What is AutoZone's leasehold improvements?

AutoZone (AZO) reported leasehold improvements of $1.08B in Q2 2025.

How has AutoZone's leasehold improvements changed year-over-year?

AutoZone's leasehold improvements increased by 17.3% year-over-year, from $922.47M to $1.08B.

What is the long-term trend for AutoZone's leasehold improvements?

Over 4 years (2021 to 2025), AutoZone's leasehold improvements has grown at a 13.8% compound annual growth rate (CAGR), from $644.35M to $1.08B.

What does leasehold improvements mean?

The total value of improvements made to rented properties that are capitalized as assets.

Discontinued — last reported Q3 '21

Non-Current Assets

Leasehold improvements

AutoZone Leasehold improvements increased by 17.3% to $1.08B in Q2 2025 compared to the prior quarter. Year-over-year, this metric grew by 17.3%, from $922.47M to $1.08B. Over 4 years (FY 2021 to FY 2025), Leasehold improvements shows an upward trend with a 13.8% CAGR.

Analysis

StatementBalance Sheet Statement

SectionNon-Current Assets

CategoryCapital Allocation

SignalContext dependent

VolatilityStable

First reportedQ3 2015

Last reportedQ3 2021

Parent metricPP&E (Net)

How to read this metric

An increase suggests active investment in store renovations or facility upgrades, while a decrease may indicate reduced capital spending on leased infrastructure.

Detailed definition

This represents the capitalized costs of alterations and improvements made to leased restaurant properties or office spa...

Peer comparison

Commonly reported by retail and restaurant chains with significant leased real estate portfolios.

Metric ID: ppe_leasehold_improvements

Historical Data

5 periods

	Q2 '21	Q2 '22	Q2 '23	Q2 '24	Q2 '25
Value	$644.35M	$724.10M	$831.51M	$922.47M	$1.08B
QoQ Change	—	+12.4%	+14.8%	+10.9%	+17.3%
YoY Change	—	+12.4%	+14.8%	+10.9%	+17.3%
% of PP&E (Net)	13.3%	14.0%	14.9%	14.9%	15.3%
Share Change	—	+0.7pp	+0.9pp	+0.1pp	+0.4pp

Range$644.35M – $1.08B

CAGR+68.0%

Avg YoY Growth+13.9%

Median YoY Growth+13.6%

Current Streak4+ quarters growth

Frequently Asked Questions

What is AutoZone's leasehold improvements?: AutoZone (AZO) reported leasehold improvements of $1.08B in Q2 2025.
How has AutoZone's leasehold improvements changed year-over-year?: AutoZone's leasehold improvements increased by 17.3% year-over-year, from $922.47M to $1.08B.
What is the long-term trend for AutoZone's leasehold improvements?: Over 4 years (2021 to 2025), AutoZone's leasehold improvements has grown at a 13.8% compound annual growth rate (CAGR), from $644.35M to $1.08B.
What does leasehold improvements mean?: The total value of improvements made to rented properties that are capitalized as assets.