Detailed financial statements for Tractor Supply Company (TSCO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Tractor Supply Company functions as a prominent retailer, catering to the rural lifestyle demographic throughout the United States. Its extensive product catalog encompasses items crucial for the health, well-being, development, and enclosure of equine, livestock, pets, and small animals. Additionally, it stocks a variety of hardware, truck, towing, and tool supplies.
Analysis Summary
Tractor Supply Company reported revenue of $15.52B in the most recent fiscal year, growing at a 5-year CAGR of 7.9%. Net income reached $1.10B, with a 7.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 31.5%, operating margin 8.6%, net margin 6.1%. Free cash flow grew at -7.6% CAGR over 5 years.
At $35.10 (closing price, November 3, 2026), TSCO trades at a P/E of 18.87 and an ROE of 37.64%. Market capitalisation stands at $18.3B, placing it among large-cap names.
Balance sheet quality for TSCO: debt-to-equity ratio of 2.53, current ratio of 1.38 over the last 12 months, net debt of $5.75B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $740.5M represents 68% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.78B | $7.26B | $7.91B | $8.35B | $10.62B | $12.73B | $14.20B | $14.56B | $14.88B | $15.52B |
| Cost of Revenue | $4.45B | $4.76B | $5.21B | $5.48B | $6.86B | $8.25B | $9.23B | $9.33B | $9.49B | $10.36B |
| Gross Profit | $2.33B | $2.49B | $2.70B | $2.87B | $3.76B | $4.48B | $4.97B | $5.23B | $5.40B | $5.16B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.49B | $1.64B | $1.82B | $1.93B | $2.48B | $2.90B | $3.19B | $3.36B | $3.48B | $3.69B |
| Operating Expenses | $1.63B | $1.81B | $2.00B | $2.13B | $2.76B | $3.17B | $3.54B | $3.75B | $3.93B | $3.69B |
| Operating Income | $694.1M | $686.4M | $701.7M | $743.2M | $996.9M | $1.31B | $1.43B | $1.48B | $1.47B | $1.47B |
| EBITDA | $837.0M | $852.2M | $879.1M | $939.2M | $1.21B | $1.58B | $1.78B | $1.87B | $1.91B | $1.96B |
| Interest Expense | $5.8M | $13.9M | $18.4M | $19.8M | $28.8M | $26.6M | $30.6M | $46.5M | $54.6M | $69.1M |
| Pre-tax Income | $688.3M | $672.5M | $683.4M | $723.4M | $968.1M | $1.28B | $1.40B | $1.43B | $1.41B | $1.40B |
| Income Tax | $251.2M | $249.9M | $151.0M | $161.0M | $219.2M | $283.0M | $315.6M | $325.2M | $311.7M | $302.2M |
| Net Income | $437.1M | $422.6M | $532.4M | $562.4M | $749.0M | $997.1M | $1.09B | $1.11B | $1.10B | $1.10B |
| EPS | $0.66 | $0.66 | $0.87 | $0.94 | $1.29 | $1.74 | $1.96 | $2.03 | $2.05 | $2.07 |
| EPS (Diluted) | $0.65 | $0.66 | $0.86 | $0.93 | $1.28 | $1.72 | $1.94 | $2.02 | $2.04 | $2.06 |
| Shares Outstanding (Diluted) | 669.1 M | 641.0 M | 617.4 M | 603.7 M | 587.2 M | 579.1 M | 560.7 M | 548.7 M | 539.7 M | 532.2 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $3.90B | $3.59B | $4.54B | $3.91B |
| Gross Profit | $998.0M | $1.17B | $1.55B | $1.29B |
| Operating Income | $297.7M | $233.4M | $529.9M | $307.7M |
| EBITDA | $425.5M | $360.0M | $660.7M | $440.7M |
| Net Income | $227.4M | $164.5M | $360.7M | $224.7M |
| EPS | $0.43 | $0.31 | $0.69 | $0.43 |
| EPS (Diluted) | $0.43 | $0.31 | $0.69 | $0.43 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $53.9M | $109.1M | $86.3M | $84.2M | $1.34B | $878.0M | $202.5M | $397.1M | $251.5M | $194.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $3.7M | $4.8M | $4.1M | 0 | 0 | $17.1M | 0 | $2.5M | $21.6M | $27.0M |
| Inventory | $1.37B | $1.45B | $1.59B | $1.60B | $1.78B | $2.19B | $2.71B | $2.65B | $2.84B | $3.08B |
| Total Current Assets | $1.52B | $1.66B | $1.79B | $1.79B | $3.26B | $3.25B | $3.16B | $3.26B | $3.31B | $3.51B |
| Property, Plant & Equipment | $962.3M | $1.04B | $1.13B | $3.35B | $3.67B | $4.40B | $5.04B | $5.58B | $6.14B | $6.96B |
| Goodwill | $94.4M | $93.2M | $93.2M | $93.2M | $32.4M | $32.4M | $230.2M | $246.4M | $246.4M | $346.7M |
| Intangible Assets | $31.3M | $31.3M | $31.3M | $31.3M | $23.1M | $23.1M | $23.1M | $23.1M | $23.1M | $52.0M |
| Total Assets | $2.67B | $2.87B | $3.09B | $5.29B | $7.05B | $7.77B | $8.49B | $9.19B | $9.81B | $10.93B |
| Accounts Payable | $519.5M | $576.6M | $620.0M | $643.0M | $976.1M | $1.16B | $1.40B | $1.18B | $1.24B | $1.39B |
| Short-term Debt | $10.0M | $25.0M | $26.2M | $30.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $777.2M | $849.2M | $938.1M | $1.25B | $1.74B | $2.06B | $2.38B | $2.18B | $2.32B | $2.61B |
| Long-term Debt | $263.9M | $401.1M | $381.1M | $366.5M | $984.3M | $986.4M | $1.16B | $1.73B | $1.83B | $1.76B |
| Total Liabilities | $1.22B | $1.45B | $1.52B | $3.72B | $5.13B | $5.76B | $6.45B | $7.04B | $7.54B | $8.35B |
| Retained Earnings | $2.54B | $2.83B | $3.21B | $3.61B | $4.19B | $4.95B | $5.62B | $6.28B | $6.91B | $7.52B |
| Total Equity | $1.45B | $1.42B | $1.56B | $1.57B | $1.92B | $2.00B | $2.04B | $2.15B | $2.27B | $2.58B |
| Total Debt | $301.1M | $462.2M | $440.3M | $2.71B | $3.54B | $3.92B | $4.27B | $5.04B | $5.42B | $5.94B |
| Net Debt | $247.1M | $353.1M | $354.0M | $2.62B | $2.20B | $3.04B | $4.07B | $4.64B | $5.17B | $5.75B |
| Working Capital | $740.6M | $806.2M | $856.3M | $540.3M | $1.51B | $1.19B | $781.6M | $1.09B | $990.7M | $893.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $194.1M | $224.3M | $231.6M | $198.9M |
| Total Assets | $10.93B | $11.66B | $12.16B | $12.25B |
| Total Liabilities | $8.35B | $9.15B | $9.53B | $9.59B |
| Total Equity | $2.58B | $2.51B | $2.63B | $2.66B |
| Total Debt | $5.94B | $6.41B | $6.54B | $6.72B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $437.1M | $422.6M | $532.4M | $562.4M | $749.0M | $997.1M | $1.09B | $1.11B | $1.10B | $1.10B |
| Depreciation & Amortization | $143.0M | $165.8M | $177.4M | $196.0M | $217.1M | $270.2M | $343.1M | $393.0M | $447.2M | $494.0M |
| Stock-based Compensation | $23.6M | $29.2M | $28.9M | $31.1M | $37.3M | $47.6M | $53.8M | $57.0M | $48.4M | $57.1M |
| Change in Working Capital | $36.5M | -$13.4M | -$55.6M | $15.8M | $350.0M | -$209.4M | -$182.5M | -$181.4M | -$90.8M | $19.9M |
| Operating Cash Flow | $639.0M | $631.5M | $694.4M | $811.7M | $1.39B | $1.14B | $1.36B | $1.33B | $1.42B | $1.64B |
| Capital Expenditure | -$226.0M | -$250.4M | -$278.5M | -$217.4M | -$294.0M | -$628.4M | -$773.4M | -$753.9M | -$784.0M | -$894.8M |
| Acquisitions | -$143.6M | $1.2M | 0 | 0 | 0 | 0 | -$321.4M | $14.3M | 0 | -$139.9M |
| Stock Repurchased | -$332.6M | -$370.2M | -$351.1M | -$537.1M | -$350.8M | -$813.8M | -$728.7M | -$618.6M | -$584.6M | -$361.3M |
| Dividends Paid | -$122.3M | -$133.8M | -$147.1M | -$162.7M | -$174.7M | -$239.0M | -$409.6M | -$449.6M | -$472.5M | -$487.7M |
| Free Cash Flow | $413.0M | $381.0M | $415.9M | $594.3M | $1.10B | $510.3M | $583.6M | $580.1M | $636.8M | $740.5M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $324.8M | $91.1M | $562.0M | $229.5M |
| Capital Expenditure | -$265.6M | -$202.6M | -$233.1M | -$215.9M |
| Free Cash Flow | $59.3M | -$111.5M | $328.9M | $13.6M |
| Dividends Paid | -$121.4M | -$126.4M | -$125.6M | -$124.9M |
| Stock-based Compensation | $15.8M | $17.6M | $15.5M | $15.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.0% | +9.0% | +5.6% | +27.2% | +19.9% | +11.6% | +2.5% | +2.2% | +4.3% | |
| Net Income Growth (YoY) | -3.3% | +26.0% | +5.6% | +33.2% | +33.1% | +9.2% | +1.7% | -0.5% | -0.5% | |
| EPS Growth (YoY) | +0.6% | +31.1% | +8.3% | +37.0% | +34.9% | +12.5% | +3.8% | +1.0% | +1.0% | |
| Shares Change (YoY) | -4.2% | -3.7% | -2.2% | -2.7% | -1.4% | -3.2% | -2.1% | -1.7% | -1.4% | |
| FCF Growth (YoY) | -7.7% | +9.1% | +42.9% | +85.2% | -53.6% | +14.4% | -0.6% | +9.8% | +16.3% | |
| Gross Margin | 34.3% | 34.3% | 34.2% | 34.4% | 35.4% | 35.2% | 35.0% | 35.9% | 36.3% | 33.2% |
| Operating Margin | 10.2% | 9.5% | 8.9% | 8.9% | 9.4% | 10.3% | 10.1% | 10.2% | 9.9% | 9.5% |
| EBITDA Margin | 12.3% | 11.7% | 11.1% | 11.2% | 11.4% | 12.4% | 12.5% | 12.9% | 12.9% | 12.6% |
| Net Margin | 6.4% | 5.8% | 6.7% | 6.7% | 7.1% | 7.8% | 7.7% | 7.6% | 7.4% | 7.1% |
| FCF Margin | 6.1% | 5.3% | 5.3% | 7.1% | 10.4% | 4.0% | 4.1% | 4.0% | 4.3% | 4.8% |
| Effective Tax Rate | 36.5% | 37.2% | 22.1% | 22.3% | 22.6% | 22.1% | 22.5% | 22.7% | 22.1% | 21.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.62 | $0.59 | $0.67 | $0.98 | $1.87 | $0.88 | $1.04 | $1.06 | $1.18 | $1.39 |
| Dividends Per Share | $0.18 | $0.21 | $0.24 | $0.27 | $0.30 | $0.41 | $0.73 | $0.82 | $0.88 | $0.92 |
| Shares Outstanding (Basic) | 664.5 M | 637.9 M | 613.3 M | 598.6 M | 581.9 M | 574.0 M | 556.7 M | 545.5 M | 536.9 M | 530.0 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 37.64% |
| Return on Invested Capital | 11.22% |
| Return on Assets | 7.98% |
| Gross Margin | 31.47% |
| Operating Margin | 8.59% |
| Net Margin | 6.13% |
Financial Health
| Debt / Equity | 2.53 |
| Current Ratio | 1.38 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 4.88 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 23.04 | 22.58 | 19.23 | 19.88 | 21.83 | 27.46 | 23.00 | 21.19 | 26.61 | 24.83 |
| P/B | 6.93 | 6.72 | 6.55 | 7.14 | 8.50 | 13.68 | 12.26 | 10.91 | 12.90 | 10.55 |
| P/S | 1.49 | 1.31 | 1.29 | 1.34 | 1.54 | 2.15 | 1.76 | 1.61 | 1.97 | 1.75 |
| Gross Margin | 34.3% | 34.3% | 34.2% | 34.4% | 35.4% | 35.2% | 35.0% | 35.9% | 36.3% | 33.2% |
| Operating Margin | 10.2% | 9.5% | 8.9% | 8.9% | 9.4% | 10.3% | 10.1% | 10.2% | 9.9% | 9.5% |
| Net Margin | 6.4% | 5.8% | 6.7% | 6.7% | 7.1% | 7.8% | 7.7% | 7.6% | 7.4% | 7.1% |
Related companies: WMT · CASY · LOW · DG
Explore sector: Consumer Cyclical · Specialty Retail
More sections of TSCO: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks