TSCO

MKT CAP:$19B

Tractor Supply Company

Market Cap

$19B

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Specialty Retail·🇺🇸·NASDAQ

Stock Price

$38.17-$12.66 (-24.91%)

Apr 23, 2026

Company Details

Tractor Supply Company operates as a rural lifestyle retailer in the United States. The company offers a selection of merchandise, including equine, livestock, pet, and small animal products necessary for their health, care, growth, and con...

CEO

Harry A. Lawton

IPO Date

Feb 17, 1994

Website

www.tractorsupply.com

Key Metrics TTM

Revenue

$15.6B

+4.6% YoY

Net Income

$1.1B

EPS (Diluted)

$2.04

Free Cash Flow

$585M

Revenue / Share

$29.63

Gross Margin

32.5%

Operating Margin

9.3%

Net Margin

6.9%

FCF Margin

3.7%

P/S

1.2x

P/E

18.0x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$3.6B+3.6%EPS $0.31

FY 2025

Feb 19, 2026

$15.5B+4.3%EPS $2.06

Q4 2025

Feb 19, 2026

$3.9B+3.3%EPS $0.43

Q3 2025

Nov 6, 2025

$3.7B+7.2%EPS $0.49

Q2 2025

Aug 7, 2025

$4.4B+4.5%EPS $0.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$3.9B	$1.3B	$525M
Q3 22	$3.3B	$1.2B	$306M
Q4 22	$4.0B	$1.4B	$359M
Q1 23	$3.3B	$1.2B	$244M
Q2 23	$4.2B	$1.5B	$559M
Q3 23	$3.4B	$1.3B	$341M
Q4 23	$3.7B	$1.3B	$334M
Q1 24	$3.4B	$1.2B	$263M
Q2 24	$4.2B	$1.6B	$561M
Q3 24	$3.5B	$1.3B	$325M
Q4 24	$3.8B	$1.3B	$318M
Q1 25	$3.5B	$1.3B	$249M
Q2 25	$4.4B	$1.5B	$578M
Q3 25	$3.7B	$1.4B	$343M
Q4 25	$3.9B	$998M	$298M
Q1 26	$3.6B	$1.2B	$233M

Valuation

Quarter	P/S	P/E
Q2 22	1.7x	21.8x
Q3 22	1.5x	19.8x
Q4 22	1.7x	22.0x
Q1 23	1.8x	24.4x
Q2 23	1.6x	21.7x
Q3 23	1.5x	19.5x
Q4 23	1.7x	21.8x
Q1 24	1.9x	24.8x
Q2 24	2.0x	25.6x
Q3 24	2.1x	27.9x
Q4 24	1.9x	25.4x
Q1 25	2.0x	27.0x
Q2 25	1.8x	25.7x
Q3 25	2.0x	27.2x
Q4 25	1.7x	24.6x
Q1 26	1.5x	22.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$567M	$414M
Q3 22	$725.0K	-$185M
Q4 22	$731M	$408M
Q1 23	$20M	-$138M
Q2 23	$763M	$571M
Q3 23	$156M	-$22M
Q4 23	$396M	$169M
Q1 24	$257M	$100M
Q2 24	$560M	$367M
Q3 24	$86M	-$102M
Q4 24	$517M	$271M
Q1 25	$217M	$75M
Q2 25	$786M	$575M
Q3 25	$308M	$30M
Q4 25	$325M	$59M
Q1 26	$91M	-$80M

Capital Expenditures

Quarter	CapEx
Q2 22	$153M
Q3 22	$186M
Q4 22	$322M
Q1 23	$158M
Q2 23	$192M
Q3 23	$177M
Q4 23	$227M
Q1 24	$157M
Q2 24	$193M
Q3 24	$188M
Q4 24	$246M
Q1 25	$141M
Q2 25	$210M
Q3 25	$278M
Q4 25	$266M
Q1 26	$171M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+8.4%	+8.4%
Q3 22	+8.4%	+9.0%
Q4 22	+20.7%	+20.5%
Q1 23	+9.1%	+9.9%
Q2 23	+7.2%	+7.3%
Q3 23	+4.3%	+3.6%
Q4 23	-8.6%	-8.8%
Q1 24	+2.9%	+2.5%
Q2 24	+1.5%	+1.6%
Q3 24	+1.6%	+2.4%
Q4 24	+3.1%	+3.9%
Q1 25	+2.1%	+2.7%
Q2 25	+4.5%	+4.8%
Q3 25	+7.2%	+7.4%
Q4 25	+3.3%	+4.2%
Q1 26	+3.6%	+4.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$13M	0.3%
Q3 22	$14M	0.4%
Q4 22	$15M	0.4%
Q1 23	$15M	0.4%
Q2 23	$16M	0.4%
Q3 23	$15M	0.4%
Q4 23	$12M	0.3%
Q1 24	$14M	0.4%
Q2 24	$11M	0.3%
Q3 24	$10M	0.3%
Q4 24	$13M	0.4%
Q1 25	$13M	0.4%
Q2 25	$13M	0.3%
Q3 25	$15M	0.4%
Q4 25	$16M	0.4%
Q1 26	$18M	—

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 22	—	—	$778M
Q3 22	—	—	$772M
Q4 22	$815M	$95M	—
Q1 23	—	—	$828M
Q2 23	—	—	$853M
Q3 23	—	—	$819M
Q4 23	$768M	$87M	—
Q1 24	—	—	$853M
Q2 24	—	—	$885M
Q3 24	—	—	$852M
Q4 24	$796M	$95M	—
Q1 25	—	—	$886M
Q2 25	—	—	$940M
Q3 25	—	—	$922M
Q4 25	—	—	$944M
Q1 26	—	—	$941M

Revenue Segments

Quarter	Agriculture	Clothing and Footware	Livestock and Pet	Seasonal, Gift and Toy Products	Truck, Tool, & Hardware	Clothing, Gift, & Décor	Companion Animal	Seasonal & Recreation	Livestock, Equine & Agriculture
Q2 22	$195M	$195M	$1.8B	$976M	$703M	—	—	—	—
Q3 22	$131M	$164M	$1.8B	$589M	$621M	—	—	—	—
Q4 22	$9M	$394M	$1.9B	$904M	$800M	—	—	—	—
Q2 23	—	—	$1.2B	—	$670M	$335M	$921M	$1.0B	—
Q3 23	—	—	—	—	$580M	$273M	$887M	$682M	$989M
Q1 24	—	—	—	—	$306M	$509M	$951M	$713M	$917M
Q2 24	—	—	—	—	$297M	$637M	$1.2B	$934M	$1.2B
Q3 24	—	—	—	—	$277M	$590M	$971M	$763M	$867M
Q2 25	—	—	—	—	$666M	$311M	$932M	$1.2B	$1.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$531M	$0	$531M
Q3 22	$211M	$0	$211M
Q4 22	$203M	$0	$203M
Q1 23	$190M	$0	$190M
Q2 23	$620M	$0	$620M
Q3 23	$422M	$0	$422M
Q4 23	$397M	$0	$397M
Q1 24	$264M	$0	$264M
Q2 24	$395M	$0	$395M
Q3 24	$186M	$0	$186M
Q4 24	$251M	$0	$251M
Q1 25	$232M	$0	$232M
Q2 25	$226M	$0	$226M
Q3 25	$185M	$0	$185M
Q4 25	$194M	$0	$194M
Q1 26	$224M	$0	$224M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	562M	-1.0%	-3.3%
Q3 22	558M	-0.7%	-3.2%
Q4 22	556M	-0.2%	-3.1%
Q1 23	554M	-0.5%	-2.4%
Q2 23	550M	-0.7%	-2.0%
Q3 23	547M	-0.6%	-2.0%
Q4 23	544M	-0.5%	-2.2%
Q1 24	543M	-0.3%	-2.0%
Q2 24	541M	-0.3%	-1.6%
Q3 24	538M	-0.5%	-1.5%
Q4 24	540M	+0.2%	-0.8%
Q1 25	534M	-1.0%	-1.6%
Q2 25	532M	-0.4%	-1.7%
Q3 25	533M	+0.1%	-1.0%
Q4 25	530M	-0.5%	-1.7%
Q1 26	528M	-0.4%	-1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$177.4K	22K
Q3 22	$148.7K	22K
Q4 22	$166.9K	24K
Q1 23	$137.5K	24K
Q2 23	$174.4K	24K
Q3 23	$142.2K	24K
Q4 23	$146.4K	25K
Q1 24	$135.8K	25K
Q2 24	$169.9K	25K
Q3 24	$138.7K	25K
Q4 24	$145.1K	26K
Q1 25	$133.3K	26K
Q2 25	$170.8K	26K
Q3 25	$143.0K	26K
Q4 25	$149.9K	26K
Q1 26	$138.2K	26K

Revenue / Employee