AutoZone rolled into Tuesday's earnings report already the most expensive stock never to have split its shares, and it left with an even bigger cushion over Wall Street's expectations. The Memphis-based auto parts retailer posted fiscal fourth-quarter profit of $931.6 million, or $56.05 a share, blowing past the $54.08 analysts had forecast, and pushed full-year sales above $20 billion for the first time in the company's history, according to its earnings release filed with the SEC.

Shares, which closed Monday at $2,803.25, jumped as much as 5 percent in early trading Tuesday toward $2,953, territory that would mark a fresh all-time high for a stock investors already consider the priciest bellwether on the New York Stock Exchange.

Quarterly revenue rose 5.6 percent year over year to $6.6 billion, narrowly missing the Street's $6.7 billion target, but profitability more than closed the gap. Gross margin expanded 182 basis points to 53.3 percent and operating profit climbed 10.1 percent to $1.3 billion. Domestic commercial sales — the business of selling parts to repair shops rather than walk-in customers — grew 8.6 percent in the quarter and nearly 11 percent for the year, which the company credited to its Mega Hub distribution centers and improved parts availability, per AutoZone's investor relations site.

For the full fiscal year, AutoZone posted revenue of $20.3 billion, up 7.4 percent, and diluted earnings per share of $152.55, a 5.3 percent increase despite what the company called elevated investment spending and macroeconomic headwinds. Net income for the year reached $2.6 billion.

Buying back stock even at nosebleed prices

The company also disclosed it repurchased 579,000 shares for $2 billion during the fiscal year, leaving $1.6 billion still authorized for buybacks even with its share price north of $2,800. Total debt stood at $9.1 billion at year-end. AutoZone has never split its stock since going public in 1991, a stance that has made it a case study in companies treating a sky-high share price as a badge of exclusivity rather than a barrier to entry.

CEO Phil Daniele pointed to store growth as evidence the strategy is working, noting the chain opened 175 new stores in the quarter alone.

"We opened 175 new stores and continued to improve our inventory offering and speed of delivery while remaining focused on exceptional customer service," Daniele told analysts on the earnings call, according to a transcript of the call.

The company now operates 8,031 stores across the U.S., Mexico, Brazil and Puerto Rico after adding 374 locations in fiscal 2026 — 97 U.S. stores, 68 in Mexico and 10 in Brazil in the fourth quarter alone.

Investors have watched AutoZone and its rivals closely this year as a gauge of how tariff costs and an aging U.S. vehicle fleet are hitting consumer wallets; more owners have been repairing older cars rather than replacing them, a trend that has generally worked in the parts retailer's favor. Tuesday's numbers suggest that dynamic is still intact heading into fiscal 2027, even with the broader retail sector facing uneven consumer spending. AutoZone did not issue formal guidance for the new fiscal year on the call, leaving analysts to update price targets through the week.