Inventory Turnover › By Retailer › Tractor Supply
Tractor Supply Inventory Turnover: Rural Retail Case Study
Tractor Supply Company (TSCO) turned its inventory 3.3x in fiscal 2025 (52 weeks ended December 27, 2025), about 110 days on hand. The ratio has eased from 3.8x in fiscal 2022 as the chain added stores and stock faster than sales. All figures are from the company's 10-K filings on SEC EDGAR.
Quick answer: Tractor Supply's fiscal 2025 and 2024 10-K inventory turnover ratio
Fiscal 2025 (10-K)
3.3x for the 52 weeks ended December 27, 2025. $9,869.5M cost of merchandise sold over $2,962.15M average inventory ($2,840.2M opening, $3,084.1M closing). About 110 days on hand.
Fiscal 2024 (10-K)
3.5x for the 52 weeks ended December 28, 2024. $9,486.7M cost of merchandise sold over $2,743.05M average inventory. About 106 days on hand.
Turnover = cost of merchandise sold / average inventory (mean of opening and closing balance-sheet inventory). Store occupancy is in SG&A, not cost of merchandise sold. Figures from Tractor Supply's 10-K filings on SEC EDGAR (CIK 0000916365), verified 10 November 2026.
Fiscal 2022 - fiscal 2025 turnover history
| Fiscal Year | Cost of Sales | Inv (start) | Inv (end) | Turnover | Days on Hand |
|---|---|---|---|---|---|
| FY2022 (ended Dec 31, 2022) | $9,232.5M | $2,191.2M | $2,709.6M | 3.8x | 97 |
| FY2023 (ended Dec 30, 2023) | $9,327.5M | $2,709.6M | $2,645.9M | 3.5x | 105 |
| FY2024 (ended Dec 28, 2024) | $9,486.7M | $2,645.9M | $2,840.2M | 3.5x | 106 |
| FY2025 (ended Dec 27, 2025) | $9,869.5M | $2,840.2M | $3,084.1M | 3.3x | 110 |
Inventory (start) equals the prior year's inventory (end). Tractor Supply's fiscal year ends on the last Saturday of the calendar year. Fiscal 2022 ran 53 weeks, which lifts that year's cost of merchandise sold and turnover slightly.
3.8x · The fastest year in the window, helped by a 53-week calendar. Year-end inventory still rose 24%, setting up the slower years that followed.
3.5x · Inventory eased slightly, but the high opening balance kept average inventory up and turnover fell to 3.5x.
3.5x · Comparable store sales rose 0.2%; inventory grew faster than cost of merchandise sold as 80 new Tractor Supply stores opened.
3.3x · Net sales rose 4.3% to $15.52B, but year-end inventory rose 9% as 99 new Tractor Supply stores opened, easing turnover to 3.3x.
Store growth is the main reason the ratio has eased
Between the end of fiscal 2021 and the end of fiscal 2025, Tractor Supply's year-end inventory rose 41%, from $2.19B to $3.08B. Cost of merchandise sold rose 20% over the same four years, from $8.25B to $9.87B. That gap is the whole story of the falling ratio, and most of it is visible in two places: fiscal 2022, when year-end stock jumped 24%, and the two years since, when new stores have taken stock ahead of their sales.
Tractor Supply opened 80 new Tractor Supply stores and 11 Petsense stores in fiscal 2024, then 99 Tractor Supply stores and five Petsense stores in fiscal 2025, ending the year with 2,602 stores in 49 states. It plans about 100 more Tractor Supply stores in fiscal 2026. A new store needs a full assortment on day one but builds its sales over time, so a chain opening stores at this pace carries more inventory per dollar of sales than a mature one.
The supply chain is growing too. Tractor Supply runs about 7.8 million square feet of distribution capacity in ten states and is building a further centre of about 865,000 square feet in Nampa, Idaho, due to open in the fourth quarter of 2026. Its 10-K names improving the inventory turn rate as one of the network's goals, alongside better in-stock positions and lower freight cost.
What keeps Tractor Supply near 3.3x
1. A seasonal quarter of the business
Seasonal and Recreation products (tractors and riders, lawn and garden, bird feeding and power equipment) made up 24% of net sales in fiscal 2025. Seasonal goods have to be bought and placed before their season starts, which holds inventory for months before it sells.
2. Feed and pet food that turn faster
Livestock, Equine and Agriculture (27% of sales) and Companion Animal (24%) include feed and pet food that customers rebuy on a schedule. That repeat demand is why Tractor Supply turns faster than a pure hard-goods retailer, and the December 2024 acquisition of Allivet, an online pet pharmacy, adds more of it.
3. Big, slow hard goods
Truck, Tool and Hardware (15% of sales) covers trailers, generators, batteries and tools, and the stores carry fencing and equipment too. Bulky, low-velocity items take up both shelf space and working capital.
4. Occupancy outside cost of sales
Tractor Supply's cost of merchandise sold includes freight and distribution, while store occupancy is in SG&A. That keeps its ratio closer to a merchandise basis than retailers that load occupancy into cost of sales, so 3.3x here is not inflated by rent.
Where 3.3x sits among retailers
Latest 10-K inventory turnover, times per year
Each figure is cost of sales over average inventory from the company's latest 10-K. Every retailer here has its own case study; the full ranked list is on the inventory turnover by retailer page.
Tractor Supply turns level with Lowe's (3.3x) and behind Home Depot (4.5x), the two home improvement chains it is grouped with on the home improvement benchmarks. It runs well ahead of Floor & Decor (2.3x), whose hard-surface flooring range is slower still.
Against pet retailers it is much slower than Chewy (10.4x), an online pure-play that ships consumables from distribution centres. Tractor Supply sells much of the same pet food, but through 2,602 stores that also carry tools, clothing and seasonal equipment.
Frequently asked questions
What is Tractor Supply's inventory turnover ratio?
Tractor Supply turned its inventory 3.3x in fiscal 2025, the 52 weeks ended December 27, 2025. That is $9,869.5M of cost of merchandise sold divided by $2,962.15M average inventory (the mean of the $2,840.2M opening and $3,084.1M closing balances) from its 10-K. It works out to about 110 days of inventory on hand.
Why has Tractor Supply's inventory turnover fallen since 2022?
Inventory has grown faster than cost of merchandise sold. Year-end inventory rose from $2.19B at the end of fiscal 2021 to $3.08B at the end of fiscal 2025, while cost of merchandise sold rose more slowly once the 2022 surge passed. Store growth is a large part of it: Tractor Supply opened 80 new Tractor Supply stores in fiscal 2024 and 99 in fiscal 2025, and every new store has to be stocked before it sells. Fiscal 2022 was also a 53-week year, which flatters that year's ratio.
How is Tractor Supply's inventory turnover calculated from the 10-K?
Divide cost of merchandise sold by average inventory, the mean of the opening and closing balance-sheet inventories. Tractor Supply's cost of merchandise sold includes freight and distribution costs, but store occupancy is reported in selling, general and administrative expenses. That makes its ratio closer to a merchandise-cost basis than retailers such as TJX or Williams-Sonoma, which put occupancy in cost of sales. For fiscal 2025: $9,869.5M / (($2,840.2M + $3,084.1M) / 2) = 3.3x.
How does Tractor Supply compare with Home Depot and Lowe's?
It turns at the same pace as Lowe's (3.3x) and slower than Home Depot (4.5x) in the same fiscal year. All three sell big, slow items such as equipment and seasonal goods alongside faster consumables. Tractor Supply's consumables lean towards animal feed and pet food, while Home Depot's faster turnover reflects its larger professional customer base.
Related
Home Improvement Sector
Home Depot, Lowe's, Tractor Supply, Floor & Decor.
Lowe's Case Study
The same 3.3x, a different customer.
Chewy Case Study
Pet consumables at 10.4x online.
Turnover by Retailer
All 25 retailers ranked.
Weeks of Supply
Plan seasonal stock in weeks.
Carrying Cost
What 110 days of stock costs to hold.