Tractor Supply Co

Latest Results (28.08.2026):

Tractor Supply Company (Q2 2026) reported net sales of $4.54 billion, up 2.3% year-over-year, while comparable store sales declined 1.5%; diluted EPS was $0.69 (adjusted diluted EPS $0.81) and operating income totaled $467.1 million (adjusted operating income $548.3 million). Results were weighed down by a Petsense restructuring (store closures and impairments) and costs related to the VIP Petcare acquisition, and the company updated its fiscal 2026 guidance accordingly.

Top-line

Net sales increased 2.3% to $4.541 billion driven largely by new store openings (3.6% of quarterly sales from new stores), but comparable store sales fell 1.5% as April and June gains were offset by unusually weak May performance—softness in seasonal and big‑ticket categories and lower discretionary spending.

Profitability & margins

Gross profit was $1.683 billion (gross margin 37.1%, up from 36.9% a year ago); adjusted gross margin was 37.2%. SG&A (including D&A and impairments) rose 14.4% to $1.22 billion and increased to 26.8% of sales; adjusted SG&A was 25.1% of sales. Reported operating income fell 19.2% to $467.1 million; adjusted operating income declined 5.1% to $548.3 million.

Charges & non-GAAP adjustments

The quarter included impairment and restructuring charges related to Petsense and acquisition costs for VIP Petcare totaling $75.3 million (including a $5.9 million inventory write-down tied to planned Petsense closures). Tractor Supply presents adjusted results excluding these items.

Earnings

Net income declined 16.1% to $360.7 million; diluted EPS was $0.69 versus $0.81 a year ago. On an adjusted basis (excluding impairment and acquisition costs) adjusted net income was $423.5 million and adjusted diluted EPS was $0.81 for the quarter.

Capital return & store growth

The company returned $260.9 million to shareholders in Q2 2026 (≈3.9 million shares repurchased for $135.3 million and $125.6 million of dividends). It opened 28 Tractor Supply stores and 3 Petsense stores during the quarter (ending counts: 2,463 Tractor Supply; 209 Petsense).

Balance sheet & cash flow items

Inventories rose to $3.518 billion and inventory turns eased to 3.33 (annualized). Net cash provided by operating activities for the six months was $653.1 million; capital expenditures were $435.7 million year-to-date, including $185.2 million for new/relocated stores.

Updated fiscal 2026 outlook

Tractor Supply updated full‑year 2026 guidance: net sales +2.5% to +3.5%; comparable store sales (1%) to flat; operating margin 8.0%–8.3% (adjusted 8.5%–8.8%); net income $930M–$990M (adjusted $990M–$1.05B); EPS $1.78–$1.88 (adjusted $1.90–$2.00). The company also withdrew its prior long‑term financial framework and expects to provide an updated framework with Q4 2026 results.