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v3.25.3

Financing | 12 Months Ended
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Aug. 30, 2025
Financing |
Financing | Note I – Financing ​ The Company’s debt consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | August 30, |  | August 31,
(in thousands) | ​ | 2025 | ​ | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
3.250% Senior Notes due April 2025, effective interest rate 3.36% | ​ | $ | — | ​ | $ | 400,000
3.625% Senior Notes due April 2025, effective interest rate 3.78% | ​ | ​ | — | ​ | ​ | 500,000
3.125% Senior Notes due April 2026, effective interest rate 3.28% | ​ |  | 400,000 | ​ |  | 400,000
5.050% Senior Notes due July 2026, effective interest rate 5.09% | ​ | ​ | 450,000 | ​ | ​ | 450,000
3.750% Senior Notes due June 2027, effective interest rate 3.83% | ​ |  | 600,000 | ​ |  | 600,000
4.500% Senior Notes due February 2028, effective interest rate 4.43% | ​ | ​ | 450,000 | ​ | ​ | 450,000
6.250% Senior Notes due November 2028, effective interest rate 6.46% | ​ | ​ | 500,000 | ​ | ​ | 500,000
3.750% Senior Notes due April 2029, effective interest rate 3.86% | ​ |  | 450,000 | ​ |  | 450,000
5.100% Senior Notes due July 2029, effective interest rate 5.30% | ​ | ​ | 600,000 | ​ | ​ | 600,000
4.000% Senior Notes due April 2030, effective interest rate 4.09% | ​ | ​ | 750,000 | ​ | ​ | 750,000
5.125% Senior Notes due June 2030, effective interest rate 5.14% | ​ | ​ | 500,000 | ​ | ​ | —
1.650% Senior Notes due January 2031, effective interest rate 2.19% | ​ | ​ | 600,000 | ​ | ​ | 600,000
4.750% Senior Notes due August 2032, effective interest rate 4.76% | ​ | ​ | 750,000 | ​ | ​ | 750,000
4.750% Senior Notes due February 2033, effective interest rate 4.70% | ​ | ​ | 550,000 | ​ | ​ | 550,000
5.200% Senior Notes due August 2033, effective interest rate 5.22% | ​ | ​ | 300,000 | ​ | ​ | 300,000
6.550% Senior Notes due November 2033, effective interest rate 6.71% | ​ | ​ | 500,000 | ​ | ​ | 500,000
5.400% Senior Notes due July 2034, effective interest rate 5.54% | ​ | ​ | 700,000 | ​ | ​ | 700,000
Commercial paper, weighted average interest rate 4.46% at August 30, 2025 and 5.40% at August 31, 2024 | ​ |  | 748,600 | ​ |  | 580,000
Total debt before discounts and debt issuance costs | ​ |  | 8,848,600 | ​ |  | 9,080,000
Less: Discounts and debt issuance costs | ​ | ​ | 48,825 | ​ |  | 55,619
Long-term debt | ​ | $ | 8,799,775 | ​ | $ | 9,024,381
​ The Company maintains a revolving credit facility (as amended from time to time, the “Revolving Credit Agreement”) with a borrowing capacity of $2.25 billion. The maximum borrowing under the Revolving Credit Agreement may, at the Company’s option, subject to the lenders’ approval, be increased from $2.25 billion to $3.25 billion. On November 15, 2024, the Company amended the Revolving Credit Agreement to extend the termination date by one year. As amended, the Revolving Credit Agreement will terminate, and all amounts borrowed will be due and payable, on November 15, 2028. Revolving borrowings under the Revolving Credit Agreement may be base rate loans, SOFR loans, or a combination of both, at AutoZone’s election. The Revolving Credit Agreement includes (i) a $75 million sublimit for swingline loans, (ii) a $50 million individual issuer letter of credit sublimit and (iii) a $250 million aggregate sublimit for all letters of credit. Covenants under the Company’s Revolving Credit Agreement include restrictions on liens, a maximum debt to earnings ratio, a minimum fixed charge coverage ratio and a change of control provision that may require acceleration of the repayment obligations under certain circumstances. As of August 30, 2025, the Company had no outstanding borrowings and $1.7 million of outstanding letters of credit under the Revolving Credit Agreement. The Revolving Credit Agreement requires that the Company’s consolidated interest coverage ratio as of the last day of each quarter shall be no less than 2.5:1. This ratio is defined as the ratio of (i) consolidated earnings before interest, taxes and rents to (ii) consolidated interest expense plus consolidated rents. The Company’s consolidated interest coverage ratio as of August 30, 2025, was 5.1:1. As of August 30, 2025, the $748.6 million of commercial paper borrowings, the $400 million 3.125% Senior Notes due April 2026 and the $450 million 5.050% Senior Notes due July 2026 were classified as long-term in the accompanying Consolidated Balance Sheets as the Company currently has the ability and intent to refinance them on a long-term basis through available capacity in its Revolving Credit Agreement. As of August 30, 2025, the Company had $2.2 billion of availability under its Revolving Credit Agreement, which would allow the Company to replace these short-term obligations with a long-term financing facility. On April 15, 2025, the Company repaid its outstanding $400 million 3.250% Senior Notes due April 2025 and its $500 million 3.625% Senior Notes due April 2025. On April 18, 2024, the Company repaid its outstanding $300 million 3.125% Senior Notes due April 2024. On July 17, 2023, the Company repaid its outstanding $500 million 3.125% Senior Notes due July 2023. On January 17, 2023, the Company repaid its outstanding $300 million 2.875% Senior Notes due January 2023. On April 14, 2025, the Company issued $500 million 5.125% Senior Notes due June 2030, under the automatic shelf registration statement on Form S-3, filed with the SEC on July 19, 2022 (File No. 333-266209) (the “2022 Shelf Registration Statement”). The 2022 Shelf Registration Statement allowed the Company to sell an indeterminate amount in debt securities to fund general corporate purposes, including repaying, redeeming or repurchasing outstanding debt and for working capital, capital expenditures, new store or distribution center openings, stock repurchases and acquisitions. Proceeds from the debt issuance were for general corporate purposes. On June 28, 2024, the Company issued $600 million in 5.100% Senior Notes due July 2029 and $700 million 5.400% Senior Notes due July 2034 under the 2022 Shelf Registration Statement. Proceeds from the debt issuance were used to repay a portion of the Company’s outstanding commercial paper borrowings and for other general corporate purposes. On October 25, 2023, the Company issued $500 million in 6.250% Senior Notes due November 2028 and $500 million 6.550% Senior Notes due November 2033 under the 2022 Shelf Registration Statement. Proceeds from the debt issuance were used for general corporate purposes. On July 21, 2023, the Company issued $450 million in 5.050% Senior Notes due July 2026 and $300 million in 5.200% Senior Notes due August 2033 under the 2022 Shelf Registration Statement. Proceeds from the debt issuance were used for general corporate purposes. On January 27, 2023, the Company issued $450 million in 4.500% Senior Notes due February 2028 and $550 million in 4.750% Senior Notes due February 2033 under the 2022 Shelf Registration Statement. Proceeds from the debt issuance were used to repay a portion of the Company’s outstanding commercial paper borrowings and for other general corporate purposes. The Senior Notes contain a provision that repayment of the Senior Notes may be accelerated if the Company experiences a change in control (as defined in the agreements). The Company’s borrowings under its senior notes contain minimal covenants, primarily restrictions on liens. All of the repayment obligations under its borrowing arrangements may be accelerated and come due prior to the scheduled payment date if covenants are breached or an event of default occurs. Interest for Senior Notes is paid on a semi-annual basis. The Company also maintained a letter of credit facility that allowed it to request the participating bank to issue letters of credit on its behalf up to an aggregate amount of $25 million. The letter of credit facility was in addition to the letters of credit that may be issued under the Revolving Credit Agreement. As of August 31, 2024, the Company had no letters of credit outstanding under the letter of credit facility which was terminated in September 2024. In addition to the outstanding letters of credit issued under the Revolving Credit Agreement discussed above, the Company had $149.1 million in letters of credit outstanding as of August 30, 2025. These letters of credit have various maturity dates and were issued on an uncommitted basis. As of August 30, 2025, the Company was in compliance with all covenants related to its borrowing arrangements. The fair value of the Company’s debt was estimated at $8.9 billion as of August 30, 2025, and $9.0 billion as of August 31, 2024, based on the quoted market prices for the same or similar issues or on the current rates available to the Company for debt of the same terms (Level 2). Such fair value is greater than the carrying value of debt by $94.4 million and $3.5 million at August 30, 2025, and August 31, 2024, respectively. This amount reflects face amount, adjusted for any unamortized debt issuance costs and discounts. All of the Company’s debt is unsecured. Scheduled maturities of debt are as follows:
​ | ​ | ​ | ​
​ |  | Scheduled
(in thousands) | ​ | Maturities
​ | ​ | ​ | ​
2026 | ​ | $ | 1,598,600
2027 | ​ |  | 600,000
2028 | ​ |  | 450,000
2029 | ​ |  | 1,550,000
2030 | ​ |  | 1,250,000
Thereafter | ​ |  | 3,400,000
Subtotal | ​ |  | 8,848,600
Discount and debt issuance costs | ​ |  | 48,825
Total Debt | ​ | $ | 8,799,775
​

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