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AutoZone cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$456M in Q3 FY26

Operating cash flow$802M
Capital spending−$346M
Free cash flow+$456M
Cash / net income1.3×
Cash conversion cycle-290 days

Analysis

In Q3 FY26, AutoZone generated $802M of operating cash flow and spent $346M on capital projects, leaving free cash flow of $456M.

Operating cash flow was $802M against net income of $641M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$160M, payables +$112M, receivables −$66.3M.

Its cash conversion cycle was -290 days (receivables 13 + inventory 0 − payables 303): suppliers fund its working capital.

Free cash flow

AutoZone: free cash flow by quarterAutoZone: free cash flow by quarter$179MQ2 FY24$434MQ3 FY24$565MQ1 FY25$291MQ2 FY25$423MQ3 FY25$630MQ1 FY26$35.6MQ2 FY26$456MQ3 FY26
Operating cash flow less capital spending.
AutoZone: operating cash flow against capital spendingAutoZone: operating cash flow against capital spendingOperating cash flowCapital spending$434M$255MQ2 FY24$669M$235MQ3 FY24$812M$247MQ1 FY25$584M$293MQ2 FY25$769M$346MQ3 FY25$944M$314MQ1 FY26$373M$338MQ2 FY26$802M$346MQ3 FY26
Latest (Q3 FY26): Operating cash flow $802M, Capital spending $346M.

Capital allocation, year by year

AutoZone: where the cash came from (up) and went (down), by fiscal yearAutoZone: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY22: Operating cash flow $3.2BFY22: Net borrowing $786MFY22: Shares issued $114MFY22: Capital spending −$672MFY22: Buybacks −$4.4B$4.1BFY22FY23: Operating cash flow $2.9BFY23: Net borrowing $1.5BFY23: Shares issued $182MFY23: Capital spending −$797MFY23: Buybacks −$3.7B$4.6BFY23FY24: Operating cash flow $3.0BFY24: Net borrowing $1.3BFY24: Shares issued $176MFY24: Capital spending −$1.1BFY24: Buybacks −$3.1B$4.5BFY24FY25: Operating cash flow $3.1BFY25: Net borrowing −$328MFY25: Shares issued $172MFY25: Capital spending −$1.3BFY25: Buybacks −$1.6B$3.3BFY25FY26: Operating cash flow $3.2BFY26: Net borrowing $167MFY26: Shares issued $95.9MFY26: Capital spending −$1.4BFY26: Buybacks −$2.0B$3.5BFY26
Over these 5 years operating cash flow totalled $15.5B; the largest uses were buybacks ($14.8B) and capital spending ($5.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$326M
Debt$9.1B
Net debt$8.8B
Due within a year$1.6B

AutoZone funds itself: free cash flow was — over the last twelve months, and $326M of cash and investments stands against $9.1B of debt ($1.6B due within a year, 0.2× covered by cash).

AutoZone: debt maturities by year (FY26)AutoZone: debt maturities by year (FY26)$1.6BYear 1$450MYear 2$1.6BYear 3$1.2BYear 4$1.4BYear 5$2.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $326M of cash and investments now.

Where the cash came from and went

AutoZone: sources (+) and uses (−) of cash, Q3 FY26AutoZone: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$802MBuybacks−$581MNet borrowing (+) / repaid (−)$479MOther financing−$402MCapital spending−$346MCash drawn (+) / kept (−)$31.8MShares issued$16.3MExchange rates−$503KOther investing−$84K

From profit to cash

AutoZone: net income to operating cash flow, Q3 FY26AutoZone: net income to operating cash flow, Q3 FY26Net income$641MDepreciation & amortization$160MStock-based pay$30.2MDeferred taxes−$20.7MOther non-cash$20.0MReceivables−$66.3MPayables$112MIncome taxes payable$21.0MOther operating capital$5.5MOperating cash flow$802M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY2613—303-290
Q2 FY2613—342-329
Q1 FY2612—301-290
Q3 FY2511—312-301
Q2 FY2512—352-340
Q1 FY2511—310-300
Q3 FY2411—310-299
Q2 FY2411—338-327

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$802M−$346M−$581M$479M$16.3M$31.8M$456M
Q2 FY26$373M−$338M−$315M$255M$19.6M$2.1M$35.6M
Q1 FY26$944M−$314M−$427M−$206M$31.9M−$15.8M$630M
Q3 FY25$769M−$346M−$269M$177M$46.7M$32.3M$423M
Q2 FY25$584M−$293M−$326M$12.7M$28.3M$3.1M$291M
Q1 FY25$812M−$247M−$540M−$38.1M$36.0M−$5.8M$565M
Q3 FY24$669M−$235M−$728M$643M$56.0M$28.7M$434M
Q2 FY24$434M−$255M−$222M$23.4M$56.9M−$21.1M$179M

AutoZone: income statement and cash flow

AutoZone, Q4 FY26: revenue $6.6B (+6% year over year), operating margin 20.0%. The chart follows the revenue to costs, profit and cash.

AutoZone: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.