Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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AutoZone Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-11-18), 10-K (reporting date: 2023-08-26), 10-Q (reporting date: 2023-05-06), 10-Q (reporting date: 2023-02-11), 10-Q (reporting date: 2022-11-19), 10-K (reporting date: 2022-08-27), 10-Q (reporting date: 2022-05-07), 10-Q (reporting date: 2022-02-12), 10-Q (reporting date: 2021-11-20), 10-K (reporting date: 2021-08-28), 10-Q (reporting date: 2021-05-08), 10-Q (reporting date: 2021-02-13), 10-Q (reporting date: 2020-11-21), 10-K (reporting date: 2020-08-29), 10-Q (reporting date: 2020-05-09), 10-Q (reporting date: 2020-02-15), 10-Q (reporting date: 2019-11-23), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-09), 10-Q (reporting date: 2018-11-17), 10-K (reporting date: 2018-08-25), 10-Q (reporting date: 2018-05-05), 10-Q (reporting date: 2018-02-10), 10-Q (reporting date: 2017-11-18).
- Gross Profit and Cost of Sales
- The gross profit margin remained relatively stable over the periods, fluctuating mostly between approximately 50% and 54% of net sales. The cost of sales as a percentage of net sales followed an inverse pattern, generally ranging from -45.6% to about -50%, trending slightly upwards in cost percentage in the last several quarters, indicating a modest increase in cost pressure or reduced purchasing efficiencies.
- Operating, Selling, General and Administrative Expenses
- This expense category showed notable variability, with several spikes observed. Initially around -34.6%, it increased sharply to a peak near -44.4% early in the dataset before stabilizing mostly in the range of approximately -30% to -38%. The fluctuations suggest periodic changes in operating expense management or variations in marketing and administrative spend. There was a notable reduction in this expense category in certain mid-cycle quarters, possibly related to cost-saving initiatives.
- Operating Profit
- Operating profit margin exhibited significant fluctuations but maintained a general range roughly between 16% and 22%. Early spikes and troughs suggest volatility in operating efficiency, but the margin recovered and stabilized on the higher end in recent periods. This trend may reflect improved operational control or increased pricing power despite the variability in costs and expenses.
- Interest Expense, Net
- Interest expenses as a percentage of net sales slightly increased over time, moving from about -1.5% to a higher level near -2.2% in the most recent quarter. This indicates a gradual rise in financing costs or higher leverage levels over time, which could have implications for net profitability if operating performance does not outpace this rise.
- Income Before Income Taxes
- The income before income taxes showed patterns aligned with operating profit but with slight moderation due to interest expenses. It fluctuated within a general band between approximately 14% and 20%, exhibiting dips that correspond to periods of higher interest expense or operating expense volatility. The level remained strong, indicative of sustained profitability before tax considerations.
- Income Tax Expense
- Income tax expenses as a percentage of net sales fluctuated between about -2.5% and -5.7%, showing some variability but generally consistent with income levels before tax. Negative values indicate tax payments, and occasional fluctuations suggest variation in tax rates, deferred tax effects, or tax planning strategies impacting quarterly tax outcomes.
- Net Income
- Net income margins exhibited variability but overall showed an upward trend from the initial range near 10% of net sales to peaks above 16% in mid-periods. More recent quarters reveal some contraction back toward the low to mid-teens. This net margin stability, despite rising costs and interest expenses, indicates robust profitability and effective expense management over multiple fiscal quarters.
- Overall Financial Health and Trends
- The data illustrates a company experiencing moderate fluctuations but maintaining solid profitability margins. Gross profit margins stayed healthy despite incremental increases in cost of sales. Operating expense management appears to have been challenging at times but generally contributed to stabilizing operating profits. Rising interest expense ratios indicate the potential need for attention to financing strategies. Steady income before tax and net income margins reflect resilience in profitability, likely supported by operational improvements and successful management of costs across the periods analyzed.