Tractor Supply (TSCO) Q2 FY2026 earnings: revenue $4.5 billion, up 2.3% on the year

Tractor Supply Co. (TSCO) reported revenue of $4.5 billion for Q2 FY2026, the quarter ended 27 June 2026, up 2.3% on the same quarter a year earlier. Net income was $361 million, down 16.1% on the year, and diluted earnings per share $0.69. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue

$4.5 billion

+2.3% on the year · +26.4% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

10.3%

13.0% a year earlier

Q3 FY2024Q2 FY2026

Net income

$361 million

-16.1% on the year · +119.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.69

-14.8% on the year · +122.6% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 5 lowered, 3 new.

Comparable sales fell on fewer transactions: Comparable store sales decreased 1.5%, with transaction count down 1.7% and average ticket up 0.2%, against a 1.5% increase a year earlier.
Diluted EPS fell 14.9%: Diluted EPS was $0.69, compared with $0.81 a year earlier, a decrease of 14.9%.
About 75 Petsense stores to close: A $5.9 million inventory write-down was recorded for the planned closure of about 75 Petsense stores, within the restructuring of that business.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	4,541	3,592	4,440	+26.4%	+2.3%
Cost of revenue	2,859	2,291	2,800	+24.8%	+2.1%
Gross profit	1,683	1,301	1,640	+29.3%	+2.6%
Gross margin	37.1%	36.2%	36.9%
Selling, general and administrative	1,022	941	940	+8.6%	+8.7%
Operating income	467	233	578	+100.1%	-19.2%
Operating margin	10.3%	6.5%	13.0%
Interest expense	17.1	19.1	18.0	-10.5%	-4.9%
Pre-tax income	450	214	560	+110.0%	-19.6%
Income tax	89.3	49.8	130	+79.3%	-31.2%
Effective tax rate	19.8%	23.2%	23.2%
Net income	361	165	430	+119.2%	-16.1%
Net margin	7.9%	4.6%	9.7%
Diluted EPS	$0.69	$0.31	$0.81	+122.6%	-14.8%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	562	91.1	786	+516.8%	-28.5%
Capital expenditure	233	203	210	+15.1%	+10.8%
Free cash flow	329	-111	575		-42.8%
Free cash flow margin	7.2%	-3.1%	13.0%
Cash from investing	-324	-171	-188
Cash from financing	-230	110	-604
Depreciation and amortisation	131	127	122	+3.4%	+7.2%
Share-based compensation	15.5	17.6	12.7	-11.9%	+22.3%
Buybacks	136	118	72.8	+14.9%	+86.2%
Dividends paid	126	126	122	-0.6%	+3.0%
Dividend per share	$0.24	$0.24	$0.23	0.0%	+4.3%
Diluted shares, weighted	525m	528m	532m	-0.7%	-1.4%
Shares outstanding at period end	522m	526m	530m	-0.7%	-1.5%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	2,632	2,514	2,490	+4.7%	+5.7%
Debt	2,154	2,126	1,673	+1.3%	+28.7%
Operating lease liabilities	3,874	3,786	3,444	+2.3%	+12.5%
Finance lease liabilities	42.9	35.2	26.3	+22.1%	+63.1%
Other liabilities	3,459	3,202	2,925	+8.0%	+18.3%
Total liabilities and equity	12,162	11,662	10,559	+4.3%	+15.2%
Fixed assets	3,224	3,132	2,885	+2.9%	+11.8%
Goodwill	425	n/a	347		+22.5%
Intangible assets	80.8	n/a	n/a
Cash and equivalents	232	224	226	+3.3%	+2.6%
Inventory	3,518	3,584	3,090	-1.8%	+13.9%
Other assets	4,682	4,722	4,011	-0.9%	+16.7%
Total assets	12,162	11,662	10,559	+4.3%	+15.2%

Questions

What was Tractor Supply's revenue in Q2 FY2026?

Tractor Supply (TSCO) reported revenue of $4.5 billion for Q2 FY2026, the quarter ended 27 June 2026, up 2.3% on the same quarter a year earlier.

How much did Tractor Supply earn in Q2 FY2026?

Net income for Q2 FY2026 was $361 million, down 16.1% on the year, and diluted earnings per share $0.69.

When did Tractor Supply report Q2 FY2026 results?

Tractor Supply filed its 10-Q for the quarter ended 27 June 2026 with the SEC on 6 August 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 27 June 2026, filed 6 August 2026: the filing.