Tesco Past Earnings Performance
Past criteria checks 4/6
Tesco has been growing earnings at an average annual rate of 15.8%, while the Consumer Retailing industry saw earnings growing at 8.3% annually. Revenues have been growing at an average rate of 4.5% per year. Tesco's return on equity is 15.6%, and it has net margins of 2.4%.
Key information
15.81%
Earnings growth rate
19.08%
EPS growth rate
| Consumer Retailing Industry Growth | 18.83% |
| Revenue growth rate | 4.53% |
| Return on equity | 15.60% |
| Net Margin | 2.42% |
| Next Earnings Update | 08 Oct 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 01
TSCO: Ecosystem Advantage And £750m Buyback Will Drive Future Upside
Analysts have nudged Tesco’s fair value estimate slightly higher to £5.15 from £5.12, reflecting updated views on its role in the UK grocery "ecosystem war" and recent price target increases from several banks. Analyst Commentary Recent research points toward a generally constructive stance on Tesco, with several price targets adjusted higher and new coverage framed around its position in what some describe as an "ecosystem war" in UK grocery rather than a simple price battle.Narrative Update • May 13
TSCO: Future Upside Will Hinge On Margins And £750m Share Repurchases
Analysts have nudged Tesco's implied fair value higher to around £5.12 per share, reflecting slightly updated assumptions for discount rates, modest revenue growth and profit margins, along with recent upward moves in Street price targets from banks such as JPMorgan, Deutsche Bank and Citi. Analyst Commentary Recent research on Tesco points to a generally constructive stance, with several firms updating their models and price targets to reflect current assumptions on discount rates, margins and revenue trends.Narrative Update • Apr 23
TSCO: Future Returns Will Depend On Margins And Share Repurchase Discipline
Analysts have raised the Tesco price target to reflect a fair value estimate of £5.10, supported by slightly firmer profit margin assumptions, a marginally lower discount rate, and a small adjustment to future P/E expectations, even as projected revenue growth is set at a more modest level. Analyst Commentary Recent research on Tesco reflects a mix of confidence in the current setup and attention to execution risks, with several large banks revisiting their fair value assumptions and price targets.Analysis Article • Apr 19
The Tesco PLC (LON:TSCO) Full-Year Results Are Out And Analysts Have Published New Forecasts
The annual results for Tesco PLC ( LON:TSCO ) were released last week, making it a good time to revisit its...Narrative Update • Apr 08
TSCO: Future Returns Will Depend On Margins And Modest Multiple Expectations
Analysts have made a modest upward adjustment to Tesco's price target, reflecting slightly higher fair value estimates around £4.89, a small change to assumed discount rates and growth, and a marginally lower future P/E multiple. Analyst Commentary Recent research updates on Tesco highlight a mix of optimism around fair value and some caution on execution and near term risks.Narrative Update • Mar 25
TSCO: Execution On Margins And P E Assumptions Will Guide Future Returns
Tesco's analyst price target has been adjusted to £4.86 from £4.81. Analysts cite updated fair value estimates, a slightly higher assumed P/E multiple, and refined views on revenue growth and profit margin as drivers of the change.Narrative Update • Mar 10
TSCO: Store Partnerships And Execution Will Shape Fairly Valued Future Returns
Analysts have trimmed their Tesco price target to £4.80 from £5.00, reflecting slightly adjusted assumptions for fair value, discount rate, revenue, profit margin and future P/E multiples. Analyst Commentary Recent commentary around Tesco focuses on how the adjusted £4.80 price target lines up with expectations on valuation, execution and growth.Narrative Update • Feb 24
TSCO: Execution On Store Partnerships And Margins Will Shape Future Returns
Narrative Update Analysts have trimmed their Tesco price target to £4.80 from £5.00, reflecting slightly lower discount rate and future P/E assumptions while keeping their broader positive stance on the shares intact. Analyst Commentary Bullish and bearish analysts are reacting to the revised £4.80 price target with a focus on how Tesco can execute against its current valuation, rather than a wholesale change in view on the company.Narrative Update • Feb 10
TSCO: Higher Discount Rate Assumptions And Retail Execution Will Shape Future Returns
Analysts have trimmed their average price target on Tesco to £4.80 from £5.00, citing slightly higher discount rate assumptions and only marginal tweaks to growth and margin inputs in their models. Analyst Commentary Recent commentary around Tesco centres on how small model adjustments feed through to valuation, with the average price target easing to £4.80.Analysis Article • Feb 03
Risks To Shareholder Returns Are Elevated At These Prices For Tesco PLC (LON:TSCO)
There wouldn't be many who think Tesco PLC's ( LON:TSCO ) price-to-earnings (or "P/E") ratio of 17.9x is worth a...Narrative Update • Jan 26
TSCO: Higher Risk Assumptions And Retail Execution Will Shape Future Upside
The latest analyst narrative on Tesco reflects a small reduction in the implied fair value, in line with JPMorgan trimming its price target to £4.80 from £5.00. Analysts are factoring in slightly softer revenue growth assumptions, a marginally higher discount rate, and a modestly lower future P/E multiple.Analysis Article • Jan 19
Tesco (LON:TSCO) Is Looking To Continue Growing Its Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Narrative Update • Jan 12
TSCO: Higher Risk Assumptions And Stable Margins Will Shape Future Upside
Analysts have trimmed their Tesco fair value estimate slightly to £4.80 from about £4.84. They cite a modest reset in discount rate assumptions alongside steady expectations for revenue growth, profit margins and future P/E levels.Narrative Update • Dec 15
TSCO: Modest Margin Inflection And Consumer Headwinds Will Shape Near-Term Performance
Analysts have modestly raised their Tesco price target, reflecting a slightly higher fair value estimate of approximately $4.84, up from about $4.70, supported by incremental improvements in revenue growth, profit margin and expected future valuation multiples. Analyst Commentary Analyst opinion on Tesco remains cautiously constructive, with recent price target adjustments reflecting incremental confidence in the group’s ability to execute on its strategy while navigating a still fragile consumer backdrop.Analysis Article • Dec 04
Is There An Opportunity With Tesco PLC's (LON:TSCO) 30% Undervaluation?
Key Insights The projected fair value for Tesco is UK£6.48 based on 2 Stage Free Cash Flow to Equity Tesco's UK£4.51...Narrative Update • Nov 29
TSCO: Earnings Outlook And Upcoming Report Will Define Near-Term Momentum
Tesco’s analyst price target was raised from 400 GBp to 450 GBp, as analysts cited improved earnings forecasts and the company’s placement on a positive catalyst watch in advance of its upcoming results. Analyst Commentary Analyst sentiment on Tesco has become increasingly positive following recent revisions to earnings estimates and a notable upgrade in the company's price target.Narrative Update • Nov 15
TSCO: Upgraded Outlook May Drive Momentum Ahead Of Earnings Update
Analysts have increased their price target for Tesco to £4.50 from £4.00, citing stronger than expected earnings estimates and an improved profit outlook. Analyst Commentary Bullish analysts have raised their price targets for Tesco, reflecting increased confidence in the company's outlook.Analysis Article • Nov 04
These 4 Measures Indicate That Tesco (LON:TSCO) Is Using Debt Reasonably Well
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...Narrative Update • Nov 01
TSCO: Upcoming Earnings And Dividend Will Shape Outlook Amid Mixed Sentiment
Tesco's analyst price target has increased from 400 GBp to 450 GBp. Analysts cite stronger earnings estimates and the company being placed on a "Positive Catalyst Watch" ahead of upcoming results. Analyst Commentary Bullish Takeaways Bullish analysts raised Tesco’s price target to 450 GBp, reflecting increased confidence in the company’s growth trajectory and financial performance.Analysis Article • Oct 20
Tesco PLC's (LON:TSCO) Popularity With Investors Is Under Threat From Overpricing
Tesco PLC's ( LON:TSCO ) price-to-earnings (or "P/E") ratio of 18.7x might make it look like a sell right now compared...Narrative Update • Oct 17
Digital Investments And Clubcard Offers Will Transform Retail Experiences
Tesco’s analyst price target has been raised, increasing from £4.56 to approximately £4.70 per share. Analysts cite stronger-than-expected earnings forecasts and improved profit margin expectations as their rationale for the update.Narrative Update • Oct 03
Digital Investments And Clubcard Offers Will Transform Retail Experiences
Tesco's price target has been raised from 400 GBp to 450 GBp as analysts cite improved earnings forecasts. Estimates are now set well above company guidance.Narrative Update • Sep 16
Digital Investments And Clubcard Offers Will Transform Retail Experiences
Tesco’s analyst price target has been raised from £4.29 to £4.40 as analysts express increased confidence driven by stronger earnings forecasts, anticipated positive catalysts, and sustained operational momentum. Analyst Commentary Bullish analysts are anticipating strong upcoming earnings, with first half and full year estimates raised significantly, placing forecasts comfortably above current guidance.Narrative Update • Sep 01
Digital Investments And Clubcard Offers Will Transform Retail Experiences
Tesco’s fair value estimate was marginally revised upward to £4.29, primarily reflecting a modest increase in its future P/E multiple while revenue growth forecasts remained steady. What's in the News Tractor Supply is expanding its final-mile delivery network by hiring drivers and renting vehicles to serve rural customers more effectively, aiming to boost digital and B2B sales (WSJ).Analysis Article • Aug 26
Estimating The Fair Value Of Tesco PLC (LON:TSCO)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Tesco fair value estimate is UK£4.72 Tesco's UK£4.26 share...Analysis Article • Aug 05
Does Tesco (LON:TSCO) Have A Healthy Balance Sheet?
LSE:TSCO 1 Year Share Price vs Fair Value Explore Tesco's Fair Values from the Community and select yours David Iben...Analysis Article • Jul 18
What Tesco PLC's (LON:TSCO) P/E Is Not Telling You
It's not a stretch to say that Tesco PLC's ( LON:TSCO ) price-to-earnings (or "P/E") ratio of 16.8x right now seems...
New Narrative • Nov 07
Unleashing Digital Innovation And Premium Products To Outperform In Competitive Markets
Tesco's digital investment and omnichannel expansion are set to drive revenue growth by enhancing convenience and product variety for customers.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Tesco makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 28 Feb 26 | 73,712 | 1,787 | 2,527 | 0 |
| 30 Nov 25 | 72,446 | 1,658 | 2,487 | 0 |
| 23 Aug 25 | 71,179 | 1,528 | 2,453 | 0 |
| 23 May 25 | 70,548 | 1,564 | 2,404 | 0 |
| 22 Feb 25 | 69,916 | 1,600 | 2,349 | 0 |
| 22 Nov 24 | 69,538 | 1,749 | 2,234 | 0 |
| 24 Aug 24 | 69,159 | 1,897 | 2,119 | 0 |
| 24 May 24 | 68,673 | 1,829 | 2,077 | 0 |
| 24 Feb 24 | 68,187 | 1,760 | 2,034 | 0 |
| 24 Nov 23 | 67,396 | 1,529 | 2,032 | 0 |
| 26 Aug 23 | 66,604 | 1,297 | 2,030 | 0 |
| 26 May 23 | 65,963 | 978 | 1,843 | 0 |
| 25 Feb 23 | 65,322 | 659 | 1,655 | 0 |
| 25 Nov 22 | 64,385 | 799 | 1,479 | 0 |
| 27 Aug 22 | 63,447 | 938 | 1,303 | 0 |
| 27 May 22 | 62,396 | 1,230 | 1,354 | 0 |
| 26 Feb 22 | 61,344 | 1,521 | 1,404 | 0 |
| 26 Nov 21 | 60,465 | 1,244 | 1,553 | 0 |
| 28 Aug 21 | 59,585 | 966 | 1,702 | 0 |
| 28 May 21 | 58,736 | 747 | 1,566 | 0 |
| 27 Feb 21 | 57,887 | 528 | 1,430 | 0 |
| 27 Nov 20 | 58,092 | 775 | 1,068 | 0 |
| 29 Aug 20 | 58,297 | 833 | 1,066 | 0 |
| 29 May 20 | 58,194 | 785 | 1,139 | 0 |
| 29 Feb 20 | 58,091 | 736 | 1,212 | 0 |
| 30 Nov 19 | 59,390 | 983 | 1,255 | 0 |
| 24 Aug 19 | 60,689 | 1,229 | 1,297 | 0 |
| 24 May 19 | 62,300 | 1,251 | 1,365 | 0 |
| 23 Feb 19 | 63,911 | 1,272 | 1,433 | 0 |
| 23 Nov 18 | 62,400 | 1,092 | 1,386 | 0 |
| 25 Aug 18 | 60,888 | 911 | 1,338 | 0 |
| 25 May 18 | 59,191 | 952 | 1,212 | 0 |
| 24 Feb 18 | 57,493 | 992 | 1,085 | 0 |
| 24 Nov 17 | 57,206 | 722 | 1,072 | 0 |
| 26 Aug 17 | 56,918 | 451 | 1,058 | 0 |
| 26 May 17 | 56,418 | 262 | 1,124 | 0 |
| 25 Feb 17 | 55,917 | 72 | 1,190 | 0 |
| 25 Nov 16 | 55,111 | 164 | 1,243 | 0 |
| 27 Aug 16 | 54,305 | 255 | 1,295 | 0 |
| 27 May 16 | 54,119 | 260 | 1,331 | 0 |
| 27 Feb 16 | 53,933 | 265 | 1,367 | 0 |
| 27 Nov 15 | 54,979 | -2,649 | 1,685 | 0 |
| 29 Aug 15 | 56,025 | -5,564 | 2,003 | 0 |
Quality Earnings: TSCO has high quality earnings.
Growing Profit Margin: TSCO's current net profit margins (2.4%) are higher than last year (2.3%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: TSCO's earnings have grown by 15.8% per year over the past 5 years.
Accelerating Growth: TSCO's earnings growth over the past year (11.9%) is below its 5-year average (15.8% per year).
Earnings vs Industry: TSCO earnings growth over the past year (11.9%) exceeded the Consumer Retailing industry -12.6%.
Return on Equity
High ROE: TSCO's Return on Equity (15.6%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/11 14:43 |
| End of Day Share Price | 2026/06/11 00:00 |
| Earnings | 2026/02/28 |
| Annual Earnings | 2026/02/28 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Tesco PLC is covered by 29 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Timothy Attenborough | Banco Santander |
| Matthew Clements | Barclays |
| James Anstead | Barclays |