Tractor Supply Co

Company facts

Industry

Retail-Building Materials, Hardware, Garden Supply

Headquarters

Brentwood, Tennessee

Most recent report

8-K, filed Aug 25, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 916365

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 2 of 13 sections worth reading, with 0 positive, 12 notable, and 3 negative flags.

• Financial Statements (Item 1)

  Core financial statements with impairment, acquisition, and covenant changes.
  Notable

  • Supplier finance payables jumped to $179M from $30.6M at year-end, indicating extended payment terms.
  • New credit agreement reduces covenants to one leverage ratio (≤4.0x) and revolver drawn to $620M from $230M at year-end.
  • Effective tax rate dropped to 19.8% from 23.2%, boosted by $166.6M in purchased transferable federal tax credits.
  Negative

  • Pre-tax charges of $71.7M for Petsense restructuring, including full goodwill write-off and ~75 store closures.

• Management's Discussion (Item 2)

  Comp sales falling, Petsense restructuring with $71.7M impairment, op income down 19%.
  Notable

  • Q2 net sales grew only 2.3% to $4.54B, with all growth from new stores (3.7 pts); comps dragged -1.5%.
  • Gross margin improved slightly by 11 bps to 37.1% in Q2 on tariff benefits and cost management, offset by freight.
  • SG&A as % of sales jumped 284 bps to 26.8% in Q2, largely from Petsense impairment and acquisition costs.
  • Share repurchase pace picked up: $253.3M in H1 2026 vs $166.6M in H1 2025, at a lower average price ($40.86 vs $52.89).
  • Accelerated store openings: 28 Tractor Supply stores in Q2 2026 vs 24 a year ago; 68 in H1 vs 39.
  • VIP Petcare acquired for $129.8M cash in H1 2026; Allivet was acquired for $139.9M in prior-year period.
  • Capital expenditure guidance for FY2026: $675M-$725M net of sale-leaseback, including ~100 new Tractor Supply stores.
  • Remaining buyback authorization dropped to $873.4M as of June 27, 2026, from $1.01B three months earlier.
  • New Nampa, ID distribution center expected to open in Q4 2026; contractual commitments $34.8M as of June 27.
  Negative

  • Comparable store sales fell 1.5% in Q2 2026 vs +1.5% a year earlier; transaction count dropped 1.7%.
  • Operating income fell 19.2% to $467.1M in Q2 2026 from $577.8M; net income down 16.1%.

What changed: Jun 2026 vs. Mar 2026

About 27% of TSCO's Jun 2026 10-Q is new information. 58 paragraphs were added, 86 changed, and 12 removed. Below are the most important lines SECSift identified.

• Item 2 56
• Item 1 48
• Item 6 5
• Item 3 1
• Item 4 1
• Item 5 1