TRACTOR SUPPLY CO /DE/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TRACTOR SUPPLY CO /DE/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,780	7,256	7,911	8,352	10,620	12,731	14,205	14,556	14,883	15,524
Cost of revenue	4,454	4,764	5,209	5,480	6,859	8,254	9,233	9,328	9,487	9,870
Gross profit	2,325	2,492	2,703	2,872	3,762	4,477	4,972	5,228	5,397	5,655
Selling, general and administrative	1,488	1,640	1,823	1,933	2,479	2,900	3,194	3,356	3,482	3,693
Operating income	694	686	702	743	997	1,307	1,435	1,479	1,468	1,467
Interest expense	5.81	13.9	18.4	19.8	28.8	26.6	30.6	46.5	54.6	69.1
Pre-tax income	688	673	683	723	968	1,280	1,404	1,432	1,413	1,398
Income tax	251	250	151	161	219	283	316	325	312	302
Net income	437	423	532	562	749	997	1,089	1,107	1,101	1,096
EBITDA	837	852	879	939	1,214	1,577	1,778	1,872	1,915	1,961
EPS, basic	0.66	0.66	0.87	0.94	1.29	1.74	1.96	2.03	2.05	2.07
EPS, diluted	0.65	0.66	0.86	0.93	1.27	1.72	1.94	2.02	2.04	2.06
Shares, basic (weighted)	665	639	614	599	582	575	557	545	537	530
Shares, diluted (weighted)	670	642	618	604	588	580	561	549	540	532
Dividend per share	0.18	0.21	0.24	0.27	0.30	0.42	0.74	0.82	0.88	0.92

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	53.9	109	86.3	84.2	1,342	878	203	397	251	194
Inventory	1,370	1,453	1,590	1,603	1,783	2,191	2,710	2,646	2,840	3,084
Other current assets	90.6	88.3	114	101	134	164	246	219	197	203
Total current assets	1,518	1,655	1,794	1,788	3,259	3,250	3,158	3,264	3,310	3,508
Property, plant and equipment	962	1,045	1,134	1,164	1,249	1,618	2,084	2,437	2,727	3,027
Lease right-of-use assets			0	2,189	2,424	2,786	2,954	3,142	3,415	3,938
Goodwill	94.4	93.2	10.3	10.3	10.3	32.4	230	246	246	347
Intangible assets						23.1	23.1	23.1	23.1	52.3
Other non-current assets	23.9	25.9	25.3	24.1	30.5	55.4	41.5	75.5	83.2	62.2
Total assets	2,675	2,869	3,085	5,289	7,049	7,767	8,490	9,188	9,805	10,934
Accounts payable	520	577	620	643	976	1,156	1,398	1,180	1,236	1,391
Accrued liabilities	216	202	232	248	325	474	499	533	582	653
Total current liabilities	777	849	938	1,248	1,744	2,065	2,376	2,177	2,319	2,614
Long-term debt	264	401	381	366	984	986	1,164	1,729	1,832	1,765
Lease liabilities			0	2,001	2,221	2,575	2,722	2,903	3,164	3,692
Other non-current liabilities	54.7	61.3	67.9	76.4	143	106	120	138	147	155
Total liabilities	1,222	1,450	1,523	3,722	5,125	5,765	6,448	7,038	7,535	8,352
Total debt	0	150	150	150	150	150	150	150	150	150
Paid-in capital	672	716	823	967	1,096	1,211	1,261	1,313	1,377	1,441
Retained earnings	2,540	2,829	3,214	3,613	4,187	4,945	5,624	6,282	6,911	7,519
Treasury stock	-1,761	-2,131	-2,481	-3,014	-3,357	-4,156	-4,856	-5,459	-6,025	-6,386
Other comprehensive income	1.39	3.36	3.81	0.2	-3.24	1.35	11.3	6.79	1.22	0
Shareholders' equity	1,453	1,419	1,562	1,567	1,924	2,003	2,042	2,150	2,270	2,581
Total equity	1,453	1,419	1,562	1,567	1,924	2,003	2,042	2,150	2,270	2,581
Total liabilities and equity	2,675	2,869	3,085	5,289	7,049	7,767	8,490	9,188	9,805	10,934
Shares outstanding	655	627	610	591	582	566	110	540	532	527

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	437	423	532	562	749	997	1,089	1,107	1,101	1,096
Depreciation and amortization	143	166	177	196	217	270	343	393	447	494
Stock-based compensation	23.6	29.2	28.9	31.1	37.3	47.6	53.8	57	48.4	57.1
Deferred income tax	9.98	26.7	11.9	6.76	-31.7	29.1	51.7	6.17	-22.6	61.3
Change in inventory	-67.7	-83.6	-136	-13.2	-180	-408	-350	40.9	-194	-226
Change in payables	82.5	57	43.4	23.1	333	180	162	-219	56.4	143
Cash from operations	651	631	694	812	1,395	1,139	1,357	1,334	1,421	1,635
Capital expenditures	-226	-250	-279	-217	-294	-628	-773	-754	-784	-895
Acquisitions	-144	1.23	0	0	0	0	-391	0	0	-140
Cash from investing	-369	-238	-276	-215	-292	-627	-1,094	-653	-644	-779
Share buybacks	-332	-369	-350	-533	-343	-799	-700	-594	-561	-361
Dividends paid	-122	-134	-147	-163	-175	-239	-410	-450	-472	-488
Cash from financing	-291	-338	-441	-599	155	-975	-939	-486	-922	-914
Net change in cash	-9.9	55.2	-22.8	-2.06	1,258	-464	-676	195	-146	-57.4
Free cash flow	425	381	416	594	1,101	510	584	580	637	740
Interest paid	6.12	10.5	18.1	19.1	24.5	23.6	26.6	56.3	65.9	69.8
Income taxes paid	232	219	147	144	235	292	239	325	351

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $32.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.5%	Gross profit / revenue.
Operating margin	8.5%	Operating income / revenue.
EBITDA margin	11.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.1%	Pre-tax income / revenue.
Net margin	11.9%	Net income / revenue.
FCF margin	1.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.2%	Cash from operations / revenue.
Effective tax rate	20.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	71.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.5%	Net income / average total assets.
Return on invested capital (ROIC)	23.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	24.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.2%	Capital expenditures / revenue.
D&A / revenue	3.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-0.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-0.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	15.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	16.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-7.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	25.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.33x	Current assets / current liabilities.
Quick ratio	0.07x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.82x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.7%	Total debt / total assets.
Liabilities / assets	78.4%	Total liabilities / total assets.
Net debt	$1.92B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	4.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.13B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.30x	Revenue / average total assets.
Fixed asset turnover	4.89x	Revenue / average property, plant and equipment.
Inventory turnover	2.84x	Cost of revenue / average inventory.
Days inventory	128 days	365 x average inventory / cost of revenue.
Days payables	64 days	365 x average accounts payable / cost of revenue.
FCF conversion	16.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	76.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$30.02	Revenue / diluted weighted shares.
FCF per share	$0.59	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.45	Cash from operations / diluted weighted shares.
Book value per share	$5.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.07	Tangible book value / shares outstanding.
Cash per share	$0.44	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	161.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	144.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$16.81B	Share price x shares outstanding.
Enterprise value	$18.74B	Market cap + total debt - cash - short-term investments.
P/E	8.94x	Market cap / net income. Only when net income is positive.
P/S	1.07x	Market cap / revenue.
P/B	6.39x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.91x	Market cap / tangible book value, when positive.
P/FCF	54.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.1x	Market cap / cash from operations, when positive.
EV/Sales	1.19x	Enterprise value / revenue.
EV/EBIT	14.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	61.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	11.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.9%	Dividends paid over the period / market cap.
Shareholder yield	5.6%	(Dividends paid + share buybacks) / market cap.
PEG	4.42x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was TRACTOR SUPPLY CO /DE/'s revenue in fiscal 2025?

TRACTOR SUPPLY CO /DE/ reported revenue of $15.52B for fiscal 2025, 4.3% higher than the year before.

Was TRACTOR SUPPLY CO /DE/ profitable in fiscal 2025?

Yes. Net income was $1.10B, a net margin of 7.1%.

How much free cash flow did TRACTOR SUPPLY CO /DE/ generate in fiscal 2025?

Cash from operations of $1.64B minus capital expenditures of $894.8M left free cash flow of $740.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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