Constant Currency
Constant Currency
16 Weeks
16 Weeks*
52 Weeks
52 Weeks*
Domestic
4.8
%
4.8
%
3.2
%
3.2
%
International
2.1
%
7.2
%
(3.2
%)
9.3
%
Total Company
4.5
%
5.1
%
2.4
%
3.9
%
* Excludes impacts from fluctuations of foreign exchange rates.
For the quarter, gross profit, as a percentage of sales, was 51.5%, a decrease of 98 basis points versus the prior year. The decrease in gross margin was driven by a 128 basis point non-cash LIFO impact ($80 million LIFO charge in the current quarter versus none in the prior year), partially offset by higher merchandise margins. Operating expenses, as a percentage of sales, were 32.4% versus last year at 31.6%. Deleverage was primarily driven by investments to support our growth initiatives.
Operating profit decreased 7.8% to $1.2 billion. Net income for the quarter was $837.0 million compared to $902.2 million in the prior year, while diluted earnings per share decreased 5.6% to $48.71.
For the fiscal year ended August 30, 2025, net sales were $18.9 billion, an increase of 2.4% from the prior year. Gross profit, as a percentage of sales, was 52.6% versus last year at 53.1%. The decrease in gross margin was impacted by a 55 basis point non-cash LIFO impact ($64 million LIFO charge in the current year versus $40 million LIFO benefit in the prior year). Operating expenses, as a percentage of sales, were 33.6% versus last year at 32.6%. Operating profit decreased 4.7% to $3.6 billion, net income decreased 6.2% to $2.5 billion and diluted earnings per share decreased 3.1% to $144.87 from $149.55.
Under its share repurchase program, AutoZone repurchased 117 thousand shares of its common stock during the fourth quarter, at an average price per share of $3,821, for a total investment of $446.7 million. For the fiscal year, the Company repurchased 447 thousand shares of its common stock, at an average price of $3,425, for a total investment of $1.5 billion. At year end, the Company had $632.3 million remaining under its current share repurchase authorization.
The Company's inventory increased 14.1% 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 $131 thousand versus negative $163 thousand last year and negative $142 thousand last quarter.
"I would like to thank our entire organization for delivering another strong quarter of sales growth. We continue to be pleased with the results of our strategies to grow both our domestic and international DIY and Commercial sales. Domestically, both DIY and Commercial sales improved sequentially throughout the quarter, and we are pleased with our momentum heading into our new fiscal year. Our international business also continued to deliver strong results, growing same store sales 7.2% on a constant currency basis. We were especially pleased to have opened 141 net new stores globally in the quarter and 304 net new stores for the year. We expect to aggressively open stores in the new year as we continue to focus on growing our market share over time. As we continue to invest in our business, we expect that our disciplined approach of increasing earnings and cash flow will deliver strong shareholder value," said Phil Daniele, President and Chief Executive Officer.
During the quarter ended August 30, 2025, AutoZone opened 91 new stores and closed one in the U.S., opened 45 in Mexico and 6 in Brazil for a total of 141 net new stores. For the fiscal year, the Company opened 304 net new stores. As of August 30, 2025, the Company had 6,627 stores in the U.S., 883 in Mexico and 147 in Brazil for a total store count of 7,657.
AutoZone is the 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 23, 2025, 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 347798. In addition, a telephone replay will be available by dialing (877) 481-4010, replay passcode 52824 through October 7, 2025.
This release includes certain financial information not derived in accordance with generally accepted accounting principles ("GAAP"). These non-GAAP measures include adjustments to exclude the additional week in the prior year's fourth quarter and fiscal year, 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 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 31, 2024. 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" 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, Jennifer Hughes at (901) 495-6022,
AutoZone's 4th Quarter Highlights - Fiscal 2025
Condensed Consolidated Statements of Operations
4th Quarter, FY2025
(in thousands, except per share data)
GAAP Results
16 Weeks Ended
17 Weeks Ended
August 30, 2025
August 31, 2024
Net sales
$
6,242,726
$
6,205,380
Cost of sales
3,026,233
2,947,517
Gross profit
3,216,493
3,257,863
Operating, SG&A expenses
2,020,428
1,961,183
Operating profit (EBIT)
1,196,065
1,296,680
Interest expense, net
148,087
153,151
Income before taxes
1,047,978
1,143,529
Income tax expense
211,027
241,321
Net income
$
836,951
$
902,208
Net income per share:
Basic
$
50.02
$
52.98
Diluted
$
48.71
$
51.58
Weighted average shares outstanding:
Basic
16,731
17,030
Diluted
17,181
17,491
Adjustments
August 30, 2025
August 31, 2024 (1)
Net sales
$
-
$
365,879
Cost of sales
-
176,855
Gross profit
-
189,024
Operating, SG&A expenses
-
102,278
Operating profit (EBIT)
-
86,746
Interest expense, net
-
9,009
Income before taxes
-
77,737
Income tax expense
-
17,024
Net income
$
-
$
60,713
Earnings per share:
Basic
$
-
$
3.57
Diluted
$
-
$
3.47
Weighted average shares outstanding:
Basic
-
-
Diluted
-
-
Adjusted Results
16 Weeks Ended
16 Weeks Ended
August 30, 2025
August 31, 2024 (1)
Net sales
$
6,242,726
$
5,839,501
Cost of sales
3,026,233
2,770,662
Gross profit
3,216,493
3,068,839
Operating, SG&A expenses
2,020,428
1,858,905
Operating profit (EBIT)
1,196,065
1,209,934
Interest expense, net
148,087
144,142
Income before taxes
1,047,978
1,065,792
Income tax expense
211,027
224,297
Net income
$
836,951
$
841,495
Earnings per share:
Basic
$
50.02
$
49.41
Diluted
$
48.71
$
48.11
Weighted average shares outstanding:
Basic
16,731
17,030
Diluted
17,181
17,491
(1)The Company adjusted Q4 Fiscal 2024 to exclude the impact of the 17th week of operations.
AutoZone's 4th Quarter Highlights - Fiscal 2025
Condensed Consolidated Statements of Operations
Fiscal Year 2025
(in thousands, except per share data)
GAAP Results
52 Weeks Ended
53 Weeks Ended
August 30, 2025
August 31, 2024
Net sales
$
18,938,717
$
18,490,268
Cost of sales
8,972,243
8,673,216
Gross profit
9,966,474
9,817,052
Operating, SG&A expenses
6,356,318
6,028,344
Operating profit (EBIT)
3,610,156
3,788,708
Interest expense, net
475,824
451,578
Income before taxes
3,134,332
3,337,130
Income tax expense
636,085
674,703
Net income
$
2,498,247
$
2,662,427
Net income per share:
Basic
$
148.80
$
153.82
Diluted
$
144.87
$
149.55
Weighted average shares outstanding:
Basic
16,789
17,309
Diluted
17,245
17,803
Adjustments
August 30, 2025
August 31, 2024 (1)
Net sales
$
-
$
365,879
Cost of sales
-
176,855
Gross profit
-
189,024
Operating, SG&A expenses
-
102,278
Operating profit (EBIT)
-
86,746
Interest expense, net
-
9,009
