Analyst Consensus ?
ConsensusBuy45 ratings
Bullish3373.3%
Neutral1226.7%
Bearish00.0%
AutoZone, Inc. · AZO · FY2026 Q3 · Calendar Q2 2026
AutoZone Q3 FY26: EPS Beats but Revenue Misses as Mega-Hub Buildout Continues
AutoZone's Q3 FY26 results show a company whose top line narrowly missed consensus even as EPS beat by 5.1%, driven by double-digit commercial growth and aggressive store expansion. Gross margin compressed to 52.2% under a $20M LIFO charge, and management flagged a sharper FY26 LIFO total of $207M versus $64M last year. The market reacted with an abnormal decline of roughly 10%, apparently penalizing the revenue miss and margin headwinds despite management's confident tone and maintained guidance. The mega-hub rollout is tracking ahead of plan and remains the core strategic lever.
Reported Before market openNYSEConsumer Cyclical
$50.92B market cap
90quality score
Company context
Snapshot as of publicationAutoZone, 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$38.07
Consensus $36
EPS surprise
+5.1%
Reported versus consensus
Reported revenue
$4.84B
Consensus $4.86B
Revenue surprise
-0.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$3,142.17Current
$1,490Low
$3,466.41Average
$4,800High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Jun 4, 2026 |
| Citigroup | Buy | Buy | Maintain | May 28, 2026 |
| Truist Securities | Buy | Buy | Maintain | May 27, 2026 |
| Roth Capital | Buy | Buy | Maintain | May 27, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | May 27, 2026 |
| Mizuho | Neutral | Neutral | Maintain | May 27, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 27, 2026 |
| Guggenheim | Buy | Buy | Maintain | May 27, 2026 |
| DA Davidson | Buy | Buy | Maintain | May 27, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | May 27, 2026 |
| Baird | Neutral | Neutral | Maintain | May 27, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Mar 10, 2026 |
| Argus Research | Buy | Hold | Upgrade | Mar 9, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Mar 4, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jan 8, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Dec 16, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Dec 10, 2025 |
| UBS | Buy | Buy | Maintain | Dec 10, 2025 |
| Goldman Sachs | Buy | Neutral | Upgrade | Nov 13, 2025 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Sep 24, 2025 |
| B of A Securities | Buy | Neutral | Upgrade | May 21, 2025 |
| Wedbush | Outperform | Outperform | Maintain | Mar 5, 2025 |
| Roth MKM | Buy | Buy | Maintain | Mar 5, 2025 |
| Stephens & Co. | Overweight | Overweight | Maintain | Dec 6, 2023 |
| Jefferies | Buy | Buy | Maintain | Sep 20, 2022 |
| MKM Partners | Buy | Buy | Maintain | Jun 23, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Sep 22, 2021 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | May 26, 2021 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Sep 8, 2020 |
| Nomura Instinet | Buy | Buy | Maintain | May 27, 2020 |
| Nomura | Buy | Buy | Maintain | May 27, 2020 |
| CFRA | Buy | Strong Buy | Downgrade | May 26, 2020 |
| Citi | Buy | Buy | Maintain | Sep 13, 2019 |
| Deutsche Bank | Buy | Buy | Maintain | Feb 27, 2019 |
| Argus | Buy | Buy | Maintain | Dec 6, 2018 |
| Bank of America | Neutral | Buy | Downgrade | Sep 17, 2018 |
| Moffett Nathanson | Neutral | Neutral | Maintain | Dec 4, 2017 |
| Susquehanna | Neutral | Neutral | Maintain | Aug 25, 2016 |
| BTIG Research | Buy | Buy | Maintain | Jun 1, 2016 |
| Gabelli & Co. | Buy | Buy | Maintain | Apr 15, 2016 |
| Sterne Agee | Neutral | Underperform | Upgrade | Mar 4, 2015 |
| William Blair | Perform | Market Perform | Maintain | Sep 30, 2014 |
| Argus Capital | Hold | Buy | Downgrade | Sep 25, 2014 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Jul 18, 2014 |
| Stifel | Hold | Buy | Downgrade | Jul 18, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $3,142.17. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Scot Ciccarelli | $3,817 | $3,058.79 | +21.5% | May 27, 2026 |
| Truist Financial | Analyst unavailable | $3,700 | $3,068.6 | +17.8% | May 27, 2026 |
| D.A. Davidson | Michael Baker | $3,750 | $2,999.47 | +19.3% | May 27, 2026 |
| Roth Capital | Analyst unavailable | $4,023 | $3,100.11 | +28.0% | May 27, 2026 |
| Morgan Stanley | Analyst unavailable | $3,605 | $3,100.11 | +14.7% | May 27, 2026 |
| Guggenheim | Analyst unavailable | $4,000 | $3,100.11 | +27.3% | May 27, 2026 |
| BMO Capital | Analyst unavailable | $4,000 | $3,100.11 | +27.3% | May 27, 2026 |
| Mizuho Securities | Analyst unavailable | $3,200 | $3,100.11 | +1.8% | May 27, 2026 |
| Robert W. Baird | Analyst unavailable | $3,600 | $3,100.11 | +14.6% | May 27, 2026 |
| Argus Research | Analyst unavailable | $4,325 | $3,672.68 | +37.6% | Mar 9, 2026 |
| D.A. Davidson | Michael Baker | $4,300 | $3,742.02 | +36.8% | Mar 5, 2026 |
| Mizuho Securities | David Bellinger | $3,600 | $3,694.41 | +14.6% | Mar 5, 2026 |
| Truist Financial | Scot Ciccarelli | $4,045 | $3,663.82 | +28.7% | Mar 4, 2026 |
| UBS | Analyst unavailable | $4,800 | $3,637.17 | +52.8% | Mar 3, 2026 |
| D.A. Davidson | Michael Baker | $4,100 | $3,675.79 | +30.5% | Mar 3, 2026 |
| Robert W. Baird | Analyst unavailable | $3,900 | $3,681.26 | +24.1% | Feb 9, 2026 |
| UBS | Michael Lasser | $4,555 | $3,763.27 | +45.0% | Feb 4, 2026 |
| Morgan Stanley | Simeon Gutman | $4,000 | $3,472.66 | +27.3% | Jan 15, 2026 |
| Barclays | Analyst unavailable | $3,880 | $3,318.08 | +23.5% | Jan 8, 2026 |
| Mizuho Securities | David Bellinger | $3,550 | $3,303.82 | +13.0% | Jan 5, 2026 |
| Truist Financial | Scot Ciccarelli | $4,076 | $3,415.43 | +29.7% | Dec 10, 2025 |
| Jefferies | Bret Jordan | $4,400 | $3,428.95 | +40.0% | Dec 10, 2025 |
| Roth Capital | Scott Stember | $4,650 | $3,390 | +48.0% | Dec 10, 2025 |
| D.A. Davidson | Michael Baker | $4,500 | $3,405.34 | +43.2% | Dec 10, 2025 |
| Mizuho Securities | Analyst unavailable | $3,850 | $3,394.07 | +22.5% | Dec 10, 2025 |
| Guggenheim | Analyst unavailable | $4,400 | $3,493.36 | +40.0% | Dec 10, 2025 |
| BMO Capital | Analyst unavailable | $4,400 | $3,493.36 | +40.0% | Dec 10, 2025 |
| UBS | Analyst unavailable | $4,325 | $3,493.36 | +37.6% | Dec 10, 2025 |
| Wells Fargo | Zachary Fadem | $4,500 | $3,493.36 | +43.2% | Dec 10, 2025 |
| Barclays | Analyst unavailable | $4,318 | $3,493.36 | +37.4% | Dec 10, 2025 |
| Evercore ISI | Greg Melich | $4,100 | $3,493.36 | +30.5% | Dec 10, 2025 |
| Robert W. Baird | Justin Kleber | $4,500 | $3,822.92 | +43.2% | Dec 3, 2025 |
| D.A. Davidson | Michael Baker | $4,850 | $3,680.24 | +54.4% | Nov 6, 2025 |
| BMO Capital | Tristan Thomas-Martin | $4,600 | $4,147.26 | +46.4% | Sep 25, 2025 |
| Raymond James | Bobby Griffin | $4,800 | $4,090.48 | +52.8% | Sep 24, 2025 |
| Morgan Stanley | Simeon Gutman | $4,700 | $4,099.32 | +49.6% | Sep 24, 2025 |
| Wells Fargo | Zachary Fadem | $4,700 | $4,120 | +49.6% | Sep 24, 2025 |
| Evercore ISI | Greg Melich | $4,500 | $4,166.32 | +43.2% | Sep 18, 2025 |
| Wolfe Research | Analyst unavailable | $4,741 | $4,232.57 | +50.9% | Sep 17, 2025 |
| Truist Financial | Analyst unavailable | $4,504 | $4,232.57 | +43.3% | Sep 17, 2025 |
| Roth Capital | Scott Stember | $4,135 | $3,749.81 | +31.6% | Jun 2, 2025 |
| Truist Financial | Scot Ciccarelli | $3,995 | $3,829.93 | +27.1% | May 23, 2025 |
| Evercore ISI | Greg Melich | $3,950 | $3,879.97 | +25.7% | May 19, 2025 |
| BMO Capital | Analyst unavailable | $3,850 | $3,555.88 | +22.5% | Mar 5, 2025 |
| D.A. Davidson | Analyst unavailable | $3,500 | $3,555.88 | +11.4% | Mar 5, 2025 |
| Guggenheim | Analyst unavailable | $3,850 | $3,555.88 | +22.5% | Mar 5, 2025 |
| Roth Capital | Analyst unavailable | $3,763 | $3,555.88 | +19.8% | Mar 5, 2025 |
| Raymond James | Analyst unavailable | $4,000 | $3,555.88 | +27.3% | Mar 5, 2025 |
| Wells Fargo | Analyst unavailable | $3,850 | $3,555.88 | +22.5% | Mar 5, 2025 |
| UBS | Analyst unavailable | $4,025 | $3,555.88 | +28.1% | Mar 5, 2025 |
| Argus Research | Bill Selesky | $3,678 | $3,250 | +17.1% | Jan 2, 2025 |
| BMO Capital | Tristan Thomas-Martin | $3,700 | $3,370.27 | +17.8% | Dec 13, 2024 |
| Evercore ISI | Greg Melich | $3,450 | $3,342.72 | +9.8% | Dec 11, 2024 |
| Truist Financial | Scot Ciccarelli | $3,753 | $3,342.72 | +19.4% | Dec 11, 2024 |
| UBS | Michael Lasser | $3,875 | $3,342.72 | +23.3% | Dec 11, 2024 |
| Wells Fargo | Zachary Fadem | $3,750 | $3,342.72 | +19.3% | Dec 11, 2024 |
| Evercore ISI | Greg Melich | $3,390 | $3,337.23 | +7.9% | Dec 9, 2024 |
| Roth Capital | Scott Stember | $3,634 | $3,100 | +15.7% | Oct 16, 2024 |
| Goldman Sachs | Kate McShane | $2,917 | $3,129.78 | -7.2% | Oct 14, 2024 |
| Argus Research | Bill Selesky | $3,560 | $3,189.33 | +13.3% | Sep 27, 2024 |
| Truist Financial | Scot Ciccarelli | $3,341 | $3,051.15 | +6.3% | Sep 25, 2024 |
| Mizuho Securities | David Bellinger | $3,350 | $3,043.97 | +6.6% | Sep 25, 2024 |
| Citigroup | Steven Zaccone | $3,500 | $3,043.97 | +11.4% | Sep 25, 2024 |
| CFRA | Garrett Nelson | $3,300 | $3,036.18 | +5.0% | Sep 24, 2024 |
| Oppenheimer | Brain Nagel | $2,600 | $3,031.42 | -17.3% | Sep 20, 2024 |
| Evercore ISI | Greg Melich | $3,350 | $3,040.09 | +6.6% | Sep 20, 2024 |
| Barclays | Matthew McClintock | $3,024 | $3,123.36 | -3.8% | Sep 16, 2024 |
| Evercore ISI | Greg Melich | $3,278 | $2,940.11 | +4.3% | Jun 27, 2024 |
| Cowen & Co. | Max Rakhlenko | $3,450 | $2,763.55 | +9.8% | Jun 6, 2024 |
| Truist Financial | Scot Ciccarelli | $3,394 | $2,800.01 | +8.0% | May 22, 2024 |
| UBS | Michael Lasser | $3,340 | $2,820.83 | +6.3% | May 22, 2024 |
| Morgan Stanley | Simeon Gutman | $3,038 | $2,820.83 | -3.3% | May 22, 2024 |
| Wolfe Research | Chris Bottiglieri | $3,000 | $2,820.83 | -4.5% | May 22, 2024 |
| Evercore ISI | Greg Melich | $3,250 | $2,820.83 | +3.4% | May 22, 2024 |
| CFRA | Garrett Nelson | $3,250 | $2,834.66 | +3.4% | May 21, 2024 |
| Goldman Sachs | Kate McShane | $3,000 | $2,677.85 | -4.5% | Dec 5, 2023 |
| Truist Financial | Scot Ciccarelli | $2,933 | $2,618.57 | -6.7% | Dec 1, 2023 |
| Morgan Stanley | Simeon Gutman | $2,750 | $2,577.02 | -12.5% | Sep 20, 2023 |
| D.A. Davidson | Michael Baker | $2,340 | $2,535.29 | -25.5% | Sep 18, 2023 |
| UBS | Michael Lasser | $2,900 | $2,493.83 | -7.7% | Jun 16, 2023 |
| Evercore ISI | Greg Melich | $2,700 | $2,399.11 | -14.1% | Jun 12, 2023 |
| Barclays | Analyst unavailable | $2,663 | $2,419.81 | -15.2% | Feb 8, 2023 |
| Raymond James | Bobby Griffin | $2,600 | $2,465.89 | -17.3% | Dec 7, 2022 |
| Truist Financial | Analyst unavailable | $2,800 | $2,482.04 | -10.9% | Dec 7, 2022 |
| UBS | Analyst unavailable | $2,540 | $2,449.79 | -19.2% | Dec 7, 2022 |
| Wells Fargo | Analyst unavailable | $2,850 | $2,545.98 | -9.3% | Nov 29, 2022 |
| Stephens | Daniel Imbro | $2,400 | $2,243.65 | -23.6% | Oct 5, 2022 |
| Argus Research | Analyst unavailable | $2,330 | $2,111.42 | -25.8% | Sep 27, 2022 |
| Truist Financial | Analyst unavailable | $2,292 | $2,117.34 | -27.1% | Sep 20, 2022 |
| J.P. Morgan | Christopher Horvers | $2,450 | $2,097.59 | -22.0% | Sep 20, 2022 |
| Jefferies | Analyst unavailable | $2,450 | $2,114.68 | -22.0% | Sep 20, 2022 |
| J.P. Morgan | Analyst unavailable | $2,660 | $2,114.68 | -15.3% | Sep 20, 2022 |
| Wedbush | Analyst unavailable | $2,350 | $2,101.21 | -25.2% | Sep 20, 2022 |
| Citigroup | Analyst unavailable | $2,520 | $2,114 | -19.8% | Sep 20, 2022 |
| UBS | Analyst unavailable | $2,260 | $2,216.56 | -28.1% | Sep 12, 2022 |
| Wells Fargo | Analyst unavailable | $2,450 | $2,198.74 | -22.0% | Sep 9, 2022 |
| Raymond James | Analyst unavailable | $2,350 | $2,224.32 | -25.2% | Jul 20, 2022 |
| MKM Partners | David Bellinger | $2,350 | $2,159.81 | -25.2% | Jul 2, 2022 |
| Goldman Sachs | Kate McShane | $2,296 | $2,159.81 | -26.9% | Jul 2, 2022 |
| Goldman Sachs | Kate McShane | $2,296 | $2,169.27 | -26.9% | Jun 28, 2022 |
| Morgan Stanley | Simeon Gutman | $2,420 | $2,013.81 | -23.0% | Jun 16, 2022 |
| Stephens | Analyst unavailable | $2,285 | $1,964.66 | -27.3% | May 26, 2022 |
| Truist Financial | Scot Ciccarelli | $2,174 | $1,928.31 | -30.8% | May 25, 2022 |
| D.A. Davidson | Analyst unavailable | $1,920 | $1,938.13 | -38.9% | May 25, 2022 |
| Raymond James | Analyst unavailable | $2,400 | $2,175.95 | -23.6% | Apr 19, 2022 |
| Citigroup | Steven Zaccone | $2,210 | $1,878.77 | -29.7% | Mar 2, 2022 |
| UBS | Michael Lasser | $2,100 | $1,951.16 | -33.2% | Jan 28, 2022 |
| D.A. Davidson | Michael Baker | $2,100 | $2,084.52 | -33.2% | Dec 30, 2021 |
| Oppenheimer | Brian Nagel | $2,500 | $1,965.83 | -20.4% | Dec 9, 2021 |
| Wedbush | Seth Basham | $2,250 | $1,988.86 | -28.4% | Dec 8, 2021 |
| Goldman Sachs | Kate McShane | $2,045 | $1,988.86 | -34.9% | Dec 8, 2021 |
| Stephens | Daniel Imbro | $2,210 | $1,988.86 | -29.7% | Dec 8, 2021 |
| CFRA | Garrett Nelson | $1,925 | $1,911.84 | -38.7% | Nov 15, 2021 |
| Bank of America Securities | Elizabeth Lane Suzuki | $1,490 | $1,683.76 | -52.6% | Sep 22, 2021 |
| Credit Suisse | Lavesh Hemnani | $1,785 | $1,683.76 | -43.2% | Sep 22, 2021 |
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What changed
Q3 FY26 sales reached $4.84B, up 8.4% year over year, with domestic same-store sales rising 4.1% and commercial sales accelerating 10.4%. Gross margin declined to 52.2% due to a $20M LIFO charge. EPS grew 7.7% after the charge to $38.07, beating the $36.22 consensus estimate, while revenue narrowly missed the $4.86B consensus. The company opened 82 stores worldwide, bringing its US store count to roughly 6,770. Share repurchases totaled $586M for the quarter with $800M of authorization remaining.
Guidance delta
Management maintained guidance. Q4 ticket growth is expected in the mid-4% range. A $30M LIFO charge is anticipated in Q4, bringing the FY26 total to $207M, up sharply from $64M last year. Capex remains at $1.6B for FY26 with a similar level planned for FY27. The company plans to open approximately 365 stores in FY26, including roughly 160 globally in Q4, and aims to add about 40 mega hubs in FY27 toward a 300-hub long-term target.
Key takeaways
- Sales growth is being driven by double-digit commercial gains and aggressive new-store openings.
- Mega hubs and hub expansion are delivering higher sales lift and improved parts availability.
- Inflation is moderating; average ticket growth is expected around mid-4% in Q4.
- Capex remains steady at $1.6B for FY26 with a similar level planned for FY27.
- Share repurchases total $586M this quarter, leaving $800M of authorization unused.
Management priorities
- Open approximately 365 stores in FY26, including ~160 globally in Q4.
- Add ~40 mega hubs in FY27, moving toward a 300-hub long-term target.
- Invest $1.6B in capex this year and a similar amount next year on store growth, hubs, and technology.
- Continue to enhance online fulfillment and next-day delivery capabilities.
Sources
- Earnings call transcript and parsed analysis · 2026-05-26T18:17:41.317595+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T23:22:17.140196+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T23:22:17.137519+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 . For educational purposes only; not investment advice.