# TRACTOR SUPPLY CO /DE/ (TSCO)

Informational only - not investment advice.

CIK: 0000916365
SIC: 5200 Retail-Building Materials, Hardware, Garden Supply
SIC breadcrumb: [Retail Trade](/division/G/) > [Building Materials, Hardware, Garden Supply, And Mobile Home Dealers](/major-group/52/) > [SIC 5200 Retail-Building Materials, Hardware, Garden Supply](/industry/5200/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=916365
Filing source: https://www.sec.gov/Archives/edgar/data/916365/000091636526000014/tsco-20251227.htm

## At a glance

FY2025 · period end 2025-12-27 · filed 2026-02-19 · accession 0000916365-26-000014 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000916365.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 15,524,046,000 USD | 2025 | verified |
| Net income | 1,096,087,000 USD | 2025 | verified |
| Assets | 10,933,679,000 USD | 2025 | verified |
| Free cash flow | 740,489,000 USD | 2025 | computed |
| Net margin | 7.06% | 2025 | computed |
| Operating margin | 9.45% | 2025 | computed |
| Revenue YoY | +4.31% | 2025 | computed |
| ROE | 42.46% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.


## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 15524046000 | USD | 2025 | 2026-02-19 |
| Net income | 1096087000 | USD | 2025 | 2026-02-19 |
| Assets | 10933679000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000916365.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 7,256,382,000 | 7,911,046,000 | 8,351,931,000 | 10,620,352,000 | 12,731,105,000 | 14,204,717,000 | 14,555,741,000 | 14,883,231,000 | 15,524,046,000 |
| Net income | 437,120,000 | 422,599,000 | 532,357,000 | 562,354,000 | 748,958,000 | 997,114,000 | 1,088,712,000 | 1,107,226,000 | 1,101,240,000 | 1,096,087,000 |
| Operating income | 694,080,000 | 686,382,000 | 701,737,000 | 743,220,000 | 996,928,000 | 1,306,698,000 | 1,434,943,000 | 1,478,912,000 | 1,467,532,000 | 1,467,389,000 |
| Gross profit | 2,325,202,000 | 2,491,965,000 | 2,702,528,000 | 2,871,770,000 | 3,761,549,000 | 4,477,153,000 | 4,972,204,000 | 5,228,219,000 | 5,396,557,000 | 5,654,508,000 |
| Diluted EPS | 3.27 | 3.30 | 4.31 | 4.66 | 6.38 | 8.61 | 1.94 | 2.02 | 2.04 | 2.06 |
| Operating cash flow | 650,711,000 | 631,450,000 | 694,394,000 | 811,716,000 | 1,394,515,000 | 1,138,720,000 | 1,356,979,000 | 1,334,033,000 | 1,420,835,000 | 1,635,259,000 |
| Capital expenditures | 226,017,000 | 250,401,000 | 278,530,000 | 217,450,000 | 294,002,000 | 628,431,000 | 773,369,000 | 753,883,000 | 784,047,000 | 894,770,000 |
| Dividends paid | 122,272,000 | 133,828,000 | 147,087,000 | 162,699,000 | 174,656,000 | 239,006,000 | 409,603,000 | 449,620,000 | 472,492,000 | 487,669,000 |
| Share buybacks | 331,708,000 | 369,403,000 | 349,776,000 | 533,319,000 | 342,957,000 | 798,893,000 | 700,063,000 | 594,390,000 | 560,634,000 | 361,261,000 |
| Assets | 2,674,942,000 | 2,868,769,000 | 3,085,262,000 | 5,289,268,000 | 7,049,116,000 | 7,767,467,000 | 8,489,990,000 | 9,188,151,000 | 9,805,485,000 | 10,933,679,000 |
| Liabilities | 1,221,724,000 | 1,450,096,000 | 1,523,442,000 | 3,722,145,000 | 5,125,276,000 | 5,764,802,000 | 6,447,574,000 | 7,038,389,000 | 7,535,151,000 | 8,352,386,000 |
| Stockholders' equity | 1,453,218,000 | 1,418,673,000 | 1,561,820,000 | 1,567,123,000 | 1,923,840,000 | 2,002,665,000 | 2,042,416,000 | 2,149,762,000 | 2,270,334,000 | 2,581,293,000 |
| Cash and cash equivalents | 53,916,000 | 109,148,000 | 86,299,000 | 84,241,000 | 1,341,756,000 | 878,030,000 | 202,502,000 | 397,071,000 | 251,491,000 | 194,109,000 |
| Free cash flow | 424,694,000 | 381,049,000 | 415,864,000 | 594,266,000 | 1,100,513,000 | 510,289,000 | 583,610,000 | 580,150,000 | 636,788,000 | 740,489,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 5.82% | 6.73% | 6.73% | 7.05% | 7.83% | 7.66% | 7.61% | 7.40% | 7.06% |
| Operating margin |  | 9.46% | 8.87% | 8.90% | 9.39% | 10.26% | 10.10% | 10.16% | 9.86% | 9.45% |
| Return on equity | 30.08% | 29.79% | 34.09% | 35.88% | 38.93% | 49.79% | 53.31% | 51.50% | 48.51% | 42.46% |
| Return on assets | 16.34% | 14.73% | 17.25% | 10.63% | 10.62% | 12.84% | 12.82% | 12.05% | 11.23% | 10.02% |
| Liabilities / equity | 0.84 | 1.02 | 0.98 | 2.38 | 2.66 | 2.88 | 3.16 | 3.27 | 3.32 | 3.24 |
| Current ratio | 1.95 | 1.95 | 1.91 | 1.43 | 1.87 | 1.57 | 1.33 | 1.50 | 1.43 | 1.34 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/TSCO/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000916365.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-24 |  |  | 2.10 | reported discrete quarter |
| 2023-Q1 | 2023-04-01 |  |  | 1.65 | reported discrete quarter |
| 2023-Q2 | 2023-07-01 |  |  | 3.83 | reported discrete quarter |
| 2023-Q3 | 2023-07-01 |  | 421,234,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 3,411,980,000 |  | 2.33 | reported discrete quarter |
| 2023-Q4 | 2023-12-30 | 3,659,841,000 | 247,903,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-30 | 3,394,834,000 | 198,167,000 | 1.83 | reported discrete quarter |
| 2024-Q2 | 2024-03-30 |  | 198,167,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-29 | 4,246,622,000 |  | 3.93 | reported discrete quarter |
| 2024-Q3 | 2024-06-29 |  | 425,196,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-28 | 3,468,245,000 |  | 2.24 | reported discrete quarter |
| 2024-Q4 | 2024-12-28 | 3,773,531,000 | 236,406,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-29 | 3,466,952,000 | 179,369,000 | 0.34 | reported discrete quarter |
| 2025-Q2 | 2025-03-29 |  | 179,369,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-28 | 4,439,729,000 |  | 0.81 | reported discrete quarter |
| 2025-Q3 | 2025-06-28 |  | 430,043,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-27 | 3,719,044,000 |  | 0.49 | reported discrete quarter |
| 2025-Q4 | 2025-12-27 | 3,898,320,000 | 227,407,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-28 | 3,592,046,000 | 164,524,000 | 0.31 | reported discrete quarter |
| 2026-Q2 | 2026-03-28 |  | 164,524,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-27 | 4,541,314,000 |  | 0.69 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from TSCO's latest 10-K: [/company/TSCO/business/](/company/TSCO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from TSCO's latest 10-K: [/company/TSCO/risk-factors/](/company/TSCO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/916365/000091636526000059/tsco-20260627.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-27

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

The following discussion and analysis should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 27, 2025 (the “2025 Form 10-K”) and subsequent Quarterly Reports on Form 10-Q. This Quarterly Report on Form 10-Q contains forward-looking statements and information. The forward-looking statements included herein are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All statements, other than statements of historical facts, which address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as sales and earnings growth, new store growth, store closures, estimated results of operations in future periods (including, but not limited to, net sales, comparable store sales, operating margins or operating margin rates, adjusted operating margin rates, net income, adjusted net income, earnings per diluted share and adjusted earnings per diluted share), the declaration and payment of dividends, the timing and amount of share repurchases, future capital expenditures (including their timing, amount, and nature) and sale-leasebacks, acquisitions, business strategy, strategic initiatives, expansion and growth of our business operations, and other such matters are forward-looking statements. Forward-looking statements are usually identified by or are associated with such words as “will,” “plan,” “intend,” “would,” “expect,” “continue,” “believe,” “anticipate,” “optimistic,” “forecasted” and similar terminology. These forward-looking statements may be affected by certain risks and uncertainties, any one, or a combination of which, could materially affect the results of our operations. To take advantage of the safe harbor provided by the PSLRA, we have identified certain factors in Part I, Item 1A. “Risk Factors” in our 2025 Form 10-K, which may cause actual results to differ materially from those expressed in any forward-looking statements. These “Risk Factors” may be updated from time to time in our quarterly reports on Form 10-Q or other subsequent filings with the SEC.

Forward-looking statements made by or on behalf of the Company are based on our knowledge of our business and the environments in which we operate, but because of the factors listed above or other factors, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company’s 2025 Form 10-K and other filings with the Securities and Exchange Commission (the “SEC”). There can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or our business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Seasonality and Weather

Our business is seasonal. Historically, our sales and profits are the highest in the second and fourth fiscal quarters due to the sale of seasonal products. We usually experience our highest inventory and accounts payable balances during our first fiscal quarter for purchases of seasonal products to support the higher sales volume of the spring selling season, and again during our third fiscal quarter to support the higher sales volume of the cold-weather selling season. We believe that our business can be more accurately assessed by focusing on the performance of the halves, not the quarters, due to the fact that different weather patterns from year-to-year can shift the timing of sales and profits between quarters, particularly between the first and second fiscal quarters and the third and fourth fiscal quarters.

Historically, weather conditions, including unseasonably warm weather in the fall and winter months and unseasonably cool weather in the spring and summer months, have unfavorably affected the timing and volume of our sales and results of operations. In addition, extreme weather conditions, including snow and ice storms, flood and wind damage, hurricanes, tornadoes, extreme rain, and droughts have impacted operating results both negatively and positively, depending on the severity and duration of these conditions. Our strategy is to manage product flow and adjust merchandise assortments and depth of inventory to capitalize on seasonal demand trends, but there is no guarantee that we will be able to successfully execute this strategy. For more information regarding the risks we face in this regard, see Item 1A. “Risk Factors—Weather and Climate Risks” in our 2025 Form 10-K.

[[GREPCENT_TABLE]]
[["","","17"]]
[[/GREPCENT_TABLE]]

Table of Contents

Performance Metrics

Comparable Store Metrics

Comparable store metrics are a key performance indicator used in the retail industry and by the Company to measure the performance of the underlying business. Our comparable store metrics are calculated on an annual basis using sales generated from all stores open at least one year and all online sales and exclude certain adjustments to net sales. Stores closed during either of the years being compared are removed from our comparable store metrics calculations. Stores relocated during either of the years being compared are not removed from our comparable store metrics calculations. If the effect of relocated stores on our comparable store metrics calculations became material, we would remove relocated stores from the calculations. Allivet sales have been considered comparable store sales since December 30, 2025. VIP Petcare sales will be considered comparable store sales after one year. Comparable store sales are intended only as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.

Transaction Count and Transaction Value

Transaction count and transaction value metrics are used by the Company to measure sales performance. Transaction count represents the number of customer transactions during a given period. Transaction value represents the average amount paid per transaction and is calculated as net sales divided by the total number of customer transactions during a given period.

Results of Operations

The following table sets forth, for the periods indicated, certain items in the Consolidated Statements of Income expressed as a percentage of net sales.

[[GREPCENT_TABLE]]
[["","For the Fiscal Three","","For the Fiscal Six"],["","Months Ended","","Months Ended"],["","June 27, 2026","","June 28, 2025","","June 27, 2026","","June 28, 2025"],["Net sales","100.00%","","100.00%","","100.00%","","100.00%"],["Cost of merchandise sold","62.95","","63.06","","63.31","","63.38"],["Gross profit","37.05","","36.94","","36.69","","36.62"],["Selling, general and administrative expenses","22.50","","21.17","","24.14","","23.10"],["Depreciation and amortization","2.88","","2.75","","3.17","","3.06"],["Impairment expense","1.38","","\u2014","","0.77","","\u2014"],["Operating income","10.29","","13.01","","8.61","","10.46"],["Interest expense, net","0.38","","0.41","","0.45","","0.48"],["Income before income taxes","9.91","","12.61","","8.17","","9.98"],["Income tax expense","1.97","","2.92","","1.71","","2.28"],["Net income","7.94%","","9.69%","","6.46%","","7.71%"]]
[[/GREPCENT_TABLE]]

Note: Percentage of net sales amounts may not sum to totals due to rounding.

Fiscal Three Months (Second Quarter) Ended June 27, 2026 and June 28, 2025

Net sales for the second quarter of fiscal 2026 increased 2.3% to $4.54 billion from $4.44 billion in the second quarter of fiscal 2025. The increase in net sales was driven primarily by new store openings, partially offset by a decline of 1.5% in comparable store sales. In the second quarter of fiscal 2025, net sales increased 4.5% and comparable store sales increased 1.5%.

The comparable store sales results for the second quarter of fiscal 2026 included a comparable average transaction count decrease of 1.7% and a comparable average ticket increase of 0.2%. Comparable store sales were positive in April and June, with underperformance in May driving the decline for the second quarter. May results were pressured by softness in seasonal categories, including big-ticket items, as well as lower spending in discretionary categories. Companion animal categories continued to perform below the Company average, although trends improved through the second quarter. Continued strength

[[GREPCENT_TABLE]]
[["","","18"]]
[[/GREPCENT_TABLE]]

Table of Contents

across the balance of the Company's consumable, usable and edible categories (“C.U.E.”), along with growth in digital sales, partially offset these headwinds.

Sales from new stores and VIP Petcare were $164.8 million for the second quarter of fiscal 2026, which represented 3.7 percentage points of the 2.3% net sales increase over second quarter fiscal 2025 net sales. For the second quarter of fiscal 2025, sales from stores open less than one year were $126.7 million, which represented 3.0 percentage points of the 4.5% increase over second quarter fiscal 2024 net sales.

The following table summarizes store growth for the fiscal three months ended June 27, 2026 and June 28, 2025:

[[GREPCENT_TABLE]]
[["","Fiscal Three Months Ended"],["Store Count Information:","June 27, 2026","","June 28, 2025"],["Tractor Supply"],["Beginning of period","2,435","","","2,311"],["New stores opened","28","","","24"],["Stores closed","\u2014","","","\u2014"],["End of period","2,463","","","2,335"],["Petsense by Tractor Supply"],["Beginning of period","206","","","206"],["New stores opened","3","","","2"],["Stores closed","\u2014","","","(1)"],["End of period","209","","","207"],["Consolidated end of period","2,672","","","2,542"],["Stores relocated","2","","","4"]]
[[/GREPCENT_TABLE]]

The following table indicates the percentage of net sales represented by each of our major product categories for the fiscal three months ended June 27, 2026 and June 28, 2025:

[[GREPCENT_TABLE]]
[["","Percent of Net Sales"],["","Fiscal Three Months Ended"],["Product Category:","June 27, 2026","","June 28, 2025"],["Livestock, Equine & Agriculture","32","%","","31","%"],["Seasonal & Recreation","26","","","26"],["Companion Animal","21","","","21"],["Truck, Tool & Hardware","14","","","15"],["Clothing, Gift & D\u00e9cor","7","","","7"],["Total","100","%","","100","%"]]
[[/GREPCENT_TABLE]]

Gross profit increased 2.6% to $1.68 billion for the second quarter of fiscal 2026 from $1.64 billion for the second quarter of fiscal 2025. As a percent of net sales, gross margin in the second quarter of fiscal 2026 increased 11 basis points to 37.1% from 36.9% in the second quarter of fiscal 2025. Gross profit for the second quarter of fiscal 2026 included an inventory impairment expense of $5.9 million related to the closure of approximately 75 Petsense stores. On an adjusted basis, gross profit increased 3.0% to $1.69 billion for the second quarter of fiscal 2026. As a percent of net sales, adjusted gross margin in the second quarter of fiscal 2026 increased 24 basis points to 37.2%. This increase was primarily attributable to disciplined product cost management and tariff-related benefits, partially offset by higher freight expense and incremental investments to strengthen the Company's price-value position. See “Use and Reconciliation of Non-GAAP Financial Measures” below.

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/916365/000091636526000014/tsco-20251227.htm
Complete FY 2025 MD&A: /company/TSCO/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-27

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is intended to provide the reader with information that will assist in understanding the significant factors affecting our consolidated operating results, financial condition, liquidity, and capital resources during the two-year period ended December 27, 2025 (our fiscal years 2025 and 2024). For a comparison of our results of operations for fiscal year December 28, 2024 and December 30, 2023, see “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 20, 2025. This discussion should be read in conjunction with our Consolidated Financial Statements and Notes to the Consolidated Financial Statements included elsewhere in this report. This discussion contains forward-looking statements and information. See “Forward-Looking Statements and Information” and “Risk Factors” included elsewhere in this report.

Tractor Supply reports its financial results in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Tractor Supply also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, Tractor Supply’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with U.S. GAAP. We believe this information is useful in providing period-to-period comparisons of the results of our continuing operations.

Overview

Founded in 1938, Tractor Supply Company (the “Company” or “Tractor Supply” or “we” or “our” or “us”) is the largest rural lifestyle retailer in the United States (“U.S.”). The Company is focused on supplying the needs of recreational farmers, ranchers, and all those who enjoy living the rural lifestyle (which we refer to as the “Out Here” lifestyle). As of December 27, 2025, we operated 2,602 retail stores in 49 states under the names Tractor Supply Company and Petsense by Tractor Supply. Our stores are located primarily in towns outlying major metropolitan markets and in rural communities. We also operate websites under the names TractorSupply.com, Petsense.com, and Allivet.com as well as a Tractor Supply Company mobile application. Through our stores and e-commerce channels, we offer the following comprehensive selection of merchandise:

•Livestock, Equine & Agriculture: livestock and equine feed & equipment, poultry, fencing, and sprayers & chemicals;

•Companion Animal: food, treats and equipment for dogs, cats, and other small animals as well as dog wellness;

•Seasonal & Recreation: tractor & rider, lawn & garden, bird feeding, power equipment, and other recreational products;

•Truck, Tool, & Hardware: truck accessories, trailers, generators, lubricants, batteries, and hardware and tools; and

•Clothing, Gift, & Décor: clothing, footwear, toys, snacks, and decorative merchandise.

Tractor Supply Company believes we can grow our business by being a more integral part of our customers’ lives as the dependable supplier of “Out Here” lifestyle solutions, creating customer loyalty through personalized experiences, and providing convenience that our customers expect anytime, anywhere, and in any way they choose. Our long-term growth strategy is to: (1) expand and deepen our customer base by providing personal, localized, and memorable customer engagements by leveraging content, social media, and digital shopping experiences, attracting new customers and driving loyalty, (2) evolve customer experiences by digitizing our business processes and furthering our digital capabilities, (3) offer relevant assortments and services across all channels through exclusive and national brands and continue to grow our total addressable market by introducing new products and services through our test and learn strategy, (4) drive operational excellence and productivity through continuous improvement, increasing space utilization, and implementing advanced supply chain capabilities to support growth, scale and agility, and (5) expand through selective acquisitions, as such opportunities arise, to add complementary businesses and to enhance penetration into new and existing markets to supplement organic growth.

Achieving this strategy will require a foundational focus on: (1) connecting, empowering and growing our team to enhance their lives and the communities we call home, enabling them to provide legendary service to our customers, and (2) allocating resources in a disciplined and efficient manner to drive profitable growth and build stockholder value, including leveraging technology and automation, to align our cost structure to support new business capabilities for margin improvement and cost reductions.

Over the past five years, we have experienced considerable growth in stores, growing from 2,105 stores (1,923 Tractor Supply retail stores and 182 Petsense by Tractor Supply retail stores) at the end of fiscal 2020 to 2,602 stores (2,395 Tractor Supply

[[GREPCENT_TABLE]]
[["","","30"]]
[[/GREPCENT_TABLE]]

Table of Contents

retail stores and 207 Petsense by Tractor Supply retail stores) at the end of fiscal 2025, and in net sales, with a compounded annual growth rate of approximately 7.9%. Given the size of the communities that we target, we believe that there is ample opportunity for new store growth in many existing and new markets. We have developed a proven method for selecting store sites, and we believe we have significant additional opportunities for new Tractor Supply stores. We also believe that there is opportunity for continued growth for Petsense by Tractor Supply stores.

Stock Split

On December 5, 2024, the Company’s Board of Directors authorized a five-for-one forward split (the “Stock Split”) of the Company’s outstanding shares of common stock, par value $0.008 per share. On December 20, 2024, stockholders of record at the close of business on December 16, 2024, received four additional shares of common stock for each share owned by such stockholder. The Certificate of Amendment to the Company’s Restated Certificate of Incorporation filed on December 19, 2024 effected the Stock Split and also proportionately increased the number of authorized common shares from 400.0 million to 2.00 billion. The par value of each share was not changed. All share and per-share information in this Annual Report on Form 10-K has been retroactively restated to reflect the Stock Split.

Executive Summary

In fiscal 2025, we opened 99 new Tractor Supply stores in 36 states and five new Petsense by Tractor Supply stores in four states and closed four Petsense by Tractor Supply stores. In fiscal 2024, we opened 80 new Tractor Supply stores in 34 states and 11 new Petsense by Tractor Supply stores in seven states and closed three Petsense by Tractor Supply stores. This resulted in a selling square footage increase of approximately 4% in fiscal 2025 and 2% in fiscal 2024.

Net sales increased 4.3% to $15.52 billion in fiscal 2025 from $14.88 billion in fiscal 2024. Comparable store sales increased 1.2% in fiscal 2025 as compared to an increase of 0.2% in fiscal 2024. Gross profit increased 4.8% to $5.65 billion in fiscal 2025 from $5.40 billion in fiscal 2024, and gross margin increased 16 basis points to 36.4% of net sales in fiscal 2025 from 36.3% of net sales in fiscal 2024. Operating margin decreased 41 basis points to 9.5% of net sales in fiscal 2025 from 9.9% of net sales in fiscal 2024. For fiscal 2025, net income was $1.10 billion, or $2.06 per diluted share, compared to $1.10 billion, or $2.04 per diluted share, in fiscal 2024.

We ended fiscal 2025 with $194.1 million in cash and cash equivalents and outstanding long-term debt of $1.77 billion, after returning $848.5 million to our stockholders through stock repurchases and quarterly cash dividends.

Performance Metrics

Comparable Store Metrics

Comparable store metrics are a key performance indicator used in the retail industry and by the Company to measure the performance of the underlying business. Our comparable store metrics are calculated on an annual basis using sales generated from all stores open at least one year and all online sales and exclude certain adjustments to net sales. Stores closed during either of the years being compared are removed from our comparable store metrics calculations. Stores relocated during either of the years being compared are not removed from our comparable store metrics calculations. If the effect of relocated stores on our comparable store metrics calculations became material, we would remove relocated stores from the calculations. Allivet sales will be considered comparable store sales one year after the transaction close date of December 30, 2024. Comparable store sales are intended only as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.

Transaction Count and Transaction Value

Transaction count and transaction value metrics are used by the Company to measure sales performance. Transaction count represents the number of customer transactions during a given period. Transaction value represents the average amount paid per transaction and is calculated as net sales divided by the total number of customer transactions during a given period.

Critical Accounting Estimates

Management’s discussion and analysis of our financial position and results of operations are based upon our Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make informed estimates and judgments that affect the reported amounts of assets, liabilities, revenues

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Table of Contents

and expenses, and related disclosure of contingent assets and liabilities. Our financial position and/or results of operations may be materially different when reported under different conditions or when using different assumptions in the application of such policies. In the event estimates or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. Our significant accounting policies are disclosed in Note 1 to the Consolidated Financial Statements. The following discussion addresses our most critical accounting policies and estimates, which are those that are both important to the portrayal of our financial condition and results of operations and that require significant judgment or use of complex estimates.

Merchandise Inventory:

We have established a reserve for estimating inventory shrinkage between physical inventory counts. The reserve is established by assessing the chain-wide average shrinkage experience rate, applied to the related periods’ sales volumes. Such assessments are updated on a regular basis for the most recent individual store experiences. Our general policy is to perform physical inventories at least once a year for each store that has been open more than twelve months.

The estimated store inventory shrink rate is based on historical experience. We believe historical rates are a reasonably accurate reflection of future trends. Our shrinkage reserve contains uncertainties because the calculation requires management to make assumptions and to apply judgment regarding future shrinkage

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/TSCO/mda/fy2025/
All MD&A years: /company/TSCO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/TSCO/mda/fy2024/): filed 2025-02-20; accession 0000916365-25-000076 (https://www.sec.gov/Archives/edgar/data/916365/000091636525000076/tsco-20241228.htm)
- [FY 2023 MD&A](/company/TSCO/mda/fy2023/): filed 2024-02-23; accession 0000916365-24-000046 (https://www.sec.gov/Archives/edgar/data/916365/000091636524000046/tsco-20231230.htm)
- [FY 2022 MD&A](/company/TSCO/mda/fy2022/): filed 2023-02-23; accession 0000916365-23-000045 (https://www.sec.gov/Archives/edgar/data/916365/000091636523000045/tsco-20221231.htm)
- [FY 2021 MD&A](/company/TSCO/mda/fy2021/): filed 2022-02-17; accession 0000916365-22-000049 (https://www.sec.gov/Archives/edgar/data/916365/000091636522000049/tsco-20211225.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5200 Retail-Building Materials, Hardware, Garden Supply) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/TSCO.md · JSON record: /company/TSCO.json · verified financials: /company/TSCO/financials.json / /company/TSCO/financials.csv · machine TOC for the whole site: /llms.txt