Revenue: As of FY2026 Q1, the actual value is USD 3.592 B, missing the estimate of USD 3.638 B.EPS: As of FY2026 Q1, the actual value is USD 0.31, missing the estimate of USD 0.3405.EBIT: As of FY2026 Q1, the actual value is USD 233.43 M.<h4>Net Sales and Product Categories</h4>Tractor Supply Company reported net sales of $3,592,046 thousand for the fiscal three months ended March 28, 2026, an increase of 3.6% compared to $3,466,952 thousand for the same period in 2025 . This increase was primarily driven by new store openings and a 0.5% increase in comparable store sales . In the prior year, net sales increased 2.1%, while comparable store sales decreased by 0.9% . Comparable store sales for Q1 2026 saw a 1.6% increase in comparable average transaction value, partially offset by a 1.0% decrease in comparable average transaction count . Sales from new stores contributed $109.7 million to net sales in Q1 2026, representing 3.1 percentage points of the total net sales increase, compared to $97.9 million (2.9 percentage points) in Q1 2025 .Major product categories’ percentage of net sales for Q1 2026 and Q1 2025 were: Livestock, Equine &amp; Agriculture: 31% for both periods . Companion Animal: 26% for Q1 2026, 27% for Q1 2025 . Seasonal &amp; Recreation: 19% for both periods . Truck, Tool &amp; Hardware: 15% for Q1 2026, 14% for Q1 2025 . Clothing, Gift &amp; Décor: 9% for both periods .<h4>Operational Performance</h4><ul><li>Gross Profit: Increased by 3.6% to $1,301,185 thousand in Q1 2026 from $1,255,422 thousand in Q1 2025 .</li><li>Gross Margin: Remained flat at 36.2% of net sales in both Q1 2026 and Q1 2025 .</li><li>Selling, General and Administrative (SG&amp;A) Expenses: Increased by 6.1% to $1,067,754 thousand in Q1 2026 from $1,006,285 thousand in Q1 2025 . As a percentage of net sales, SG&amp;A increased by 70 basis points to 29.7% in Q1 2026 from 29.0% in Q1 2025 .</li><li>Operating Income: Decreased by 6.3% to $233,431 thousand in Q1 2026 compared to $249,137 thousand in Q1 2025 .</li><li>Interest Expense, Net: $19,108 thousand in Q1 2026, compared to $19,641 thousand in Q1 2025 .</li><li>Income Tax Expense: $49,799 thousand in Q1 2026, compared to $50,127 thousand in Q1 2025 . The effective income tax rate was 23.2% in Q1 2026, up from 21.8% in Q1 2025 .</li><li>Net Income: Decreased by 8.3% to $164,524 thousand in Q1 2026 from $179,369 thousand in Q1 2025 .</li></ul><h4>Cash Flow</h4><ul><li>Net cash provided by operating activities: $91,120 thousand in Q1 2026, a decrease of $125,700 thousand from $216,775 thousand in Q1 2025 .</li><li>Net cash used in investing activities: -$171,336 thousand in Q1 2026, a decrease of $89,700 thousand (less cash used) from -$261,054 thousand in Q1 2025 .</li><li>Net cash provided by financing activities: $110,376 thousand in Q1 2026, an increase of $85,900 thousand from $24,505 thousand in Q1 2025 .</li></ul><h4>Store Growth and Capital Expenditures</h4>As of March 28, 2026, Tractor Supply Company operated 2,641 retail stores . During Q1 2026, 40 new Tractor Supply stores were opened, compared to 15 in Q1 2025 . Capital expenditures totaled -$202,610 thousand in Q1 2026, up from -$141,280 thousand in Q1 2025 .<h4>Debt and Shareholder Returns</h4>Total outstanding borrowings were $2,140,000 thousand at March 28, 2026, compared to $2,100,000 thousand at March 29, 2025 . The company repurchased approximately 2.3 million shares of common stock at a total cost of $118.0 million and paid quarterly cash dividends totaling $126.4 million in Q1 2026, returning $244.4 million to stockholders . As of March 28, 2026, $1.01 billion remained authorized under the share repurchase program .<h4>Outlook and Strategic Initiatives</h4>Projected capital expenditures for fiscal 2026 are estimated to be in the range of approximately $675 million to $725 million, which includes plans to open approximately 100 Tractor Supply stores and continue Project Fusion remodels . The company also plans to complete construction of the Nampa, Idaho distribution center, anticipated to begin operations in Q4 2026, and continue investing in store and digital technology . Management believes existing cash, expected cash flow from operations, and available debt facilities will be sufficient to fund operations and capital expenditure needs for the foreseeable future .

Tractor Supply | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 3.592 B