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Tractor Supply (TSCO) FY2025 results: revenue $15.5 billion, up 4.3% on the year

Tractor Supply Co. (TSCO) reported revenue of $15.5 billion for fiscal 2025, the year ended 27 December 2025, up 4.3% on the year before. Net income was $1.1 billion, down 0.5%, and diluted earnings per share $2.06. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$15.5 billion
+4.3% on the year
FY2018FY2025
Operating margin
9.5%
9.9% a year earlier
FY2018FY2025
Net income
$1.1 billion
-0.5% on the year
FY2018FY2025
Diluted EPS
$2.06
+1.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 8 new.

  • Fourth quarter sales rose 3.3%: Net sales rose 3.3% to $3.90 billion from $3.77 billion. Comparable store sales rose 0.3%, against 0.6% a year earlier. Diluted EPS was $0.43, down 2.7% from $0.44.
  • Results below management's expectations: Management said fourth quarter results came in below its expectations, reflecting a shift in consumer spending.
  • Consumables offset weaker discretionary sales: Consumable, usable and edible products stayed strong. The lack of emergency-response demand and pressure in discretionary categories, including big-ticket items, partly offset that strength.
  • SG&A rose to 27.5% of sales: SG&A including depreciation and amortization rose 6.0% to $1.07 billion. Management attributed the rise to planned investments and fixed cost deleverage, partly offset by productivity and cost control.
  • Net sales and EPS guided higher: Management guided fiscal 2026 net sales growth of 4% to 6% and diluted EPS of $2.13 to $2.23.
Read the Q4 FY2025 earnings call summary

From this 10-K

Tractor Supply is the largest rural lifestyle retailer in the United States, selling to recreational farmers, ranchers, homesteaders and animal and pet owners under the Tractor Supply Company and Petsense by Tractor Supply names. Its stores sit mainly in towns outlying major metropolitan markets and in rural communities, and it sells online through TractorSupply.com, Petsense.com, Allivet.com and its mobile application. There is one reportable segment. On 30 December 2024 it completed the acquisition of Allivet, an online pet pharmacy, buying 100% of the equity for $135.0 million in cash from the balance sheet.

Tractor Supply Co., the 10-K for 2025

Tractor Supply is the largest rural lifestyle retailer in the United States, selling to recreational farmers, ranchers, homesteaders and animal and pet owners under the Tractor Supply Company and Petsense by Tractor Supply names. Its stores sit mainly in towns outlying major metropolitan markets and in rural communities, and it sells online through TractorSupply.com, Petsense.com, Allivet.com and its mobile application. There is one reportable segment. On 30 December 2024 it completed the acquisition of Allivet, an online pet pharmacy, buying 100% of the equity for $135.0 million in cash from the balance sheet.

The stores

2,602 retail stores in 49 states at 27 December 2025, made up of 2,395 Tractor Supply stores and 207 Petsense stores. A Tractor Supply store typically runs 15,000 to 20,000 square feet of inside selling space with outside space called the Side Lot or Garden Center, while a Petsense store has approximately 5,500 square feet inside. A remodel programme running since 2020 reallocates space category by category, and a separate effort is widening the Side Lot into more lawn and garden ranges and drive-thru collection. Buy online and pick up in store, ship to store, curbside collection and store delivery all run from the store base.

What is sold

Approximately 17,000 to 25,000 products per store and over 300,000 online, with no single product more than 10% of sales in fiscal 2025. By share of net sales in fiscal 2025, livestock, equine and agriculture was 27%, companion animal 24%, seasonal and recreation 24%, truck, tool and hardware 15%, and clothing, gift and decor 10%. The buying emphasis is on consumable, usable and edible goods that customers come back for, such as livestock feed and bedding, pet food, bird seed, lubricants, propane, fertiliser, weed control, mulch, pest control and twine.

Owned brands

Alongside national brands the company sells its own brands and exclusively licensed product categories, which together were approximately 30% of total sales in fiscal 2025 against 29% in each of the two prior years. The owned brands include 4health and Retriever in pet food, Producer's Pride and Dumor in livestock and horse feed, Countyline and American Farmworks in farm and ranch equipment, Groundwork in lawn and garden, Huskee in outdoor power equipment, Traveller in truck and automotive products, Royal Wing in bird feed, and Blue Mountain, Ridgecut, Bit & Bridle and C.E. Schmidt in apparel and footwear.

Buying and distribution

Products come from over 1,100 vendors, no one of them more than 10% of purchases in fiscal 2025, with approximately 425 core vendors accounting for 90% of merchandise purchases. Distribution facilities in Arizona, Arkansas, Georgia, Indiana, Kentucky, Maryland, Nebraska, New York, Ohio and Texas give approximately 7.8 million square feet of capacity, supplemented by third-party import centres, mixing centres and pop-up facilities. The company states that a new distribution centre under construction at Nampa, Idaho will expand capacity by approximately 865,000 square feet. Inbound and outbound transport is managed in-house using multiple common carriers, and the Final Mile delivery service supports direct and digital sales.

Loyalty and people

Pricing follows an everyday low price philosophy with limited planned promotions, and the Neighbor's Club loyalty programme is the main tool for recognising repeat customers and personalising offers, supported by Life Out Here brand messaging through digital and social media, connected television and email. Vendors often fund those programmes with temporary cost reductions and in-store support. The company employed approximately 26,000 full-time and 26,000 part-time team members at 27 December 2025, adds part-time staff in high volume periods, and is not party to any collective bargaining agreements.

From Tractor Supply's annual report on Form 10-K for the year ended 27 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue15,52414,88314,556+4.3%
Cost of revenue9,8709,4879,328+4.0%
Gross profit5,6555,3975,228+4.8%
Gross margin36.4%36.3%35.9%
Selling, general and administrative3,6933,4823,356+6.1%
Operating income1,4671,4681,479-0.0%
Operating margin9.5%9.9%10.2%
Interest expense69.154.646.5+26.7%
Pre-tax income1,3981,4131,432-1.0%
Income tax302312325-3.1%
Effective tax rate21.6%22.1%22.7%
Net income1,0961,1011,107-0.5%
Net margin7.1%7.4%7.6%
Diluted EPS$2.06$2.04$2.02+1.0%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,6351,4211,334+15.1%
Capital expenditure895784754+14.1%
Free cash flow740637580+16.3%
Free cash flow margin4.8%4.3%4.0%
Cash from investing-779-644-653
Cash from financing-914-922-486
Depreciation and amortisation494447393+10.5%
Share-based compensation57.148.457.0+18.0%
Buybacks361561594-35.6%
Dividends paid488472450+3.2%
Dividend per share$0.92$0.88$0.82+4.5%
Diluted shares, weighted532m540m549m-1.4%
Shares outstanding at period end527m532m540m-1.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,5812,2702,150+13.7%
Debt1,7651,8321,729-3.7%
Operating lease liabilities3,6923,1642,903+16.7%
Finance lease liabilities30.728.031.4+9.8%
Other liabilities2,8652,5112,375+14.1%
Total liabilities and equity10,9349,8059,188+11.5%
Fixed assets3,0272,7272,437+11.0%
Goodwill347246246+40.7%
Intangible assets52.023.123.1+125.1%
Cash and equivalents194251397-22.8%
Inventory3,0842,8402,646+8.6%
Other assets4,2303,7173,439+13.8%
Total assets10,9349,8059,188+11.5%

10-K for the year ended 27 December 2025, filed 19 February 2026: the filing.