NASDAQ : TSCO
Tractor Supply Company — Financial statements
Consumer Discretionary · Specialty Retail · United States
Last price 33.94 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 17.68B
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Financial statements
Tractor Supply Company (TSCO) reported revenue of 15.94B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 15.94B | 15.52B | 14.88B | 14.56B | 14.20B | 12.73B |
| Cost of Revenue | 10.16B | 9.87B | 9.49B | 9.33B | 9.23B | 8.25B |
| Gross Profit | 5.78B | 5.65B | 5.40B | 5.23B | 4.97B | 4.48B |
| Selling, General & Admin | 3.89B | 3.69B | 3.48B | 3.36B | 3.19B | 2.90B |
| Operating Expenses | 4.41B | 4.19B | 3.93B | 3.75B | 3.54B | 3.17B |
| Operating Income | 1.37B | 1.47B | 1.47B | 1.48B | 1.43B | 1.31B |
| Interest Expense | -72.45M | -69.14M | -54.59M | -46.51M | -30.63M | -26.61M |
| EBT Excluding Unusual Items | 1.30B | 1.40B | 1.41B | 1.43B | 1.40B | 1.28B |
| Impairment of Goodwill | -33.20M | |||||
| Asset Writedown | -29.55M | |||||
| Pretax Income | 1.23B | 1.40B | 1.41B | 1.43B | 1.40B | 1.28B |
| Income Tax Expense | 256.24M | 302.16M | 311.70M | 325.18M | 315.60M | 282.97M |
| Net Income | 977.32M | 1.10B | 1.10B | 1.11B | 1.09B | 997.11M |
| Net Income to Common | 977.32M | 1.10B | 1.10B | 1.11B | 1.09B | 997.11M |
| Shares Outstanding (Basic) | 524.76M | 529.96M | 536.95M | 545.48M | 556.68M | 573.97M |
| Shares Outstanding (Diluted) | 526.21M | 532.18M | 539.65M | 548.73M | 560.74M | 579.12M |
| EPS (Basic) | 1.86 | 2.07 | 2.05 | 2.03 | 1.96 | 1.74 |
| EPS (Diluted) | 1.86 | 2.06 | 2.04 | 2.02 | 1.94 | 1.72 |
| Free Cash Flow | 290.26M | 740.49M | 636.79M | 580.15M | 583.61M | 510.29M |
| Free Cash Flow Per Share | 0.55 | 1.39 | 1.18 | 1.06 | 1.04 | 0.88 |
| Dividend Per Share | 0.95 | 0.92 | 0.88 | 0.82 | 0.74 | 0.42 |
| Gross Margin | 36.25% | 36.42% | 36.26% | 35.92% | 35.00% | 35.17% |
| Operating Margin | 8.59% | 9.45% | 9.86% | 10.16% | 10.10% | 10.26% |
| Profit Margin | 6.13% | 7.06% | 7.40% | 7.61% | 7.66% | 7.83% |
| Free Cash Flow Margin | 1.82% | 4.77% | 4.28% | 3.99% | 4.11% | 4.01% |
| EBITDA | 1.89B | 1.96B | 1.91B | 1.87B | 1.78B | 1.58B |
| EBITDA Margin | 11.84% | 12.63% | 12.86% | 12.86% | 12.52% | 12.39% |
| D&A For EBITDA | 518.14M | 494.01M | 447.16M | 393.05M | 343.06M | 270.16M |
| EBIT | 1.37B | 1.47B | 1.47B | 1.48B | 1.43B | 1.31B |
| EBIT Margin | 8.59% | 9.45% | 9.86% | 10.16% | 10.10% | 10.26% |
| Effective Tax Rate | 20.77% | 21.61% | 22.06% | 22.70% | 22.47% | 22.11% |
| Advertising Expenses | 107.70M | 95.20M | 87.10M | 94.60M | 95.40M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 198.88M | 194.11M | 251.49M | 397.07M | 202.50M | 878.03M |
| Cash & Short-Term Investments | 198.88M | 194.11M | 251.49M | 397.07M | 202.50M | 878.03M |
| Other Receivables | 195.59M | 27.05M | 21.64M | 2.46M | 17.10M | |
| Receivables | 195.59M | 27.05M | 21.64M | 2.46M | 17.10M | |
| Inventory | 3.62B | 3.08B | 2.84B | 2.65B | 2.71B | 2.19B |
| Prepaid Expenses | 218.28M | 202.56M | 196.61M | 218.55M | 245.68M | 164.12M |
| Total Current Assets | 4.23B | 3.51B | 3.31B | 3.26B | 3.16B | 3.25B |
| Property, Plant & Equipment | 7.45B | 6.96B | 6.14B | 5.58B | 5.04B | 4.40B |
| Goodwill | 346.72M | 246.42M | 246.42M | 230.16M | 32.42M | |
| Other Intangible Assets | 501.40M | 52.03M | 23.10M | 23.10M | 23.10M | 23.10M |
| Long-Term Deferred Tax Assets | 2.44M | |||||
| Other Long-Term Assets | 71.13M | 62.16M | 83.17M | 75.54M | 41.54M | 55.41M |
| Total Assets | 12.25B | 10.93B | 9.81B | 9.19B | 8.49B | 7.77B |
| Accounts Payable | 1.66B | 1.39B | 1.24B | 1.18B | 1.40B | 1.16B |
| Accrued Expenses | 930.74M | 768.32M | 682.82M | 624.51M | 618.88M | 559.53M |
| Current Portion of Leases | 479.07M | 455.29M | 400.19M | 372.77M | 349.58M | 325.18M |
| Current Income Taxes Payable | 9.47M | |||||
| Other Current Liabilities | 24.50M | |||||
| Total Current Liabilities | 3.07B | 2.61B | 2.32B | 2.18B | 2.38B | 2.06B |
| Long-Term Debt | 2.23B | 1.76B | 1.83B | 1.73B | 1.16B | 986.38M |
| Long-Term Leases | 4.01B | 3.72B | 3.19B | 2.93B | 2.76B | 2.61B |
| Long-Term Deferred Tax Liabilities | 110.48M | 95.04M | 44.32M | 60.03M | 30.77M | |
| Other Long-Term Liabilities | 169.89M | 155.32M | 147.41M | 138.06M | 120.00M | 105.85M |
| Total Liabilities | 9.59B | 8.35B | 7.54B | 7.04B | 6.45B | 5.76B |
| Common Stock | 7.14M | 7.13M | 7.12M | 7.09M | 1.42M | 1.41M |
| Additional Paid-In Capital | 1.49B | 1.44B | 1.38B | 1.31B | 1.26B | 1.21B |
| Retained Earnings | 7.89B | 7.52B | 6.91B | 6.28B | 5.62B | 4.95B |
| Treasury Stock | -6.73B | -6.39B | -6.03B | -5.46B | -4.86B | -4.16B |
| Comprehensive Income & Other | 1.22M | 6.79M | 11.28M | 1.34M | ||
| Shareholders' Equity | 2.66B | 2.58B | 2.27B | 2.15B | 2.04B | 2.00B |
| Total Liabilities & Equity | 12.25B | 10.93B | 9.81B | 9.19B | 8.49B | 7.77B |
| Total Debt | 6.72B | 5.94B | 5.42B | 5.04B | 4.27B | 3.92B |
| Net Cash (Debt) | -6.52B | -5.75B | -5.17B | -4.64B | -4.07B | -3.04B |
| Net Cash Per Share | -12.39 | -10.80 | -9.59 | -8.45 | -7.25 | -5.25 |
| Filing Date Shares Outstanding | 520.62M | 526.35M | 531.55M | 539.58M | 550.36M | 563.86M |
| Total Common Shares Outstanding | 520.62M | 527.02M | 532.19M | 539.88M | 551.25M | 565.62M |
| Working Capital | 1.16B | 893.35M | 990.72M | 1.09B | 781.56M | 1.19B |
| Book Value Per Share | 5.11 | 4.90 | 4.27 | 3.98 | 3.71 | 3.54 |
| Tangible Book Value | 2.16B | 2.18B | 2.00B | 1.88B | 1.79B | 1.95B |
| Tangible Book Value Per Share | 4.15 | 4.14 | 3.76 | 3.48 | 3.25 | 3.44 |
| Land | 119.38M | 107.45M | 93.32M | 100.13M | 100.13M | |
| Buildings | 2.58B | 2.43B | 2.09B | 1.75B | 1.52B | |
| Machinery | 1.69B | 1.54B | 1.35B | 1.09B | 900.27M | |
| Construction In Progress | 497.39M | 267.30M | 335.71M | 394.14M | 211.49M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 977.32M | 1.10B | 1.10B | 1.11B | 1.09B | 997.11M |
| Depreciation & Amortization | 518.14M | 494.01M | 447.16M | 393.05M | 343.06M | 270.16M |
| Loss (Gain) From Sale of Assets | -108.85M | -93.06M | -62.50M | -48.01M | 2.16M | 4.04M |
| Asset Writedown & Restructuring Costs | 62.75M | |||||
| Stock-Based Compensation | 64.56M | 57.06M | 48.37M | 57.02M | 53.83M | 47.65M |
| Other Operating Activities | 51.73M | 61.27M | -22.60M | 6.17M | 51.69M | 29.15M |
| Change in Inventory | -361.04M | -225.69M | -194.32M | 40.87M | -349.74M | -407.92M |
| Change in Accounts Payable | 103.73M | 143.43M | 56.37M | -218.83M | 162.34M | 179.53M |
| Change in Income Taxes | -232.31M | -5.94M | -19.17M | -11.93M | 26.57M | -37.04M |
| Change in Other Net Operating Assets | 131.42M | 108.09M | 66.29M | 8.47M | -21.64M | 56.03M |
| Operating Cash Flow | 1.21B | 1.64B | 1.42B | 1.33B | 1.36B | 1.14B |
| Capital Expenditures | -917.19M | -894.77M | -784.05M | -753.88M | -773.37M | -628.43M |
| Sale of Property, Plant & Equipment | 323.95M | 256.09M | 140.13M | 86.50M | 1.04M | 1.09M |
| Cash Acquisitions | -129.84M | -139.90M | -390.76M | |||
| Divestitures | 14.31M | 69.36M | ||||
| Investing Cash Flow | -723.09M | -778.58M | -643.92M | -653.07M | -1.09B | -627.34M |
| Long-Term Debt Issued | 3.12B | 785.00M | 1.77B | 1.01B | ||
| Long-Term Debt Repaid | -3.20B | -689.79M | -1.20B | -836.06M | -4.58M | |
| Net Debt Issued (Repaid) | 488.04M | -72.82M | 95.21M | 567.19M | 173.94M | -4.58M |
| Issuance of Common Stock | 22.33M | 23.56M | 39.36M | 24.40M | 25.54M | 82.25M |
| Repurchase of Common Stock | -475.12M | -377.14M | -584.58M | -618.63M | -728.65M | -813.77M |
| Common Dividends Paid | -498.38M | -487.67M | -472.49M | -449.62M | -409.60M | -239.01M |
| Other Financing Activities | -7.01M | -9.73M | ||||
| Financing Cash Flow | -470.13M | -914.06M | -922.50M | -486.39M | -938.78M | -975.11M |
| Net Cash Flow | 14.24M | -57.38M | -145.58M | 194.57M | -675.53M | -463.73M |
| Free Cash Flow | 290.26M | 740.49M | 636.79M | 580.15M | 583.61M | 510.29M |
| Free Cash Flow Margin | 1.82% | 4.77% | 4.28% | 3.99% | 4.11% | 4.01% |
| Free Cash Flow Per Share | 0.55 | 1.39 | 1.18 | 1.06 | 1.04 | 0.88 |
| Levered Free Cash Flow | 115.28M | 515.10M | 517.70M | 457.51M | 205.33M | 333.06M |
| Unlevered Free Cash Flow | 160.56M | 558.32M | 551.82M | 486.58M | 224.48M | 349.69M |
| Cash Interest Paid | 69.76M | 69.76M | 65.86M | 56.31M | 26.64M | 23.60M |
| Cash Income Tax Paid | 234.92M | 234.92M | 351.46M | 325.22M | 239.13M | 291.67M |
| Change in Working Capital | -358.19M | 19.89M | -90.83M | -181.42M | -182.48M | -209.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 18.40B | 27.15B | 29.15B | 23.25B | 24.85B | 25.98B |
| Enterprise Value | 24.92B | 32.69B | 34.29B | 27.80B | 28.70B | 28.74B |
| Last Close Price | 35.31 | 50.40 | 52.62 | 40.80 | 41.87 | 41.71 |
| PE Ratio | 18.99 | 24.77 | 26.47 | 21.00 | 22.83 | 26.06 |
| Forward PE | 17.52 | 22.64 | 25.30 | 21.04 | 21.55 | 26.91 |
| PS Ratio | 1.15 | 1.75 | 1.96 | 1.60 | 1.75 | 2.04 |
| PB Ratio | 6.91 | 10.52 | 12.84 | 10.81 | 12.17 | 12.97 |
| P/TBV Ratio | 8.52 | 12.44 | 14.57 | 12.36 | 13.89 | 13.34 |
| P/FCF Ratio | 63.38 | 36.67 | 45.77 | 40.07 | 42.58 | 50.91 |
| P/OCF Ratio | 15.24 | 16.61 | 20.51 | 17.43 | 18.31 | 22.82 |
| PEG Ratio | 2.94 | 2.16 | 3.45 | 3.68 | 2.04 | 2.40 |
| EV/Sales Ratio | 1.56 | 2.11 | 2.30 | 1.91 | 2.02 | 2.26 |
| EV/EBITDA Ratio | 13.21 | 16.67 | 17.91 | 14.85 | 16.14 | 18.23 |
| EV/EBIT Ratio | 18.21 | 22.28 | 23.37 | 18.80 | 20.00 | 21.99 |
| EV/FCF Ratio | 85.85 | 44.15 | 53.85 | 47.92 | 49.17 | 56.32 |
| Debt / Equity Ratio | 2.53 | 2.30 | 2.39 | 2.34 | 2.09 | 1.96 |
| Debt / EBITDA Ratio | 2.58 | 2.25 | 2.15 | 2.07 | 1.86 | 1.91 |
| Debt / FCF Ratio | 23.15 | 8.03 | 8.52 | 8.68 | 7.32 | 7.68 |
| Net Debt / Equity Ratio | 2.45 | 2.23 | 2.28 | 2.16 | 1.99 | 1.52 |
| Net Debt / EBITDA Ratio | 3.46 | 2.93 | 2.70 | 2.48 | 2.29 | 1.93 |
| Net Debt / FCF Ratio | 22.47 | 7.76 | 8.12 | 8.00 | 6.97 | 5.96 |
| Asset Turnover | 1.38 | 1.50 | 1.57 | 1.65 | 1.75 | 1.72 |
| Inventory Turnover | 2.96 | 3.33 | 3.46 | 3.48 | 3.77 | 4.15 |
| Quick Ratio | 0.13 | 0.09 | 0.12 | 0.18 | 0.09 | 0.43 |
| Current Ratio | 1.38 | 1.34 | 1.43 | 1.50 | 1.33 | 1.57 |
| Return on Equity (ROE) | 37.35% | 45.18% | 49.83% | 52.82% | 53.83% | 50.79% |
| Return on Assets (ROA) | 7.40% | 8.84% | 9.66% | 10.46% | 11.03% | 11.02% |
| Return on Invested Capital (ROIC) | 11.96% | 14.59% | 16.07% | 17.73% | 19.95% | 22.20% |
| Return on Capital Employed (ROCE) | 14.90% | 17.60% | 19.60% | 21.10% | 23.50% | 22.90% |
| Earnings Yield | 5.27% | 4.04% | 3.78% | 4.76% | 4.38% | 3.84% |
| FCF Yield | 1.58% | 2.73% | 2.19% | 2.50% | 2.35% | 1.96% |
| Dividend Yield | 2.72% | 1.79% | 1.61% | 1.90% | 1.64% | 0.91% |
| Payout Ratio | 51.63% | 44.49% | 42.91% | 40.61% | 37.62% | 23.97% |
| Buyback Yield / Dilution | 1.41% | 1.39% | 1.65% | 2.14% | 3.17% | 1.37% |
| Total Shareholder Return | 4.12% | 3.17% | 3.26% | 4.05% | 4.81% | 2.28% |