Tractor Supply (NASDAQ: TSCO) posts Q1 2026 growth but lower EPS
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Tractor Supply Company reported first quarter 2026 net sales of $3.59 billion, up 3.6% from a year earlier, driven mainly by new store openings and modest comparable store sales growth of 0.5%. Comparable average ticket rose 1.6% while transaction counts fell 1.0%.
Gross profit increased to $1.30 billion with gross margin essentially flat at 36.2%, but higher SG&A spending led operating income to decline 6.3% to $233.4 million. Net income fell 8.3% to $164.5 million, and diluted EPS decreased to $0.31 from $0.34.
The company returned $244.4 million to shareholders through share repurchases and dividends and opened 40 new Tractor Supply stores. Management reaffirmed its fiscal 2026 outlook, including net sales growth of 4% to 6%, comparable store sales growth of 1% to 3%, and diluted EPS of $2.13 to $2.23.
Positive
- None.
Negative
- None.
Insights
Sales grew modestly, profits softened, but full-year guidance was reaffirmed.
Tractor Supply delivered first quarter 2026 net sales growth of 3.6% to $3.59 billion, with comparable store sales up 0.5% after a prior-year decline. Growth was supported by new store openings, higher average ticket, and strong double-digit digital sales.
Profitability tightened: operating income declined 6.3% to $233.4 million and net income fell 8.3% to $164.5 million as SG&A deleveraged due to fixed costs and accelerated store growth. Gross margin held roughly steady at 36.2%, helped by cost management but pressured by tariffs and transportation.
The company still reaffirmed fiscal 2026 guidance, targeting net sales growth of 4%–6%, comparable sales up 1%–3%, operating margin of 9.3%–9.6%, and diluted EPS of $2.13–$2.23. Capital returns remained notable, with $118.0 million of share repurchases and $126.4 million of dividends in the quarter.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net sales Q1 2026: $3.59 billion
Comparable store sales: 0.5% increase
Gross margin rate: 36.2%
+5 more
8 metrics
Net sales Q1 2026
$3.59 billion
First quarter 2026, up 3.6% year over year
Comparable store sales
0.5% increase
First quarter 2026 vs prior-year decline of 0.9%
Gross margin rate
36.2%
First quarter 2026, essentially flat vs 36.2% prior year
Net income Q1 2026
$164.5 million
First quarter 2026, down 8.3% from $179.4 million
Diluted EPS Q1 2026
$0.31
First quarter 2026, down from $0.34 a year earlier
Capital returned to shareholders
$244.4 million
Q1 2026 buybacks of $118.0M and dividends of $126.4M
FY 2026 EPS guidance
$2.13–$2.23
Reaffirmed full-year 2026 diluted EPS outlook
Capital expenditures
$202.6 million
First quarter 2026 total capex vs $141.3 million prior year
Key Terms
comparable store sales, gross margin, selling, general and administrative expenses, operating income, +2 more
6 terms
comparable store sales financial
"Comparable store sales increased 0.5% compared to a decrease of 0.9%"
Comparable store sales measure the change in revenue generated by stores that have been open for a certain period, typically at least one year. It helps assess how well a business is growing by showing whether existing stores are attracting more customers and sales, rather than just counting new store openings. Investors use this figure to gauge the true health and performance of a company's core operations over time.
gross margin financial
"gross margin was flat with the prior year at 36.2%"
Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.
selling, general and administrative expenses financial
"Selling, general and administrative (“SG&A”) expenses, including depreciation"
Selling, general and administrative expenses are the costs a business incurs to operate daily, such as sales efforts, office management, and administrative tasks. These expenses are important to investors because they impact the company’s profitability; higher costs can reduce profits, while efficient management of these expenses can indicate better financial health.
operating income financial
"Operating income decreased 6.3% to $233.4 million"
Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.
capital expenditures financial
"Capital Expenditures (in millions): New stores, relocated stores"
Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.
forward-looking statements regulatory
"This press release contains certain forward-looking statements, including statements regarding"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Net sales: $3.59 billion · Guidance included
Q1 2026
Net sales
$3.59 billion
+3.6% YoY
Comparable store sales
+0.5%
vs -0.9% prior-year quarter
Net income
$164.5 million
-8.3% YoY
Diluted EPS
$0.31
-7.2% YoY (from $0.34)
Guidance
For fiscal 2026, the company reiterates net sales growth of 4%–6%, comparable store sales growth of 1%–3%, operating margin of 9.3%–9.6%, net income of $1.11–$1.17 billion, and diluted EPS of $2.13–$2.23.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 21, 2026
TRACTOR SUPPLY COMPANY
__________________________________________
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (615 ) 440-4000
| Not Applicable | ||
| (Former name or former address, if changed since last report.) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[☐ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[☐ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[☐ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[☐ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ((§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [☐ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [☐]
Item 2.02 Results of Operations and Financial Condition.
On April 21, 2026, Tractor Supply Company (the "Company") issued a press release reporting its results of operations for the first quarter ended March 28, 2026. Additionally, the Company reaffirmed guidance for the results of operations expected for the full fiscal year ending December 26, 2026.
A copy of the press release is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | |||||||
| 99.1 | Press Release of Tractor Supply Company Dated April 21, 2026 | |||||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Tractor Supply Company | |||||||||||
| By: | /s/ Kurt D. Barton | ||||||||||
| Name: Kurt D. Barton | |||||||||||
| Title: Executive Vice President - Chief Financial Officer and Treasurer | |||||||||||
TRACTOR SUPPLY COMPANY REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS; REAFFIRMS FISCAL YEAR 2026 OUTLOOK | |||||
Brentwood, Tenn., April 21, 2026 - Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States (the “Company”), today reported financial results for its first quarter ended March 28, 2026.
| l | Net Sales Increased 3.6% to $3.59 Billion | ||||
| l | Comparable Store Sales Increased 0.5% | ||||
| l | Diluted Earnings per Share (“EPS”) of $0.31 | ||||
| l | Company Reaffirms Fiscal Year 2026 Outlook, Including Comparable Store Sales Growth of 1% to 3% and Diluted EPS of $2.13 to $2.23 | ||||
“We delivered solid performance across the majority of our business in the first quarter, supported by our needs-based model and ongoing customer engagement. We continued to gain market share in farm and ranch and had strong double-digit growth in digital sales. Performance was positive across four of our five product categories. While companion animal trailed the Company average, we are taking decisive actions to improve its performance. I want to thank our more than 52,000 Team Members for their ongoing dedication to serving our customers and living our Mission and Values each day,” said Hal Lawton, President and Chief Executive Officer of Tractor Supply.
“We remain confident in our outlook and our ability to drive continued market share gains as our customers remain engaged. The underlying health of Tractor Supply remains strong, supported by a loyal customer base, a differentiated business model and consistent execution.”
First Quarter 2026 Results
Net sales for the first quarter of 2026 increased 3.6% to $3.59 billion from $3.47 billion in the first quarter of 2025. The increase in net sales was driven by robust new store openings and, to a lesser extent, growth in comparable store sales. Comparable store sales increased 0.5% compared to a decrease of 0.9% in the prior year’s first quarter. Comparable average ticket increased 1.6%, partially offset by a comparable average transaction count decrease of 1.0%. The Company delivered strong double-digit growth in digital sales. Four of five product categories delivered positive comparable sales growth in the quarter, complemented by strength in big ticket items. Companion animal performance was below the Company average, reflecting softer demand trends, category shifts and an unfavorable product mix.
Gross profit increased 3.6% to $1.30 billion from $1.26 billion in the prior year’s first quarter, and gross margin was flat with the prior year at 36.2%. The gross margin rate benefited from disciplined product cost management and the continued execution of an everyday low price strategy, offset by higher tariffs and delivery-related transportation costs.
Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 6.1% to $1.07 billion from $1.01 billion in the prior year’s first quarter. As a percent of net sales, SG&A expenses increased 70 basis points to 29.7% from 29.0% in the first quarter of 2025. The increase in SG&A, as a percent of net sales,
was primarily attributable to deleverage of fixed costs given the comparable store sales performance and an accelerated new store opening cadence, partially offset by an ongoing focus on productivity and cost discipline.
Operating income decreased 6.3% to $233.4 million from $249.1 million in the first quarter of 2025.
The effective income tax rate was 23.2% compared to 21.8% in the first quarter of 2025. The effective tax rate for the prior year’s first quarter was impacted by the timing of discrete items.
Net income decreased 8.3% to $164.5 million from $179.4 million in the prior year’s first quarter. Diluted EPS decreased 7.2% to $0.31 compared to $0.34.
The Company repurchased approximately 2.3 million shares of its common stock for $118.0 million and paid quarterly cash dividends totaling $126.4 million, returning a total of $244.4 million of capital to shareholders in the first quarter of 2026.
The Company opened 40 new Tractor Supply stores and closed one Petsense by Tractor Supply store in the first quarter of 2026.
Fiscal Year 2026 Financial Outlook
Based on year-to-date performance and its outlook, Tractor Supply reiterates the following financial guidance for fiscal year 2026, initially provided on January 29, 2026:
| Outlook | |||||
| Net Sales | ‘+4% to +6% | ||||
| Comparable Store Sales | ‘+1% to +3% | ||||
| Operating Margin Rate | ‘9.3% to 9.6% | ||||
| Net Income | ‘$1.11 billion to $1.17 billion | ||||
| Earnings per Diluted Share | ‘$2.13 to $2.23 | ||||
Conference Call Information
Tractor Supply Company will hold a conference call today, Tuesday, April 21, 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 296 on the Fortune 500. The Company’s more than 52,000 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, and Allivet, a leading online pet and animal pharmacy, 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 March 28, 2026, the Company operated 2,435 Tractor Supply stores in 49 states and 206 Petsense by Tractor Supply stores in 23 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 market share gains, value creation, customer trends, new stores and distribution centers, property development plans, return of capital, financial guidance for fiscal 2026, including net sales, comparable store sales, operating margin rates, net income and 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 facts 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 or 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 the Fiscal Three | |||||||||||||||||||||||
| Months Ended | |||||||||||||||||||||||
| March 28, 2026 | March 29, 2025 | ||||||||||||||||||||||
| % of | % of | ||||||||||||||||||||||
| Net | Net | ||||||||||||||||||||||
| Sales | Sales | ||||||||||||||||||||||
| Net sales | $ | 3,592,046 | 100.00% | $ | 3,466,952 | 100.00% | |||||||||||||||||
| Cost of merchandise sold | 2,290,861 | 63.78 | 2,211,530 | 63.79 | |||||||||||||||||||
Gross profit | 1,301,185 | 36.22 | 1,255,422 | 36.21 | |||||||||||||||||||
| Selling, general and administrative expenses | 941,153 | 26.20 | 886,206 | 25.56 | |||||||||||||||||||
| Depreciation and amortization | 126,601 | 3.52 | 120,079 | 3.46 | |||||||||||||||||||
Operating income | 233,431 | 6.50 | 249,137 | 7.19 | |||||||||||||||||||
Interest expense, net | 19,108 | 0.53 | 19,641 | 0.57 | |||||||||||||||||||
Income before income taxes | 214,323 | 5.97 | 229,496 | 6.62 | |||||||||||||||||||
Income tax expense | 49,799 | 1.39 | 50,127 | 1.45 | |||||||||||||||||||
Net income | $ | 164,524 | 4.58% | $ | 179,369 | 5.17% | |||||||||||||||||
| Net income per share - basic | $ | 0.31 | $ | 0.34 | |||||||||||||||||||
| Net income per share - diluted | $ | 0.31 | $ | 0.34 | |||||||||||||||||||
| Weighted average shares outstanding: | |||||||||||||||||||||||
| Basic | 526,327 | 531,730 | |||||||||||||||||||||
| Diluted | 528,136 | 534,099 | |||||||||||||||||||||
| Dividends declared per common share outstanding | $ | 0.24 | $ | 0.23 | |||||||||||||||||||
Note: Percent of net sales amounts may not sum to totals due to rounding.
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands)
For the Fiscal Three | |||||||||||
| Months Ended | |||||||||||
| March 28, 2026 | March 29, 2025 | ||||||||||
| Net income | $ | 164,524 | $ | 179,369 | |||||||
| Other comprehensive loss: | |||||||||||
| Change in fair value of interest rate swaps, net of taxes | — | (1,217) | |||||||||
| Total other comprehensive loss | — | (1,217) | |||||||||
| Total comprehensive income | $ | 164,524 | $ | 178,152 | |||||||
Consolidated Balance Sheets
(Unaudited)
(in thousands)
| March 28, 2026 | March 29, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 224,269 | $ | 231,717 | |||||||
| Inventories | 3,583,601 | 3,213,885 | |||||||||
| Prepaid expenses and other current assets | 222,440 | 210,480 | |||||||||
| Income taxes receivable | 11,286 | — | |||||||||
| Total current assets | 4,041,596 | 3,656,082 | |||||||||
| Property and equipment, net | 3,132,326 | 2,752,137 | |||||||||
| Operating lease right-of-use assets | 4,031,692 | 3,502,880 | |||||||||
| Goodwill and other intangible assets | 398,213 | 400,656 | |||||||||
| Other assets | 58,270 | 73,562 | |||||||||
| Total assets | $ | 11,662,097 | $ | 10,385,317 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,760,426 | $ | 1,559,210 | |||||||
| Accrued employee compensation | 20,977 | 17,487 | |||||||||
| Other accrued expenses | 674,003 | 587,800 | |||||||||
| Current portion of finance lease liabilities | 7,128 | 2,847 | |||||||||
| Current portion of operating lease liabilities | 455,159 | 403,600 | |||||||||
| Income taxes payable | 12,028 | 29,570 | |||||||||
| Total current liabilities | 2,929,721 | 2,600,514 | |||||||||
| Long-term debt | 2,125,726 | 2,082,721 | |||||||||
| Finance lease liabilities, less current portion | 35,157 | 24,289 | |||||||||
| Operating lease liabilities, less current portion | 3,785,608 | 3,248,270 | |||||||||
| Deferred income taxes | 113,354 | 41,649 | |||||||||
| Other long-term liabilities | 158,782 | 149,334 | |||||||||
| Total liabilities | 9,148,348 | 8,146,777 | |||||||||
| Stockholders’ equity: | |||||||||||
| Common stock | 7,134 | 7,123 | |||||||||
| Additional paid-in capital | 1,454,387 | 1,382,807 | |||||||||
| Treasury stock | (6,505,040) | (6,119,065) | |||||||||
| Accumulated other comprehensive income | — | — | |||||||||
| Retained earnings | 7,557,268 | 6,967,675 | |||||||||
| Total stockholders’ equity | 2,513,749 | 2,238,540 | |||||||||
| Total liabilities and stockholders’ equity | $ | 11,662,097 | $ | 10,385,317 | |||||||
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
For the Fiscal Three Months Ended | |||||||||||
| March 28, 2026 | March 29, 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 164,524 | $ | 179,369 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 126,601 | 120,079 | |||||||||
Gain on disposition of property and equipment | (22,741) | (17,415) | |||||||||
| Share-based compensation expense | 17,631 | 13,226 | |||||||||
| Deferred income taxes | 23,501 | 1,677 | |||||||||
| Change in assets and liabilities: | |||||||||||
| Inventories | (499,515) | (355,486) | |||||||||
| Prepaid expenses and other current assets | (19,953) | (11,320) | |||||||||
| Accounts payable | 369,593 | 311,807 | |||||||||
| Accrued employee compensation | (93,864) | (83,666) | |||||||||
| Other accrued expenses | (11,047) | 2,609 | |||||||||
| Income taxes | 27,787 | 46,526 | |||||||||
| Other | 8,603 | 9,369 | |||||||||
Net cash provided by operating activities | 91,120 | 216,775 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (202,610) | (141,280) | |||||||||
| Proceeds from sale of property and equipment | 31,274 | 20,851 | |||||||||
| Acquisition of Allivet, net of cash acquired | — | (140,625) | |||||||||
Net cash used in investing activities | (171,336) | (261,054) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Borrowings under debt facilities | 1,480,000 | 605,000 | |||||||||
| Repayments under debt facilities | (1,120,000) | (355,000) | |||||||||
| Principal payments under finance lease liabilities | (717) | (1,068) | |||||||||
| Repurchase of shares to satisfy tax obligations | (14,102) | (13,960) | |||||||||
| Repurchase of common stock | (118,019) | (95,082) | |||||||||
| Net proceeds from issuance of common stock | 9,595 | 7,016 | |||||||||
| Cash dividends paid to stockholders | (126,381) | (122,401) | |||||||||
Net cash provided by financing activities | 110,376 | 24,505 | |||||||||
Net increase (decrease) in cash and cash equivalents | 30,160 | (19,774) | |||||||||
| Cash and cash equivalents at beginning of period | 194,109 | 251,491 | |||||||||
| Cash and cash equivalents at end of period | $ | 224,269 | $ | 231,717 | |||||||
Selected Financial and Operating Information
(Unaudited)
For the Fiscal Three | |||||||||||
| Months Ended | |||||||||||
| March 28, 2026 | March 29, 2025 | ||||||||||
| Sales Information: | |||||||||||
| Comparable store sales increase/(decrease) | 0.5 | % | (0.9) | % | |||||||
| New store sales (% of total sales) | 3.1 | % | 2.8 | % | |||||||
| Average transaction value | $57.71 | $56.87 | |||||||||
Comparable store average transaction value increase/(decrease) (a) | 1.6 | % | (2.9) | % | |||||||
| Comparable store average transaction count increase/(decrease) | (1.0) | % | 2.1 | % | |||||||
| Total selling square footage (000’s) | 41,438 | 39,353 | |||||||||
Owned Brands and Exclusive Product Categories (% of total sales) (b) | 31.8 | % | 30.9 | % | |||||||
| Imports (% of total sales) | 10.6 | % | 11.2 | % | |||||||
| Store Count Information: | |||||||||||
| Tractor Supply | |||||||||||
| Beginning of period | 2,395 | 2,296 | |||||||||
| New stores opened | 40 | 15 | |||||||||
| Stores closed | — | — | |||||||||
| End of period | 2,435 | 2,311 | |||||||||
| Petsense by Tractor Supply | |||||||||||
| Beginning of period | 207 | 206 | |||||||||
| New stores opened | — | 2 | |||||||||
| Stores closed | (1) | (2) | |||||||||
| End of period | 206 | 206 | |||||||||
| Consolidated end of period | 2,641 | 2,517 | |||||||||
| Pre-opening costs (000’s) | $4,284 | $2,512 | |||||||||
| Balance Sheet Information: | |||||||||||
Average inventory per store (000’s) (c) | $1,278.3 | $1,202.1 | |||||||||
| Inventory turns (annualized) | 2.92 | 3.00 | |||||||||
| Share repurchase program: | |||||||||||
Cost (000’s) (d) | $118,811 | $93,827 | |||||||||
| Average purchase price per share | $50.75 | $54.39 | |||||||||
(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 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.
(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 the Fiscal Three | |||||||||||
| Months Ended | |||||||||||
| March 28, 2026 | March 29, 2025 | ||||||||||
| Capital Expenditures (in millions): | |||||||||||
| New stores, relocated stores and stores not yet opened | $ | 93.7 | $ | 59.5 | |||||||
| Existing stores | 52.6 | 43.0 | |||||||||
| Information technology | 34.1 | 26.0 | |||||||||
| Distribution center capacity and improvements | 22.0 | 8.0 | |||||||||
| Corporate and other | 0.2 | 4.8 | |||||||||
| Total | $ | 202.6 | $ | 141.3 | |||||||
FAQ
How did Tractor Supply (TSCO) perform in Q1 2026?
Tractor Supply reported Q1 2026 net sales of $3.59 billion, up 3.6% year over year. Comparable store sales grew 0.5%, while net income declined to $164.5 million and diluted EPS fell to $0.31 from $0.34 in the prior-year quarter.
What were Tractor Supply (TSCO) margins and profitability in Q1 2026?
Operating income decreased 6.3% to $233.4 million, with operating margin at 6.5% versus 7.2% a year ago. Gross margin stayed roughly flat at 36.2%, but higher SG&A as a percentage of sales drove an 8.3% drop in net income to $164.5 million.
Did Tractor Supply (TSCO) change its 2026 financial outlook?
Tractor Supply reaffirmed its fiscal 2026 guidance. The company continues to expect net sales growth of 4%–6%, comparable store sales growth of 1%–3%, operating margin of 9.3%–9.6%, net income of $1.11–$1.17 billion, and diluted EPS of $2.13–$2.23.
What were Tractor Supply (TSCO) store counts as of March 28, 2026?
As of March 28, 2026, Tractor Supply operated 2,435 Tractor Supply stores across 49 states and 206 Petsense by Tractor Supply stores in 23 states. During the quarter, it opened 40 new Tractor Supply stores and closed one Petsense location.
How did comparable store metrics trend for Tractor Supply (TSCO) in Q1 2026?
Comparable store sales rose 0.5%, reversing a 0.9% decline in the prior-year quarter. Comparable average ticket increased 1.6%, while comparable average transaction count declined 1.0%, indicating fewer transactions but higher spending per visit on average.