TJX Cos. Inc. (NYSE:TJX)

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.