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AI核心结论
AutoZone delivered solid Q3 FY2026 results with revenue up 8.4% YoY to $4.84B and diluted EPS rising 7.7% to $38.07, though gross margin compressed slightly as cost of revenue grew faster than sales.
营业收入
$4.84B
同比 ++8.44%
每股收益（基本）
$38.95
同比 ++7.21%
毛利率
52.2%
同比 -0.57%
营业利润
$923.76M
同比 ++6.65%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Autozone (AZO) Q3 FY2026 营收 $4.84B，同比增长 8.4%。 净利润 $641.49M，同比增长 5.4%，稀释每股收益 $38.07。 毛利率 52.2%。
Revenue grew 8.4% YoY to $4.84B in Q3 FY2026, reflecting continued demand for auto parts across both DIY and commercial (DIFM) channels, supported by ongoing domestic and international store expansion.
来源: Source: 10-Q Income Statement
Gross margin declined approximately 57 basis points YoY to 52.15% as cost of revenue grew 9.7% — faster than the 8.4% revenue growth — indicating modest pressure from product costs, supply chain, or mix shift.
来源: Source: 10-Q Income Statement / Key Ratios
SG&A expenses rose 7.6% YoY to $1.60B, growing slightly below the 8.4% revenue pace, demonstrating reasonable operating leverage even as the company invests in labor and store operations.
来源: Source: 10-Q Income Statement
Year-to-date share repurchases totaled $1.32B, up 16.5% from the prior-year YTD period of $1.14B, reflecting AutoZone's longstanding capital return strategy and contributing to EPS growth that outpaced net income growth.
来源: Source: 10-Q Cash Flow Statement
YTD operating cash flow was $2.12B, down modestly 2.1% from $2.16B in the prior-year YTD period, while investing activities consumed $1.01B, consistent with ongoing capital expenditure for new store openings and infrastructure.
来源: Source: 10-Q Cash Flow Statement
AutoZone carries negative stockholders' equity of -$2.78B, a structural feature of its aggressive share repurchase program financed largely by debt. While improving YoY (from -$3.97B), this leaves the balance sheet with limited equity cushion and makes the company sensitive to interest rate changes on its $9.02B long-term debt load.
来源: Source: 10-Q Balance Sheet
The current ratio stands at 0.89, meaning current liabilities of $10.04B exceed current assets of $8.93B. This negative working capital position is common for large retailers but could become a liquidity concern if credit markets tighten or operating cash flows deteriorate.
来源: Source: 10-Q Balance Sheet / Key Ratios
Cost of revenue grew 9.7% YoY versus revenue growth of 8.4%, compressing gross margin by ~57 bps to 52.15%. Sustained cost inflation in merchandise, freight, or supplier pricing could further erode profitability if not offset by pricing actions.
来源: Source: 10-Q Income Statement / Key Ratios
Long-term debt increased 1.8% YoY to $9.02B, and the company's negative equity means its debt-to-equity ratio is not conventionally meaningful but reflects substantial financial leverage. Rising interest rates or refinancing risk on this debt load could pressure future earnings.
来源: Source: 10-Q Balance Sheet
Reported ROE of -23.0% is a mathematical artifact of negative book equity driven by buybacks rather than operating losses; however, it underscores that traditional equity-based valuation metrics are less applicable to AutoZone, which may confuse retail investors assessing financial health.
来源: Source: 10-Q Key Ratios / Balance Sheet
Q3 FY2026 实际 EPS $38.07，分析师一致预期 $36.65，超预期 +3.9%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.84B | $4.46B | +8.44% |
营业成本 | $2.32B | $2.11B | +9.74% |
毛利润 | $2.52B | $2.35B | +7.27% |
营业利润 | $923.76M | $866.17M | +6.65% |
净利润 | $641.49M | $608.44M | +5.43% |
每股收益（基本） | $38.95 | $36.33 | +7.21% |
每股收益（稀释） | $38.07 | $35.36 | +7.66% |
销售及管理费用 | $1.6B | $1.49B | +7.63% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $20.92B | $18.62B | +12.32% |
流动资产 | $8.93B | $7.99B | +11.88% |
流动负债 | $10.04B | $9.47B | +6.02% |
股东权益 | $-2.78B | $-3.97B | +29.94% |
现金及等价物 | $253.73M | $268.63M | -5.55% |
长期债务 | $9.02B | $8.85B | +1.85% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $2.12B | $2.16B | -2.08% |
投资活动现金流YTD | $-1.01B | $-917.26M | -10.45% |
筹资活动现金流YTD | $-1.13B | $-1.28B | +11.52% |
股票回购YTD | $1.32B | $1.14B | +16.48% |
折旧及摊销YTD | $464.13M | $415.79M | +11.63% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 52.2% | 52.7% | -0.57% |
营业利润率 | 19.1% | 19.4% | -0.32% |
净利率 | 13.3% | — | — |
净资产收益率 | -23.0% | — | — |
总资产收益率 | 3.1% | — | — |
流动比率 | $0.89 | — | — |
AutoZone reported Q3 FY2026 revenue of $4.84B, up 8.4% YoY, and net income of $641.5M, up 5.4% YoY. Diluted EPS rose 7.7% to $38.07, boosted by ongoing share repurchases totaling $1.32B year-to-date.
Yes, AutoZone grew revenue 8.4% YoY to $4.84B in Q3 FY2026, compared to $4.46B in the same quarter of the prior year. Growth was driven by continued store expansion and sustained demand for auto parts across DIY and commercial channels.
Key risks include AutoZone's high leverage with $9.02B in long-term debt and negative stockholders' equity of -$2.78B, a current ratio below 1.0 at 0.89 indicating negative working capital, and gross margin compression as cost of revenue grew 9.7% versus revenue growth of 8.4%.
AutoZone's operating performance is strong with $2.12B in YTD operating cash flow and a 19.1% operating margin, but its balance sheet carries significant leverage with $9.02B in long-term debt and negative equity of -$2.78B — a deliberate result of its share buyback strategy rather than financial distress.
AutoZone spent $1.32B on share repurchases on a year-to-date basis through Q3 FY2026, up 16.5% from $1.14B in the same YTD period of the prior year. This aggressive buyback program is a key driver of EPS growth outpacing net income growth.