AutoZone

Management prioritizes high‑return reinvestment in distribution and store growth, then aggressive repurchases when the balance sheet allows. FY25 operating cash flow was 3.16 billion and capex 1.37 billion to support new stores, hubs and mega‑hubs.

Share count continues to decline, with 447 thousand shares repurchased in FY25 and an additional 1.5 billion authorization in October 2025. No dividend is paid. M&A has not been required to drive growth. The long‑run record of repurchases has been exemplary, though we remain attentive to valuation to avoid buybacks at low forward returns.