Tractor Supply (TSCO) financial statements
Tractor Supply reported revenue of $15.5B in fiscal 2025, up 9.6% a year over 9 years.
Net income was $1.1B and the operating margin 9.5%, against 10.2% in 2016.
Free cash flow was $740M, and the company returned $488M in dividends and $361M in net buybacks.
The diluted share count fell 20% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Tractor Supply's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.8B | $7.3B | $7.9B | $8.4B | $10.6B | $12.7B | $14.2B | $14.6B | $14.9B | $15.5B |
| Cost of revenue | $4.5B | $4.8B | $5.2B | $5.5B | $6.9B | $8.3B | $9.2B | $9.3B | $9.5B | $9.9B |
| Gross profit | $2.3B | $2.5B | $2.7B | $2.9B | $3.8B | $4.5B | $5.0B | $5.2B | $5.4B | $5.7B |
| Selling, general and admin | $1.5B | $1.6B | $1.8B | $1.9B | $2.5B | $2.9B | $3.2B | $3.4B | $3.5B | $3.7B |
| Operating income | $694M | $686M | $702M | $743M | $997M | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B |
| Interest expense | $6M | $14M | $18M | $20M | $29M | $27M | $31M | $47M | $55M | $69M |
| Pre-tax income | $688M | $673M | $683M | $723M | $968M | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B |
| Income tax | $251M | $250M | $151M | $161M | $219M | $283M | $316M | $325M | $312M | $302M |
| Net income | $437M | $423M | $532M | $562M | $749M | $997M | $1.1B | $1.1B | $1.1B | $1.1B |
| EPS (diluted) | $0.65 | $0.66 | $0.86 | $0.93 | $1.28 | $1.72 | $1.94 | $2.02 | $2.04 | $2.06 |
| Diluted shares | 669M | 641M | 617M | 604M | 587M | 579M | 561M | 549M | 540M | 532M |
| Gross margin | 34.3% | 34.3% | 34.2% | 34.4% | 35.4% | 35.2% | 35.0% | 35.9% | 36.3% | 36.4% |
| Operating margin | 10.2% | 9.5% | 8.9% | 8.9% | 9.4% | 10.3% | 10.1% | 10.2% | 9.9% | 9.5% |
| Net margin | 6.4% | 5.8% | 6.7% | 6.7% | 7.1% | 7.8% | 7.7% | 7.6% | 7.4% | 7.1% |
Balance sheet
Fiscal years, from Tractor Supply's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $54M | $109M | $86M | $84M | $1.3B | $878M | $203M | $397M | $251M | $194M |
| Inventory | $1.4B | $1.5B | $1.6B | $1.6B | $1.8B | $2.2B | $2.7B | $2.6B | $2.8B | $3.1B |
| Total current assets | $1.5B | $1.7B | $1.8B | $1.8B | $3.3B | $3.3B | $3.2B | $3.3B | $3.3B | $3.5B |
| Property, plant and equipment | $962M | $1.0B | $1.1B | $1.2B | $1.2B | $1.6B | $2.1B | $2.4B | $2.7B | $3.0B |
| Goodwill | $94M | $93M | $10M | $10M | $10M | $32M | $230M | $246M | $246M | $347M |
| Total assets | $2.7B | $2.9B | $3.1B | $5.3B | $7.0B | $7.8B | $8.5B | $9.2B | $9.8B | $10.9B |
| Total current liabilities | $777M | $849M | $938M | $1.2B | $1.7B | $2.1B | $2.4B | $2.2B | $2.3B | $2.6B |
| Long-term debt | $264M | $401M | $381M | $366M | $984M | $986M | $1.2B | $1.7B | $1.8B | $1.8B |
| Total liabilities | $1.2B | $1.5B | $1.5B | $3.7B | $5.1B | $5.8B | $6.4B | $7.0B | $7.5B | $8.4B |
| Shareholders' equity | $1.5B | $1.4B | $1.6B | $1.6B | $1.9B | $2.0B | $2.0B | $2.1B | $2.3B | $2.6B |
| Net debt | $210M | $292M | $295M | $282M | -$357M | $108M | $962M | $1.3B | $1.6B | $1.6B |
Cash flow
Fiscal years, from Tractor Supply's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $651M | $631M | $694M | $812M | $1.4B | $1.1B | $1.4B | $1.3B | $1.4B | $1.6B |
| Capital spending | $226M | $250M | $279M | $217M | $294M | $628M | $773M | $754M | $784M | $895M |
| Free cash flow | $425M | $381M | $416M | $594M | $1.1B | $510M | $584M | $580M | $637M | $740M |
| Stock-based compensation | $24M | $29M | $29M | $31M | $37M | $48M | $54M | $57M | $48M | $57M |
| Dividends paid | $122M | $134M | $147M | $163M | $175M | $239M | $410M | $450M | $472M | $488M |
| Share buybacks (net) | -$332M | -$369M | -$350M | -$533M | -$343M | -$799M | -$700M | -$594M | -$561M | -$361M |
| Free cash flow margin | 6.3% | 5.3% | 5.3% | 7.1% | 10.4% | 4.0% | 4.1% | 4.0% | 4.3% | 4.8% |
| Dividends per share | $0.18 | $0.21 | $0.24 | $0.27 | $0.30 | $0.41 | $0.73 | $0.82 | $0.88 | $0.92 |
Questions
What was Tractor Supply's revenue in 2025?
$15.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Tractor Supply generate?
$740M in fiscal 2025 (operating cash flow minus capital spending).
From Tractor Supply's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.