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Tractor Supply (TSCO) stock

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NASDAQ: TSCO Nasdaq Other Specialty Retail Next results ~January 28, 2027

C+ Fundamentals grade

Tractor Supply is a US-listed company in the other specialty retail industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$17

Cash-flow model

Base case. Range ~$12–$23 across our lower- and higher-growth cases (-1.9%–8.1% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 53% below it.

Price used: $35.31, November 2, 2026

Tractor Supply valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Tractor Supply files

Where Tractor Supply stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $15.8bn, up 4.0% on a year earlier, slower than 4.6% a quarter earlier. Free-cash-flow margin fell to 1.9% from 5.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $14.67 a share, against a share price of $32.84. At that price, our model says the market is pricing in about 15.4% a year of cash-flow growth for five years, faster than the 4.3% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Tractor Supply's trailing-twelve-month revenue grew 4.0% year on year, with a free-cash-flow margin of 1.9%. Where it stands out: operating margin of 8.5% ranks 7 of 33 other specialty retail companies we cover.

Our discounted-cash-flow model values the business at ~$17 per share in the base case (~$12–$23 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 62.6% while net income fell 6.9%: a 56pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.2% in a year, so each share owns more of the business.

Things to watch

  • Priced above our value. The share price of $35.31 is 53% above our value per share of $17.
  • Weak cash conversion. Free cash flow was 30% of net income over the last 12 months.
  • Heavily shorted. 10.2% of the shares available to trade are sold short (4.2 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.43 against an average estimate of $0.41: beat by 6.1%
Revenue
$4.54bn, up 2.3% on a year earlier
Share reaction
+2.2% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
net Sales growth 2.5% to 3.5% (fiscal year 2026); operating Margin Rate 8% to 8.3% (fiscal year 2026)
Next report
October 22, 2026; average EPS estimate $0.41

Tractor Supply's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.0%
  • 1 week+8.5%
  • 1 month+13.6%
  • This year-28.0%
  • 1 year-33.2%
  • 5 years-10.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.8B
Operating margin
8.5%
Net margin
6.4%
EPS (TTM, diluted)
$1.91

Growth

Revenue growth
+4.0%
Change in growth rate
−0.7 pts
Share count change
−1.2%

Cash

Free cash flow (TTM)
$307M
FCF margin
1.9%
Stock pay % of revenue
0.4%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Agreement
  12. Leadership
  13. Announcement
  14. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Tractor Supply valuation models and calculator

What the price is pricing in

The share price implies about 14.5% a year of cash-flow growth for five years.That is faster than the 4.3% a year revenue growth Tractor Supply has delivered.

  • Priced in14.5%
  • Last 12 months4.0%
  • 3 years a year2.2%
  • 5 years a year4.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($34.55, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$17
Price used
$34.55close November 3, 2026
Implied change
▼ 52%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Tractor Supply's free cash flow after stock-based pay with after-tax interest added back ($594M, FY2026 Q2 TTM), growing 3.6% and 3.4% in the next two years (forecasts, guidance and its record), then back to 3.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$11–~$23 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Tractor Supply's free cash flow after stock-based pay ( $594M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Tractor Supply as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$17 ~$12–$23 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$26 ~$18–$42 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$32 ~$28–$39 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$23 ~$17–$32 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Tractor Supply with Other Specialty Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −35%
  • Revenue growth 5 points higher ▲ +46%
  • Free-cash-flow margin 1 point lower ▼ −61%
  • Last year's free-cash-flow margin change, if it persists ▼ −68%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $13$19$26$37$50$67
8.5% $9$13$19$26$36$48
10% $7$10$14$20$27$36

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$14.44$12.92$12.96$14.65$16.48$26.55$41.71$41.87$40.80$52.62$50.40$35.31
Market value$9.9bn$8.6bn$8.3bn$9.0bn$9.9bn$15.6bn$24.2bn$23.5bn$22.4bn$28.4bn$26.8bn$18.7bn
+ Net debt (− = net cash)$86m$221m$318m$323m$313m−$342m$122m$975m$1.4bn$1.6bn$1.6bn$1.9bn
Enterprise value$10.0bn$8.9bn$8.6bn$9.4bn$10.3bn$15.2bn$24.3bn$24.5bn$23.7bn$30.0bn$28.4bn$20.6bn
Multiples
Price / sales 1.6x1.3x1.1x1.1x1.2x1.5x1.9x1.7x1.5x1.9x1.7x1.2x
Price / earnings 24.1x19.8x19.7x17.0x17.7x20.8x24.2x21.6x20.2x25.8x24.5x18.5x
Price / free cash flow 45.0x20.4x21.8x21.8x16.7x14.2x47.3x40.2x38.6x44.6x36.2x60.8x
EV / EBITDA 12.9x10.6x10.1x10.7x10.9x12.6x15.4x13.8x12.7x15.7x14.5x11.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

71 /100

Strong moat

How hard Tractor Supply's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Net income has been a median 11.5% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 35.2%, moving by 0.8 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 9.8%; its worst year was 8.5%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.6% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (76 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.89 −8% $16.1bn +3%
Next $2.05 +9% $16.7bn +4%

Next year's EPS estimate has moved −0.4% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.5% on 90 days ago. In the last 30 days, 0 analysts raised Tractor Supply's forecast and 12 cut it.

Consensus EPS forecast Tractor Supply, last 90 days
$1.80 $1.90 $2.00 $2.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.83 Current fiscal year, 60 days ago: $1.83 Current fiscal year, 30 days ago: $1.81 Current fiscal year, 7 days ago: $1.80 Current fiscal year, Now: $1.89 $1.89 Next fiscal year, 90 days ago: $2.06 Next fiscal year, 60 days ago: $2.05 Next fiscal year, 30 days ago: $2.05 Next fiscal year, 7 days ago: $2.04 Next fiscal year, Now: $2.05 $2.05

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.83$2.06
60 days ago $1.83$2.05
30 days ago $1.81$2.05
7 days ago $1.80$2.04
Now $1.89$2.05

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.41 $0.43 +6.1%
Jun 2026 $0.82 $0.69 −15.9%
Mar 2026 $0.34 $0.31 −8.9%
Dec 2025 $0.46 $0.43 −7.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Net Sales fiscal year 2026 2.5% growth to 3.5% growth Maintained
    “Net Sales +2.5% to +3.5%” source
  • Earnings per Diluted Share fiscal year 2026 $1.78 to $1.88 Maintained
    “Earnings per Diluted Share $1.78 to $1.88” source
  • Adjusted Earnings per Diluted Share fiscal year 2026 $1.90 to $2.00 Non-GAAP Maintained
    “Adjusted Earnings per Diluted Share $1.90 to $2.00” source
  • Operating Margin Rate fiscal year 2026 8% to 8.3% Maintained
    “Operating Margin Rate 8.0% to 8.3%” source
  • Adjusted Operating Margin Rate fiscal year 2026 8.5% to 8.8% Non-GAAP Maintained
    “Adjusted Operating Margin Rate 8.5% to 8.8%” source
  • Net Income fiscal year 2026 $930m to $990m Maintained
    “Net Income $930 million to $990 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Tractor Supply's revenue by +3.6% next year and +3.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.9%, weight 55%) , management guidance (+3.5%, weight 19%) and the company's own record (+3.1%, weight 26%) . How the weights are set.

Analyst recommendations

30 analysts, Oct 2026
Buy1550%
Hold1550%
Sell00%

Monthly trend

  1. Oct 20263121530
  2. Sep 20263121530
  3. Aug 20263121530
  4. Jul 2026131530

Counts of recommendations published by analysts covering Tractor Supply, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.2%
of tradable shares
Days to cover
4.19
at average volume
Short interest, 1 month
+18%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
0.3%
of shares
Employees
54,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −33.2%

$52.84 on October 31, 2025 to $35.31

ThenNowEffect
Revenue (last 12 months) $15.1bn $15.8bn +4.0%
Net margin 7.2% 6.4% −10.5%
P/E multiple 26.0x 18.5x −29.1%
Share count 535m 529m +1.2%

Biggest factor: p/e multiple.

Last 3 years −6.1%

$37.62 on November 3, 2023 to $35.31

ThenNowEffect
Revenue (last 12 months) $14.8bn $15.8bn +6.7%
Net margin 7.5% 6.4% −14.5%
P/E multiple 18.8x 18.5x −2.1%
Share count 556m 529m +5.1%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TSCO+72%−4%−3%+25%−4%−28%
Industry peers (median)+42%−35%+3%−23%−11%−17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TSCO83%42%67%67%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TSCO−12%−28%−24%−13%−20%−47%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 53% from August 28, 2025 to June 3, 2026. Getting back needed a 111% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$28.94 – $54.86
From 52-week high
−35.6%
vs 50-day average
+6.0%
vs 200-day average
−6.1%
Volatility (1 year)
35%
Beta vs S&P 500
0.31

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±4.6%
After a week
4 up, 8 down
typical move ±4.9%
After a month
5 up, 6 down
typical move ±8.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +2.2% −1.7% +2.9% —
July 23, 2026 +5.7% −1.1% +2.9% +19.1%
April 21, 2026 −13.1% +0.4% −20.6% −29.3%
January 29, 2026 −7.7% −0.5% −1.2% −4.8%
October 23, 2025 +2.6% +1.4% −1.3% −3.5%
July 24, 2025 −0.5% +0.5% −4.5% +3.3%
April 24, 2025 −1.6% +2.8% −0.7% −2.0%
January 30, 2025 −4.9% 0.0% −7.2% −3.6%
October 24, 2024 −6.6% +0.2% −9.1% −3.6%
July 25, 2024 0.0% +0.6% −2.4% +2.5%
April 25, 2024 +6.1% +0.6% +3.3% +9.7%
February 1, 2024 +3.7% +2.4% +3.2% +13.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Tractor Supply’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.18× the last 60 days’ realised volatility , richer than 51% of the 229 stocks we screen today.
  • Puts are priced 3 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TSCO Tractor Supply Grade C+ $35.00

Own 100 shares, sell the $40.00 call expiring December 18, 2026 (46 days) for $0.45 a share — $45.00 per contract.

Previous session · Bid $0.45, ask $0.50, quoted Mon 2 Nov, 17:38 New York time with TSCO at $35.00. Option prices move with the shares: check the live chain at your broker before trading.

  • If TSCO ends below $40.00: you keep your shares and the $45.00 — 1.3% extra on the position, 10.2% a year at that pace.
  • If it ends above $40.00: your shares are sold at $40.00, a total return of 15.6% including the premium — at or above our value of ~$17.
$546 $0 −$691 Break-even $34.54 Price $35.00 ← Our value ~$17
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$45.00
Annualised
10.2%
Break-even
$34.54
Max gain
$545.5
Chance of selling
~19%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Tractor Supply in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Tractor Supply
$14.5B $15B $15.5B $16B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $14.9B Revenue (TTM), FY23 Q4: $14.6B Revenue (TTM), FY24 Q1: $14.7B Revenue (TTM), FY24 Q2: $14.7B Revenue (TTM), FY24 Q3: $14.8B Revenue (TTM), FY24 Q4: $14.9B Revenue (TTM), FY25 Q1: $15B Revenue (TTM), FY25 Q2: $15.1B Revenue (TTM), FY25 Q3: $15.4B Revenue (TTM), FY25 Q4: $15.5B Revenue (TTM), FY26 Q1: $15.6B Revenue (TTM), FY26 Q2: $15.8B $15.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $14.9B
FY23 Q4 $14.6B
FY24 Q1 $14.7B
FY24 Q2 $14.7B
FY24 Q3 $14.8B
FY24 Q4 $14.9B
FY25 Q1 $15B
FY25 Q2 $15.1B
FY25 Q3 $15.4B
FY25 Q4 $15.5B
FY26 Q1 $15.6B
FY26 Q2 $15.8B
Revenue growth, TTM YoY Tractor Supply
-5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 10.2% Revenue growth, TTM YoY, FY23 Q4: 2.5% Revenue growth, TTM YoY, FY24 Q1: 1.2% Revenue growth, TTM YoY, FY24 Q2: -0.3% Revenue growth, TTM YoY, FY24 Q3: -0.9% Revenue growth, TTM YoY, FY24 Q4: 2.2% Revenue growth, TTM YoY, FY25 Q1: 2.1% Revenue growth, TTM YoY, FY25 Q2: 3.0% Revenue growth, TTM YoY, FY25 Q3: 4.3% Revenue growth, TTM YoY, FY25 Q4: 4.3% Revenue growth, TTM YoY, FY26 Q1: 4.6% Revenue growth, TTM YoY, FY26 Q2: 4.0% 4.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 10.2%
FY23 Q4 2.5%
FY24 Q1 1.2%
FY24 Q2 -0.3%
FY24 Q3 -0.9%
FY24 Q4 2.2%
FY25 Q1 2.1%
FY25 Q2 3.0%
FY25 Q3 4.3%
FY25 Q4 4.3%
FY26 Q1 4.6%
FY26 Q2 4.0%
Operating margin (TTM) Tractor Supply
8.5% 9% 9.5% 10% 10.5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 10.1% Operating margin (TTM), FY23 Q4: 10.2% Operating margin (TTM), FY24 Q1: 10.2% Operating margin (TTM), FY24 Q2: 10.2% Operating margin (TTM), FY24 Q3: 10.0% Operating margin (TTM), FY24 Q4: 9.9% Operating margin (TTM), FY25 Q1: 9.7% Operating margin (TTM), FY25 Q2: 9.7% Operating margin (TTM), FY25 Q3: 9.7% Operating margin (TTM), FY25 Q4: 9.5% Operating margin (TTM), FY26 Q1: 9.3% Operating margin (TTM), FY26 Q2: 8.5% 8.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 10.1%
FY23 Q4 10.2%
FY24 Q1 10.2%
FY24 Q2 10.2%
FY24 Q3 10.0%
FY24 Q4 9.9%
FY25 Q1 9.7%
FY25 Q2 9.7%
FY25 Q3 9.7%
FY25 Q4 9.5%
FY26 Q1 9.3%
FY26 Q2 8.5%
FCF margin (TTM) Tractor Supply
0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.5% FCF margin (TTM), FY23 Q4: 4.0% FCF margin (TTM), FY24 Q1: 5.6% FCF margin (TTM), FY24 Q2: 4.2% FCF margin (TTM), FY24 Q3: 3.6% FCF margin (TTM), FY24 Q4: 4.3% FCF margin (TTM), FY25 Q1: 4.1% FCF margin (TTM), FY25 Q2: 5.4% FCF margin (TTM), FY25 Q3: 6.2% FCF margin (TTM), FY25 Q4: 4.8% FCF margin (TTM), FY26 Q1: 3.5% FCF margin (TTM), FY26 Q2: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.5%
FY23 Q4 4.0%
FY24 Q1 5.6%
FY24 Q2 4.2%
FY24 Q3 3.6%
FY24 Q4 4.3%
FY25 Q1 4.1%
FY25 Q2 5.4%
FY25 Q3 6.2%
FY25 Q4 4.8%
FY26 Q1 3.5%
FY26 Q2 1.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Tractor Supply took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $15.5B
  2. Cost of revenue $9.9B · 63.6%
  3. Gross profit $5.7B · 36.4%
  4. Selling, general and admin $3.7B · 23.8%
  5. Other operating costs $494M · 3.2%
  6. Operating income $1.5B · 9.5%
  7. Income tax $302M · 1.9%
  8. Net income $1.1B · 7.1%

Shares of revenue. Source: Tractor Supply's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3.2 3.6 4.2 4.7 5.2 5.7 6.2 6.8 7.3 7.9 8.4 10.6 12.7 14.2 14.6 14.9 15.5 15.8
Gross profit 1.0 1.2 1.4 1.6 1.8 2.0 2.1 2.3 2.5 2.7 2.9 3.8 4.5 5.0 5.2 5.4 5.7 5.7
EBITDA 0.3 0.3 0.4 0.5 0.6 0.7 0.8 0.8 0.9 0.9 0.9 1.2 1.6 1.8 1.9 1.9 2.0 1.9
Operating income 0.2 0.3 0.4 0.4 0.5 0.6 0.7 0.7 0.7 0.7 0.7 1.0 1.3 1.4 1.5 1.5 1.5 1.3
Net income 0.1 0.2 0.2 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.6 0.7 1.0 1.1 1.1 1.1 1.1 1.0
Diluted EPS $0.16 $0.23 $0.30 $0.38 $0.46 $0.53 $0.60 $0.65 $0.66 $0.86 $0.93 $1.28 $1.72 $1.94 $2.02 $2.04 $2.06 $1.91
Growth (year on year)
Revenue +6.6% +13.5% +16.3% +10.2% +10.7% +10.6% +9.0% +8.9% +7.0% +9.0% +5.6% +27.2% +19.9% +11.6% +2.5% +2.2% +4.3% +4.0%
EBITDA +7.8% +30.3% +28.9% +21.4% +16.9% +14.5% +9.9% +8.1% +1.8% +3.2% +6.8% +29.3% +29.9% +12.8% +5.3% +2.3% +2.4% −4.9%
Operating income +7.4% +39.0% +32.5% +23.8% +17.8% +14.5% +10.4% +6.7% −1.1% +2.2% +5.9% +34.1% +31.1% +9.8% +3.1% −0.8% −0.0% −8.8%
Net income +10.9% +40.3% +32.6% +24.1% +18.7% +13.0% +10.7% +6.5% −3.3% +26.0% +5.6% +33.2% +33.1% +9.2% +1.7% −0.5% −0.5% −6.9%
Diluted EPS +13.2% +38.0% +34.2% +25.8% +22.1% +14.7% +12.8% +9.0% +0.9% +30.6% +8.1% +36.9% +35.0% +12.7% +4.1% +1.0% +1.0% −5.8%
Margins
Gross margin 32.5% 33.1% 33.2% 33.6% 34.0% 34.1% 34.4% 34.3% 34.3% 34.2% 34.4% 35.4% 35.2% 35.0% 35.9% 36.3% 36.4% 36.5%
EBITDA margin 8.0% 9.2% 10.2% 11.3% 11.9% 12.3% 12.4% 12.3% 11.7% 11.1% 11.2% 11.4% 12.4% 12.5% 12.9% 12.9% 12.6% 11.7%
Operating margin 6.0% 7.3% 8.3% 9.4% 10.0% 10.3% 10.4% 10.2% 9.5% 8.9% 8.9% 9.4% 10.3% 10.1% 10.2% 9.9% 9.5% 8.5%
Net margin 3.7% 4.6% 5.3% 5.9% 6.4% 6.5% 6.6% 6.4% 5.8% 6.7% 6.7% 7.1% 7.8% 7.7% 7.6% 7.4% 7.1% 6.4%
Free-cash-flow margin 4.4% 3.5% 2.1% 4.8% 2.2% 4.4% 3.5% 6.3% 5.3% 5.3% 7.1% 10.4% 4.0% 4.1% 4.0% 4.3% 4.8% 1.9%
Cash flow
Cash from operations 0.2 0.2 0.3 0.4 0.3 0.4 0.5 0.7 0.6 0.7 0.8 1.4 1.1 1.4 1.3 1.4 1.6 1.3
Capital spending 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.3 0.6 0.8 0.8 0.8 0.9 1.0
Free cash flow 0.1 0.1 0.1 0.2 0.1 0.2 0.2 0.4 0.4 0.4 0.6 1.1 0.5 0.6 0.6 0.6 0.7 0.3
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.1
Free cash flow after stock pay 0.1 0.1 0.1 0.2 0.1 0.2 0.2 0.4 0.4 0.4 0.6 1.1 0.5 0.5 0.5 0.6 0.7 0.2
Balance sheet
Cash 0.2 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1.3 0.9 0.2 0.4 0.3 0.2 0.2
Total debt — — 0.0 0.0 0.0 0.0 0.2 0.3 0.4 0.4 0.4 1.0 1.0 1.2 1.8 1.9 1.8 2.2
Net debt (negative = net cash) −0.2 −0.3 −0.2 −0.1 −0.1 −0.1 0.1 0.2 0.3 0.3 0.3 −0.3 0.1 1.0 1.4 1.6 1.6 1.9
Diluted shares 733m 747m 739m 728m 709m 697m 684m 669m 641m 617m 604m 587m 579m 561m 549m 540m 532m 529m
Returned to shareholders
Dividends 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.4 0.4 0.5 0.5 0.5
Buybacks 0.0 0.0 0.2 0.3 0.1 0.3 0.3 0.3 0.4 0.3 0.5 0.3 0.8 0.7 0.6 0.6 0.4 0.4
Total returned 0.0 0.1 0.2 0.3 0.2 0.4 0.4 0.5 0.5 0.5 0.7 0.5 1.0 1.1 1.0 1.0 0.8 0.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 27, 2026
What it owns · $12.2bn
Short-term assets $4.3bnLonger-term assets $7.9bn
What it owes, and who funded it · $12.2bn
Short-term liabilities $3.2bnLonger-term liabilities $6.3bnShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $4.3bn of assets due within a year against $3.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.3bn short-term assets against $6.3bn of longer-dated liabilities.
  • More cash than debt $232m of cash against $2.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 82% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 49% to 82% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $2.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.3bn against $68m of interest.

From Tractor Supply's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$445M
Dividends (TTM)
$495M
Returned to shareholders
306%
of free cash flow
Buybacks, last 3 fiscal years
$1.5B
Diluted share count
−1.2%
year over year
Total shareholder yield
5.1%
dividends 2.7% + buybacks 2.4% of market value
Dividend payout ratio
49%
of net income paid out
Sales & admin spending
24.3%
of revenue

Competitors: side by side with peers

Closest by revenue in other specialty retail
Last 12 months unless stated TSCO CHWY ULTA DKS BBWI ASO Median
Revenue, last 12 months $15.8bn $13.1bn $13.0bn $21.1bn $7.2bn $6.2bn $1.2bn
Revenue growth, last 12 months 4.0% 5.9% 11.2% 53.5% −2.2% 3.7% 4.0%
Revenue growth, 3-year average 2.2% 6.4% 6.5% 18.8% −1.1% −0.1% 2.6%
Revenue growth, latest quarter 2.3% 7.3% 8.9% 53.2% −2.3% 3.0% 2.3%
Gross margin 36.5% 29.9% 39.3% 32.1% 44.1% 35.8% 36.5%
Operating margin 8.5% 2.5% 12.5% 5.5% 16.7% 9.6% 2.2%
Operating margin, 3-year average 9.5% 1.5% 13.3% 9.0% 17.1% 9.4% 1.5%
Net margin 6.4% 2.1% 9.3% 4.0% 10.8% 6.4% 0.8%
Cash from operations / revenue 8.2% 5.5% 12.1% 7.5% 17.7% 8.8% 5.5%
Free-cash-flow margin 1.9% 4.3% 8.9% 1.1% 14.3% 5.3% 3.0%
Free-cash-flow margin, 3-year average 3.8% 3.5% 8.6% 3.4% 11.4% 5.4% 2.7%
Stock pay / revenue 0.4% 2.3% 0.4% 0.7% 0.3% 0.4% 0.6%
Change in share count −1.2% −1.4% −4.2% 9.3% −5.5% −4.5% 0.7%

Median of all 35 companies we cover in other specialty retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 other specialty retail companies
Measure Company Peer median Rank
Revenue growth Growth 4.0% 4.0% 18 of 35
Change in growth rate Growth -0.7pp -0.2pp 23 of 35
Gross margin Profitability 36.5% 36.5% 16 of 31
Operating margin Profitability 8.5% 2.2% 7 of 33
Net margin Profitability 6.4% 0.8% 9 of 35
Free-cash-flow margin Cash generation 1.9% 3.1% 23 of 34
Stock pay as % of revenue Cash generation 0.4% 0.7% 7 of 30
Long-term debt as % of assets Balance sheet 17.7% 14.2% 18 of 26
Change in share count Balance sheet -1.2% 0.6% 11 of 33

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$15.6B
Institutions reporting
1,053
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
129 / 239

Top buyers and sellers, Q2 2026: 508 institutions bought and 649 sold ; the biggest buyer was Capital Research Global Investors (+19.4M shares) and the biggest seller Capital World Investors (−15.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.5B 47.5M 9.6% ▲ 4.7%
Invesco Ltd. $1.1B 34.6M 7.0% ▲ 70.7%
Vanguard Capital Management LLC $1.1B 34.3M 6.9% ▼ 0.1%
Capital Research Global Investors $949M 30.0M 6.1% ▲ 182.3%
Vanguard Portfolio Management LLC $844M 26.7M 5.4% ▼ 4.2%
Capital International Investors $816M 25.8M 5.2% ▲ 110.8%
Price T Rowe Associates Inc $744M 23.5M 4.8% ▲ 8.0%
State Street Corp $743M 23.5M 4.8% ▲ 2.9%
Geode Capital Management, LLC $491M 15.6M 3.1% ▼ 4.9%
Jpmorgan Chase & Co $333M 10.7M 2.1% ▲ 22.0%
Franklin Resources Inc $292M 9.2M 1.9% ▼ 4.9%
Morgan Stanley $282M 8.9M 1.8% ▲ 5.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Tractor Supply's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $652,394 4 trades by 3 insiders, last 12 months Insider sales History → $12M 8 trades by 5 insiders · 2% under pre-set plans
Net ▼ $11.3M net selling
Insider Date Trade Shares Price Value
Lawton Iii Harry A President & CEO August 4, 2026 Buy 12,945 $32.20 $416,829
Lawton Iii Harry A President & CEO August 4, 2026 Buy 2,655 $31.90 $84,694
Morris Edna Director August 4, 2026 Buy 1,560 $32.44 $50,606
Hawaux Andre J Director August 3, 2026 Buy 3,150 $31.83 $100,264
Yankee Colin EVP Chief Supply Chain Officer February 13, 2026 Sell 4,694 $55.37 $259,907
Yankee Colin EVP Chief Supply Chain Officer February 13, 2026 Sell 781 $55.38 $43,252
Yankee Colin EVP Chief Supply Chain Officer February 13, 2026 Sell 5,695 $55.33 $315,104
Estep Jonathan S EVP Chief Merchandise Officer February 11, 2026 Sell 59,745 $54.03 $3.2M
Mills Robert D EVP Chief Technology Officer February 11, 2026 Sell 62,950 $54.12 $3.4M
Barton Kurt D EVP Chief Financial Officer February 10, 2026 Sell pre-set plan 1,884 $53.81 $101,378
Barton Kurt D EVP Chief Financial Officer February 6, 2026 Sell pre-set plan 1,929 $53.94 $104,050
Lawton Iii Harry A President & CEO February 3, 2026 Sell 84,670 $53.16 $4.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 47 trades and filings

In the last 12 months, 3 members of Congress disclosed 6 purchases and 13 sales of Tractor Supply shares.

  • April McClain Delaney(D-MD 6):Sale (full), $15,001 - $50,000, traded August 25, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $1,001 - $15,000, traded August 12, 2026, filed September 9, 2026
  • April McClain Delaney(D-MD 6):Sale (partial), $15,001 - $50,000, traded July 27, 2026, filed August 3, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 21, 2026
  • January 29, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Tractor Supply was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Tractor Supply in brief

What does Tractor Supply do?
Tractor Supply is a US-listed company in the other specialty retail industry. Its financial year ends in December.
What is Tractor Supply's stock ticker?
Tractor Supply trades under the ticker TSCO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Tractor Supply's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Tractor Supply reported revenue of $15.8B, 4.0% higher than a year earlier, according to its SEC filings.
What is Tractor Supply's free cash flow?
Tractor Supply's free-cash-flow margin is 1.9% of revenue over the trailing twelve months, ranking 23 of the 34 other specialty retail companies we cover.
What is Tractor Supply's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Tractor Supply's free cash flow after stock-based pay gives ~$17 per share in the base case, and ~$12–$23 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Tractor Supply's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Invesco Ltd. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Tractor Supply buying back stock, and does it pay a dividend?
Tractor Supply spent $445M on share repurchases over the trailing twelve months, and its diluted share count fell 1.2% over the year.
What is Tractor Supply's market cap?
On November 2, 2026, Tractor Supply's market capitalisation was about $18.7B, with a price-to-earnings ratio of 18.5 and net debt of $1.9B. Market figures come from third-party market data and may be delayed.
Does Tractor Supply pay a dividend?
Yes: Tractor Supply paid $495M in dividends over the trailing twelve months, a dividend yield of 2.69% and a payout ratio of 48.9%.
How much debt does Tractor Supply have?
Tractor Supply's debt-to-equity ratio is 81.8%, from its latest balance sheet (49.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Tractor Supply's competitors?
In our Other Specialty Retail peer group, the companies closest to Tractor Supply are Chewy, Inc., Ulta Beauty, Dick's Sporting Goods, Inc., Bath & Body Works, Inc. and Academy Sports & Outdoors, Inc. The side-by-side comparison below sets their revenue, margins and growth against Tractor Supply's.
Are insiders buying or selling Tractor Supply stock?
Over the last 12 months, Tractor Supply's directors and officers reported 4 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Tractor Supply's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Tractor Supply announces its own schedule.