Tractor Supply Company (TSCO)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	1,432,400	1,404,310	1,280,090	968,147	723,377
Revenue	US$ in thousands	14,555,700	14,204,700	12,731,100	10,620,400	8,351,930
Pretax margin		9.84%	9.89%	10.05%	9.12%	8.66%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $1,432,400K ÷ $14,555,700K
= 9.84%

Tractor Supply Company's pretax margin has shown a relatively stable trend over the past five years, ranging from 8.66% in 2019 to 10.05% in 2021. The margin slightly decreased to 9.12% in 2020 before rebounding to 9.89% in 2022 and then to 9.84% in 2023. This indicates that the company has been consistent in generating profits before taxes relative to its total revenue during this period. While there was a slight decline in 2020, the overall trend demonstrates a level of profitability and efficiency in managing expenses and generating income.

Peer comparison

Dec 31, 2023

Company name

Symbol

Pretax margin

Tractor Supply Company

TSCO

9.84%