Tractor Supply

Tractor Supply is the largest rural lifestyle retailer in the US. At September 26, 2026, it ran 2,486 Tractor Supply stores in 49 states and 135 Petsense pet stores. It sells to hobby farmers, ranchers, homeowners, gardeners and pet owners. In the first half of 2026, livestock, equine and farm products such as feed, poultry and fencing gave 31% of net sales, seasonal and recreation products such as lawn and garden and power equipment 23%, companion animal products 23%, truck, tool and hardware 15%, and clothing and gifts 8%.

Many of these products, such as feed and pet food, are needs-based goods that customers buy again and again. It also owns Allivet, an online pet pharmacy, and since May 2026 VIP Petcare, the largest provider of mobile veterinary clinics in the US. Tractor Supply makes money from the margin on the goods it sells, and it opens new stores each year.

The market prices Tractor Supply lower because its growth stalled and management cut its plans. Comparable store sales fell 1.5% in Q2 2026 because fewer customers came to the stores. On July 23, 2026, the company cut its 2026 outlook for comparable store sales to minus 1% to flat, from growth of 1% to 3%, and it cut adjusted EPS to $1.90 to $2.00. It also withdrew the long-term financial targets from its December 2024 Investor Day and closed 74 Petsense stores.

In Q3 2026, comparable store sales grew only 0.4%, transactions fell 0.3%, and gross margin fell to 36.4% from 37.4% because of higher freight and fuel costs and price investments. Investors now doubt that the store growth and the pet business can lift profit as planned. For the gap to close, three things must be true. Comparable store sales must keep growing, with more transactions, in Q4 2026 and in 2027.

The companion animal business, with the new VIP Petcare clinics, must grow at least at the company average; in Q3 2026 it still grew less. The new long-term framework with the Q4 2026 report must show a credible path back to profit growth and stable margins. The next test is the Q4 2026 report with the new framework, expected in late January 2027. If these checks pass, the gap can close over the next four to six quarters.

The main risk is that weak spending on discretionary and big-ticket items and higher costs last into 2027.

1. Oct 22, 2026Failed

   Q3 2026 results: comparable store salesPositive comparable store sales with more transactions and a kept 2026 outlook pass; a further cut to the outlook fails.Outcome: Comparable store sales grew 0.4% and the 2026 outlook stayed the same, but transactions fell 0.3%, and the test asked for more transactions.
2. Jan 22, 2027 · est.Pending

   Q4 2026 results and new long-term frameworkA framework with comparable sales growth and margin targets near the old ones passes; much lower growth targets fail.

Every passed and failed checkpoint across all picks

• November 5, 2026Tractor Supply declared a quarterly cash dividend of $0.24 per share. It is payable on December 8, 2026, to shareholders of record on November 23, 2026.
• October 22, 2026Tractor Supply reported Q3 2026 results. Net sales grew 5.1% to $3.91 billion, and comparable store sales grew 0.4%, with 0.3% fewer transactions. Comparable sales improved in each month of the quarter. Gross margin fell to 36.4% from 37.4%, and operating income fell 10.2% to $307.7 million. Diluted EPS was $0.43. The company closed 74 Petsense stores and kept its 2026 outlook, with adjusted EPS of $1.90 to $2.00.
• October 9, 2026Tractor Supply said that it will report Q3 2026 results before the market opens on October 22, 2026, with a call at 10 a.m. ET.

Last earnings

October 22, 2026 (8-K on sec.gov)

Next earnings

Expected about January 22, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 26, 2026Filed November 5, 2026 · tsco-20260926
• 8-KOther company newsFiled November 5, 2026 · tsco-20261104
• 8-KEarnings releaseFiled October 22, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled August 25, 2026 · tsco-20260819
• 8-KChange of directors or officersFiled August 7, 2026 · tsco-20260803
• 10-QQuarterly report for the period ended Jun 27, 2026Filed August 6, 2026 · tsco-20260627
• 8-KOther company newsFiled August 6, 2026 · tsco-20260805
• 8-KEarnings releaseFiled July 23, 2026 · Press release and exhibits
• 8-KOther company newsFiled May 28, 2026 · tsco-20260528
• 8-KNew material agreement and New debt or financial obligationFiled May 21, 2026 · tsco-20260519

Every filing on SEC EDGAR (CIK 916365)

• Fewer customers come to the stores. Comparable transactions fell 1.7% in Q2 2026 and 0.3% in Q3 2026, and big-ticket and discretionary items sold poorly. If rural consumers keep cutting this spend, sales and margins can fall more.
• Companion animal products give about 23% of net sales, and their sales grew less than the company average in the first nine months of 2026. The Petsense restructuring and the VIP Petcare purchase must work to win back pet owners.
• Management withdrew its long-term targets in July 2026 and will give new ones only with the Q4 2026 report. Some leaders changed roles after the Chief Technology Officer left in August 2026. Investors have no clear plan until early 2027.
• Tariffs, freight and fuel costs can raise costs. In Q3 2026, gross margin fell to 36.4% from 37.4% because of higher transportation and fuel costs and price investments.
• Long-term debt was $2.23 billion at September 26, 2026, against $1.78 billion at December 27, 2025, because the company borrowed more while it bought back shares. The amount is small compared with its operating income.

Tractor Supply funds itself with unsecured senior notes and a revolving credit facility. At September 26, 2026, long-term debt on the balance sheet was $2,230.3 million. Read more

Yield at the current rate

2.6% (current annual rate, at today’s price)

Dividend yield

2.6% (last 12 months, at today’s price of $36.74)

Paid per share

$0.95 in the last 12 months (4 payments)

Current annual rate

$0.96 ($0.24 × 4 a year)

Payout ratio

45% of the last fiscal year’s earnings (the year that ended December 27, 2025)

Latest ex-dividend date

August 24, 2026, $0.24 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 25.1% a year. From 2015 to 2025, the dividend grew by about 19.7% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.