# Tractor Supply (TSCO) Forecast Calculator

Interactive five-year financial forecast and DCF for Tractor Supply. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/tractor-supply/forecast
- Industry: Consumer
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 8351931000 | 594266000 | 939198000 | 562354000 |
| 2022 | 10620352000 | 1100513000 | 1214052000 | 748958000 |
| 2023 | 12731105000 | 510289000 | 1576856000 | 997114000 |
| 2024 | 14204717000 | 583610000 | 1778005000 | 1088712000 |
| 2025 | 14555741000 | 580150000 | 1871961000 | 1107226000 |

## Frequently asked questions

### What is Tractor Supply Company and what products does it sell?

Tractor Supply Company (TSCO) is the largest rural lifestyle retailer in the United States, serving recreational farmers, ranchers, pet owners, and homeowners. It provides a comprehensive assortment of needs-based products such as livestock feed, pet food, hardware, and seasonal goods across its extensive store network.

### How does Tractor Supply generate its revenue, and what are its main growth drivers?

Tractor Supply generates consolidated net sales primarily through store unit economics, driven by new store rollouts and comparable store sales growth. Key growth levers include opening 90-100 new stores annually, Project Fusion remodels, Garden Center additions, and the integration of acquisitions like Allivet.

### What are Tractor Supply's capital expenditure priorities and typical spending levels?

Tractor Supply's capital expenditure typically ranges from 4.0% to 5.5% of revenue, with approximately 70% allocated to growth initiatives. Major programs include building new distribution centers, rolling out Project Fusion remodels to over 60% of the chain, and opening 90-100 new stores annually.

### What are the key financial assumptions used in the Tractor Supply financial model for forecasting?

The Tractor Supply financial model uses key assumptions such as a Revenue Growth rate of approximately 14.9% and COGS as 64.8% of revenue. Other important inputs include SGA at 23.0% of revenue, a Tax Rate of 22.4%, and Capex at 4.2% of revenue.

### Can I download an Excel financial model for Tractor Supply, and what is its forecast horizon?

Yes, an Excel financial model for Tractor Supply (TSCO) is available for download, offering a comprehensive equity valuation and scenario planning tool. The model provides a forecast horizon covering fiscal years 2026 through 2030.

### How does Tractor Supply manage its working capital, particularly regarding inventory?

Tractor Supply operates with a positive net working capital, typically around 10% to 15% of sales, largely due to its significant merchandise inventory requirements. The company maintains a high Days Inventory Outstanding (DIO) of 130-140 days to stock bulk items like feed and fencing, requiring working capital investment to fund new store inventory build-outs.