Tractor Supply Q3 Sales Rise; Margins Expand, Outlook Cut

Tractor Supply reported Q3 2025 net sales of $3.72 billion, up 7.2%, with comparable-store sales rising 3.9% and adjusted EPS of $0.49 that modestly beat estimates, driven by strength in seasonal and core categories, transaction growth and contributions from Allivet. Gross profit increased to about $1.39 billion and gross margin expanded roughly 15 basis points to 37.4% despite tariff pressure and higher transportation costs. SG&A rose to about 28.1% of sales due to planned investments, timing of incentive compensation and lower sale-leaseback benefits. Management narrowed full-year guidance to net income of $1.09–$1.14 billion (EPS $2.06–$2.13) and sales growth of roughly 4.6%–5.6%, citing improved visibility on tariffs but softer big-ticket rural spending. The narrower outlook produced volatile stock reactions, with some outlets reporting sharp premarket drops while others noted intraday gains after the results. CEO Hal Lawton highlighted an extended selling season and the company said it remains positioned for fall/winter demand as analysts offered varied responses.