TSCO · 10-Q · 2026Q3 · Full report

Working Capital Changes

TRACTOR SUPPLY CO /DE/ · 2026-11-05 · Importance 64 · Surprise 56 · In source text

Operating activities generated $882.6 million of net cash in the first nine months of fiscal 2026, down $427.8 million from $1.31 billion in the prior-year period. Inventories and accounts payable used $267.7 million of cash, a $175.0 million greater use than a year earlier, reflecting higher working-capital requirements for inventory and new-store growth. Income-tax cash flows were a $168.5 million use, a $226.3 million adverse change year over year, while accrued expenses provided $156.2 million, up $90.9 million. The Company attributed changes in taxes and accrued expenses principally to the timing of tax payments and transferable tax-credit transactions, as well as prior-year benefits from the One Big Beautiful Bill Act.

Key facts

• First-nine-month fiscal 2026 operating activities provided $882.6 million of net cash, compared with $1.31 billion in first-nine-month fiscal 2025, a decrease of $427.8 million. source
• First-nine-month fiscal 2026 changes in inventories and accounts payable used $267.7 million of cash, a $175.0 million greater use than the $92.7 million used in the prior-year period. source
• The decrease in first-nine-month fiscal 2026 operating cash flow was primarily driven by higher working-capital requirements for inventory and new store growth and changes in income taxes, partly offset by accrued expenses. source

Impact estimates