TRACTOR SUPPLY COMPANY REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS;
Brentwood, Tenn., October 22, 2026 - Tractor Supply Company (NASDAQ: TSCO) , the largest rural lifestyle retailer in the United States (the “Company”), today reported financial results for its third quarter ended September 26, 2026.
l Net Sales Increased 5.1% to $3.91 Billion l Comparable Store Sales Increased 0.4%, on Top of 3.9% Growth in the Prior-Year’s Quarter l Diluted Earnings Per Share (“EPS”) of $0.43
“Our third quarter marked a step forward for Tractor Supply, with improved sales momentum and broader strength across our business. The actions we are taking around value, pet, digital and convenience gained traction in the quarter. I want to thank our more than 54,000 Team Members for their dedication to serving our customers every day. We are moving with urgency to sharpen our strategic priorities, drive productivity and make deliberate choices about where we invest our capital and resources. These efforts are designed to accelerate comparable store sales growth, restore operating margins and deliver attractive long-term shareholder returns. Our progress in the quarter and the actions underway give us confidence in our ability to deliver within our full-year guidance, which we are reaffirming today. As we head into the fourth quarter, our focus remains on being the dependable supplier our customers count on throughout the winter season,” said Hal Lawton, President and Chief Executive Officer of Tractor Supply.
Net sales increased 5.1% to $3.91 billion from $3.72 billion in the third quarter of 2025. The increase in net sales was driven by new store openings, the acquisition of VIP Petcare and growth in comparable store sales. Comparable store sales increased 0.4%, compared with an increase of 3.9% in the prior year’s third quarter, reflecting a 0.7% increase in comparable average ticket and a 0.3% decline in comparable average transaction count. Comparable store sales improved sequentially through the quarter, moving from negative in July to modestly positive in August to further strengthening in September. Results benefited from solid performance in seasonal categories including wildlife supplies, equine & livestock and truck, tool & hardware. The Company’s consumable, usable and edible categories performed above the Company average. Double-digit growth in digital sales also contributed to results. These gains were partially offset by continued softness in big-ticket and companion animal categories. While companion animal continued to perform below the Company average, trends have improved steadily since the first quarter.
Gross profit increased 2.6% to $1.42 billion from $1.39 billion in the prior year’s third quarter. Gross margin rate was 36.4%, compared to 37.4% in the prior year’s third quarter. This decline was primarily attributable to higher transportation and fuel costs and incremental investments to strengthen the Company's price-value position.
Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 6.8% to $1.12 billion from $1.05 billion in the prior year’s third quarter. As a percent of net sales, SG&A expenses increased to 28.6% from 28.1% in the third quarter of 2025. The increase in SG&A as a percent of net sales was primarily driven by deleverage from lower comparable store sales and startup costs associated with the opening of the new distribution center, partially offset by disciplined expense control across the business.
Operating income decreased 10.2% to $307.7 million from $342.7 million in the third quarter of 2025.
The effective income tax rate was 22.1% compared to 21.0% in the third quarter of 2025, primarily reflecting the lapping of certain tax planning initiatives in the prior year.
Net income decreased 13.3% to $224.7 million from $259.3 million in the third quarter of 2025. Diluted EPS decreased 11.6% to $0.43 compared to $0.49 in the third quarter of 2025.
The Company repurchased approximately 2.7 million shares of its common stock for $88.5 million and paid quarterly cash dividends totaling $124.9 million, returning a total of $213.4 million of capital to shareholders in the third quarter of 2026.
The Company opened 23 new Tractor Supply stores and closed 74 Petsense by Tractor Supply stores, as previously announced, in the third quarter of 2026.
Adjusted operating margin, adjusted net income and adjusted diluted EPS are non- GAAP financial measures that exclude the Petsense impairment and VIP Petcare acquisition costs recorded in the second quarter of fiscal year 2026. The Company does not provide a reconciliation for non-GAAP estimates on a forward- looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items without unreasonable effort.
Net Sales +2.5% to +3.5% Comparable Store Sales (1%) to flat Operating Margin Rate 8.0% to 8.3% Adjusted Operating Margin Rate 8.5% to 8.8% Net Income $930 million to $990 million Adjusted Net Income $990 million to $1.05 billion Earnings per Diluted Share $1.78 to $1.88 Adjusted Earnings per Diluted Share $1.90 to $2.00
Tractor Supply Company will hold a conference call today, Thursday, October 22, 2026 at 10 a.m. ET. The call will be webcast live at IR.TractorSupply.com .
Please allow extra time prior to the call to visit the site and download the streaming media software required to access the webcast.
A replay of the webcast will also be available at IR.TractorSupply.com shortly after the call concludes.
For more than 85 years, Tractor Supply Company (NASDAQ: TSCO ) has been passionate about serving the needs of recreational farmers, ranchers, homeowners, gardeners, pet enthusiasts and all those who enjoy living Life Out Here. Tractor Supply is the largest rural lifestyle retailer in the U.S., ranking 290 on the Fortune 500. The Company’s more than 54,000 Team Members are known for delivering legendary service and helping customers pursue their passions, whether that means being closer to the land, taking care of animals or living a hands-on, DIY lifestyle. In store and online, Tractor Supply provides what customers need – anytime, anywhere, any way they choose at the low prices they deserve.
As part of the Company’s commitment to caring for animals of all kinds, Tractor Supply is proud to include Petsense by Tractor Supply , a pet specialty retailer, Allivet , a leading online pet and animal pharmacy, and V IP Petcare , the largest provider of mobile veterinary care in the United States, in its family of brands. Together, Tractor Supply is able to provide comprehensive solutions for pet care, livestock wellness and rural living, ensuring customers and their animals thrive. From its stores to the customer’s doorstep, Tractor Supply is here to serve and support Life Out Here.
As of September 26, 2026, the Company operated 2,486 Tractor Supply stores in 49 states and 135 Petsense by Tractor Supply stores in 21 states. For more information, visit www.tractorsupply .com and www.Petsense.com . ###
This press release contains certain forward-looking statements, including statements regarding value creation, customer trends, new stores and distribution centers, store closures, return of capital, productivity and cost reduction initiatives and their expected benefits, operating margin improvement, and financial guidance for fiscal 2026, including net sales, comparable store sales, operating margin rates, adjusted operating margin rates, net income, adjusted net income, earnings per diluted share and adjusted earnings per diluted share. All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, are subject to the finalization of the Company’s quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations. Forward-looking statements are usually identified by or are associated with such words as “will,” “intend,” “would,” “expect,” “continue,” “believe,” “anticipate,” “optimistic,” “forecasted” and similar terminology. Actual results could vary materially from the expectations reflected in these statements. As with any business, all phases of our operations are subject to factors outside of our control. These factors include, without limitation, the impact of the recent and potential future tariff announcements and the corresponding macroeconomic pressures and those factors discussed in the “Risk Factors” section of the Company’s Annual Reports on Form 10-K and other filings with the Securities and Exchange Commission. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward- looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company’s most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward- looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. (Financial tables to follow)
September 26, September 27, 2026 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash equivalents $ 198,876 $ 184,639 Inventories 3,618,755 3,252,825 Prepaid expenses and other current 218,284 209,652 assets Income taxes receivable 195,592 — Total current assets 4,231,507 3,647,116 Property and equipment, net 3,227,503 3,018,254 Operating lease right-of-use assets 4,220,106 3,743,029 Goodwill and other intangible assets 501,399 399,297 Other assets 71,128 68,906 Total assets $ 12,251,643 $ 10,876,602 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,659,871 $ 1,549,176 Accrued employee compensation 55,948 56,431 Other accrued expenses 874,794 734,405 Current portion of finance lease 10,643 4,512 liabilities Current portion of operating lease 468,427 416,922 liabilities Income taxes payable — 40,856 Total current liabilities 3,069,683 2,802,302 Long-term debt 2,230,324 1,744,223 Finance lease liabilities, less current 47,350 28,950 portion Operating lease liabilities, less 3,963,390 3,527,699 current portion Deferred income taxes 110,479 53,288 Other long-term liabilities 169,886 146,955 Total liabilities 9,591,112 8,303,417 Stockholders’ equity: Common stock 7,138 7,127 Additional paid-in capital 1,492,423 1,420,706 Treasury stock -6,731,108 -6,267,791 Retained earnings 7,892,078 7,413,143 Total stockholders’ equity 2,660,531 2,573,185 Total liabilities and stockholders’ $ 12,251,643 $ 10,876,602 equity
For the Fiscal Nine September 26, September 27, Months Ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities: Net income $ 749,910 $ 868,680 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and 390,377 366,248 amortization Impairment expense 62,747 — Gain on disposition of -81,839 -66,046 property and equipment Share-based compensation 48,782 41,290 expense Deferred income 7,223 16,756 taxes Change in assets and liabilities: Inventories -529,780 -394,426 Prepaid expenses and other current -10,540 -8,357 assets Accounts payable 262,079 301,773 Accrued employee -58,893 -44,722 compensation Other accrued 215,068 109,973 expenses Income taxes -168,548 57,818 Other -3,968 61,438 Net cash provided by operating 882,618 1,310,425 activities Cash flows from investing activities: Capital -651,637 -629,213 expenditures Proceeds from sale of property and 160,098 92,238 equipment Acquisition of VIP Petcare, net of -129,838 — cash acquired Acquisition of Allivet, net of — -139,895 cash acquired Net cash used in investing -621,377 -676,870 activities Cash flows from financing activities: Borrowings under 4,860,000 2,190,000 debt facilities Repayments under -4,390,000 -2,280,000 debt facilities Debt issuance -7,010 — costs Principal payments under finance -2,185 -3,048 lease liabilities Repurchase of shares to satisfy -14,980 -15,696 tax obligations Repurchase of -342,704 -244,010 common stock Net proceeds from issuance of common 17,362 18,591 stock Cash dividends paid to -376,957 -366,244 stockholders Net cash used in financing -256,474 -700,407 activities Net increase (decrease) in cash 4,767 -66,852 and cash equivalents Cash and cash equivalents at 194,109 251,491 beginning of period Cash and cash equivalents at end $ 198,876 $ 184,639 of period
(a) Comparable store average transaction value changes include the impact of transaction value changes achieved on the current period change in transaction count.
(b) Beginning in the fourth quarter of the fiscal year ended December 27, 2025, the metric of exclusive brands as a percentage of total sales, which historically included only Tractor Supply Owned Brands, was revised to include both Tractor Supply Owned Brands and Exclusive Product Categories as a percentage of total sales. Prior period amounts have been recast to conform to the current year presentation.
(c) Assumes average inventory cost, excluding inventory in transit. Prior year average inventory per store amounts have been recast to exclude the impact of both inventory and store count for the 74 Petsense stores closed during the fiscal period ending September 26, 2026.
(d) Effective January 1, 2023, the Company’s share repurchases are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. Excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as a part of the cost basis of the shares within treasury stock.
Note: Comparable store metrics percentages may not sum to total due to rounding.
The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, the Company’s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with U.S. GAAP. The Company believes this information is useful in providing period-to-period comparisons of the results of our continuing operations.
(a) Impairment and Acquisition Costs are comprised of $5.9 million in inventory impairment charges, $33.2 million in goodwill and intangible asset impairment charges, $32.6 million in other impairment and restructuring charges, and $9.5 million in acquisition costs.
Full text with the tables
TRACTOR SUPPLY COMPANY REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS;
REAFFIRMS FISCAL YEAR 2026 OUTLOOK
Brentwood, Tenn., October 22, 2026 - Tractor Supply Company (NASDAQ: TSCO) , the
largest rural lifestyle retailer in the United States (the “Company”), today
reported financial results for its third quarter ended September 26, 2026.
l Net Sales Increased 5.1% to $3.91 Billion
l Comparable Store Sales Increased 0.4%, on Top of 3.9% Growth in the
Prior-Year’s Quarter
l Diluted Earnings Per Share (“EPS”) of $0.43
“Our third quarter marked a step forward for Tractor Supply, with improved sales
momentum and broader strength across our business. The actions we are taking
around value, pet, digital and convenience gained traction in the quarter. I
want to thank our more than 54,000 Team Members for their dedication to serving
our customers every day. We are moving with urgency to sharpen our strategic
priorities, drive productivity and make deliberate choices about where we invest
our capital and resources. These efforts are designed to accelerate comparable
store sales growth, restore operating margins and deliver attractive long-term
shareholder returns. Our progress in the quarter and the actions underway give
us confidence in our ability to deliver within our full-year guidance, which we
are reaffirming today. As we head into the fourth quarter, our focus remains on
being the dependable supplier our customers count on throughout the winter
season,” said Hal Lawton, President and Chief Executive Officer of Tractor
Supply.
Third Quarter 2026 Results
Net sales increased 5.1% to $3.91 billion from $3.72 billion in the third
quarter of 2025. The increase in net sales was driven by new store openings, the
acquisition of VIP Petcare and growth in comparable store sales. Comparable
store sales increased 0.4%, compared with an increase of 3.9% in the prior
year’s third quarter, reflecting a 0.7% increase in comparable average ticket
and a 0.3% decline in comparable average transaction count. Comparable store
sales improved sequentially through the quarter, moving from negative in July to
modestly positive in August to further strengthening in September. Results
benefited from solid performance in seasonal categories including wildlife
supplies, equine & livestock and truck, tool & hardware. The Company’s
consumable, usable and edible categories performed above the Company average.
Double-digit growth in digital sales also contributed to results. These gains
were partially offset by continued softness in big-ticket and companion animal
categories. While companion animal continued to perform below the Company
average, trends have improved steadily since the first quarter.
Gross profit increased 2.6% to $1.42 billion from $1.39 billion in the prior
year’s third quarter. Gross margin rate was 36.4%, compared to 37.4% in the
prior year’s third quarter. This decline was primarily attributable to higher
transportation and fuel costs and incremental investments to strengthen the
Company's price-value position.
Selling, general and administrative (“SG&A”) expenses, including depreciation
and amortization, increased 6.8% to $1.12 billion from $1.05 billion in the
prior year’s third quarter. As a percent of net sales, SG&A expenses increased
to 28.6% from 28.1% in the third quarter of 2025. The increase in SG&A as a
percent of net sales was primarily driven by deleverage from lower comparable
store sales and startup costs associated with the opening of the new
distribution center, partially offset by disciplined expense control across the
business.
Operating income decreased 10.2% to $307.7 million from $342.7 million in the
third quarter of 2025.
The effective income tax rate was 22.1% compared to 21.0% in the third quarter
of 2025, primarily reflecting the lapping of certain tax planning initiatives in
the prior year.
Net income decreased 13.3% to $224.7 million from $259.3 million in the third
quarter of 2025. Diluted EPS decreased 11.6% to $0.43 compared to $0.49 in the
third quarter of 2025.
The Company repurchased approximately 2.7 million shares of its common stock for
$88.5 million and paid quarterly cash dividends totaling $124.9 million,
returning a total of $213.4 million of capital to shareholders in the third
quarter of 2026.
The Company opened 23 new Tractor Supply stores and closed 74 Petsense by
Tractor Supply stores, as previously announced, in the third quarter of 2026.
Fiscal Year 2026 Financial Outlook
Tractor Supply is reaffirming its financial outlook for fiscal year 2026.
Adjusted operating margin, adjusted net income and adjusted diluted EPS are non-
GAAP financial measures that exclude the Petsense impairment and VIP Petcare
acquisition costs recorded in the second quarter of fiscal year 2026. The
Company does not provide a reconciliation for non-GAAP estimates on a forward-
looking basis where it is unable to provide a meaningful or accurate calculation
or estimation of reconciling items without unreasonable effort.
Net Sales +2.5% to +3.5%
Comparable Store Sales (1%) to flat
Operating Margin Rate 8.0% to 8.3%
Adjusted Operating Margin Rate 8.5% to 8.8%
Net Income $930 million to $990 million
Adjusted Net Income $990 million to $1.05 billion
Earnings per Diluted Share $1.78 to $1.88
Adjusted Earnings per Diluted Share $1.90 to $2.00
Conference Call Information
Tractor Supply Company will hold a conference call today, Thursday, October 22,
2026 at 10 a.m. ET. The call will be webcast live at IR.TractorSupply.com .
Please allow extra time prior to the call to visit the site and download the
streaming media software required to access the webcast.
A replay of the webcast will also be available at IR.TractorSupply.com shortly
after the call concludes.
About Tractor Supply Company
For more than 85 years, Tractor Supply Company (NASDAQ: TSCO ) has been
passionate about serving the needs of recreational farmers, ranchers,
homeowners, gardeners, pet enthusiasts and all those who enjoy living Life Out
Here. Tractor Supply is the largest rural lifestyle retailer in the U.S.,
ranking 290 on the Fortune 500. The Company’s more than 54,000 Team Members are
known for delivering legendary service and helping customers pursue their
passions, whether that means being closer to the land, taking care of animals or
living a hands-on, DIY lifestyle. In store and online, Tractor Supply provides
what customers need – anytime, anywhere, any way they choose at the low prices
they deserve.
As part of the Company’s commitment to caring for animals of all kinds, Tractor
Supply is proud to include Petsense by Tractor Supply , a pet specialty
retailer, Allivet , a leading online pet and animal pharmacy, and V IP Petcare ,
the largest provider of mobile veterinary care in the United States, in its
family of brands. Together, Tractor Supply is able to provide comprehensive
solutions for pet care, livestock wellness and rural living, ensuring customers
and their animals thrive. From its stores to the customer’s doorstep, Tractor
Supply is here to serve and support Life Out Here.
As of September 26, 2026, the Company operated 2,486 Tractor Supply stores in 49
states and 135 Petsense by Tractor Supply stores in 21 states. For more
information, visit www.tractorsupply .com and www.Petsense.com .
###
Forward-Looking Statements
This press release contains certain forward-looking statements, including
statements regarding value creation, customer trends, new stores and
distribution centers, store closures, return of capital, productivity and cost
reduction initiatives and their expected benefits, operating margin improvement,
and financial guidance for fiscal 2026, including net sales, comparable store
sales, operating margin rates, adjusted operating margin rates, net income,
adjusted net income, earnings per diluted share and adjusted earnings per
diluted share. All forward-looking statements are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, are subject
to the finalization of the Company’s quarterly financial and accounting
procedures, and may be affected by certain risks and uncertainties, any one, or
a combination, of which could materially affect the results of the Company’s
operations. Forward-looking statements are usually identified by or are
associated with such words as “will,” “intend,” “would,” “expect,” “continue,”
“believe,” “anticipate,” “optimistic,” “forecasted” and similar terminology.
Actual results could vary materially from the expectations reflected in these
statements. As with any business, all phases of our operations are subject to
factors outside of our control. These factors include, without limitation, the
impact of the recent and potential future tariff announcements and the
corresponding macroeconomic pressures and those factors discussed in the “Risk
Factors” section of the Company’s Annual Reports on Form 10-K and other filings
with the Securities and Exchange Commission. Forward-looking statements made by
or on behalf of the Company are based on knowledge of its business and the
environment in which it operates, but because of the factors listed above,
actual results could differ materially from those reflected by any forward-
looking statements. Consequently, all of the forward-looking statements made are
qualified by these cautionary statements and those contained in the Company’s
most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and
other filings with the Securities and Exchange Commission. There can be no
assurance that the results or developments anticipated by the Company will be
realized or, even if substantially realized, that they will have the expected
consequences to or effects on the Company or its business and operations.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company does not
undertake any obligation to release publicly any revisions to these forward-
looking statements to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events, except as required by law.
(Financial tables to follow)
Consolidated Statements of Income
(Unaudited)
(in thousands, except per share and percentage data)
For For
the the
Fi… Fi…
Th… Ni…
Mo… Mo…
En… En…
Se… Se… Se… S…
26, 27, 26, 2…
20… 20… 20… 2…
──────────────────────────────────────────────────────────────────────────────
% % % %
of of of of
Net Net Net N…
Sa… Sa… Sa… S…
N… $ 3,… 10… $ 3,… 10… $ 12… 10… $ 11… 1…
s…
C…
of 2,… 63… 2,… 62… 7,… 63… 7,… 6…
m…
s…
G… 1,… 36… 1,… 37… 4,… 36… 4,… 3…
p…
S…
g…
a… 98… 25… 92… 24… 2,… 24… 2,… 2…
a…
e…
D…
a… 13… 3.… 12… 3.… 39… 3.… 36… 3…
a…
I… — — — — 62… 0.… — —
e…
O… 30… 7.… 34… 9.… 1,… 8.… 1,… 1…
i…
I…
e… 19… 0.… 14… 0.… 55… 0.… 52… 0…
n…
I…
b… 28… 7.… 32… 8.… 95… 7.… 1,… 9…
i…
t…
I…
t… 63… 1.… 68… 1.… 20… 1.… 24… 2…
e…
N… $ 22… 5.… $ 25… 6.… $ 74… 6.… $ 86… 7…
i…
N…
i…
p… $ 0.… $ 0.… $ 1.… $ 1.…
s…
-
b…
N…
i…
p… $ 0.… $ 0.… $ 1.… $ 1.…
s…
-
d…
W…
a…
s…
o…
B… 52… 52… 52… 53…
D… 52… 53… 52… 53…
D…
d…
p… $ 0.… $ 0.… $ 0.… $ 0.…
c…
s…
o…
Note: Percent of net sales amounts may not sum to totals due to rounding.
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands)
For the For the
Fiscal Fiscal
Three Septem… Septem… Nine Septem… Septemb…
Months 26, 27, Months 26, 27,
Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 224,671 $ 259,268 $ 749,910 $ 868,680
income
Other
compr…
loss:
Change
in
fair
value
of — — — -1,217
inter…
rate
swaps,
net of
taxes
Total
other — — — -1,217
compr…
loss
Total
compr… $ 224,671 $ 259,268 $ 749,910 $ 867,463
income
Consolidated Balance Sheets
(Unaudited)
(in thousands)
September 26, September 27,
2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash equivalents $ 198,876 $ 184,639
Inventories 3,618,755 3,252,825
Prepaid expenses and other current 218,284 209,652
assets
Income taxes receivable 195,592 —
Total current assets 4,231,507 3,647,116
Property and equipment, net 3,227,503 3,018,254
Operating lease right-of-use assets 4,220,106 3,743,029
Goodwill and other intangible assets 501,399 399,297
Other assets 71,128 68,906
Total assets $ 12,251,643 $ 10,876,602
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,659,871 $ 1,549,176
Accrued employee compensation 55,948 56,431
Other accrued expenses 874,794 734,405
Current portion of finance lease 10,643 4,512
liabilities
Current portion of operating lease 468,427 416,922
liabilities
Income taxes payable — 40,856
Total current liabilities 3,069,683 2,802,302
Long-term debt 2,230,324 1,744,223
Finance lease liabilities, less
current 47,350 28,950
portion
Operating lease liabilities, less 3,963,390 3,527,699
current portion
Deferred income taxes 110,479 53,288
Other long-term liabilities 169,886 146,955
Total liabilities 9,591,112 8,303,417
Stockholders’ equity:
Common stock 7,138 7,127
Additional paid-in capital 1,492,423 1,420,706
Treasury stock -6,731,108 -6,267,791
Retained earnings 7,892,078 7,413,143
Total stockholders’ equity 2,660,531 2,573,185
Total liabilities and stockholders’ $ 12,251,643 $ 10,876,602
equity
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
For the Fiscal Nine September 26, September 27,
Months Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash flows from
operating
activities:
Net income $ 749,910 $ 868,680
Adjustments to
reconcile net
income to
net cash provided
by operating
activities:
Depreciation and 390,377 366,248
amortization
Impairment expense 62,747 —
Gain on
disposition of -81,839 -66,046
property and
equipment
Share-based
compensation 48,782 41,290
expense
Deferred income 7,223 16,756
taxes
Change in assets
and liabilities:
Inventories -529,780 -394,426
Prepaid expenses
and other current -10,540 -8,357
assets
Accounts payable 262,079 301,773
Accrued employee -58,893 -44,722
compensation
Other accrued 215,068 109,973
expenses
Income taxes -168,548 57,818
Other -3,968 61,438
Net cash provided
by operating 882,618 1,310,425
activities
Cash flows from
investing
activities:
Capital -651,637 -629,213
expenditures
Proceeds from sale
of property and 160,098 92,238
equipment
Acquisition of VIP
Petcare, net of -129,838 —
cash
acquired
Acquisition of
Allivet, net of — -139,895
cash
acquired
Net cash used in
investing -621,377 -676,870
activities
Cash flows from
financing
activities:
Borrowings under 4,860,000 2,190,000
debt facilities
Repayments under -4,390,000 -2,280,000
debt facilities
Debt issuance -7,010 —
costs
Principal payments
under finance -2,185 -3,048
lease
liabilities
Repurchase of
shares to satisfy -14,980 -15,696
tax
obligations
Repurchase of -342,704 -244,010
common stock
Net proceeds from
issuance of common 17,362 18,591
stock
Cash dividends
paid to -376,957 -366,244
stockholders
Net cash used in
financing -256,474 -700,407
activities
Net increase
(decrease) in cash 4,767 -66,852
and cash
equivalents
Cash and cash
equivalents at 194,109 251,491
beginning
of period
Cash and cash
equivalents at end $ 198,876 $ 184,639
of
period
Selected Financial and Operating Information
(Unaudited)
For For
the the
Fis… Fis…
Thr… Sep… Sep… Nine Sep… Sep…
Mon… 26, 27, Mon… 26, 27,
End… 2026 2025 End… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Sa…
In…
Co…
st… 0.4 % 3.9 % -0.3 % 1.5 %
sa…
in…
New
st…
sa…
(% 4.4 % 3.1 % 3.7 % 2.9 %
of
to…
sa…
Av…
tr… $59… $59… $60… $60.…
va…
Co…
st…
av… 0.7 % 1.2 % 0.8 % -0.3 %
tr…
va…
in…
Co…
st…
av… -0.3 % 2.7 % -1.0 % 1.9 %
tr…
co…
in…
To…
se…
sq… 41,… 40,… 41,… 40,2…
fo…
(0…
Ow…
Br…
and
Ex…
Pr… 30.4 % 29.5 % 30.3 % 29.6 %
Ca…
(%
of
to…
sa…
Im…
(%
of 10.4 % 9.8 % 10.6 % 10.7 %
to…
sa…
St…
Co…
In…
Tr…
Su…
Be…
of 2,4… 2,3… 2,3… 2,296
pe…
New
st… 23 29 91 68
op…
St… — — — —
cl…
End
of 2,4… 2,3… 2,4… 2,364
pe…
Pe…
by
Tr…
Su…
Be…
of 209 207 207 206
pe…
New
st… — — 3 4
op…
St… -74 -1 -75 -4
cl…
End
of 135 206 135 206
pe…
Co…
end 2,6… 2,5… 2,6… 2,570
of
pe…
Pr…
co… $2,… $5,… $10… $12,…
(0…
Ba…
Sh…
In…
Av…
in…
per $1,… $1,… $1,… $1,2…
st…
(0…
In…
tu… 2.92 3.06 3.08 3.24
(a…
Sh…
re…
pr…
Co… $89… $75… $34… $242…
(0…
Av…
pu…
pr… $32… $59… $38… $54.…
per
sh…
(a) Comparable store average transaction value changes include the impact of
transaction value changes achieved on the current period change in transaction
count.
(b) Beginning in the fourth quarter of the fiscal year ended December 27, 2025,
the metric of exclusive brands as a percentage of total sales, which
historically included only Tractor Supply Owned Brands, was revised to include
both Tractor Supply Owned Brands and Exclusive Product Categories as a
percentage of total sales. Prior period amounts have been recast to conform to
the current year presentation.
(c) Assumes average inventory cost, excluding inventory in transit. Prior year
average inventory per store amounts have been recast to exclude the impact of
both inventory and store count for the 74 Petsense stores closed during the
fiscal period ending September 26, 2026.
(d) Effective January 1, 2023, the Company’s share repurchases are subject to a
1% excise tax as a result of the Inflation Reduction Act of 2022. Excise taxes
incurred on share repurchases represent direct costs of the repurchase and are
recorded as a part of the cost basis of the shares within treasury stock.
Note: Comparable store metrics percentages may not sum to total due to rounding.
For For
the the
Fis… Fis…
Thr… Sep… Sep… Nine Sep… Sep…
Mon… 26, 27, Mon… 26, 27,
End… 2026 2025 End… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Ca…
Ex…
(in
mi…
New
st…
re…
st…
and $ 74.0 $ 126… $ 259… $ 271…
st…
not
yet
op…
Ex… 76.0 64.3 199… 16…
st…
In… 43.9 44.9 117… 11…
te…
Di…
ce…
ca… 21.1 40.0 73.8 71…
and
im…
Co…
and 0.9 1.7 1.6 6.7
ot…
To… $ 215… $ 277… $ 651… $ 629…
Use of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting
principles generally accepted in the United States of America (U.S. GAAP). The
Company also uses certain non-GAAP measures that fall within the meaning of
Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e),
which may provide users of the financial information with additional meaningful
comparison to prior reported results. Non-GAAP measures do not have standardized
definitions and are not defined by U.S. GAAP. Therefore, the Company’s non-GAAP
measures are unlikely to be comparable to similar measures presented by other
companies. The presentation of these non-GAAP measures should not be considered
in isolation from, as a substitute for, or as superior to the financial
information presented in accordance with U.S. GAAP. The Company believes this
information is useful in providing period-to-period comparisons of the results
of our continuing operations.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(in thousands, except per share and percentage data)
For
the
Fisc…
Nine
Mont…
Ended Imp…
Sept… and Sept…
26, Acq… 26,
2026 Cos… 2026
──────────────────────────────────────────────────────────────────────────────
-As -Ad… -As
Repo… Adju…
% of % of % of
Net Net Net
Sales Sal… Sales
Cost
of $ 7,63… 63.3… $ -5,9… (0.… $ 7,6… 63.3…
mer…
sold
Gro… $ 4,40… 36.6… $ 5,926 0.0… $ 4,4… 36.6…
pro…
Sel…
gen…
and
adm…
exp…
(in… $ 3,40… 28.2… $ -75,… (0.… $ 3,3… 27.6…
dep…
amo…
and
imp…
exp…
Ope… $ 1,00… 8.37% $ 81,2… 0.6… $ 1,0… 9.05%
inc…
Inc…
bef… $ 952,… 7.91% $ 81,2… 0.6… $ 1,0… 8.58%
inc…
tax…
Inc…
tax $ 202,… 1.68% $ 18,4… 0.1… $ 221… 1.84%
exp…
Net $ 749,… 6.23% $ 62,7… 0.5… $ 812… 6.75%
inc…
Dil…
net
inc… $ 1.43 $ 0.12 $ 1.55
per
sha…
(a) Impairment and Acquisition Costs are comprised of $5.9 million in inventory
impairment charges, $33.2 million in goodwill and intangible asset impairment
charges, $32.6 million in other impairment and restructuring charges, and $9.5
million in acquisition costs.