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…
Earnings analysis · 10-Q
TSCO earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.31
What stood out
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Revenue Growth Year-Over-Year
Net sales increased by 3.6% to $3.59 billion from $3.47 billion in Q1 2025.
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Stable Gross Margin
Gross margin remained flat at 36.2%, showcasing disciplined product cost management.
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New Store Openings Boost
Sales from new stores totaled $109.7 million, contributing 3.1 percentage points to revenue.
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Share Repurchase Activity
Approximately 2.3 million shares were repurchased at a total cost of $118.0 million in Q1 2026.
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Cash Used for Investing Decreased
Cash used in investing activities decreased to $171.3 million from $261.0 million in Q1 2025.
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Liquidity Outlook Supported
Management believes that current cash balances and expected cash flows will suffice to meet capital expenditure needs.
What to watch
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Declining Net Income
Net income decreased 8.3% to $164.5 million from $179.4 million in Q1 2025.
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Operational Cost Increase
SG&A expenses increased 6.1%, impacting overall profitability with total costs reaching $1.07 billion.
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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.
Management's outlook
Current guidance deferred to future earnings press releases and calls.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.