Tractor Supply Company stock research
FY2025 Q1
Tractor Supply (TSCO) Gross Margin — Quarter Ended Mar 29, 2025
Gross profit increased relative to the prior quarter and the same quarter last year, while revenue was lower than the prior quarter but higher than a year ago. Gross margin improved compared to the prior quarter and was stable versus the same quarter last year.
Gross margin takeaway
Quarter ended Mar 29, 2025 · FY2025 Q1
Gross profit increased relative to the prior quarter and the same quarter last year, while revenue was lower than the prior quarter but higher than a year ago. Gross margin improved compared to the prior quarter and was stable versus the same quarter last year.
- The gross margin strengthened sequentially as cost of revenue declined more than revenue, while year-over-year margin was stable with both revenue and cost of revenue increasing at a similar pace.
- Compared to the prior quarter, revenue was lower but gross profit was higher, resulting in an improved gross margin. Versus the same quarter last year, both revenue and gross profit were higher, with gross margin remaining essentially stable.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
36.2%
Gross profit
$1.3B
Revenue
$3.5B
Cost of revenue
$2.2B
Quarter-over-quarter change
+1.0 pts
Year-over-year change
+0.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 29, 2024 | $4.2B | $1.6B | $2.7B | 36.6% |
| Sep 28, 2024 | $3.5B | $1.3B | $2.2B | 37.2% |
| Dec 28, 2024 | $3.8B | $1.3B | $2.4B | 35.2% |
| Mar 29, 2025 | $3.5B | $1.3B | $2.2B | 36.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 28, 2024
+1.0 pts
Year-over-year change
Mar 30, 2024
+0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin strengthened sequentially as cost of revenue declined more than revenue, while year-over-year margin was stable with both revenue and cost of revenue increasing at a similar pace.
Compared to the prior quarter, revenue was lower but gross profit was higher, resulting in an improved gross margin. Versus the same quarter last year, both revenue and gross profit were higher, with gross margin remaining essentially stable.
Monitor the trend in cost of revenue relative to revenue, as the sequential improvement in gross margin was driven by a proportionally larger decline in cost of revenue.