the United States Including Puerto Rico | $17.61B | 86.6% |
| Non-US | $2.72B | 13.4% |
Latest results
- In Q4 FY2026 (ended Aug 29, 2026), revenue was $6.59B, up 5.6% from a year earlier, and net income was $931.6M (+11.3%).
- For fiscal 2026, revenue was $20.34B (+7.4% year over year; +6.8% a year from FY2021 to FY2026) with a 12.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +6.8% good |
|---|---|
| Operating margin | 18.3% good |
| Free cash flow margin | 8.9% watch |
| Return on assets (FY2026) | 11.9% good |
| Net cash (cash minus debt) | $-8.80B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $14.63B | $2.17B | $2.90B |
| FY2022 | $16.25B | $2.43B | $2.54B |
| FY2023 | $17.46B | $2.53B | $2.14B |
| FY2024 | $18.49B | $2.66B | $1.93B |
| FY2025 | $18.94B | $2.50B | $1.79B |
| FY2026 | $20.34B | $2.57B | $1.82B |
Valuation snapshot
| Market value | $52.36B |
|---|---|
| P/E ratio | 21.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
AutoZone’s market value went from $22.60B at the end of 2016 to $52.36B on Nov 2, 2026, about 2.3 times as much; since the end of 2025 it is down 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $52.36B | -6.8% |
| 2025 | $56.19B | +4.6% |
| 2024 | $53.74B | +20.2% |
| 2023 | $44.71B | -3.4% |
| 2022 | $46.28B | +7.0% |
| 2021 | $43.26B | +60.3% |
| 2020 | $26.98B | -4.0% |
| 2019 | $28.11B | +33.0% |
| 2018 | $21.13B | +8.6% |
| 2017 | $19.46B | -13.9% |
| 2016 | $22.60B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AZO price data to Nov 2, 2026 | -4.1% | -11.5% | +8.5% | +12.7% | +16.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.1% |
| 2025 | +5.9% |
| 2024 | +23.8% |
| 2023 | +4.8% |
| 2022 | +17.6% |
| 2021 | +76.8% |
| 2020 | -0.5% |
| 2019 | +42.1% |
| 2018 | +17.9% |
| 2017 | -9.9% |
| 2016 | +6.5% |
| 2015 | +19.8% |
| 2014 | +29.5% |
| 2013 | +34.9% |
| 2012 | +9.1% |
| 2011 | +19.2% |
| 2010 | +72.5% |
| 2009 | +13.3% |
| 2008 | +16.3% |
| 2007 | +3.8% |
| 2006 | +25.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 22% over that stretch · deepest drop along the way 36.9%, back to its old high 2.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.2% over that stretch · deepest drop along the way 37%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 9.8% over that stretch · deepest drop along the way 21.4%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 1 open-market purchases ($493K) and 2 sales ($4.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Dennis W. LeRiche Sr. Vice President | sell | $4.5M |
| May 29, 2026 | Brian Hannasch Director | buy | $493K |
| Apr 10, 2026 | Earl G Jr Graves Director | sell | $174K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 7.5% | Jun 30, 2026 |
| JPMORGAN CHASE & CO | 6.8% | Mar 31, 2026 |
ETFs with the most weight in AZO
| RTH VanEck Retail ETF | 3.68% |
| BCUS Bancreek U.S. Large Cap ETF | 2.88% |
| EQRR ProShares Equities for Rising Rates ETF | 2.6% |
| CNAV Mohr Company Nav ETF | 2.6% |
| SAWG AAM Sawgrass US Large Cap Quality Growth ETF | 2.49% |
| POWA Invesco Bloomberg Pricing Power ETF | 2.36% |
| EMOT First Trust S&P 500 Economic Moat ETF | 2.27% |
| RSPD Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 2.19% |
What could go wrong
- Electric cars may need fewer parts. AutoZone says more electric vehicles on the road could mean fewer part failures and less need for replacement parts. Longer-lasting part designs and better-built new cars could also reduce demand.
- Demand depends on aging cars and miles driven. Sales rely on vehicles seven or more years old and on how far people drive. Mild weather means fewer part failures, and high fuel prices or a weak economy can lead drivers to put off repairs.
- Commercial growth may fall short. AutoZone aims to win more business from repair shops and fleets in a market split among many suppliers. If it cannot gain that share profitably, the company warns its sales growth may be limited.
- Tariffs could raise the cost of goods. AutoZone imports goods directly or indirectly. After the Supreme Court struck down emergency-powers tariffs in February 2026, new 150-day tariffs took effect. Further tariffs could raise costs, affect pricing or disrupt supply.
- Large debt and credit rating risk. As of August 29, 2026, AutoZone had $9.1 billion of debt, $326 million in cash and investments, and negative shareholder equity. A credit downgrade could make it harder to borrow or refinance.
- Mexico and Brazil add extra challenges. Operations outside the US, including 1,001 stores in Mexico and 167 in Brazil, produced 13.4% of fiscal 2026 revenue. Local economies, laws and currency swings can hurt results there.
Recent events
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Other company announcement
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
For income and retirement investors
AutoZone pays no dividend and paid none from fiscal 2022 through 2026, so the stock provides no regular cash income. Instead, it bought back about $14.8 billion of its own shares over those five years. That included $2.0 billion in fiscal 2026, more than that year's $1.8 billion of free cash flow (cash left after running and investing in the business). The share count fell 22% from December 2021 to October 2026, giving each remaining share a larger slice of profits. Income seekers would need to sell shares to raise cash.
The stock fell hard in past crashes but recovered quickly. It dropped 36.9% in the fall of 2008 and 37% in March 2020, regaining its prior high within about three months each time. Over the market's full 2007–2009 slide, it gained 22%. As of October 28, 2026, it was down 17% over one year. A single stock carries more risk than a diversified fund.
Questions investors ask
How does AutoZone make money?
AutoZone makes money by selling auto parts, not by fixing cars. It sells replacement parts, maintenance items and accessories to do-it-yourself drivers and to professional customers such as repair garages and fleet owners. It sells through 8,031 stores (as of August 29, 2026) and its websites. It also sells ALLDATA repair software. In fiscal 2026, revenue was $20.3 billion, with 86.6% from US stores (including Puerto Rico). AutoZone kept 52.3% of sales after the cost of the goods it sold.
Does AutoZone pay a dividend?
No. AutoZone paid no dividends from fiscal 2022 through fiscal 2026. Instead, it returns cash by buying back its own stock, and it spent about $14.8 billion on buybacks over those five years. The share count fell 22% between December 2021 and October 2026. Diluted earnings per share rose from $95.19 in fiscal 2021 to $152.55 in fiscal 2026. Buybacks can lift earnings per share, but they do not put cash in an investor's pocket the way a dividend does.
Will electric cars hurt AutoZone?
They could. In its annual report for the fiscal year ended August 29, 2026, AutoZone lists the spread of electric vehicles as a risk. Electric cars can mean less frequent part failures and less need for parts. The report does not estimate how large the effect might be. It also lists other factors that could reduce demand: longer-lasting parts, better-built new cars, and carmakers limiting access to diagnostic tools and repair information.
How much debt does AutoZone have?
About $9.1 billion of total debt as of August 29, 2026, against $326 million in cash and investments. Shareholder equity was negative $2.5 billion, meaning recorded liabilities exceeded recorded assets. At companies that buy back a lot of stock, negative equity often reflects years of buybacks rather than losses. AutoZone earned $2.6 billion in net income in fiscal 2026. The company warns that a credit rating downgrade could make it harder to borrow or refinance debt.
How has AutoZone stock performed over the long term?
It has done well over the long term but poorly over the past year. As of October 28, 2026, the share price had risen about 15.7% a year over 10 years (329% in total) and 12.1% a year over five years. It fell 17% over one year and was down 6.9% for the year to date. These figures reflect share price only, and AutoZone paid no dividends in fiscal 2022 through 2026. Past results do not predict future ones.