Common-Size Income Statement
Quarterly Data
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TJX Cos. Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Aggregate Accruals
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TJX Cos. Inc., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals significant fluctuations in profitability metrics over the analyzed period, spanning from May 2020 to November 2025. A notable recovery is observed following the initial impact of external factors in the first half of 2020, with subsequent periods demonstrating increasing profitability, albeit with ongoing variability.
- Gross Earnings
- Gross earnings as a percentage of net sales began at a negative value in May 2020 (-0.13%) before experiencing substantial improvement, peaking at 32.59% in November 2025. The period between May 2020 and October 2020 shows a clear upward trend. While fluctuations occur, gross earnings generally remain above 27% of net sales from January 2021 onwards, indicating improved cost management or pricing strategies. A slight dip is observed in the most recent periods, but remains positive.
- Operating Income
- Operating income demonstrates a similar pattern to gross earnings, starting with a significant loss (-29.93% in May 2020) and steadily increasing. The highest operating income percentage is recorded in November 2025 (13.27%). The period from May 2020 to October 2021 shows a strong recovery. Operating income fluctuates between approximately 9% and 12% of net sales for much of the period, suggesting a relatively stable core business performance.
- Cost of Sales
- Cost of sales, including buying and occupancy costs, initially represents a substantial portion of net sales, exceeding 100% in May 2020. This indicates potential inventory write-downs or other unusual costs. The percentage decreases significantly in subsequent quarters, stabilizing around 70-74% of net sales from August 2020 through January 2023. A slight decrease is observed in later periods, falling to around 67-69% in the most recent quarters, suggesting improved cost control or sourcing efficiencies.
- Selling, General and Administrative Expenses
- Selling, general and administrative expenses consistently represent a significant portion of net sales, ranging from approximately 17% to 30%. A downward trend is evident from May 2020 (29.80%) to October 2022 (17.96%), suggesting improved operational efficiency or expense management. These expenses then fluctuate between 18% and 20% of net sales, with a slight increase in the most recent periods.
- Net Income
- Net income mirrors the trends observed in operating income, starting with a substantial loss (-20.13% in May 2020) and improving over time. The highest net income percentage is recorded in November 2025 (9.99%). The period from May 2020 to November 2025 demonstrates a clear positive trajectory. Fluctuations are present, but net income generally remains positive from February 2021 onwards.
- Other Income/Expenses
- Several non-recurring items impact net income during the analyzed period. An impairment on equity investment is noted in April 2022. A loss on early extinguishment of debt is recorded in January 2021 and July 2021. Interest income, net, gradually increases over time, becoming a more significant contributor to profitability in later periods. The (provision) benefit for income taxes fluctuates, impacting the final net income figure.
Overall, the common-size income statement indicates a strong recovery and improvement in financial performance following a challenging period in 2020. While fluctuations exist, the company demonstrates increasing profitability and improved cost management over the analyzed timeframe. The impact of non-recurring items should be considered when evaluating overall performance.