Americas Retail: Analyzing the impact of US drought conditions on Tractor Supply

Research evidence excerpt

Americas Retail: Analyzing the impact of US drought conditions on Tractor Supply

Equity Research

15 June 2026 | 6:00AM EDT

Americas Retail: Analyzing the impact of US drought conditions on

Tractor Supply

Kate McShane, CFA

+1(212)902-6740 |

kate.mcshane@gs.com

Goldman Sachs & Co. LLC

Nishi Agarwal

+1(332)245-7668 |

nishi.agarwal@gs.com

Source: https://publishing.gs.com/content/subjects/ffd93d15-5f37-429d-8368-fd57de57fa2e.html Goldman Sachs India SPL

The United States has been experiencing its most severe prolonged dry spell in Mark Jordan, CFA

+1(617)772-7951 |

several decades. We partnered with GS Data Works to analyze its impact on Tractor mark.jordan@gs.com

Supply stores. We note that nearly 40% of Tractor Supply’s store footprint is

Emily Ghosh

currently operating in severe or extreme drought conditions. +1(713)658-2632 |

emily.ghosh@gs.com

We maintain our Buy rating on the name. Our price target is $45.

Grace Chee

+1(212)357-9730 | grace.chee@gs.com

Update on weather conditions in the U.S Dan Duggan, Ph.D.

Recent data from the National Oceanic and Atmospheric Administration (NOAA) +1(212)902-4726dan.duggan@gs.com|

highlight an exceptionally dry and warm macro-environment. As of June 9, 2026, Goldman Sachs & Co. LLC

46.93% of the United States and Puerto Rico and 56.16% of the Lower 48 states are

experiencing drought conditions. For the week of 6/3-6/9, 150mn people in the U.S

and 149.9mn in the Lower 48 states were affected by drought, and 45 U.S. states

were experiencing moderate drought (D1) or worse. Severe drought (D2) expanded

in the Northeast, the Mid-Atlantic, and Minnesota amid widespread heat.

Additionally, the 10-month period from August 2025 ranks as the driest such stretch

in the continental United States since 1976–77.

The U.S.