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- **Revenue Growth**: 8.2% total revenue driven by 4.8% domestic same-store sales and 14.5% commercial sales acceleration.
- **Store Expansion**: 53 new stores opened in Q1, targeting 350-360 for FY 2026, with 137 Mega-Hubs supporting commercial growth.
- **Financial Performance**: Non-GAAP EPS up 8.9% YoY to $35.44, excluding $98M LIFO charge. Free cash flow of $630M supports $431M share buybacks.
- **Commercial Momentum**: 14.5% commercial sales growth from improved inventory, Mega-Hub expansion, and Duralast brand strength.
- **International Expansion**: Mexico sales up 11.2% (unadjusted), Brazil store openings, and new distribution centers to drive long-term growth.

**【CEO Summary Section】**
- Total revenue grew 8.2% to $4.6 billion, driven by 4.8% domestic same-store sales and 14.5% commercial sales growth.
- Opened 53 new stores globally, with a record pace of store openings in Q1, targeting 350-360 stores for FY 2026.
- Domestic commercial sales accelerated to 14.5%, outpacing DIY growth of 1.5%, reflecting improved inventory and customer service.
- International same-store sales grew 3.7% on a constant currency basis, with Mexico and Brazil showing market share gains despite macroeconomic challenges.
- Capital expenditures of $1.6 billion will focus on store expansion, distribution centers, and technology to enhance customer experience.

**【CFO Financial Commentary】**
- GAAP EPS of $31.04 (-4.6% YoY) and Non-GAAP EPS of $35.44 (+8.9% YoY) after excluding a $98 million LIFO charge.
- Gross margin of 51.0% (-203 bps YoY) impacted by LIFO and commercial business mix, with 9 bps improvement from margin actions.
- SG&A expenses grew 10.4% YoY, driven by new store openings and commercial program investments.
- Free cash flow of $630 million, up 11% YoY, supporting $431 million in share buybacks.
- LIFO charges expected to decline to $60 million per quarter, reducing EPS impact by ~$2.70 in Q2.

**【Q&A Key Highlights】**
- **Store Maturation & SG&A Growth**: New stores mature in 4-5 years, with 2% of SG&A growth tied to accelerated openings. Q2 SG&A growth similar to Q1 due to payroll, depreciation, and occupancy costs.
- **Commercial Growth Drivers**: 14.5% sales growth from improved inventory, Mega-Hub expansion (137 locations), and Duralast brand strength. 84 new commercial programs added, targeting 300 Mega-Hubs by full build-out.
- **Inflation & Pricing**: Same SKU inflation of 4.8% (DIY) and 6% (commercial) driving ticket growth. Merchants offset 34 bps margin drag from commercial mix through vendor negotiations and private label expansion.
- **International Outlook**: Mexico sales growth of 11.2% (unadjusted) with market share gains, Brazil expansion, and new distribution centers to support long-term growth.
- **LIFO & Tariffs**: Reduced IEEPA tariffs on China (20% → 10%) and vendor cost mitigation lowered LIFO impact, but ongoing inflation and tariffs will affect Q3-Q4 comps.

AutoZone, Inc.(AZO)-20251209-2026 Q1 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AZO

AZO fundamentals

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