Q2 FY26 · Ended Jun 27, 2026 · View SEC filing
Half the margin fall is one Petsense write-down
Operating margin fell 2.73 points; the impairment took 1.38 of them, so the core decline is smaller than it looks.
For investorsWhat has to turn for Tractor Supply's margins to recover?
For foundersSelling the building to fund the next store
With comparable store sales down 1.5%, selling and administrative costs rose 8.71%, the deleverage a fixed store base produces when traffic softens.
Purchased federal tax credits helped cut the tax rate to 19.8% from 23.2%, so net income fell less than operating income.
Capital spending took 41.5% of operating cash flow, against 26.8% a year earlier, as openings sped up and cash generation slowed.
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Business Lens describes Tractor Supply from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
