IMMEDIATE CALL POSTMORTEMS

The first take, while it still matters.

After earnings, most sell-side research takes a day or more to publish, and much of it repeats the press release. An Immediate Call Postmortem is our unfiltered first read: posted on X within minutes of the call ending, then archived here and on Substack. It’s free, it’s short, and it focuses on what actually changed. We only write one when a call gives us something worth saying, and a much more thoughtful Upon Further Review report tends to follow within 3–5 business days.

Why speed matters: read Confessions of a Sell-Side Analyst →

Matthew McClintock 10/22/26 Matthew McClintock 10/22/26

Tractor Supply: 3Q26 Immediate Call Postmortem

Immediate Call Postmortem on Tractor Supply's 3Q26 earnings call.

Matthew McClintock 10/23/25 Matthew McClintock 10/23/25

Tractor Supply: 3Q25 Immediate Call Postmortem

Going to call this quarter a lesson in reality. Even if management really thought it was possible to do a 4% comp this year, they never should have had that scenario in guidance given the aggressive acceleration required in 2H25 (7%+).

Matthew McClintock 7/24/25 Matthew McClintock 7/24/25

Tractor Supply (TSCO) 2Q25 Immediate Call Postmortem

At a minimum we are at least back to beating earnings again, however small. It always felt like the comp guide was sandbagged a bit given their long stated “we are a story of halves” narrative and the meaningful weakness in 1Q.