Tractor Supply (TSCO) Q1 FY2026 earnings: revenue $3.6 billion, up 3.6% on the year

Tractor Supply Co. (TSCO) reported revenue of $3.6 billion for Q1 FY2026, the quarter ended 28 March 2026, up 3.6% on the same quarter a year earlier. Net income was $165 million, down 8.3% on the year, and diluted earnings per share $0.31. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2026.

Revenue

$3.6 billion

+3.6% on the year · -7.9% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

6.5%

7.2% a year earlier

Q2 FY2024Q1 FY2026

Net income

$165 million

-8.3% on the year · -27.7% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.31

-8.8% on the year · -27.9% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 kept.

New stores drove sales growth: Net sales rose 3.6% to $3.59 billion. Management said new store openings were the main driver, with comparable store sales contributing less.
Comparable sales rose 0.5%: Comparable store sales increased 0.5%, against a 0.9% decrease in the prior year's first quarter.
Operating income and EPS declined: Operating income fell 6.3% to $233.4 million. Net income fell 8.3% to $164.5 million, and diluted EPS was $0.31 against $0.34.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,592	3,898	3,467	-7.9%	+3.6%
Cost of revenue	2,291	2,528	2,212	-9.4%	+3.6%
Gross profit	1,301	1,370	1,255	-5.0%	+3.6%
Gross margin	36.2%	35.1%	36.2%
Selling, general and administrative	941	944	886	-0.3%	+6.2%
Operating income	233	298	249	-21.6%	-6.3%
Operating margin	6.5%	7.6%	7.2%
Interest expense	19.1	16.9	19.6	+13.4%	-2.7%
Pre-tax income	214	281	229	-23.7%	-6.6%
Income tax	49.8	53.5	50.1	-6.9%	-0.7%
Effective tax rate	23.2%	19.0%	21.8%
Net income	165	227	179	-27.7%	-8.3%
Net margin	4.6%	5.8%	5.2%
Diluted EPS	$0.31	$0.43	$0.34	-27.9%	-8.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	91.1	325	217	-71.9%	-58.0%
Capital expenditure	203	266	141	-23.7%	+43.4%
Free cash flow	-111	59.3	75.5
Free cash flow margin	-3.1%	1.5%	2.2%
Cash from investing	-171	-102	-261
Cash from financing	110	-214	24.5		+350.4%
Depreciation and amortisation	127	128	120	-0.9%	+5.4%
Share-based compensation	17.6	15.8	13.2	+11.3%	+33.3%
Buybacks	118	119	95.1	-1.1%	+24.1%
Dividends paid	126	121	122	+4.1%	+3.3%
Dividend per share	$0.24	$0.23	$0.23	+4.3%	+4.3%
Diluted shares, weighted	528m	530m	534m	-0.4%	-1.1%
Shares outstanding at period end	526m	527m	531m	-0.3%	-1.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	2,514	2,581	2,239	-2.6%	+12.3%
Debt	2,126	1,765	2,083	+20.4%	+2.1%
Operating lease liabilities	3,786	3,692	3,248	+2.5%	+16.5%
Finance lease liabilities	35.2	30.7	24.3	+14.4%	+44.7%
Other liabilities	3,202	2,865	2,791	+11.8%	+14.7%
Total liabilities and equity	11,662	10,934	10,385	+6.7%	+12.3%
Fixed assets	3,132	3,027	2,752	+3.5%	+13.8%
Goodwill	n/a	347	n/a
Intangible assets	n/a	52.0	n/a
Cash and equivalents	224	194	232	+15.5%	-3.2%
Inventory	3,584	3,084	3,214	+16.2%	+11.5%
Other assets	4,722	4,230	4,188	+11.6%	+12.8%
Total assets	11,662	10,934	10,385	+6.7%	+12.3%

Questions

What was Tractor Supply's revenue in Q1 FY2026?

Tractor Supply (TSCO) reported revenue of $3.6 billion for Q1 FY2026, the quarter ended 28 March 2026, up 3.6% on the same quarter a year earlier.

How much did Tractor Supply earn in Q1 FY2026?

Net income for Q1 FY2026 was $165 million, down 8.3% on the year, and diluted earnings per share $0.31.

When did Tractor Supply report Q1 FY2026 results?

Tractor Supply filed its 10-Q for the quarter ended 28 March 2026 with the SEC on 7 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,319	3,024	3,903	3,271	4,006	3,299	4,185	3,412	3,660	3,395	4,247	3,468	3,774	3,467	4,440	3,719	3,898	3,592	4,541	3,910
Cost of revenue	2,199	1,968	2,517	2,105	2,643	2,129	2,670	2,162	2,367	2,174	2,691	2,178	2,444	2,212	2,800	2,330	2,528	2,291	2,859	2,486
Gross profit	1,121	1,057	1,386	1,166	1,364	1,170	1,515	1,250	1,293	1,221	1,556	1,290	1,330	1,255	1,640	1,389	1,370	1,301	1,683	1,425
Gross margin	34%	35%	36%	36%	34%	35%	36%	37%	35%	36%	37%	37%	35%	36%	37%	37%	35%	36%	37%	36%
SG&A	752	735	778	772	910	828	853	819	856	853	885	852	891	886	940	922	944	941	1,022	984
Operating income	293	244	525	306	359	244	559	341	334	263	561	325	318	249	578	343	298	233	467	308
Operating margin	9%	8%	13%	9%	9%	7%	13%	10%	9%	8%	13%	9%	8%	7%	13%	9%	8%	6%	10%	8%
Interest expense	6.5	7.1	7.1	6.2	10.2	12.7	12.3	9.5	11.9	11.9	11.6	13.9	17.2	19.6	18.0	14.7	16.9	19.1	17.1	19.4
Pre-tax income	287	237	518	300	349	232	547	331	322	251	550	311	301	229	560	328	281	214	450	288
Tax rate	23%	21%	23%	22%	22%	21%	23%	23%	23%	21%	23%	22%	21%	22%	23%	21%	19%	23%	20%	22%
Net income	221	187	396	234	271	183	421	255	248	198	425	241	236	179	430	259	227	165	361	225
Net margin	7%	6%	10%	7%	7%	6%	10%	7%	7%	6%	10%	7%	6%	5%	10%	7%	6%	5%	8%	6%
Diluted EPS	$0.38	$0.33	$0.71	$0.42	$0.49	$0.33	$0.77	$0.47	$0.46	$0.37	$0.79	$0.45	$0.44	$0.34	$0.81	$0.49	$0.43	$0.31	$0.69	$0.43
Operating cash flow	267	59.1	567	0.7	731	19.6	763	156	396	257	560	86.3	517	217	786	308	325	91.1	562	229
Capital expenditure	246	112	153	186	322	158	192	177	227	157	193	188	246	141	210	278	266	203	233	216
Free cash flow	20.8	-53.3	414	-185	408	-138	571	-21.5	169	100	367	-102	271	75.5	575	30.3	59.3	-111	329	13.6
Buybacks	201	296	188	124	92.0	183	157	137	117	118	141	151	151	95.1	72.8	74.0	119	118	136	89.1
Dividends paid	59.2	103	103	102	102	113	113	112	111	119	119	118	117	122	122	122	121	126	126	125
Shares outstanding	566m	560m	556m	553m	551m	548m	545m	542m	540m	539m	537m	535m	532m	531m	530m	529m	527m	526m	522m	519m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 28 March 2026, filed 7 May 2026: the filing.