Americas Retail: Takeaways from IR/management; lowering Tractor Supply estimates

Research evidence excerpt

Americas Retail: Takeaways from IR/management; lowering Tractor Supply estimates

Equity Research

22 June 2026 | 7:35AM EDT

Americas Retail: Takeaways from IR/management; lowering Tractor

Supply estimates

In this note, we discuss key takeaways from meetings with the IR/management teams Kate McShane, CFA

+1(212)902-6740 |

of GPC. Additionally, we looked at Tractor Supply stock performance during drought kate.mcshane@gs.com

Goldman Sachs & Co. LLC

conditions and update our estimates.

Mark Jordan, CFA

+1(617)772-7951 |

mark.jordan@gs.com

Takeaways from IR/management meetings Emily Ghosh

+1(713)658-2632 |

emily.ghosh@gs.com

GPC Nishi Agarwal

+1(332)245-7668 |

Sales to independents close to 50% of US auto sales: GPC used to disclose (up nishi.agarwal@gs.com

Goldman Sachs India SPL

until 2021) the portion of their US automotive sales that were derived from

Grace Chee

independents. That figure had been fairly stable though 2020 at around 60%, and +1(212)357-9730 | grace.chee@gs.com

even after the company’s recent independent acquisition spree, including the

Samantha Chiangcompany’s formerly largest and second largest independents, the penetration +1(212)357-7992 |

remains around 50% and is a significant driver of US automotive trends. samantha.chiang@gs.comGoldman Sachs & Co. LLC

Likely to benefit from tariff refunds: Similar to peers, GPC is not the importer of

record for the majority of its inventory purchases. However, the company has a firm

understanding of the tariff-related cost increases it has paid, and as suppliers apply

for tariff refunds, it is likely that GPC will receive some form of a benefit, though it

remains too early to tell how impactful it will be.

Tractor Supply stock performance and estimate update

TSCO stock performance during drought conditions