# Tractor Supply Company (TSCO) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TSCO/thesis · /stocks/TSCO/memo

## Financial Snapshot

---
ticker: TSCO
step: 04
generated: 2026-05-12
source: quick-research
---

### Tractor Supply Company (TSCO) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $14.20B | $14.56B | $14.88B | +2.2% |
| Gross Margin | 35.0% | ~35.3% | 36.3% | +100bps |
| Net Income | ~$1.10B | $1.11B | ~$1.16B | +4.5% |
| EPS (diluted) | $9.71 | $10.09 | ~$10.50 | +4.1% |
| Comparable Store Sales | +6.3% | ~0% | ~+0.5% | — |

*FY2022 was a strong post-COVID year with double-digit comps. FY2023–FY2024 saw comparable store sales decelerate sharply as the rural consumer faced inflation headwinds and post-COVID normalization. Gross margin expanded via mix shift to higher-margin categories. FY2025: comps +1.25%, FY2026E: +1–3%.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.3B |
| Free Cash Flow | ~$900M |
| Capital Expenditures | ~$400M |
| Cash & Equivalents | ~$450M |
| Total Debt | ~$2.5B |
| Dividend Yield | ~2.4% |

*TSCO generates solid FCF despite significant store expansion capex. Capital return includes ~$1B annually in buybacks + dividends. Debt is moderate relative to EBITDA.*

#### Key Ratios (approximate)
- P/E: ~21x | EV/EBITDA: ~14x | FCF Yield: ~4.5%
- Gross Margin (FY2024): 36.3% | Operating Margin: ~9–10%
- Store Count Growth: 80–90 new stores/year (targeting 3,200 total by ~2030)
- Digital Sales: $1B+ in FY2024; 25% of sales digitally influenced

#### Growth Profile
TSCO delivered exceptional growth in 2020–2022 as rural lifestyle tailwinds (COVID-driven suburban migration, pet adoption boom) accelerated demand. Since 2023, comparable store sales have stalled in the 0–1.5% range as the rural consumer faces budget constraints and post-COVID pet/livestock normalization. Long-term growth is driven by: new store openings (proven site selection model), Allivet/Tractor Supply Rx recurring pharmacy revenue, and ongoing share gain from non-specialized competitors.

#### Forward Estimates
- FY2026 EPS: $2.13–$2.23 (management guidance; note: this appears to be quarterly EPS range, full-year ~$10–11)
- FY2026 Net Sales Growth: +4–6% (incl. Allivet contribution)
- FY2026 Comparable Store Sales Growth: +1–3%

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TSCO/fundamental

## Navigation

- Overview: /stocks/TSCO
- Financials (this page): /stocks/TSCO/financials
- Thesis: /stocks/TSCO/thesis
- Investment Memo: /stocks/TSCO/memo
- Coverage universe: /stocks