Tractor Supply Company (TSCO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.82	$0.69	-15.9%	—	$4.5B	—
Q4 25	$0.46	$0.43	-6.5%	—	$3.9B	—
Q3 25	$0.48	$0.49	+2.1%	—	$3.7B	—
Q2 25	$0.8	$0.81	+1.3%	—	$4.4B	—
Q1 25	$0.37	$0.34	-8.1%	—	$3.5B	—
Q4 24	$0.46	$0.44	-4.3%	—	$3.8B	—
Q3 24	$0.45	$0.45	0.0%	—	$3.5B	—
Q2 24	$0.78	$0.79	+1.3%	—	$4.2B	—
Q1 24	$0.34	$0.37	+8.8%	—	$3.4B	—
Q4 23	$0.44	$0.46	+4.5%	—	$3.7B	—
Q3 23	$0.46	$0.47	+2.2%	—	$3.4B	—
Q2 23	$0.78	$0.77	-1.3%	—	$4.2B	—
Q1 23	$0.34	$0.33	-2.9%	—	$3.3B	—
Q4 22	$0.47	$0.49	+4.3%	—	$4B	—
Q3 22	$0.41	$0.42	+2.4%	—	$3.3B	—
Q2 22	$0.7	$0.71	+1.4%	—	$3.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.07	—	—	$15.5B	—
FY24	—	$2.05	—	—	$14.9B	—
FY23	—	$10.2	—	—	$14.6B	—
FY22	—	$9.78	—	—	$14.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.8B	$7.3B	$7.9B	$8.4B	$10.6B	$12.7B	$14.2B	$14.6B	$14.9B	$15.5B
YoY change	+8.88%	+7.03%	+9.02%	+5.57%	+27.2%	+19.9%	+11.6%	+2.47%	+2.25%	+4.31%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.8B	7.3B	7.9B	8.4B	10.6B	12.7B	14.2B	14.6B	14.9B	15.5B
Cost of revenue	4.5B	4.8B	5.2B	5.5B	6.9B	8.3B	9.2B	9.3B	9.5B	9.9B
Gross profit	2.3B	2.5B	2.7B	2.9B	3.8B	4.5B	5B	5.2B	5.4B	5.7B
Gross margin	34.3%	34.3%	34.2%	34.4%	35.4%	35.2%	35%	35.9%	36.3%	36.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.5B	1.6B	1.8B	1.9B	2.5B	2.9B	3.2B	3.4B	3.5B	3.7B
Operating expenses	1.5B	1.6B	1.8B	1.9B	2.5B	2.9B	3.2B	3.4B	3.5B	3.7B
Operating income	694.1M	686.4M	701.7M	743.2M	1.1B	1.3B	1.4B	1.5B	1.5B	1.5B
Operating margin	10.2%	9.46%	8.87%	8.9%	10%	10.3%	10.1%	10.2%	9.86%	9.45%
Non-operating income, net	—	—	—	—	-69M	—	—	—	—	—
Pretax income	688.3M	672.5M	683.4M	723.4M	968.1M	1.3B	1.4B	1.4B	1.4B	1.4B
Income tax	251.2M	249.9M	151M	161M	219.2M	283M	315.6M	325.2M	311.7M	302.2M
Net income	437.1M	422.6M	532.4M	562.4M	749M	997.1M	1.1B	1.1B	1.1B	1.1B
Net margin	6.45%	5.82%	6.73%	6.73%	7.05%	7.83%	7.66%	7.61%	7.4%	7.06%
EBITDA	837M	852.2M	879.1M	939.2M	1.3B	1.6B	1.8B	1.9B	1.9B	2B
EPS	3.29	3.31	4.34	4.7	6.44	8.69	9.78	10.2	2.05	2.07
Diluted EPS	3.27	3.3	4.31	4.66	6.38	8.61	9.71	10.1	2.04	2.06

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.4B	3.7B	3.4B	4.2B	3.5B	3.8B	3.5B	4.4B	3.7B	3.9B	3.6B	4.5B
Cost of revenue	2.2B	2.4B	2.2B	2.7B	2.2B	2.4B	2.2B	2.8B	2.3B	2.5B	2.3B	2.9B
Gross profit	1.3B	1.3B	1.2B	1.6B	1.3B	1.3B	1.3B	1.6B	1.4B	1.4B	1.3B	1.7B
Gross margin	36.6%	35.3%	36%	36.6%	37.2%	35.2%	36.2%	36.9%	37.4%	35.1%	36.2%	37.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	819.3M	855.6M	853.4M	884.9M	852.3M	891.2M	886.2M	940.1M	922.5M	944.4M	941.2M	1B
Operating expenses	819.3M	855.6M	853.4M	884.9M	852.3M	891.2M	886.2M	940.1M	922.5M	944.4M	941.2M	1B
Operating income	340.9M	334.2M	263.1M	561.5M	324.6M	318.3M	249.1M	577.8M	342.7M	297.7M	233.4M	529.9M
Operating margin	9.99%	9.13%	7.75%	13.2%	9.36%	8.44%	7.19%	13%	9.21%	7.64%	6.5%	11.7%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	-62.7M
Pretax income	331.4M	322.3M	251.2M	549.8M	310.7M	301.1M	229.5M	559.8M	328M	280.9M	214.3M	450M
Income tax	76.4M	74.4M	53.1M	124.7M	69.3M	64.7M	50.1M	129.8M	68.8M	53.5M	49.8M	89.3M
Net income	255M	247.9M	198.2M	425.2M	241.5M	236.4M	179.4M	430M	259.3M	227.4M	164.5M	360.7M
Net margin	7.47%	6.77%	5.84%	10%	6.96%	6.26%	5.17%	9.69%	6.97%	5.83%	4.58%	7.94%
EBITDA	431.2M	437.5M	367.4M	670.7M	438.1M	438.4M	369.2M	699.9M	466.8M	425.5M	360M	660.7M
EPS	2.34	2.29	0.37	0.79	0.45	0.44	0.34	0.81	0.49	0.43	0.31	0.69
Diluted EPS	2.33	2.28	0.37	0.79	0.45	0.44	0.34	0.81	0.49	0.43	0.31	0.69

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2B	1.9B	2B	2.2B	3.3B	5.5B	5B	4.7B	—	26.5B	16.7B
Enterprise value	2.3B	2.3B	2.4B	4.9B	5.5B	8.5B	9.1B	9.3B	—	32.3B	23B
Shares outstanding	132.9M	127.6M	122.7M	119.7M	116.4M	114.8M	111.3M	109.1M	536.9M	530M	530M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	4.61	4.51	3.84	3.98	4.37	5.49	4.6	4.24	—	24.2	16.7
P/S	0.3	0.26	0.26	0.27	0.31	0.43	0.35	0.32	—	1.71	1.06
P/B	1.39	1.34	1.31	1.43	1.7	2.74	2.45	2.18	—	10.3	6.38
EV/EBITDA	2.7	2.65	2.73	5.18	4.26	5.4	5.11	4.98	—	16.4	11.9
EV/Sales	0.33	0.31	0.3	0.58	0.52	0.67	0.64	0.64	—	2.08	1.46
Earnings yield	21.7%	22.2%	26%	25.1%	22.9%	18.2%	21.7%	23.6%	—	4.14%	5.99%
FCF yield	21.1%	20%	20.3%	26.6%	33.6%	9.32%	11.7%	12.4%	—	2.79%	0.62%
PEG	—	—	—	—	—	—	—	—	—	—	-1.13

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	34.3%	34.3%	34.2%	34.4%	35.4%	35.2%	35%	35.9%	36.3%	36.4%	37.1%
Operating margin	10.2%	9.46%	8.87%	8.9%	10%	10.3%	10.1%	10.2%	9.86%	9.45%	12.1%
Net margin	6.45%	5.82%	6.73%	6.73%	7.05%	7.83%	7.66%	7.61%	7.4%	7.06%	6.42%
ROE	30.1%	29.8%	34.1%	35.9%	38.9%	49.8%	53.3%	51.5%	48.5%	42.5%	39.5%
ROA	16.3%	14.7%	17.3%	10.6%	10.6%	12.8%	12.8%	12.1%	11.2%	10%	7.82%
ROIC	25.9%	24.3%	28.5%	13.8%	20%	20.2%	18.2%	16.8%	15.4%	13.8%	12.5%
Return on tangible assets	17.1%	15.4%	18.8%	11.2%	10.8%	13%	13.6%	12.8%	11.9%	10.8%	8.68%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.95	1.95	1.91	1.43	1.87	1.57	1.33	1.5	1.43	1.34	1.33
Quick ratio	0.19	0.24	0.22	0.15	0.85	0.51	0.19	0.28	0.2	0.16	0.23
Debt / equity	0.21	0.33	0.28	1.73	1.84	1.96	2.09	2.34	2.39	2.3	2.49
Debt / assets	0.11	0.16	0.14	0.51	0.5	0.5	0.5	0.55	0.55	0.54	0.54
Net debt / EBITDA	0.3	0.41	0.4	2.79	1.71	1.93	2.29	2.48	2.7	2.93	3.3
Interest coverage	119.5	49.5	38.2	37.5	34.6	49.1	46.8	31.8	26.9	21.2	19.8
Effective tax rate	36.5%	37.2%	22.1%	22.3%	22.6%	22.1%	22.5%	22.7%	22.1%	21.6%	20.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	51	56.9	64.5	69.8	91.3	110.9	127.6	133.4	27.7	29.3	29.9
EPS (basic)	3.29	3.31	4.34	4.7	6.44	8.69	9.78	10.2	2.05	2.07	2.07
EPS (diluted)	3.27	3.3	4.31	4.66	6.38	8.61	9.71	10.1	2.04	2.06	1.92
Book value per share	10.9	11.1	12.7	13.1	16.5	17.4	18.3	19.7	4.23	4.87	5.03
FCF per share	3.2	2.99	3.39	4.96	9.46	4.45	5.24	5.32	1.19	1.4	0.59
Cash per share	0.41	0.86	0.7	0.7	11.5	7.65	1.82	3.64	0.47	0.37	0.44
Capex per share	0	0.09	0.02	0.02	0.02	0.01	0.01	0.79	0.26	1.69	1.87

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.01%	0.15%	0.03%	0.03%	0.02%	0.01%	0.01%	0.59%	0.94%	5.76%	6.21%
Capex / operating cash flow	0.06%	1.76%	0.32%	0.32%	0.14%	0.11%	0.07%	6.3%	9.66%	54.7%	76.1%
Payout ratio	28%	31.7%	27.6%	28.9%	23.3%	24%	37.6%	40.6%	42.9%	44.5%	49%
Dividend yield	6.07%	7.02%	7.19%	7.27%	5.34%	4.36%	8.18%	9.58%	—	1.84%	2.99%

Yield

2.99%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.24

ex-dividend Aug 24, 2026

Payout ratio

49%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 24, 2026	$0.24
May 27, 2026	$0.24
Feb 24, 2026	$0.24
Nov 24, 2025	$0.23
Aug 25, 2025

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.4B	$3.7B	$3.4B	$4.2B	$3.5B	$3.8B	$3.5B	$4.4B	$3.7B	$3.9B	$3.6B	$4.5B
YoY change	+4.32%	-8.65%	+2.9%	+1.48%	+1.65%	+3.11%	+2.12%	+4.55%	+7.23%	+3.31%	+3.61%	+2.29%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	53.9M	109.1M	86.3M	84.2M	1.3B	878M	202.5M	397.1M	251.5M	194.1M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	1.4B	1.5B	1.6B	1.6B	1.8B	2.2B	2.7B	2.6B	2.8B	3.1B
Total current assets	1.5B	1.7B	1.8B	1.8B	3.3B	3.3B	3.2B	3.3B	3.3B	3.5B
Property, plant & equipment	-3.3M	6.8M	23.7M	2.1B	2.4B	2.9B	3.3B	3.5B	3.7B	4.4B
Goodwill & intangibles	125.7M	124.5M	249M	249M	111M	111M	506.5M	539M	539M	797.5M
Total assets	2.7B	2.9B	3.1B	5.3B	7B	7.8B	8.5B	9.2B	9.8B	10.9B
Accounts payable	519.5M	576.6M	620M	643M	976.1M	1.2B	1.4B	1.2B	1.2B	1.4B
Short-term debt	11.3M	28.5M	29.9M	311.1M	303.3M	325.2M	349.6M	372.8M	400.2M	455.3M
Total current liabilities	777.2M	849.2M	938.1M	1.2B	1.7B	2.1B	2.4B	2.2B	2.3B	2.6B
Long-term debt	289.8M	433.7M	410.4M	2.4B	3.2B	3.6B	3.9B	4.7B	5B	5.5B
Total liabilities	1.2B	1.5B	1.5B	3.7B	5.1B	5.8B	6.4B	7B	7.5B	8.4B
Shareholders' equity	1.5B	1.4B	1.6B	1.6B	1.9B	2B	2B	2.1B	2.3B	2.6B
Total debt	301.1M	462.2M	440.3M	2.7B	3.5B	3.9B	4.3B	5B	5.4B	5.9B
Net debt	247.1M	353.1M	354M	2.6B	2.2B	3B	4.1B	4.6B	5.2B	5.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	421.7M	397.1M	264.1M	394.7M	186.3M	251.5M	231.7M	225.8M	184.6M	194.1M	224.3M	231.6M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	2.8B	2.6B	3B	3B	3.1B	2.8B	3.2B	3.1B	3.3B	3.1B	3.6B	3.5B
Total current assets	3.5B	3.3B	3.5B	3.6B	3.5B	3.3B	3.7B	3.5B	3.6B	3.5B	4B	4.3B
Property, plant & equipment	5.4B	3.5B	5.7B	5.8B	5.9B	3.7B	6.3B	6.5B	6.8B	4.4B	7.2B	7.3B
Goodwill & intangibles	267.3M	539M	269.5M	269.5M	269.5M	539M	400.7M	399.6M	399.3M	797.5M	398.2M	506.2M
Total assets	9.2B	9.2B	9.6B	9.8B	9.8B	9.8B	10.4B	10.6B	10.9B	10.9B	11.7B	12.2B
Accounts payable	1.4B	1.2B	1.5B	1.4B	1.3B	1.2B	1.6B	1.5B	1.5B	1.4B	1.8B	1.8B
Short-term debt	368.5M	372.8M	380.2M	385.5M	391M	400.2M	406.4M	413.7M	421.4M	455.3M	462.3M	473.9M
Total current liabilities	2.3B	2.2B	2.5B	2.5B	2.3B	2.3B	2.6B	2.8B	2.8B	2.6B	2.9B	3.2B
Long-term debt	4.6B	4.7B	4.7B	4.7B	4.9B	5B	5.4B	5.1B	5.3B	5.5B	5.9B	6.1B
Total liabilities	7.1B	7B	7.4B	7.5B	7.5B	7.5B	8.1B	8.1B	8.3B	8.4B	9.1B	9.5B
Shareholders' equity	2.1B	2.1B	2.1B	2.3B	2.3B	2.3B	2.2B	2.5B	2.6B	2.6B	2.5B	2.6B
Total debt	5B	5B	5.1B	5.1B	5.3B	5.4B	5.8B	5.6B	5.7B	5.9B	6.4B	6.5B
Net debt	4.6B	4.6B	4.8B	4.7B	5.1B	5.2B	5.5B	5.3B	5.5B	5.7B	6.2B	6.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	437.1M	422.6M	532.4M	562.4M	749M	997.1M	1.1B	1.1B	1.1B	1.1B
Depreciation & amortization	143M	165.8M	177.4M	196M	217.1M	270.2M	343.1M	393M	447.2M	494M
Stock-based compensation	23.6M	29.2M	28.9M	31.1M	37.3M	47.6M	53.8M	57M	48.4M	57.1M
Change in working capital	14.4M	-5.3M	-65.8M	-8.1M	310.4M	-316.8M	-105.3M	-190.7M	-123.2M	-3.9M
Operating cash flow	628M	639M	684.8M	788.1M	1.3B	1B	1.4B	1.4B	1.5B	1.6B
Capital expenditure	362K	11.2M	2.2M	2.5M	1.8M	1.1M	1M	86.5M	140.1M	-894.8M
Investing cash flow	-143.2M	12.4M	2.2M	2.5M	1.8M	1.1M	-320.4M	100.8M	140.1M	-1B
Dividends paid	-122.3M	-133.8M	-147.1M	-162.7M	-174.7M	-239M	-409.6M	-449.6M	-472.5M	-487.7M
Share repurchases	-332.6M	-370.2M	-351.1M	-537.1M	-350.8M	-813.8M	-728.7M	-618.6M	-584.6M	-377.1M
Financing cash flow	-166.3M	-185.8M	-459.7M	-610.1M	757.7M	-975.1M	-938.8M	-486.4M	-922.5M	-914.1M
Net change in cash	318.4M	465.7M	227.3M	180.5M	2B	53.3M	172.9M	987.2M	668.6M	-313.5M
Free cash flow	424.7M	381M	415.9M	594.3M	1.1B	510.3M	583.6M	580.1M	636.8M	740.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	255M	247.9M	198.2M	425.2M	241.5M	236.4M	179.4M	430M	259.3M	227.4M	164.5M	360.7M
Depreciation & amortization	90.3M	103.3M	104.3M	109.3M	113.5M	120.1M	120.1M	122.1M	124.1M	127.8M	126.6M	130.8M
Stock-based compensation	15M	11.9M	14.4M	10.7M	10M	13.2M	13.2M	12.8M	15.3M	15.8M	17.6M	15.5M
Change in working capital	-178.6M	-36.2M	-94.5M	99.6M	-277.5M	149.1M	-71.5M	325.1M	-271.7M	14.2M	-187.4M	-40.8M
Operating cash flow	158.8M	324.9M	231.6M	624.9M	77M	517.4M	242.9M	864.2M	307.9M	324.8M	91.1M	562M
Capital expenditure	57M	28.7M	4.9M	13.5M	59.4M	62.2M	20.9M	22.1M	-277.6M	-265.6M	-202.6M	-233.1M
Investing cash flow	67M	28.7M	4.9M	13.5M	59.4M	62.2M	-119.8M	22.7M	-277.5M	-265.6M	-202.6M	-362.9M
Dividends paid	-112M	-111.4M	-118.8M	-118.5M	-117.8M	-117.3M	-122.4M	-122M	-121.9M	-121.4M	-126.4M	-125.6M
Share repurchases	-135.6M	-114.2M	-139.8M	-138.6M	-151.8M	-154.3M	-109M	-75.4M	-75.2M	-117.4M	-132.1M	-135.9M
Financing cash flow	-243.8M	-222.3M	-238.1M	-250.2M	-165.9M	-268.2M	24.5M	-604.1M	-120.8M	-213.7M	110.4M	-227.9M
Net change in cash	-18M	131.4M	-1.6M	388.2M	-29.5M	311.4M	147.6M	282.9M	-90.5M	-154.4M	-1.1M	-28.8M
Free cash flow	-21.5M	168.9M	100.2M	367.3M	-101.9M	271.2M	75.5M	575.4M	30.3M	59.3M	-111.5M	328.9M

Date	Ratio
Dec 20, 2024	5:1
Sep 27, 2013	2:1
Sep 3, 2010	2:1
Aug 22, 2003	2:1
Aug 20, 2002	2:1

Tractor Supply Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history