At a glance
Tractor Supply Company is worth $18.40B, about 17 times its fiscal 2025 earnings. Revenue grew 4.3% to $15.52B in fiscal 2025, with 7.1% kept as profit; over 5 years it has grown 7.9% a year. It pays a 2.69% dividend yield, raised every year for at least 9 years, and returned $5.07B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −33.2% over the past year with dividends reinvested and −2.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.5% in the 2020 crash (S&P 500: 33.7%) and 27.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 9 months after the lows.
The business in plain English
Tractor Supply describes itself as the largest rural lifestyle retailer in the United States. It serves hobby farmers, ranchers, homesteaders, and pet and livestock owners living what it calls the “Out Here” lifestyle. As of December 27, 2025, it ran 2,602 stores in 49 states, mostly in rural areas and small towns. These were 2,395 Tractor Supply stores and 207 smaller Petsense by Tractor Supply stores. It also offers products through an app, TractorSupply.com, Petsense.com and Allivet.com. Allivet is an online pet pharmacy that the company acquired for $135.0 million in December 2024.
The company purchases goods from more than 1,100 vendors and resells them at a markup. In fiscal 2025, revenue was about $15.5 billion. Gross margin (the share of sales left after paying for the goods) was 36.4%. It reports one segment. By category, livestock, equine and agriculture goods such as feed and fencing made up 27% of fiscal 2025 net sales. Pet food, treats and supplies made up 24%, and seasonal and recreation goods such as lawn and garden and power equipment another 24%. Truck, tool and hardware was 15%, and clothing, gifts and décor 10%.
Customers use up and rebuy many products, such as feed, bird seed and propane. Its own brands and exclusively licensed lines, including 4health pet food and Producer's Pride feed, made up about 30% of fiscal 2025 sales.
Price history
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TSCO -33.2% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 27, 2026), revenue was $4.54B, up 2.3% from a year earlier, and net income was $360.7M (-16.1%).
- For fiscal 2025, revenue was $15.52B (+4.3% year over year; +7.9% a year from FY2020 to FY2025) with a 7.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.9% good |
|---|---|
| Operating margin | 9.5% watch |
| Free cash flow margin | 4.8% watch |
| Return on equity (FY2025) | 42.5% good |
| Return on assets (FY2025) | 10% good |
| Net cash (cash minus debt) | $-1.92B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $10.62B | $749.0M | $1.10B |
| FY2021 | $12.73B | $997.1M | $510.3M |
| FY2022 | $14.20B | $1.09B | $583.6M |
| FY2023 | $14.56B | $1.11B | $580.1M |
| FY2024 | $14.88B | $1.10B | $636.8M |
| FY2025 | $15.52B | $1.10B | $740.5M |
Valuation snapshot
| Market value | $18.40B |
|---|---|
| P/E ratio | 17.1 |
| Dividend yield | 2.69% |
Rank among 1514 US companies
Market value at each year end
Tractor Supply’s market value went from $9.95B at the end of 2016 to $18.40B on Nov 2, 2026, up 85%; since the end of 2025 it is down 30%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $18.40B | -30.4% |
| 2025 | $26.43B | -6.8% |
| 2024 | $28.34B | +21.9% |
| 2023 | $23.25B | -6.5% |
| 2022 | $24.85B | -8.5% |
| 2021 | $27.16B | +65.8% |
| 2020 | $16.38B | +48.0% |
| 2019 | $11.06B | +8.6% |
| 2018 | $10.19B | +8.5% |
| 2017 | $9.39B | -5.7% |
| 2016 | $9.95B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TSCO price data to Nov 2, 2026 | -28.0% | -33.2% | -1.4% | -2.1% | +12.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -28.0% |
| 2025 | -4.1% |
| 2024 | +25.4% |
| 2023 | -2.5% |
| 2022 | -4.0% |
| 2021 | +71.6% |
| 2020 | +52.3% |
| 2019 | +13.6% |
| 2018 | +13.3% |
| 2017 | +0.3% |
| 2016 | -10.3% |
| 2015 | +9.4% |
| 2014 | +2.5% |
| 2013 | +77.1% |
| 2012 | +27.0% |
| 2011 | +45.7% |
| 2010 | +85.8% |
| 2009 | +46.6% |
| 2008 | +0.6% |
| 2007 | -19.6% |
| 2006 | -15.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 38% over that stretch · deepest drop along the way 43.1%, back to its old high 12.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 20.6% over that stretch · deepest drop along the way 32.5%, back to its old high 1.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.4% over that stretch · deepest drop along the way 27.8%, back to its old high 8.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 4 open-market purchases ($652K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 4, 2026 | III Harry A Lawton President & CEO, Director | buy | $417K |
| Aug 3, 2026 | Andre J Hawaux Director | buy | $100K |
| Aug 4, 2026 | III Harry A Lawton President & CEO, Director | buy | $85K |
| Aug 4, 2026 | Edna Morris Director | buy | $51K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.8% | Jun 30, 2026 |
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| Invesco Ltd. | 6.6% | Jun 30, 2026 |
| Capital Research Global Investors | 5.7% | Jun 30, 2026 |
| Capital International Investors | 5.1% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.96% | Sep 30, 2026 |
| Wellington Management Group LLP | 4.8% | Jun 30, 2025 |
ETFs with the most weight in TSCO
| BEEZ Honeytree U.S. Equity ETF | 4.22% |
| CSMD Congress SMid Growth ETF | 3.13% |
| QQJG Invesco ESG NASDAQ Next Gen 100 ETF | 2.87% |
| EQRR ProShares Equities for Rising Rates ETF | 2.53% |
| YALL God Bless America ETF | 2.44% |
| TMFM Motley Fool Mid-Cap Growth ETF | 2.21% |
| MBOX Freedom Day Dividend ETF | 2.06% |
| RSPD Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 2.04% |
What could go wrong
- Weather swings can hurt seasonal sales. Seasonal and recreation goods, such as lawn and garden and power equipment, were 24% of fiscal 2025 sales. Unseasonal or extreme weather and natural disasters can cut demand and disrupt deliveries to stores.
- Tariffs on imported goods, including from China. Some merchandise comes from overseas makers, including in China, and some goods bought in the US are made abroad. Tariffs could raise costs. The company says other suppliers exist but may cost more.
- Sales at existing stores may stall. Growth relies partly on comparable store sales, meaning sales at stores open at least 12 months. Competition, online rivals, the economy, pricing, weather and staffing can all push these sales down.
- Online shopping could reduce store visits. Shoppers compare prices online and expect fast, cheap delivery. More orders shipped direct or picked up curbside could mean fewer store visits and fewer extra purchases made while browsing the aisles.
- New stores may not deliver as planned. Growth depends partly on opening new stores. Opening fewer than planned, running them poorly, or placing them too close to existing stores or rivals could weigh on sales and profits.
- Debt could limit financial flexibility. As of June 27, 2026, total debt was about $2.15 billion, against $232 million of cash and investments. Restrictive loan terms and interest costs could limit the cash available for operations and growth.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Other company announcement
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results; Other company announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
Tractor Supply has raised its dividend at least nine years in a row through fiscal 2025. Dividends per share reached $0.92 in fiscal 2025, up from $0.30 in fiscal 2020 (adjusted for a 5-for-1 stock split). That is growth of about 25.1% a year. Dividends used 44.5% of fiscal 2025 earnings and 65.9% of free cash flow (the cash left after investing in the business). The yield was 3.01% as of October 28, 2026. Buybacks (the company repurchasing its own shares) totaled about $3.02 billion from fiscal 2021 to 2025, but fell to $361 million in fiscal 2025.
The shares have fallen sharply in past downturns. They dropped as much as 43.1% in the 2008 financial crisis, 32.5% in the 2020 COVID crash and 27.8% in the 2022 bear market. Recovery took about 13, 1.3 and 9 months, respectively. As of October 28, 2026, the price was down 41.7% over one year. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Tractor Supply make money?
Tractor Supply is a retailer that sells everyday supplies for rural living. At December 27, 2025, it ran 2,602 stores in 49 states. These were 2,395 Tractor Supply stores and 207 Petsense by Tractor Supply stores. It also sells through TractorSupply.com, Petsense.com and the Allivet online pet pharmacy. In fiscal 2025, livestock, equine and agriculture products made up 27% of net sales. Companion animal and seasonal and recreation were 24% each, truck, tool and hardware 15%, and clothing, gift and décor 10%. Revenue was about $15.5 billion.
Does Tractor Supply raise its dividend every year?
Yes, so far. Dividends rose in every fiscal year from 2016 through 2025, and the streak may go back further. Adjusted for the 5-for-1 stock split, the dividend grew from $0.30 a share in fiscal 2020 to $0.92 in fiscal 2025, about 25% a year. Fiscal 2025 dividends used 44.5% of profit and 65.9% of free cash flow, which is the cash left after running and investing in the business. The company says future dividends are not guaranteed. The yield was 2.82% as of October 29, 2026.
Why is Tractor Supply stock down?
The drop has come at the same time as stalled profit growth. As of October 29, 2026, the shares were down 31.4% year to date and 36.5% over one year. Net income was about $1.1 billion in each fiscal year from 2022 through 2025. It slipped 0.5% in fiscal 2025 even though revenue grew 4.3%. In the quarter ended June 27, 2026, revenue rose 2.3% from a year earlier while net income fell 16.1%. After the decline, the stock traded at 16.3 times fiscal 2025 earnings.
How has Tractor Supply stock performed over the long term?
It depends on the period. As of October 29, 2026, the share price had gained 12.3% a year over 10 years, or 220% in total. Over five years it lost 3.2% a year, and over three years 1.7% a year. These figures do not count dividends. The stock has had steep drops: 43.1% in the 2008 financial crisis, 32.5% in the 2020 COVID crash and 27.8% in the 2022 bear market. Each loss was recovered within about 13 months. The deepest fall in about 21 years of price history was 58.6%.
Are Tractor Supply insiders buying the stock?
Yes. Filings from October 27, 2025 to October 27, 2026 show at least four open-market purchases by insiders, and the filings reviewed show no sales. President and CEO Harry A. Lawton III bought shares twice on August 4, 2026. Directors Andre J. Hawaux and Edna Morris also bought that month. None of the purchases were scheduled in advance under a trading plan. Insider buying can show confidence, but it does not guarantee returns. Large asset managers also hold big stakes, including BlackRock at 7.8% as of June 30, 2026.