Autozone Stock Split in 2023 [What You Should Know]

AutoZone, Inc. stands as a preeminent retailer and distributor of automotive replacement parts and accessories within the United States. Over the years, the company’s stock (AZO) has experienced significant growth. This blog post will delve into the history of AutoZone’s stock splits and discuss recent developments and the potential for future splits.

History of AutoZone’s Stock Splits

Autozone Stock Split

AutoZone’s stock split history dates back to the early 1990s. The company conducted two stock splits in its history, both of which were 2-for-1 splits. The first split occurred on February 3, 1992, and the second on April 21, 1994. In both instances, each share of AZO-owned pre-split transformed into two shares, doubling investors’ shareholding.

Split NumberDate of SplitSplit RatioPre-Split Shares (Example)Post-Split Shares (Example)
1February 3, 19922-for-112
2April 21, 19942-for-124

Recent Developments and Speculations

While there has been a resurgence of stock splits among significant companies, AutoZone has not announced any since 1994. This trend is consistent with most S&P 500 companies, which have largely moved away from stock splits in the past two decades​​.

However, AutoZone may be a candidate for a future stock split, mainly because its share price has risen beyond $2000. It’s important to note, however, that speculation doesn’t guarantee a future split.

Factors Influencing Future Splits

While the resurgence of stock splits among high-value stocks has led to speculation about potential splits for companies like AutoZone, several factors make a future split less likely. These include the company’s intensive share buy-back program and the preferences of its significant shareholders. Investors should therefore consider these factors and monitor the company’s announcements closely for future updates.

Share Buy-Back Program

AutoZone has been running an intensive share buy-back program since 1998. In a remarkable display of financial prowess spanning the last twenty years, the esteemed company has successfully executed a share repurchase program resulting in the acquisition of a staggering 86% of outstanding shares, totaling a remarkable $29.2 billion in value. This strategy has significantly reduced the number of outstanding shares from over 150 million at the start of 1999 to only 20.6 million shares as of the date of the report. An implementation of a forward stock split could potentially undermine the efforts of management to enhance the value of each outstanding share, thereby increasing the share count and reducing the likelihood of a future split.

Shareholding Pattern

Large institutional investors and mutual funds own approximately 98% of AutoZone’s outstanding shares. These investors typically prefer less volatile daily trading, consistent growth, and the use of cash flow for share repurchases. A forward stock split could obscure returns for these investors, making it another factor that reduces the likelihood of a future split.


How many times has AutoZone split its stock in the past?

AutoZone has split its stock twice in the past, with splits occurring in 1992 and 1994.

What was the nature of AutoZone’s past stock splits?

Both of AutoZone’s past stock splits were 2-for-1 splits, meaning each share owned pre-split became two shares post-split.

Why is a future AutoZone stock split considered unlikely?

Factors such as AutoZone’s intensive share buy-back program and the preferences of its central institutional investors make a future stock split less likely.

What is AutoZone’s share buy-back program?

AutoZone’s share buy-back program is an initiative where the company repurchases its shares from the marketplace,  significantly reducing the number of its outstanding shares since its launch in 1998.