AutoZone, Inc. · AZO · FY2024 Q4 · Calendar Q3 2024

AutoZone: Growth Plans Advance, but FX and LIFO Weigh on Earnings

The supplied analysis supports a constructive operating-growth case for AutoZone: commercial demand, international openings, an aging vehicle fleet, and hub investment are central growth drivers. That case is tempered by FX and LIFO headwinds, execution risk, consumer pressure, and uncertain pricing power.

Reported Before market openNYSEConsumer Cyclical $47.32B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $51.58 Consensus $53.53
EPS surprise -3.6% Reported versus consensus
Reported revenue $6.21B Consensus $6.23B
Revenue surprise -0.4% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -0.2% Event window
SPY move +0.3% Same window
Abnormal move -0.4% Stock minus SPY
Volume 2.6× Versus trailing sessions
Subsequent drift +4.2% Up to 20 sessions
AZOSPY benchmark

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What changed

The current analysis emphasizes robust Q4 growth, accelerated hub and mega-hub rollout, and continued international expansion. It also quantifies a $55 million Q1 FY25 FX revenue drag and a $265 million annual impact if current spot rates persist, while capex remains above $1 billion.

Guidance delta

Guidance sentiment was maintained. Management outlined FY25 plans but did not provide a new quantified guidance range in the supplied analysis.

Key takeaways

  • Management reported robust Q4 sales and EPS growth despite pressure on discretionary categories.
  • Hub and mega-hub expansion is intended to improve parts availability and delivery speed.
  • International expansion remains a major growth engine, with double-digit same-store sales in the supplied analysis.
  • FX and LIFO accounting create short-term earnings headwinds.
  • Capex remains above $1 billion, supporting stores, hubs, distribution centers, and IT.

Management priorities

  • Open more than 200 mega-hubs and accelerate hub construction in FY25.
  • Add roughly 200 international stores per year through 2028.
  • Bring new distribution centers online in 2025.
  • Invest in IT systems and payroll to improve customer service.
  • Continue share repurchases and disciplined capital allocation.

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Earnings History

Estimate Beat Miss Match
AZO REVENUE earnings history estimate and actual scatter chart 8 reported fiscal quarters and 2 future estimate-only quarters. Q1 '24 estimate $4B Q1 '24 actual $4B, miss Q2 '24 estimate $4B Q2 '24 actual $4B, beat Q4 '24 estimate $6B Q4 '24 actual $6B, miss Q4 '25 estimate $6B Q4 '25 actual $6B, miss Q1 '26 estimate $5B Q1 '26 actual $5B, miss Q2 '26 estimate $4B Q2 '26 actual $4B, miss Q3 '26 estimate $5B Q3 '26 actual $5B, miss Q4 '26 estimate $7B Q4 '26 actual $7B, miss Q1 '27 estimate $5B Q2 '27 estimate $5B

Analyst Consensus ?

ConsensusBuy45 ratings
Bullish3373.3%
Neutral1226.7%
Bearish00.0%

Analyst 52W Price Targets

$2,898.85Previous close
$1,490Low
$3,384.92Average
$4,741High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 13, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
JP Morgan Overweight OverweightMaintainSep 28, 2026
Truist Securities Buy BuyMaintainSep 23, 2026
TD Cowen Buy BuyMaintainSep 23, 2026
Roth Capital Buy BuyMaintainSep 23, 2026
Raymond James Strong Buy Strong BuyMaintainSep 23, 2026
Show 40 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $2,898.85. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BernsteinZhihan Ma$3,698$2,913.28 +27.6%Sep 29, 2026
UBSMichael Lasser$4,230$2,817.83 +45.9%Sep 23, 2026
Raymond JamesBobby Griffin$3,700$2,894.73 +27.6%Sep 23, 2026
BMO CapitalAnalyst unavailable$3,500$2,894.73 +20.7%Sep 23, 2026
UBSAnalyst unavailable$3,850$2,894.73 +32.8%Sep 23, 2026
See 126 more

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Company context

Snapshot as of publication

AutoZone, Inc. operates as a leading retailer and distributor specializing in automotive replacement parts and accessories. The company's comprehensive inventory caters to a diverse range of vehicles, including cars, sport utility vehicles, vans, and light trucks. Their product offerings encompass both new and remanufactured critical hard parts, essential maintenance items, various accessories, and a selection of non-automotive goods. Key automotive components available include A/C compressors, batteries, bearings, belts, hoses, brake calipers, chassis parts, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting systems, mufflers, radiators, starters, alternators, thermostats, water pumps, and tire repair kits. For vehicle upkeep, AutoZone supplies antifreeze, windshield washer fluid, an extensive array of brake components (drums, rotors, shoes, pads), various automotive fluids (brake, power steering, oil, transmission), oil and fuel additives, and filters for oil, cabin air, engine air, fuel, and transmission.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
  3. Polygon adjusted daily market bars · 2026-10-13T08:50:43.698589+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-13T08:50:43.695735+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-13. For educational purposes only; not investment advice.