Tractor Supply Q4 disappoints; to open 100 stores in 2026
Tractor Supply Company reported fourth-quarter results that missed expectations as consumers reined in discretionary spending, especially for big-ticket purchases.
The nation’s largest rural lifestyle retailer remains committed to expansion, with capital plans for 2026 that include opening approximately 100 Tractor Supply stores and continuing “Project Fusion” remodels and garden center transformations. Also on tap is the completion of its 11th distribution center and continued investment in store and digital technology.
[READ MORE: Tractor Supply Company breaks ground on on Idaho supply chain hub]
Tractor Supply’s net income decreased 3.8% to $227.4 million for the quarter ended Dec. 26, from $236.4 million in the year-ago period. Earnings per share decreased 2.7% to $0.43, missing analysts expectations of $0.46 per share.
Net sales increased 3.3% to $3.90 billion, driven by new store openings, growth in comparable store sales and contribution from Allivet. Analysts were looking for sales of $4.01 billion.
Comparable store sales rose 0.3%, with comparable average ticket growth of 0.3%. Continued strength in consumable, usable and edible products was partially offset by the lack of emergency-response-related demand and ongoing pressure in discretionary categories including big ticket products.
“Our fourth quarter results came in below our expectations and reflected a shift in consumer spending, with essential categories remaining resilient while discretionary demand moderated,” said CEO Hal Lawton. “Against that backdrop, our team stayed focused on executing the fundamentals of the business, growing share in the farm and ranch channel and continuing to engage our customers."
For the full year, Tractor Supply’s net sales increased 4.3% to $15.52 billion. Comparable store sales increased 1.2%. Net income was essentially flat with the prior year at $1.10 billion. Earnings per share increased 0.9% to $2.06 compared to $2.04.
“Overall, 2025 was a year of meaningful progress,” said Lawton. “We continued to gain market share, opened productive new stores and advanced Project Fusion and localization. As we move into 2026, we are prepared to operate with discipline across a range of economic conditions.”
During fiscal 2025, the retailer opened 99 new Tractor Supply stores and five new Petsense by Tractor Supply stores and closed four Petsense by Tractor Supply stores.
As of Dec. 27, 2025, the company operated 2,395 Tractor Supply stores in 49 states and 207 Petsense by Tractor Supply stores in 23 states.
