TRACTOR SUPPLY CO /DE/, 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover - shares
3 Months Ended
Mar. 28, 2026
Apr. 25, 2026
Cover [Abstract]    
Document Type 10-Q  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 true  
Document Period End Date Mar. 28, 2026  
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 false  
Entity File Number 000-23314  
Entity Registrant Name TRACTOR SUPPLY CO /DE/  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-3139732  
Entity Address, Street Address 5401 Virginia Way  
Entity Address, City Brentwood  
Entity Address, State TN  
Entity Address, Postal Zip Code 37027  
City Area Code 615  
Local Phone Number 440-4000  
Title of 12(b) Security Common Stock, $0.008 par value  
Trading Symbol TSCO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   524,449,616
Entity Central Index Key 0000916365  
Current Fiscal Year End Date --12-26  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Income Statement [Abstract]    
Net sales $ 3,592,046 $ 3,466,952
Cost of merchandise sold 2,290,861 2,211,530
Gross profit 1,301,185 1,255,422
Selling, general and administrative expenses 941,153 886,206
Depreciation and amortization 126,601 120,079
Operating income 233,431 249,137
Interest expense, net 19,108 19,641
Income before income taxes 214,323 229,496
Income tax expense 49,799 50,127
Net income $ 164,524 $ 179,369
Net income per share – basic $ 0.31 $ 0.34
Net income per share – diluted $ 0.31 $ 0.34
Weighted average shares outstanding:    
Basic 526,327 531,730
Diluted 528,136 534,099
Dividends declared per common share outstanding $ 0.24 $ 0.23
v3.26.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 28, 2026
Dec. 27, 2025
Mar. 29, 2025
Current assets:      
Cash and cash equivalents $ 224,269 $ 194,109 $ 231,717
Inventories 3,583,601 3,084,086 3,213,885
Prepaid expenses and other current assets 222,440 202,557 210,480
Income taxes receivable 11,286 27,045 0
Total current assets 4,041,596 3,507,797 3,656,082
Property and equipment, net 3,132,326 3,026,544 2,752,137
Operating lease right-of-use assets 4,031,692 3,938,427 3,502,880
Goodwill and other intangible assets 398,213 398,755 400,656
Other assets 58,270 62,156 73,562
Total assets 11,662,097 10,933,679 10,385,317
Current liabilities:      
Accounts payable 1,760,426 1,390,833 1,559,210
Accrued employee compensation 20,977 114,841 17,487
Other accrued expenses 674,003 653,482 587,800
Current portion of finance lease liabilities 7,128 5,426 2,847
Current portion of operating lease liabilities 455,159 449,867 403,600
Income taxes payable 12,028 0 29,570
Total current liabilities 2,929,721 2,614,449 2,600,514
Long-term debt 2,125,726 1,764,974 2,082,721
Finance lease liabilities, less current portion 35,157 30,722 24,289
Operating lease liabilities, less current portion 3,785,608 3,691,880 3,248,270
Deferred Income Tax Liabilities, Net 113,354 95,042 41,649
Other long-term liabilities 158,782 155,319 149,334
Total liabilities 9,148,348 8,352,386 8,146,777
Stockholders’ equity:      
Common stock 7,134 7,128 7,123
Additional paid-in capital 1,454,387 1,441,269 1,382,807
Treasury stock (6,505,040) (6,386,229) (6,119,065)
Accumulated other comprehensive income 0 0 0
Retained earnings 7,557,268 7,519,125 6,967,675
Total stockholders’ equity 2,513,749 2,581,293 2,238,540
Total liabilities and stockholders’ equity $ 11,662,097 $ 10,933,679 $ 10,385,317
v3.26.1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Mar. 28, 2026
Dec. 27, 2025
Mar. 29, 2025
Statement of Financial Position [Abstract]      
Preferred Stock, Par or Stated Value Per Share $ 1.00 $ 1.00 $ 1.00
Preferred Stock, Shares Authorized 40,000 40,000 40,000
Preferred Stock, Shares Issued 0 0 0
Common stock, par or stated value per share (in usd per share) $ 0.008 $ 0.008 $ 0.008
Common stock, shares authorized 2,000,000,000.00 2,000,000,000 2,000,000,000.00
Common Stock, Shares, Issued 891,811,000 890,991,000 890,324,000
Common Stock, Shares, Outstanding 525,513,000 527,017,000 531,240,000
Treasury Stock, Common, Shares 366,298,000 363,974,000 359,084,000
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 164,524 $ 179,369
Change in fair value of interest rate swaps, net of taxes 0 (1,217)
Total other comprehensive loss 0 (1,217)
Total comprehensive income $ 164,524 $ 178,152
v3.26.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-in Capital
Treasury Stock
Accum. Other Comp. Income
Retained Earnings
Beginning balance, shares outstanding (in shares) at Dec. 28, 2024   532,190        
Beginning balance, Stockholders' equity at Dec. 28, 2024 $ 2,270,334 $ 7,116 $ 1,376,532 $ (6,025,238) $ 1,217 $ 6,910,707
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issuance under stock award plans & ESPP (in shares)   777        
Common stock issuance under stock award plans & ESPP 7,016 $ 7 7,009      
Share-based compensation expense 13,226   13,226      
Repurchase of shares to satisfy tax obligations (13,960)   (13,960)      
Repurchase of common stock, shares (in shares)   (1,727)        
Repurchase of common stock (93,827)     (93,827)    
Cash dividends paid to stockholders (122,401)         (122,401)
Change in fair value of interest rate swaps, net of taxes (1,217)       (1,217)  
Net income 179,369         179,369
Ending balance, shares outstanding (in shares) at Mar. 29, 2025   531,240        
Ending balance, Stockholders' equity at Mar. 29, 2025 2,238,540 $ 7,123 1,382,807 (6,119,065) 0 6,967,675
Beginning balance, shares outstanding (in shares) at Dec. 27, 2025   527,017        
Beginning balance, Stockholders' equity at Dec. 27, 2025 2,581,293 $ 7,128 1,441,269 (6,386,229) 0 7,519,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issuance under stock award plans & ESPP (in shares)   820        
Common stock issuance under stock award plans & ESPP 9,595 $ 6 9,589      
Share-based compensation expense 17,631   17,631      
Repurchase of shares to satisfy tax obligations (14,102)   (14,102)      
Repurchase of common stock, shares (in shares)   (2,324)        
Repurchase of common stock (118,811)     (118,811)    
Cash dividends paid to stockholders (126,381)         (126,381)
Change in fair value of interest rate swaps, net of taxes 0          
Net income 164,524         164,524
Ending balance, shares outstanding (in shares) at Mar. 28, 2026   525,513        
Ending balance, Stockholders' equity at Mar. 28, 2026 $ 2,513,749 $ 7,134 $ 1,454,387 $ (6,505,040) $ 0 $ 7,557,268
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Cash flows from operating activities:    
Net income $ 164,524 $ 179,369
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 126,601 120,079
Gain on disposition of property and equipment (22,741) (17,415)
Share-based compensation expense 17,631 13,226
Deferred income taxes 23,501 1,677
Change in assets and liabilities:    
Inventories (499,515) (355,486)
Prepaid expenses and other current assets (19,953) (11,320)
Accounts payable 369,593 311,807
Accrued employee compensation (93,864) (83,666)
Other accrued expenses (11,047) 2,609
Income taxes 27,787 46,526
Other 8,603 9,369
Net cash provided by operating activities 91,120 216,775
Cash flows from investing activities:    
Capital expenditures (202,610) (141,280)
Proceeds from sale of property and equipment 31,274 20,851
Acquisition of Allivet, net of cash acquired 0 (140,625)
Net cash used in investing activities (171,336) (261,054)
Cash flows from financing activities:    
Borrowings under debt facilities 1,480,000 605,000
Repayments under debt facilities (1,120,000) (355,000)
Principal payments under finance lease liabilities (717) (1,068)
Repurchase of shares to satisfy tax obligations (14,102) (13,960)
Repurchase of common stock (118,019) (95,082)
Net proceeds from issuance of common stock 9,595 7,016
Cash dividends paid to stockholders (126,381) (122,401)
Net cash provided by financing activities 110,376 24,505
Net increase (decrease) in cash and cash equivalents 30,160 (19,774)
Cash and cash equivalents at beginning of period 194,109 251,491
Cash and cash equivalents at end of period 224,269 231,717
Cash paid for interest, net of amounts capitalized    
Cash paid for federal income taxes (a) 4,719 8,367
Cash (recovered) paid for state income taxes [1] 8,371 0
Cash (recovered) paid for state income taxes (1,699) 1,684
Supplemental disclosures of non-cash activities:    
Non-cash accruals for property and equipment 154,790 84,731
Increase in operating lease liabilities resulting from new or modified right-of-use assets 203,030 185,552
Decrease in finance lease liabilities resulting from new or modified right-of-use assets $ (6,854) $ (3,406)
[1] Cash paid for federal income taxes for the fiscal three months ended March 28, 2026 included $8.4 million of cash paid for the purchase of a transferable federal tax credit.
v3.26.1
General
3 Months Ended
Mar. 28, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General General
Nature of Business

Founded in 1938, Tractor Supply Company (the “Company,” “Tractor Supply,” “we,” “our,” or “us”) is the largest rural lifestyle retailer in the United States (“U.S.”). The Company is focused on supplying the needs of recreational farmers, ranchers, and all those who enjoy living the rural lifestyle (which we refer to as the “Out Here” lifestyle). The Company's stores are located primarily in towns outlying major metropolitan markets and in rural communities. The Company also owns and operates Petsense, LLC (“Petsense by Tractor Supply”), a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-sized communities, and offering a variety of pet products and services, as well as Allivet, a leading online pet pharmacy. At March 28, 2026, the Company operated a total of 2,641 retail stores in 49 states (2,435 Tractor Supply retail stores and 206 Petsense by Tractor Supply retail stores) and also offered an expanded assortment of products through the Tractor Supply mobile application and online at TractorSupply.com, Petsense.com, and Allivet.com.

Basis of Presentation

The accompanying interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 27, 2025. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year.

New Accounting Pronouncements Not Yet Adopted

There have been no changes in the estimated impact on the Company’s financial statements or disclosures for the new accounting pronouncements not yet adopted as described in our Annual Report on Form 10-K for the fiscal year ended December 27, 2025. Further, there have been no new accounting standards issued in the first three months of fiscal 2026 that are applicable to the consolidated financial statements of the Company.

Supplier Finance Program

The Company has an agreement with a third-party financial institution that allows certain participating suppliers the ability to finance payment obligations from the Company. The third-party financial institution has separate arrangements with the Company’s suppliers and provides them with the option to request early payment for invoices confirmed by the Company. The Company does not determine the terms or conditions of the arrangement between the third-party and its suppliers and receives no compensation from the third-party financial institution. The Company’s obligation to its suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts under the arrangement. The Company’s outstanding payment obligations under the supplier finance program, which are included in accounts payable on the Company’s Consolidated Balance Sheets, were $109.8 million, $30.6 million, and $43.5 million at March 28, 2026, December 27, 2025, and March 29, 2025, respectively.
v3.26.1
Fair Value of Financial Instruments
3 Months Ended
Mar. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

Level 1 - defined as observable inputs such as quoted prices in active markets;
Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The Company’s financial instruments consist of cash and cash equivalents, short-term credit card receivables, trade payables, and debt instruments. Due to their short-term nature, the carrying values of cash and cash equivalents, short-term credit card receivables, and trade payables approximate current fair value at each balance sheet date.

As described in further detail in Note 4 to the Consolidated Financial Statements, the Company had $2.14 billion, $1.78 billion and $2.10 billion in borrowings under its debt facilities at March 28, 2026, December 27, 2025 and March 29, 2025, respectively. The fair value of the Company’s $150 million 3.70% Senior Notes due 2029 (the “3.70% Senior Notes”) and the borrowings under the Company’s revolving credit facility (the “Revolving Credit Facility”) were determined based on market interest rates (Level 2 inputs). The carrying value of borrowings in the 3.70% Senior Notes and the Revolving Credit Facility approximate fair value for each period reported.

The fair value of the Company’s $650 million 1.750% Senior Notes due 2030 (the “1.75% Senior Notes”) and $750 million 5.250% Senior Notes due 2033 (the “5.25% Senior Notes”) are determined based on quoted prices in active markets, which are considered Level 1 inputs. The carrying value and the fair value of the 1.75% Senior Notes and the 5.25% Senior Notes, net of discounts, were as follows (in thousands):

March 28, 2026December 27, 2025March 29, 2025
Carrying ValueFair ValueCarrying ValueFair ValueCarrying ValueFair Value
1.75% Senior Notes
$643,693 $568,939 $643,349 $576,765 $642,316 $552,045 
5.25% Senior Notes
$743,078 $755,310 $742,834 $778,215 $742,101 $754,223 
v3.26.1
Net Income Per Share
3 Months Ended
Mar. 28, 2026
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The Company presents both basic and diluted net income per share on the Consolidated Statements of Income. Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average diluted shares outstanding during the period. Dilutive shares are computed using the treasury stock method for share-based awards. Performance-based restricted share units are included in diluted shares only if the related performance conditions are considered satisfied as of the end of the reporting period. Net income per share is calculated as follows (in thousands, except per share amounts):
 Fiscal Three Months Ended
March 28, 2026March 29, 2025
 IncomeSharesPer Share
Amount
IncomeSharesPer Share
 Amount
Basic net income per share:$164,524 526,327 $0.31 $179,369 531,730 $0.34 
Dilutive effect of share-based awards— 1,809 — — 2,369 — 
Diluted net income per share:$164,524 528,136 $0.31 $179,369 534,099 $0.34 
Anti-dilutive stock awards excluded from the above calculations totaled approximately 1.9 million shares for the fiscal three months ended March 28, 2026 and approximately 0.4 million shares for the fiscal three months ended March 29, 2025.
v3.26.1
Debt
3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions):

March 28,
2026
December 27,
2025
March 29,
2025
5.25% Senior Notes
$750.0 $750.0 $750.0 
1.75% Senior Notes
650.0 650.0 650.0 
3.70% Senior Notes (a)
150.0 150.0 150.0 
Senior credit facilities:
Revolving Credit Facility590.0 230.0 550.0 
Total outstanding borrowings2,140.0 1,780.0 2,100.0 
Less: unamortized debt discounts and issuance costs(14.3)(15.0)(17.3)
Total debt2,125.7 1,765.0 2,082.7 
Less: current portion of long-term debt— — — 
Long-term debt$2,125.7 $1,765.0 $2,082.7 
Outstanding letters of credit$77.6 $78.6 $76.8 

(a) Also referred to herein as the “Note Purchase Facility,” referring to the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, PGIM, Inc. and the noteholders party thereto, as amended through November 2, 2022, under which the notes were purchased.

Borrowings under the Company’s Revolving Credit Facility (the “2022 Senior Credit Facility”) bore interest either at the bank’s base rate (6.750% at March 28, 2026) plus an additional amount ranging from 0.000% to 0.250% (0.000% at March 28, 2026) or at adjusted Secured Overnight Financing Rate (3.668% at March 28, 2026) plus an additional amount ranging from 0.750% to 1.250% (1.000% at March 28, 2026), adjusted based on the Company’s public credit ratings. The Company was also required to pay, quarterly in arrears, a commitment fee related to unused capacity on the Revolving Credit Facility ranging from 0.080% to 0.150% per annum (0.100% at March 28, 2026), adjusted based on the Company’s public credit ratings.

Covenants and Default Provisions of the Debt Agreements

As of March 28, 2026, the 2022 Senior Credit Facility and the Note Purchase Facility (collectively, the “Debt Agreements”) required quarterly compliance with respect to two material covenants: a fixed charge coverage ratio and a leverage ratio. Both ratios are calculated on a trailing twelve-month basis at the end of each fiscal quarter. The fixed charge coverage ratio compares earnings before interest, taxes, depreciation, amortization, share-based compensation, and rent expense (“consolidated EBITDAR”) to the sum of interest paid and rental expense (excluding any straight-line rent adjustments). The fixed charge coverage ratio was required to be greater than or equal to 2.00 to 1.00 as of the last day of each fiscal quarter. The leverage ratio compares total funded debt to consolidated EBITDAR. The leverage ratio was required to be less than or equal to 4.00 to 1.00 as of the last day of each fiscal quarter. The Debt Agreements also contain certain other restrictions regarding additional subsidiary indebtedness, business operations, subsidiary guarantees, mergers, consolidations and sales of assets, transactions with subsidiaries or affiliates, and liens. As of March 28, 2026, the Company was in compliance with all debt covenants.

The Debt Agreements contain customary events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other material indebtedness, certain events of bankruptcy and insolvency, material judgments, certain ERISA events, and invalidity of loan documents. Upon certain changes of control, amounts outstanding under the Debt Agreements could become due and payable. In addition, under the Note Purchase Facility, upon an event of default or change of control, a whole payment may become due and payable.

The Note Purchase Facility also requires that, in the event the Company amends its 2022 Senior Credit Facility, or any subsequent credit facility of $100 million or greater, such that it contains covenant or default provisions that are not provided in the Note Purchase Facility or that are similar to those contained in the Note Purchase Facility but which contain percentages, amounts, formulas, or grace periods that are more restrictive than those set forth in the Note Purchase Facility or are otherwise more beneficial to the lenders thereunder, the Note Purchase Facility shall be automatically amended to include such additional or amended covenants and/or default provisions.
v3.26.1
Capital Stock and Dividends
3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Capital Stock and Dividends Capital Stock and Dividends
Capital Stock

The authorized capital stock of the Company consists of common stock and preferred stock. The Company is authorized to issue 2.00 billion shares of common stock. The Company is also authorized to issue 40 thousand shares of preferred stock, with such designations, rights and preferences as may be determined from time to time by the Company's Board of Directors.

Dividends

During the first three months of fiscal 2026 and fiscal 2025, the Company's Board of Directors declared the following cash dividends:
Date DeclaredDividend Amount
Per Share of Common Stock
Record DateDate Paid
February 10, 2026$0.24 February 24, 2026March 10, 2026
February 12, 2025$0.23 February 26, 2025March 11, 2025
v3.26.1
Treasury Stock
3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Treasury Stock Treasury Stock
The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program, which was most recently increased by $1.00 billion on February 12, 2025. The total amount authorized under the program, which has been increased from time to time, is currently $7.50 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. The share repurchase program does not have an expiration date. The repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions. Repurchased shares are accounted for at cost and will be held in treasury for future issuance. The program may be limited, temporarily paused, or terminated at any time without prior notice. As of March 28, 2026, the Company had remaining authorization under the share repurchase program of $1.01 billion, exclusive of any fees, commissions, or other expenses.

The following table provides the number of shares repurchased, average price paid per share, and total cost of share repurchases during the fiscal three months ended March 28, 2026 and March 29, 2025, respectively (in thousands, except per share amounts):

Fiscal Three Months Ended
March 28,
2026
March 29,
2025
Total number of shares repurchased2,324 1,727 
Average price paid per share$50.75 $54.39 
Total cost of share repurchases (a)
$118,811 $93,827 
(a) Effective January 1, 2023, the Company’s share repurchases are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. Excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as a part of the cost basis of the shares within treasury stock. The cost of shares repurchased may differ from the repurchases of common stock amounts in the consolidated statements of cash flows due to unsettled share repurchases at the end of a period and excise taxes incurred on share repurchases.
v3.26.1
Income Taxes
3 Months Ended
Mar. 28, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective income tax rate was 23.2% in the first quarter of fiscal 2026 compared to 21.8% in the first quarter of fiscal 2025. The increase in the effective income tax rate in the first three months of fiscal 2026 compared to the corresponding period in fiscal 2025 was driven primarily by the timing of discrete items in the prior year fiscal quarter.
v3.26.1
Commitments and Contingencies
3 Months Ended
Mar. 28, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit

At March 28, 2026, the Company had $77.6 million in outstanding letters of credit and contractual commitments of approximately $55.3 million related to the construction of our newest distribution center in Nampa, Idaho.

Litigation

The Company is involved in various litigation matters arising in the ordinary course of business. The Company believes that, based upon information currently available, any estimated loss related to such matters has been adequately provided for in accrued liabilities to the extent probable and reasonably estimable. Accordingly, the Company currently expects these matters will be resolved without material adverse effect on its consolidated financial position, results of operations, or cash flows. However, litigation and other legal matters involve an element of uncertainty. Future developments in such matters, including adverse decisions or settlements or resulting required changes to the Company's business operations, could affect our consolidated operating results when resolved in future periods or could result in liability or other amounts material to the Company's Consolidated Financial Statements.
v3.26.1
Segment Reporting
3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one reportable segment which is the retail sale of products that support the rural lifestyle. The following table indicates the percentage of net sales represented by each of our major product categories during the fiscal three months ended March 28, 2026 and March 29, 2025:
Fiscal Three Months Ended
Product CategoryMarch 28,
2026
March 29,
2025
Livestock, Equine & Agriculture (a)
31 %31 %
Companion Animal (b)
26 27 
Seasonal & Recreation (c)
19 19 
Truck, Tool & Hardware (d)
15 14 
Clothing, Gift & Décor (e)
Total100 %100 %
 
Note: Net sales by major product categories for the prior period have been reclassified to conform to the current year presentation.
(a)Includes livestock and equine feed & equipment, poultry, fencing, and sprayer & chemicals.
(b)Includes food, treats and equipment for dogs, cats, and other small animals as well as dog wellness.
(c)Includes tractor & rider, lawn & garden, bird feeding, power equipment, and other recreational products.
(d)Includes truck accessories, trailers, generators, lubricants, batteries, and hardware and tools.
(e)Includes clothing, footwear, toys, snacks, and decorative merchandise.

The measure of segment assets is reported on the Company’s Consolidated Balance Sheets as total consolidated assets.
Within the reportable segment, there are significant expense categories regularly provided to the Chief Operating Decision Maker and included in the measure of the segment’s net income as shown below:

Fiscal Three Months Ended
 March 28,
2026
March 29,
2025
Net Sales$3,592,046 $3,466,952 
Less:
Cost of merchandise sold2,290,861 2,211,530 
Personnel expense (a)
524,926 489,287 
Depreciation and amortization126,601 120,079 
Other segment expenses (b)
416,227 396,919 
Interest expense, net
19,108 19,641 
Income tax expense
49,799 50,127 
Segment net income
$164,524 $179,369 
Reconciliation of segment profit:
Adjustments and reconciling items— — 
Consolidated net income
$164,524 $179,369 

(a) Personnel expenses include wages, salaries, and other forms of personnel compensation.
(b) Other segment expenses include occupancy expenses, advertising expenses, and other operating expenses within Selling, General, and Administrative expenses as described in Note 1 of the Company’s 2025 Form 10-K.
v3.26.1
Subsequent Events
3 Months Ended
Mar. 28, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn February 20, 2026, the U.S. Supreme Court ruled that certain tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) exceeded the President’s authority. Subsequently, on March 4, 2026, the U.S. Court of International Trade ordered U.S. Customs and Border Protection (“CBP”) to liquidate all non-final entries without regard to IEEPA duties. Additionally, and subsequent to our fiscal period, on April 20, 2026, CBP launched Phase 1 of the new Consolidated Administration and Processing of Entries (“CAPE”) tool in the Automated Commercial Environment (“ACE”) portal, creating a process for submitting IEEPA refund claims. The Company is assessing the impact of these developments on its operations and financial statements.
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 28, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Denise Jackson [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 13, 2026, Denise Jackson, a Director of the Company, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”). Ms. Jackson’s 10b5-1 Plan provides for the potential sale of up to 3,213 shares of the Company’s common stock. The plan commences on May 15, 2026 and will terminate on the earlier of the date all the shares under the plan are sold or February 12, 2027.
Name Denise Jackson
Title Director of the Company
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 13, 2026
Expiration Date February 12, 2027
Arrangement Duration 273 days
Aggregate Available 3,213
v3.26.1
Fair Value Measures and Disclosures (Tables)
3 Months Ended
Mar. 28, 2026
Fair Value Disclosures [Abstract]  
Schedule of Long-Term Debt Instruments The carrying value and the fair value of the 1.75% Senior Notes and the 5.25% Senior Notes, net of discounts, were as follows (in thousands):
March 28, 2026December 27, 2025March 29, 2025
Carrying ValueFair ValueCarrying ValueFair ValueCarrying ValueFair Value
1.75% Senior Notes
$643,693 $568,939 $643,349 $576,765 $642,316 $552,045 
5.25% Senior Notes
$743,078 $755,310 $742,834 $778,215 $742,101 $754,223 
v3.26.1
Net Income Per Share (Tables)
3 Months Ended
Mar. 28, 2026
Earnings Per Share [Abstract]  
Net Income Per Share Net income per share is calculated as follows (in thousands, except per share amounts):
 Fiscal Three Months Ended
March 28, 2026March 29, 2025
 IncomeSharesPer Share
Amount
IncomeSharesPer Share
 Amount
Basic net income per share:$164,524 526,327 $0.31 $179,369 531,730 $0.34 
Dilutive effect of share-based awards— 1,809 — — 2,369 — 
Diluted net income per share:$164,524 528,136 $0.31 $179,369 534,099 $0.34 
v3.26.1
Debt (Tables)
3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions):

March 28,
2026
December 27,
2025
March 29,
2025
5.25% Senior Notes
$750.0 $750.0 $750.0 
1.75% Senior Notes
650.0 650.0 650.0 
3.70% Senior Notes (a)
150.0 150.0 150.0 
Senior credit facilities:
Revolving Credit Facility590.0 230.0 550.0 
Total outstanding borrowings2,140.0 1,780.0 2,100.0 
Less: unamortized debt discounts and issuance costs(14.3)(15.0)(17.3)
Total debt2,125.7 1,765.0 2,082.7 
Less: current portion of long-term debt— — — 
Long-term debt$2,125.7 $1,765.0 $2,082.7 
Outstanding letters of credit$77.6 $78.6 $76.8 

(a) Also referred to herein as the “Note Purchase Facility,” referring to the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, PGIM, Inc. and the noteholders party thereto, as amended through November 2, 2022, under which the notes were purchased.
v3.26.1
Capital Stock and Dividends (Tables)
3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Schedule of Dividends Payable
During the first three months of fiscal 2026 and fiscal 2025, the Company's Board of Directors declared the following cash dividends:
Date DeclaredDividend Amount
Per Share of Common Stock
Record DateDate Paid
February 10, 2026$0.24 February 24, 2026March 10, 2026
February 12, 2025$0.23 February 26, 2025March 11, 2025
v3.26.1
Treasury Stock Treasury Stock (Tables)
3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Class of Treasury Stock, Shares Repurchased
The following table provides the number of shares repurchased, average price paid per share, and total cost of share repurchases during the fiscal three months ended March 28, 2026 and March 29, 2025, respectively (in thousands, except per share amounts):

Fiscal Three Months Ended
March 28,
2026
March 29,
2025
Total number of shares repurchased2,324 1,727 
Average price paid per share$50.75 $54.39 
Total cost of share repurchases (a)
$118,811 $93,827 
(a) Effective January 1, 2023, the Company’s share repurchases are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. Excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as a part of the cost basis of the shares within treasury stock. The cost of shares repurchased may differ from the repurchases of common stock amounts in the consolidated statements of cash flows due to unsettled share repurchases at the end of a period and excise taxes incurred on share repurchases.
v3.26.1
Segment Reporting (Tables)
3 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Major Product Category The following table indicates the percentage of net sales represented by each of our major product categories during the fiscal three months ended March 28, 2026 and March 29, 2025:
Fiscal Three Months Ended
Product CategoryMarch 28,
2026
March 29,
2025
Livestock, Equine & Agriculture (a)
31 %31 %
Companion Animal (b)
26 27 
Seasonal & Recreation (c)
19 19 
Truck, Tool & Hardware (d)
15 14 
Clothing, Gift & Décor (e)
Total100 %100 %
 
Note: Net sales by major product categories for the prior period have been reclassified to conform to the current year presentation.
(a)Includes livestock and equine feed & equipment, poultry, fencing, and sprayer & chemicals.
(b)Includes food, treats and equipment for dogs, cats, and other small animals as well as dog wellness.
(c)Includes tractor & rider, lawn & garden, bird feeding, power equipment, and other recreational products.
(d)Includes truck accessories, trailers, generators, lubricants, batteries, and hardware and tools.
(e)Includes clothing, footwear, toys, snacks, and decorative merchandise.
Schedule of Segment Reporting Information, by Segment
Within the reportable segment, there are significant expense categories regularly provided to the Chief Operating Decision Maker and included in the measure of the segment’s net income as shown below:

Fiscal Three Months Ended
 March 28,
2026
March 29,
2025
Net Sales$3,592,046 $3,466,952 
Less:
Cost of merchandise sold2,290,861 2,211,530 
Personnel expense (a)
524,926 489,287 
Depreciation and amortization126,601 120,079 
Other segment expenses (b)
416,227 396,919 
Interest expense, net
19,108 19,641 
Income tax expense
49,799 50,127 
Segment net income
$164,524 $179,369 
Reconciliation of segment profit:
Adjustments and reconciling items— — 
Consolidated net income
$164,524 $179,369 

(a) Personnel expenses include wages, salaries, and other forms of personnel compensation.
(b) Other segment expenses include occupancy expenses, advertising expenses, and other operating expenses within Selling, General, and Administrative expenses as described in Note 1 of the Company’s 2025 Form 10-K.
v3.26.1
General (Details)
$ / shares in Units, shares in Millions, $ in Millions
Mar. 28, 2026
USD ($)
store
state
$ / shares
shares
Dec. 27, 2025
USD ($)
$ / shares
shares
Mar. 29, 2025
USD ($)
$ / shares
shares
Nature of business [Abstract]      
Common stock, par or stated value per share (in usd per share) | $ / shares $ 0.008 $ 0.008 $ 0.008
Common stock, shares authorized | shares 2,000 2,000 2,000
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current    
Supplier finance program, obligation | $ $ 109.8 $ 30.6 $ 43.5
Parent Company [Member]      
Nature of business [Abstract]      
Number of rural lifestyle retail stores operated by the company 2,641    
Number of states in which rural lifestyle retail stores are operated by the company | state 49    
TSCO stores [Member]      
Nature of business [Abstract]      
Number of rural lifestyle retail stores operated by the company 2,435    
Petsense stores [Member]      
Nature of business [Abstract]      
Number of rural lifestyle retail stores operated by the company 206    
v3.26.1
Fair Value of Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 27, 2025
Mar. 29, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Unsecured Debt $ 2,140.0 $ 1,780.0 $ 2,100.0
3.70% Senior Notes | Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Long-term Debt 150.0 150.0 150.0
1.75% Senior Notes | Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Long-term Debt 650.0 650.0 650.0
5.25% Senior Notes | Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Long-term Debt $ 750.0 $ 750.0 $ 750.0
v3.26.1
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 28, 2026
Dec. 27, 2025
Mar. 29, 2025
1.75% Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Senior Notes $ 643,693 $ 643,349 $ 642,316
Long-term Debt, Fair Value 568,939 576,765 552,045
5.25% Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Senior Notes 743,078 742,834 742,101
Long-term Debt, Fair Value $ 755,310 $ 778,215 $ 754,223
v3.26.1
Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Earnings Per Share [Abstract]    
Net income $ 164,524 $ 179,369
Weighted average number of shares outstanding, basic 526,327 531,730
Earnings Per Share, Basic $ 0.31 $ 0.34
Dilutive stock options and restricted stock units outstanding, income $ 0 $ 0
Dilutive stock options and restricted stock units outstanding, per share (in shares) 1,809 2,369
Dilutive stock options and restricted stock units outstanding , per share $ 0 $ 0
Diluted net income per share: $ 164,524 $ 179,369
Weighted average number of shares outstanding, diluted 528,136 534,099
Net income per share, diluted (in dollars per share) $ 0.31 $ 0.34
v3.26.1
Net Income Per Share - Narrative (Details) - shares
shares in Millions
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of earnings per share, amount 1.9 0.4
v3.26.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands
Mar. 28, 2026
Dec. 27, 2025
Mar. 29, 2025
Debt Instrument [Line Items]      
Unsecured Debt $ 2,140,000 $ 1,780,000 $ 2,100,000
Unamortized Debt Issuance Costs (14,300) (15,000) (17,300)
Unsecured debt, net of debt issuance costs 2,125,700 1,765,000 2,082,700
Unsecured Debt, Current 0 0 0
Letters of Credit Outstanding, Amount 77,600 78,600 76,800
Long-term debt 2,125,726 1,764,974 2,082,721
Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of Credit Facility, Maximum Month-end Outstanding Amount 590,000 230,000  
Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of Credit Facility, Maximum Month-end Outstanding Amount     550,000
5.25% Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt 750,000 750,000 750,000
1.75% Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt 650,000 650,000 650,000
3.70% Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt $ 150,000 $ 150,000 $ 150,000
v3.26.1
Debt (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 28, 2026
Dec. 27, 2025
Mar. 29, 2025
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 0.00%    
Debt Instrument, Basis Spread on Variable Rate, Minimum 0.75%    
Debt Instrument, Basis Spread on Variable Rate LIBOR Plus, Maximum 1.25%    
Debt Instrument, Basis Spread on Variable Rate LIBOR Plus 1.00%    
Debt Instrument, Basis Spread on Variable Rate Revolver 0.10%    
Amount of incremental credit facility which will result in modification of debt covenants 100 million    
5.25% Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt $ 750 $ 750 $ 750
Number of Financial Covenants [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Covenant Description two    
Fixed Charge Coverage Ratio Minimum Requirement [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Covenant Description 2.00    
Leverage Ratio Maximum Requirement [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Covenant Description 4.00    
Minimum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 0.00%    
Commitment fee for unused capacity 0.08%    
Maximum      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 0.25%    
Commitment fee for unused capacity 0.15%    
Base Rate      
Debt Instrument [Line Items]      
Line of Credit Facility, Interest Rate at Period End 6.75%    
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of Credit Facility, Interest Rate at Period End 3.668%    
v3.26.1
Capital Stock - Narrative (Details) - $ / shares
shares in Thousands
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Dec. 27, 2025
Equity [Abstract]      
Common Stock, Shares Authorized 2,000,000 2,000,000 2,000,000
Preferred Stock, Shares Authorized 40 40 40
Dividends declared per common share outstanding $ 0.24 $ 0.23  
v3.26.1
Capital Stock and Dividends (Details) - $ / shares
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Equity [Abstract]    
Common Stock, Dividends, Per Share, Declared $ 0.24 $ 0.23
v3.26.1
Treasury Stock - Narrative (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Feb. 12, 2025
Equity [Abstract]    
Remaining authorization under the share repurchase program $ 1,010  
Share Repurchase Program, Authorized, Amount $ 7,500  
Share Repurchase Program, Increase In Authorized, Amount   $ 1,000
v3.26.1
Treasury Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Equity [Abstract]    
Total number of shares repurchased 2,324 1,727
Average price paid per share $ 50.75 $ 54.39
Stock Repurchased During Period, Value $ 118,811 $ 93,827
v3.26.1
Income Taxes (Details)
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Income Tax Disclosure [Abstract]    
Effective income tax rate 23.20% 21.80%
v3.26.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Mar. 28, 2026
Dec. 27, 2025
Mar. 29, 2025
Commitments and Contingencies Disclosure [Abstract]      
Letters of Credit Outstanding, Amount $ 77.6 $ 78.6 $ 76.8
Contractual Obligation $ 55.3    
v3.26.1
Segment Reporting - Narrative (Details)
3 Months Ended
Mar. 28, 2026
segment
Segment Reporting [Abstract]  
Number of Reportable Segments 1
v3.26.1
Segment Reporting - Net Sales Represented by Major Product Categories (Details)
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Revenue from External Customer [Line Items]    
Percentage of sales 100.00% 100.00%
Livestock, Equine & Agriculture    
Revenue from External Customer [Line Items]    
Percentage of sales 31.00% 31.00%
Companion Animal    
Revenue from External Customer [Line Items]    
Percentage of sales 26.00% 27.00%
Seasonal & Recreation    
Revenue from External Customer [Line Items]    
Percentage of sales 19.00% 19.00%
Truck, Tool, & Hardware    
Revenue from External Customer [Line Items]    
Percentage of sales 15.00% 14.00%
Clothing, Gift, & Décor    
Revenue from External Customer [Line Items]    
Percentage of sales 9.00% 9.00%
v3.26.1
Segment Reporting - Segment Information (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 28, 2026
Mar. 29, 2025
Segment Reporting Information [Line Items]    
Net sales $ 3,592,046 $ 3,466,952
Cost of merchandise sold 2,290,861 2,211,530
Interest expense, net 19,108 19,641
Income tax expense 49,799 50,127
Net income 164,524 179,369
Adjustments and reconciling items    
Segment Reporting Information [Line Items]    
Net income 0 0
Reportable Segment | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 3,592,046 3,466,952
Cost of merchandise sold 2,290,861 2,211,530
Personnel Expense 524,926 489,287
Depreciation and amortization 126,601 120,079
Other segment expenses 416,227 396,919
Interest expense, net 19,108 19,641
Income tax expense 49,799 50,127
Net income $ 164,524 $ 179,369