AutoZone, Inc. (AZO) Cash Flow Statement
Where AZO’s cash came from and went, FY2025
August 31, 2025 · U.S. dollars- Cash from operations
- $3.12B +3.8% vs FY2024
- Capital expenditures
- $1.33B 7.0% of revenue
- Free cash flow
- $1.79B 9.5% margin
- Returned to shareholders
- $1.58B 88% of free cash flow
- Change in cash
- −$26.4M cash at year-end $271.8M
Cash from operations
$3.12B
Capital expenditures
−$1.33B
Investments (net)
−$1.40B
Acquisitions & other
+$1.33B
Share buybacks (net)
−$1.58B
Net borrowing (repayment)
−$327.6M
Shares issued
+$172.3M
Other financing
−$13.4M
Change in cash
−$26.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AZO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AZO cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.58BFY2016 | $3.12BFY2025 | +7.9%/yr | |
| Capital expenditures | $488.8MFY2016 | $1.33BFY2025 | +11.7%/yr | |
| Free cash flow | $1.09BFY2016 | $1.79BFY2025 | +5.7%/yr | |
| Free cash flow margin | 10.2%FY2016 | 9.5%FY2025 | −0.8 pts | |
| Operating cash flow / net income | 1.27FY2016 | 1.25FY2025 | −0.02 | |
| Stock-based compensation | $39.8MFY2016 | $124.7MFY2025 | +13.5%/yr | |
| Dividends paid | $799.9MFY2016 | $606.2MFY2023 | −3.9%/yr | |
| Share buybacks (net) | $1.45BFY2016 | $1.58BFY2025 | +0.9%/yr | |
| Capex / revenue | 4.6%FY2016 | 7.0%FY2025 | +2.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AZO cash flow by activity
OperatingInvestingFinancingChange in cash
AZO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AZO cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.50B | $2.66B | $2.53B | $2.43B | $2.17B | $1.73B | $1.62B | $1.34B | $1.28B | $1.24B |
| Depreciation & amortization | $613.2M | $549.8M | $497.6M | $442.2M | $407.7M | $397.5M | $370.0M | $345.1M | $323.1M | $297.4M |
| Stock-based compensation | $124.7M | $106.2M | $93.1M | $70.6M | $56.1M | $44.8M | $43.3M | $43.7M | $38.2M | $39.8M |
| Change in working capital | −$311.1M | −$31.9M | −$205.9M | $71.8M | $906.0M | $483.0M | $61.7M | $158.0M | −$137.1M | $62.6M |
| Other non-cash items | $192.2M | −$282.4M | $27.6M | $196.9M | −$21.6M | $61.8M | $36.4M | $196.0M | $65.5M | −$63.5M |
| Cash from operating activities | $3.12B | $3.00B | $2.94B | $3.21B | $3.52B | $2.72B | $2.13B | $2.08B | $1.57B | $1.58B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.33B | −$1.07B | −$796.7M | −$672.4M | −$621.8M | −$457.7M | −$496.1M | −$522.2M | −$553.8M | −$488.8M |
| Investments (net) | −$1.40B | −$1.29B | −$876.2M | −$2.2M | −$10.0M | −$6.7M | −$2.4M | −$34.9M | −$2.7M | −$9.7M |
| Acquisitions & other investing | $1.33B | $1.07B | $796.7M | $26.4M | $30.0M | −$33.4M | $6.6M | $35.3M | $3.0M | −$7.3M |
| Cash from investing activities | −$1.40B | −$1.29B | −$876.2M | −$648.1M | −$601.8M | −$497.9M | −$491.8M | −$521.9M | −$553.6M | −$505.8M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$606.2M | −$603.4M | $0 | $0 | $0 | −$170.2M | −$600.0M | −$799.9M |
| Share repurchases & issuance (net) | −$1.58B | −$3.14B | −$3.70B | −$4.36B | −$3.38B | −$930.9M | −$2.00B | −$1.59B | −$1.07B | −$1.45B |
| Net borrowing (repayment) | −$327.6M | $1.29B | $1.48B | $853.4M | −$309.9M | $320.0M | $151.4M | −$128.8M | $110.0M | $263.6M |
| Shares issued | $172.3M | $176.2M | $182.5M | $113.9M | $187.8M | $68.4M | $188.8M | $89.7M | $0 | $0 |
| Other financing | −$13.4M | −$4.2M | $588.0M | $525.6M | $0 | −$101.1M | −$9.4M | $169.1M | $647.3M | $936.0M |
| Cash from financing activities | −$1.75B | −$1.68B | −$2.06B | −$3.47B | −$3.50B | −$643.6M | −$1.67B | −$1.63B | −$914.3M | −$1.05B |
| Summary | ||||||||||
| Net change in cash | −$26.4M | $21.1M | $12.7M | −$907.0M | −$579.5M | $1.57B | −$41.5M | −$75.4M | $103.5M | $14.4M |
| Cash at end of period | $271.8M | $298.2M | $277.1M | $264.4M | $1.17B | $1.75B | $176.3M | $217.8M | $293.3M | $189.7M |
| Free cash flow | $1.79B | $1.93B | $2.14B | $2.54B | $2.90B | $2.26B | $1.63B | $1.56B | $1.02B | $1.09B |
| Free cash flow margin | 9.5% | 10.4% | 12.3% | 15.6% | 19.8% | 17.9% | 13.8% | 13.9% | 9.3% | 10.2% |
| Capex / revenue | 7.0% | 5.8% | 4.6% | 4.1% | 4.3% | 3.6% | 4.2% | 4.7% | 5.1% | 4.6% |
| Operating cash flow / net income | 1.25 | 1.13 | 1.16 | 1.32 | 1.62 | 1.57 | 1.32 | 1.56 | 1.23 | 1.27 |
| May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | $641.5M | $468.9M | $530.8M | $837.0M | $608.4M | $487.9M | $564.9M | $902.2M | $651.7M | $515.0M | $593.5M |
| Depreciation & amortization | $160.3M | $155.6M | $148.2M | $197.4M | $144.7M | $137.9M | $133.2M | $175.3M | $129.2M | $125.0M | $120.2M |
| Stock-based compensation | $30.2M | $36.7M | $30.7M | $39.1M | $29.0M | $30.4M | $26.1M | $34.9M | $25.4M | $23.0M | $22.9M |
| Change in working capital | −$32.1M | −$254.2M | $174.9M | −$379.2M | $15.4M | −$36.7M | $89.4M | $217.3M | −$118.4M | −$222.8M | $92.0M |
| Other non-cash items | $2.1M | −$33.6M | $59.5M | $258.5M | −$28.6M | −$35.9M | −$1.8M | −$259.6M | −$18.4M | −$6.1M | $1.7M |
| Cash from operating activities | $802.0M | $373.4M | $944.2M | $952.8M | $769.0M | $583.7M | $811.8M | $1.07B | $669.5M | $434.1M | $830.3M |
| Investing activities | |||||||||||
| Capital expenditures | −$345.5M | −$336.7M | −$315.3M | −$441.6M | −$345.9M | −$292.7M | −$247.0M | −$346.8M | −$235.1M | −$255.4M | −$235.4M |
| Investments (net) | −$3.2M | −$12.4M | −$11.4M | −$483.2M | −$353.8M | −$297.7M | −$265.7M | −$370.2M | −$372.3M | −$273.5M | −$43.3M |
| Acquisitions & other investing | $3.1M | $8.3M | $0 | $441.6M | $345.9M | $292.7M | $247.0M | $346.8M | $235.1M | $255.4M | $8.2M |
| Cash from investing activities | −$345.6M | −$340.8M | −$326.7M | −$483.2M | −$353.8M | −$297.7M | −$265.7M | −$370.2M | −$372.3M | −$273.5M | −$270.5M |
| Financing activities | |||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | −$46.8M | −$923.1M |
| Share repurchases & issuance (net) | −$580.7M | −$314.5M | −$427.2M | −$442.9M | −$268.8M | −$326.4M | −$540.1M | −$703.7M | −$728.1M | −$222.2M | −$1.49B |
| Net borrowing (repayment) | $78.9M | $254.7M | −$206.4M | −$79.0M | −$223.2M | $12.7M | −$38.1M | $16.3M | — | — | $902.9M |
| Shares issued | $16.3M | $19.6M | $31.9M | $61.3M | $46.7M | $28.3M | $36.0M | $21.9M | $56.0M | $56.9M | $41.4M |
| Other financing | −$2.2M | $0 | −$974,000 | −$8.4M | −$6.1M | −$3.0M | $4.1M | $804,000 | $346.0M | $71.5M | $913.4M |
| Cash from financing activities | −$487.7M | −$40.2M | −$602.7M | −$469.0M | −$451.3M | −$288.4M | −$538.1M | −$664.8M | −$326.1M | −$140.6M | −$552.2M |
| Summary | |||||||||||
| Net change in cash | −$31.8M | −$2.1M | $15.8M | $3.2M | −$32.3M | −$3.1M | $5.8M | $22.8M | −$28.7M | $21.1M | $5.9M |
| Cash at end of period | $253.7M | $285.5M | $287.6M | $271.8M | $268.6M | $300.9M | $304.0M | $298.2M | $275.4M | $304.1M | $283.0M |
| Free cash flow | $456.5M | $36.7M | $628.9M | $511.1M | $423.1M | $291.0M | $564.8M | $723.5M | $434.4M | $178.7M | $594.8M |
| Free cash flow margin | 9.4% | 0.9% | 13.6% | 8.2% | 9.5% | 7.4% | 13.2% | 11.7% | 10.3% | 4.6% | 14.2% |
| Capex / revenue | 7.1% | 7.9% | 6.8% | 7.1% | 7.7% | 7.4% | 5.8% | 5.6% | 5.6% | 6.6% | 5.6% |
| Operating cash flow / net income | 1.25 | 0.80 | 1.78 | 1.14 | 1.26 | 1.20 | 1.44 | 1.19 | 1.03 | 0.84 | 1.40 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AZO cash generation
In fiscal 2025 (ended August 31, 2025), AutoZone generated $3.1 billion of cash from operations (up 3.8%) and spent $1.3 billion on capital expenditures, leaving free cash flow of $1.8 billion, 9.5% of revenue. It returned $1.6 billion to shareholders through dividends ($0) and net share buybacks ($1.6 billion). Cash and equivalents fell by $26.4 million over the year.
Related: AZO income statement, AZO balance sheet. See the AZO stock overview for the latest quote and news.
AZO cash flow FAQ
What is AutoZone's free cash flow?
AutoZone's free cash flow was $1.8 billion in fiscal 2025: $3.1 billion of operating cash flow minus $1.3 billion of capital expenditures It was $1.9 billion a year earlier..
How much cash does AutoZone generate from operations?
AutoZone generated $3.1 billion of cash from operating activities in fiscal 2025, 1.25 times its net income of $2.5 billion.
How much does AutoZone spend on capital expenditures?
AutoZone spent $1.3 billion on capital expenditures in fiscal 2025, 7.0% of revenue, compared with $1.1 billion the year before.
How much stock does AutoZone buy back?
AutoZone spent $1.6 billion on net share repurchases in fiscal 2025.