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

AutoZone pairs record expansion with strong commercial momentum

The quarter supports a constructive operating thesis: commercial demand, Mega Hub expansion, store growth, and supply-chain investment are supporting sales momentum. The counterweight is that domestic same-store growth is guided only to flat-to-low single digits, while tariff refunds, LIFO charges, inflation, SG&A, and expansion costs may affect margin and returns.

Reported Before market openNYSEConsumer Cyclical $45.76B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS Consensus $54.08
EPS surprise Reported versus consensus
Reported revenue Consensus $6.70B
Revenue surprise Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +3.9% Event window
SPY move +0.0% Same window
Abnormal move +3.9% Stock minus SPY
Volume 1.7× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
AZOSPY benchmark

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What changed

Compared with the prior quarter, the company reported FY2026 Q4 results and shifted from a FY2026 store-opening target of approximately 365 to a FY2027 plan for approximately 400 new stores. Management also highlighted a $96 million IEEPA tariff refund, a $15 million non-cash LIFO charge, the 8,000th store milestone, and a newly expanded Monterrey distribution center.

Guidance delta

Guidance sentiment was maintained. FY2027 guidance projects flat to low-single-digit domestic same-store growth, high-single- to low-double-digit commercial growth, and low- to mid-single-digit international growth.

Key takeaways

  • Management reported Q4 FY2026 sales growth of 5.6% and EPS growth of 15.1%.
  • AutoZone opened 374 stores in FY2026 and reached more than 8,000 locations, including its 1,000th store in Mexico.
  • Commercial sales grew 8.6% year over year, supported by Mega Hubs and improved inventory availability.
  • Management highlighted a $96 million IEEPA tariff refund and a $15 million non-cash LIFO charge in Q4.
  • CapEx of roughly $1.5-$1.65 billion supported stores, Mega Hubs, and supply-chain upgrades, with a similar or slightly higher level planned for FY2027.

Management priorities

  • Open approximately 400 new stores in FY2027 and target approximately 300 Mega Hubs over the next three years.
  • Continue investing in supply-chain, technology upgrades, and cloud-based platforms.
  • Break ground on a new León, Mexico distribution center slated for late FY2028.
  • Increase market share in DIY and professional commercial segments.
  • Maintain an aggressive share-repurchase program.

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Earnings History

Estimate Beat Miss Match
AZO REVENUE earnings history estimate and actual scatter chart 7 reported fiscal quarters and 4 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 Q1 '27 estimate $5B Q2 '27 estimate $5B Q3 '27 estimate $5B

Analyst Consensus ?

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

Analyst 52W Price Targets

$2,894.73Current
$1,490Low
$3,459.84Average
$4,800High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Evercore ISI Group Outperform OutperformMaintainSep 21, 2026
Oppenheimer Outperform OutperformMaintainSep 18, 2026
Citigroup Buy BuyMaintainSep 14, 2026
Wells Fargo Overweight OverweightMaintainSep 10, 2026
TD Cowen Buy BuyMaintainAug 31, 2026
Show 40 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $2,894.73. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Evercore ISIAnalyst unavailable$3,500$2,829.81 +20.9%Sep 21, 2026
OppenheimerAnalyst unavailable$3,500$2,832.92 +20.9%Sep 18, 2026
Wells FargoZachary Fadem$3,500$2,910.97 +20.9%Sep 10, 2026
Piper SandlerAnalyst unavailable$3,500$2,977.82 +20.9%Aug 31, 2026
BarclaysSeth Sigman$3,637$2,990.27 +25.6%Aug 4, 2026
See 115 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 · 2026-09-22T01:23:13.095912+00:00
  3. Polygon adjusted daily market bars · 2026-09-22T19:20:53.695393+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T19:20:53.692528+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 2026-09-22. For educational purposes only; not investment advice.