Tractor Supply Company

TSCO · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Valuation
Market cap	$27,155	$29,146	$23,248	$24,851	$27,156	$16,000	$10,635	$9,497	$8,508	$8,628	$9,731	$10,856	$10,819	$6,285	$5,032	$3,521	$1,907	$1,333	$1,412	$1,796	$2,070	$1,419	$1,448	$679	$301	$74	$140	$210	$130	$181	$172	$183	$57
Enterprise value	$32,903	$34,319	$27,887	$28,919	$30,198	$18,200	$13,260	$9,851	$8,861	$8,875	$9,835	$10,810	$10,677	$6,147	$4,856	$3,249	$1,736	$1,299	$1,458	$1,774	$2,061	$1,426	$1,450	$707	$317	$132	$191	$233	$154	$191	$194	$183	$98
P/E (TTM) at period end	24.77×	26.47×	21.00×	22.83×	27.23×	21.36×	18.91×	17.84×	20.13×	19.74×	23.71×	29.27×	32.96×	22.73×	22.59×	20.96×	15.93×	12.35×	14.67×	19.74×	24.17×	22.15×	25.63×	17.52×	11.67×	4.55×	7.84×	14.20×	11.01×	13.75×	13.77×	16.20×	8.21×
P/S (TTM) at period end	1.75×	1.96×	1.60×	1.75×	2.13×	1.51×	1.27×	1.20×	1.17×	1.27×	1.56×	1.90×	2.09×	1.35×	1.19×	0.97×	0.59×	0.44×	0.52×	0.76×	1.00×	0.82×	0.98×	0.56×	0.35×	0.10×	0.20×	0.35×	0.26×	0.40×	0.45×	0.55×	0.20×
P/B at period end	10.52×	12.84×	10.81×	12.17×	13.56×	8.32×	6.79×	6.08×	6.00×	5.94×	6.98×	8.39×	8.68×	6.13×	4.99×	3.77×	2.45×	2.19×	2.50×	3.00×	4.33×	3.83×	4.98×	2.98×	1.66×	0.48×	1.02×	1.75×	1.24×	1.91×	2.06×	2.48×	2.44×
EV / EBITDA (TTM)	16.78×	17.92×	14.90×	16.26×	19.15×	14.99×	14.12×	11.21×	10.40×	10.60×	12.71×	15.35×	17.37×	11.69×	11.21×	9.67×	6.73×	5.43×	6.91×	9.32×	12.09×	11.08×	12.42×	8.63×	6.34×	3.00×	4.60×	6.85×	5.72×	6.89×	7.75×	8.16×	5.77×
EV / Sales (TTM)	2.12×	2.31×	1.92×	2.04×	2.37×	1.71×	1.59×	1.25×	1.22×	1.31×	1.58×	1.89×	2.07×	1.32×	1.15×	0.89×	0.54×	0.43×	0.54×	0.75×	1.00×	0.82×	0.98×	0.58×	0.37×	0.17×	0.28×	0.39×	0.30×	0.43×	0.51×	0.55×	0.35×
Returns
Return on equity	42.5%	48.5%	51.5%	53.3%	49.8%	38.9%	35.9%	34.1%	29.8%	30.1%	29.5%	28.7%	26.3%	27.0%	22.1%	18.0%	15.4%	17.7%	17.0%	15.2%	17.9%	17.3%	19.4%	17.0%	14.2%	10.6%	12.9%	12.3%	11.2%	13.9%	15.0%	15.3%	29.7%
Return on invested capital	13.8%	15.4%	16.8%	18.2%	20.2%	18.7%	13.8%	28.5%	24.3%	25.9%	27.5%	29.8%	29.7%	31.2%	26.9%	24.9%	19.9%	17.7%	16.3%	16.1%	18.5%	17.2%	20.7%	16.3%	13.8%	9.5%	10.8%	11.8%	10.2%	14.0%	12.8%	16.8%	14.4%
Dividend yield	1.8%	1.6%	1.9%	1.6%	0.9%	1.1%	1.5%	1.5%	1.6%	1.4%	1.1%	0.8%	0.6%	0.8%	0.6%	0.6%	–	–	–	–	–	–	–	–	–	–	–	–	0.1%	0.1%	0.2%	0.3%	0.9%
Financial health
Current ratio	1.34×	1.43×	1.50×	1.33×	1.57×	1.87×	1.43×	1.91×	1.95×	1.95×	2.14×	2.11×	2.27×	2.02×	2.37×	2.45×	2.18×	1.71×	1.82×	1.89×	1.83×	1.90×	1.90×	1.76×	1.94×	2.18×	2.08×	1.90×	1.96×	1.85×	2.02×	1.80×	1.53×
Debt / equity	0.69×	0.81×	0.81×	0.57×	0.49×	0.51×	0.26×	0.26×	0.30×	0.19×	0.11×	0.00×	0.00×	0.00×	0.00×	0.00×	–	–	0.10×	0.00×	0.02×	0.09×	0.07×	0.17×	0.13×	0.43×	0.42×	0.34×	0.31×	0.24×	0.33×	0.19×	1.91×
Effective tax rate	21.6%	22.1%	22.7%	22.5%	22.1%	22.6%	22.3%	22.1%	37.2%	36.5%	36.6%	36.9%	36.2%	36.6%	36.5%	36.6%	37.0%	38.7%	37.9%	37.4%	36.5%	36.0%	37.5%	36.2%	29.4%	40.6%	40.5%	41.5%	41.0%	40.0%	39.9%	39.9%	39.5%
Share count
Diluted shares outstanding	532	540	549	561	579	587	604	617	641	669	684	697	709	728	739	747	733	749	802	820	820	814	807	783	723	701	709	705	704	704	697	697	697

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993
Revenue and gross profit
Revenue	$15,751	$15,524	$14,883	$14,556	$14,205	$12,731	$10,620	$8,352	$7,911	$7,256	$6,780	$6,227	$5,712	$5,165	$4,664	$4,233	$3,638	$3,207	$3,008	$2,703	$2,370	$2,068	$1,739	$1,473	$1,210	$850	$759	$688	$601	$509	$449	$384	$330	$279
Cost of revenue	($10,008)	($9,870)	($9,487)	($9,328)	($9,233)	($8,254)	($6,859)	($5,480)	($5,209)	($4,764)	($4,454)	($4,083)	($3,761)	($3,411)	($3,098)	($2,826)	($2,435)	($2,172)	($2,096)	($1,851)	($1,618)	($1,428)	($1,214)	($1,024)	($868)	($621)	($559)	($507)	($446)	($378)	($332)	($285)	($242)	($208)
Gross profit	$5,743	$5,655	$5,397	$5,228	$4,972	$4,477	$3,762	$2,872	$2,703	$2,492	$2,325	$2,143	$1,950	$1,754	$1,566	$1,407	$1,204	$1,035	$912	$853	$751	$640	$525	$449	$342	$228	$200	$181	$155	$132	$117	$99	$88	$72
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,830)	($3,693)	($3,482)	($3,356)	($3,194)	($2,900)	($2,479)	($1,933)	($1,823)	($1,640)	($1,488)	($1,369)	($1,246)	($1,139)	($1,040)	($974)	($868)	($784)	($716)	($642)	($561)	($469)	($396)	($332)	($260)	($178)	($157)	($140)	($121)	($105)	($89)	($74)	($66)	($55)
Total operating expenses	($4,402)	($4,187)	($3,929)	($3,749)	($3,537)	($3,170)	($2,765)	($2,129)	($2,001)	($1,806)	($1,631)	($1,493)	($1,361)	($1,239)	($1,129)	($1,054)	($937)	($843)	($734)	($693)	($603)	($503)	($423)	($352)	($277)	($189)	($166)	($147)	($126)	($109)	($92)	($76)	($68)	($56)
Total costs and expenses	($14,410)	($14,057)	($13,416)	($13,077)	($12,770)	($11,424)	($9,623)	($7,609)	($7,209)	($6,570)	($6,085)	($5,576)	($5,122)	($4,650)	($4,227)	($3,880)	($3,372)	($3,015)	($2,830)	($2,543)	($2,222)	($1,932)	($1,637)	($1,376)	($1,145)	($811)	($725)	($654)	($572)	($487)	($425)	($361)	($309)	($264)
Operating income	$1,341	$1,467	$1,468	$1,479	$1,435	$1,307	$997	$743	$702	$686	$694	$651	$589	$515	$437	$353	$266	$192	$178	$160	$148	$136	$102	$97	$65	$39	$34	$34	$29	$22	$24	$23	$21	$15
Earnings
EBITDA	$1,850	$1,961	$1,915	$1,872	$1,778	$1,577	$1,214	$939	$879	$852	$837	$774	$704	$615	$526	$433	$336	$258	$239	$211	$190	$170	$129	$117	$82	$50	$44	$42	$34	$27	$28	$25	$22	$17
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($68)	($69)	($55)	($47)	($31)	($27)	($29)	($20)	($18)	($14)	($6)	($3)	($2)	($1)	($1)	($2)	($1)	($2)	($2)	($5)	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,273	$1,398	$1,413	$1,432	$1,404	$1,280	$968	$723	$683	$673	$688	$648	$588	$514	$436	$351	$265	$190	$176	$155	$145	$135	$100	$93	$61	$37	$28	$30	$25	$20	$22	$21	$19	$11
Income tax expense	($261)	($302)	($312)	($325)	($316)	($283)	($219)	($161)	($151)	($250)	($251)	($237)	($217)	($186)	($159)	($128)	($97)	($70)	($68)	($59)	($54)	($49)	($36)	($35)	($22)	($11)	($11)	($12)	($10)	($8)	($9)	($8)	($8)	($4)
Net income	$1,012	$1,096	$1,101	$1,107	$1,089	$997	$749	$562	$532	$423	$437	$410	$371	$328	$276	$223	$168	$120	$108	$96	$91	$86	$64	$57	$39	$26	$16	$18	$15	$12	$13	$12	$11	$7
Per share
Diluted EPS (GAAP)	$1.92	$2.06	$2.04	$2.02	$1.94	$1.72	$1.28	$0.932	$0.862	$0.66	$0.654	$0.60	$0.532	$0.464	$0.38	$0.302	$0.225	$0.163	$0.144	$0.12	$0.112	$0.104	$0.078	$0.07	$0.024	$0.036	$0.024	$0.026	$0.022	$0.0168	$0.0188	$0.00438	$0.004	$0.0031
Basic EPS (GAAP)	$1.92	$2.07	$2.05	$2.03	$1.96	$1.74	$1.29	$0.94	$0.868	$0.662	$0.658	$0.606	$0.538	$0.47	$0.388	$0.31	$0.231	$0.166	$0.147	$0.122	$0.114	$0.11	$0.084	$0.076	$0.026	$0.036	$0.024	$0.026	$0.022	$0.0168	$0.0188	$0.00438	$0.004	$0.0031
Basic shares outstanding	527	530	537	545	557	574	582	599	613	638	665	678	689	697	711	718	726	720	737	784	802	781	763	743	723	706	701	702	701	704	704	697	697	697
Margins
Gross margin	36.5%	36.4%	36.3%	35.9%	35.0%	35.2%	35.4%	34.4%	34.2%	34.3%	34.3%	34.4%	34.1%	34.0%	33.6%	33.2%	33.1%	32.3%	30.3%	31.5%	31.7%	30.9%	30.2%	30.5%	28.3%	26.9%	26.4%	26.3%	25.8%	25.8%	26.0%	25.7%	26.7%	25.7%
Operating margin	8.5%	9.5%	9.9%	10.2%	10.1%	10.3%	9.4%	8.9%	8.9%	9.5%	10.2%	10.4%	10.3%	10.0%	9.4%	8.3%	7.3%	6.0%	5.9%	5.9%	6.2%	6.6%	5.8%	6.6%	5.4%	4.6%	4.5%	5.0%	4.8%	4.4%	5.4%	5.9%	6.2%	5.4%
Net margin	6.4%	7.1%	7.4%	7.6%	7.7%	7.8%	7.1%	6.7%	6.7%	5.8%	6.4%	6.6%	6.5%	6.4%	5.9%	5.3%	4.6%	3.7%	3.6%	3.6%	3.8%	4.1%	3.7%	3.8%	3.2%	3.0%	2.2%	2.6%	2.5%	2.3%	2.9%	3.3%	3.4%	2.5%

Analyst consensus

Hold50 analysts

Bearish · 1 · Hold · 25 · Bullish · 24

Earnings history

	EPS	Estimate
Q4 2024	$0.44	$2.28	Miss
Q1 2025	$0.34	$0.37	Miss
Q2 2025	$0.81	$0.80	Beat
Q3 2025	$0.49	$0.48	Beat
Q4 2025	$0.43	$0.46	Miss
Q1 2026	$0.31	$0.34	Miss
Q2 2026	$0.81	$0.82	Miss
Q3 2026	$0.43	$0.41	Beat

Peers

Company overview

IPO dateFeb 17, 1994

CEOHarry A. Lawton

Employees52,000

SectorConsumer Cyclical

IndustrySpecialty Retail

CountryUS

ExchangeNASDAQ Global Select

Websitewww.tractorsupply.com

Tractor Supply Company functions as a prominent retailer, catering to the rural lifestyle demographic throughout the United States. Its extensive product catalog encompasses items crucial for the health, well-being, development, and enclosure of equine, livestock, pets, and small animals. Additionally, it stocks a variety of hardware, truck, towing, and tool supplies. Shoppers can also find seasonal goods like heating solutions, gardening equipment, power tools, novelty gifts, and children's toys, alongside workwear, casual apparel, footwear, and essential maintenance products designed for agricultural and general rural applications. These offerings are made available under a diverse portfolio of private label and proprietary brands, including 4health, Producer's Pride, American Farmworks, Red Shed, Bit & Bridle, Redstone, Blue Mountain, Retriever, C.E. Schmidt, Ridgecut, Countyline, Royal Wing, Dumor, Strive, Groundwork, Traveller, Huskee, Treeline, JobSmart, TSC Tractor Supply Co, Paws & Claws, and Untamed. Data from June 25, 2022, indicates the company's retail footprint included 2,016 Tractor Supply outlets spanning 49 states, complemented by 178 Petsense locations across 23 states. Its physical retail presence includes stores operating under the banners of Tractor Supply Company, Del's Feed & Farm Supply, and Petsense, while its digital storefronts are accessible via TractorSupply.com and Petsense.com. The primary customer base comprises recreational farmers, ranchers, and other individuals with similar needs. Established in 1938, the corporation maintains its corporate headquarters in Brentwood, Tennessee.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.