TRACTOR SUPPLY CO /DE/ (TSCO) Company Report

The consumer remains healthy and resilient, with positive comparable store transactions, mid-single-digit CUE comps, strong big-ticket gains and stable discretionary categories in H1 2025.
Tariff-related costs are now flowing into P&L in H2, prompting modest 1–2% price increases with no notable elasticity impact so far.
Gross margin improved 30 bps in H1 2025; management expects an additional 5–15 bps expansion in H2, moderating headwinds from lapping distribution center benefits, consumable mix and tariffs.
The company is pursuing four “Life Out Here” growth pillars: Allivet pet pharmacy acquisition integration, B2B direct sales, final-mile delivery rollout and 15% store localization.
Tractor Supply plans 90+ store openings in 2025 (ramping to 100 in 2026), including 18 Big Lots retrofits, while managing limited cannibalization and exceeding new-store ROI forecasts.

Sep 3, 2025, 2:34 PM

Tractor Supply Co reports Q2 2025 results

TSCO

Earnings

Guidance Update

Share Buyback

Tractor Supply grew net sales 4.5% to $4.44 B with comparable store sales up 1.5% (transactions +1%, ticket +0.5%), delivering diluted EPS of $0.81 in Q2 2025.
Gross margin expanded 31 bps to 36.9%, operating income rose 2.9% to $577.8 M, and net income increased 1.1% to $430 M; inventories ended at $3.1 B to bolster in-stock levels.
Returned $196 M to shareholders via dividends and buybacks; full-year repurchase guidance lowered to $325–375 M (from $525–600 M) to support inventory and tariff impacts.
Reconfirmed 2025 outlook: net sales growth 4–8%, comp store sales flat to +4%, operating margin 9.5–9.9%, net income $1.07–1.17 B (EPS $2.00–2.18).

Jul 24, 2025, 6:15 PM

Tractor Supply Unveils Strategic Growth Initiatives at 2025 Conference

TSCO

New Projects/Investments

Revenue Acceleration/Inflection

M&A

Store and Revenue Growth: Tractor Supply Co operates over 2,300 stores and expects revenue to exceed $15 billion, having doubled revenues over the last five years.
Strategic Expansion: The company highlighted its Life Out Here 2030 strategy, aiming to drive new store growth (targeting around 90 new stores this year with a goal of 100 annually) and boost comparable sales through initiatives like direct sales and final mile delivery.
Enhanced Service Offerings: Through the acquisition of Alivet, Tractor Supply is integrating pet Rx services—part of a broader effort to monetize its extensive customer base, which includes over 40 million Neighbor's Club members.
Market Position and Pricing Resilience: The company benefits from a strong rural consumer base, limited tariff impact (with over 60% of products made in the U.S.), and a balanced mix of commodity and big-ticket sales.

Jun 5, 2025, 3:06 PM

Tractor Supply Co Q1 2025 Earnings & Guidance Update

TSCO

Earnings

Guidance Update

Share Buyback

Revenue Acceleration/Inflection

Q1 2025 Performance: Reported total sales of $3.47B, a 2.1% increase in transactions, and EPS of $0.34
Operating Performance: Recorded a decline with operating margin at 7.2%, operating income down 5.3%, and net income dropped 9.5% to $179M
Guidance Update: Revised FY2025 outlook now spans a +4% to +8% net sales range with Q2 guidance expecting 3% to 4% growth, amid cost pressures and tariff uncertainties
Capital Returns: Executed share repurchases of approximately 1.7 million shares and returned $216.4M to shareholders via repurchases and cash dividends, with dividends increased by 4.5%
Seasonal & Operational Impact: Delayed spring weather significantly affected seasonal sales in the South, while strong customer engagement and effective operational rollouts supported core growth

Apr 24, 2025, 2:01 PM

Earnings Transcripts

Quarterly earnings call transcripts for TRACTOR SUPPLY CO /DE/.

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