Tractor Supply (TSCO) Financials

$31.68 +0.02 (+0.05%)

As of 12:54 PM 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	2025
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	12/27/2025
Net Income / (Loss) Attributable to Common Shareholders	410	437	423	532	562	-9,871	997	1,089	1,107	1,101	1,096
Consolidated Net Income / (Loss)	410	437	423	532	562	749	997	1,089	1,107	1,101	1,096
Net Income / (Loss) Continuing Operations	410	437	423	532	562	-9,871	997	1,089	1,107	1,101	1,096
Total Pre-Tax Income	648	688	673	683	723	968	1,280	1,404	1,432	1,413	1,398
Total Operating Income	651	694	686	702	743	997	1,307	1,435	1,479	1,468	1,467
Total Gross Profit	2,143	2,325	2,492	2,703	2,872	3,762	4,477	4,972	5,228	5,397	5,655
Total Revenue	6,227	6,780	7,256	7,911	8,352	0.00	12,731	14,205	14,556	14,883	15,524
Operating Revenue	6,227	6,780	7,256	7,911	8,352	0.00	12,731	14,205	14,556	14,883	15,524
Total Cost of Revenue	4,083	4,454	4,764	5,209	5,480	6,859	8,254	9,233	9,328	9,487	9,870
Operating Cost of Revenue	4,083	4,454	4,764	5,209	5,480	6,859	8,254	9,233	9,328	9,487	9,870
Total Operating Expenses	1,493	1,631	1,806	2,001	2,129	2,765	3,170	3,537	3,749	3,929	4,187
Selling, General & Admin Expense	1,369	1,488	1,640	1,823	1,933	2,479	2,900	3,194	3,356	3,482	3,693
Depreciation Expense	124	143	166	177	196	217	270	343	393	447	494
Total Other Income / (Expense), net	-2.89	-5.81	-14	-18	-20	-29	-27	-31	-47	-55	-69
Interest Expense	2.89	5.81	14	18	20	29	27	31	47	55	69
Income Tax Expense	237	251	250	151	161	219	283	316	325	312	302
Basic Earnings per Share	$3.03	$3.29	$3.31	$4.34	$4.70	$6.44	$8.69	$1.96	$2.03	$2.05	$2.07
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	529.96M
Diluted Earnings per Share	$3.00	$3.27	$3.30	$4.31	$4.66	$6.38	$8.61	$1.94	$2.02	$2.04	$2.06
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	532.18M
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	526.35M
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	$0.92

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
Net Income / (Loss) Attributable to Common Shareholders	255	248	198	425	241	236	179	430	259	227	165
Consolidated Net Income / (Loss)	255	248	198	534	241	236	179	552	259	105	165
Net Income / (Loss) Continuing Operations	255	248	198	534	241	236	179	552	259	105	165
Total Pre-Tax Income	331	322	251	550	311	301	229	560	328	281	214
Total Operating Income	341	334	263	561	325	318	249	578	343	298	233
Total Gross Profit	1,250	1,293	1,221	1,556	1,290	1,330	1,255	1,640	1,389	1,370	1,301
Total Revenue	3,412	3,660	3,395	4,247	3,468	3,774	3,467	4,440	3,719	3,898	3,592
Operating Revenue	3,412	3,660	3,395	4,247	3,468	3,774	3,467	4,440	3,719	3,898	3,592
Total Cost of Revenue	2,162	2,367	2,174	2,691	2,178	2,444	2,212	2,800	2,330	2,528	2,291
Operating Cost of Revenue	2,162	2,367	2,174	2,691	2,178	2,444	2,212	2,800	2,330	2,528	2,291
Total Operating Expenses	910	959	958	885	966	1,011	1,006	940	1,047	1,194	1,068
Selling, General & Admin Expense	819	856	853	885	852	891	886	940	922	944	941
Depreciation Expense	90	103	104	0.00	114	120	120	0.00	124	250	127
Total Other Income / (Expense), net	-9.54	-12	-12	-12	-14	-17	-20	-18	-15	-17	-19
Interest Expense	9.54	12	12	12	14	17	20	18	15	17	19
Income Tax Expense	76	74	53	125	69	65	50	130	69	53	50
Basic Earnings per Share	$2.34	$0.45	$0.37	$0.79	$0.45	$0.44	$0.34	$0.81	$0.49	$0.43	$0.31
Weighted Average Basic Shares Outstanding	108.77M	545.48M	539.73M	538.65M	535.84M	536.95M	531.73M	530.33M	529.74M	529.96M	526.33M
Diluted Earnings per Share	$2.33	$0.45	$0.37	$0.79	$0.45	$0.44	$0.34	$0.81	$0.49	$0.43	$0.31
Weighted Average Diluted Shares Outstanding	109.34M	548.73M	542.64M	541.18M	538.39M	539.65M	534.10M	532.21M	532.14M	532.18M	528.14M
Weighted Average Basic & Diluted Shares Outstanding	108.11M	215.83M	107.81M	107.87M	106.84M	531.55M	530.20M	529.95M	528.40M	526.35M	524.45M
Cash Dividends to Common per Share	$1.03	$0.20	$0.22	$0.22	$0.22	$0.22	$0.23	$0.23	$0.23	$0.23	$0.24

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	2025
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	12/27/2025
Net Change in Cash & Equivalents	13	-9.90	55	-23	-2.06	1,258	-464	-676	195	-146	-57
Net Cash From Operating Activities	456	651	631	694	812	1,395	1,139	1,357	1,334	1,421	1,635
Net Cash From Continuing Operating Activities	456	651	631	694	812	1,389	1,139	1,357	1,334	1,421	1,635
Net Income / (Loss) Continuing Operations	410	437	423	532	562	749	997	1,089	1,107	1,101	1,096
Consolidated Net Income / (Loss)	410	437	423	532	562	749	997	1,089	1,107	1,101	1,096
Depreciation Expense	124	143	166	177	196	217	270	343	393	447	494
Non-Cash Adjustments To Reconcile Net Income	20	24	30	28	31	105	52	56	9.00	-14	-36
Changes in Operating Assets and Liabilities, net	-97	47	13	-44	23	318	-180	-131	-175	-113	81
Net Cash From Investing Activities	-236	-369	-238	-276	-215	-292	-627	-1,094	-653	-644	-779
Net Cash From Continuing Investing Activities	-236	-369	-238	-276	-215	-292	-627	-1,094	-653	-644	-779
Purchase of Property, Plant & Equipment	-236	-226	-250	-279	-217	-294	-628	-773	-754	-784	-895
Acquisitions	0.00	-144	-	0.00	-	0.00	0.00	-391	0.00	0.00	-140
Sale of Property, Plant & Equipment	0.58	0.36	11	2.22	2.49	1.79	1.09	70	101	140	256
Net Cash From Financing Activities	-208	-291	-338	-441	-599	155	-975	-939	-486	-922	-914
Net Cash From Continuing Financing Activities	-208	-291	-338	-441	-599	155	-975	-939	-486	-922	-914
Repayment of Debt	-531	-823	-1,031	-1,216	-1,017	-1,424	0.00	-832	-1,205	-685	-3,195
Repurchase of Common Equity	-293	-332	-369	-350	-533	-343	-799	-700	-594	-561	-361
Payment of Dividends	-103	-122	-134	-147	-163	-175	-239	-410	-450	-472	-488
Issuance of Debt	680	945	1,180	1,194	1,002	2,009	0.00	1,010	1,767	785	3,125
Issuance of Common Equity	42	41	16	80	116	99	82	26	24	39	24
Other Financing Activities, net	-3.00	-0.84	-0.82	-1.37	-3.82	-12	-19	-33	-29	-29	-19
Cash Interest Paid	2.28	6.12	10	18	19	25	24	27	56	66	70
Cash Income Taxes Paid	227	232	219	147	144	235	292	239	325	351	235

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
Net Change in Cash & Equivalents	-198	-25	-133	131	-208	65	-20	-5.91	-41	9.47	30
Net Cash From Operating Activities	156	396	257	560	86	517	217	786	308	325	91
Net Cash From Continuing Operating Activities	156	396	257	560	86	517	217	786	308	325	91
Net Income / (Loss) Continuing Operations	255	248	198	425	241	236	179	430	259	227	165
Consolidated Net Income / (Loss)	255	248	198	425	241	236	179	430	259	227	165
Depreciation Expense	90	103	104	109	114	120	120	122	124	128	127
Non-Cash Adjustments To Reconcile Net Income	-12	-8.69	16	5.16	-25	-11	-4.19	-3.26	-17	-11	-5.11
Changes in Operating Assets and Liabilities, net	-178	54	-61	20	-244	171	-78	237	-58	-19	-195
Net Cash From Investing Activities	-110	-198	-152	-179	-129	-184	-261	-188	-228	-102	-171
Net Cash From Continuing Investing Activities	-110	-198	-152	-179	-129	-184	-261	-188	-228	-102	-171
Purchase of Property, Plant & Equipment	-177	-227	-157	-193	-188	-246	-141	-210	-278	-266	-203
Acquisitions	-	-	0.00	-	-	-	-141	0.69	0.04	-	0.00
Sale of Property, Plant & Equipment	57	43	4.94	14	59	62	21	22	49	164	31
Net Cash From Financing Activities	-244	-222	-238	-250	-166	-268	25	-604	-121	-214	110
Net Cash From Continuing Financing Activities	-244	-222	-238	-250	-166	-268	25	-604	-121	-214	110
Repayment of Debt	-	-	-150	-185	-150	-200	-355	-1,120	-805	-915	-1,120
Repurchase of Common Equity	-135	-114	-118	-138	-151	-154	-95	-75	-74	-117	-118
Payment of Dividends	-112	-111	-119	-119	-118	-117	-122	-122	-122	-121	-126
Issuance of Debt	-	-	150	185	250	200	605	710	875	935	1,480
Issuance of Common Equity	4.60	4.54	22	6.63	4.17	6.84	7.02	4.30	7.28	4.97	9.60
Other Financing Activities, net	-1.70	-1.43	-23	-0.38	-1.35	-3.79	-15	-1.51	-2.21	0.05	-15
Cash Interest Paid	8.55	27	3.90	26	6.23	29	8.37	31	2.11	29	4.72
Cash Income Taxes Paid	179	110	1.78	88	188	73	1.68	41	13	179	6.67

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	2025
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	12/27/2025
Total Assets	2,371	2,675	2,869	3,085	5,289	7,049	7,767	8,490	9,188	9,805	10,934
Total Current Assets	1,439	1,518	1,655	1,794	1,788	3,259	3,250	3,158	3,264	3,310	3,508
Cash & Equivalents	64	54	109	86	84	1,342	878	203	397	251	194
Inventories, net	1,284	1,370	1,453	1,590	1,603	1,783	2,191	2,710	2,646	2,840	3,084
Prepaid Expenses	88	91	88	114	101	134	164	246	219	197	203
Current Deferred & Refundable Income Taxes	3.76	3.68	4.76	4.11	0.00	0.00	17	0.00	2.46	22	27
Plant, Property, & Equipment, net	848	962	1,045	1,134	1,164	1,249	1,618	2,084	2,437	2,727	3,027
Total Noncurrent Assets	84	195	169	156	2,337	2,541	2,899	3,249	3,487	3,768	4,399
Goodwill	10	126	124	124	124	56	56	253	270	270	399
Other Noncurrent Operating Assets	18	24	26	25	2,213	2,454	2,841	2,995	3,218	3,499	4,001
Total Liabilities & Shareholders' Equity	2,371	2,675	2,869	3,085	5,289	7,049	7,767	8,490	9,188	9,805	10,934
Total Liabilities	978	1,222	1,450	1,523	3,722	5,125	5,765	6,448	7,038	7,535	8,352
Total Current Liabilities	671	777	849	938	1,248	1,744	2,065	2,376	2,177	2,319	2,614
Accounts Payable	427	520	577	620	643	976	1,156	1,398	1,180	1,236	1,391
Accrued Expenses	195	216	202	232	248	325	474	499	533	582	653
Current Deferred & Payable Income Tax Liabilities	5.45	5.48	11	1.77	5.98	20	0.00	9.47	-	-	0.00
Current Employee Benefit Liabilities	43	25	32	54	40	120	110	120	91	101	115
Other Current Liabilities	-	-	-	3.65	281	303	325	350	373	400	455
Total Noncurrent Liabilities	306	445	601	585	2,475	3,381	3,700	4,071	4,861	5,216	5,738
Long-Term Debt	150	264	401	381	366	984	986	1,164	1,729	1,832	1,765
Capital Lease Obligations	17	26	33	29	2,032	-	2,608	2,757	2,934	28	31
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	0.00	0.15	0.00	0.00	31	60	44	95
Other Noncurrent Operating Liabilities	54	55	61	68	76	2,397	106	120	138	3,312	3,847
Total Equity & Noncontrolling Interests	1,393	1,453	1,419	1,562	1,567	1,924	2,003	2,042	2,150	2,270	2,581
Total Preferred & Common Equity	1,393	1,453	1,419	1,562	1,567	1,924	2,003	2,042	2,150	2,270	2,581
Total Common Equity	1,393	1,453	1,419	1,562	1,567	1,924	2,003	2,042	2,150	2,270	2,581
Common Stock	597	673	718	825	968	1,097	1,212	1,263	1,320	1,384	1,448
Retained Earnings	2,226	2,540	2,829	3,214	3,613	4,187	4,945	5,624	6,282	6,911	7,519
Treasury Stock	-1,430	-1,761	-2,131	-2,481	-3,014	-3,357	-4,156	-4,856	-5,459	-6,025	-6,386
Accumulated Other Comprehensive Income / (Loss)	0.00	1.39	3.36	3.81	0.20	-3.24	1.35	11	6.79	1.22	0.00

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	3/28/2026
Total Assets	9,033	9,205	9,188	9,555	9,785	9,768	9,805	10,385	10,559	10,877	11,662
Total Current Assets	3,577	3,534	3,264	3,519	3,640	3,483	3,310	3,656	3,544	3,647	4,042
Cash & Equivalents	620	422	397	264	395	186	251	232	226	185	224
Inventories, net	2,660	2,834	2,646	3,049	3,000	3,083	2,840	3,214	3,090	3,253	3,584
Prepaid Expenses	297	278	219	207	245	200	197	210	228	210	222
Current Deferred & Refundable Income Taxes	0.00	0.00	2.46	0.00	0.00	14	22	0.00	0.00	0.00	11
Plant, Property, & Equipment, net	2,185	2,274	2,437	2,497	2,567	2,633	2,727	2,752	2,885	3,018	3,132
Total Noncurrent Assets	3,270	3,397	3,487	3,539	3,578	3,652	3,768	3,977	4,130	4,211	4,488
Goodwill	267	267	270	270	270	270	270	401	400	399	398
Other Noncurrent Operating Assets	3,003	3,130	3,218	3,269	3,309	3,382	3,499	3,576	3,731	3,812	4,090
Total Liabilities & Shareholders' Equity	9,033	9,205	9,188	9,555	9,785	9,768	9,805	10,385	10,559	10,877	11,662
Total Liabilities	6,946	7,094	7,038	7,431	7,479	7,479	7,535	8,147	8,068	8,303	9,148
Total Current Liabilities	2,237	2,319	2,177	2,518	2,545	2,346	2,319	2,601	2,763	2,802	2,930
Accounts Payable	1,272	1,412	1,180	1,516	1,437	1,350	1,236	1,559	1,519	1,549	1,760
Accrued Expenses	464	455	533	560	558	552	582	588	614	734	674
Current Deferred & Payable Income Tax Liabilities	114	34	-	39	95	0.00	-	30	143	41	12
Current Employee Benefit Liabilities	66	50	91	23	70	53	101	17	72	56	21
Other Current Liabilities	321	368	373	380	386	391	400	406	414	421	462
Total Noncurrent Liabilities	4,708	4,775	4,861	4,913	4,935	5,133	5,216	5,546	5,306	5,501	6,219
Long-Term Debt	1,728	1,728	1,729	1,730	1,730	1,831	1,832	2,083	1,673	1,744	2,126
Capital Lease Obligations	2,796	2,881	2,934	31	3,011	3,111	28	3,273	3,470	3,557	3,821
Noncurrent Deferred & Payable Income Tax Liabilities	59	30	60	68	54	49	44	42	20	53	113
Other Noncurrent Operating Liabilities	126	136	138	3,084	139	142	3,312	149	142	147	159
Total Equity & Noncontrolling Interests	2,087	2,111	2,150	2,124	2,305	2,289	2,270	2,239	2,490	2,573	2,514
Total Preferred & Common Equity	2,087	2,111	2,150	2,124	2,305	2,289	2,270	2,239	2,490	2,573	2,514
Total Common Equity	2,087	2,111	2,150	2,124	2,305	2,289	2,270	2,239	2,490	2,573	2,514
Common Stock	1,285	1,304	1,320	1,334	1,351	1,364	1,384	1,390	1,406	1,428	1,462
Retained Earnings	6,002	6,145	6,282	6,361	6,668	6,792	6,911	6,968	7,276	7,413	7,557
Treasury Stock	-5,211	-5,347	-5,459	-5,577	-5,718	-5,869	-6,025	-6,119	-6,192	-6,268	-6,505
Accumulated Other Comprehensive Income / (Loss)	10	9.29	6.79	6.06	4.68	2.55	1.22	0.00	0.00	0.00	0.00

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	2025
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	12/27/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.01%	8.88%	7.03%	9.02%	5.57%	-100.00%	0.00%	11.57%	2.47%	2.25%	4.31%
EBITDA Growth	9.94%	8.13%	1.81%	3.15%	6.84%	29.26%	29.88%	12.76%	5.28%	2.28%	2.44%
EBIT Growth	10.35%	6.70%	-1.11%	2.24%	5.91%	34.14%	31.07%	9.81%	3.06%	-0.77%	-0.01%
NOPAT Growth	10.79%	6.93%	-2.16%	26.74%	5.69%	33.48%	31.98%	9.30%	2.76%	0.05%	0.57%
Net Income Growth	10.65%	6.51%	-3.32%	25.97%	5.63%	33.18%	33.13%	9.19%	1.70%	-0.54%	-0.47%
EPS Growth	12.78%	9.00%	0.92%	30.61%	8.12%	36.91%	34.95%	9.19%	1.70%	0.99%	0.98%
Operating Cash Flow Growth	11.49%	42.63%	-2.96%	9.97%	16.90%	71.80%	-18.34%	19.17%	-1.69%	6.51%	15.09%
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%	-77.01%
Invested Capital Growth	20.02%	13.56%	4.20%	7.92%	104.53%	-59.95%	201.25%	22.08%	11.38%	-39.54%	7.84%
Revenue Q/Q Growth	1.01%	4.15%	0.50%	2.33%	0.71%	-100.00%	662.46%	5.08%	-2.33%	0.77%	0.81%
EBITDA Q/Q Growth	-0.22%	3.48%	-0.85%	-0.07%	1.68%	0.09%	8.65%	5.05%	-0.87%	0.05%	-0.65%
EBIT Q/Q Growth	-0.67%	3.17%	-1.55%	-0.49%	1.37%	-0.60%	9.06%	4.83%	-1.66%	-1.07%	-1.39%
NOPAT Q/Q Growth	-0.11%	2.96%	-2.78%	5.41%	1.34%	-0.75%	9.02%	4.95%	-1.86%	-0.63%	-0.77%
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%	-1.95%
EPS Q/Q Growth	-0.99%	2.51%	-2.08%	5.64%	2.42%	-0.93%	9.82%	4.77%	-2.03%	-80.16%	-1.44%
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%	-10.53%
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%	64.32%
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%	-45.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	34.42%	34.30%	34.34%	34.16%	34.38%	0.00%	35.17%	35.00%	35.92%	36.26%	36.42%
EBITDA Margin	12.43%	12.35%	11.74%	11.11%	11.25%	0.00%	12.39%	12.52%	12.86%	12.86%	12.63%
Operating Margin	10.45%	10.24%	9.46%	8.87%	8.90%	0.00%	10.26%	10.10%	10.16%	9.86%	9.45%
EBIT Margin	10.45%	10.24%	9.46%	8.87%	8.90%	0.00%	10.26%	10.10%	10.16%	9.86%	9.45%
Profit (Net Income) Margin	6.59%	6.45%	5.82%	6.73%	6.73%	0.00%	7.83%	7.66%	7.61%	7.40%	7.06%
Tax Burden Percent	63.37%	63.51%	62.84%	77.90%	77.74%	77.36%	77.89%	77.53%	77.30%	77.94%	78.39%
Interest Burden Percent	99.56%	99.16%	97.98%	97.38%	97.33%	97.11%	97.96%	97.87%	96.86%	96.28%	95.29%
Effective Tax Rate	36.63%	36.49%	37.16%	22.10%	22.26%	22.64%	22.11%	22.47%	22.70%	22.06%	21.61%
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%	28.54%
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%	25.16%
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%	16.65%
Return on Equity (ROE)	30.55%	30.71%	29.43%	35.72%	35.95%	42.91%	50.79%	53.83%	52.82%	49.83%	45.18%
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%	20.99%
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%	14.15%
Return on Assets (ROA)	18.63%	17.33%	15.25%	17.88%	13.43%	0.00%	13.46%	13.39%	12.53%	11.60%	10.57%
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%	45.18%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	412	441	431	547	578	771	1,018	1,112	1,143	1,144	1,150
NOPAT Margin	6.62%	6.50%	5.94%	6.91%	6.92%	0.00%	7.99%	7.83%	7.85%	7.69%	7.41%
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%	3.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.66%	16.78%	27.69%	26.28%
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%	63.58%
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%	23.79%
R&D to Revenue	0.00%	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%	26.97%
Earnings before Interest and Taxes (EBIT)	651	694	686	702	743	997	1,307	1,435	1,479	1,468	1,467
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	774	837	852	879	939	1,214	1,577	1,778	1,872	1,915	1,961
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	10.52
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	12.44
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	1.75
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	24.77
Dividend Yield	1.01%	1.36%	1.55%	1.57%	1.58%	1.08%	0.95%	1.70%	1.95%	0.00%	1.79%
Earnings Yield	4.05%	4.93%	4.97%	5.70%	5.52%	0.00%	4.02%	4.54%	4.84%	3.78%	4.04%
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	6.87
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	1.85
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	14.66
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	19.60
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	25.00
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	17.59
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	33.98
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	0.70
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	0.70
Financial Leverage	0.02	0.12	0.21	0.24	0.86	0.57	0.60	1.59	1.90	1.33	0.66
Leverage Ratio	1.64	1.77	1.93	2.00	2.68	3.53	3.77	4.02	4.22	4.30	4.27
Compound Leverage Factor	1.63	1.76	1.89	1.95	2.61	3.43	3.70	3.93	4.08	4.14	4.07
Debt to Total Capital	10.75%	17.16%	24.57%	21.85%	60.77%	33.85%	64.22%	65.75%	68.45%	45.03%	41.03%
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%	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%	41.03%
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%	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%	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%	58.97%
Debt to EBITDA	0.22	0.36	0.54	0.50	2.59	0.81	2.28	2.21	2.49	0.97	0.92
Net Debt to EBITDA	0.13	0.30	0.41	0.40	2.50	-0.29	1.72	2.09	2.28	0.84	0.82
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	0.92
Debt to NOPAT	0.41	0.68	1.07	0.80	4.20	1.28	3.53	3.52	4.08	1.63	1.56
Net Debt to NOPAT	0.25	0.56	0.82	0.64	4.06	-0.46	2.67	3.34	3.73	1.41	1.39
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	1.56
Altman Z-Score	11.46	9.41	8.56	8.79	4.77	3.45	5.85	5.50	5.16	5.44	4.87
Noncontrolling Interest Sharing Ratio	0.00%	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	1.34
Quick Ratio	0.10	0.07	0.13	0.09	0.07	0.77	0.43	0.09	0.18	0.11	0.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	162	238	360	406	-1,421	3,116	-2,134	71	488	3,681	846
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%	256.04%
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	12.24
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	23.65
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	14.41
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.83	2.69	2.62	2.66	1.99	0.00	1.72	1.75	1.65	1.57	1.50
Accounts Receivable Turnover	0.00	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	3.33
Fixed Asset Turnover	7.94	7.49	7.23	7.26	7.27	0.00	8.88	7.68	6.44	5.76	5.40
Accounts Payable Turnover	10.23	9.41	8.69	8.71	8.68	8.47	7.74	7.23	7.24	7.85	7.51
Days Sales Outstanding (DSO)	0.00	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	109.55
Days Payable Outstanding (DPO)	35.67	38.79	41.99	41.93	42.06	43.08	47.13	50.48	50.44	46.48	48.58
Cash Conversion Cycle (CCC)	71.59	69.95	66.14	64.69	64.25	0.00	40.74	46.39	54.34	59.06	60.97
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	4,183
Invested Capital Turnover	4.54	4.24	4.18	4.29	2.87	0.00	4.05	2.71	2.39	2.89	3.85
Increase / (Decrease) in Invested Capital	250	203	71	140	1,999	-2,345	3,152	1,042	655	-2,537	304
Enterprise Value (EV)	10,239	9,110	8,860	9,698	12,539	15,807	27,526	27,694	27,134	30,754	28,756
Market Capitalization	10,135	8,863	8,507	9,348	10,195	16,164	24,810	23,976	22,867	29,146	27,155
Book Value per Share	$10.37	$11.07	$11.30	$12.79	$13.24	$16.51	$17.60	$18.49	$19.88	$21.25	$4.89
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	$4.13
Total Capital	1,561	1,754	1,881	1,998	3,995	2,908	5,597	5,963	6,813	4,130	4,377
Total Debt	168	301	462	437	2,428	984	3,594	3,921	4,663	1,860	1,796
Total Long-Term Debt	167	290	434	410	2,398	984	3,594	3,921	4,663	1,860	1,796
Net Debt	104	247	353	350	2,344	-357	2,716	3,718	4,266	1,608	1,602
Capital Expenditures (CapEx)	236	226	239	276	215	292	627	703	653	644	639
Debt-free, Cash-free Net Working Capital (DFCFNWC)	705	698	726	796	486	173	308	579	690	739	699
Debt-free Net Working Capital (DFNWC)	769	752	835	883	570	1,515	1,186	782	1,087	991	893
Net Working Capital (NWC)	768	741	806	856	540	1,515	1,186	782	1,087	991	893
Net Nonoperating Expense (NNE)	1.83	3.69	8.71	14	15	22	21	24	36	43	54
Net Nonoperating Obligations (NNO)	104	247	353	350	2,344	-357	2,716	3,718	4,266	1,608	1,602
Total Depreciation and Amortization (D&A)	124	143	166	177	196	217	270	343	393	447	494
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%	4.50%
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%	5.75%
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%	5.75%
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	$2.07
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	529.96M
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	$2.06
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	532.18M
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	$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	526.35M
Normalized Net Operating Profit after Tax (NOPAT)	412	441	431	547	578	825	1,018	1,112	1,143	1,144	1,150
Normalized NOPAT Margin	6.62%	6.50%	5.94%	6.91%	6.92%	0.00%	7.99%	7.83%	7.85%	7.69%	7.41%
Pre Tax Income Margin	10.40%	10.15%	9.27%	8.64%	8.66%	0.00%	10.05%	9.89%	9.84%	9.49%	9.01%
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	21.22
NOPAT to Interest Expense	142.59	75.87	31.12	29.79	29.12	26.80	38.25	36.32	24.58	20.95	16.64
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	11.99
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	7.40
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%	44.49%
Augmented Payout Ratio	96.45%	103.86%	119.08%	93.33%	123.77%	69.11%	104.09%	101.92%	94.29%	93.81%	77.45%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	526,351,286.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	526,351,286.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.31
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.32%	-8.65%	2.90%	1.48%	1.65%	3.11%	2.12%	4.55%	7.23%	3.31%	3.61%
EBITDA Growth	9.53%	-3.64%	7.54%	1.38%	1.62%	0.20%	0.49%	4.35%	6.53%	-2.95%	-2.49%
EBIT Growth	11.26%	-6.95%	7.64%	0.38%	-4.78%	-4.75%	-5.32%	2.91%	5.58%	-6.48%	-6.30%
NOPAT Growth	9.77%	-7.79%	7.48%	0.80%	-3.85%	-2.79%	-6.18%	2.23%	7.38%	-3.55%	-7.97%
Net Income Growth	8.91%	-8.48%	8.24%	0.94%	-5.31%	-4.64%	-9.49%	3.31%	7.37%	-17.17%	-8.28%
EPS Growth	10.95%	-8.48%	10.91%	2.61%	-3.86%	-2.22%	-8.11%	2.53%	8.89%	-2.27%	-8.82%
Operating Cash Flow Growth	21,362.76%	-45.79%	1,216.40%	-26.59%	-44.56%	30.58%	-15.79%	40.34%	256.86%	-37.20%	-57.97%
Free Cash Flow Firm Growth	22.30%	47.79%	75.02%	92.80%	15.26%	799.71%	-231.43%	-37.82%	24.52%	-102.26%	80.42%
Invested Capital Growth	15.52%	11.38%	7.40%	11.04%	11.86%	-39.54%	103.36%	11.37%	9.14%	7.84%	11.87%
Revenue Q/Q Growth	-18.47%	7.26%	-7.24%	25.09%	-18.33%	8.80%	-8.12%	28.06%	-16.23%	4.82%	-7.86%
EBITDA Q/Q Growth	-34.83%	1.47%	-16.02%	82.55%	-34.68%	0.06%	-15.78%	89.57%	-33.31%	-8.84%	-15.38%
EBIT Q/Q Growth	-39.05%	-1.96%	-21.28%	113.38%	-42.19%	-1.93%	-21.74%	131.93%	-40.69%	-13.12%	-21.60%
NOPAT Q/Q Growth	-39.10%	-2.00%	-19.27%	109.19%	-41.90%	-0.93%	-22.08%	127.95%	-38.98%	-11.01%	-25.66%
Net Income Q/Q Growth	-39.46%	-2.78%	-20.06%	114.56%	-43.21%	-2.10%	-24.13%	207.82%	-53.04%	-59.38%	56.23%
EPS Q/Q Growth	-39.16%	-2.78%	-19.74%	114.75%	-43.00%	-80.36%	-22.73%	138.24%	-39.51%	-12.24%	-27.91%
Operating Cash Flow Q/Q Growth	-79.60%	154.56%	-35.02%	117.53%	-84.59%	499.56%	-58.09%	262.50%	-60.82%	5.52%	-71.95%
Free Cash Flow Firm Q/Q Growth	81.49%	31.77%	-109.78%	7.38%	-118.01%	663.40%	-227.28%	91.18%	-19.40%	83.12%	-1,002.08%
Invested Capital Q/Q Growth	5.14%	1.87%	86.85%	1.33%	5.92%	-44.94%	89.80%	0.63%	3.80%	-45.60%	96.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.65%	35.33%	35.96%	36.63%	37.21%	35.24%	36.21%	36.94%	37.35%	35.14%	36.22%
EBITDA Margin	12.64%	11.95%	10.82%	15.79%	12.63%	11.62%	10.65%	15.76%	12.55%	10.91%	10.02%
Operating Margin	9.99%	9.13%	7.75%	13.22%	9.36%	8.44%	7.19%	13.01%	9.22%	7.64%	6.50%
EBIT Margin	9.99%	9.13%	7.75%	13.22%	9.36%	8.44%	7.19%	13.01%	9.22%	7.64%	6.50%
Profit (Net Income) Margin	7.47%	6.77%	5.84%	10.01%	6.96%	6.26%	5.17%	12.44%	6.97%	2.70%	4.58%
Tax Burden Percent	76.95%	76.92%	78.88%	77.33%	77.71%	78.50%	78.16%	98.63%	79.04%	37.49%	76.76%
Interest Burden Percent	97.20%	96.43%	95.48%	97.93%	95.73%	94.60%	92.12%	96.89%	95.72%	94.34%	91.81%
Effective Tax Rate	23.05%	23.08%	21.12%	22.67%	22.29%	21.50%	21.84%	23.18%	20.97%	19.04%	23.24%
Return on Invested Capital (ROIC)	19.50%	16.79%	14.13%	23.80%	16.10%	19.15%	15.30%	21.54%	15.22%	23.81%	10.01%
ROIC Less NNEP Spread (ROIC-NNEP)	19.31%	16.56%	13.92%	23.58%	15.86%	18.69%	14.83%	23.88%	14.99%	15.36%	9.74%
Return on Net Nonoperating Assets (RNNOA)	36.69%	31.55%	29.76%	44.29%	32.24%	24.84%	22.51%	46.13%	30.44%	10.16%	22.23%
Return on Equity (ROE)	56.19%	48.34%	43.90%	68.08%	48.34%	43.99%	37.80%	67.68%	45.66%	33.98%	32.24%
Cash Return on Invested Capital (CROIC)	5.43%	8.01%	11.13%	7.91%	6.06%	71.51%	-47.55%	5.46%	6.99%	20.99%	3.35%
Operating Return on Assets (OROA)	17.40%	15.04%	12.34%	20.68%	14.57%	13.22%	10.78%	19.38%	13.75%	11.43%	9.23%
Return on Assets (ROA)	13.01%	11.15%	9.29%	15.66%	10.84%	9.82%	7.76%	18.52%	10.40%	4.04%	6.50%
Return on Common Equity (ROCE)	56.19%	48.34%	43.90%	68.08%	48.34%	43.99%	37.80%	67.68%	45.66%	33.98%	32.24%
Return on Equity Simple (ROE_SIMPLE)	53.54%	0.00%	52.84%	48.85%	48.62%	0.00%	48.35%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	262	257	208	434	252	250	195	444	271	241	179
NOPAT Margin	7.69%	7.02%	6.11%	10.22%	7.27%	6.62%	5.62%	10.00%	7.28%	6.18%	4.99%
Net Nonoperating Expense Percent (NNEP)	0.19%	0.23%	0.22%	0.22%	0.24%	0.46%	0.46%	-2.34%	0.23%	8.46%	0.27%
Return On Investment Capital (ROIC_SIMPLE)	-	3.77%	-	-	-	6.05%	2.56%	5.81%	3.44%	5.51%	2.12%
Cost of Revenue to Revenue	63.35%	64.67%	64.04%	63.37%	62.79%	64.76%	63.79%	63.06%	62.65%	64.86%	63.78%
SG&A Expenses to Revenue	24.01%	23.38%	25.14%	20.84%	24.57%	23.62%	25.56%	21.17%	24.80%	24.23%	26.20%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.66%	26.20%	28.21%	23.41%	27.85%	26.80%	29.03%	21.17%	28.14%	30.63%	29.73%
Earnings before Interest and Taxes (EBIT)	341	334	263	561	325	318	249	578	343	298	233
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	431	438	367	671	438	438	369	700	467	425	360
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.28	10.64	13.27	12.63	13.49	12.84	12.70	11.01	11.64	10.52	9.40
Price to Tangible Book Value (P/TBV)	11.77	12.16	15.20	14.30	15.29	14.57	15.46	13.11	13.78	12.44	11.16
Price to Revenue (P/Rev)	1.46	1.57	1.92	1.98	2.09	1.96	1.90	1.81	1.95	1.75	1.51
Price to Earnings (P/E)	19.20	20.65	25.11	25.85	27.74	26.47	26.26	25.22	27.10	24.77	21.84
Dividend Yield	2.01%	1.95%	1.61%	1.58%	1.51%	0.00%	1.66%	1.74%	1.61%	1.79%	2.07%
Earnings Yield	5.21%	4.84%	3.98%	3.87%	3.61%	3.78%	3.81%	3.97%	3.69%	4.04%	4.58%
Enterprise Value to Invested Capital (EV/IC)	4.11	4.23	4.97	5.03	5.06	7.93	4.56	4.36	4.56	6.87	3.56
Enterprise Value to Revenue (EV/Rev)	1.74	1.86	2.23	2.27	2.41	2.07	2.24	2.13	2.28	1.85	1.87
Enterprise Value to EBITDA (EV/EBITDA)	13.71	14.49	17.19	17.55	18.61	16.06	17.50	16.62	17.76	14.66	15.03
Enterprise Value to EBIT (EV/EBIT)	17.22	18.35	21.79	22.31	24.01	20.96	23.08	22.00	23.57	19.60	20.21
Enterprise Value to NOPAT (EV/NOPAT)	22.23	23.74	28.18	28.81	30.95	26.89	29.66	28.35	30.25	25.00	25.85
Enterprise Value to Operating Cash Flow (EV/OCF)	15.52	20.34	20.76	24.44	27.41	21.65	24.30	20.13	19.19	17.59	19.44
Enterprise Value to Free Cash Flow (EV/FCFF)	81.22	55.63	46.27	66.91	88.16	8.36	0.00	84.20	68.10	33.98	112.41
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.18	2.17	2.21	2.06	2.16	0.82	2.39	2.07	2.06	0.70	2.37
Long-Term Debt to Equity	2.18	2.17	2.21	2.06	2.16	0.82	2.39	2.07	2.06	0.70	2.37
Financial Leverage	1.90	1.90	2.14	1.88	2.03	1.33	1.52	1.93	2.03	0.66	2.28
Leverage Ratio	4.22	4.22	4.56	4.28	4.31	4.30	4.57	4.24	4.25	4.27	4.64
Compound Leverage Factor	4.11	4.07	4.35	4.20	4.13	4.06	4.21	4.11	4.06	4.03	4.26
Debt to Total Capital	68.58%	68.45%	68.89%	67.28%	68.35%	45.03%	70.52%	67.38%	67.32%	41.03%	70.29%
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%	0.00%
Long-Term Debt to Total Capital	68.58%	68.45%	68.89%	67.28%	68.35%	45.03%	70.52%	67.38%	67.32%	41.03%	70.29%
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%	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%	0.00%
Common Equity to Total Capital	31.42%	31.55%	31.11%	32.72%	31.65%	54.97%	29.48%	32.62%	32.68%	58.97%	29.71%
Debt to EBITDA	2.44	2.49	2.48	2.49	2.58	0.97	2.79	2.64	2.68	0.92	3.05
Net Debt to EBITDA	2.22	2.28	2.34	2.28	2.49	0.84	2.67	2.53	2.59	0.82	2.93
Long-Term Debt to EBITDA	2.44	2.49	2.48	2.49	2.58	0.97	2.79	2.64	2.68	0.92	3.05
Debt to NOPAT	3.96	4.08	4.06	4.08	4.29	1.63	4.74	4.51	4.57	1.56	5.24
Net Debt to NOPAT	3.59	3.73	3.84	3.74	4.13	1.41	4.53	4.31	4.41	1.39	5.04
Long-Term Debt to NOPAT	3.96	4.08	4.06	4.08	4.29	1.63	4.74	4.51	4.57	1.56	5.24
Altman Z-Score	4.67	4.75	4.96	5.12	5.21	5.05	4.67	4.71	4.73	4.52	3.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	1.50	1.40	1.43	1.48	1.43	1.41	1.28	1.30	1.34	1.38
Quick Ratio	0.18	0.18	0.10	0.16	0.08	0.11	0.09	0.08	0.07	0.07	0.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-584	-398	-245	-227	-495	2,787	-3,547	-313	-373	-63	-695
Operating Cash Flow to CapEx	129.57%	215.10%	169.06%	312.68%	66.98%	281.41%	180.00%	417.29%	134.88%	319.38%	53.18%
Free Cash Flow to Firm to Interest Expense	-61.20	-33.34	-20.58	-19.54	-35.65	162.01	-180.60	-17.39	-25.46	-3.74	-36.36
Operating Cash Flow to Interest Expense	16.31	33.15	21.63	48.22	6.22	30.07	11.04	43.70	20.99	19.27	4.77
Operating Cash Flow Less CapEx to Interest Expense	3.72	17.74	8.83	32.80	-3.06	19.38	4.91	33.23	5.43	13.24	-4.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.74	1.65	1.59	1.56	1.56	1.57	1.50	1.49	1.49	1.50	1.42
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	3.48	3.48	3.08	3.32	3.18	3.46	3.04	3.16	3.09	3.33	2.93
Fixed Asset Turnover	7.24	6.44	6.31	6.19	6.02	5.76	5.70	5.56	5.45	5.40	5.32
Accounts Payable Turnover	7.30	7.24	6.16	6.94	6.81	7.85	6.19	6.52	6.75	7.51	5.99
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	104.76	104.78	118.38	109.97	114.76	105.54	120.00	115.38	118.16	109.55	124.69
Days Payable Outstanding (DPO)	50.01	50.44	59.24	52.63	53.57	46.48	58.92	56.00	54.07	48.58	60.89
Cash Conversion Cycle (CCC)	54.74	54.34	59.14	57.34	61.19	59.06	61.08	59.39	64.09	60.97	63.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,298	6,416	6,564	6,652	7,045	3,879	7,362	7,408	7,689	4,183	8,236
Invested Capital Turnover	2.54	2.39	2.31	2.33	2.21	2.89	2.72	2.15	2.09	3.85	2.01
Increase / (Decrease) in Invested Capital	846	655	453	661	747	-2,537	3,742	757	644	304	874
Enterprise Value (EV)	25,891	27,134	32,626	33,455	35,622	30,754	33,545	32,335	35,069	28,756	29,340
Market Capitalization	21,704	22,867	28,186	29,109	30,866	29,146	28,422	27,417	29,953	27,155	23,617
Book Value per Share	$19.40	$19.88	$19.68	$21.38	$21.22	$21.25	$4.21	$4.70	$4.86	$4.89	$4.78
Tangible Book Value per Share	$16.95	$17.39	$17.18	$18.88	$18.72	$18.73	$3.46	$3.94	$4.10	$4.13	$4.02
Total Capital	6,720	6,813	6,828	7,046	7,231	4,130	7,594	7,634	7,874	4,377	8,460
Total Debt	4,609	4,663	4,704	4,741	4,943	1,860	5,355	5,144	5,301	1,796	5,946
Total Long-Term Debt	4,609	4,663	4,704	4,741	4,943	1,860	5,355	5,144	5,301	1,796	5,946
Net Debt	4,187	4,266	4,440	4,346	4,756	1,608	5,124	4,918	5,116	1,602	5,722
Capital Expenditures (CapEx)	120	184	152	179	129	184	120	188	228	102	171
Debt-free, Cash-free Net Working Capital (DFCFNWC)	794	690	738	700	951	739	824	555	660	699	888
Debt-free Net Working Capital (DFNWC)	1,215	1,087	1,002	1,095	1,137	991	1,056	781	845	893	1,112
Net Working Capital (NWC)	1,215	1,087	1,002	1,095	1,137	991	1,056	781	845	893	1,112
Net Nonoperating Expense (NNE)	7.34	9.19	9.39	8.98	11	14	15	-108	12	136	15
Net Nonoperating Obligations (NNO)	4,187	4,266	4,440	4,346	4,756	1,608	5,124	4,918	5,116	1,602	5,722
Total Depreciation and Amortization (D&A)	90	103	104	109	114	120	120	122	124	128	127
Debt-free, Cash-free Net Working Capital to Revenue	5.33%	4.74%	5.03%	4.76%	6.44%	4.97%	5.51%	3.67%	4.29%	4.50%	5.67%
Debt-free Net Working Capital to Revenue	8.16%	7.47%	6.84%	7.44%	7.70%	6.66%	7.06%	5.16%	5.49%	5.75%	7.11%
Net Working Capital to Revenue	8.16%	7.47%	6.84%	7.44%	7.70%	6.66%	7.06%	5.16%	5.49%	5.75%	7.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.34	$0.09	$1.84	$3.95	$2.25	$0.44	$0.34	$0.81	$0.49	$0.43	$0.31
Adjusted Weighted Average Basic Shares Outstanding	108.77M	2.73B	107.95M	107.73M	107.17M	536.95M	531.73M	530.33M	529.74M	529.96M	526.33M
Adjusted Diluted Earnings per Share	$2.33	$0.09	$1.83	$3.93	$2.24	$0.44	$0.34	$0.81	$0.49	$0.43	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	109.34M	2.74B	108.53M	108.24M	107.68M	539.65M	534.10M	532.21M	532.14M	532.18M	528.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.09	$0.00	$0.00	$0.00	$0.44	$0.00	$0.00	$0.00	$0.43	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	108.11M	1.08B	107.81M	107.87M	106.84M	531.55M	530.20M	529.95M	528.40M	526.35M	524.45M
Normalized Net Operating Profit after Tax (NOPAT)	262	257	208	434	252	250	195	444	271	241	179
Normalized NOPAT Margin	7.69%	7.02%	6.11%	10.22%	7.27%	6.62%	5.62%	10.00%	7.28%	6.18%	4.99%
Pre Tax Income Margin	9.71%	8.81%	7.40%	12.95%	8.96%	7.98%	6.62%	12.61%	8.82%	7.21%	5.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	35.74	27.97	22.11	48.35	23.39	18.51	12.68	32.13	23.37	17.67	12.22
NOPAT to Interest Expense	27.50	21.52	17.44	37.39	18.18	14.53	9.91	24.68	18.47	14.30	9.38
EBIT Less CapEx to Interest Expense	23.15	12.56	9.32	32.93	14.11	7.82	6.55	21.66	7.80	11.63	3.25
NOPAT Less CapEx to Interest Expense	14.91	6.11	4.65	21.97	8.90	3.84	3.78	14.21	2.91	8.27	0.41
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	38.92%	40.61%	40.54%	40.91%	41.93%	42.91%	43.98%	43.59%	43.25%	44.49%	45.47%
Augmented Payout Ratio	89.57%	94.29%	87.68%	85.70%	88.72%	93.81%	93.67%	86.75%	78.85%	77.45%	81.00%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused read on Tractor Supply (TSCO) using the most recent four years of quarterly data. The bullets highlight key trends in revenue, margins, cash flow, and capital allocation that could influence the stock’s risk/return profile.

Q4 2025 revenue growth. Revenue eased in Q4 2025 to about $3.90B, up roughly 3.3% from Q4 2024’s about $3.77B, signaling renewed demand for Tractor Supply’s core merchandise.
Gross margin remains solid and steady. Q4 2025 gross margin was about 35.1% (gross profit of roughly $1.37B on $3.90B revenue), a level comparable to prior years, indicating stable profitability despite input cost pressures.
Near-term operating margin softened vs. prior year. Q4 2025 operating income was about $298M, down from about $318M in Q4 2024, suggesting some near-term margin compression.
Net income and earnings per share. Net income attributable to common shareholders was about $227.4M in Q4 2025, versus $236.4M in Q4 2024, with the per-share figures hovering in the mid-$0.40s range, broadly flat-to-down year over year.
Strong quarterly operating cash flow supports liquidity. Net cash from continuing operating activities in Q4 2025 was about $325M, indicating healthy ongoing cash generation.
Dividend policy remains intact. Cash dividends per share stayed at $0.23 in Q4 2025, continuing the company’s shareholder-friendly payout.
Active deleveraging trends in 2025. The company conducted sizable debt repayments across 2025 (Q2 ≈ $1.12B; Q3 ≈ $0.81B; Q4 ≈ $0.92B), helping to reduce leverage over time.
Stock buybacks continue. Share repurchases were notable in 2025 (Q3 ≈ $74M; Q4 ≈ $117M), signaling ongoing confidence in capital allocation to shareholders.
Balance sheet leverage and structure remain large but manageable. Mid-2025 periods show total liabilities around $8.3B with equity near $2.1–2.6B, indicating a leveraged but cash-flow-supportable profile depending on demand stability.
Working capital and inventory levels are high. Inventories net and total current assets are elevated (e.g., inventories around $3.25B in mid-2025), reflecting continued investment in stock to meet demand but potentially weighing on turnover if sales trends shift.

05/22/26 11:03 AM ETAI Generated. May Contain Errors.

Tractor Supply Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tractor Supply's fiscal year ends in December. Their fiscal year 2025 ended on December 27, 2025.

Tractor Supply's net income appears to be on an upward trend, with a most recent value of $1.10 billion in 2025, rising from $410.40 million in 2015. The previous period was $1.10 billion in 2024. See where experts think Tractor Supply is headed by visiting Tractor Supply's forecast page.

Tractor Supply's total operating income in 2025 was $1.47 billion, based on the following breakdown:

Total Gross Profit: $5.65 billion
Total Operating Expenses: $4.19 billion

Over the last 10 years, Tractor Supply's total revenue changed from $6.23 billion in 2015 to $15.52 billion in 2025, a change of 149.3%.

Tractor Supply's total liabilities were at $8.35 billion at the end of 2025, a 10.8% increase from 2024, and a 754.4% increase since 2015.

In the past 10 years, Tractor Supply's cash and equivalents has ranged from $53.92 million in 2016 to $1.34 billion in 2020, and is currently $194.11 million as of their latest financial filing in 2025.

Over the last 10 years, Tractor Supply's book value per share changed from 10.37 in 2015 to 4.89 in 2025, a change of -52.9%.

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Financial statements for NASDAQ:TSCO last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Tractor Supply (TSCO) Financials

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