Tractor Supply (TSCO) Financials

$59.58 +0.08 (+0.13%)

As of 10:49 AM Eastern

Annual Income Statements for Tractor Supply

This table shows Tractor Supply's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Net Income / (Loss) Attributable to Common Shareholders	410	437	423	532	562	-9,871	997	1,089	1,107	1,101
Consolidated Net Income / (Loss)	410	437	423	532	562	749	997	1,089	1,107	1,101
Net Income / (Loss) Continuing Operations	410	437	423	532	562	-9,871	997	1,089	1,107	1,101
Total Pre-Tax Income	648	688	673	683	723	968	1,280	1,404	1,432	1,413
Total Operating Income	651	694	686	702	743	997	1,307	1,435	1,479	1,468
Total Gross Profit	2,143	2,325	2,492	2,703	2,872	3,762	4,477	4,972	5,228	5,397
Total Revenue	6,227	6,780	7,256	7,911	8,352	0.00	12,731	14,205	14,556	14,883
Operating Revenue	6,227	6,780	7,256	7,911	8,352	0.00	12,731	14,205	14,556	14,883
Total Cost of Revenue	4,083	4,454	4,764	5,209	5,480	6,859	8,254	9,233	9,328	9,487
Operating Cost of Revenue	4,083	4,454	4,764	5,209	5,480	6,859	8,254	9,233	9,328	9,487
Total Operating Expenses	1,493	1,631	1,806	2,001	2,129	2,765	3,170	3,537	3,749	3,929
Selling, General & Admin Expense	1,369	1,488	1,640	1,823	1,933	2,479	2,900	3,194	3,356	3,482
Depreciation Expense	124	143	166	177	196	217	270	343	393	447
Total Other Income / (Expense), net	-2.89	-5.81	-14	-18	-20	-29	-27	-31	-47	-55
Interest Expense	2.89	5.81	14	18	20	29	27	31	47	55
Income Tax Expense	237	251	250	151	161	219	283	316	325	312
Basic Earnings per Share	$3.03	$3.29	$3.31	$4.34	$4.70	$6.44	$8.69	$1.96	$2.03	$2.05
Weighted Average Basic Shares Outstanding	135.58M	132.91M	127.59M	122.65M	119.73M	116.37M	114.79M	556.68M	545.48M	536.95M
Diluted Earnings per Share	$3.00	$3.27	$3.30	$4.31	$4.66	$6.38	$8.61	$1.94	$2.02	$2.04
Weighted Average Diluted Shares Outstanding	136.85M	133.81M	128.20M	123.47M	120.74M	117.44M	115.82M	560.74M	548.73M	539.65M
Weighted Average Basic & Diluted Shares Outstanding	135.40M	132.90M	127.70M	122.70M	234.56M	232.60M	225.54M	220.15M	215.83M	531.55M
Cash Dividends to Common per Share	$0.76	$0.92	$1.05	$1.20	$1.36	$1.50	$2.08	$0.74	$0.82	$0.88

This table shows Tractor Supply's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024
Net Income / (Loss) Attributable to Common Shareholders	234	271	183	421	255	248	198	425	241	236
Consolidated Net Income / (Loss)	234	271	183	421	255	248	198	425	241	236
Net Income / (Loss) Continuing Operations	234	271	183	421	255	248	198	425	241	236
Total Pre-Tax Income	300	349	232	547	331	322	251	550	311	301
Total Operating Income	306	359	244	559	341	334	263	561	325	318
Total Gross Profit	1,166	1,364	1,170	1,515	1,250	1,293	1,221	1,556	1,290	1,330
Total Revenue	3,271	4,006	3,299	4,185	3,412	3,660	3,395	4,247	3,468	3,774
Operating Revenue	3,271	4,006	3,299	4,185	3,412	3,660	3,395	4,247	3,468	3,774
Total Cost of Revenue	2,105	2,643	2,129	2,670	2,162	2,367	2,174	2,691	2,178	2,444
Operating Cost of Revenue	2,105	2,643	2,129	2,670	2,162	2,367	2,174	2,691	2,178	2,444
Total Operating Expenses	859	1,004	925	955	910	959	958	994	966	1,011
Selling, General & Admin Expense	772	910	828	853	819	856	853	885	852	891
Depreciation Expense	87	95	97	102	90	103	104	109	114	120
Total Other Income / (Expense), net	-6.23	-10	-13	-12	-9.54	-12	-12	-12	-14	-17
Interest Expense	6.23	10	13	12	9.54	12	12	12	14	17
Income Tax Expense	66	78	49	126	76	74	53	125	69	65
Basic Earnings per Share	$2.11	$0.49	$1.66	$3.85	$2.34	$0.45	$1.84	$3.95	$2.25	$0.44
Weighted Average Basic Shares Outstanding	110.86M	556.68M	110.05M	109.43M	108.77M	545.48M	107.95M	107.73M	107.17M	536.95M
Diluted Earnings per Share	$2.10	$0.49	$1.65	$3.83	$2.33	$0.45	$1.83	$3.93	$2.24	$0.44
Weighted Average Diluted Shares Outstanding	111.56M	560.74M	110.78M	110.04M	109.34M	548.73M	108.53M	108.24M	107.68M	539.65M
Basic & Diluted Earnings per Share	-	$0.49	-	-	-	$0.45	-	-	-	$0.44
Weighted Average Basic & Diluted Shares Outstanding	110.46M	220.15M	109.57M	108.81M	108.11M	215.83M	107.81M	107.87M	106.84M	531.55M
Cash Dividends to Common per Share	$0.92	$0.18	$1.03	$1.03	$1.03	$0.20	$1.10	$1.10	$1.10	$0.22

This table details how cash moves in and out of Tractor Supply's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Net Change in Cash & Equivalents	13	-9.90	55	-23	-2.06	1,258	-464	-676	195	-146
Net Cash From Operating Activities	456	651	631	694	812	1,395	1,139	1,357	1,334	1,421
Net Cash From Continuing Operating Activities	456	651	631	694	812	1,389	1,139	1,357	1,334	1,421
Net Income / (Loss) Continuing Operations	410	437	423	532	562	749	997	1,089	1,107	1,101
Consolidated Net Income / (Loss)	410	437	423	532	562	749	997	1,089	1,107	1,101
Depreciation Expense	124	143	166	177	196	217	270	343	393	447
Non-Cash Adjustments To Reconcile Net Income	20	24	30	28	31	105	52	56	9.00	-14
Changes in Operating Assets and Liabilities, net	-97	47	13	-44	23	318	-180	-131	-175	-113
Net Cash From Investing Activities	-236	-369	-238	-276	-215	-292	-627	-1,094	-653	-644
Net Cash From Continuing Investing Activities	-236	-369	-238	-276	-215	-292	-627	-1,094	-653	-644
Purchase of Property, Plant & Equipment	-236	-226	-250	-279	-217	-294	-628	-773	-754	-784
Acquisitions	0.00	-144	-	0.00	-	0.00	0.00	-391	0.00	0.00
Sale of Property, Plant & Equipment	0.58	0.36	11	2.22	2.49	1.79	1.09	70	101	140
Net Cash From Financing Activities	-208	-291	-338	-441	-599	155	-975	-939	-486	-922
Net Cash From Continuing Financing Activities	-208	-291	-338	-441	-599	155	-975	-939	-486	-922
Repayment of Debt	-531	-823	-1,031	-1,216	-1,017	-1,424	0.00	-832	-1,205	-685
Repurchase of Common Equity	-293	-332	-369	-350	-533	-343	-799	-700	-594	-561
Payment of Dividends	-103	-122	-134	-147	-163	-175	-239	-410	-450	-472
Issuance of Debt	680	945	1,180	1,194	1,002	2,009	0.00	1,010	1,767	785
Issuance of Common Equity	42	41	16	80	116	99	82	26	24	39
Other Financing Activities, net	-3.00	-0.84	-0.82	-1.37	-3.82	-12	-19	-33	-29	-29
Cash Interest Paid	2.28	6.12	10	18	19	25	24	27	56	66
Cash Income Taxes Paid	227	232	219	147	144	235	292	239	325	351

This table details how cash moves in and out of Tractor Supply's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024
Net Change in Cash & Equivalents	-320	-8.74	-12	430	-198	-25	-133	131	-208	65
Net Cash From Operating Activities	0.73	731	20	763	156	396	257	560	86	517
Net Cash From Continuing Operating Activities	0.73	731	20	763	156	396	257	560	86	517
Net Income / (Loss) Continuing Operations	234	271	183	421	255	248	198	425	241	236
Consolidated Net Income / (Loss)	234	271	183	421	255	248	198	425	241	236
Depreciation Expense	87	95	97	102	90	103	104	109	114	120
Non-Cash Adjustments To Reconcile Net Income	15	16	14	15	-12	-8.69	16	5.16	-25	-11
Changes in Operating Assets and Liabilities, net	-335	349	-275	224	-178	54	-61	20	-244	171
Net Cash From Investing Activities	-186	-643	-158	-187	-110	-198	-152	-179	-129	-184
Net Cash From Continuing Investing Activities	-186	-643	-158	-187	-110	-198	-152	-179	-129	-184
Purchase of Property, Plant & Equipment	-186	-322	-158	-192	-177	-227	-157	-193	-188	-246
Sale of Property, Plant & Equipment	-0.01	70	0.26	0.50	57	43	4.94	14	59	62
Net Cash From Financing Activities	-134	-97	126	-146	-244	-222	-238	-250	-166	-268
Net Cash From Continuing Financing Activities	-134	-97	126	-146	-244	-222	-238	-250	-166	-268
Repayment of Debt	-30	-802	-310	-895	-	-	-150	-185	-150	-200
Repurchase of Common Equity	-124	-92	-183	-162	-135	-114	-118	-138	-151	-154
Payment of Dividends	-102	-102	-113	-113	-112	-111	-119	-119	-118	-117
Issuance of Debt	120	890	747	1,020	-	-	150	185	250	200
Issuance of Common Equity	2.50	10	8.62	6.63	4.60	4.54	22	6.63	4.17	6.84
Other Financing Activities, net	-1.47	-0.99	-23	-2.65	-1.70	-1.43	-23	-0.38	-1.35	-3.79
Cash Interest Paid	4.46	11	9.27	11	8.55	27	3.90	26	6.23	29
Cash Income Taxes Paid	148	54	1.96	34	179	110	1.78	88	188	73

This table presents Tractor Supply's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Total Assets	2,371	2,675	2,869	3,085	5,289	7,049	7,767	8,490	9,188	9,805
Total Current Assets	1,439	1,518	1,655	1,794	1,788	3,259	3,250	3,158	3,264	3,310
Cash & Equivalents	64	54	109	86	84	1,342	878	203	397	251
Inventories, net	1,284	1,370	1,453	1,590	1,603	1,783	2,191	2,710	2,646	2,840
Prepaid Expenses	88	91	88	114	101	134	164	246	219	197
Current Deferred & Refundable Income Taxes	3.76	3.68	4.76	4.11	0.00	0.00	17	0.00	2.46	22
Plant, Property, & Equipment, net	848	962	1,045	1,134	1,164	1,249	1,618	2,084	2,437	2,727
Total Noncurrent Assets	84	195	169	156	2,337	2,541	2,899	3,249	3,487	3,768
Goodwill	10	126	124	124	124	56	56	253	270	270
Other Noncurrent Operating Assets	18	24	26	25	2,213	2,454	2,841	2,995	3,218	3,499
Total Liabilities & Shareholders' Equity	2,371	2,675	2,869	3,085	5,289	7,049	7,767	8,490	9,188	9,805
Total Liabilities	978	1,222	1,450	1,523	3,722	5,125	5,765	6,448	7,038	7,535
Total Current Liabilities	671	777	849	938	1,248	1,744	2,065	2,376	2,177	2,319
Accounts Payable	427	520	577	620	643	976	1,156	1,398	1,180	1,236
Accrued Expenses	195	216	202	232	248	325	474	499	533	582
Current Employee Benefit Liabilities	43	25	32	54	40	120	110	120	91	101
Other Current Liabilities	-	-	-	3.65	281	303	325	350	373	400
Total Noncurrent Liabilities	306	445	601	585	2,475	3,381	3,700	4,071	4,861	5,216
Long-Term Debt	150	264	401	381	366	984	986	1,164	1,729	1,832
Capital Lease Obligations	17	26	33	29	2,032	-	2,608	2,757	2,934	28
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	0.00	0.15	0.00	0.00	31	60	44
Other Noncurrent Operating Liabilities	54	55	61	68	76	2,397	106	120	138	3,312
Total Equity & Noncontrolling Interests	1,393	1,453	1,419	1,562	1,567	1,924	2,003	2,042	2,150	2,270
Total Preferred & Common Equity	1,393	1,453	1,419	1,562	1,567	1,924	2,003	2,042	2,150	2,270
Total Common Equity	1,393	1,453	1,419	1,562	1,567	1,924	2,003	2,042	2,150	2,270
Common Stock	597	673	718	825	968	1,097	1,212	1,263	1,320	1,384
Retained Earnings	2,226	2,540	2,829	3,214	3,613	4,187	4,945	5,624	6,282	6,911
Treasury Stock	-1,430	-1,761	-2,131	-2,481	-3,014	-3,357	-4,156	-4,856	-5,459	-6,025
Accumulated Other Comprehensive Income / (Loss)	0.00	1.39	3.36	3.81	0.20	-3.24	1.35	11	6.79	1.22

This table presents Tractor Supply's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024
Total Assets	7,912	8,490	8,849	9,033	9,205	9,188	9,555	9,785	9,768	9,805
Total Current Assets	3,110	3,158	3,459	3,577	3,534	3,264	3,519	3,640	3,483	3,310
Cash & Equivalents	211	203	190	620	422	397	264	395	186	251
Inventories, net	2,678	2,710	3,031	2,660	2,834	2,646	3,049	3,000	3,083	2,840
Prepaid Expenses	212	246	236	297	278	219	207	245	200	197
Current Deferred & Refundable Income Taxes	8.43	0.00	2.62	0.00	0.00	2.46	0.00	0.00	14	22
Plant, Property, & Equipment, net	1,843	2,084	2,145	2,185	2,274	2,437	2,497	2,567	2,633	2,727
Total Noncurrent Assets	2,959	3,249	3,245	3,270	3,397	3,487	3,539	3,578	3,652	3,768
Goodwill	56	253	253	267	267	270	270	270	270	270
Other Noncurrent Operating Assets	2,903	2,995	2,992	3,003	3,130	3,218	3,269	3,309	3,382	3,499
Total Liabilities & Shareholders' Equity	7,912	8,490	8,849	9,033	9,205	9,188	9,555	9,785	9,768	9,805
Total Liabilities	5,971	6,448	6,934	6,946	7,094	7,038	7,431	7,479	7,479	7,535
Total Current Liabilities	2,095	2,376	2,350	2,237	2,319	2,177	2,518	2,545	2,346	2,319
Accounts Payable	1,220	1,398	1,527	1,272	1,412	1,180	1,516	1,437	1,350	1,236
Accrued Expenses	454	499	473	464	455	533	560	558	552	582
Current Employee Benefit Liabilities	80	120	22	66	50	91	23	70	53	101
Other Current Liabilities	337	350	317	321	368	373	380	386	391	400
Total Noncurrent Liabilities	3,875	4,071	4,585	4,708	4,775	4,861	4,913	4,935	5,133	5,216
Long-Term Debt	1,078	1,164	1,602	1,728	1,728	1,729	1,730	1,730	1,831	1,832
Capital Lease Obligations	2,644	2,757	2,786	2,796	2,881	2,934	2,975	3,011	3,111	28
Noncurrent Deferred & Payable Income Tax Liabilities	40	31	76	59	30	60	68	54	49	44
Other Noncurrent Operating Liabilities	114	120	121	126	136	138	140	139	142	3,312
Total Equity & Noncontrolling Interests	1,941	2,042	1,915	2,087	2,111	2,150	2,124	2,305	2,289	2,270
Total Preferred & Common Equity	1,941	2,042	1,915	2,087	2,111	2,150	2,124	2,305	2,289	2,270
Total Common Equity	1,941	2,042	1,915	2,087	2,111	2,150	2,124	2,305	2,289	2,270
Common Stock	1,238	1,263	1,264	1,285	1,304	1,320	1,334	1,351	1,364	1,384
Retained Earnings	5,455	5,624	5,694	6,002	6,145	6,282	6,361	6,668	6,792	6,911
Treasury Stock	-4,764	-4,856	-5,053	-5,211	-5,347	-5,459	-5,577	-5,718	-5,869	-6,025
Accumulated Other Comprehensive Income / (Loss)	12	11	9.44	10	9.29	6.79	6.06	4.68	2.55	1.22

This table displays calculated financial ratios and metrics derived from Tractor Supply's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/26/2015	12/31/2016	12/30/2017	12/29/2018	12/28/2019	12/26/2020	12/25/2021	12/31/2022	12/30/2023	12/28/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.01%	8.88%	7.03%	9.02%	5.57%	-100.00%	0.00%	11.57%	2.47%	2.25%
EBITDA Growth	9.94%	8.13%	1.81%	3.15%	6.84%	29.26%	29.88%	12.76%	5.28%	2.28%
EBIT Growth	10.35%	6.70%	-1.11%	2.24%	5.91%	34.14%	31.07%	9.81%	3.06%	-0.77%
NOPAT Growth	10.79%	6.93%	-2.16%	26.74%	5.69%	33.48%	31.98%	9.30%	2.76%	0.05%
Net Income Growth	10.65%	6.51%	-3.32%	25.97%	5.63%	33.18%	33.13%	9.19%	1.70%	-0.54%
EPS Growth	12.78%	9.00%	0.92%	30.61%	8.12%	36.91%	34.95%	9.19%	1.70%	0.99%
Operating Cash Flow Growth	11.49%	42.63%	-2.96%	9.97%	16.90%	71.80%	-18.34%	19.17%	-1.69%	6.51%
Free Cash Flow Firm Growth	-29.32%	46.36%	51.36%	12.88%	-449.77%	319.26%	-168.51%	103.31%	589.83%	654.63%
Invested Capital Growth	20.02%	13.56%	4.20%	7.92%	104.53%	-59.95%	201.25%	22.08%	11.38%	-39.54%
Revenue Q/Q Growth	1.01%	4.15%	0.50%	2.33%	0.71%	-100.00%	662.46%	5.08%	-2.33%	0.77%
EBITDA Q/Q Growth	-0.22%	3.48%	-0.85%	-0.07%	1.68%	0.09%	8.65%	5.05%	-0.87%	0.05%
EBIT Q/Q Growth	-0.67%	3.17%	-1.55%	-0.49%	1.37%	-0.60%	9.06%	4.83%	-1.66%	-1.07%
NOPAT Q/Q Growth	-0.11%	2.96%	-2.78%	5.41%	1.34%	-0.75%	9.02%	4.95%	-1.86%	-0.63%
Net Income Q/Q Growth	-0.09%	2.79%	-3.17%	5.37%	1.32%	-1.09%	9.37%	4.77%	-2.03%	-1.03%
EPS Q/Q Growth	-0.99%	2.51%	-2.08%	5.64%	2.42%	-0.93%	9.82%	4.77%	-2.03%	-80.16%
Operating Cash Flow Q/Q Growth	-5.95%	30.56%	-10.56%	7.84%	7.47%	-0.56%	-9.72%	51.92%	-20.05%	9.32%
Free Cash Flow Firm Q/Q Growth	-37.84%	28.69%	10.39%	10.11%	4.03%	-1.17%	-15.06%	1.39%	53.01%	810.92%
Invested Capital Q/Q Growth	0.68%	-1.74%	-4.13%	-4.29%	-3.40%	-6.38%	5.76%	5.66%	1.87%	-44.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.42%	34.30%	34.34%	34.16%	34.38%	0.00%	35.17%	35.00%	35.92%	36.26%
EBITDA Margin	12.43%	12.35%	11.74%	11.11%	11.25%	0.00%	12.39%	12.52%	12.86%	12.86%
Operating Margin	10.45%	10.24%	9.46%	8.87%	8.90%	0.00%	10.26%	10.10%	10.16%	9.86%
EBIT Margin	10.45%	10.24%	9.46%	8.87%	8.90%	0.00%	10.26%	10.10%	10.16%	9.86%
Profit (Net Income) Margin	6.59%	6.45%	5.82%	6.73%	6.73%	0.00%	7.83%	7.66%	7.61%	7.40%
Tax Burden Percent	63.37%	63.51%	62.84%	77.90%	77.74%	77.36%	77.89%	77.53%	77.30%	77.94%
Interest Burden Percent	99.56%	99.16%	97.98%	97.38%	97.33%	97.11%	97.96%	97.87%	96.86%	96.28%
Effective Tax Rate	36.63%	36.49%	37.16%	22.10%	22.26%	22.64%	22.11%	22.47%	22.70%	22.06%
Return on Invested Capital (ROIC)	30.04%	27.57%	24.84%	29.68%	19.84%	0.00%	32.39%	21.23%	18.78%	22.22%
ROIC Less NNEP Spread (ROIC-NNEP)	23.73%	25.47%	21.94%	25.61%	18.70%	0.00%	30.63%	20.49%	17.88%	20.77%
Return on Net Nonoperating Assets (RNNOA)	0.51%	3.14%	4.59%	6.04%	16.10%	0.00%	18.40%	32.60%	34.05%	27.61%
Return on Equity (ROE)	30.55%	30.71%	29.43%	35.72%	35.95%	42.91%	50.79%	53.83%	52.82%	49.83%
Cash Return on Invested Capital (CROIC)	11.84%	14.87%	20.73%	22.06%	-48.81%	113.77%	-67.92%	1.35%	8.01%	71.51%
Operating Return on Assets (OROA)	29.53%	27.51%	24.76%	23.57%	17.75%	0.00%	17.64%	17.65%	16.73%	15.45%
Return on Assets (ROA)	18.63%	17.33%	15.25%	17.88%	13.43%	0.00%	13.46%	13.39%	12.53%	11.60%
Return on Common Equity (ROCE)	30.55%	30.71%	29.43%	35.72%	35.95%	42.91%	50.79%	53.83%	52.82%	49.83%
Return on Equity Simple (ROE_SIMPLE)	29.46%	30.08%	29.79%	34.09%	35.88%	38.93%	49.79%	53.31%	51.50%	48.51%
Net Operating Profit after Tax (NOPAT)	412	441	431	547	578	771	1,018	1,112	1,143	1,144
NOPAT Margin	6.62%	6.50%	5.94%	6.91%	6.92%	0.00%	7.99%	7.83%	7.85%	7.69%
Net Nonoperating Expense Percent (NNEP)	6.31%	2.10%	2.90%	4.06%	1.15%	2.24%	1.76%	0.74%	0.90%	1.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.66%	16.78%	27.69%
Cost of Revenue to Revenue	65.58%	65.70%	65.66%	65.84%	65.62%	0.00%	64.83%	65.00%	64.08%	63.74%
SG&A Expenses to Revenue	21.99%	21.95%	22.60%	23.05%	23.14%	0.00%	22.78%	22.49%	23.06%	23.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.97%	24.06%	24.88%	25.29%	25.49%	0.00%	24.90%	24.90%	25.76%	26.40%
Earnings before Interest and Taxes (EBIT)	651	694	686	702	743	997	1,307	1,435	1,479	1,468
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	774	837	852	879	939	1,214	1,577	1,778	1,872	1,915
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.27	6.10	6.00	5.99	6.51	8.40	12.39	11.74	10.64	12.84
Price to Tangible Book Value (P/TBV)	7.33	6.68	6.57	6.50	7.07	8.65	12.74	13.40	12.16	14.57
Price to Revenue (P/Rev)	1.63	1.31	1.17	1.18	1.22	0.00	1.95	1.69	1.57	1.96
Price to Earnings (P/E)	24.70	20.28	20.13	17.56	18.13	0.00	24.88	22.02	20.65	26.47
Dividend Yield	1.01%	1.36%	1.55%	1.57%	1.58%	1.08%	0.95%	1.70%	1.95%	0.00%
Earnings Yield	4.05%	4.93%	4.97%	5.70%	5.52%	0.00%	4.02%	4.54%	4.84%	3.78%
Enterprise Value to Invested Capital (EV/IC)	6.84	5.36	5.00	5.07	3.21	10.09	5.83	4.81	4.23	7.93
Enterprise Value to Revenue (EV/Rev)	1.64	1.34	1.22	1.23	1.50	0.00	2.16	1.95	1.86	2.07
Enterprise Value to EBITDA (EV/EBITDA)	13.23	10.88	10.40	11.03	13.35	13.02	17.46	15.58	14.49	16.06
Enterprise Value to EBIT (EV/EBIT)	15.74	13.13	12.91	13.82	16.87	15.86	21.07	19.30	18.35	20.96
Enterprise Value to NOPAT (EV/NOPAT)	24.84	20.67	20.54	17.74	21.70	20.50	27.04	24.89	23.74	26.89
Enterprise Value to Operating Cash Flow (EV/OCF)	22.44	14.00	14.03	13.97	15.45	11.34	24.17	20.41	20.34	21.65
Enterprise Value to Free Cash Flow (EV/FCFF)	63.02	38.31	24.62	23.87	0.00	5.07	0.00	391.66	55.63	8.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.12	0.21	0.33	0.28	1.55	0.51	1.79	1.92	2.17	0.82
Long-Term Debt to Equity	0.12	0.20	0.31	0.26	1.53	0.51	1.79	1.92	2.17	0.82
Financial Leverage	0.02	0.12	0.21	0.24	0.86	0.57	0.60	1.59	1.90	1.33
Leverage Ratio	1.64	1.77	1.93	2.00	2.68	3.53	3.77	4.02	4.22	4.30
Compound Leverage Factor	1.63	1.76	1.89	1.95	2.61	3.43	3.70	3.93	4.08	4.14
Debt to Total Capital	10.75%	17.16%	24.57%	21.85%	60.77%	33.85%	64.22%	65.75%	68.45%	45.03%
Short-Term Debt to Total Capital	0.06%	0.64%	1.52%	1.31%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	10.70%	16.52%	23.06%	20.53%	60.02%	33.85%	64.22%	65.75%	68.45%	45.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	89.25%	82.84%	75.43%	78.15%	39.23%	66.15%	35.78%	34.25%	31.55%	54.97%
Debt to EBITDA	0.22	0.36	0.54	0.50	2.59	0.81	2.28	2.21	2.49	0.97
Net Debt to EBITDA	0.13	0.30	0.41	0.40	2.50	-0.29	1.72	2.09	2.28	0.84
Long-Term Debt to EBITDA	0.22	0.35	0.51	0.47	2.55	0.81	2.28	2.21	2.49	0.97
Debt to NOPAT	0.41	0.68	1.07	0.80	4.20	1.28	3.53	3.52	4.08	1.63
Net Debt to NOPAT	0.25	0.56	0.82	0.64	4.06	-0.46	2.67	3.34	3.73	1.41
Long-Term Debt to NOPAT	0.41	0.66	1.01	0.75	4.15	1.28	3.53	3.52	4.08	1.63
Altman Z-Score	11.46	9.41	8.56	8.79	4.77	3.45	5.85	5.50	5.16	5.44
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.14	1.95	1.95	1.91	1.43	1.87	1.57	1.33	1.50	1.43
Quick Ratio	0.10	0.07	0.13	0.09	0.07	0.77	0.43	0.09	0.18	0.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	162	238	360	406	-1,421	3,116	-2,134	71	488	3,681
Operating Cash Flow to CapEx	193.38%	288.37%	264.01%	251.31%	377.61%	477.23%	181.52%	193.04%	204.27%	220.65%
Free Cash Flow to Firm to Interest Expense	56.20	40.93	25.97	22.14	-71.61	108.26	-80.21	2.31	10.49	67.43
Operating Cash Flow to Interest Expense	157.80	112.00	45.56	37.84	40.91	48.45	42.79	44.30	28.68	26.03
Operating Cash Flow Less CapEx to Interest Expense	76.20	73.16	28.30	22.78	30.07	38.30	19.22	21.35	14.64	14.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.83	2.69	2.62	2.66	1.99	0.00	1.72	1.75	1.65	1.57
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	3.40	3.36	3.38	3.42	3.43	4.05	4.15	3.77	3.48	3.46
Fixed Asset Turnover	7.94	7.49	7.23	7.26	7.27	0.00	8.88	7.68	6.44	5.76
Accounts Payable Turnover	10.23	9.41	8.69	8.71	8.68	8.47	7.74	7.23	7.24	7.85
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	107.26	108.74	108.13	106.61	106.31	90.10	87.88	96.87	104.78	105.54
Days Payable Outstanding (DPO)	35.67	38.79	41.99	41.93	42.06	43.08	47.13	50.48	50.44	46.48
Cash Conversion Cycle (CCC)	71.59	69.95	66.14	64.69	64.25	0.00	40.74	46.39	54.34	59.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,497	1,700	1,772	1,912	3,911	1,566	4,719	5,760	6,416	3,879
Invested Capital Turnover	4.54	4.24	4.18	4.29	2.87	0.00	4.05	2.71	2.39	2.89
Increase / (Decrease) in Invested Capital	250	203	71	140	1,999	-2,345	3,152	1,042	655	-2,537
Enterprise Value (EV)	10,239	9,110	8,860	9,698	12,539	15,807	27,526	27,694	27,134	30,754
Market Capitalization	10,135	8,863	8,507	9,348	10,195	16,164	24,810	23,976	22,867	29,146
Book Value per Share	$10.37	$11.07	$11.30	$12.79	$13.24	$16.51	$17.60	$18.49	$19.88	$21.25
Tangible Book Value per Share	$10.30	$10.11	$10.31	$11.77	$12.19	$16.04	$17.11	$16.20	$17.39	$18.73
Total Capital	1,561	1,754	1,881	1,998	3,995	2,908	5,597	5,963	6,813	4,130
Total Debt	168	301	462	437	2,428	984	3,594	3,921	4,663	1,860
Total Long-Term Debt	167	290	434	410	2,398	984	3,594	3,921	4,663	1,860
Net Debt	104	247	353	350	2,344	-357	2,716	3,718	4,266	1,608
Capital Expenditures (CapEx)	236	226	239	276	215	292	627	703	653	644
Debt-free, Cash-free Net Working Capital (DFCFNWC)	705	698	726	796	486	173	308	579	690	739
Debt-free Net Working Capital (DFNWC)	769	752	835	883	570	1,515	1,186	782	1,087	991
Net Working Capital (NWC)	768	741	806	856	540	1,515	1,186	782	1,087	991
Net Nonoperating Expense (NNE)	1.83	3.69	8.71	14	15	22	21	24	36	43
Net Nonoperating Obligations (NNO)	104	247	353	350	2,344	-357	2,716	3,718	4,266	1,608
Total Depreciation and Amortization (D&A)	124	143	166	177	196	217	270	343	393	447
Debt-free, Cash-free Net Working Capital to Revenue	11.33%	10.30%	10.00%	10.07%	5.82%	0.00%	2.42%	4.08%	4.74%	4.97%
Debt-free Net Working Capital to Revenue	12.35%	11.09%	11.50%	11.16%	6.83%	0.00%	9.31%	5.50%	7.47%	6.66%
Net Working Capital to Revenue	12.34%	10.92%	11.11%	10.82%	6.47%	0.00%	9.31%	5.50%	7.47%	6.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.03	$3.29	$3.31	$4.34	$4.70	$6.44	$8.69	$1.96	$2.03	$2.05
Adjusted Weighted Average Basic Shares Outstanding	135.58M	132.91M	127.59M	122.65M	119.73M	116.37M	114.79M	556.68M	545.48M	536.95M
Adjusted Diluted Earnings per Share	$3.00	$3.27	$3.30	$4.31	$4.66	$6.38	$8.61	$1.94	$2.02	$2.04
Adjusted Weighted Average Diluted Shares Outstanding	136.85M	133.81M	128.20M	123.47M	120.74M	117.44M	115.82M	560.75M	548.73M	539.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	133.74M	130.73M	125.12M	121.28M	234.56M	232.60M	225.54M	1.10B	1.08B	531.55M
Normalized Net Operating Profit after Tax (NOPAT)	412	441	431	547	578	825	1,018	1,112	1,143	1,144
Normalized NOPAT Margin	6.62%	6.50%	5.94%	6.91%	6.92%	0.00%	7.99%	7.83%	7.85%	7.69%
Pre Tax Income Margin	10.40%	10.15%	9.27%	8.64%	8.66%	0.00%	10.05%	9.89%	9.84%	9.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	225.01	119.46	49.53	38.24	37.46	34.64	49.11	46.84	31.80	26.88
NOPAT to Interest Expense	142.59	75.87	31.12	29.79	29.12	26.80	38.25	36.32	24.58	20.95
EBIT Less CapEx to Interest Expense	143.41	80.62	32.27	23.18	26.62	24.49	25.53	23.90	17.76	15.09
NOPAT Less CapEx to Interest Expense	60.99	37.03	13.86	14.73	18.28	16.64	14.68	13.37	10.54	9.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.12%	27.97%	31.67%	27.63%	28.93%	23.32%	23.97%	37.62%	40.61%	42.91%
Augmented Payout Ratio	96.45%	103.86%	119.08%	93.33%	123.77%	69.11%	104.09%	101.92%	94.29%	93.81%

This table displays calculated financial ratios and metrics derived from Tractor Supply's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/24/2022	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.38%	20.70%	9.10%	7.21%	4.32%	-8.65%	2.90%	1.48%	1.65%	3.11%
EBITDA Growth	7.25%	23.22%	6.13%	8.75%	9.53%	-3.64%	7.54%	1.38%	1.62%	0.20%
EBIT Growth	3.09%	22.57%	0.06%	6.53%	11.26%	-6.95%	7.64%	0.38%	-4.78%	-4.75%
NOPAT Growth	4.30%	23.16%	0.16%	7.17%	9.77%	-7.79%	7.48%	0.80%	-3.85%	-2.79%
Net Income Growth	4.34%	22.38%	-2.21%	6.24%	8.91%	-8.48%	8.24%	0.94%	-5.31%	-4.64%
EPS Growth	7.69%	22.38%	0.00%	8.50%	10.95%	-8.48%	10.91%	2.61%	-3.86%	-2.22%
Operating Cash Flow Growth	-98.85%	173.77%	-66.89%	34.64%	21,362.76%	-45.79%	1,216.40%	-26.59%	-44.56%	30.58%
Free Cash Flow Firm Growth	70.65%	73.93%	-56.53%	-252.50%	22.30%	47.79%	75.02%	92.80%	15.26%	799.71%
Invested Capital Growth	22.19%	22.08%	23.77%	148.95%	15.52%	11.38%	7.40%	11.04%	11.86%	-39.54%
Revenue Q/Q Growth	-16.21%	22.49%	-17.65%	26.84%	-18.47%	7.26%	-7.24%	25.09%	-18.33%	8.80%
EBITDA Q/Q Growth	-35.30%	15.34%	-24.75%	93.64%	-34.83%	1.47%	-16.02%	82.55%	-34.68%	0.06%
EBIT Q/Q Growth	-41.64%	17.23%	-31.95%	128.82%	-39.05%	-1.96%	-21.28%	113.38%	-42.19%	-1.93%
NOPAT Q/Q Growth	-40.54%	16.66%	-30.74%	123.06%	-39.10%	-2.00%	-19.27%	109.19%	-41.90%	-0.93%
Net Income Q/Q Growth	-40.95%	15.69%	-32.41%	130.07%	-39.46%	-2.78%	-20.06%	114.56%	-43.21%	-2.10%
EPS Q/Q Growth	-40.51%	15.69%	-32.10%	132.12%	-39.16%	-2.78%	-19.74%	114.75%	-43.00%	-80.36%
Operating Cash Flow Q/Q Growth	-99.87%	100,679.17%	-97.32%	3,800.82%	-79.60%	154.56%	-35.02%	117.53%	-84.59%	499.56%
Free Cash Flow Firm Q/Q Growth	-136.33%	-1.55%	-28.55%	-221.53%	81.49%	31.77%	-109.78%	7.38%	-118.01%	663.40%
Invested Capital Q/Q Growth	126.58%	5.66%	6.10%	-1.98%	5.14%	1.87%	86.85%	1.33%	5.92%	-44.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.64%	34.04%	35.46%	36.20%	36.65%	35.33%	35.96%	36.63%	37.21%	35.24%
EBITDA Margin	12.04%	11.33%	10.36%	15.81%	12.64%	11.95%	10.82%	15.79%	12.63%	11.62%
Operating Margin	9.37%	8.97%	7.41%	13.37%	9.99%	9.13%	7.75%	13.22%	9.36%	8.44%
EBIT Margin	9.37%	8.97%	7.41%	13.37%	9.99%	9.13%	7.75%	13.22%	9.36%	8.44%
Profit (Net Income) Margin	7.16%	6.76%	5.55%	10.07%	7.47%	6.77%	5.84%	10.01%	6.96%	6.26%
Tax Burden Percent	78.00%	77.62%	79.00%	77.01%	76.95%	76.92%	78.88%	77.33%	77.71%	78.50%
Interest Burden Percent	97.97%	97.15%	94.81%	97.79%	97.20%	96.43%	95.48%	97.93%	95.73%	94.60%
Effective Tax Rate	22.00%	22.38%	21.00%	22.99%	23.05%	23.08%	21.12%	22.67%	22.29%	21.50%
Return on Invested Capital (ROIC)	19.93%	18.87%	15.34%	36.19%	19.50%	16.79%	14.13%	23.80%	16.10%	19.15%
ROIC Less NNEP Spread (ROIC-NNEP)	19.76%	18.62%	15.07%	35.76%	19.31%	16.56%	13.92%	23.58%	15.86%	18.69%
Return on Net Nonoperating Assets (RNNOA)	29.69%	29.62%	29.87%	39.29%	36.69%	31.55%	29.76%	44.29%	32.24%	24.84%
Return on Equity (ROE)	49.62%	48.48%	45.21%	75.48%	56.19%	48.34%	43.90%	68.08%	48.34%	43.99%
Cash Return on Invested Capital (CROIC)	1.41%	1.35%	-1.11%	-58.18%	5.43%	8.01%	11.13%	7.91%	6.06%	71.51%
Operating Return on Assets (OROA)	16.18%	15.67%	12.98%	23.35%	17.40%	15.04%	12.34%	20.68%	14.57%	13.22%
Return on Assets (ROA)	12.36%	11.81%	9.72%	17.58%	13.01%	11.15%	9.29%	15.66%	10.84%	9.82%
Return on Common Equity (ROCE)	49.62%	48.48%	45.21%	75.48%	56.19%	48.34%	43.90%	68.08%	48.34%	43.99%
Return on Equity Simple (ROE_SIMPLE)	53.53%	0.00%	56.65%	53.15%	53.54%	0.00%	52.84%	48.85%	48.62%	0.00%
Net Operating Profit after Tax (NOPAT)	239	279	193	431	262	257	208	434	252	250
NOPAT Margin	7.31%	6.96%	5.85%	10.29%	7.69%	7.02%	6.11%	10.22%	7.27%	6.62%
Net Nonoperating Expense Percent (NNEP)	0.16%	0.25%	0.27%	0.43%	0.19%	0.23%	0.22%	0.22%	0.24%	0.46%
Return On Investment Capital (ROIC_SIMPLE)	-	4.68%	-	-	-	3.77%	-	-	-	6.05%
Cost of Revenue to Revenue	64.36%	65.96%	64.54%	63.80%	63.35%	64.67%	64.04%	63.37%	62.79%	64.76%
SG&A Expenses to Revenue	23.61%	22.70%	25.10%	20.39%	24.01%	23.38%	25.14%	20.84%	24.57%	23.62%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.28%	25.07%	28.05%	22.83%	26.66%	26.20%	28.21%	23.41%	27.85%	26.80%
Earnings before Interest and Taxes (EBIT)	306	359	244	559	341	334	263	561	325	318
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	394	454	342	662	431	438	367	671	438	438
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.28	11.74	13.20	11.39	10.28	10.64	13.27	12.63	13.49	12.84
Price to Tangible Book Value (P/TBV)	10.58	13.40	15.21	13.07	11.77	12.16	15.20	14.30	15.29	14.57
Price to Revenue (P/Rev)	1.48	1.69	1.75	1.61	1.46	1.57	1.92	1.98	2.09	1.96
Price to Earnings (P/E)	19.20	22.02	23.30	21.44	19.20	20.65	25.11	25.85	27.74	26.47
Dividend Yield	1.83%	1.70%	1.65%	1.80%	2.01%	1.95%	1.61%	1.58%	1.51%	0.00%
Earnings Yield	5.21%	4.54%	4.29%	4.67%	5.21%	4.84%	3.98%	3.87%	3.61%	3.78%
Enterprise Value to Invested Capital (EV/IC)	4.30	4.81	4.82	4.62	4.11	4.23	4.97	5.03	5.06	7.93
Enterprise Value to Revenue (EV/Rev)	1.74	1.95	2.04	1.88	1.74	1.86	2.23	2.27	2.41	2.07
Enterprise Value to EBITDA (EV/EBITDA)	13.86	15.58	16.39	14.96	13.71	14.49	17.19	17.55	18.61	16.06
Enterprise Value to EBIT (EV/EBIT)	17.14	19.30	20.54	18.84	17.22	18.35	21.79	22.31	24.01	20.96
Enterprise Value to NOPAT (EV/NOPAT)	22.13	24.89	26.49	24.25	22.23	23.74	28.18	28.81	30.95	26.89
Enterprise Value to Operating Cash Flow (EV/OCF)	26.27	20.41	22.37	18.29	15.52	20.34	20.76	24.44	27.41	21.65
Enterprise Value to Free Cash Flow (EV/FCFF)	336.39	391.66	0.00	0.00	81.22	55.63	46.27	66.91	88.16	8.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.92	1.92	2.29	2.17	2.18	2.17	2.21	2.06	2.16	0.82
Long-Term Debt to Equity	1.92	1.92	2.29	2.17	2.18	2.17	2.21	2.06	2.16	0.82
Financial Leverage	1.50	1.59	1.98	1.10	1.90	1.90	2.14	1.88	2.03	1.33
Leverage Ratio	3.95	4.02	4.46	4.22	4.22	4.22	4.56	4.28	4.31	4.30
Compound Leverage Factor	3.87	3.90	4.23	4.13	4.11	4.07	4.35	4.20	4.13	4.06
Debt to Total Capital	65.72%	65.75%	69.62%	68.43%	68.58%	68.45%	68.89%	67.28%	68.35%	45.03%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	65.72%	65.75%	69.62%	68.43%	68.58%	68.45%	68.89%	67.28%	68.35%	45.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	34.28%	34.25%	30.38%	31.57%	31.42%	31.55%	31.11%	32.72%	31.65%	54.97%
Debt to EBITDA	2.20	2.21	2.44	2.44	2.44	2.49	2.48	2.49	2.58	0.97
Net Debt to EBITDA	2.07	2.09	2.33	2.11	2.22	2.28	2.34	2.28	2.49	0.84
Long-Term Debt to EBITDA	2.20	2.21	2.44	2.44	2.44	2.49	2.48	2.49	2.58	0.97
Debt to NOPAT	3.51	3.52	3.94	3.96	3.96	4.08	4.06	4.08	4.29	1.63
Net Debt to NOPAT	3.31	3.34	3.77	3.42	3.59	3.73	3.84	3.74	4.13	1.41
Long-Term Debt to NOPAT	3.51	3.52	3.94	3.96	3.96	4.08	4.06	4.08	4.29	1.63
Altman Z-Score	4.96	5.08	4.97	5.00	4.67	4.75	4.96	5.12	5.21	5.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.48	1.33	1.47	1.60	1.52	1.50	1.40	1.43	1.48	1.43
Quick Ratio	0.10	0.09	0.08	0.28	0.18	0.18	0.10	0.16	0.08	0.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-751	-763	-981	-3,153	-584	-398	-245	-227	-495	2,787
Operating Cash Flow to CapEx	0.39%	289.97%	12.40%	399.06%	129.57%	215.10%	169.06%	312.68%	66.98%	281.41%
Free Cash Flow to Firm to Interest Expense	-120.67	-74.50	-77.35	-255.48	-61.20	-33.34	-20.58	-19.54	-35.65	162.01
Operating Cash Flow to Interest Expense	0.12	71.35	1.54	61.80	16.31	33.15	21.63	48.22	6.22	30.07
Operating Cash Flow Less CapEx to Interest Expense	-29.74	46.74	-10.89	46.31	3.72	17.74	8.83	32.80	-3.06	19.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.73	1.75	1.75	1.75	1.74	1.65	1.59	1.56	1.56	1.57
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	3.60	3.77	3.36	3.71	3.48	3.48	3.08	3.32	3.18	3.46
Fixed Asset Turnover	8.23	7.68	7.62	7.51	7.24	6.44	6.31	6.19	6.02	5.76
Accounts Payable Turnover	7.27	7.23	6.55	7.48	7.30	7.24	6.16	6.94	6.81	7.85
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	101.30	96.87	108.77	98.36	104.76	104.78	118.38	109.97	114.76	105.54
Days Payable Outstanding (DPO)	50.20	50.48	55.72	48.80	50.01	50.44	59.24	52.63	53.57	46.48
Cash Conversion Cycle (CCC)	51.10	46.39	53.05	49.56	54.74	54.34	59.14	57.34	61.19	59.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,452	5,760	6,112	5,991	6,298	6,416	6,564	6,652	7,045	3,879
Invested Capital Turnover	2.73	2.71	2.62	3.52	2.54	2.39	2.31	2.33	2.21	2.89
Increase / (Decrease) in Invested Capital	990	1,042	1,174	3,584	846	655	453	661	747	-2,537
Enterprise Value (EV)	23,460	27,694	29,470	27,683	25,891	27,134	32,626	33,455	35,622	30,754
Market Capitalization	19,949	23,976	25,273	23,780	21,704	22,867	28,186	29,109	30,866	29,146
Book Value per Share	$17.49	$18.49	$17.39	$19.05	$19.40	$19.88	$19.68	$21.38	$21.22	$21.25
Tangible Book Value per Share	$16.99	$16.20	$15.09	$16.61	$16.95	$17.39	$17.18	$18.88	$18.72	$18.73
Total Capital	5,663	5,963	6,302	6,611	6,720	6,813	6,828	7,046	7,231	4,130
Total Debt	3,722	3,921	4,387	4,523	4,609	4,663	4,704	4,741	4,943	1,860
Total Long-Term Debt	3,722	3,921	4,387	4,523	4,609	4,663	4,704	4,741	4,943	1,860
Net Debt	3,511	3,718	4,197	3,903	4,187	4,266	4,440	4,346	4,756	1,608
Capital Expenditures (CapEx)	186	252	158	191	120	184	152	179	129	184
Debt-free, Cash-free Net Working Capital (DFCFNWC)	803	579	919	720	794	690	738	700	951	739
Debt-free Net Working Capital (DFNWC)	1,015	782	1,109	1,340	1,215	1,087	1,002	1,095	1,137	991
Net Working Capital (NWC)	1,015	782	1,109	1,340	1,215	1,087	1,002	1,095	1,137	991
Net Nonoperating Expense (NNE)	4.86	7.95	10	9.51	7.34	9.19	9.39	8.98	11	14
Net Nonoperating Obligations (NNO)	3,511	3,718	4,197	3,903	4,187	4,266	4,440	4,346	4,756	1,608
Total Depreciation and Amortization (D&A)	87	95	97	102	90	103	104	109	114	120
Debt-free, Cash-free Net Working Capital to Revenue	5.94%	4.08%	6.35%	4.88%	5.33%	4.74%	5.03%	4.76%	6.44%	4.97%
Debt-free Net Working Capital to Revenue	7.51%	5.50%	7.66%	9.08%	8.16%	7.47%	6.84%	7.44%	7.70%	6.66%
Net Working Capital to Revenue	7.51%	5.50%	7.66%	9.08%	8.16%	7.47%	6.84%	7.44%	7.70%	6.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.11	$0.10	$1.66	$3.85	$2.34	$0.09	$1.84	$3.95	$2.25	$0.44
Adjusted Weighted Average Basic Shares Outstanding	110.86M	2.78B	110.05M	109.43M	108.77M	2.73B	107.95M	107.73M	107.17M	536.95M
Adjusted Diluted Earnings per Share	$2.10	$0.10	$1.65	$3.83	$2.33	$0.09	$1.83	$3.93	$2.24	$0.44
Adjusted Weighted Average Diluted Shares Outstanding	111.56M	2.80B	110.78M	110.04M	109.34M	2.74B	108.53M	108.24M	107.68M	539.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.10	$0.00	$0.00	$0.00	$0.09	$0.00	$0.00	$0.00	$0.44
Adjusted Weighted Average Basic & Diluted Shares Outstanding	110.46M	1.10B	109.57M	108.81M	108.11M	1.08B	107.81M	107.87M	106.84M	531.55M
Normalized Net Operating Profit after Tax (NOPAT)	239	279	193	431	262	257	208	434	252	250
Normalized NOPAT Margin	7.31%	6.96%	5.85%	10.29%	7.69%	7.02%	6.11%	10.22%	7.27%	6.62%
Pre Tax Income Margin	9.18%	8.71%	7.02%	13.07%	9.71%	8.81%	7.40%	12.95%	8.96%	7.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	49.21	35.08	19.28	45.32	35.74	27.97	22.11	48.35	23.39	18.51
NOPAT to Interest Expense	38.39	27.23	15.23	34.90	27.50	21.52	17.44	37.39	18.18	14.53
EBIT Less CapEx to Interest Expense	19.36	10.47	6.84	29.83	23.15	12.56	9.32	32.93	14.11	7.82
NOPAT Less CapEx to Interest Expense	8.53	2.62	2.79	19.41	14.91	6.11	4.65	21.97	8.90	3.84
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	35.33%	37.62%	38.69%	38.74%	38.92%	40.61%	40.54%	40.91%	41.93%	42.91%
Augmented Payout Ratio	113.17%	101.92%	92.82%	89.34%	89.57%	94.29%	87.68%	85.70%	88.72%	93.81%

Key Financial Trends

Tractor Supply (NASDAQ: TSCO) has demonstrated steady financial performance over the past several years, with data available from Q3 2022 through Q4 2024 revealing key trends across revenue, profitability, and balance sheet strength.

Revenue and Profitability:

Operating Revenue in Q4 2024 was $3.77 billion, showing an increase from $3.66 billion in Q4 2023 and demonstrating consistent growth year-over-year.
Gross Profit increased to approximately $1.33 billion in Q4 2024 compared to about $1.29 billion in Q4 2023, indicating improved profitability in core operations.
Net Income for Q4 2024 stood at $236 million, slightly below $248 million in Q4 2023, but stable compared to prior quarters, with earnings per share (EPS) at $0.44 diluted.
Operating expenses increased slightly to $891 million in Q4 2024 from $855 million in Q4 2023, absorbed within overall revenue growth.
Consistent dividend payments noted, with Q4 2024 dividends at $0.22 per share and full-year quarterly dividends remaining stable, reflecting strong cash flow generation.
Quarterly EPS showed resiliency with slight fluctuations, illustrating consistent return to shareholders despite market dynamics.

Balance Sheet and Capital Structure:

Total Assets increased steadily from $7.9 billion in Q3 2022 to nearly $9.8 billion by Q4 2024, reflecting expansion and reinvestment.
Inventories rose progressively, reaching over $2.8 billion in Q4 2024, aligning with revenue growth and possibly indicating strategic stock builds.
Long-term debt increased modestly from about $1.08 billion in Q3 2022 to $1.83 billion by Q4 2024, which management appears to have balanced with healthy equity levels.
Shareholders’ equity has increased from approximately $1.9 billion in early 2022 to over $2.2 billion by end of 2024, supporting financial stability.

Cash Flow and Capital Allocation:

Operating activities generated robust cash flow, with Q4 2024 net cash from operations around $517 million, a solid inflow supporting business funding requirements.
Investing activities reflect ongoing capital expenditures of approximately $246 million in Q4 2024, indicative of reinvestment but also a sizeable cash outflow.
Financing activities showed net cash outflow of $268 million in Q4 2024, driven by debt repayments and significant share repurchases totaling around $154 million, reflecting aggressive capital return strategies but also reducing liquidity.

Summary:

Overall, Tractor Supply displays a healthy financial trend with increasing revenue and gross profit over the years. The company manages its costs well, maintains consistent profitability, and returns capital to shareholders via dividends and buybacks. Strong operating cash flow supports these activities despite investing and financing cash outflows. The balance sheet remains solid with asset growth and controlled leverage.

Investors should watch for ongoing management of inventory levels and debt as the company continues investments and share repurchases. Earnings stability and dividend sustainability are positive signposts for continued shareholder value creation, though capital outflows for investing and financing warrant monitoring.

08/05/25 07:37 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Tractor Supply's Financials

When does Tractor Supply's fiscal year end?

According to the most recent income statement we have on file, Tractor Supply's financial year ends in December. Their financial year 2024 ended on December 28, 2024.

How has Tractor Supply's net income changed over the last 9 years?

Tractor Supply's net income appears to be on an upward trend, with a most recent value of $1.10 billion in 2024, rising from $410.40 million in 2015. The previous period was $1.11 billion in 2023. See Tractor Supply's forecast for analyst expectations on what’s next for the company.

What is Tractor Supply's operating income?

Tractor Supply's total operating income in 2024 was $1.47 billion, based on the following breakdown:

Total Gross Profit: $5.40 billion
Total Operating Expenses: $3.93 billion

How has Tractor Supply's revenue changed over the last 9 years?

Over the last 9 years, Tractor Supply's total revenue changed from $6.23 billion in 2015 to $14.88 billion in 2024, a change of 139.0%.

How much debt does Tractor Supply have?

Tractor Supply's total liabilities were at $7.54 billion at the end of 2024, a 7.1% increase from 2023, and a 670.8% increase since 2015.

How much cash does Tractor Supply have?

In the past 9 years, Tractor Supply's cash and equivalents has ranged from $53.92 million in 2016 to $1.34 billion in 2020, and is currently $251.49 million as of their latest financial filing in 2024.

How has Tractor Supply's book value per share changed over the last 9 years?

Over the last 9 years, Tractor Supply's book value per share changed from 10.37 in 2015 to 21.25 in 2024, a change of 104.9%.

Related Companies

This page (NASDAQ:TSCO) was last updated on 8/5/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Tractor Supply (TSCO) Financials

Key Financial Trends

Frequently Asked Questions About Tractor Supply's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Tractor Supply (TSCO) Financials

Annual Income Statements for Tractor Supply

Quarterly Income Statements for Tractor Supply

Annual Cash Flow Statements for Tractor Supply

Quarterly Cash Flow Statements for Tractor Supply

Annual Balance Sheets for Tractor Supply

Quarterly Balance Sheets for Tractor Supply

Annual Metrics And Ratios for Tractor Supply

Quarterly Metrics And Ratios for Tractor Supply

Key Financial Trends

Frequently Asked Questions About Tractor Supply's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools