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It is -12% in 2026. The supply side (avg +24%) leads the stock (-12%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is FedEx (+39.6%) and the furthest behind is Alphabet (Google) (+8.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. In fiscal 2025, it also committed capital to renewable-energy tax-credit funds.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"재생에너지 세액공제 펀드 (비공개)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-10-27","basis":"FY2025 재생에너지 세액공제 지분 투자 순액","value":111815000,"period":"FY2025","basis_en":"Net investment in renewable-energy tax-credit equity investments during FY2025","qualifier":null},"note":"오토존은 연방 세액공제로 수익을 얻는 재생에너지 세액공제 지분 펀드에 투자한다. FY2025 순투자액은 1억1,181만5,000달러였고 개별 펀드명은 공개되지 않았다.","note_en":"AutoZone invests in renewable-energy tax-credit equity funds that generate returns primarily through federal tax credits. Net FY2025 investment was $111.815 million, while individual fund names were not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-27","url":"https://www.sec.gov/Archives/edgar/data/866787/000110465925102611/azo-20250830x10k.htm","title":"오토존 2025 회계연도 10-K","title_en":"AUTOZONE INC 10-K (2025-10-27)","excerpt":"FY2025 세액공제 지분 투자 순액은 1억1,180만 달러였다.","excerpt_en":"Our net investment in tax credit equity investments was $111.8 million."}]},{"direction":"revenue","counterparty":"정비소·딜러·서비스센터·플릿 고객","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2025-10-27","basis":"미국 상업 고객 매출이 FY2025 미국 매출에서 차지한 비중","value":31.7,"period":"FY2025","basis_en":"U.S. commercial-customer sales as a share of FY2025 domestic sales","qualifier":null},"note":"오토존은 정비소·딜러·서비스센터·플릿 계정에 부품 배송과 상업 신용을 제공한다. FY2025 미국 상업 매출은 미국 매출의 31.7%였고 전년보다 6.7% 증가했다.","note_en":"AutoZone provides parts delivery and commercial credit to repair shops, dealers, service stations, and fleet accounts. U.S. commercial sales represented 31.7% of FY2025 domestic sales and increased 6.7% year over year.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-27","url":"https://www.sec.gov/Archives/edgar/data/866787/000110465925102611/azo-20250830x10k.htm","title":"오토존 2025 회계연도 10-K","title_en":"AUTOZONE INC 10-K (2025-10-27)","excerpt":"FY2025 미국 상업 매출은 미국 전체 매출의 31.7%였다.","excerpt_en":"Domestic commercial sales increased 6.7%, which represents 31.7% of our total Domestic sales."},{"stance":"confirms","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"news","lang":"ko","published_at":"2025-09-24","url":"https://kr.investing.com/news/company-news/article-93CH-1643006","title":"오토존 2025년 4분기 실적 부진: EPS 전망치 하회, 주가 하락","title_en":"AutoZone Fiscal 2025 Fourth-Quarter Results Disappoint as EPS Misses Expectations","excerpt":"국내 상업 매출은 4분기에 6.0%, 전체 회계연도에 6.7% 증가했다.","excerpt_en":"Domestic commercial sales rose 6.0% in the fourth quarter and 6.7% for the full fiscal year."},{"stance":"mentions","publisher":"애드밴 리서치","publisher_en":"Advan Research","kind":"analysis","lang":"en","published_at":"2025-05-28","url":"https://www.advanresearch.com/mobility-insights-blog/autozone-the-aggressor/","title":"오토존: 공세를 펴는 기업","title_en":"AutoZone – The aggressor","excerpt":"상업 부문은 다시 두 자릿수 증가율로 개선됐다.","excerpt_en":"The commercial side particularly improved to again post a double-digit increase."}]},{"direction":"cost","counterparty":"페덱스","counterparty_slug":"fedex","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2018-12-17","basis":"오토존이 FedEx와 그 자회사에 지급하는 배송 서비스 대금","value":null,"period":"relationship confirmed 2002; e-commerce program launched 2018","basis_en":"AutoZone payments to FedEx and its subsidiaries for delivery services","qualifier":"confirmed_no_disclosed_value"},"note":"오토존은 FedEx에서 배송 서비스를 구매했고, FedEx는 오토존을 심야 주문의 익일·2일 배송 서비스 초기 고객으로 공개했다. 양사가 공개한 자료 모두 거래액은 밝히지 않았다.","note_en":"AutoZone purchased delivery services from FedEx, and FedEx identified AutoZone as an early customer for its late-order next-day and two-day delivery service. Neither party disclosed the transaction value.","sources":[{"stance":"confirms","publisher":"페덱스 뉴스룸","publisher_en":"FedEx Newsroom","kind":"news","lang":"en","published_at":"2018-12-17","url":"https://newsroom.fedex.com/newsroom/global-english/fedex-expands-e-commerce-portfolio-with-fedex-extra-hours-delivery-options-for-retail-customers","title":"FedEx, 소매 고객용 Extra Hours 배송 선택지 확대","title_en":"FedEx Expands E-Commerce Portfolio with ‘FedEx Extra Hours’ Delivery Options for Retail Customers","excerpt":"FedEx Extra Hours는 오토존을 포함한 고객사와 여러 미국 시장에서 시작됐다.","excerpt_en":"FedEx Extra Hours recently launched with customers including AutoZone and Best Buy."},{"stance":"confirms","publisher":"오토존·미국 증권거래위원회","publisher_en":"AutoZone, Inc. / SEC","kind":"filing","lang":"en","published_at":"2002-11-01","url":"https://about.autozone.com/static-files/efc492fc-2067-4c75-954f-81a299435e5a","title":"오토존 2002년 위임장","title_en":"AutoZone 2002 Definitive Proxy Statement","excerpt":"오토존은 FedEx와 그 자회사로부터 배송 서비스를 구매한다.","excerpt_en":"AutoZone purchases delivery services from FedEx Corp. and its subsidiaries from time to time."}]},{"direction":"revenue","counterparty":"개인 DIY 고객","counterparty_slug":null,"confidence":"mid","metric":{"type":"share","unit":"percent","as_of":"2025-05-28","basis":"미국 DIY 동일매장 매출 증가율","value":3,"period":"FY2025 Q3","basis_en":"U.S. DIY comparable-sales growth","qualifier":null},"note":"개인 고객은 매장과 온라인에서 고장·정비 관련 부품과 액세서리를 직접 구매한다. 2025년 5월 분석은 미국 DIY 동일매장 매출이 해당 분기에 3% 늘었다고 집계했지만 고객별 매출은 공개되지 않았다.","note_en":"Individual consumers buy failure- and maintenance-related parts and accessories in stores and online. A May 2025 analysis measured 3% U.S. DIY comparable-sales growth for the quarter, but customer-level revenue is not disclosed.","sources":[{"stance":"confirms","publisher":"애드밴 리서치","publisher_en":"Advan Research","kind":"analysis","lang":"en","published_at":"2025-05-28","url":"https://www.advanresearch.com/mobility-insights-blog/autozone-the-aggressor/","title":"오토존: 공세를 펴는 기업","title_en":"AutoZone – The aggressor","excerpt":"미국 DIY 동일매장 매출은 분기 중 3% 증가했다.","excerpt_en":"the DIY business, which comp-ed +3% in the quarter"}]},{"direction":"cost","counterparty":"Clarios","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-06-12","basis":"오토존이 Clarios의 자동차 배터리 제품과 공급 지원에 지급하는 매입액","value":null,"period":"relationship documented 2025-06-12","basis_en":"AutoZone purchases of automotive battery products and supply support from Clarios","qualifier":"confirmed_no_disclosed_value"},"note":"Clarios는 오토존에 자동차 배터리 기술과 제품을 공급하는 핵심 벤더다. 오토존은 공급망과 생산 대응을 근거로 Clarios를 2025년 올해의 벤더로 선정했지만 매입액은 공개하지 않았다.","note_en":"Clarios is a key AutoZone vendor supplying automotive battery technology and products. AutoZone named Clarios its 2025 Vendor of the Year for its supply-chain and production execution, but did not disclose purchase value.","sources":[{"stance":"confirms","publisher":"오토존","publisher_en":"AutoZone, Inc.","kind":"ir","lang":"en","published_at":"2025-06-12","url":"https://investors.autozone.com/node/28516/pdf","title":"오토존 벤더 서밋, 주요 공급사의 기여를 인정","title_en":"AutoZone Vendor Summit Recognizes Contributions of Top Suppliers","excerpt":"오토존은 Clarios를 2025년 올해의 벤더로 선정했다.","excerpt_en":"AutoZone awarded Clarios the 2025 Vendor of the Year."}]},{"direction":"cost","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2026-04-22","basis":"오토존이 Google Cloud 인프라와 AI 서비스를 이용하며 지급하는 계약대금","value":null,"period":"three-year migration completed by 2026-04-22","basis_en":"Value of AutoZone's Google Cloud infrastructure and AI-services agreement","qualifier":"confirmed_no_disclosed_value"},"note":"오토존은 기존 데이터센터를 정리하고 대부분의 애플리케이션을 Google Cloud로 이전했다. 양사는 2026년 파트너십 확대를 발표했으며 계약 금액은 공개하지 않았다.","note_en":"AutoZone exited its legacy data centers and migrated most applications to Google Cloud. The companies announced an expanded partnership in 2026, but did not disclose contract value.","sources":[{"stance":"confirms","publisher":"Google Cloud·PR Newswire","publisher_en":"Google Cloud via PR Newswire","kind":"news","lang":"en","published_at":"2026-04-22","url":"https://www.prnewswire.com/news-releases/autozone-completes-three-year-cloud-migration-with-google-cloud-302749756.html","title":"오토존, Google Cloud로 3년간의 클라우드 이전 완료","title_en":"AutoZone Completes Three-Year Cloud Migration with Google Cloud","excerpt":"오토존은 대부분의 애플리케이션을 Google Cloud로 이전했다.","excerpt_en":"AutoZone transitioned most of its applications to Google Cloud."}]}]}