TSCO
Tractor Supply Company52.64
-0.29-0.55%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Direct sales eyes $50M in 2026
Q&A drilled into direct sales momentum, targeting $50 million in 2026 sales while doubling specialists to around 100; the initiative self-funds alongside final mile, saving $10 million in freight and adding 40 basis points to comps. Management called Q4 discretionary softness transitory, tied to holidays and no storms, with Q1 tracking above plan despite weather swings and tax refund optimism ahead. Pet food holds share via pet wash and clinic traffic, no outsized lift required. Tariffs stay managed at 20-30 basis points pressure. Direct sales hit $2M in December. Execs project normalization, eyes on spring execution.
Key Stats
Market Cap
27.82BP/E (TTM)
25.43Basic EPS (TTM)
2.07Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
Tractor Supply grew net sales 4.3% to $15.52B in FY2025 ended December 27, while comps edged up 1.2% on C.U.E. and seasonal strength offsetting big-ticket softness; new stores and Allivet added 3.1 points. Gross margin ticked to 36.4% via cost controls, yet operating margin slipped to 9.5% on SG&A investments and fixed-cost deleverage. Q4 momentum showed in 99 Tractor Supply openings, $488M dividends, $361M buybacks leaving $1.13B authorized, and $1.77B debt against $194M cash. Sale-leasebacks yielded $257M proceeds. Unseasonal weather could disrupt quarterly sales timing.
8-K
Appoints Syngal, raises dividend
Tractor Supply appointed Sonia Syngal, ex-Gap CEO with 30+ years in retail and supply chain, as independent director effective February 10, 2026, expanding its board to 10 members. The board hiked its quarterly dividend by $0.04 to $0.24 per share—$0.96 annualized—payable March 10 to holders of record February 24, marking 17 straight years of increases. Strong cash flows shine. No related transactions disclosed.
8-K
Q4 sales up, income down
Tractor Supply posted Q4 net sales up 3.3% to $3.90B with comps +0.3%, but operating income fell 6.5% to $297.7M as discretionary demand softened. Full-year sales rose 4.3% to $15.52B, EPS edged to $2.06. Fiscal 2026 guidance targets 4-6% sales growth, EPS $2.13-$2.23. Discretionary pressures persist.
10-Q
Q3 FY2025 results
Tractor Supply posted Q3 FY2025 net sales of $3.72B, up 7.2% y/y from $3.47B, fueled by 3.9% comps and Allivet's contribution; gross margin ticked to 37.4% from 37.2%. Operating income rose 5.6% y/y to $343M while YTD climbed 1.8% to $1.17B, diluted EPS hit $0.49 (up 8.9% y/y, reconciles to 532M shares). Cash from ops surged to $1.31B YTD; free cash flow not disclosed in the 10-Q. Closed Allivet acquisition Dec 2024 for $135M cash, recognizing $100.3M goodwill and $26.5M intangibles. Debt steady at $1.74B with rev fac availability; repurchased $244M shares YTD. Solid execution amid growth. Vendor tariffs pressure margins.
8-K
CEO retention awards, dividend
Tractor Supply's board approved $20 million in retention equity for CEO Harry Lawton III on November 5, 2025—a $12 million PSU vesting February 2031 on TSR vs. S&P 500 peers, plus $8 million RSUs over five years. Awards lock in leadership amid extended vesting. Board also declared $0.23/share quarterly dividend, payable December 9 to November 24 record holders.
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