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Tractor Supply Company Reports Second Quarter 2025 Financial Results; Reconfirms Fiscal Year 2025 Outlook

BRENTWOOD, Tenn.--(BUSINESS WIRE)-- Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States (the 鈥淐ompany鈥�), today reported financial results for its second quarter ended June 28, 2025.

• Net Sales Increased 4.5% to $4.44 Billion
• Comparable Store Sales Increased 1.5%; Comparable Average Transaction Growth of 1.0%
• Diluted Earnings per Share (鈥淓PS鈥�) of $0.81

鈥淲e are pleased with our second quarter performance, reflecting the continued strength of our core categories and strong execution despite a delayed spring,鈥� said Hal Lawton, President and Chief Executive Officer of Tractor Supply. 鈥淥ur team delivered solid results by capturing market share and curating a product assortment that underscores our leadership in rural retail. I want to thank our 52,000 Team Members whose passion for Life Out Here and commitment to our customers make all the difference every day.鈥�

鈥淎s we enter the back half of 2025, we remain confident in our outlook, are encouraged by the momentum carrying into the quarter and continue to believe in the durability of our model. Despite external pressures, including economic uncertainty and shifting tariffs, our year-to-date performance and visibility into the remainder of the year provide a solid foundation to reaffirm our 2025 financial outlook. With a largely U.S.-sourced assortment, strong vendor partnerships and a flexible, scalable supply chain, we are well-positioned to navigate near-term dynamics and deliver long-term value for our shareholders.鈥�

Second Quarter 2025 Results

Net sales for the second quarter of 2025 increased 4.5% to $4.44 billion from $4.25 billion in the second quarter of 2024. The increase in net sales was driven primarily by new store openings and the growth in comparable store sales. Comparable store sales increased 1.5%, as compared to a decrease of 0.5% in the prior year鈥檚 second quarter, reflecting a comparable average transaction count increase of 1.0% and comparable average ticket growth of 0.5%. Comparable store sales growth was driven by continued momentum in year-round categories, especially consumable, usable and edible (C.U.E.) products, along with solid demand for spring seasonal items. Performance was also positive in apparel, gift and d茅cor, as well as big ticket items. These gains were partially offset by softness in select discretionary categories.

Gross profit increased 5.4% to $1.64 billion from $1.56 billion in the prior year鈥檚 second quarter. Gross margin rate was 36.9% compared to 36.6% in the prior year鈥檚 second quarter primarily attributable to disciplined product cost management and the continued execution of an everyday low price strategy.

Selling, general and administrative (鈥淪G&A鈥�) expenses, including depreciation and amortization, increased 6.8% to $1.06 billion from $994.2 million in the prior year鈥檚 second quarter. As a percentage of net sales, SG&A expenses increased to 23.9% from 23.4% in the second quarter of 2024. The increase in SG&A as a percent of net sales was primarily attributable to planned growth investments and modest deleverage of fixed costs given the level of comparable store sales. These factors were partially offset by an ongoing focus on productivity and cost control, and to a lesser extent, a modest benefit from the Company鈥檚 ongoing sale-leaseback strategy.

Operating income increased 2.9% to $577.8 million from $561.5 million in the second quarter of 2024.

The effective income tax rate was 23.2% compared to 22.7% in the second quarter of 2024.

Net income increased 1.1% to $430.0 million from $425.2 million. Diluted EPS increased 2.8% to $0.81 compared to $0.79 in the second quarter of 2024.

The Company repurchased approximately 1.4 million shares of its common stock for $73.9 million and paid quarterly cash dividends totaling $122.0 million, returning a total of $195.9 million of capital to shareholders in the second quarter of 2025.

The Company opened 24 new Tractor Supply stores and two new Petsense by Tractor Supply stores and closed one Petsense by Tractor Supply store in the second quarter of 2025.

Fiscal Year 2025 Financial Outlook

Based on year-to-date performance and its outlook, Tractor Supply reiterates the following financial guidance for fiscal year 2025, initially provided on April 24, 2025:

For the full year, the Company now expects its share repurchases will be in the range of $325 to $375 million, below the outlook most recently provided on January 30, 2025. This reflects a more measured pace of repurchases as the Company remains committed to a disciplined capital allocation approach.

Conference Call Information

Tractor Supply Company will hold a conference call today, Thursday, July 24, 2025 at 10 a.m. ET. The call will be webcast live at . An investor presentation will be available on the investor relations section of the Company鈥檚 website at least 15 minutes prior to the conference call.

Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the webcast.

A replay of the webcast will also be available at shortly after the conference call concludes.

About Tractor Supply Company

For more than 85 years, Tractor Supply Company (NASDAQ: ) has been passionate about serving the needs of recreational farmers, ranchers, homeowners, gardeners, pet enthusiasts and all those who enjoy living Life Out Here. Tractor Supply is the largest rural lifestyle retailer in the U.S., ranking 296 on the Fortune 500. The Company鈥檚 more than 52,000 Team Members are known for delivering legendary service and helping customers pursue their passions, whether that means being closer to the land, taking care of animals or living a hands-on, DIY lifestyle. In store and online, Tractor Supply provides what customers need 鈥� anytime, anywhere, any way they choose at the low prices they deserve.

As part of the Company鈥檚 commitment to caring for animals of all kinds, Tractor Supply is proud to include , a pet specialty retailer, and , a leading online pet pharmacy, in its family of brands. Together, Tractor Supply is able to provide comprehensive solutions for pet care, livestock wellness and rural living, ensuring customers and their animals thrive. From its stores to the customer鈥檚 doorstep, Tractor Supply is here to serve and support Life Out Here.

As of June 28, 2025, the Company operated 2,335 Tractor Supply stores in 49 states and 207 Petsense by Tractor Supply stores in 23 states. For more information, visit and .

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements regarding market share gains, value creation, customer trends, new stores and distribution centers, property development plans, return of capital, financial guidance for fiscal 2025, including net sales, comparable store sales, operating margin rates, net income, earnings per diluted share and sale-leaseback transactions. All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, are subject to the finalization of the Company鈥檚 quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company鈥檚 operations. Forward-looking statements are usually identified by or are associated with such words as 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渋ntend,鈥� 鈥渆xpect,鈥� 鈥渃ontinue,鈥� 鈥渂elieve,鈥� 鈥渁nticipate,鈥� 鈥渙ptimistic,鈥� 鈥渇orecasted鈥� and similar terminology. Actual results could vary materially from the expectations reflected in these statements. As with any business, all phases of our operations are subject to facts outside of our control. These factors include, without limitation, the impact of the recent tariff announcements and the corresponding macroeconomic pressures and those factors discussed in the 鈥淩isk Factors鈥� section of the Company鈥檚 Annual Reports or Form 10-K and other filings with the Securities and Exchange Commission. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company鈥檚 Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

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Mary Winn Pilkington (615) 440-4212

Rena Clayton Rolfe (615) 647-1561

[email protected]

Source: Tractor Supply Company