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

Tractor Supply Company, the largest rural lifestyle retailer in the United States (the “Company”), 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 (“EPS”) of $0.81

“We are pleased with our second quarter performance, reflecting the continued strength of our core categories and strong execution despite a delayed spring,” said Hal Lawton, President and Chief Executive Officer of Tractor Supply. “Our 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.”

“As 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.”

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’s 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 décor, 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’s second quarter. Gross margin rate was 36.9% compared to 36.6% in the prior year’s second quarter primarily attributable to disciplined product cost management and the continued execution of an everyday low price strategy.

Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 6.8% to $1.06 billion from $994.2 million in the prior year’s 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’s 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

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.

For full results click here.

About Tractor Supply Company

For more than 85 years, Tractor Supply Company (NASDAQ: TSCO) 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 293 on the Fortune 500. The Company’s more than 50,000 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 – anytime, anywhere, any way they choose at the low prices they deserve.

As of June 29, 2024, the Company operated 2,254 Tractor Supply stores in 49 states. For more information on Tractor Supply, visit www.tractorsupply.com .

Tractor Supply Company also owns and operates Petsense by Tractor Supply, a small-box pet specialty supply retailer providing products and services for pet owners. As of June 29, 2024, the Company operated 205 Petsense by Tractor Supply stores in 23 states. For more information on Petsense by Tractor Supply, visit www.Petsense.com .

Contact:

Mary Winn Pilkington – Media Contact – corporatecommunications@tractorsupply.com – (615) 440-4212

Source: Tractor Supply Company