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Tractor Supply Company
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NASDAQ: TSCO Consumer Discretionary Consumer 🔎 Screen
S&P 500
$18.2B
Market Cap
14.7
P/E
2.16
PEG
15.0%
ROCE
39.5%
ROE
2.49
D/E
9.0%
OPM
-38.7%
% from 52W High
28
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for TSCO including FX impact
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📈 Price History
Ratio Health
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About

Tractor Supply Company operates as a rural lifestyle retailer in the United States. The company provides various merchandise, including livestock and equine feed and equipment, poultry, fencing, and sprayers and chemicals; companion animal products, such as food, treats, and equipment for dogs, cats, and other small animals, as well as dog wellness products; seasonal and recreation products comprising tractors and riders, lawn and garden, bird feeding, power equipment, and other recreational products; truck, tool, and hardware products, such as truck accessories, trailers, generators, lubricants, batteries, and hardware and tools; and clothing, gift, and décor products consist of clothing, footwear, toys, snacks, and decorative merchandise. It offers its products under the 4health, Paws & Claws, American Farmworks, Producer’s Pride, Bit & Bridle, Red Shed, Blue Mountain, Redstone, C.E. Schmidt, Retriever, Country Lane, Ridgecut, Countyline, Royal Wing, Country Tuff, Strive, Dumor, Traveller, Farm Table, Treeline, Groundwork, TSC Tractor Supply Co, Huskee, Untamed, JobSmart, and Impeckable brand names. The company operates its retail stores under the Tractor Supply Company, Petsense by Tractor Supply, and Orscheln Farm and Home names; and operates websites under the TractorSupply.com and Petsense.com names. It sells its products to recreational farmers, ranchers, and others. Tractor Supply Company was founded in 1938 and is based in Brentwood, Tennessee.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding TSCO
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 197.7K $9.0M 0.01% Mar 2026
Steve Cohen Point72 Asset Management 76.2K $3.5M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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🎙 Management Tone Mixed ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →
📊 MIXED Tractor Supply: Q1 net sales $3.59B, comps +0.5%, record 40 new stores.
Revenue & Profitability
Net sales increased 3.6% to $3.59 billion. Comparable store sales were up 0.5%, with average ticket rising 1.6% and transactions declining 1%. Diluted earnings per share were $0.31. Gross margin was 36.2%, flat year-over-year. SG&A expense rose 6.1% to $1.07 billion, representing 29.7% of sales, deleveraging 70 basis points due to fixed costs, strategic investments, and accelerated new store openings. The company reaffirmed full-year 2026 guidance.
Outlook
Management described the retail environment as cautious but stable, with consumers prioritizing needs and small indulgences and consolidating trips. The farm and ranch market has slowed but Tractor Supply continues to gain share. The pet category faces structural headwinds from declining dog ownership (from 96M dogs in 2023 to ~92M in 2025), a shift toward fresh/premium nutrition, and growth in cat ownership. Weather was neutral in Q1, but the company expects a normal seasonal ramp through the year.
Growth Drivers
Key growth levers include new store openings (record 40 in Q1), a strong digital business with double-digit growth, and localization efforts (200+ stores delivering outperformance). In pet, expansion of fresh/frozen offerings (from ~80 stores to 700 by year-end), increased cat assortment, and relaunch of the Retriever brand in Q3 are expected to drive improvement. Seasonal categories, particularly live goods, zero-turn mowers, and Chick Days, are performing well. The Final Mile delivery network (200 hubs opened, 176 planned in 2026) is enabling larger orders and reducing cost to serve.
Balance Sheet & CapEx
The company is investing in its 11th distribution center, which is on schedule to begin shipping in early Q4 2026, with approximately $10 million of incremental expense expected, primarily in the second half. Investments continue in strategic initiatives including the Final Mile delivery network, direct sales force expansion, and technology upgrades for digital and subscription services. No specific CapEx dollar guidance was provided on the call.
Margins
Gross margin was 36.2% in Q1, flat year-over-year, with supply chain efficiencies offsetting tariff cost pressure, digital mix, and freight inflation. SG&A deleveraged 70 basis points to 29.7% of sales due to fixed costs, strategic investments, and accelerated new store openings. Management expects gross margin to strengthen in the second half as comparisons ease and the new distribution center begins operations. The company expects first-half SG&A deleverage to be higher, with more normalized levels in the back half.
Key Risks
Key risks outlined include ongoing tariff cost pressure, cost inflation, and freight headwinds, which management continues to actively manage. The pet category faces structural headwinds from declining dog ownership (from 96M in 2023 to ~92M in 2025) and shift to fresh/premium nutrition. Consumer behavior remains cautious with trip consolidation and cautious use of tax refunds. Weather patterns also pose a risk, with a delayed spring in the North impacting seasonal sales. The company's guidance does not assume any incremental benefit from tariff refunds.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-23
Q2 2026 saw 2% sales growth but a 1.5% comp sales decline, with May's adverse conditions impacting big ticket and discretionary categories. Strategic actions include closing 75 Petsense stores, expanding pet services, and reallocating capital to remodels and delivery. Guidance for 2026 was lowered, with a new long-term framework to be provided after Q4.
Q1 2026 Q1 2026 2026-04-21
Net sales grew 3.6% to $3.59B, driven by new stores and strong digital growth, while companion animal sales lagged due to industry headwinds. Gross margin held steady, and full-year guidance was reaffirmed, with sequential improvement expected as seasonal categories ramp up.
Q4 2025 Q4 2025 2026-01-29
Fourth quarter results were below expectations due to a quiet storm season and softer discretionary demand, but essential categories and digital sales remained strong. For 2026, sales growth of 4%-6% and comp sales growth of 1%-3% are expected, with continued investment in new stores, digital, and supply chain initiatives.
Q3 2025 Q3 2025 2025-10-23
Q3 saw record net sales and strong comp growth, driven by robust customer engagement and digital sales. Guidance for FY2025 was narrowed, with Q4 performance hinging on winter weather. Strategic initiatives like Direct Sales and retail media are ramping, supporting long-term growth.
Q2 2025 Q2 2025 2025-07-24
Record Q2 sales and net income were driven by strong core category performance, digital growth, and customer engagement. Guidance for 2025 was reaffirmed, with expectations for accelerating comparable sales in the second half, despite ongoing macro and tariff risks.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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No Investment Recommendation:
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Information Sources:
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