Stock Analysis on Net
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TJX Cos. Inc. (NYSE:TJX)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

TJX Cos. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Jan 31, 2026 Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021
Accounts payable 12.79 13.41 12.98 13.38 15.69 15.65
Employee compensation and benefits, current 4.83 4.32 4.70 3.41 3.92 3.07
Merchandise credits and gift certificates 2.51 2.60 2.60 2.54 2.41 1.87
Dividends payable 1.33 1.34 1.29 1.22 1.10 1.02
Occupancy costs, including rent, utilities and real estate taxes 1.17 1.19 1.27 1.33 1.40 1.02
Accrued capital additions 0.86 0.82 0.83 0.70 0.65 0.29
Sales tax collections and V.A.T. taxes 0.64 0.70 0.98 1.35 0.94 0.37
All other current liabilities 5.12 4.91 4.70 4.76 4.49 3.62
Accrued expenses and other current liabilities 16.47% 15.87% 16.37% 15.33% 14.91% 11.27%
Current portion of operating lease liabilities 4.83 5.15 5.45 5.68 5.54 5.44
Current portion of long-term debt 2.79 0.00 0.00 1.76 0.00 2.43
Federal, state and foreign income taxes payable 0.48 0.24 0.33 0.19 0.64 0.26
Current liabilities 37.36% 34.67% 35.13% 36.35% 36.78% 35.06%
Employee compensation and benefits, long term 2.33 2.30 2.12 2.11 2.27 2.21
Tax reserve, long term 0.64 0.70 0.68 0.83 0.97 0.86
Asset retirement obligation 0.25 0.26 0.25 0.23 0.23 0.19
All other long-term liabilities 0.08 0.06 0.06 0.07 0.09 0.20
Other long-term liabilities 3.31% 3.31% 3.11% 3.24% 3.57% 3.45%
Non-current deferred income taxes, net 0.75 0.49 0.50 0.45 0.16 0.12
Long-term operating lease liabilities, excluding current portion 24.87 26.07 27.10 27.43 26.62 25.13
Long-term debt, excluding current portion 5.23 9.03 9.62 10.09 11.79 17.31
Long-term liabilities 34.15% 38.89% 40.32% 41.20% 42.13% 46.01%
Total liabilities 71.51% 73.56% 75.45% 77.55% 78.91% 81.07%
Preferred stock, par value $1, no shares issued 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, par value $1 3.10 3.52 3.81 4.07 4.15 3.91
Additional paid-in capital 0.00 0.00 0.00 0.00 0.00 0.85
Accumulated other comprehensive loss -0.98 -1.92 -1.79 -2.14 -2.41 -1.97
Retained earnings 26.38 24.83 22.52 20.51 19.36 16.14
Shareholders’ equity 28.49% 26.44% 24.55% 22.45% 21.09% 18.93%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).

The composition of liabilities and stockholders’ equity exhibits several noteworthy trends over the analyzed period. Overall, the proportion of total liabilities decreased consistently from 81.07% in January 2021 to 71.51% in January 2026, while the proportion of stockholders’ equity increased correspondingly, rising from 18.93% to 28.49% over the same timeframe. This suggests a strengthening of the company’s financial position, with a reduced reliance on debt financing.

Current Liabilities
Current liabilities as a percentage of the total remained relatively stable, fluctuating between 35.06% and 37.36% throughout the period. However, a slight increase is observed in the most recent year, January 2026, reaching 37.36%. Within current liabilities, accrued expenses and other current liabilities demonstrated a consistent upward trend, increasing from 11.27% to 16.47%. Accounts payable experienced a gradual decline, decreasing from 15.65% to 12.79%. Employee compensation and benefits, current, showed an increase from 3.07% to 4.83%.
Long-Term Liabilities
Long-term liabilities decreased significantly, falling from 46.01% in January 2021 to 34.15% in January 2026. The most substantial reduction occurred in long-term debt, excluding the current portion, which decreased from 17.31% to 5.23%. Long-term operating lease liabilities also decreased, though less dramatically, from 25.13% to 24.87%. Non-current deferred income taxes, net, increased from 0.12% to 0.75%.
Stockholders’ Equity
Stockholders’ equity experienced consistent growth as a percentage of the total. Retained earnings were the primary driver of this increase, rising from 16.14% to 26.38%. Common stock decreased from 3.91% to 3.10%. Accumulated other comprehensive loss remained relatively stable, fluctuating around -2%, and becoming less negative over time. The proportion of additional paid-in capital is only available for the first year.
Specific Liability Accounts
Merchandise credits and gift certificates showed a modest increase, from 1.87% to 2.51%. Dividends payable also increased slightly, from 1.02% to 1.33%. Sales tax collections and V.A.T. taxes experienced a significant increase initially, peaking at 1.35% in 2023, before decreasing to 0.64% in 2026. Accrued capital additions increased from 0.29% to 0.86%.

In summary, the company demonstrates a trend towards a stronger equity position and reduced reliance on long-term debt. Changes within current liabilities suggest a shifting composition of short-term obligations, with increases in accrued expenses and employee-related liabilities, offset by a decrease in accounts payable. The fluctuations in specific liability accounts warrant further investigation to understand the underlying business drivers.

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