Stock Analysis on Net
Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

Common-Size Income Statement
Quarterly Data

TJX Cos. Inc., common-size consolidated income statement (quarterly data)

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3 months ended: May 2, 2026 Jan 31, 2026 Nov 1, 2025 Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales, including buying and occupancy costs -68.72 -69.14 -67.41 -69.27 -70.52 -69.55 -68.42 -69.65 -70.03 -70.25 -68.90 -69.84 -71.07 -73.91 -70.87 -72.38 -72.09 -72.86 -70.50 -70.61 -71.93 -72.03 -69.80 -77.61 -100.13
Gross earnings (loss) 31.28% 30.86% 32.59% 30.73% 29.48% 30.45% 31.58% 30.35% 29.97% 29.75% 31.10% 30.16% 28.93% 26.09% 29.13% 27.62% 27.91% 27.14% 29.50% 29.39% 28.07% 27.97% 30.20% 22.39% -0.13%
Selling, general and administrative expenses -19.51 -17.60 -20.10 -19.48 -19.44 -19.16 -19.54 -19.80 -19.23 -18.85 -19.43 -20.06 -18.99 -17.03 -17.96 -18.36 -18.36 -18.02 -18.33 -18.41 -20.47 -20.04 -19.63 -22.91 -29.80
Operating income (loss) 11.77% 13.27% 12.49% 11.25% 10.04% 11.30% 12.04% 10.56% 10.74% 10.90% 11.67% 10.10% 9.94% 9.06% 11.17% 9.26% 9.54% 9.12% 11.17% 10.97% 7.59% 7.93% 10.56% -0.52% -29.93%
Impairment on equity investment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loss on early extinguishment of debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.01 0.00 -2.85 0.00 0.00 0.00
Interest income (expense), net 0.24 0.20 0.19 0.19 0.23 0.26 0.31 0.34 0.40 0.33 0.31 0.30 0.31 0.16 0.00 -0.09 -0.16 -0.15 -0.16 -0.24 -0.44 -0.43 -0.52 -0.86 -0.53
Income (loss) before income taxes 12.02% 13.47% 12.67% 11.44% 10.27% 11.55% 12.34% 10.90% 11.14% 11.23% 11.98% 10.40% 10.25% 9.22% 11.17% 9.17% 7.47% 8.97% 11.00% 8.73% 7.15% 4.64% 10.04% -1.38% -30.46%
(Provision) benefit for income taxes -2.72 -3.48 -3.14 -2.81 -2.36 -3.00 -3.12 -2.74 -2.56 -2.68 -3.00 -2.65 -2.69 -2.07 -2.44 -2.33 -2.32 -2.18 -2.84 -2.22 -1.86 -1.67 -1.48 -1.83 10.33
Net income (loss) 9.30% 9.99% 9.54% 8.63% 7.90% 8.55% 9.22% 8.16% 8.57% 8.55% 8.98% 7.75% 7.56% 7.15% 8.74% 6.83% 5.15% 6.79% 8.16% 6.51% 5.29% 2.97% 8.57% -3.21% -20.13%

Based on: 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).

The financial trajectory over the analyzed period is characterized by a sharp initial contraction followed by a sustained recovery and incremental margin expansion. The period beginning in May 2020 shows significant volatility, with net losses and negative gross margins, which subsequently stabilized into a consistent pattern of profitability and operational efficiency.

Gross Profitability Trends
Cost of sales experienced a dramatic reduction from a peak of 100.13% of net sales in May 2020 to a normalized range generally between 68% and 74%. Gross earnings recovered from an initial loss of 0.13% to establish a baseline above 26%, eventually trending upward to peak at 32.59% by November 2025. This progression indicates a strengthening of pricing power and improved procurement efficiencies over the long term.
Operational Expense Management
Selling, general, and administrative expenses showed a significant decrease from 29.80% of net sales in May 2020 to a more stable range of 17% to 20%. Although these expenses fluctuated periodically, the overall trend suggests a successful effort to scale operations while maintaining controlled overhead costs as a percentage of revenue.
Operating Income Performance
Operating income underwent a substantial reversal, moving from a loss of 29.93% in May 2020 to consistent positive returns. Operating margins stabilized above 9% from October 2020 onward, reaching a peak of 13.27% in January 2026, which reflects improved operational leverage and systemic cost discipline.
Net Profitability and Financial Costs
Net income margins recovered from -20.13% to end the period at 9.30%. A notable shift is observed in net interest, which transitioned from a net expense in the early quarters to a consistent source of income starting in January 2023. This transition to positive interest income, combined with the recovery of operating margins, contributed to the steady expansion of pre-tax and net profit margins.

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