Autozone (AZO) FY2024 results: revenue $18.5 billion, up 5.9% on the year

Autozone Inc. (AZO) reported revenue of $18.5 billion for fiscal 2024, the year ended 31 August 2024, up 5.9% on the year before. Net income was $2.7 billion, up 5.3%, and diluted earnings per share $149.55. The figures are the company's own, from the 10-K it filed with the SEC on 28 October 2024.

Revenue

$18.5 billion

+5.9% on the year

FY2017FY2024

Operating margin

20.5%

19.9% a year earlier

FY2017FY2024

Net income

$2.7 billion

+5.3% on the year

FY2017FY2024

Diluted EPS

$149.55

+13.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	18,490	17,457	16,252	+5.9%
Cost of revenue	8,673	8,387	7,780	+3.4%
Gross profit	9,817	9,070	8,473	+8.2%
Gross margin	53.1%	52.0%	52.1%
Selling, general and administrative	6,028	5,596	5,202	+7.7%
Operating income	3,789	3,474	3,271	+9.1%
Operating margin	20.5%	19.9%	20.1%
Interest expense	465	320	199	+45.3%
Pre-tax income	3,337	3,168	3,079	+5.4%
Income tax	675	639	649	+5.6%
Effective tax rate	20.2%	20.2%	21.1%
Net income	2,662	2,528	2,430	+5.3%
Net margin	14.4%	14.5%	14.9%
Diluted EPS	$149.55	$132.36	$117.19	+13.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	3,004	2,941	3,211	+2.2%
Capital expenditure	1,073	797	672	+34.6%
Free cash flow	1,931	2,144	2,539	-9.9%
Free cash flow margin	10.4%	12.3%	15.6%
Cash from investing	-1,287	-876	-648
Cash from financing	-1,684	-2,060	-3,470
Depreciation and amortisation	550	498	442	+10.5%
Share-based compensation	106	93.1	70.6	+14.1%
Buybacks	3,141	3,700	4,360	-15.1%
Diluted shares, weighted	18m	19m	21m	-6.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	-4,750	-4,350	-3,539
Debt	9,080	7,710	6,153	+17.8%
Operating lease liabilities	2,960	2,917	2,838	+1.5%
Finance lease liabilities	284	201	217	+41.4%
Other liabilities	9,602	9,508	9,605	+1.0%
Total liabilities and equity	17,177	15,986	15,275	+7.4%
Fixed assets	6,184	5,597	5,170	+10.5%
Goodwill	303	303	303	0.0%
Securities held for sale or to maturity	122	122	113	+0.5%
Cash and equivalents	298	277	264	+7.6%
Receivables	546	520	505	+4.8%
Other assets	9,724	9,168	8,920	+6.1%
Total assets	17,177	15,986	15,275	+7.4%

10-K for the year ended 31 August 2024, filed 28 October 2024: the filing.