Tractor Supply
TSCO · NasdaqRetail-Building Materials, Hardware, Garden Supply · Fiscal year ends Dec 28
Tractor Supply reported revenue of $15.5B in the fiscal year ended Dec 2025, up 4.3% from the year before. Operating income was $1.5B, an operating margin of 9.5%, and net income was $1.1B. Operating cash flow of $1.6B less capital expenditure of $895M left free cash flow of $740M. Net debt was $1.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.7B | $14.2B | $14.6B | $14.9B | $15.5B |
| Cost of revenue | $8.3B | $9.2B | $9.3B | $9.5B | $9.9B |
| Gross profit | $4.5B | $5B | $5.2B | $5.4B | $5.7B |
| Selling, general & admin | $2.9B | $3.2B | $3.4B | $3.5B | $3.7B |
| Operating income | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B |
| Interest expense | $27M | $31M | $47M | $55M | $69M |
| Pre-tax income | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B |
| Income tax | $283M | $316M | $325M | $312M | $302M |
| Net income | $997M | $1.1B | $1.1B | $1.1B | $1.1B |
| Diluted EPS | 8.61 | 1.94 | 2.02 | 2.04 | 2.06 |
| Diluted shares | 116M | 561M | 549M | 540M | 532M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $878M | $203M | $397M | $251M | $194M |
| Inventory | $2.2B | $2.7B | $2.6B | $2.8B | $3.1B |
| Current assets | $3.3B | $3.2B | $3.3B | $3.3B | $3.5B |
| Net PP&E | $1.6B | $2.1B | $2.4B | $2.7B | $3B |
| Goodwill | $32M | $230M | $246M | $246M | $347M |
| Total assets | $7.8B | $8.5B | $9.2B | $9.8B | $10.9B |
| Payables | $1.2B | $1.4B | $1.2B | $1.2B | $1.4B |
| Current liabilities | $2.1B | $2.4B | $2.2B | $2.3B | $2.6B |
| Long-term debt | $986M | $1.2B | $1.7B | $1.8B | $1.8B |
| Total liabilities | $5.8B | $6.4B | $7B | $7.5B | $8.4B |
| Shareholders' equity | $2B | $2B | $2.1B | $2.3B | $2.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.4B | $1.3B | $1.4B | $1.6B |
| Capital expenditure | $628M | $773M | $754M | $784M | $895M |
| Free cash flow | $510M | $584M | $580M | $637M | $740M |
| Depreciation & amortisation | $270M | $343M | $393M | $447M | $494M |
| Stock-based compensation | $48M | $54M | $57M | $48M | $57M |
| Acquisitions | $0 | $391M | $0 | $0 | $140M |
| Share buybacks | $799M | $700M | $594M | $561M | $361M |
| Dividends paid | $239M | $410M | $450M | $472M | $488M |
| Dividend per share | 2.08 | 0.74 | 0.82 | 0.88 | 0.92 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.6% | 2.5% | 2.2% | 4.3% |
| Operating income growth (YoY) | – | 9.8% | 3.1% | −0.8% | −0.0% |
| EPS growth (YoY) | – | −77.5% | 4.1% | 1.0% | 1.0% |
| Gross margin | 35.2% | 35.0% | 35.9% | 36.3% | 36.4% |
| Operating margin | 10.3% | 10.1% | 10.2% | 9.9% | 9.5% |
| Net margin | 7.8% | 7.7% | 7.6% | 7.4% | 7.1% |
| Return on equityBlank when equity is negative | 49.8% | 53.3% | 51.5% | 48.5% | 42.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 22.9% | 23.5% | 21.1% | 19.6% | 17.6% |
| Free cash flow margin | 4.0% | 4.1% | 4.0% | 4.3% | 4.8% |
| Cash conversion (CFO ÷ net income) | 1.14x | 1.25x | 1.20x | 1.29x | 1.49x |
| Inventory days | 97 | 107 | 104 | 109 | 114 |
| Payable days | 51 | 55 | 46 | 48 | 51 |
| Interest cover | 49.1x | 46.8x | 31.8x | 26.9x | 21.2x |
| Debt ÷ equity | 0.49x | 0.57x | 0.80x | 0.81x | 0.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $108M | $962M | $1.3B | $1.6B | $1.6B |
| Current ratio | 1.57x | 1.33x | 1.50x | 1.43x | 1.34x |
Recent filings
More in Retail-Building Materials, Hardware, Garden Supply
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.