Tractor Supply Company (TSCO) financials

NASDAQ · Consumer Cyclical · Specialty Retail · 54,000 employees · CEO Harry A. Lawton

Price: $33.94 +0.86%
Market cap: $17.7B
Enterprise value: $24.2B
Last report: Q3 '26 filed 2026-10-22
Next report: 2027-02-04 EPS est. $0.41

Revenue (TTM)$15.9B+3.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)8.6%-1.1 pp vs a year agoOperating income $1.37B

Net income (TTM)$977M-11.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$290M-69.5% vs a year agoCapex $917M

Diluted EPS (TTM)$1.86-10.6% vs a year agoSum of the last 4 quarters

Net cash-$6.52B-17.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $17.7B
Revenue: $15.9B
Revenue growth: +3%
Profit margin: 6.1%
P/E: 18.2×
P/S: 1.1×
EV / EBITDA: 12.8×
Free cash flow: $290M
Net income: $977M
Revenue estimate: $16.1B
Earnings: 2027-02-04
Dividend: $0.95

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-22): revenue beat by 2.3%, EPS beat by 5.3%Revenue $3.91B vs $3.82B expected (+2.3%); EPS $0.43 vs $0.41 (+5.3%).
Revenue growth accelerating: 5.1% year on yearQ3 '26 revenue $3.91B, against an average of 4.1% over the four quarters before.
Operating margin 8.6% (TTM), -1.1 pp on a year agoOperating income grew -8.0% while revenue grew 3.5%.
11.0% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.23B vs operating income $1.37B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 5.8% of revenue (a year ago 5.7%)$917M invested in the last 4 quarters (+4.8% on a year earlier). Free cash flow $290M = 29.7% of net income.
Returned $943M to shareholders = 325.0% of free cash flowBuybacks $445M (a year earlier $414M), dividends $498M, stock-based pay $64.6M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 2.1% in a year522M diluted shares in Q3 '26, 533M a year earlier.
Net debt $6.52BCash + short-term investments $199M, debt incl. leases $6.72B; a year ago net debt $5.54B.

Last quarter: Q3 '26

Quarter ended 2026-09-26. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$3.91B	$3.72B	+5.1%
Gross margin	33.0%	37.4%	-4.3 pp
Operating income	$308M	$343M	-10.2%
Operating margin	7.9%	9.2%	-1.3 pp
Net income	$225M	$259M	-13.3%
Diluted EPS	$0.43	$0.49	-12.2%
Operating cash flow	$229M	$308M	-25.5%
Capex	$216M	$278M	-22.2%
Free cash flow	$13.6M	$30.3M	-55.2%
R&D	$0	$0	–
Stock-based compensation	$15.6M	$15.3M	+2.0%

Reported vs consensus

2026-10-22

	Actual	Consensus	vs consensus
Revenue	$3.91B	$3.82B	+2.3%
EPS (as estimated)	$0.43	$0.41	+5.3%

From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Livestock, Equine & Agriculture	$1.45B	+12.9%	32.0%	–	–
Companion Animal	$954M	+2.3%	21.0%	–	–
Seasonal & Recreation	$1.18B	-5.0%	26.0%	–	–
Clothing, Gift, & Décor	$318M	+2.3%	7.0%	–	–
Truck, Tool, & Hardware	$636M	-4.5%	14.0%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.21B
Capex: -$917M
Buybacks: -$445M
Dividends: -$498M
Acquisitions: -$130M
Net debt issued: $558M
Stock-based compensation: $64.6M
Free cash flow: $290M
Returned to shareholders / FCF: 325.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	18.2×	24.6×	21.2× – 27.5×
EV / EBITDA	12.8×	17.1×	15.0× – 19.3×
EV / Sales	1.5×	2.2×	1.9× – 2.4×
Price / FCF	60.9×	44.0×	36.8× – 53.7×
Price / Book	6.6×	12.1×	10.6× – 13.7×
FCF yield	1.6%	2.3%	1.9% – 2.7%
Return on invested capital	11.2%	15.4%	13.1% – 17.2%
Return on equity	37.6%	49.1%	42.5% – 53.3%

Analysts

Consensus target $36.63 (+7.9%)
range $31.00 – $41.00 · rating Buy

Strong buy0

Buy25

Hold25

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$16.1B	+3.4%	$1.95	-5.2%	17.4×	13
FY2027	$16.7B	+3.9%	$2.06	+5.7%	16.4×	14
FY2028	$17.5B	+5.1%	$2.27	+10.2%	14.9×	10
FY2029	$18.4B	+5.2%	$2.44	+7.4%	13.9×	5
FY2030	$19.5B	+5.6%	$2.67	+9.5%	12.7×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 215 figures Tractor Supply Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$1.76B	$1.52B	+15.9%	$1.39B	$1.24B	+12.5%
Accrued Income Taxes, Current	$1.65M	$143M	-98.9%	$02023-12-30	$9.47M	-100.0%
Accrued Liabilities, Current	$879M	$614M	+43.1%	$653M	$582M	+12.3%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$3.02B2025-12-27	$2.64B	+14.2%	$3.02B	$2.64B	+14.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$0	$0	–	$0	$1.22M	-100.0%
Additional Paid in Capital, Common Stock	$1.47B	$1.4B	+5.3%	$1.44B	$1.38B	+4.7%
Advertising Expense	–	–	–	$108M	$95.2M	+13.1%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4.7M	1.3M	+261.5%	800K	900K	-11.1%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$15.5M	$12.8M	+21.8%	$57.1M	$48.4M	+18.0%
Asset Impairment Charges	$62.7M	$0	–	$02024-12-28	$0	–
Assets	$12.2B	$10.6B	+15.2%	$10.9B	$9.81B	+11.5%
Assets, Current	$4.25B	$3.54B	+20.1%	$3.51B	$3.31B	+6.0%
Buildings and Improvements, Gross	$2.58B2025-12-27	$2.43B	+6.0%	$2.58B	$2.43B	+6.0%
Cash and Cash Equivalents, at Carrying Value	$232M	$226M	+2.6%	$194M	$251M	-22.8%
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$02025-12-27	$1.6M	-100.0%	$0	$1.6M	-100.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$232M	$226M	+2.6%	$194M	$251M	-22.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	$7.32M	-$5.91M	+223.9%	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	–	–	–	-$57.4M	-$146M	+60.6%
Common Stock, Dividends, Per Share, Declared	$0.24	$0.23	+4.3%	$0.92	$0.88	+4.5%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	2B	2B	0.0%	2B	400M	+400.0%
Common Stock, Shares, Issued	892M	891M	+0.2%	891M	890M	+0.2%
Common Stock, Shares, Outstanding	522M	530M	-1.5%	527M	532M	-1.0%
Common Stock, Value, Issued	$7.14M	$7.12M	+0.2%	$7.13M	$7.12M	+0.2%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$361M	$430M	-16.1%	$1.09B	$1.1B	-0.1%
Construction in Progress Expenditures Incurred but Not yet Paid	$4.81M	$46.1M	-89.6%	$123M	$82.3M	+49.0%
Construction in Progress, Gross	$497M2025-12-27	$267M	+86.1%	$497M	$267M	+86.1%
Contractual Obligation	$34.8M	–	–	–	–	–
Cost of Goods and Services Sold	$2.86B	$2.8B	+2.1%	$9.87B	$9.49B	+4.0%
Current Federal Tax Expense (Benefit)	–	–	–	$213M	$293M	-27.3%
Current Income Tax Expense (Benefit)	–	–	–	$241M	$332M	-27.4%
Current State and Local Tax Expense (Benefit)	–	–	–	$28.1M	$39.1M	-28.2%
Customer Loyalty Program Liability, Current	$24.3M2025-12-27	$17.9M	+35.8%	$24.3M	$17.9M	+35.8%
Debt Instrument, Basis Spread on Variable Rate	0.0%	0.0%	–	0.1%2021-12-25	0.1%	0.0%
Debt Instrument, Redemption Price, Percentage	–	–	–	100.0%2019-12-28	–	–
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	–	–	–	101.0%2020-10-30	–	–
Debt Instrument, Unused Borrowing Capacity, Amount	$300M2025-12-27	$300M	0.0%	$300M	$300M	0.0%
Debt Issuance Costs, Net	$16.2M	$16.5M	-1.8%	$15M	$18M	-16.7%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$45M	-$14.3M	+415.5%
Deferred Income Tax Expense (Benefit)	-$26.5M	-$25.7M	-3.0%	$61.3M	-$22.6M	+371.1%
Deferred Income Tax Liabilities, Net	$100M	$19.8M	+404.6%	$95M	$44.3M	+114.4%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$16.3M	-$6.06M	+368.3%
Deferred Tax Assets, Inventory	$39M2025-12-27	$36.3M	+7.5%	$39M	$36.3M	+7.5%
Deferred Tax Assets, Net of Valuation Allowance	$1.19B2025-12-27	$1.08B	+10.6%	$1.19B	$1.08B	+10.6%
Deferred Tax Assets, Other	$49.7M2025-12-27	$50.1M	-0.9%	$49.7M	$50.1M	-0.9%
Deferred Tax Assets, Property, Plant and Equipment	$22.3M2025-12-27	$21.8M	+2.5%	$22.3M	$21.8M	+2.5%
Deferred Tax Assets, Tax Credit Carryforwards	$16.2M2025-12-27	$20.2M	-20.0%	$16.2M	$20.2M	-20.0%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	$23.1M2025-12-27	$19.4M	+19.1%	$23.1M	$19.4M	+19.1%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance	$17.6M2025-12-27	$16.7M	+5.3%	$17.6M	$16.7M	+5.3%
Deferred Tax Assets, Valuation Allowance	$02025-12-27	$0	–	$0	$0	–
Deferred Tax Liabilities, Gross	$1.26B2025-12-27	$1.08B	+16.7%	$1.26B	$1.08B	+16.7%
Deferred Tax Liabilities, Net	$72.8M2025-12-27	$5.49M	+1,226.2%	$72.8M	$5.49M	+1,226.2%
Deferred Tax Liabilities, Other	$31.6M2025-12-27	$25.5M	+24.0%	$31.6M	$25.5M	+24.0%
Deferred Tax Liabilities, Property, Plant and Equipment	$238M2025-12-27	$220M	+8.1%	$238M	$220M	+8.1%
Defined Contribution Plan, Cost	–	–	–	$22.1M	$20.1M	+10.0%
Depreciation, Depletion and Amortization	–	–	–	$494M	$447M	+10.5%
Depreciation, Depletion and Amortization, Nonproduction	$131M	$122M	+7.2%	$494M	$447M	+10.5%
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units	$0	$0	–	$0	$0	–
Dividends	$126M	$122M	+3.0%	$488M	$472M	+3.2%
Earnings Per Share, Basic	$0.69	$0.81	-14.8%	$2.07	$2.05	+1.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-27, 10-Q 2026-03-28, 10-K 2025-12-27, 10-Q 2025-09-27, 10-Q 2025-06-28, 10-Q 2025-03-29, 10-K 2024-12-28, 10-Q 2024-09-28, 10-Q 2024-06-29

Data as of 2026-11-02