Common-Size Income Statement
Quarterly Data
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TJX Cos. Inc. pages available for free this week:
- Income Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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TJX Cos. Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
- Net Sales
- Net sales remained consistently stable at 100% over all reported quarters, serving as a baseline for comparative analysis of other financial items.
- Cost of Sales, Including Buying and Occupancy Costs
- The cost of sales predominantly fluctuated between approximately -70% and -72% of net sales, indicating a relatively stable cost structure over most periods. A notable exception occurred in May 2020, where costs unexpectedly spiked to -100.13%, suggesting a significant disruption or anomaly during that quarter, likely related to one-time events or external factors. Post this spike, costs quickly normalized below -70% and demonstrated a gradually improving trend, reaching as low as -67.41% in the latest quarter analyzed.
- Gross Earnings (Loss)
- Gross earnings remained generally robust, fluctuating between about 26% and 32%, with the exception of the May 2020 quarter where gross earnings briefly turned negative (-0.13%). This sharp dip coincides with the peak in cost of sales, indicating a substantial impact on profitability during that period. Following this, gross earnings recovered strongly, showing an upward trend with multiple quarters surpassing 30%, culminating in a peak of 32.59% in the latest quarter, reflecting improved cost control and/or pricing strategies.
- Selling, General and Administrative Expenses
- SG&A expenses consistently accounted for approximately 17% to 20% of net sales, except a marked increase to -29.8% in May 2020, mirroring the expense disruptions seen in cost of sales during the same quarter. After this spike, SG&A expenses settled back closer to historical norms, fluctuating mostly between -17% and -20%. The data suggest that despite periodic fluctuations, good cost discipline was maintained overall.
- Operating Income (Loss)
- Operating income typically ranged from about 7.5% to 12.5% of net sales, demonstrating steady operating profitability. In May 2020, there was a pronounced operating loss of -29.93%, consistent with the abnormalities affecting costs and expenses in that quarter. Following this anomaly, operating income reverted to positive territory and showed an upward trend, with recent quarters consistently exceeding 10%, and peaking at 12.49%, implying recovery and ongoing operational improvement.
- Other Income and Expenses
- Interest income and expense generally had a modest negative impact on net sales, mostly under -0.5%, although some quarters recorded small positive interest income, indicating occasional gains from financial activities. Occasional non-recurring items such as impairment on equity investments and losses on early extinguishment of debt had isolated impacts in specific quarters but did not dominate overall trends.
- Income Before Income Taxes
- This metric correlated closely with operating income, showing a major drop to -30.46% during May 2020 followed by a recovery to double-digit positive percentages in subsequent periods. The fluctuations confirm that operating results were the primary driver of pre-tax income performance.
- Provision (Benefit) for Income Taxes
- Income tax provisions generally represented around -2% to -3% of net sales, in line with typical effective tax rates, with the exception of the May 2020 quarter where a tax benefit of +10.33% was recorded. This likely resulted from the operating loss experienced, allowing for tax credits or adjustments. Following this quarter, tax provisions stabilized within historical ranges.
- Net Income (Loss)
- Net income as a percentage of net sales followed the broader earnings trends, maintaining between approximately 5% and 9%, except for a substantial loss of -20.13% reported in May 2020. The company's swift recovery after that quarter is evident, with net income steadily improving and reaching nearly 9.54% in the latest reported quarter, underscoring effective management of costs and operational efficiencies over time.