TSCO · 10-Q · 2026Q2 · Full report
Operating Expense Trends
TRACTOR SUPPLY CO /DE/ · 2026-08-06 · Importance 54 · Surprise 40 · No source text
Second-quarter SG&A, including depreciation, amortization and impairment, increased 14.4% to $1.22 billion from $1.06 billion, rising to 26.8% of sales from 23.9%.,First-half SG&A increased 10.4% to $2.28 billion from $2.07 billion, increasing to 28.1% of sales from 26.2%.,Petsense impairment and restructuring charges totaled $65.8 million in the first half, while VIP Petcare acquisition costs added $9.5 million.,Adjusted first-half SG&A increased 6.7% to $2.21 billion and reached 27.1% of sales because lower comparable sales caused fixed-cost deleverage.,First-half operating income decreased 15.3% to $700.5 million, while adjusted operating income decreased 5.5% to $781.8 million.
Key facts
- Adjusted operating income for Q2 fiscal 2026: $548.3 million, decreased 5.1% on an adjusted basis. source
- SG&A including depreciation, amortization and impairment for Q2 fiscal 2026: $1.22 billion, increased 14.4% from $1.06 billion in Q2 fiscal 2025. source
- Adjusted SG&A for Q2 fiscal 2026: $1.14 billion, increased 7.3%, and adjusted SG&A as percent of net sales increased 118 basis points to 25.1%. source
- Operating income for Q2 fiscal 2026: $467.1 million, decreased 19.2% from $577.8 million in Q2 fiscal 2025. source
- Operating income for first six months of fiscal 2026: $700.5 million, decreased 15.3% from $826.9 million in first six months of fiscal 2025; adjusted operating income decreased 5.5% to $781.8 million. source
- SG&A including depreciation, amortization and impairment for first six months of fiscal 2026: $2.28 billion, increased 10.4% from $2.07 billion in first six months of fiscal 2025; SG&A as percent of net sales increased 191 basis points to 28.1% from 26.2%. source
- Depreciation and amortization in first six months of fiscal 2026: $257.4 million (increase of $15.2 million vs prior year). source
- Adjusted SG&A for first six months of fiscal 2026: $2.21 billion, increased 6.7%, and adjusted SG&A as percent of net sales increased 99 basis points to 27.1%. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -4.6% | SG&A including depreciation, amortization and impairment for first six months of fiscal 2026: $2.28 billion, increased 10.4% from $2.07… |
| operating_income | negative | realized | -3.5% | SG&A including depreciation, amortization and impairment for Q2 fiscal 2026: $1.22 billion, increased 14.4% from $1.06 billion in Q2… |
| operating_income | negative | realized | -2.8% | Operating income for first six months of fiscal 2026: $700.5 million, decreased 15.3% from $826.9 million in first six months of fiscal… |
| operating_income | negative | realized | -2.4% | Operating income for Q2 fiscal 2026: $467.1 million, decreased 19.2% from $577.8 million in Q2 fiscal 2025. |
| margin | negative | realized | -1.9% | SG&A including depreciation, amortization and impairment for first six months of fiscal 2026: $2.28 billion, increased 10.4% from $2.07… |
| margin | negative | realized | -1.2% | Adjusted SG&A for Q2 fiscal 2026: $1.14 billion, increased 7.3%, and adjusted SG&A as percent of net sales increased 118 basis points to… |
| operating_income | negative | realized | -1.0% | Operating income for first six months of fiscal 2026: $700.5 million, decreased 15.3% from $826.9 million in first six months of fiscal… |
| operating_income | negative | realized | — | Adjusted operating income for Q2 fiscal 2026: $548.3 million, decreased 5.1% on an adjusted basis. |