AutoZone filed its 10-K with the SEC, and its figures are now in our data. Revenue over the twelve months to Q4 2026 was $20.3 billion, a rise of 7.4% on the year before. This growth rate was up 1.7 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q4.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY25 Q1 | 5.2% | 20.4% | 10.2% |
| FY25 Q2 | 4.7% | 20.1% | 10.8% |
| FY25 Q3 | 5.2% | 19.6% | 10.6% |
| FY25 Q4 | 2.4% | 19.1% | 9.5% |
| FY26 Q1 | 3.8% | 18.4% | 9.6% |
| FY26 Q2 | 5.0% | 18.1% | 8.2% |
| FY26 Q3 | 5.7% | 18.0% | 8.2% |
| FY26 Q4 | 7.4% | 18.3% | 8.9% |
The main points
Revenue grew 7.4%, yet the operating margin fell 0.8 percentage points, indicating that sales are rising faster than profit.
Profit and margins
The company is selling more but keeping less of each sale. Trailing gross margin stood at 52.3%. Meanwhile, trailing operating margin was 18.3%, down 0.8 percentage points from a year earlier. The trailing net margin was 12.6%. Net income over the twelve months was $2.6 billion, which rose 3.0% on the year before.
Cash flow
Today’s cash margin sits near the bottom of the company’s own record. Operating cash flow over the twelve months was $3.2 billion, up 4.2% on the year before. Capital spending reached $1.4 billion, or 7.0% of revenue. Consequently, free cash flow, defined as operating cash flow less capital spending, was $1.8 billion, up 1.4% on the year before. This represented a free-cash-flow margin of 8.9%, down 0.5 percentage points from a year earlier.
Share count
The average diluted share count fell 2.2% over the year.
In context
Measured against its own history, today’s free-cash-flow margin of 8.9% is higher than 4% of the company’s own past quarterly readings, which have ranged from 8.2% to 21.7%. Today’s operating margin of 18.3% is higher than 24% of past readings (16.1% to 20.7%). Additionally, today’s twelve-month revenue growth rate of 7.4% is higher than 64% of past readings (1.6% to 18.1%).
What it means for value
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 31.6%, and 5 percentage points higher would raise it by 41.2%. A free-cash-flow margin 1 percentage point lower would lower it by 14.3%.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
