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Tractor Supply Company

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Tractor Supply Company • NASDAQ
$54.78 ▲ 0.27% (+0.15)
Market Cap $28.98 B
52w High $63.99
52w Low $46.85
Dividend Yield 0.92%
P/E 26.46
Volume 2.11M
Outstanding Shares 529.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.719B ▼ $1.047B ▲ $259.268M ▼ 6.971% ▼ $0.49 ▼ $466.779M ▼
Q2-2025 $4.44B ▲ $940.063M ▼ $430.043M ▲ 9.686% ▲ $0.81 ▲ $699.911M ▲
Q1-2025 $3.467B ▼ $1.006B ▼ $179.369M ▼ 5.174% ▼ $0.34 ▼ $369.216M ▼
Q4-2024 $3.774B ▲ $1.011B ▲ $236.406M ▼ 6.265% ▼ $0.44 ▼ $438.404M ▲
Q3-2024 $3.468B $965.849M $241.47M 6.962% $0.45 $438.149M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $184.639M ▼ $10.877B ▲ $8.303B ▲ $2.573B ▲
Q2-2025 $225.81M ▼ $10.559B ▲ $8.068B ▼ $2.49B ▲
Q1-2025 $231.717M ▼ $10.385B ▲ $8.147B ▲ $2.239B ▼
Q4-2024 $251.491M ▲ $9.805B ▲ $7.535B ▲ $2.27B ▼
Q3-2024 $186.294M $9.768B $7.479B $2.289B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $259.268M ▼ $307.85M ▼ $-228.196M ▼ $-120.825M ▲ $-41.171M ▼ $30.281M ▼
Q2-2025 $430.043M ▲ $785.8M ▲ $-187.62M ▲ $-604.087M ▼ $-5.907M ▲ $575.436M ▲
Q1-2025 $179.369M ▼ $216.775M ▼ $-261.054M ▼ $24.505M ▲ $-19.774M ▼ $75.495M ▼
Q4-2024 $236.406M ▼ $517.225M ▲ $-183.795M ▼ $-268.233M ▼ $65.197M ▲ $271.196M ▲
Q3-2024 $241.471M $86.267M $-128.792M $-165.929M $-208.454M $-101.933M

Five-Year Company Overview

Income Statement

Income Statement Tractor Supply’s income statement shows a mature, steadily growing business with very stable profitability. Sales have increased each year over the past five years, though the pace of growth has cooled more recently. Gross profit and operating profit have risen over time, but operating and net income have been essentially flat for the last couple of years, suggesting that higher costs, investments, or a tougher demand environment are offsetting some of the sales growth. Earnings per share have still inched higher, helped by share repurchases, but the big step-change in profitability seen during the pandemic period has largely leveled off into a more stable, incremental growth pattern.

Balance Sheet

Balance Sheet The balance sheet reflects a company that is expanding while leaning more on debt than it did a few years ago. Total assets have climbed steadily as the store base, inventory, and property footprint expand. Shareholders’ equity has grown slowly, which is healthy, but borrowings have risen faster than equity, meaning leverage has increased. Cash on hand is modest compared with the overall size of the business and is lower than during the pandemic peak, indicating that excess cash has been redeployed into growth projects and shareholder returns. Overall, the balance sheet looks solid but more geared than in the past, which adds some sensitivity to interest rates and credit markets.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently strong and generally trending upward, showing that profits are translating into cash. Free cash flow remains positive each year, even after heavy investment in new stores, remodels, and technology. However, free cash flow is lower than it was during the pandemic boom years because capital spending has increased significantly. In simple terms, the company is using a good chunk of its cash to fund growth initiatives, but it is still comfortably self-funding without having to rely solely on external financing for its expansion plans.

Competitive Edge

Competitive Edge Tractor Supply holds a powerful niche in the rural lifestyle market. Its focus on hobby farmers, ranchers, pet and livestock owners, and rural homeowners gives it a specialized assortment that big-box and general retailers struggle to match. Stores are placed in small towns and outer suburbs where competition is thinner, making them a convenient “only real option” for many needs. The loyalty program is large and data-rich, reinforcing repeat shopping and giving Tractor Supply deep insight into customer behavior. Private-label and exclusive brands deepen customer stickiness and support profitability. The main risks are competition from large home improvement and online players encroaching on key categories, weather-related volatility in outdoor and seasonal demand, and the health of rural and ex-urban economies. Even so, the company’s local community presence and specialized merchandise provide a meaningful moat.

Innovation and R&D

Innovation and R&D While it doesn’t do traditional lab-style R&D, Tractor Supply is highly active in business and technology innovation. It has built a strong omnichannel platform: online ordering tied closely to local stores, curbside pickup, same-day delivery in many areas, and a feature-rich mobile app that acts as a shopping and loyalty companion. In-store technology, including handheld devices and AI-based tools for employees, improves service and efficiency—turning what could be a basic farm store into a more modern retail experience. The company uses data and artificial intelligence for inventory planning and personalized marketing, and it is experimenting with new revenue streams such as a retail media network. On the product and service side, it is expanding pet health offerings, in-store clinics, and business-to-business direct sales, while also remodeling stores and opening more locations under a long-term growth strategy. The opportunity is to deepen its leadership in the rural lifestyle space; the risk is that heavy investment must continue to translate into better customer experience and not just higher costs.

Summary

Overall, Tractor Supply looks like a well-run, specialized retailer with steady sales growth, stable profitability, and strong cash generation supporting an ambitious expansion and modernization program. The financials suggest a shift from a pandemic-era profit surge to a more normal, slower growth phase, with higher capital spending and greater use of debt to fund long-term initiatives. Its competitive advantages—niche focus, strategic locations, loyal customer base, and private brands—give it a defensible position against larger general retailers. At the same time, higher leverage, a more competitive retail landscape, and the need to continually execute on technology and store investments introduce ongoing risk. The company appears positioned as a durable player in its chosen niche, with performance now more dependent on flawless execution of its growth and innovation plans than on broad retail tailwinds.

NEWS

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