TSCO · 10-Q · 2026Q3 · Full report

Operating Expense Trends

TRACTOR SUPPLY CO /DE/ · 2026-11-05 · Importance 25 · Surprise 32 · No source text

Third-quarter SG&A, including depreciation and amortization, increased 6.8% to $1.12 billion, and rose 43 basis points to 28.6% of sales. The increase in the quarterly expense ratio reflected deleverage from lower comparable-store sales growth and startup costs for the new distribution center, partly offset by expense control. First-nine-month SG&A, including depreciation, amortization and impairment, increased 9.2% to $3.40 billion and rose 144 basis points to 28.2% of sales. The nine-month increase included Petsense restructuring and impairment charges of $65.8 million and VIP Petcare acquisition costs of $9.5 million; adjusted SG&A increased 6.7% to $3.33 billion.

Key facts

• Third-quarter fiscal 2026 SG&A expenses, including depreciation and amortization, increased 6.8% to $1.12 billion from $1.05 billion; as a percentage of net sales, they increased 43 basis points to 28.6% from 28.1%. source
• First-nine-month fiscal 2026 SG&A expenses, including depreciation, amortization and impairment, increased 9.2% to $3.40 billion from $3.11 billion; the rate increased 144 basis points to 28.2% from 26.8%. source
• First-nine-month fiscal 2026 SG&A rate increase was attributable to fixed-cost deleverage, $65.8 million of Petsense restructuring impairment and other charges, and $9.5 million of VIP Petcare acquisition costs; adjusted SG&A increased 6.7% to $3.33 billion. source
• Third-quarter fiscal 2026 SG&A rate increase was primarily driven by deleverage from lower comparable store sales growth and startup costs for the new distribution center, partially offset by expense control. source

Impact estimates