AutoZone, Inc. Revenue & Financials

AutoZone generated $17.18 billion in net sales for the fiscal year ended August 31, 2024, representing a 5.7% increase compared to $16.25 billion in fiscal 2023, driven by a 3.2% increase in comparable store sales and the addition of 150 new stores across the United States, Mexico, and Brazil. The company’s gross profit for fiscal 2024 was $9.17 billion, reflecting a gross margin of 53.4%, a 30 basis point improvement from the prior year, driven by higher private-label penetration and favorable freight costs. Selling, general, and administrative (SG&A) expenses were $5.32 billion, or 31.0% of net sales, remaining flat as a percentage of revenue, demonstrating operating leverage as the company scaled its revenue base. The company’s operating income was $3.85 billion, representing an operating margin of 22.4%, a 40 basis point improvement from the prior year. Net income for fiscal 2024 was $2.39 billion, or $133.50 per diluted share, representing a 10.5% increase compared to $2.16 billion, or $112.40 per diluted share, in fiscal 2023. The company’s earnings per share growth was significantly amplified by its aggressive share repurchase program, which reduced the diluted weighted average shares outstanding from 19.2 million in fiscal 2023 to 17.9 million in fiscal 2024. The company generated $2.85 billion in cash flow from operations, allowing it to fund $2.1 billion in share repurchases and $450 million in capital expenditures, primarily related to the expansion of its mega hub network and technology investments. The company’s return on invested capital (ROIC) was 32.5%, reflecting the high capital efficiency of its business model. The company’s balance sheet remains strong, with $6.2 billion in long-term debt and $1.5 billion in cash and cash equivalents, maintaining an investment-grade credit rating (BBB from S&P). The company’s net debt to EBITDA ratio was 1.8x, well within its target range of 1.5x to 2.5x, providing financial flexibility to continue its share repurchase program and fund strategic initiatives.