reaccelerate our new hub and mega-hub openings; effectively and efficiently open our new distribution centers and optimize our direct import facility; ramp-up our domestic and international store growth; and most importantly, reaccelerate our domestic commercial sales growth and continue to gain market share on DIY.
— Phil Daniele
03Detailed Report
AZO
Company AZO
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 24, 2026
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Executive Summary
AutoZone reported a solid QQ4 2024, with total sales of $6.205B and diluted EPS of $51.58, up 9% and 11% respectively on the quarter. On a 16-week basis, the quarter implied a 2.6% year-over-year increase in sales, with domestic DIY roughly flat and domestic DIFM up 10.9%, while international comps rose about 9.9% in constant currency. The quarter benefited from a favorable 53rd week in the fiscal year, but foreign exchange headwinds reduced reported international sales and EPS. Full-year 2024 results showed sales of $18.5B and EPS of $149.55, up 5.9% and 13%, respectively. AutoZone generated strong cash flow, delivering $723M of free cash flow in Q4 and $1.9B for the year, and repurchased $711M of stock in the quarter, with roughly $2.2B remaining under the current buyback authorization.
Key Performance Indicators
Revenue
Increasing
6.21B
QoQ: 46.51% | YoY: 48.09%
Gross Profit
Increasing
3.26B
52.50% margin
QoQ: 43.80% | YoY: 47.15%
Operating Income
Increasing
1.30B
QoQ: 44.05% | YoY: 52.80%
Net Income
Increasing
902.21M
QoQ: 38.43% | YoY: 52.02%
EPS
Increasing
52.98
QoQ: 40.42% | YoY: 58.10%
Revenue Trend
Margin Analysis
Financial Highlights
Summary of key QQ4 2024 metrics and year-over-year/quarter-over-quarter trends:
- Total revenue (Q4): $6.205B, up 9% year over year; FY24 revenue: $18.5B, up 5.9% YoY. On 16-week bases, Q4 comps were up 2.6% vs. last year (per management).
- Gross margin: 52.5% in Q4, down 21 bps versus prior year due to LIFO; excluding LIFO, gross margin up 32 bps driven by merchandising margin strength.
- Operating income (EBIT): Q4 $1.296B, up 6.1% YoY; FY24 EBIT just under $3.8B, up 9.1% YoY.
- Net income and EPS: Q4 net income $902.2M; diluted EPS $51.58 for the quarter (YoY EPS up ~11%). FY24 net income $2.7B; diluted EPS $149.55, up 13%.
- SG&A and Opex: SG&A up 10.4% in Q4; SG&A as a % of sales deleveraged 37 bps; investment in IT and payroll to support growth initiatives.
- Cash flow and balance sheet: Free cash flow (FCF) of $723M in Q4; FY24 FCF of $1.9B; cash at period end $298.2M; total debt around $12.37B; net debt around $12.07B; leverage/EBITDAR at 2.5x.
- Capital allocation: AutoZone repurchased $711M of stock in Q4; 16-year buyback program history with >$3.2B buybacks in FY24? (management note indicates $37B since inception; specifics vary by report).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
6.21B
48.09%
46.51%
Gross Profit
3.26B
47.15%
43.80%
Operating Income
1.30B
52.80%
44.05%
Net Income
902.21M
52.02%
38.43%
EPS
52.98
58.10%
40.42%
Key Financial Ratios
Gross Profit Margin
Good
52.50%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Good
20.90%
Operating margin is healthy and competitive within industry standards
Net Profit Margin
Good
14.50%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Fair
5.25%
Return on assets is acceptable but below top-tier companies
Return on Equity
Weak
-0.19%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.84
Current ratio below safe levels, potential liquidity risk
Debt to Equity
Conservative
-2.60
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Fair Value
15.01x
P/E ratio in line with market averages
Price to Book
Undervalued
-11.41x
Trading below book value, potential value opportunity or distressed
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