Ross Stores Inc. (NASDAQ:ROST)

The analysis of the quarterly financial data reveals several notable patterns and shifts in the company's liabilities and equity structure over the reported periods.

Accounts Payable

The accounts payable balance exhibits volatility with a general upward trend until early 2019, peaking around November 2019 at approximately 1,480,205 thousand US dollars. Subsequently, a sharp decline is observed in early 2020, coinciding with the onset of the COVID-19 pandemic, falling to 706,267 thousand. Afterward, it recovers somewhat but remains variable, with a peak at 2,426,390 thousand in October 2020, followed by a gradual decline through late 2022.

Accrued Expenses and Other

This liability maintains relative stability across the periods, fluctuating between approximately 374,811 thousand and 625,426 thousand US dollars. There is a noticeable peak in accrued expenses and other liabilities around late 2020 and early 2021, which could reflect increased operational costs or accruals during that timeframe.

Operating Lease Liabilities (Current and Non-current)

Both current and non-current operating lease liabilities appear from early 2019 onwards, indicative of changes in lease accounting standards or reporting. These liabilities show a steady increase, with current operating lease liabilities rising from around 536,900 thousand to 656,837 thousand and non-current liabilities increasing from roughly 2,514,530 thousand to around 2,596,221 thousand. The trend suggests a growing or more fully recognized lease obligation over time.

Accrued Payroll and Benefits

This item fluctuates significantly with clear seasonal patterns—peaks are often noted in the last quarters of the fiscal years. A pronounced increase is seen from 2019 into early 2021, reaching a high of approximately 588,772 thousand. Post that period, amounts trend downwards, which may hint at changes in workforce size, payroll timing, or benefit accruals.

Income Taxes Payable

Income taxes payable data is inconsistent, with several quarters showing missing data. However, where reported, the amounts vary considerably, with no clear trend. Some peaks occur in mid-2021, but the inconsistency limits meaningful trend analysis.

Short-term Debt and Current Portion of Long-term Debt

Short-term debt appears only in mid-2020, with amounts around 800 million US dollars, reflecting potentially new financing or restructuring activities. The current portion of long-term debt remains fairly steady when reported, fluctuating around 64,910 to 84,997 thousand, except for a wider gap in 2017–2018 likely due to reporting gaps.

Current Liabilities

Current liabilities fluctuate but generally experience growth from about 1.75 billion in early 2016 to a peak of nearly 4 billion by early 2021. Thereafter, a gradual decline is observed through late 2022. This pattern aligns with increased operational scale or obligations peaking during the pandemic period.

Long-term Debt, Excluding Current Portion

Long-term debt shows an initial stable pattern around 396 million until early 2018, followed by a sharp increase in 2020, jumping to over 2.2 billion and then continuing to grow steadily above 2.4 billion by late 2022. This substantial rise suggests increased long-term borrowings or refinancing activities.

Other Long-term Liabilities

This category presents moderate variability, initially increasing to nearly 319 million by mid-2017, then declining significantly in 2019 to around 214 million, followed by moderate fluctuations thereafter. The reduction in 2019 may indicate payoff or reclassification of certain liabilities.

Deferred Income Taxes

Deferred income taxes generally trend upwards from about 140 million in 2016 to over 214 million by late 2022, with some variability. This incremental rise suggests accumulating deferred tax liabilities or timing differences increasing over the years.

Long-term Liabilities (Aggregate)

Aggregate long-term liabilities remain around 800 million until 2018, then jump dramatically in 2019 to over 3 billion, coinciding with reported increases in lease liabilities and debt. The upward trend continues to exceed 5 billion by 2020 and remains elevated around 5.4 billion through 2022, reflecting significant growth in obligations.

Total Liabilities

Total liabilities increase steadily from approximately 2.57 billion in 2016 to around 9.55 billion in late 2020, with a slight decline and stabilization around 8.9 billion by late 2022. This growth largely stems from substantial increases in both current and long-term liabilities.

Stockholders’ Equity and Components

Stockholders’ equity increases gradually from about 2.54 billion in 2016 to a peak over 4.14 billion by late 2022. Retained earnings contribute significantly to this growth, rising from 1.64 billion to nearly 2.93 billion, indicating accumulation of earnings despite periodic fluctuations, particularly a notable drop around early 2020. Additional paid-in capital steadily increases, while treasury stock shows increasing negative balances, reflecting ongoing share repurchase programs. Accumulated other comprehensive income declines over the observed period, reaching near zero by 2018.

Total Liabilities and Stockholders’ Equity

The combined total demonstrates an overall upward trend from approximately 5.11 billion in early 2016 to a peak nearing 13.9 billion by late 2021, followed by a slight decline to about 13.1 billion by the end of 2022. This growth suggests expansion in business scale financed through a mix of liabilities and equity.