What the changes say
- Revenue grew to $18.9 billion in fiscal 2025 alongside a store count expansion to 7,657 stores.
- New global trade tariffs from countries including Canada, China, and Mexico introduced international supply chain uncertainties.
What changed since the prior 10-K
New
- NewStrategic and Operational Risks
The current global economic and geopolitical landscape has increased uncertainty about key areas of doing business internationally and may have a negative impact on our business
New global trade tariffs on imports from countries like Canada, China, and Mexico may negatively impact our business.
Dropped
- DroppedLegal and Regulatory Risks
failure or perceived failure to meet these expectations could adversely affect public perception of our business, employee morale or customer or shareholder support
Reworded
- 81% rewrittenLegal and Regulatory Risks
We may be unable to achieve the goals and aspirations set forth in our Corporate Responsibility report, particularly with respect to the reduction of GHG emissions, or otherwise meet the expectations of our stakeholders with respect to corporate responsibility matters
Restructured under corporate responsibility matters instead of ESG, adding specific language regarding failure to meet stakeholder expectations affecting employee morale and customer or shareholder support.
Was: We may be unable to achieve the goals and aspirations set forth in our environmental, social and governance (ESG) report, particularly with respect to the reduction of GHG emissions, or otherwise meet the expectations of our stakeholders with respect to ESG matters
- 46% rewrittenStrategic and Operational Risks
We may not be able to sustain our historic rate of sales growth
Updated five-year revenue figures from $12.6 billion in fiscal 2020 to $18.9 billion in fiscal 2025, with compounded annual growth rate adjusted to eight percent.
- 39% rewrittenStrategic and Operational Risks
We have increased our store count in the past five fiscal years, growing from 6,549 stores at August 29, 2020 to 7,657 stores at August 30, 2025, a compounded annual growth rate of approximately three percent
Updated store count growth from 6,549 stores in 2020 to 7,657 stores in 2025, adding supply chain utilization as a factor in store development goals.
Was: We have increased our store count in the past five fiscal years, growing from 6,411 stores at August 31, 2019 to 7,353 stores at August 31, 2024, a compounded annual growth rate of approximately three percent
- 36% rewrittenStrategic and Operational Risks
Our success in international operations is dependent on our ability to manage the unique challenges presented by international markets
Added specific examples of international challenges in Mexico and Brazil, including adapting merchandising to local vehicle fleets and consumer aftermarket behaviors.
- 28% rewrittenGeneral Risks
Significant changes in macroeconomic and geopolitical factors could materially adversely affect our financial condition and results of operations
Added a sustained government shutdown to the list of macroeconomic and geopolitical factors that could adversely affect financial condition.
Was: Significant changes in macroeconomic and geo-political factors could materially adversely affect our financial condition and results of operations
- 24% rewrittenStrategic and Operational Risks
We are subject to risks associated with products sourced outside the U.S
Added foreign trade policies to the list of factors affecting the price and flow of goods imported directly or through domestic vendors.
- 22% rewrittenStrategic and Operational Risks
Disruptions in our supply chain and other factors affecting the distribution of our merchandise could adversely impact our business
Expanded supply chain disruption examples to include capacity constraints, congestion, and delays outside of the U.S.
All 21 risk factors
Headings as the filing states them, in filing order.
Strategic and Operational Risks
- 01The current global economic and geopolitical landscape has increased uncertainty about key areas of doing business internationally and may have a negative impact on our businessNew
- 02If demand for our products slows, then our business may be materially adversely affected
- 03We may not be able to sustain our historic rate of sales growth46% rewritten
- 04We have increased our store count in the past five fiscal years, growing from 6,549 stores at August 29, 2020 to 7,657 stores at August 30, 2025, a compounded annual growth rate of approximately three percent39% rewritten
- 05If we cannot profitably increase our market share in the commercial auto parts business, our sales growth may be limited
- 06Our business depends upon hiring, training and retaining qualified employees, including members of management and other key personnel
- 07Inability to acquire and provide quality merchandise at competitive prices could materially adversely affect our sales and results of operations
- 08We are subject to risks associated with products sourced outside the U.S24% rewritten
- 09Disruptions in our supply chain and other factors affecting the distribution of our merchandise could adversely impact our business22% rewritten
- 10Our success in international operations is dependent on our ability to manage the unique challenges presented by international markets36% rewritten
- 11Business interruptions may negatively impact our operating hours, operability of our computer and other systems, availability of merchandise and otherwise have a material adverse effect on our sales and our business
- 12Our failure to protect our brand and reputation could have an adverse effect on our relationships with our customers, AutoZoners, suppliers, vendors and other stakeholders, thereby negatively impacting sales and profitability
- 13Information Technology, Cybersecurity and Data Privacy Risks
- 14We are subject to a complex and evolving body of laws and regulations regarding data privacy and may face increased costs as a result of changes in, enforcement of, or the adoption of new laws and regulations. These costs may have a material adverse impact on our business and results of operations
- 15We are self-insured for certain costs associated with our operations and an increase in our insurance claims and expenses may have a material negative impact on us
- 16A downgrade in our credit ratings or a general disruption in the credit markets could make it more difficult for us to access funds, refinance our debt, obtain new funding or issue debt securities
Legal and Regulatory Risks
- 17Our business, results of operations, financial condition and cash flows may be adversely affected by the adoption of new laws, changes to existing laws, increased enforcement activity or other governmental actions
- 18We may be adversely affected by legal, regulatory or market responses to global climate change
- 19We may be unable to achieve the goals and aspirations set forth in our Corporate Responsibility report, particularly with respect to the reduction of GHG emissions, or otherwise meet the expectations of our stakeholders with respect to corporate responsibility matters81% rewritten
- 20Our business, financial condition, results of operations and cash flows may be affected by litigation
General Risks
- 21Significant changes in macroeconomic and geopolitical factors could materially adversely affect our financial condition and results of operations28% rewritten
Other Autozone 10-Ks
- FY2024 10-K risk factors21 risks
AutoZone faces core business risks tied to vehicle age trends, store expansion execution, and commercial parts market competition. Supply chain reliance on foreign sourcing and international operations expose the company to geopolitical and logistical disruptions. Labor cost management and regulatory compliance regarding data privacy and environmental standards heavily impact financial results.
Filed Oct 28, 2024
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.