Autozone (AZO) Q1 FY2026 earnings: revenue $4.6 billion, up 8.2% on the year

Autozone Inc. (AZO) reported revenue of $4.6 billion for Q1 FY2026, the quarter ended 22 November 2025, up 8.2% on the same quarter a year earlier. Net income was $531 million, down 6.0% on the year, and diluted earnings per share $31.04. The figures are the company's own, from the 10-Q it filed with the SEC on 19 December 2025.

Revenue

$4.6 billion

+8.2% on the year · -25.9% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

16.9%

19.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

$531 million

-6.0% on the year · -36.6% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$31.04

-4.6% on the year · -36.3% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Sales rose 8.2% to $4.6 billion: Net sales for the 12-week quarter ended November 22, 2025 were $4.6 billion, up 8.2%. Total company same store sales rose 5.5% as reported and 4.7% in constant currency.
Operating profit fell 6.8%: Operating profit was $784.2 million, against $841.1 million a year earlier. Net income was $530.8 million, against $564.9 million.
Domestic commercial sales up 14.5%: Domestic commercial sales were $1.29 billion, up 14.5% from $1.13 billion. Average sales per commercial program per week rose 10.1% to $17.5, against $15.9.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	4,629	6,243	4,280	-25.9%	+8.2%
Cost of revenue	2,269	3,026	2,012	-25.0%	+12.8%
Gross profit	2,359	3,216	2,268	-26.6%	+4.0%
Gross margin	51.0%	51.5%	53.0%
Selling, general and administrative	1,575	2,020	1,427	-22.0%	+10.4%
Operating income	784	1,196	841	-34.4%	-6.8%
Operating margin	16.9%	19.2%	19.7%
Pre-tax income	678	1,048	734	-35.3%	-7.6%
Income tax	147	211	169	-30.3%	-12.7%
Effective tax rate	21.7%	20.1%	23.0%
Net income	531	837	565	-36.6%	-6.0%
Net margin	11.5%	13.4%	13.2%
Diluted EPS	$31.04	$48.71	$32.52	-36.3%	-4.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	944	953	812	-0.9%	+16.3%
Capital expenditure	314	442	247	-28.9%	+27.2%
Free cash flow	630	511	565	+23.3%	+11.5%
Free cash flow margin	13.6%	8.2%	13.2%
Cash from investing	-327	-483	-266
Cash from financing	-603	-469	-538
Depreciation and amortisation	148	197	133	-24.9%	+11.3%
Share-based compensation	30.7	39.2	26.1	-21.6%	+17.7%
Buybacks	427	443	540	-3.6%	-20.9%
Diluted shares, weighted	17m	17m	17m	-0.5%	-1.5%
Shares outstanding at period end	17m	17m	17m	-0.6%	-1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	-3,229	-3,414	-4,673
Debt	8,670	8,849	9,065	-2.0%	-4.4%
Operating lease liabilities	3,139	3,094	2,983	+1.5%	+5.2%
Finance lease liabilities	n/a	288	n/a
Other liabilities	11,085	10,539	10,091	+5.2%	+9.9%
Total liabilities and equity	19,666	19,355	17,466	+1.6%	+12.6%
Fixed assets	7,236	7,063	6,281	+2.5%	+15.2%
Goodwill	303	303	303	0.0%	0.0%
Securities held for sale or to maturity	131	124	121	+5.5%	+8.5%
Cash and equivalents	288	272	304	+5.8%	-5.4%
Receivables	638	670	533	-4.8%	+19.6%
Other assets	11,070	10,924	9,924	+1.3%	+11.6%
Total assets	19,666	19,355	17,466	+1.6%	+12.6%

Questions

What was Autozone's revenue in Q1 FY2026?

Autozone (AZO) reported revenue of $4.6 billion for Q1 FY2026, the quarter ended 22 November 2025, up 8.2% on the same quarter a year earlier.

How much did Autozone earn in Q1 FY2026?

Net income for Q1 FY2026 was $531 million, down 6.0% on the year, and diluted earnings per share $31.04.

When did Autozone report Q1 FY2026 results?

Autozone filed its 10-Q for the quarter ended 22 November 2025 with the SEC on 19 December 2025.

Quarterly results, the last 20 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	3,669	3,370	3,865	5,348	3,985	3,691	4,091	5,691	4,190	3,859	4,235	6,205	4,280	3,952	4,464	6,243	4,629	4,274	4,841	6,595
Cost of revenue	1,744	1,585	1,859	2,593	1,990	1,761	1,944	2,691	1,976	1,779	1,970	2,948	2,012	1,824	2,111	3,026	2,269	2,031	2,316	3,077
Gross profit	1,925	1,785	2,006	2,756	1,995	1,930	2,146	3,000	2,214	2,080	2,266	3,258	2,268	2,128	2,354	3,216	2,359	2,243	2,525	3,518
Gross margin	52%	53%	52%	52%	50%	52%	52%	53%	53%	54%	53%	53%	53%	54%	53%	52%	51%	52%	52%	53%
SG&A	1,171	1,158	1,221	1,652	1,272	1,260	1,288	1,777	1,365	1,336	1,365	1,961	1,427	1,422	1,487	2,020	1,575	1,545	1,601	2,201
Operating income	754	627	786	1,104	723	670	858	1,222	849	743	900	1,297	841	707	866	1,196	784	698	924	1,317
Operating margin	21%	19%	20%	21%	18%	18%	21%	21%	20%	19%	21%	21%	20%	18%	19%	19%	17%	16%	19%	20%
Pre-tax income	711	584	744	1,040	665	604	784	1,114	757	641	796	1,144	734	598	755	1,048	678	591	813	1,168
Tax rate	22%	19%	20%	22%	19%	21%	17%	22%	22%	20%	18%	21%	23%	18%	19%	20%	22%	21%	21%	20%
Net income	555	472	593	810	539	477	648	865	593	515	652	902	565	488	608	837	531	469	641	932
Net margin	15%	14%	15%	15%	14%	13%	16%	15%	14%	13%	15%	15%	13%	12%	14%	13%	11%	11%	13%	14%
Diluted EPS	$25.69	$22.30	$29.03	$40.51	$27.45	$24.64	$34.12	$46.46	$32.55	$28.89	$36.69	$51.58	$32.52	$28.29	$35.36	$48.71	$31.04	$27.63	$38.07	$56.05
Operating cash flow	778	362	843	1,228	794	354	725	1,068	830	434	669	1,070	812	584	769	953	944	373	802	1,130
Capital expenditure	102	106	161	303	114	145	171	366	235	255	235	347	247	293	346	442	314	338	346	436
Free cash flow	676	256	682	925	679	210	554	702	595	179	434	723	565	291	423	511	630	35.6	456	693
Buybacks	900	1,560	900	1,000	900	900	900	1,000	1,487	222	728	704	540	326	269	443	427	315	581	691
Shares outstanding	21m	20m	19m	19m	19m	18m	18m	18m	17m	17m	17m	17m	17m	17m	17m	17m	17m	16m	16m	16m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 22 November 2025, filed 19 December 2025: the filing.