Tractor Supply (TSCO) FY2019 results: revenue $8.4 billion, up 5.6% on the year
Tractor Supply Co. (TSCO) reported revenue of $8.4 billion for fiscal 2019, the year ended 28 December 2019, up 5.6% on the year before. Net income was $562 million, up 5.6%, and diluted earnings per share $0.93. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$8.4 billion
+5.6% on the year
FY2012FY2019
Operating margin
8.9%
8.9% a year earlier
FY2012FY2019
Net income
$562 million
+5.6% on the year
FY2012FY2019
Diluted EPS
$0.93
+8.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
8,352
7,911
7,256
+5.6%
Cost of revenue
5,480
5,209
4,764
+5.2%
Gross profit
2,872
2,703
2,492
+6.3%
Gross margin
34.4%
34.2%
34.3%
Selling, general and administrative
1,933
1,823
1,640
+6.0%
Operating income
743
702
686
+5.9%
Operating margin
8.9%
8.9%
9.5%
Interest expense
19.8
18.4
13.9
+8.1%
Pre-tax income
723
683
673
+5.9%
Income tax
161
151
250
+6.6%
Effective tax rate
22.3%
22.1%
37.2%
Net income
562
532
423
+5.6%
Net margin
6.7%
6.7%
5.8%
Diluted EPS
$0.93
$0.86
$0.66
+8.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
812
694
631
+16.9%
Capital expenditure
217
279
250
-21.9%
Free cash flow
594
416
381
+42.9%
Free cash flow margin
7.1%
5.3%
5.3%
Cash from investing
-215
-276
-238
Cash from financing
-599
-441
-338
Depreciation and amortisation
196
177
166
+10.5%
Share-based compensation
31.1
28.9
29.2
+7.7%
Buybacks
533
350
369
+52.5%
Dividends paid
163
147
134
+10.6%
Dividend per share
$0.27
$0.24
$0.21
+13.3%
Diluted shares, weighted
604m
617m
641m
-2.2%
Shares outstanding at period end
591m
609m
627m
-3.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,567
1,562
1,419
+0.3%
Debt
396
407
426
-2.7%
Operating lease liabilities
2,001
0.0
n/a
Finance lease liabilities
30.4
29.3
n/a
+3.8%
Other liabilities
1,294
1,087
1,024
+19.1%
Total liabilities and equity
5,289
3,085
2,869
+71.4%
Fixed assets
1,164
1,134
1,045
+2.6%
Goodwill
10.3
10.3
93.2
0.0%
Cash and equivalents
84.2
86.3
109
-2.4%
Inventory
1,603
1,590
1,453
+0.8%
Other assets
2,428
265
169
+817.3%
Total assets
5,289
3,085
2,869
+71.4%
10-K for the year ended 28 December 2019, filed 20 February 2020: the filing.