TSCO earnings analysis
What we found in TSCO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Tractor Supply Company reported Q1 2026 results showing a 3.6% year-over-year increase in revenue to $3.59 billion, yet net income fell 8.3% to $164.5 million, or $0.31 EPS. The decrease in EPS was attributed to rising operational costs despite stable gross margins and increased new store openings during the quarter.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Year-Over-Year
- Net sales increased by 3.6% to $3.59 billion from $3.47 billion in Q1 2025.
- Stable Gross Margin
- Gross margin remained flat at 36.2%, showcasing disciplined product cost management.
- New Store Openings Boost
- Sales from new stores totaled $109.7 million, contributing 3.1 percentage points to revenue.
- Share Repurchase Activity
- Approximately 2.3 million shares were repurchased at a total cost of $118.0 million in Q1 2026.
- Cash Used for Investing Decreased
- Cash used in investing activities decreased to $171.3 million from $261.0 million in Q1 2025.
- Liquidity Outlook Supported
- Management believes that current cash balances and expected cash flows will suffice to meet capital expenditure needs.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Net Income
- Net income decreased 8.3% to $164.5 million from $179.4 million in Q1 2025.
- Operational Cost Increase
- SG&A expenses increased 6.1%, impacting overall profitability with total costs reaching $1.07 billion.
- Negative Cash Flow from Operations
- Net cash provided by operating activities dropped to $91.1 million from $216.8 million in Q1 2025, a decline of $125.7 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.31
- Gross margin
- 36.2%
- Operating margin
- 6.5%
What they said about what is next.
Current guidance deferred to future earnings press releases and calls.
The filing reads worse than the one before it.
What came before.
- 10-K · February 19, 2026
- Tractor Supply reports FY2025 net sales of $15,524,046,000 (up from $14,883,231,000 in FY2024) with operating income essentially flat at $1,467,389,000. The company remains the largest U.S. rural lifestyle retailer with…
- 10-Q · November 6, 2025
- Tractor Supply reported Q3 net sales of $3,719,044 (thousands) and diluted EPS of $0.49, with gross profit of $1,389,232 (thousands). Revenue rose versus the year-ago quarter while operating margin held near 9.2%; the…
- 10-Q · August 7, 2025
- Tractor Supply reported Q2 net sales of $4,439,729 (thousands) and diluted EPS of $0.81 for the fiscal three months ended June 28, 2025, modestly ahead of consensus. Revenue rose 4.6% year-over-year (from $4,246,622)…
- 10-K · February 20, 2025
- Tractor Supply (TSCO) positions itself as the largest U.S. rural lifestyle retailer and emphasizes growth via store expansion, digital capabilities, exclusive brands, supply-chain capacity expansion and loyalty…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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