Tractor Supply Q1: I Locked In 46% And Left, After A 23% Drop, I'm Still Not Back

Tractor Supply reported Q1 2026 sales in line with consensus at $3.59B, but EPS missed by 9% and comp sales growth lagged guidance. TSCO's gross margin held steady at 36.2% despite tariff pressures, but SG&A rose 6.1%, compressing operating income and net income by 6.3% and 8.3%, respectively. Management maintained FY26 guidance, but consumer fatigue and uncertain growth outlook persist, with forward EV/EBITDA at 14 above my preferred entry threshold.