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AI核心结论
AZO posted Q2 FY2026 revenue of $4.27B (+8.1% YoY), but rising costs pressured gross margin to 52.5% and net income fell 3.9% to $469M, reflecting the trade-off between top-line growth and cost inflation.
营业收入
$4.27B
同比 ++8.15%
每股收益（基本）
$28.29
同比 -2.65%
毛利率
52.5%
同比 -1.37%
营业利润
$698.46M
同比 -1.18%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Autozone (AZO) Q2 FY2026 营收 $4.27B，同比增长 8.1%。 净利润 $468.86M，同比下降 3.9%，稀释每股收益 $27.63。 毛利率 52.5%。
Revenue grew 8.1% YoY to $4.27B in Q2 FY2026, suggesting continued consumer demand for auto parts and likely contributions from new store openings domestically and internationally.
来源: Source: 10-Q Income Statement
Cost of revenue increased 11.4% YoY to $2.03B, outpacing the 8.1% revenue growth rate, which compressed gross margin by approximately 137 basis points to 52.5% from 53.9% in the prior-year period.
来源: Source: 10-Q Income Statement
SG&A expenses rose 8.7% YoY to $1.54B, contributing to a 1.2% decline in operating income to $698M and a contraction in operating margin from 17.9% to 16.3%.
来源: Source: 10-Q Income Statement
Year-to-date operating cash flow was $1.32B, down 5.6% from $1.40B in the same period last year, while the company continued to invest in growth with $667M in investing activities and returned $742M to shareholders via buybacks.
来源: Source: 10-Q Cash Flow Statement
Stockholders' equity improved significantly from -$4.46B to -$2.91B YoY, while long-term debt modestly declined to $8.91B, though the current ratio of 0.89 indicates current liabilities still exceed current assets.
来源: Source: 10-Q Balance Sheet
AZO carries -$2.91B in stockholders' equity and $8.91B in long-term debt, reflecting its aggressive share buyback program funded by debt. While this is a deliberate capital allocation strategy, it leaves the company financially vulnerable to rising interest rates or an economic downturn that could impair cash flow generation.
来源: Source: 10-Q Balance Sheet
Cost of revenue grew 11.4% versus revenue growth of 8.1%, compressing gross margin by ~137 bps to 52.5%. Sustained input cost inflation, supply chain disruptions, or tariff increases on imported auto parts could further erode profitability if AZO cannot pass costs to consumers.
来源: Source: 10-Q Income Statement
With a current ratio of 0.89, AZO's current liabilities of $9.92B exceed current assets of $8.83B, meaning the company relies on operating cash flow and credit facilities to meet short-term obligations. Any disruption to cash generation could create liquidity stress.
来源: Source: 10-Q Balance Sheet
Net income fell 3.9% YoY to $469M and diluted EPS declined 2.3% to $27.63, even as revenue grew 8.1%. This divergence signals that cost pressures are eroding the bottom line, and if this trend continues, it could weigh on investor sentiment and the company's ability to sustain its buyback program.
来源: Source: 10-Q Income Statement
AZO repurchased $742M in shares YTD (down 14.4% from $866M in the prior-year period), funded largely by debt given negative equity. A slowdown in operating cash flow or tightening credit conditions could force a reduction in buybacks, which have historically been a key driver of EPS growth.
来源: Source: 10-Q Cash Flow Statement
Q2 FY2026 实际 EPS $27.63，分析师一致预期 $27.40，超预期 +0.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.27B | $3.95B | +8.15% |
营业成本 | $2.03B | $1.82B | +11.36% |
毛利润 | $2.24B | $2.13B | +5.40% |
营业利润 | $698.46M | $706.77M | -1.18% |
净利润 | $468.86M | $487.92M | -3.91% |
每股收益（基本） | $28.29 | $29.06 | -2.65% |
每股收益（稀释） | $27.63 | $28.29 | -2.33% |
销售及管理费用 | $1.54B | $1.42B | +8.67% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $20.44B | $18.12B | +12.82% |
流动资产 | $8.83B | $7.8B | +13.19% |
流动负债 | $9.92B | $9.27B | +7.06% |
股东权益 | $-2.91B | $-4.46B | +34.75% |
现金及等价物 | $285.49M | $300.9M | -5.12% |
长期债务 | $8.91B | $9.05B | -1.60% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $1.32B | $1.4B | -5.59% |
投资活动现金流YTD | $-667.5M | $-563.42M | -18.47% |
筹资活动现金流YTD | $-642.9M | $-826.45M | +22.21% |
股票回购YTD | $741.69M | $866.48M | -14.40% |
折旧及摊销YTD | $303.83M | $271.09M | +12.08% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 52.5% | 53.9% | -1.37% |
营业利润率 | 16.3% | 17.9% | -1.54% |
净利率 | 11.0% | — | — |
净资产收益率 | -16.1% | — | — |
总资产收益率 | 2.3% | — | — |
流动比率 | $0.89 | — | — |
AZO's Q2 FY2026 results showed revenue of $4.27B (+8.1% YoY) and diluted EPS of $27.63, though EPS declined 2.3% from the prior year's $28.29. Whether AZO beat Wall Street consensus estimates would depend on analyst forecasts not included in the filing itself.
AZO's net income declined 3.9% YoY to $469M even as revenue grew 8.1%, because cost of revenue surged 11.4% and SG&A expenses rose 8.7%, both outpacing revenue growth and compressing margins. Gross margin fell from 53.9% to 52.5%, and operating margin dropped from 17.9% to 16.3%, reflecting meaningful cost inflation pressures.
AZO carries $8.91B in long-term debt and negative stockholders' equity of -$2.91B due to its aggressive share buyback strategy, and its current ratio of 0.89 means current liabilities exceed current assets. However, the company generated $1.32B in YTD operating cash flow, demonstrating strong underlying cash generation that supports its debt obligations and capital return program.
AZO spent $742M on share buybacks on a year-to-date basis through Q2 FY2026, which is 14.4% less than the $866M spent in the same period of the prior fiscal year. The buyback program continues to be a key mechanism for returning capital to shareholders and reducing the share count.
The key takeaways are that AZO delivered solid 8.1% revenue growth to $4.27B, but rising costs compressed gross margin by ~137 bps to 52.5% and caused net income to fall 3.9% to $469M. The company remains highly leveraged with $8.91B in long-term debt, though its YTD operating cash flow of $1.32B demonstrates continued strong cash generation.