TSCO TRACTOR SUPPLY CO /DE/

Overview and Growth

TRACTOR SUPPLY CO /DE/ generated $15.52B of revenue in fiscal 2025, with net income of $1.10B and an operating cash inflow of $1.64B. The $15.52B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 4.3% above fiscal 2024 revenue of $14.88B, marking a year-over-year increase. Diluted earnings per share were $2.06, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 1.0% increase from fiscal 2024 diluted EPS of $2.04. The revenue-to-assets relationship was 1.42x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $5.65B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 36.4% of revenue, showing how much of the top line remained after direct costs. Operations produced $1.47B of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 9.5%, showing the portion of revenue preserved after the full set of operating costs. After all reported below-operating-line items, the company recorded net income of $1.10B for the fiscal year. The final earnings result represented 7.1% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $1.40B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 9.0%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $302.16M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 21.6%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

Total assets were $10.93B, supported by $8.35B of liabilities and $2.58B of shareholder equity. Current assets were $3.51B against $2.61B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.34x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $194.11M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 7.4%, excluding receivables and other current assets. The company carried $1.76B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.68x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 16.1%, showing how much of the asset base was matched by borrowing. Liabilities represented 76.4% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 1.8%, comparing reported cash and equivalents with the full positive asset balance. Compared with $9.81B in fiscal 2024, the current asset base moved 11.5% and finished higher.

Cash Flow and Earnings Quality

The company reported $1.64B of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 1.49x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $894.77M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 54.7% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $740.49M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 4.8%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 6.8%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 27, 2025. Analysis generated Oct 21, 2026.