AutoZone (AZO) financial statements
AutoZone reported revenue of $18.9B in fiscal 2025, up 6.6% a year over 9 years.
Net income was $2.5B and the operating margin 19.1%, against 19.4% in 2016.
Free cash flow was $1.8B, and the company returned $1.6B in net buybacks.
The diluted share count fell 43% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from AutoZone's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.6B | $10.9B | $11.2B | $11.9B | $12.6B | $14.6B | $16.3B | $17.5B | $18.5B | $18.9B |
| Cost of revenue | $5.0B | $5.1B | $5.2B | $5.5B | $5.9B | $6.9B | $7.8B | $8.4B | $8.7B | $9.0B |
| Gross profit | $5.6B | $5.7B | $6.0B | $6.4B | $6.8B | $7.7B | $8.5B | $9.1B | $9.8B | $10.0B |
| Selling, general and admin | $3.5B | $3.7B | $4.2B | $4.1B | $4.4B | $4.8B | $5.2B | $5.6B | $6.0B | $6.4B |
| Operating income | $2.1B | $2.1B | $1.8B | $2.2B | $2.4B | $2.9B | $3.3B | $3.5B | $3.8B | $3.6B |
| Interest expense | $151M | $159M | $182M | $194M | $208M | $202M | $199M | $320M | $465M | $490M |
| Pre-tax income | $1.9B | $1.9B | $1.6B | $2.0B | $2.2B | $2.7B | $3.1B | $3.2B | $3.3B | $3.1B |
| Income tax | $672M | $645M | $299M | $414M | $484M | $579M | $649M | $639M | $675M | $636M |
| Net income | $1.2B | $1.3B | $1.3B | $1.6B | $1.7B | $2.2B | $2.4B | $2.5B | $2.7B | $2.5B |
| EPS (diluted) | $40.70 | $44.07 | $48.77 | $63.43 | $71.93 | $95.19 | $117.19 | $132.36 | $149.55 | $144.87 |
| Diluted shares | 30M | 29M | 27M | 25M | 24M | 23M | 21M | 19M | 18M | 17M |
| Gross margin | 52.7% | 52.7% | 53.2% | 53.7% | 53.6% | 52.8% | 52.1% | 52.0% | 53.1% | 52.6% |
| Operating margin | 19.4% | 19.1% | 16.1% | 18.7% | 19.1% | 20.1% | 20.1% | 19.9% | 20.5% | 19.1% |
| Net margin | 11.7% | 11.8% | 11.9% | 13.6% | 13.7% | 14.8% | 14.9% | 14.5% | 14.4% | 13.2% |
Balance sheet
Fiscal years, from AutoZone's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $190M | $293M | $218M | $176M | $1.8B | $1.2B | $264M | $277M | $298M | $272M |
| Receivables | $288M | $281M | $258M | $309M | $365M | $378M | $505M | $520M | $546M | $670M |
| Total current assets | $4.2B | $4.6B | $4.6B | $5.0B | $6.8B | $6.4B | $6.6B | $6.8B | $7.3B | $8.3B |
| Property, plant and equipment | $3.7B | $4.0B | $4.2B | $4.4B | $4.5B | $4.9B | $5.2B | $5.6B | $6.2B | $7.1B |
| Goodwill | $392M | $392M | $303M | $303M | $303M | $303M | $303M | $303M | $303M | $303M |
| Total assets | $8.6B | $9.3B | $9.3B | $9.9B | $14.4B | $14.5B | $15.3B | $16.0B | $17.2B | $19.4B |
| Total current liabilities | $4.7B | $4.8B | $5.0B | $5.5B | $6.3B | $7.4B | $8.6B | $8.5B | $8.7B | $9.5B |
| Long-term debt | $4.9B | $5.1B | $5.0B | $5.2B | $5.5B | $5.3B | $6.1B | $7.7B | $9.0B | $8.8B |
| Total liabilities | $10.4B | $10.7B | $10.9B | $11.6B | $15.3B | $16.3B | $18.8B | $20.3B | $21.9B | $22.8B |
| Shareholders' equity | -$1.8B | -$1.4B | -$1.5B | -$1.7B | -$878M | -$1.8B | -$3.5B | -$4.3B | -$4.7B | -$3.4B |
| Net debt | $4.7B | $4.8B | $4.8B | $5.0B | $3.8B | $4.1B | $5.9B | $7.4B | $8.7B | $8.5B |
Cash flow
Fiscal years, from AutoZone's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $1.6B | $2.1B | $2.1B | $2.7B | $3.5B | $3.2B | $2.9B | $3.0B | $3.1B |
| Capital spending | $489M | $554M | $522M | $496M | $458M | $622M | $672M | $797M | $1.1B | $1.3B |
| Free cash flow | $1.2B | $1.0B | $1.6B | $1.6B | $2.3B | $2.9B | $2.5B | $2.1B | $1.9B | $1.8B |
| Stock-based compensation | $40M | $38M | $44M | $43M | $45M | $56M | $71M | $93M | $106M | $125M |
| Share buybacks (net) | -$1.5B | -$1.1B | -$1.6B | -$2.0B | -$931M | -$3.4B | -$4.4B | -$3.7B | -$3.1B | -$1.6B |
| Net borrowing | -$350M | -$442M | -$80M | -$545M | -$1.5B | -$250M | $103M | -$194M | -$930M | -$731M |
| Free cash flow margin | 10.8% | 9.3% | 13.9% | 13.8% | 17.9% | 19.8% | 15.6% | 12.3% | 10.4% | 9.5% |
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Open AZO in InvestinglyQuestions
What was AutoZone's revenue in 2025?
$18.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does AutoZone generate?
$1.8B in fiscal 2025 (operating cash flow minus capital spending).
From AutoZone's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.