# The TJX Companies Inc. (TJX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TJX/thesis · /stocks/TJX/memo

## Financial Snapshot

---
ticker: TJX
step: 04
generated: 2026-05-12
source: quick-research
---

### The TJX Companies, Inc. (TJX) — Financial Snapshot

(TJX's fiscal year ends early February; FY2025 ended ~Feb 1 2025; FY2026 ends ~Jan 31 2026.)

#### Income Statement Summary

| Metric | FY2024 (53-wk) | FY2025 (52-wk) | FY2026E (52-wk) | YoY (FY26E) |
|--------|----------------|----------------|------------------|-------------|
| Net Sales | $54.2B | $56.4B | ~$60.4B | +7% |
| Comparable Sales | +4% | +3% | +2–3% | flat-to-down vs. FY25 |
| Pretax Profit Margin | 11.5% | 11.6% | 11.3–11.4% | -10 to -20 bps |
| Net Income | $4.5B | $4.9B | ~$5.6B | +14% |
| Diluted EPS | $3.86 | $4.26 | $4.34–4.43 | +2–4% |

#### Segment Detail (FY2025)

| Segment | Net Sales | YoY | Profit Margin |
|---------|-----------|-----|---------------|
| Marmaxx (TJ Maxx + Marshalls + Sierra) | $34.6B | +4% | 14.1% |
| HomeGoods (+ Homesense US) | $9.4B | +4% | 10.9% |
| TJX International (Europe + Australia) | $7.2B | +6% | mid-high single digit |
| TJX Canada | $5.2B | +3% | 13.5% |

#### Cash Flow & Capital Allocation (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | $6.1B |
| Free Cash Flow | ~$5.5B |
| Capital Returned to Shareholders | $4.1B |
| Share Repurchases (FY25) | ~$2.5B |
| Share Repurchase Authorization (FY26) | $2.0–2.5B planned |
| Dividend (Quarterly post-FY25 hike) | $0.45 (+13%) |
| Annual Dividend Yield | ~1.3% |
| Cash & Marketable Securities | $5.3B |
| Total Debt | ~$3B |
| Net Cash Position | ~+$2B |
| Consecutive Years of Dividend Increases | 28 |

#### FY2026 Guidance (Maintained After Q1)

| Metric | 2026 Guide |
|--------|-----------|
| Consolidated Comparable Sales Growth | +2–3% |
| Pretax Profit Margin | 11.3–11.4% |
| Diluted EPS | $4.34–4.43 (+2–4%) |

#### Key Ratios (approximate)
- P/E: ~30x (FY26 EPS midpoint) | EV/EBITDA: ~20x | FCF Yield: ~3.5%
- Revenue Growth (FY25): +4%; FY26 guide +7% (including extra week)
- Pretax Profit Margin: 11.6% (FY25)
- Dividend Yield: ~1.3% | Dividend Growth: +13% in FY25
- Net Cash Position; minimal leverage
- ROIC: ~30%+

#### Growth Profile
TJX is one of the most consistent compounders in retail:
- FY25 comp sales +3% (above plan); EPS +10%; pretax profit margin 11.6% (vs. 11.5% in FY24)
- 28 consecutive years of dividend increases; +13% hike for FY26
- $2.0–2.5B buybacks planned for FY26
- Long-term target: 7,000 global stores (vs. ~5,000 today); ~40% headroom for organic growth

The 2026 backdrop is structurally favorable:
- Tariff disruption + retail bankruptcies creating closeout inventory supply
- "Tariff-neutral" positioning insulates TJX from price pressure that hits full-price competitors
- Consumer trade-down to value retailers in any softer macro environment

FY26 guide of +2–3% comp + 11.3–11.4% pretax margin + $4.34–4.43 EPS represents continued stable growth despite slight margin compression (international + new store ramp).

#### Forward Estimates
FY2026 Guide:
- Net Sales: ~$60B (+7% incl. 53rd week effect; ~+5% organic)
- EPS: $4.34–4.43 (+2–4%)
- Pretax Profit Margin: 11.3–11.4%

Bull case: Tariff-driven inventory windfall supports closeout availability through 2026–27; international expansion accelerates; comp sales sustain +3–4%; multiple expands as off-price anchor narrative compounds. Bear case: Full-price retail recovers; closeout supply tightens; international new-store ramp dilutive longer than expected; comp sales decelerate. Consensus targets ~$140–155 vs. trading ~$135–145 (~5–10% upside).

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TJX/fundamental

## Navigation

- Overview: /stocks/TJX
- Financials (this page): /stocks/TJX/financials
- Thesis: /stocks/TJX/thesis
- Investment Memo: /stocks/TJX/memo
- Coverage universe: /stocks