Tractor Supply (TSCO) FY2020 results: revenue $10.6 billion, up 27.2% on the year
Tractor Supply Co. (TSCO) reported revenue of $10.6 billion for fiscal 2020, the year ended 26 December 2020, up 27.2% on the year before. Net income was $749 million, up 33.2%, and diluted earnings per share $1.28. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$10.6 billion
+27.2% on the year
FY2013FY2020
Operating margin
9.4%
8.9% a year earlier
FY2013FY2020
Net income
$749 million
+33.2% on the year
FY2013FY2020
Diluted EPS
$1.28
+36.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
10,620
8,352
7,911
+27.2%
Cost of revenue
6,859
5,480
5,209
+25.2%
Gross profit
3,762
2,872
2,703
+31.0%
Gross margin
35.4%
34.4%
34.2%
Selling, general and administrative
2,479
1,933
1,823
+28.3%
Operating income
997
743
702
+34.1%
Operating margin
9.4%
8.9%
8.9%
Interest expense
28.8
19.8
18.4
+45.0%
Pre-tax income
968
723
683
+33.8%
Income tax
219
161
151
+36.1%
Effective tax rate
22.6%
22.3%
22.1%
Net income
749
562
532
+33.2%
Net margin
7.1%
6.7%
6.7%
Diluted EPS
$1.28
$0.93
$0.86
+36.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,395
812
694
+71.8%
Capital expenditure
294
217
279
+35.2%
Free cash flow
1,101
594
416
+85.2%
Free cash flow margin
10.4%
7.1%
5.3%
Cash from investing
-292
-215
-276
Cash from financing
155
-599
-441
Depreciation and amortisation
217
196
177
+10.8%
Share-based compensation
37.3
31.1
28.9
+19.7%
Buybacks
343
533
350
-35.7%
Dividends paid
175
163
147
+7.3%
Dividend per share
$0.30
$0.27
$0.24
+10.3%
Diluted shares, weighted
587m
604m
617m
-2.7%
Shares outstanding at period end
581m
591m
609m
-1.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,924
1,567
1,562
+22.8%
Debt
984
396
407
+148.3%
Operating lease liabilities
2,221
2,001
0.0
+11.0%
Finance lease liabilities
33.1
30.4
29.3
+8.9%
Other liabilities
1,887
1,294
1,087
+45.8%
Total liabilities and equity
7,049
5,289
3,085
+33.3%
Fixed assets
1,249
1,164
1,134
+7.3%
Goodwill
10.3
10.3
10.3
0.0%
Cash and equivalents
1,342
84.2
86.3
+1,492.8%
Inventory
1,783
1,603
1,590
+11.3%
Other assets
2,665
2,428
265
+9.8%
Total assets
7,049
5,289
3,085
+33.3%
10-K for the year ended 26 December 2020, filed 18 February 2021: the filing.