Detailed financial statements for The TJX Companies, Inc. (TJX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The TJX Companies, Inc., alongside its various associated businesses, functions as a major discount retailer focusing on clothing and household decor. Its operations are organized into four primary divisions: Marmaxx, HomeGoods, TJX Canada, and TJX International.
Analysis Summary
The TJX Companies, Inc. reported revenue of $60.37B in the most recent fiscal year, growing at a 5-year CAGR of 13.4%. Net income reached $5.49B, with a 127.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 32.1%, operating margin 12.8%, net margin 9.7%. Free cash flow grew at 4.2% CAGR over 5 years.
At the current price of $134.46, TJX trades at a P/E of 24.53 and an ROE of 53.92%. Market capitalisation stands at $148.5B, placing it among large-cap names.
Balance sheet quality for TJX: current ratio of 1.1, net debt of $7.26B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $4.92B represents 89% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.18B | $35.86B | $38.97B | $41.72B | $32.14B | $48.55B | $49.94B | $54.22B | $56.36B | $60.37B |
| Cost of Revenue | $23.57B | $25.50B | $27.83B | $29.85B | $24.53B | $34.71B | $36.15B | $37.95B | $39.11B | $41.68B |
| Gross Profit | $9.62B | $10.36B | $11.14B | $11.87B | $7.60B | $13.84B | $13.79B | $16.27B | $17.25B | $18.69B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $5.77B | $6.38B | $6.92B | $7.45B | $7.02B | $9.08B | $8.93B | $10.47B | $10.95B | $11.52B |
| Operating Expenses | $5.77B | $6.38B | $6.92B | $7.45B | $7.02B | $9.08B | $8.93B | $10.47B | $10.95B | $11.52B |
| Operating Income | $3.85B | $3.99B | $4.22B | $4.42B | $582.0M | $4.75B | $4.86B | $5.80B | $6.30B | $7.18B |
| EBITDA | $4.44B | $4.65B | $5.06B | $5.33B | $1.15B | $5.38B | $5.61B | $7.01B | $7.66B | $8.55B |
| Interest Expense | $61.7M | $64.3M | $64.8M | $59.1M | $194.0M | $119.0M | $84.0M | $79.0M | $76.0M | $74.0M |
| Pre-tax Income | $3.72B | $3.86B | $4.17B | $4.41B | $89.0M | $4.40B | $4.64B | $5.97B | $6.48B | $7.30B |
| Income Tax | $1.42B | $1.25B | $1.11B | $1.13B | -$1.0M | $1.11B | $1.14B | $1.49B | $1.62B | $1.80B |
| Net Income | $2.30B | $2.61B | $3.06B | $3.27B | $90.0M | $3.28B | $3.50B | $4.47B | $4.86B | $5.49B |
| EPS | $1.78 | $2.06 | $2.48 | $2.71 | $0.07 | $2.74 | $3.00 | $3.90 | $4.31 | $4.89 |
| EPS (Diluted) | $1.73 | $2.02 | $2.43 | $2.67 | $0.07 | $2.70 | $2.97 | $3.86 | $4.26 | $4.88 |
| Shares Outstanding (Diluted) | $1.33B | $1.29B | $1.26B | $1.23B | $1.21B | $1.22B | $1.18B | $1.16B | $1.14B | $1.12B |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $15.12B | $17.74B | $14.32B | $15.18B |
| Gross Profit | $4.98B | $5.48B | $4.48B | $5.07B |
| Operating Income | $1.97B | $2.35B | $1.69B | $1.99B |
| EBITDA | $2.26B | $2.74B | $2.06B | $2.02B |
| Net Income | $1.44B | $1.77B | $1.33B | $1.52B |
| EPS | $1.28 | $1.58 | $1.19 | $1.36 |
| EPS (Diluted) | $1.28 | $1.58 | $1.19 | $1.36 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.93B | $2.76B | $3.03B | $3.22B | $10.47B | $6.23B | $5.48B | $5.60B | $5.33B | $6.23B |
| Short-term Investments | $543.2M | $506.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $258.8M | $327.2M | $346.3M | $386.3M | $497.4M | $633.0M | $682.0M | $588.0M | $618.0M | $610.0M |
| Inventory | $3.64B | $4.19B | $4.58B | $4.87B | $4.34B | $5.96B | $5.82B | $5.96B | $6.42B | $7.30B |
| Total Current Assets | $7.75B | $8.49B | $8.47B | $8.89B | $15.74B | $13.26B | $12.46B | $12.66B | $12.99B | $15.20B |
| Property, Plant & Equipment | $4.53B | $5.01B | $5.26B | $14.39B | $14.03B | $14.12B | $14.87B | $15.97B | $16.99B | $18.55B |
| Goodwill | $195.9M | $100.1M | $97.6M | $95.5M | $99.0M | $97.0M | $97.0M | $95.0M | $94.0M | $96.0M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $108.0M | 0 |
| Total Assets | $12.88B | $14.06B | $14.33B | $24.15B | $30.81B | $28.46B | $28.35B | $29.75B | $31.75B | $35.77B |
| Accounts Payable | $2.23B | $2.49B | $2.64B | $2.67B | $4.82B | $4.46B | $3.79B | $3.86B | $4.26B | $4.58B |
| Short-term Debt | 0 | 0 | 0 | 0 | $749.7M | 0 | $500.0M | 0 | 0 | $999.0M |
| Total Current Liabilities | $4.76B | $5.13B | $5.53B | $7.15B | $10.80B | $10.47B | $10.30B | $10.45B | $11.01B | $13.36B |
| Long-term Debt | $2.23B | $2.23B | $2.23B | $2.24B | $5.33B | $3.35B | $2.86B | $2.86B | $2.87B | $1.87B |
| Total Liabilities | $8.37B | $8.91B | $9.28B | $18.20B | $24.98B | $22.46B | $21.98B | $22.45B | $23.36B | $25.58B |
| Retained Earnings | $4.56B | $4.33B | $4.46B | $5.42B | $4.97B | $5.51B | $5.82B | $6.70B | $7.88B | $9.43B |
| Total Equity | $4.51B | $5.15B | $5.05B | $5.95B | $5.83B | $6.00B | $6.36B | $7.30B | $8.39B | $10.19B |
| Total Debt | $2.40B | $2.45B | $2.48B | $11.46B | $15.50B | $12.51B | $12.74B | $12.54B | $12.78B | $13.49B |
| Net Debt | -$1.07B | -$812.1M | -$553.4M | $8.25B | $5.03B | $6.28B | $7.27B | $6.94B | $7.44B | $7.26B |
| Working Capital | $2.99B | $3.36B | $2.94B | $1.74B | $4.94B | $2.79B | $2.15B | $2.21B | $1.98B | $1.84B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $4.64B | $6.23B | $5.58B | $6.00B |
| Total Assets | $35.19B | $35.77B | $36.16B | $37.12B |
| Total Liabilities | $25.83B | $25.58B | $25.75B | $26.46B |
| Total Equity | $9.36B | $10.19B | $10.40B | $10.65B |
| Total Debt | $13.19B | $13.49B | $14.18B | $14.32B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.30B | $2.61B | $3.06B | $3.27B | $90.5M | $3.28B | $3.50B | $4.47B | $4.86B | $5.49B |
| Depreciation & Amortization | $658.8M | $726.0M | $817.9M | $867.3M | $870.8M | $868.0M | $887.0M | $964.0M | $1.10B | $1.25B |
| Stock-based Compensation | $102.3M | $101.4M | $103.6M | $125.0M | $59.0M | $189.0M | $122.0M | $160.0M | $183.0M | $214.0M |
| Change in Working Capital | $563.5M | -$380.3M | $156.0M | -$144.1M | $3.42B | -$1.47B | -$821.0M | $447.0M | -$73.0M | -$127.0M |
| Operating Cash Flow | $3.60B | $3.03B | $4.09B | $4.07B | $4.56B | $3.06B | $4.08B | $6.06B | $6.12B | $6.87B |
| Capital Expenditure | -$1.02B | -$1.06B | -$1.13B | -$1.22B | -$568.0M | -$1.04B | -$1.46B | -$1.72B | -$1.92B | -$1.96B |
| Acquisitions | -$2.3M | 0 | 0 | -$230.2M | $568.0M | $1.04B | $1.46B | 0 | -$551.0M | 0 |
| Stock Repurchased | -$1.70B | -$1.64B | -$2.41B | -$1.55B | -$202.0M | -$2.18B | -$2.25B | -$2.48B | -$2.51B | -$2.52B |
| Dividends Paid | -$651.0M | -$764.0M | -$922.6M | -$1.07B | -$278.0M | -$1.25B | -$1.34B | -$1.48B | -$1.65B | -$1.84B |
| Free Cash Flow | $2.58B | $1.97B | $2.96B | $2.84B | $3.99B | $2.01B | $2.63B | $4.33B | $4.20B | $4.92B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $1.53B | $3.16B | $1.12B | $2.23B |
| Capital Expenditure | -$531.0M | -$468.0M | -$662.0M | -$497.0M |
| Free Cash Flow | $1.00B | $2.69B | $457.0M | $1.73B |
| Dividends Paid | -$473.0M | -$471.0M | -$474.0M | -$531.0M |
| Stock-based Compensation | $55.0M | $83.0M | $42.0M | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.1% | +8.7% | +7.0% | -23.0% | +51.1% | +2.9% | +8.6% | +4.0% | +7.1% | |
| Net Income Growth (YoY) | +13.5% | +17.3% | +6.9% | -97.2% | +3,547.8% | +6.5% | +27.9% | +8.7% | +13.0% | |
| EPS Growth (YoY) | +15.7% | +20.4% | +9.3% | -97.2% | +3,553.3% | +9.5% | +30.0% | +10.5% | +13.5% | |
| Shares Change (YoY) | -2.8% | -2.6% | -2.6% | -1.0% | +0.1% | -3.1% | -1.6% | -1.5% | -1.5% | |
| FCF Growth (YoY) | -23.6% | +50.6% | -4.0% | +40.5% | -49.6% | +30.5% | +65.0% | -3.2% | +17.1% | |
| Gross Margin | 29.0% | 28.9% | 28.6% | 28.5% | 23.7% | 28.5% | 27.6% | 30.0% | 30.6% | 31.0% |
| Operating Margin | 11.6% | 11.1% | 10.8% | 10.6% | 1.8% | 9.8% | 9.7% | 10.7% | 11.2% | 11.9% |
| EBITDA Margin | 13.4% | 13.0% | 13.0% | 12.8% | 3.6% | 11.1% | 11.2% | 12.9% | 13.6% | 14.2% |
| Net Margin | 6.9% | 7.3% | 7.9% | 7.8% | 0.3% | 6.8% | 7.0% | 8.3% | 8.6% | 9.1% |
| FCF Margin | 7.8% | 5.5% | 7.6% | 6.8% | 12.4% | 4.1% | 5.3% | 8.0% | 7.4% | 8.1% |
| Effective Tax Rate | 38.3% | 32.4% | 26.7% | 25.7% | -1.1% | 25.4% | 24.5% | 25.0% | 25.0% | 24.7% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.94 | $1.52 | $2.35 | $2.32 | $3.29 | $1.66 | $2.23 | $3.74 | $3.68 | $4.37 |
| Dividends Per Share | $0.49 | $0.59 | $0.73 | $0.87 | $0.23 | $1.03 | $1.14 | $1.28 | $1.44 | $1.64 |
| Shares Outstanding (Basic) | $1.29B | $1.27B | $1.24B | $1.21B | $1.20B | $1.20B | $1.17B | $1.15B | $1.13B | $1.12B |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 53.92% |
| Return on Invested Capital | 21.50% |
| Return on Assets | 15.36% |
| Gross Margin | 32.09% |
| Operating Margin | 12.83% |
| Net Margin | 9.73% |
Financial Health
| Debt / Equity | 1.34 |
| Current Ratio | 1.15 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 6.73 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.04 | 19.50 | 20.05 | 21.79 | 854.27 | 26.27 | 27.29 | 24.34 | 28.95 | 30.64 |
| P/B | 10.74 | 9.94 | 12.23 | 11.99 | 13.18 | 14.39 | 15.00 | 14.90 | 16.77 | 16.54 |
| P/S | 1.46 | 1.43 | 1.58 | 1.71 | 2.39 | 1.78 | 1.91 | 2.01 | 2.50 | 2.79 |
| Gross Margin | 29.0% | 28.9% | 28.6% | 28.5% | 23.7% | 28.5% | 27.6% | 30.0% | 30.6% | 31.0% |
| Operating Margin | 11.6% | 11.1% | 10.8% | 10.6% | 1.8% | 9.8% | 9.7% | 10.7% | 11.2% | 11.9% |
| Net Margin | 6.9% | 7.3% | 7.9% | 7.8% | 0.3% | 6.8% | 7.0% | 8.3% | 8.6% | 9.1% |
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Explore sector: Consumer Cyclical · Apparel - Retail
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