Tractor Supply Credit Rating & NNN Cap Rate (2026)

Tractor Supply Co. Business Overview & NNN Investment Profile

Tractor Supply Company operated 2,672 retail stores in 49 states as of June 27, 2026, including 209 Petsense by Tractor Supply stores (Form 10-Q). The company reported net sales of $15.52 billion in fiscal 2025 (Form 10-K), and its senior unsecured debt is rated BBB/Baa1; the rating source and date appear in the credit rating section below. Of the 39 Tractor Supply listings InvestmentGrade.com tracks that state a lease type (as of October 8, 2026), brokers label 32 as NN or NN+ rather than NNN, so confirm the tenant entity, any guarantor and the landlord’s responsibilities in each lease; the lease structure section below explains the labels.

Tractor Supply’s stores are located primarily in towns outlying major metropolitan markets and in rural communities (Form 10-K). Store leases typically have initial terms of 10 to 20 years (Form 10-K), and in the listings we track that report usable rent-increase details (as of October 8, 2026), increases of 5%, most often every five years, are the most commonly reported schedule. Tractor Supply stores typically have 15,000 to 20,000 square feet of inside selling space plus outside selling space (Form 10-K for fiscal 2025); in the listings we track, the median building is 21,930 square feet, and the median lot was 4.41 acres as of October 8, 2026. The company opened 99 new Tractor Supply stores in fiscal 2025 (Form 10-K) and 68 in the first six months of fiscal 2026 (Form 10-Q).

Tractor Supply Co. Credit Rating Analysis

Tractor Supply’s senior unsecured debt carries investment-grade ratings of BBB from S&P and Baa1 from Moody’s in our tenant ratings database. The company’s fiscal 2025 Form 10-K, filed February 19, 2026, describes these as ratings of its senior unsecured debt. Source and date: S&P Global Ratings BBB, Stable, as of February 19, 2026; Moody’s Baa1, Stable, as of February 19, 2026. Ratings checked October 8, 2026. A rating of BBB‑ or higher from S&P, or Baa3 or higher from Moody’s, is investment grade.

Tractor Supply describes itself as the largest rural lifestyle retailer in the United States, focused on supplying the needs of recreational farmers, ranchers and all those who enjoy living the rural lifestyle (Form 10-K, fiscal 2025). Ratings for other net lease tenants are in our credit ratings index.

Tractor Supply Co. NNN Lease Structure

Tractor Supply store leases typically have initial terms of between 10 and 20 years, with two to four optional renewal periods of five years each, exercisable at the company’s option (Form 10-K, fiscal 2025); confirm the tenant entity and any guaranty in each lease. As of October 8, 2026, 31 of the Tractor Supply listings InvestmentGrade.com tracks disclose usable rent-increase details: 25 report increases that begin with 5%, most often every five years, one reports 10% every five years and one reports 10% only in the option periods. These are broker-reported terms, not reviewed leases. A 10% increase every five years equals about 1.92% a year compounded, below a 2% annual increase. Assuming the same starting rent over a 15-year term, 10% steps in years 6 and 11 pay about 16.55 times the first year’s rent in total, while 2% annual increases starting in year 2 pay about 17.29 times, so a lease with 2% or 3% annual increases would deliver more cumulative rent over the same period.

Tractor Supply stores typically have 15,000 to 20,000 square feet of inside selling space plus outside selling space (Form 10-K); the median lot was 4.41 acres as of October 8, 2026, in the listings InvestmentGrade.com tracks. Landlord responsibilities vary. Of the 39 Tractor Supply listings we track that state a lease type (as of October 8, 2026), brokers label 32 as NN or NN+, 5 as NNN or absolute NNN and 2 as net. In an NN (double net) lease the landlord often keeps some costs such as roof or structure, and in an NNN (triple net) lease the tenant often pays more of them; NN+ and net have no standard meaning. Actual roof, structure, parking lot and capital responsibilities follow the lease, so confirm them for each property.

Tractor Supply Co. NNN Cap Rate & Pricing Trends

Live asking cap rates for Tractor Supply and comparable tenants:

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 16, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Five Below.

Pricing varies with location, remaining term, rent schedule and landlord responsibilities.

On July 23, 2026, Tractor Supply withdrew the long-term financial framework introduced at its December 2024 Investor Day and said it expects to provide an updated framework with its fourth quarter 2026 results (earnings release, July 23, 2026). For guidance on evaluating cap rates and specialty retail NNN pricing, see the investment grade guide.

Tractor Supply Co. Real Estate Footprint

As of June 27, 2026, Tractor Supply operated 2,672 retail stores in 49 states, including 209 Petsense by Tractor Supply stores (Form 10-Q), located primarily in towns outlying major metropolitan markets and in rural communities. Its largest state store counts at fiscal 2025 year end were Texas (269), North Carolina (130), Georgia (125) and Florida (118) (Form 10-K). About 61% of its stores are in freestanding buildings and 39% are in shopping centers, and it leases about 97% of its stores (Form 10-K for fiscal 2025).

The company says it believes it has developed a proven method for selecting store sites (Form 10-K).

Tractor Supply Co. Growth & Expansion Outlook

Tractor Supply opened 80 new Tractor Supply stores in fiscal 2024 and 99 in fiscal 2025 (Form 10-K). The company says that, given the size of the communities it targets, it believes there is ample opportunity for new store growth in many existing and new markets. In its fiscal 2025 Form 10-K the company said it planned to open approximately 100 new Tractor Supply stores in fiscal 2026, and it opened 68 in the first six months of the year (Form 10-Q for the quarter ended June 27, 2026).

Plans can change. The company’s risk factors say it may be unable to increase sales at existing stores and that unfavorable lending conditions could affect the timing of its store openings, and it names internet-based retailers among its competitors (Form 10-K, fiscal 2025). Its Form 10-Q for the quarter ended June 27, 2026 describes a planned closure of approximately 75 Petsense by Tractor Supply stores, and on July 23, 2026 it revised its fiscal 2026 outlook (earnings release).

Tractor Supply Co. NNN Investment: Pros & Cons

Comparable NNN Tenants

Frequently Asked Questions About Tractor Supply Co. NNN Investments