Tractor Supply

Consumer Discretionary Other Specialty Retail Brentwood, Tennessee Last filing Feb 19, 2026 · FY2025

                    Revenue
                    FY2025
                
$15.5B
                    3y CAGR +3.0%
                    
                    P31
                    
                    +4.3%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +7.1%
                    
                    P38
                    
                    -0.5%
                    
                    Total assets
                    FY2025
                
$10.9B
                    ROA +10.0%
                    
                    P52
                    
                    +11.5%
                    
                    Operating cash flow
                    FY2025
                
$1.6B
                    FCF margin +4.8%
                    
                    P15
                    
                    +15.1%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $10.9B

Total liabilities $8.4B

Shareholders equity $2.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	1.8%	2.6%	4.3%	2.4%	11.3%	19.0%	1.6%	2.8%	3.8%	2.0%
Accounts Receivable	12.7%	—	—	16.5%	—	—	—	—	—	19.4%
Inventory	28.2%	—	—	31.9%	—	—	—	—	—	51.2%
Prepaid Expenses	1.9%	—	—	2.9%	—	—	—	—	—	3.4%
Other Current Assets	1.9%	2.0%	2.4%	2.9%	2.1%	1.9%	1.9%	3.7%	3.1%	3.4%
Total Current Assets	32.1%	33.8%	35.5%	37.2%	41.8%	46.2%	33.8%	58.2%	57.7%	56.7%
Property,Plant and Equipment	27.7%	—	—	24.5%	—	—	—	—	—	36.0%
Operating Lease Assets	36.0%	—	—	34.8%	—	—	—	—	—	—
Goodwill	0.9%	2.5%	2.7%	2.7%	0.4%	0.1%	0.2%	0.3%	3.2%	3.5%
Other Noncurrent Assets	0.6%	0.8%	0.8%	0.5%	0.7%	0.4%	0.5%	0.8%	0.9%	0.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	12.7%	12.6%	12.8%	16.5%	14.9%	13.8%	12.2%	20.1%	20.1%	19.4%
Accrued Liabilities	6.0%	—	—	5.9%	—	—	—	—	—	8.1%
Current Portion of Long Term Debt	16.1%	—	—	13.7%	—	—	—	—	—	9.9%
Operating Lease Liabilities	4.1%	—	—	4.1%	—	—	—	—	—	—
Other Current Liabilities	1.4%	—	—	1.4%	—	—	—	—	—	2.0%
Total Current Liabilities	23.9%	23.7%	23.7%	28.0%	26.6%	24.7%	23.6%	30.4%	29.6%	29.1%
Long Term Debt	16.1%	—	—	13.7%	—	—	—	—	—	9.9%
Operating Lease Liabilities Noncurrent	33.8%	—	—	32.1%	—	—	—	—	—	—
Deferred Tax Liabilities	0.9%	0.5%	0.7%	0.4%	0.0%	0.0%	0.0%	0.0%	5.1%	3.2%
Other Noncurrent Liabilities	1.4%	1.5%	1.5%	1.4%	1.4%	2.0%	1.4%	2.2%	2.1%	2.0%
Total Liabilities	76.4%	76.8%	76.6%	75.9%	74.2%	72.7%	70.4%	49.4%	50.5%	45.7%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.1%	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%
Additional Paid In Capital	13.2%	14.0%	14.3%	14.9%	15.6%	15.5%	18.3%	26.7%	25.0%	25.1%
Retained Earnings	68.8%	70.5%	68.4%	66.2%	63.7%	59.4%	68.3%	104.2%	98.6%	95.0%
Treasury Stock	3.3%	61.4%	6.6%	8.2%	53.5%	47.6%	57.0%	80.4%	74.3%	65.9%
Accumulated Other Comprehensive Income	0.0%	—	—	0.1%	—	—	—	—	—	0.1%
Total Stockholders Equity	23.6%	—	—	24.1%	—	—	—	—	—	54.3%
Total Liabilitiesand Equity	100.0%	—	—	100.0%	—	—	—	—	—	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $15.5B

Operating income $1.5B

Net income $1.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	142.0%	—	—	167.3%	—	—	—	—	—	253.4%
Expenses Cost of Revenue	90.3%	—	—	108.7%	—	—	—	—	—	166.5%
Expenses Selling,General and Administrative	33.8%	—	—	37.6%	—	—	—	—	—	55.6%
Expenses Depreciation and Amortization	4.5%	—	—	4.0%	—	—	—	—	—	5.3%
Expenses Share Based Compensation	0.5%	—	—	0.6%	—	—	—	—	—	0.9%
Other Income Expense Gross Profit	51.7%	—	—	58.6%	—	—	—	—	—	86.9%
Other Income Expense Operating Income	13.4%	—	—	16.9%	—	—	—	—	—	25.9%
Other Income Expense Interest Expense	0.6%	—	—	0.4%	—	—	—	—	—	0.2%
Other Income Expense Income Before Tax	12.8%	—	—	16.5%	—	—	—	—	—	25.7%
Income Tax Income Tax Expense	2.8%	—	—	3.7%	—	—	—	—	—	9.4%
net Income net Income	10.0%	—	—	12.8%	—	—	—	—	—	16.3%
net Income Comprehensive Income	10.0%	—	—	12.9%	—	—	—	—	—	16.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.8%	5.5%	5.9%	6.6%	1.5%	1.7%	2.3%	4.0%	4.4%	5.0%
Earnings Per Share Weighted Average Shares Diluted	4.9%	5.5%	6.0%	6.6%	1.5%	1.7%	2.3%	4.0%	4.5%	5.0%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $1.6B

Investing cash flow $-778.6M

Financing cash flow $-914.1M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	10.0%	11.2%	12.1%	12.8%	12.8%	10.6%	10.6%	17.3%	14.7%	16.3%
Operating Activities Depreciation and Amortization	4.5%	4.6%	4.3%	4.0%	3.5%	3.1%	3.7%	5.7%	5.8%	5.3%
Operating Activities Stock Based Compensation	0.5%	—	—	0.6%	—	—	—	—	—	0.9%
Operating Activities Deferred Income Taxes	0.6%	—	—	0.6%	—	—	—	—	—	0.4%
Operating Activities Changes In Operating Assets and Liabilities	3.6%	—	—	6.6%	—	—	—	—	—	6.3%
Operating Activities net Cash From Operating Activities	15.0%	14.5%	14.5%	16.0%	14.7%	19.8%	15.3%	22.5%	22.0%	24.3%
Investing Activities Capital Expenditures	8.2%	8.0%	8.2%	9.1%	8.1%	4.2%	4.1%	9.0%	8.7%	8.4%
Investing Activities Business Acquisitions	1.3%	—	—	4.6%	—	—	—	—	—	5.4%
Investing Activities net Cash From Investing Activities	-7.1%	-6.6%	-7.1%	-12.9%	-8.1%	-4.1%	-4.1%	-9.0%	-8.3%	-13.8%
Financing Activities Proceeds From Debt	28.6%	8.0%	19.2%	11.9%	0.0%	28.5%	18.9%	38.7%	41.1%	35.3%
Financing Activities Repayment of Debt	29.2%	7.0%	13.0%	9.8%	0.0%	20.0%	19.2%	39.3%	35.8%	30.7%
Financing Activities Repurchase of Common Stock	3.3%	—	—	8.2%	—	—	—	—	—	12.4%
Financing Activities Dividends Paid	4.5%	4.8%	4.9%	4.8%	3.1%	2.5%	3.1%	4.8%	4.7%	4.6%
Financing Activities Proceeds From Stock Issuance	0.2%	—	—	0.3%	—	—	—	—	—	1.5%
Financing Activities Tax Withholding On Stock Based Compensation	0.1%	—	—	0.3%	—	—	—	—	—	0.0%
Financing Activities net Cash From Financing Activities	-8.4%	-9.4%	-5.3%	-11.1%	-12.6%	2.2%	-11.3%	-14.3%	-11.8%	-10.9%
Cash Reconciliation Effect of Exchange Rate On Cash	1.8%	—	—	2.4%	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	-0.5%	-1.5%	2.1%	-8.0%	-6.0%	17.8%	—	—	—	-0.4%
Cash Reconciliation Cash At Beginning of Period	1.8%	—	—	2.4%	—	—	—	—	—	2.0%
Cash Reconciliation Cash At End of Period	1.8%	—	—	2.4%	—	—	—	—	—	2.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+36.4%	+36.3%	+35.9%	+35.0%	+35.2%	+35.4%	+34.4%	+34.2%	+34.3%	+34.3%
Operating margin	+9.5%	+9.9%	+10.2%	+10.1%	+10.3%	+9.4%	+8.9%	+8.9%	+9.5%	+10.2%
Net margin	+7.1%	+7.4%	+7.6%	+7.7%	+7.8%	+7.1%	+6.7%	+6.7%	+5.8%	+6.4%
FCF margin	+4.8%	+4.3%	+4.0%	+4.1%	+4.0%	+10.4%	+7.1%	+5.3%	+5.3%	+6.3%
Growth
Revenue CAGR (3y)	+3.0%	+5.3%	+11.1%	+19.4%	+17.2%	+13.5%	+7.2%	—	—	—
Returns
ROE	+42.5%	+48.5%	+51.5%	+53.3%	+49.8%	+38.9%	+35.9%	+34.1%	+29.8%	+30.1%
ROA	+10.0%	+11.2%	+12.1%	+12.8%	+12.8%	+10.6%	+10.6%	+17.3%	+14.7%	+16.3%
ROIC	+19.4%	+26.9%	+29.7%	+26.7%	+41.8%	+41.2%	+27.1%	+29.4%	+25.2%	+22.9%
Liquidity
Current ratio	1.34x	1.43x	1.50x	1.33x	1.57x	1.87x	1.43x	1.91x	1.95x	1.95x
Quick ratio	0.61x	—	—	0.67x	—	—	—	—	—	0.74x
Leverage
D/E	3.24x	3.32x	3.27x	3.16x	2.88x	2.66x	2.38x	0.98x	1.02x	0.84x
Interest coverage	21.22x	—	31.80x	46.84x	49.11x	34.64x	37.46x	38.24x	49.53x	119.46x
Efficiency
Asset turnover	1.42x	1.52x	1.58x	1.67x	1.64x	1.51x	1.58x	2.56x	2.53x	2.53x
Cash conversion cycle	+95d	—	—	+88d	—	—	—	—	—	+98d

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Tractor Supply

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