Tractor Supply (TSCO) FY2018 results: revenue $7.9 billion, up 9.0% on the year
Tractor Supply Co. (TSCO) reported revenue of $7.9 billion for fiscal 2018, the year ended 29 December 2018, up 9.0% on the year before. Net income was $532 million, up 26.0%, and diluted earnings per share $0.86. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$7.9 billion
+9.0% on the year
FY2011FY2018
Operating margin
8.9%
9.5% a year earlier
FY2011FY2018
Net income
$532 million
+26.0% on the year
FY2011FY2018
Diluted EPS
$0.86
+30.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,911
7,256
6,780
+9.0%
Cost of revenue
5,209
4,764
4,454
+9.3%
Gross profit
2,703
2,492
2,325
+8.4%
Gross margin
34.2%
34.3%
34.3%
Selling, general and administrative
1,823
1,640
1,488
+11.2%
Operating income
702
686
694
+2.2%
Operating margin
8.9%
9.5%
10.2%
Interest expense
18.4
13.9
5.8
+32.4%
Pre-tax income
683
673
688
+1.6%
Income tax
151
250
251
-39.6%
Effective tax rate
22.1%
37.2%
36.5%
Net income
532
423
437
+26.0%
Net margin
6.7%
5.8%
6.4%
Diluted EPS
$0.86
$0.66
$0.65
+30.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
694
631
651
+10.0%
Capital expenditure
279
250
226
+11.2%
Free cash flow
416
381
425
+9.1%
Free cash flow margin
5.3%
5.3%
6.3%
Cash from investing
-276
-238
-369
Cash from financing
-441
-338
-291
Depreciation and amortisation
177
166
143
+6.9%
Share-based compensation
28.9
29.2
23.6
-1.0%
Buybacks
350
369
332
-5.3%
Dividends paid
147
134
122
+9.9%
Dividend per share
$0.24
$0.21
$0.18
+14.3%
Diluted shares, weighted
617m
641m
669m
-3.7%
Shares outstanding at period end
609m
627m
654m
-2.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,562
1,419
1,453
+10.1%
Debt
407
426
274
-4.4%
Operating lease liabilities
0.0
n/a
n/a
Finance lease liabilities
29.3
n/a
n/a
Other liabilities
1,087
1,024
948
+6.1%
Total liabilities and equity
3,085
2,869
2,675
+7.5%
Fixed assets
1,134
1,045
962
+8.6%
Goodwill
10.3
93.2
94.4
-89.0%
Cash and equivalents
86.3
109
53.9
-20.9%
Inventory
1,590
1,453
1,370
+9.4%
Other assets
265
169
195
+56.9%
Total assets
3,085
2,869
2,675
+7.5%
10-K for the year ended 29 December 2018, filed 20 February 2020: the filing.