Selected Financial Data
since 2005
Income Statement
AutoZone Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating profit | Net income |
|---|---|---|---|
| Aug 26, 2023 | 17,457,209) | 3,473,986) | 2,528,426) |
| Aug 27, 2022 | 16,252,230) | 3,270,729) | 2,429,604) |
| Aug 28, 2021 | 14,629,585) | 2,944,527) | 2,170,314) |
| Aug 29, 2020 | 12,631,967) | 2,417,679) | 1,732,972) |
| Aug 31, 2019 | 11,863,743) | 2,216,137) | 1,617,221) |
| Aug 25, 2018 | 11,221,077) | 1,810,856) | 1,337,536) |
| Aug 26, 2017 | 10,888,676) | 2,080,069) | 1,280,869) |
| Aug 27, 2016 | 10,635,676) | 2,060,395) | 1,241,007) |
| Aug 29, 2015 | 10,187,340) | 1,953,051) | 1,160,241) |
| Aug 30, 2014 | 9,475,313) | 1,830,223) | 1,069,744) |
| Aug 31, 2013 | 9,147,530) | 1,773,098) | 1,016,480) |
| Aug 25, 2012 | 8,603,863) | 1,628,891) | 930,373) |
| Aug 27, 2011 | 8,072,973) | 1,494,803) | 848,974) |
| Aug 28, 2010 | 7,362,618) | 1,319,414) | 738,311) |
| Aug 29, 2009 | 6,816,824) | 1,176,062) | 657,049) |
| Aug 30, 2008 | 6,522,705) | 1,124,134) | 641,606) |
| Aug 25, 2007 | 6,169,804) | 1,055,266) | 595,672) |
| Aug 26, 2006 | 5,948,355) | 1,009,925) | 569,275) |
| Aug 27, 2005 | 5,710,882) | 975,664) | 571,019) |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).
The financial performance from 2005 to 2023 is characterized by consistent long-term growth across all primary income statement metrics. Net sales, operating profit, and net income have all trended upward over the eighteen-year period, demonstrating a sustained expansion of the business scale and profitability.
- Revenue Growth Trends
- Net sales grew from approximately 5.7 billion US dollars in 2005 to over 17.4 billion US dollars by 2023. The growth trajectory remained steady for over a decade before experiencing a significant acceleration starting in 2019. Between 2019 and 2023, net sales increased from 11.8 billion US dollars to 17.4 billion US dollars, representing the most rapid expansion phase in the observed period.
- Operating Profitability
- Operating profit followed a general upward trend, rising from 975.6 million US dollars in 2005 to 3.47 billion US dollars in 2023. While growth was largely linear, a notable contraction occurred in 2018, where operating profit fell to 1.81 billion US dollars from 2.08 billion US dollars the previous year. However, this decline was temporary, with a strong recovery beginning in 2019 and continuing through 2023.
- Net Income Evolution
- Net income increased from 571 million US dollars in 2005 to 2.53 billion US dollars in 2023. This growth indicates an improvement in the company's ability to convert sales into bottom-line profit. The net income margin expanded over the long term, as net income grew at a faster relative pace than net sales during the latter half of the period.
- Margin Stability and Performance
- The relationship between net sales and operating profit suggests a stable operating margin that generally hovered between 16% and 20%. The most recent data from 2023 shows an operating margin of approximately 19.9%, indicating high operational efficiency and strong cost management relative to revenue growth.
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Balance Sheet: Assets
AutoZone Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Aug 26, 2023 | 6,779,426) | 15,985,878) |
| Aug 27, 2022 | 6,627,984) | 15,275,043) |
| Aug 28, 2021 | 6,415,303) | 14,516,199) |
| Aug 29, 2020 | 6,811,872) | 14,423,872) |
| Aug 31, 2019 | 5,028,685) | 9,895,913) |
| Aug 25, 2018 | 4,635,869) | 9,346,980) |
| Aug 26, 2017 | 4,611,255) | 9,259,781) |
| Aug 27, 2016 | 4,239,573) | 8,599,787) |
| Aug 29, 2015 | 3,970,294) | 8,102,349) |
| Aug 30, 2014 | 3,580,612) | 7,517,858) |
| Aug 31, 2013 | 3,278,013) | 6,892,089) |
| Aug 25, 2012 | 2,978,946) | 6,265,639) |
| Aug 27, 2011 | 2,792,425) | 5,869,602) |
| Aug 28, 2010 | 2,611,821) | 5,571,594) |
| Aug 29, 2009 | 2,561,730) | 5,318,405) |
| Aug 30, 2008 | 2,586,301) | 5,257,112) |
| Aug 25, 2007 | 2,270,455) | 4,804,709) |
| Aug 26, 2006 | 2,118,927) | 4,526,306) |
| Aug 27, 2005 | 1,929,459) | 4,245,257) |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).
A consistent long-term upward trajectory is observed in both current and total assets from 2005 through 2023. Total assets grew from approximately 4.25 billion USD in 2005 to approximately 15.99 billion USD in 2023, representing a substantial expansion of the company's asset base over the eighteen-year period.
- Total Asset Growth Trends
- Steady incremental growth characterized the period between 2005 and 2019, with total assets increasing from 4.25 billion USD to 9.90 billion USD. A significant inflection point occurred between August 2019 and August 2020, where total assets surged by approximately 4.53 billion USD, or roughly 45.7% in a single fiscal year. Following this spike, the growth rate normalized, with assets continuing to climb to 15.99 billion USD by 2023.
- Current Asset Progression
- Current assets exhibited a similar growth pattern, rising from 1.93 billion USD in 2005 to 5.03 billion USD in 2019. A sharp increase was recorded in 2020, reaching 6.81 billion USD. However, unlike total assets, current assets experienced a slight contraction in 2021 to 6.42 billion USD before recovering to 6.78 billion USD by 2023. This suggests a period of relative stabilization in short-term liquidity after the 2020 expansion.
- Asset Composition and Liquidity Shift
- The proportion of current assets relative to total assets shifted over the analyzed timeframe. From 2005 to 2019, current assets grew at a pace that slightly increased their share of the total asset mix, peaking at approximately 50.8% in 2019. Following the massive increase in total assets in 2020, the composition shifted; by 2023, current assets represented approximately 42.4% of total assets. This indicates a shift toward a higher concentration of non-current assets in the later years of the period.
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Balance Sheet: Liabilities and Stockholders’ Equity
AutoZone Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total debt | Stockholders’ equity (deficit) | |
|---|---|---|---|
| Aug 26, 2023 | 8,511,856) | 7,668,549) | (4,349,894) |
| Aug 27, 2022 | 8,588,393) | 6,122,092) | (3,538,913) |
| Aug 28, 2021 | 7,369,754) | 5,269,820) | (1,797,536) |
| Aug 29, 2020 | 6,283,091) | 5,513,371) | (877,977) |
| Aug 31, 2019 | 5,512,141) | 5,206,344) | (1,713,851) |
| Aug 25, 2018 | 5,028,681) | 5,005,930) | (1,520,355) |
| Aug 26, 2017 | 4,766,301) | 5,081,238) | (1,428,377) |
| Aug 27, 2016 | 4,690,320) | 4,924,119) | (1,787,538) |
| Aug 29, 2015 | 4,712,873) | 4,624,876) | (1,701,390) |
| Aug 30, 2014 | 4,541,094) | 4,343,800) | (1,621,857) |
| Aug 31, 2013 | 4,169,150) | 4,187,000) | (1,687,319) |
| Aug 25, 2012 | 3,655,592) | 3,768,183) | (1,548,025) |
| Aug 27, 2011 | 3,430,896) | 3,351,682) | (1,254,232) |
| Aug 28, 2010 | 3,063,960) | 2,908,486) | (738,765) |
| Aug 29, 2009 | 2,706,752) | 2,726,900) | (433,074) |
| Aug 30, 2008 | 2,519,320) | 2,250,000) | 229,687) |
| Aug 25, 2007 | 2,285,895) | 1,935,618) | 403,200) |
| Aug 26, 2006 | 2,054,568) | 1,857,157) | 469,528) |
| Aug 27, 2005 | 1,811,159) | 1,861,850) | 391,007) |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).
The financial trajectory from 2005 to 2023 is characterized by a systematic increase in liabilities and a transition from positive stockholders' equity to a substantial equity deficit. This shift indicates a strategic move toward a highly leveraged capital structure, where obligations to creditors significantly exceed the book value of assets.
- Current Liabilities Trend
- A consistent upward trajectory in current liabilities is observed, rising from 1.81 billion USD in 2005 to 8.51 billion USD in 2023. The growth was relatively steady for the first decade, followed by a more pronounced acceleration after 2019, suggesting an increase in short-term operational obligations or short-term financing requirements.
- Total Debt Accumulation
- Total debt expanded from 1.86 billion USD in 2005 to 7.67 billion USD by 2023. While debt levels grew steadily, the increase was more gradual than that of current liabilities until a sharp rise occurred between 2022 and 2023, where debt increased by approximately 1.5 billion USD in a single fiscal year.
- Evolution of Stockholders' Equity
- A critical pivot occurred in 2009 when stockholders' equity transitioned from a positive balance to a deficit. After starting at 391 million USD in 2005, equity declined and became negative in 2009 (-433 million USD). This deficit widened progressively over the following decade, reaching -4.35 billion USD by 2023. The deepening deficit suggests a corporate strategy focused on returning capital to shareholders through dividends or share repurchases at a rate exceeding retained earnings.
- Capital Structure Analysis
- The inverse correlation between rising total debt and falling stockholders' equity points to a deliberate leverage strategy. By 2023, the company operated with a negative equity position of 4.35 billion USD, financed by a combination of 7.67 billion USD in total debt and 8.51 billion USD in current liabilities. This structure implies that the company is funding its operations and capital returns primarily through debt and credit rather than through equity financing.
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Cash Flow Statement
AutoZone Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
|---|---|---|---|
| Aug 26, 2023 | 2,940,788) | (876,178) | (2,060,082) |
| Aug 27, 2022 | 3,211,135) | (648,099) | (3,470,497) |
| Aug 28, 2021 | 3,518,543) | (601,778) | (3,500,417) |
| Aug 29, 2020 | 2,720,108) | (497,875) | (643,636) |
| Aug 31, 2019 | 2,128,513) | (491,846) | (1,674,088) |
| Aug 25, 2018 | 2,080,292) | (521,860) | (1,632,154) |
| Aug 26, 2017 | 1,570,612) | (553,599) | (914,329) |
| Aug 27, 2016 | 1,577,329) | (505,835) | (1,052,797) |
| Aug 29, 2015 | 1,525,123) | (567,911) | (896,702) |
| Aug 30, 2014 | 1,341,234) | (447,968) | (911,557) |
| Aug 31, 2013 | 1,415,011) | (527,295) | (847,022) |
| Aug 25, 2012 | 1,223,981) | (374,761) | (843,433) |
| Aug 27, 2011 | 1,291,538) | (318,994) | (973,771) |
| Aug 28, 2010 | 1,196,252) | (307,447) | (883,493) |
| Aug 29, 2009 | 923,808) | (263,722) | (806,896) |
| Aug 30, 2008 | 921,100) | (243,150) | (522,682) |
| Aug 25, 2007 | 845,194) | (228,715) | (621,383) |
| Aug 26, 2006 | 822,747) | (268,323) | (537,676) |
| Aug 27, 2005 | 648,083) | (282,771) | (367,354) |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).
The organization exhibits a strong and consistent trajectory of increasing cash generation from its core operations over the analyzed period. From 2005 to 2023, net cash provided by operating activities grew from $648 million to $2.94 billion, representing a significant expansion in the ability to generate liquidity. This growth was particularly pronounced between 2018 and 2021, where operating cash flows surged from approximately $2.08 billion to a peak of $3.52 billion.
- Operating Cash Flow Trends
- A sustained upward trend is evident, characterized by steady gains throughout the first decade followed by a more rapid acceleration in the latter period. While a moderate contraction occurred in 2022 and 2023, the operational cash generation remains substantially higher than the historical averages observed between 2005 and 2015.
- Investing Cash Flow Trends
- Net cash used in investing activities has remained consistently negative, reflecting continuous capital expenditures. Annual outflows increased from $282 million in 2005 to $876 million in 2023. Investment spending remained relatively stable between 2014 and 2020, followed by a noticeable increase in outflows during the 2022 and 2023 fiscal years.
- Financing Cash Flow Trends
- Financing activities are characterized by heavy and increasing cash outflows, indicating a consistent strategy of returning capital to shareholders or settling obligations. Outflows expanded from $367 million in 2005 to a peak of approximately $3.5 billion in 2021 and 2022. The magnitude of these outflows in the most recent years suggests an aggressive capital allocation strategy, with financing expenditures in 2021 and 2022 matching or exceeding the total cash generated from operations.
Analysis of the combined cash flow components reveals a business model that generates sufficient operating liquidity to cover all investment requirements while supporting substantial financing outflows. The close correlation between rising operating cash flows and escalating financing outflows suggests that the increase in core business efficiency is being primarily utilized to fund shareholder returns and financial obligations.
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Per Share Data
AutoZone Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Aug 26, 2023 | 136.60 | 132.36 | 0.00 |
| Aug 27, 2022 | 120.83 | 117.19 | 0.00 |
| Aug 28, 2021 | 97.60 | 95.19 | 0.00 |
| Aug 29, 2020 | 73.62 | 71.93 | 0.00 |
| Aug 31, 2019 | 64.78 | 63.43 | 0.00 |
| Aug 25, 2018 | 49.59 | 48.77 | 0.00 |
| Aug 26, 2017 | 45.05 | 44.07 | 0.00 |
| Aug 27, 2016 | 41.52 | 40.70 | 0.00 |
| Aug 29, 2015 | 36.76 | 36.03 | 0.00 |
| Aug 30, 2014 | 32.16 | 31.57 | 0.00 |
| Aug 31, 2013 | 28.28 | 27.79 | 0.00 |
| Aug 25, 2012 | 24.04 | 23.48 | 0.00 |
| Aug 27, 2011 | 19.91 | 19.47 | 0.00 |
| Aug 28, 2010 | 15.23 | 14.97 | 0.00 |
| Aug 29, 2009 | 11.89 | 11.73 | 0.00 |
| Aug 30, 2008 | 10.14 | 10.04 | 0.00 |
| Aug 25, 2007 | 8.62 | 8.53 | 0.00 |
| Aug 26, 2006 | 7.57 | 7.50 | 0.00 |
| Aug 27, 2005 | 7.27 | 7.18 | 0.00 |
Based on: 10-K (reporting date: 2023-08-26), 10-K (reporting date: 2022-08-27), 10-K (reporting date: 2021-08-28), 10-K (reporting date: 2020-08-29), 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-25), 10-K (reporting date: 2017-08-26), 10-K (reporting date: 2016-08-27), 10-K (reporting date: 2015-08-29), 10-K (reporting date: 2014-08-30), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-25), 10-K (reporting date: 2011-08-27), 10-K (reporting date: 2010-08-28), 10-K (reporting date: 2009-08-29), 10-K (reporting date: 2008-08-30), 10-K (reporting date: 2007-08-25), 10-K (reporting date: 2006-08-26), 10-K (reporting date: 2005-08-27).
1, 2, 3 Data adjusted for splits and stock dividends.
Earnings performance exhibits a consistent and significant upward trajectory over the 18-year period from 2005 to 2023. Growth is monotonic, with no annual declines recorded in either basic or diluted earnings per share.
- Basic Earnings Per Share (EPS)
- Basic EPS increased from 7.27 US$ in 2005 to 136.60 US$ in 2023. The growth pattern demonstrates a steady climb from 2005 through 2014, followed by an acceleration in value between 2015 and 2023. The most rapid gains are observed in the final five years of the period, with a notable surge between 2020 and 2023.
- Diluted Earnings Per Share (EPS)
- Diluted EPS mirrors the trend of basic EPS, rising from 7.18 US$ in 2005 to 132.36 US$ in 2023. The narrow variance between basic and diluted earnings suggests that the impact of potentially dilutive securities is minimal, reflecting a stable share structure.
- Dividend Distribution
- No dividend payments per share were recorded at any point between 2005 and 2023. This suggests a financial strategy that prioritizes the retention of earnings or alternative forms of capital allocation over direct cash distributions to shareholders.
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