Tractor Supply Company stock research
FY2026 Q1
Tractor Supply (TSCO) Gross Margin — Quarter Ended Mar 28, 2026
Revenue and gross profit were higher than the year-ago quarter but lower than the prior quarter. Gross margin was stable compared to the year-ago quarter and improved from the prior quarter.
Gross margin takeaway
Quarter ended Mar 28, 2026 · FY2026 Q1
Revenue and gross profit were higher than the year-ago quarter but lower than the prior quarter. Gross margin was stable compared to the year-ago quarter and improved from the prior quarter.
- The gross margin improved sequentially as cost of revenue decreased more than revenue did.
- Compared to the immediately preceding quarter, revenue and cost of revenue both declined, but gross margin was higher. Versus the same quarter one year earlier, revenue and cost of revenue increased while gross margin remained unchanged.
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
$3.6B
Cost of revenue
$2.3B
Quarter-over-quarter change
+1.1 pts
Year-over-year change
+0.0 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 28, 2025 | $4.4B | $1.6B | $2.8B | 36.9% |
| Sep 27, 2025 | $3.7B | $1.4B | $2.3B | 37.4% |
| Dec 27, 2025 | $3.9B | $1.4B | $2.5B | 35.1% |
| Mar 28, 2026 | $3.6B | $1.3B | $2.3B | 36.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 27, 2025
+1.1 pts
Year-over-year change
Mar 29, 2025
+0.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improved sequentially as cost of revenue decreased more than revenue did.
Compared to the immediately preceding quarter, revenue and cost of revenue both declined, but gross margin was higher. Versus the same quarter one year earlier, revenue and cost of revenue increased while gross margin remained unchanged.
The filing notes that inventory typically builds in the first fiscal quarter to support spring sales; this seasonal pattern may influence cost of revenue and gross margin in subsequent periods.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Tractor Supply Company (TSCO) | 36.2% |