TRACTOR SUPPLY CO /DE/false000091636500009163652026-01-292026-01-29

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): January 29, 2026

TSC_primary logo_2023.jpg  
TRACTOR SUPPLY COMPANY
__________________________________________
(Exact name of registrant as specified in its charter)
  
Delaware000-2331413-3139732
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

  5401 Virginia Way, Brentwood, Tennessee 37027
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.008 par valueTSCONASDAQ Global Select Market

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 January 29, 2026, Tractor Supply Company (the "Company") issued a press release reporting its results of operations for the fourth quarter and fiscal year ended December 27, 2025. Additionally, the Company provided 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 
104The 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
    
January 29, 2026 By:/s/ Kurt D. Barton
    
   
Name: Kurt D. Barton
   
Title: Executive Vice President - Chief Financial Officer and Treasurer
 

 
 
 
 
 




    
imagea.jpg
TRACTOR SUPPLY COMPANY REPORTS FOURTH QUARTER AND FISCAL YEAR 2025 FINANCIAL RESULTS; PROVIDES FISCAL YEAR 2026 OUTLOOK


Brentwood, Tenn., January 29, 2026 - Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States (the “Company”), today reported financial results for its fourth quarter and fiscal year ended December 27, 2025.

l
Fourth Quarter Net Sales Increased 3.3% to $3.90 Billion with Comparable Store Sales Increase of 0.3%
l
Fiscal Year 2025 Net Sales Increased 4.3% to $15.52 Billion with Comparable Store Sales Increase of 1.2%
l
Fourth Quarter Diluted Earnings per Share (“EPS”) of $0.43 and Fiscal Year 2025 Diluted EPS of $2.06
lCompany Provides Fiscal Year 2026 Guidance with Net Sales Growth of 4% to 6% and Diluted EPS of $2.13 to $2.23

“Our fourth quarter results came in below our expectations and reflected a shift in consumer spending, with essential categories remaining resilient while discretionary demand moderated. Against that backdrop, our team stayed focused on executing the fundamentals of the business, growing share in the farm and ranch channel and continuing to engage our customers. I want to thank our more than 52,000 Team Members for their continued dedication to the work they do every day across our stores, distribution centers and store support center,” said Hal Lawton, President and Chief Executive Officer of Tractor Supply.

“Overall, 2025 was a year of meaningful progress. We continued to gain market share, opened productive new stores and advanced Project Fusion and localization. At the same time, we built the capabilities needed to support Direct Sales, Final Mile and pet and animal prescriptions. As we move into 2026, we are prepared to operate with discipline across a range of economic conditions. With much of our strategic foundation now in place, we remain focused on executing our Life Out Here 2030 strategic initiatives and delivering a more consistent performance profile over time,” said Lawton.


Fourth Quarter 2025 Results
Net sales increased 3.3% to $3.90 billion from $3.77 billion in the fourth quarter of 2024. The increase in net sales was driven by new store openings, the growth in comparable store sales and the contribution from Allivet. Comparable store sales increased 0.3%, as compared to an increase of 0.6% in the prior year’s fourth quarter, reflecting comparable average ticket growth of 0.3%. The continued strength in consumable, usable and edible products was partially offset by the lack of emergency-response-related demand and ongoing pressure in discretionary categories including big ticket products.

Gross profit increased 3.0% to $1.37 billion from $1.33 billion in the prior year’s fourth quarter. Gross margin rate was 35.1% compared to 35.2% in the prior year’s fourth quarter, as ongoing cost management initiatives were offset by higher tariffs, incremental promotional activity and increased delivery-related transportation costs.

Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 6.0% to $1.07 billion from $1.01 billion in the prior year’s fourth quarter. As a percent of net sales, SG&A expenses increased to 27.5% from 26.8% in the fourth quarter of 2024. The increase in SG&A as a percent of net sales was


primarily attributable to planned investments and fixed cost deleverage given the level of comparable store sales growth. These factors were partially offset by a disciplined focus on productivity and ongoing cost control.

Operating income decreased 6.5% to $297.7 million from $318.3 million in the fourth quarter of 2024.

The effective income tax rate was 19.0% compared to 21.5% in the fourth quarter of 2024, primarily reflecting the timing of certain tax planning initiatives.

Net income decreased 3.8% to $227.4 million from $236.4 million. Diluted EPS decreased 2.7% to $0.43 compared to $0.44 in the fourth quarter of 2024.

The Company repurchased approximately 2.2 million shares of its common stock for $117.5 million and paid quarterly cash dividends totaling $121.4 million, returning a total of $238.9 million of capital to shareholders in the fourth quarter of 2025.

The Company opened 31 new Tractor Supply stores and one new Petsense by Tractor Supply store in the fourth quarter of 2025.

Fiscal Year 2025 Results
Net sales increased 4.3% to $15.52 billion from $14.88 billion in fiscal 2024. The increase in net sales was driven primarily by new store openings and growth in comparable store sales. Comparable store sales increased 1.2%, compared to fiscal 2024.

Gross profit increased 4.8% to $5.65 billion from $5.40 billion in fiscal 2024. Gross margin rate was 36.4% compared to 36.3% in fiscal 2024.

SG&A expenses increased 6.6% to $4.19 billion from $3.93 billion in fiscal 2024. As a percent of net sales, SG&A expenses increased to 27.0% from 26.4% in fiscal 2024.

Operating income was $1.47 billion, in line with prior year.

The effective income tax rate was 21.6% compared to 22.1% in fiscal 2024.

Net income was essentially flat with the prior year at $1.10 billion. Diluted EPS increased 0.9% to $2.06 compared to $2.04 in fiscal 2024.

The Company repurchased approximately 6.6 million shares of its common stock for $360.8 million and paid quarterly cash dividends totaling $487.7 million, returning a total of $848.5 million of capital to shareholders in fiscal 2025.

During fiscal 2025, the Company opened 99 new Tractor Supply stores and five new Petsense by Tractor Supply stores and closed four Petsense by Tractor Supply stores.



Fiscal Year 2026 Financial Outlook
The Company is providing its financial guidance for fiscal 2026. This outlook is based on what the Company can reasonably predict at this time.

For fiscal 2026, the Company expects the following:

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
Capital Expenditures, Net of Sale Leaseback Proceeds
‘$675 million to $725 million
Share Repurchases
‘$375 million to $450 million

The Company’s capital plans for 2026 include opening approximately 100 Tractor Supply stores, continuing Project Fusion remodels and garden center transformations, completion of its 11th distribution center and continued investment in store and digital technology.

Conference Call Information
Tractor Supply Company will hold a conference call today, Thursday, January 29, 2026 at 10 a.m. ET. The call will be webcast live at IR.TractorSupply.com. An investor presentation will be available on the investor relations section of the Company’s website at least 15 minutes prior to the conference call.

Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the webcast.

A replay of the webcast will also be available at IR.TractorSupply.com shortly after the conference 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 December 27, 2025, the Company operated 2,395 Tractor Supply stores in 49 states and 207 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, earnings per diluted share and sale-leaseback transactions. 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,” “would,” “intend,” “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
For the Fiscal Twelve
Months EndedMonths Ended
December 27,
2025		December 28,
2024		December 27,
2025		December 28,
2024
% of% of% of% of
NetNetNetNet
SalesSalesSalesSales
Net sales$3,898,320 100.00%$3,773,531 100.00%$15,524,046 100.00%$14,883,231 100.00%
Cost of merchandise sold2,528,441 64.862,443,901 64.769,869,538 63.589,486,674 63.74
Gross profit
1,369,879 35.141,329,630 35.245,654,508 36.425,396,557 36.26
Selling, general and administrative expenses944,385 24.23891,226 23.623,693,108 23.793,481,863 23.39
Depreciation and amortization127,763 3.28120,055 3.18494,011 3.18447,162 3.00
Operating income
297,731 7.64318,349 8.441,467,389 9.451,467,532 9.86
Interest expense, net
16,853 0.4317,203 0.4669,144 0.4554,592 0.37
Income before income taxes
280,878 7.21301,146 7.981,398,245 9.011,412,940 9.49
Income tax expense
53,471 1.3764,739 1.72302,158 1.95311,700 2.09
Net income
$227,407 5.83%$236,407 6.26%$1,096,087 7.06%$1,101,240 7.40%
Net income per share - basic$0.43 $0.44 $2.07 $2.05 
Net income per share - diluted$0.43 $0.44 $2.06 $2.04 
Weighted average shares outstanding:
Basic528,025 533,588 529,957 536,949 
Diluted530,263 536,376 532,178 539,652 
Dividends declared per common share outstanding$0.23 $0.22 $0.92 $0.88 

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
For the Fiscal Twelve
 Months EndedMonths Ended
 December 27,
2025		December 28,
2024		December 27,
2025		December 28,
2024
Net income$227,407 $236,407 $1,096,087 $1,101,240 
Other comprehensive loss:
Change in fair value of interest rate swaps, net of taxes— (1,333)(1,217)(5,576)
Total other comprehensive loss— (1,333)(1,217)(5,576)
Total comprehensive income$227,407 $235,074 $1,094,870 $1,095,664 



Consolidated Balance Sheets
(Unaudited)
(in thousands)

December 27,
2025		December 28,
2024
ASSETS
Current assets:
Cash and cash equivalents$194,109 $251,491 
Inventories3,084,086 2,840,177 
Prepaid expenses and other current assets202,557 196,614 
Income taxes receivable27,045 21,635 
Total current assets3,507,797 3,309,917 
Property and equipment, net3,026,544 2,727,436 
Operating lease right-of-use assets3,938,427 3,415,444 
Goodwill and other intangible assets398,755 269,520 
Other assets62,156 83,168 
Total assets$10,933,679 $9,805,485 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$1,390,833 $1,236,177 
Accrued employee compensation114,841 100,853 
Other accrued expenses653,482 581,971 
Current portion of finance lease liabilities5,426 3,300 
Current portion of operating lease liabilities449,867 396,892 
Total current liabilities2,614,449 2,319,193 
Long-term debt1,764,974 1,831,969 
Finance lease liabilities, less current portion30,722 27,983 
Operating lease liabilities, less current portion3,691,880 3,164,273 
Deferred income taxes95,042 44,320 
Other long-term liabilities155,319 147,413 
Total liabilities8,352,386 7,535,151 
Stockholders’ equity:
Common stock7,128 7,116 
Additional paid-in capital1,441,269 1,376,532 
Treasury stock(6,386,229)(6,025,238)
Accumulated other comprehensive income— 1,217 
Retained earnings7,519,125 6,910,707 
Total stockholders’ equity2,581,293 2,270,334 
Total liabilities and stockholders’ equity$10,933,679 $9,805,485 
    



Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
For the Fiscal Twelve Months Ended
December 27,
2025		December 28,
2024
Cash flows from operating activities:
Net income$1,096,087 $1,101,240 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization494,011 447,162 
Gain on disposition of property and equipment
(93,058)(62,500)
Share-based compensation expense57,063 48,367 
Deferred income taxes61,267 (22,602)
Change in assets and liabilities:
Inventories(225,687)(194,323)
Prepaid expenses and other current assets(1,262)11,484 
Accounts payable143,429 56,374 
Accrued employee compensation13,688 9,375 
Other accrued expenses25,096 20,917 
Income taxes(5,940)(19,174)
Other70,564 24,515 
Net cash provided by operating activities
1,635,258 1,420,835 
Cash flows from investing activities:
Capital expenditures(894,770)(784,047)
Proceeds from sale of property and equipment256,087 140,129 
Acquisition of Allivet, net of cash acquired(139,895)— 
Net cash used in investing activities
(778,578)(643,918)
Cash flows from financing activities:
Borrowings under debt facilities3,125,000 785,000 
Repayments under debt facilities(3,195,000)(685,000)
Principal payments under finance lease liabilities(2,819)(4,787)
Repurchase of shares to satisfy tax obligations(15,877)(23,941)
Repurchase of common stock(361,261)(560,634)
Net proceeds from issuance of common stock23,563 39,357 
Cash dividends paid to stockholders(487,669)(472,492)
Net cash used in financing activities
(914,063)(922,497)
Net (decrease) increase in cash and cash equivalents
(57,383)(145,580)
Cash and cash equivalents at beginning of period251,491 397,071 
Cash and cash equivalents at end of period$194,108 $251,491 
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized$69,757 $65,865 
Cash paid for federal income taxes (a)
198,908 309,619 
Cash paid for state income taxes36,011 41,845 
Supplemental disclosures of non-cash activities:
Non-cash accruals for property and equipment$122,692 $82,324 
Increase in operating lease liabilities resulting from new or modified right-of-use assets
928,057 659,008 
Increase in finance lease liabilities resulting from new or modified right-of-use assets
7,679 — 

(a) Cash paid for federal income taxes for the fiscal year ended December 27, 2025 includes $168.9 million of cash paid for the purchase of transferable federal tax credits.


Selected Financial and Operating Information
(Unaudited)

For the Fiscal Three
For the Fiscal Twelve
Months EndedMonths Ended
December 27,
2025		December 28,
2024		December 27,
2025		December 28,
2024
Sales Information:
Comparable store sales increase0.3 %0.6 %1.2 %0.2 %
New store sales (% of total sales)3.3 %2.0 %3.0 %2.0 %
Average transaction value$59.48$59.39$60.00$60.20
Comparable store average transaction value increase/(decrease) (a)
0.3 %(1.7)%(0.2)%(0.6)%
Comparable store average transaction count increase/(decrease)(0.1)%2.3 %1.4 %0.8 %
Total selling square footage (000’s)40,76539,10540,76539,105
Owned Brands and Exclusive Product Categories (% of total sales) (b)
30.9 %29.6 %30.0 %28.8 %
Imports (% of total sales)13.6 %14.8 %11.4 %11.9 %
Store Count Information:
Tractor Supply
Beginning of period 2,3642,2702,296 2,216 
New stores opened312699 80 
Stores closed——— — 
End of period2,3952,2962,3952,296
Petsense by Tractor Supply
Beginning of period 206205206 198 
New stores opened145 11 
Stores closed—(3)(4)(3)
End of period207206207206
Consolidated end of period2,6022,5022,6022,502
Pre-opening costs (000’s)$4,977$2,865$17,763$9,718
Balance Sheet Information:
Average inventory per store (000’s) (c)
$1,116.3$1,063.7$1,116.3$1,063.7
Inventory turns (annualized)3.223.343.243.30
Share repurchase program:
Cost (000’s) (d)
$118,438$155,909$360,991$566,383
Average purchase price per share$54.13$56.42$54.53$53.03


(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
For the Fiscal Twelve
Months EndedMonths Ended
December 27,
2025		December 28,
2024		December 27,
2025		December 28,
2024
Capital Expenditures (in millions):
New stores, relocated stores and stores not yet opened$104.5 $62.4 $376.0 $241.2 
Existing stores58.274.2223.9284.0
Information technology44.457.7158.1153.5
Distribution center capacity and improvements56.250.6127.895.8
Corporate and other2.31.19.09.5
Total$265.6 $246.0 $894.8 $784.0