AutoZone, Inc. · AZO · FY2026 Q4 · Calendar Q3 2026

AutoZone pairs commercial momentum with an aggressive FY2027 expansion plan

AutoZone's latest call supports a constructive operating thesis built on commercial share gains, improved inventory availability, and continued network expansion. The key counterweight is that modest domestic same-store growth and cost volatility make execution and margin discipline central to the next phase.

Reported Before market openNYSEConsumer Cyclical $47.26B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.56 Consensus $0.54
EPS surprise +3.6% Reported versus consensus
Reported revenue $6.59B Consensus $6.70B
Revenue surprise -1.6% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +3.3% Event window
SPY move -0.0% Same window
Abnormal move +3.3% Stock minus SPY
Volume 2.4× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
AZOSPY benchmark

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What changed

The latest call shifted the emphasis toward a larger FY2027 expansion program, with continued Mega Hub and supply-chain investment, stronger commercial execution, and further international capacity. Management also highlighted tariff-refund timing and LIFO volatility as factors investors should separate from underlying operations.

Guidance delta

Management maintained a growth-oriented FY2027 plan: modest domestic same-store growth, stronger commercial growth, and continued international expansion, alongside elevated investment.

Key takeaways

  • The latest call reinforced commercial growth and inventory-availability gains as central operating themes.
  • Management is pursuing faster store, Mega Hub, supply-chain, and technology investment.
  • The outlook is constructive, but domestic same-store growth is expected to remain modest.
  • Tariff refunds supported the period, while LIFO and cost volatility remain important watch items.

Management priorities

  • Expand stores and Mega Hubs while improving parts availability.
  • Increase share in DIY and professional markets.
  • Invest in supply-chain capacity, technology, and cloud platforms.
  • Continue international expansion in Mexico and Brazil.

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Earnings History

Estimate Beat Miss Match
AZO EPS earnings history estimate and actual scatter chart 8 reported fiscal quarters and 2 future estimate-only quarters. Q1 '24 estimate $31.49 Q1 '24 actual $32.55, beat Q2 '24 estimate $26.28 Q2 '24 actual $28.89, beat Q4 '24 estimate $53.53 Q4 '24 actual $51.58, miss Q4 '25 estimate $50.73 Q4 '25 actual $48.71, miss Q1 '26 estimate $32.75 Q1 '26 actual $31.04, miss Q2 '26 estimate $27.15 Q2 '26 actual $27.63, beat Q3 '26 estimate $36.22 Q3 '26 actual $38.07, beat Q4 '26 estimate $0.54 Q4 '26 actual $0.56, beat Q1 '27 estimate $35.54 Q2 '27 estimate $31.69

Analyst Consensus ?

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

Analyst 52W Price Targets

$2,911.07Current
$1,490Low
$3,384.92Average
$4,741High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 8, 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 current price $2,911.06. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BernsteinZhihan Ma$3,698$2,913.28 +27.0%Sep 29, 2026
UBSMichael Lasser$4,230$2,817.83 +45.3%Sep 23, 2026
Raymond JamesBobby Griffin$3,700$2,894.73 +27.1%Sep 23, 2026
BMO CapitalAnalyst unavailable$3,500$2,894.73 +20.2%Sep 23, 2026
UBSAnalyst unavailable$3,850$2,894.73 +32.3%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 · 2026-09-22T19:11:33.801620+00:00
  2. FN2 earnings calendar · 2026-09-23T01:23:14.597164+00:00
  3. Polygon adjusted daily market bars · 2026-09-23T07:30:52.328866+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T07:30:52.326010+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 2026-09-23. For educational purposes only; not investment advice.