Overview
TRACTOR SUPPLY CO /DE/
Latest 10-K: FY2025, filed Feb 19, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $15.52B
- 4.3%YoYup from FY2024
- TotalRevenue
- Gross profit
- $5.65B
- 4.8%YoYup from FY2024
- GrossProfit
- Operating income
- $1.47B
- 0.0%YoYunchanged from FY2024
- OperatingIncome
- Net income
- $1.10B
- 0.5%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $2.06
- 1.0%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 532.2M
- 1.4%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- TRACTOR SUPPLY CO /DE/ reported revenue of $15.52B for fiscal 2025, up 4.3% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 2 of the last 5 fiscal years.
Profitability
- Operating margin was 9.5% and net margin was 7.1%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $2.06, up 1.0% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $15.52B4.3%up Benchmark median 6.4% | $14.88B2.2%up Benchmark median 4.5% | $14.56B2.5%up Benchmark median 4.8% | $14.20B11.6%up Benchmark median 10.3% | $12.73B19.9%up Benchmark median 13.8% | 5.1% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $5.65B4.8%up Benchmark median 6.8% | $5.40B3.2%up Benchmark median 5.5% | $5.23B5.1%up Benchmark median 5.2% | $4.97B11.1%up Benchmark median 8.3% | $4.48B19.0%up Benchmark median 15.7% | 6.0% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.47B0.0%unchanged Benchmark median 7.3% | $1.47B0.8%down Benchmark median 7.4% | $1.48B3.1%up Benchmark median 4.9% | $1.43B9.8%up Benchmark median 7.5% | $1.31B31.1%up Benchmark median 23.5% | 2.9% Benchmark median 7.2% |
| Net Income | $1.10B0.5%down Benchmark median 4.8% | $1.10B0.5%down Benchmark median 5.7% | $1.11B1.7%up Benchmark median 1.9% | $1.09B9.2%up Benchmark median 1.3% | $1.00B33.1%up Benchmark median 33.9% | 2.4% Benchmark median 4.1% |
| EPS (Diluted) | $2.061.0%up Benchmark median 6.2% | $2.041.0%up Benchmark median 7.9% | $2.024.1%up Benchmark median 1.9% | $1.94‡n/m Benchmark median 1.5% | $8.6135.0%up Benchmark median 34.8% | n/m Benchmark median 5.6% |
‡ Share basis changed between these years (stock split or reverse split).
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $10.93B11.5%up Benchmark median 5.6% | $9.81B6.7%up Benchmark median 3.4% | $9.19B8.2%up Benchmark median 4.1% | $8.49B9.3%up Benchmark median 2.2% | $7.77B10.2%up Benchmark median 6.7% | 8.9% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $8.35B10.8%up Benchmark median 6.4% | $7.54B7.1%up Benchmark median 1.9% | $7.04B9.2%up Benchmark median 2.9% | $6.45B11.8%up Benchmark median 2.0% | $5.76B12.5%up Benchmark median 5.2% | 9.7% Benchmark median 4.4% |
| Stockholders' Equity | $2.58B13.7%up Benchmark median 6.8% | $2.27B5.6%up Benchmark median 5.4% | $2.15B5.3%up Benchmark median 7.3% | $2.04B2.0%up Benchmark median 2.5% | $2.00B4.1%up Benchmark median 9.0% | 6.6% Benchmark median 6.1% |
| Cash & Equivalents | $194.11M22.8%down Benchmark median 5.2% | $251.49M36.7%down Benchmark median 1.9% | $397.07M96.1%up Benchmark median 6.7% | $202.50M76.9%down Benchmark median -8.6% | $878.03M34.6%down Benchmark median -2.9% | -31.4% Benchmark median 2.0% |
| Total Debt | $150.00M†0.0%unchanged Benchmark median 2.1% | $150.00M†0.0%unchanged Benchmark median 0.2% | $150.00M†0.0%unchanged Benchmark median 0.3% | $150.00M†0.0%unchanged Benchmark median 0.1% | $150.00M†0.0%unchanged Benchmark median -0.1% | 0.0% Benchmark median 4.3% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.64B15.1%up Benchmark median 6.3% | $1.42B6.5%up Benchmark median 4.8% | $1.33B1.7%down Benchmark median 9.9% | $1.36B19.2%up Benchmark median -0.7% | $1.14B18.3%down Benchmark median 10.7% | 9.5% Benchmark median 7.0% |
| Capital Expenditures | $894.77M14.1%up Benchmark median 5.4% | $784.05M4.0%up Benchmark median 2.8% | $753.88M2.5%down Benchmark median 11.3% | $773.37M23.1%up Benchmark median 14.0% | $628.43M113.8%up Benchmark median 8.1% | 9.2% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $740.49M16.3%up Benchmark median 7.3% | $636.79M9.8%up Benchmark median 6.1% | $580.15M0.6%down Benchmark median 8.8% | $583.61M14.4%up Benchmark median -11.3% | $510.29M53.6%down Benchmark median 10.2% | 9.8% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.0%
Wall Street
on net earnings
FY2024 3.7%
2.7%
Value investor
on free cash flow
FY2024 2.2%
Gap −1.3 pts: Value-investor figure 1.3 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 24.9×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
7.2%
Wall Street
on EBITDA
FY2024 6.5%
5.4%
Value investor
on EBIT
FY2024 5.0%
Gap −1.8 pts: Value-investor figure 1.8 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 13.9×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
9.4%
Wall Street
on book equity
FY2024 7.7%
8.0%
Value investor
on tangible book
FY2024 6.8%
Gap −1.4 pts: Value-investor figure 1.4 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 10.6×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
45.2%
Wall Street
ROE: net income ÷ equity
FY2024 49.8%
14.1%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 15.8%
Gap −31.1 pts: Value-investor figure 31.1 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
12.6%
Wall Street
EBITDA margin
FY2024 12.9%
4.8%
Value investor
Free-cash-flow margin
FY2024 4.3%
Gap −7.8 pts: Value-investor figure 7.8 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.34×
Wall Street
Current ratio
FY2024 1.43×
0.16×
Value investor
Quick ratio, inventory excluded
FY2024 0.20×
Gap −1.18×: Value-investor figure 1.18 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
13.08×
Wall Street
EBITDA ÷ total debt
FY2024 12.76×
4.94×
Value investor
FCF ÷ total debt
FY2024 4.25×
Gap −8.14×: Value-investor figure 8.14 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
28.4×
Wall Street
EBITDA ÷ interest
FY2024 35.1×
21.2×
Value investor
EBIT ÷ interest
FY2024 26.9×
Gap −7.2×: Value-investor figure 7.2 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on TSCO yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on TSCO and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/TSCO
Valuein. (2026, October 31). TRACTOR SUPPLY CO /DE/ (TSCO) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/TSCO
@misc{valuein_tsco_2026,
author = {{Valuein}},
title = {TRACTOR SUPPLY CO /DE/ (TSCO) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/TSCO}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 19, 2026 · accession 0000916365-26-000014
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing
Index names are trademarks of their owners; Valuein is not affiliated with or endorsed by any index provider.