# AUTOZONE INC (AZO)

Informational only - not investment advice.

CIK: 0000866787
SIC: 5531 Retail-Auto & Home Supply Stores
SIC breadcrumb: [Retail Trade](/division/G/) > [SIC Major Group 55](/major-group/55/) > [SIC 5531 Retail-Auto & Home Supply Stores](/industry/5531/)
Latest 10-K filed: 2025-10-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=866787
Filing source: https://www.sec.gov/Archives/edgar/data/866787/000110465925102611/azo-20250830x10k.htm

## At a glance

FY2025 · period end 2025-08-30 · filed 2025-10-27 · accession 0001104659-25-102611 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000866787.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 18,938,717,000 USD | 2025 | verified |
| Net income | 2,498,247,000 USD | 2025 | verified |
| Assets | 19,355,324,000 USD | 2025 | verified |
| Free cash flow | 1,790,080,000 USD | 2025 | computed |
| Net margin | 13.19% | 2025 | computed |
| Operating margin | 19.06% | 2025 | computed |
| Revenue YoY | +2.43% | 2025 | computed |

Stockholders' equity was not positive at FY2025 year-end (-3,414,313,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed.

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only).

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | AZO | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 13.2% | 2.3% | 90 | 21 |
| Operating margin | 19.1% | 4.1% | 88 | 18 |
| Revenue growth | 2.4% | 4.4% | 35 | 21 |
| FCF margin | 9.5% | 4.1% | 89 | 19 |
| ROA | 12.9% | 3.5% | 90 | 22 |
| Current ratio | 0.88 | 1.11 | 21 | 20 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 55 SIC Major Group 55, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 18938717000 | USD | 2025 | 2025-10-27 |
| Net income | 2498247000 | USD | 2025 | 2025-10-27 |
| Assets | 19355324000 | USD | 2025 | 2025-10-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-10-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000866787.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 10,635,676,000 | 10,888,676,000 | 11,221,077,000 | 11,863,743,000 | 12,631,967,000 | 14,629,585,000 | 16,252,230,000 | 17,457,209,000 | 18,490,268,000 | 18,938,717,000 |
| Net income | 1,241,007,000 | 1,280,869,000 | 1,337,536,000 | 1,617,221,000 | 1,732,972,000 | 2,170,314,000 | 2,429,604,000 | 2,528,426,000 | 2,662,427,000 | 2,498,247,000 |
| Operating income | 2,060,395,000 | 2,080,069,000 | 1,810,856,000 | 2,216,137,000 | 2,417,679,000 | 2,944,527,000 | 3,270,729,000 | 3,473,986,000 | 3,788,708,000 | 3,610,156,000 |
| Gross profit | 5,608,736,000 | 5,739,620,000 | 5,973,746,000 | 6,365,001,000 | 6,770,753,000 | 7,717,785,000 | 8,472,650,000 | 9,070,422,000 | 9,817,052,000 | 9,966,474,000 |
| Diluted EPS | 40.70 | 44.07 | 48.77 | 63.43 | 71.93 | 95.19 | 117.19 | 132.36 | 149.55 | 144.87 |
| Operating cash flow | 1,641,060,000 | 1,570,612,000 | 2,080,292,000 | 2,128,513,000 | 2,720,108,000 | 3,518,543,000 | 3,211,135,000 | 2,940,788,000 | 3,004,116,000 | 3,117,337,000 |
| Capital expenditures | 488,791,000 | 553,832,000 | 521,788,000 | 496,050,000 | 457,736,000 | 621,767,000 | 672,391,000 | 796,657,000 | 1,072,696,000 | 1,327,257,000 |
| Share buybacks | 1,452,462,000 | 1,071,649,000 | 1,592,013,000 | 2,004,896,000 | 930,903,000 | 3,378,321,000 | 4,359,991,000 | 3,699,552,000 | 3,140,917,000 | 1,578,186,000 |
| Assets | 8,599,787,000 | 9,259,781,000 | 9,346,980,000 | 9,895,913,000 | 14,423,872,000 | 14,516,199,000 | 15,275,043,000 | 15,985,878,000 | 17,176,538,000 | 19,355,324,000 |
| Stockholders' equity | -1,787,538,000 | -1,428,377,000 | -1,520,355,000 | -1,713,851,000 | -877,977,000 | -1,797,536,000 | -3,538,913,000 | -4,349,894,000 | -4,749,614,000 | -3,414,313,000 |
| Cash and cash equivalents | 189,734,000 | 293,270,000 | 217,824,000 | 176,300,000 | 1,750,815,000 | 1,171,335,000 | 264,380,000 | 277,054,000 | 298,172,000 | 271,803,000 |
| Free cash flow | 1,152,269,000 | 1,016,780,000 | 1,558,504,000 | 1,632,463,000 | 2,262,372,000 | 2,896,776,000 | 2,538,744,000 | 2,144,131,000 | 1,931,420,000 | 1,790,080,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 11.67% | 11.76% | 11.92% | 13.63% | 13.72% | 14.84% | 14.95% | 14.48% | 14.40% | 13.19% |
| Operating margin | 19.37% | 19.10% | 16.14% | 18.68% | 19.14% | 20.13% | 20.12% | 19.90% | 20.49% | 19.06% |
| Return on assets | 14.43% | 13.83% | 14.31% | 16.34% | 12.01% | 14.95% | 15.91% | 15.82% | 15.50% | 12.91% |
| Current ratio | 0.90 | 0.97 | 0.92 | 0.91 | 1.08 | 0.87 | 0.77 | 0.80 | 0.84 | 0.88 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2025-10-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000866787.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2014-Q4 | 2014-08-30 |  | 373,670,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2015-Q4 | 2015-08-29 |  | 401,137,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2016-Q4 | 2016-08-27 |  | 426,768,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2017-Q4 | 2017-08-26 |  | 433,900,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2018-Q4 | 2018-08-25 | 3,558,768,000 | 400,282,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2019-Q4 | 2019-08-31 | 3,988,436,000 | 565,229,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2020-Q4 | 2020-08-29 | 4,545,968,000 | 740,457,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2021-Q4 | 2021-08-28 | 4,913,484,000 | 785,771,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2022-Q4 | 2022-08-27 | 5,348,355,000 | 810,043,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q4 | 2023-08-26 | 5,690,618,000 | 864,841,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q4 | 2024-08-31 | 6,205,380,000 | 902,208,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q4 | 2025-08-30 | 6,242,726,000 | 836,950,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from AZO's latest 10-K: [/company/AZO/business/](/company/AZO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from AZO's latest 10-K: [/company/AZO/risk-factors/](/company/AZO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/866787/000110465926073525/azo-20260509x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-06-12
Report date: 2026-05-09

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we provide a historical and prospective narrative of our general financial condition, results of operations, liquidity and certain other factors that may affect the future results of AutoZone, Inc. (“AutoZone” or the “Company”). The following MD&A discussion should be read in conjunction with our Condensed Consolidated Financial Statements, related notes to those statements and other financial information, including forward-looking statements and risk factors, that appear elsewhere in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the year ended August 30, 2025, and other filings we make with the SEC.

Forward-Looking Statements

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 I 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” 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.

Overview

We are a leading retailer and distributor of automotive replacement parts and accessories in the Americas. We began operations in 1979 and at May 9, 2026, operated 6,766 stores in the U.S., 933 stores in Mexico and 157 stores in Brazil. 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. At May 9, 2026, in 6,356 of our domestic stores as well as the vast majority of our stores in Mexico and Brazil, we had 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. We also sell 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 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. We do not derive revenue from automotive repair or installation services. Our websites and the information contained therein or linked thereto are not intended to be incorporated into this report.

19

Table of Contents

Operating results for the twelve and thirty-six weeks ended May 9, 2026, are not necessarily indicative of the results that may be expected for the fiscal year ending August 29, 2026. Each of the first three quarters of our fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarters of fiscal 2026 and 2025 each have 16 weeks. Our business is somewhat seasonal in nature, with the highest sales generally occurring during the months of February through September, and the lowest sales generally occurring in the months of December and January.

Executive Summary

Net sales increased to $4.8 billion, an 8.4% increase over the comparable prior year period. Operating profit increased 6.6% to $923.8 million. The third quarter operating profit comparison was negatively impacted by a $36.0 million net unfavorable non-cash LIFO impact. Net income increased 5.4% to $641.5 million and diluted earnings per share increased 7.7% to $38.07 for the quarter.

During the third quarter of fiscal 2026, failure and maintenance related categories represented the largest portion of our sales mix at approximately 85% of total sales, whereas they represented approximately 86% of total sales in the comparable prior year period. Failure related categories continue to be the largest portion of our sales mix. We did not experience any fundamental shifts in our category sales mix as compared to the previous year. Our sales mix can be impacted by weather over a short-term period. Over the long-term, we believe the impact of weather on our sales mix is not significant.

Our business is impacted by various factors within the economy that affect both our consumers and our industry, including but not limited to inflation, interest rates, levels of consumer debt, fuel and energy costs, prevailing wage rates, foreign currency exchange rate fluctuations, supply chain disruptions, tariffs, trade policies and other geopolitical factors, hiring and other economic conditions. Given the nature of these macroeconomic factors, which are generally outside of our control, we cannot predict whether or for how long certain trends will continue, nor can we predict to what degree these trends will impact us in the future.

The two statistics we believe have the closest correlation to our market growth over the long-term are miles driven and the number of seven year old or older vehicles on the road. For the twelve-month period ended March 2026, miles driven in the U.S. increased 1.1% compared to the same period in the prior year, based on the latest information available from the U.S. Department of Transportation. According to the latest data provided by S&P Global Mobility, the average age of light vehicles on the road in the U.S. was 12.8 years.

Tariffs

On February 20, 2026, the U.S. Supreme Court invalidated tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”). The President immediately introduced new tariffs under different statutory authority, though their scope and duration, and the likelihood and outcome of further legal challenges to these tariffs, remain uncertain. On April 20, 2026, the Company filed for refunds of IEEPA tariffs paid directly by the Company via the U.S. Customs and Border Protection’s consolidated administration and processing of entries tool in the automated commercial environment portal. Due to the uncertainty around the timing and amount of refunds to be received, the Company has not recognized any potential IEEPA tariff refunds within its Condensed Consolidated Financial Statements as of May 9, 2026. Tariff policy and legal challenges continue to evolve, and we will continue to monitor potential impacts on our business, financial condition and results of operations.

Twelve Weeks Ended May 9, 2026

Compared with Twelve Weeks Ended May 10, 2025

Net sales for the twelve weeks ended May 9, 2026, increased $376.6 million to $4.8 billion, or 8.4% over net sales of $4.5 billion for the comparable prior year period. This growth was primarily driven by an increase in total company same store sales of 3.9% on a constant currency basis and net sales of $129.0 million from new domestic and international stores. Domestic commercial sales increased $132.4 million to $1.4 billion, or 10.4% over the comparable prior year.

20

Table of Contents

Same store sales, or sales for our domestic and international stores open at least one year, are as follows:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","Twelve Weeks Ended"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","Constant Currency (1)","\u200b"],["\u200b","\u200b","May 9, 2026","\u200b","May 10, 2025","\u200b","May 9, 2026","\u200b","May 10, 2025"],["Domestic","\u200b","4.1","%","\u200b","5.0","%","\u200b","4.1","%","\u200b","5.0","%"],["International","","16.6","%","\u200b","(9.2)","%","","1.6","%","","8.1","%"],["Total Company","","5.5","%","\u200b","3.2","%","","3.9","%","","5.4","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Constant currency same store sales exclude impacts from 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."]]
[[/GREPCENT_TABLE]]

Gross profit for the twelve weeks ended May 9, 2026, was $2.5 billion, compared with $2.4 billion during the comparable prior year period. Gross profit, as a percentage of sales, was 52.2% for the twelve weeks ended May 9, 2026, compared to 52.7% for the comparable prior year period. The decrease in gross margin was driven by a 77 basis point unfavorable net non-cash LIFO impact, partially offset by other margin improvements.

Operating, selling, general and administrative expenses for the twelve weeks ended May 9, 2026, were $1.6 billion compared with $1.5 billion during the comparable prior year period. As a percentage of sales, these expenses were 33.1% compared with 33.3% during the comparable prior year period, primarily driven by strong top line sales growth.

Net interest expense was $110.5 million and $111.3 million for the twelve weeks ended May 9, 2026, and May 10, 2025, respectively. Average borrowings were $8.9 billion and $9.2 billion, and weighted average borrowing rates were 4.52% and 4.48% for the twelve weeks ended May 9, 2026, and May 10, 2025, respectively.

Our effective income tax rate was 21.1% and 19.4% of pretax income for the twelve weeks ended May 9, 2026, and May 10, 2025, respectively. The increase is primarily due to a reduced benefit from stock options exercised compared to the prior year. The benefit from stock options exercised was $4.0 million and $22.7 million for the twelve wee

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/866787/000110465925102611/azo-20250830x10k.htm
Complete FY 2025 MD&A: /company/AZO/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-10-27
Report date: 2025-08-30

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

We are a leading retailer and distributor of automotive replacement parts and accessories in the Americas. We began operations in 1979 and at August 30, 2025, operated 6,627 stores in the U.S., 883 stores in Mexico and 147 stores in Brazil. 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. At August 30, 2025, in 6,098 of our domestic stores as well as the vast majority of our stores in Mexico and Brazil, we had 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. We also sell 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. We do not derive revenue from automotive repair or installation services.

Executive Summary

For fiscal 2025, net sales increased to $18.9 billion, a 2.4% increase over the prior year. Domestic commercial sales increased 6.7%, which represents 31.7% of our total Domestic sales. 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 for the year.

Fiscal 2025 consisted of 52 weeks whereas fiscal 2024 consisted of 53 weeks. The inclusion of the 53rd week in fiscal 2024 resulted in an increase to net sales of $365.9 million and an increase in operating profit of $86.7 million. Additionally, fiscal 2025 comparisons were negatively impacted by foreign currency exchange rates which had an unfavorable impact to net sales of $273.1 million and operating profit of $88.2 million. Operating profit comparison was also negatively impacted by an unfavorable net non-cash LIFO impact of $104.0 million.

During fiscal 2025, failure and maintenance related categories represented the largest portion of our sales mix, at approximately 85% of total sales. While we have not experienced any fundamental shifts in our category sales mix as compared to previous years, we have seen a slight decrease in mix of sales of the accessories category and a slight increase in the maintenance and failure categories compared to the previous two years.

Our business is impacted by various factors within the economy that affect both our consumer and our industry, including but not limited to inflation, interest rates, levels of consumer debt, fuel and energy costs, prevailing wage rates, foreign exchange rate fluctuations, supply chain disruptions, tariffs, trade policies and other geopolitical factors, hiring and other economic conditions. Given the nature of these macroeconomic factors, which are generally outside of our control, we cannot predict whether or for how long certain trends will continue, nor can we predict to what degree these trends will impact us in the future.

​

The two statistics we believe have the closest correlation to our market growth over the long-term are miles driven and the number of seven-year-old or older vehicles on the road.

Miles Driven

We believe as the number of miles driven increases, consumers’ vehicles are more likely to need service and maintenance, resulting in an increase in the need for automotive hard parts and maintenance items. For the twelve-month period ended July 2025, miles driven in the U.S. increased 1.0% compared to the same period in the prior year based on the latest information available from the U.S. Department of Transportation.

Seven Year Old or Older Vehicles

As the number of seven-year-old or older vehicles on the road increases, we expect an increase in demand for the products we sell. We expect the aging vehicle population to continue to increase as consumers keep their cars longer. According to the latest data provided by S&P Global Mobility, the average age of light vehicles on the road increased slightly to 12.8 years and these vehicles account for approximately 43% of U.S. vehicles.

28

Table of Contents

According to the U.S. Department of Transportation – Federal Highway Administration, vehicles are driven an average of approximately 11,000 miles each year. In seven years, the average miles driven equates to approximately 77,000 miles. Our experience is that at this point in a vehicle’s life, most vehicles are not covered by warranties and increased maintenance and repairs are needed to keep the vehicle operating.

29

Table of Contents

Results of Operations

The following table highlights selected financial information over the past five years:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/AZO/mda/fy2025/
All MD&A years: /company/AZO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/AZO/mda/fy2024/): filed 2024-10-28; accession 0001558370-24-013758 (https://www.sec.gov/Archives/edgar/data/866787/000155837024013758/azo-20240831x10k.htm)
- [FY 2023 MD&A](/company/AZO/mda/fy2023/): filed 2023-10-24; accession 0001558370-23-016668 (https://www.sec.gov/Archives/edgar/data/866787/000155837023016668/azo-20230826x10k.htm)
- [FY 2022 MD&A](/company/AZO/mda/fy2022/): filed 2022-10-24; accession 0001558370-22-015239 (https://www.sec.gov/Archives/edgar/data/866787/000155837022015239/azo-20220827x10k.htm)
- [FY 2021 MD&A](/company/AZO/mda/fy2021/): filed 2021-10-25; accession 0001558370-21-013446 (https://www.sec.gov/Archives/edgar/data/866787/000155837021013446/azo-20210828x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5531 Retail-Auto & Home Supply Stores) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/AZO.md · JSON record: /company/AZO.json · verified financials: /company/AZO/financials.json / /company/AZO/financials.csv · machine TOC for the whole site: /llms.txt
