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: Aug 1, 2026 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 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales, including buying and occupancy costs -66.59 -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) 33.41% 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 -20.32 -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) 13.09% 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 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 0.00 -2.01 0.00 -2.85 0.00 0.00 0.00
Interest income (expense), net 0.20 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 13.29% 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 -3.28 -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) 10.01% 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: 2026-08-01), 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 reflects a significant recovery and subsequent stabilization phase, transitioning from severe operational losses in early 2020 to consistent profitability through 2026. Initial volatility was characterized by cost structures exceeding total revenue, followed by a disciplined reduction in expenses and a steady expansion of profit margins.

Gross Profitability and Cost Management
A substantial improvement in gross earnings is evident, moving from a deficit of -0.13% in May 2020 to a peak of 33.41% by August 2026. This trend is driven by the optimization of the cost of sales, which plummeted from 100.13% of net sales during the initial crisis period to a stabilized range between 67% and 73%, eventually reaching a low of 66.59% in the final reporting period.
Operational Efficiency
Selling, general, and administrative (SG&A) expenses exhibited a sharp decline from an initial high of 29.80% in May 2020. For the remainder of the period, these expenses remained relatively controlled, generally fluctuating between 17% and 20% of net sales. This reduction in overhead contributed significantly to the restoration of operating income.
Operating and Net Income Trends
Operating income recovered from a deep loss of -29.93% in May 2020 to a consistent positive range. After 2021, operating margins stabilized between 9% and 13%, showing a gradual upward trajectory. Similarly, net income transitioned from a loss of -20.13% to a sustained positive return, ending the analyzed period at 10.01% of net sales.
Non-Operating Items and Taxation
A notable shift occurred in net interest, which transitioned from a net expense in 2020 (peaking at -0.86%) to a consistent source of income starting in January 2023, remaining positive through 2026. Income tax provisions remained relatively stable as a percentage of sales, typically ranging between 2% and 3.5% during the profitable years.

Overall, the data indicates a successful operational turnaround. The company moved from a state of negative margins and high cost-to-sales ratios to a leaner operating model characterized by expanding gross margins and a strengthened bottom line.

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