TRACTOR SUPPLY CO /DE/
For the period ended Dec 27, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
TSCO$37.50+0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Fiscal Year | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (52 weeks) | (52 weeks) | (52 weeks) | |
| Cash flows from operating activities: | |||
| Net income | $1,096,087 | $1,101,240 | $1,107,226 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 494,011 | 447,162 | 393,049 |
| Gain on disposition of property and equipment | (93,058) | (62,500) | (48,013) |
| Share-based compensation expense | 57,063 | 48,367 | 57,015 |
| Deferred income taxes | 61,267 | (22,602) | 6,172 |
| Change in assets and liabilities: | |||
| Inventories | (225,687) | (194,323) | 40,872 |
| Prepaid expenses and other current assets | (1,262) | 11,484 | 22,380 |
| Accounts payable | 143,429 | 56,374 | (218,829) |
| Accrued employee compensation | 13,688 | 9,375 | (31,498) |
| Other accrued expenses | 25,096 | 20,917 | (13,082) |
| Income taxes | (5,940) | (19,174) | (11,931) |
| Other | 70,565 | 24,515 | 30,672 |
| Net cash provided by operating activities | 1,635,259 | 1,420,835 | 1,334,033 |
| Cash flows from investing activities: | |||
| Capital expenditures | (894,770) | (784,047) | (753,883) |
| Proceeds from sale of property and equipment | 256,087 | 140,129 | 86,504 |
| Acquisition of Allivet, net of cash acquired | (139,895) | — | — |
| Proceeds from sale of business assets | — | — | 14,310 |
| Net cash used in investing activities | (778,578) | (643,918) | (653,069) |
| Cash flows from financing activities: | |||
| Borrowings under debt facilities | 3,125,000 | 785,000 | 1,767,000 |
| Repayments under debt facilities | (3,195,000) | (685,000) | (1,195,000) |
| Debt discounts and issuance costs | — | — | (9,729) |
| Principal payments under finance lease liabilities | (2,819) | (4,787) | (4,808) |
| Repurchase of shares to satisfy tax obligations | (15,877) | (23,941) | (24,245) |
| Repurchase of common stock | (361,261) | (560,634) | (594,390) |
| Net proceeds from issuance of common stock | 23,563 | 39,357 | 24,397 |
| Cash dividends paid to stockholders | (487,669) | (472,492) | (449,620) |
| Net cash used in financing activities | (914,063) | (922,497) | (486,395) |
| Net (decrease) increase in cash and cash equivalents | (57,382) | (145,580) | 194,569 |
| Cash and cash equivalents at beginning of period | 251,491 | 397,071 | 202,502 |
| Cash and cash equivalents at end of period | $194,109 | $251,491 | $397,071 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest, net of amounts capitalized | $69,757 | $65,865 | $56,315 |
| Cash paid for federal income taxes (a) | 198,908 | 309,619 | 279,200 |
| Cash paid for state income taxes | 36,011 | 41,845 | 46,022 |
| Supplemental disclosures of non-cash activities: | |||
| Non-cash accruals for property and equipment | $122,692 | $82,324 | $60,055 |
| Increase in operating lease liabilities resulting from new or modified right-of-use assets | 928,057 | 659,008 | 628,991 |
| Increase in finance lease liabilities resulting from new or modified right-of-use assets | 7,679 | — | 450 |
(a)Cash paid for federal income taxes for the fiscal year ended December 27, 2025 included $168.9 million of cash paid for the purchase of transferable federal tax credits.
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