TRACTOR SUPPLY CO /DE/

Listed Company

TSCOCIK 0000916365NasdaqLarge AcceleratedRetail-Building Materials, Hardware, Garden SupplyDelawareFY ends Dec 28

Period

FY 2025

Revenue

$15.52B

Net Income

$1.10B

Total Assets

$10.93B

Equity

$2.58B

Shares Out

526.35M

Op. Cash Flow

$1.64B

Business

TRACTOR SUPPLY CO /DE/ is the largest rural lifestyle retailer in the United States, focused on supplying the needs of recreational farmers, ranchers, homesteaders, pet and animal owners and others who enjoy the rural “Out Here” lifestyle through brick-and-mortar stores and digital channels. It offers an extensive assortment including livestock, equine and agricultural supplies; companion animal products; seasonal and recreational items; truck, tool and hardware; and clothing, gifts and décor, together with numerous exclusive brands. The company reports a single retail segment and operates Tractor Supply and Petsense divisions alongside distribution and digital commerce operations. Its stores are located mainly in towns outlying major metropolitan areas and rural communities across 49 states, supported by e-commerce, a mobile app, distribution centers, and buy-online/pickup and ship-to-store fulfillment.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	15,524	14,883	14,556	14,205	12,731
Cost of merchandise sold	9,870	9,487	9,328	9,233	8,254
Gross profit	5,655	5,397	5,228	4,972	4,477
Selling, general and administrative expenses	3,693	3,482	3,356	3,194	2,900
Depreciation and amortization	494	447	393	343	270
Operating income	1,467	1,468	1,479	1,435	1,307
Interest expense, net	69	55	47	31	27
Income before income taxes	1,398	1,413	1,432	1,404	1,280
Income tax expense	302	312	325	316	283
Net income	1,096	1,101	1,107	1,089	997
Net Income per share basic (a)	2.07	2.05	2.03	1.96	8.69
Net Income per share diluted (a)	2.06	2.04	2.02	1.94	8.61
Basic	530	537	545	557	115
Diluted	532	540	549	561	116
Dividends declared per common share outstanding (a)	0.92	0.88	0.82	0.74	2.08

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	194	251	397	203	878
Inventories	3,084	2,840	2,646	2,710	2,191
Prepaid expenses and other current assets	203	197	219	246	164
Income taxes receivable	27	22	2	0	17
Total current assets	3,508	3,310	3,264	3,158	3,250
Property and equipment, net	3,027	2,727	2,437	2,084	1,618
Operating lease right-of-use assets	3,938	3,415	3,142	2,954	2,786
Goodwill and other intangible assets	399	270	270	253	56
Other assets	62	83	76	42	55
Total assets	10,934	9,805	9,188	8,490	7,767
Accounts payable	1,391	1,236	1,180	1,398	1,156
Accrued employee compensation	115	101	91	120	110
Other accrued expenses	653	582	533	499	474
Current portion of finance lease liabilities	5	3	3	3	4
Current portion of operating lease liabilities	450	397	369	346	321
Total current liabilities	2,614	2,319	2,177	2,376	2,065
Long-term debt	1,765	1,832	1,729	1,164	986
Finance lease liabilities, less current portion	31	28	31	35	33
Operating lease liabilities, less current portion	3,692	3,164	2,903	2,722	2,575
Deferred income taxes	95	44	60	31	0
Other long-term liabilities	155	147	138	120	106
Total liabilities	8,352	7,535	7,038	6,448	5,765
Common stock	7	7	7	1	1
Additional paid-in capital	1,441	1,377	1,313	1,261	1,211
Treasury stock	−6,386	−6,025	−5,459	−4,856	−4,156
Accumulated other comprehensive income	0	1	7	11	1
Retained earnings	7,519	6,911	6,282	5,624	4,945
Total stockholders' equity	2,581	2,270	2,150	2,042	2,003
Total liabilities and stockholders' equity	10,934	9,805	9,188	8,490	7,767

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	494	447	393	343	270
Gain on disposition of property and equipment	−93	−63	−48	2	4
Share-based compensation expense	57	48	57	—	—
Deferred income taxes	61	−23	6	52	29
Inventories	−226	−194	41	−350	−408
Prepaid expenses and other current assets	−1	11	22	−64	−30
Accounts payable	143	56	−219	162	180
Accrued employee compensation	14	9	−31	6	−10
Other accrued expenses	25	21	−13	−13	138
Income taxes	−6	−19	−12	27	−37
Other	71	25	31	49	−41
Net cash provided by operating activities	1,635	1,421	1,334	1,357	1,139
Capital expenditures	−895	−784	−754	−773	−628
Proceeds from sale of property and equipment	256	140	87	1	1
Acquisition of Allivet, net of cash acquired	−140	0	0	−391	0
Proceeds from sale of business assets	0	0	14	69	0
Net cash used in investing activities	−779	−644	−653	−1,094	−627
Borrowings under debt facilities	3,125	785	1,767	1,010	0
Repayments under debt facilities	−3,195	−685	−1,195	−832	0
Debt discounts and issuance costs	0	0	−10	—	—
Principal payments under finance lease liabilities	−3	−5	−5	−4	−5
Repurchase of shares to satisfy tax obligations	−16	−24	−24	—	—
Repurchase of common stock	−361	−561	−594	−700	—
Net proceeds from issuance of common stock	24	39	24	26	82
Cash dividends paid to stockholders	−488	−472	−450	−410	−239
Net cash used in financing activities	−914	−922	−486	−939	−975
Net (decrease) increase in cash and cash equivalents	−57	−146	195	−676	−464
Cash paid for interest, net of amounts capitalized	70	66	56	27	24
Cash paid for federal income taxes (a)	199	310	279	—	—
Cash paid for state income taxes	36	42	46	—	—
Non-cash accruals for property and equipment	123	82	60	46	24
Increase in operating lease liabilities resulting from new or modified right-of-use assets	928	659	629	417	678
Increase in finance lease liabilities resulting from new or modified right-of-use assets	8	0	450,000	5	4

Filings

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