TJX Cos. Inc. (NYSE:TJX)

The analysis of the financial ratios related to liabilities and shareholders’ equity over the quarters reveals several notable trends and fluctuations in the company's financial structure.

Current Liabilities

There is significant volatility in current liabilities as a percentage of total liabilities and shareholders' equity. The proportion dropped sharply in May 2020 to 18.37% from approximately 29-31% range in previous quarters, likely reflecting a temporary reduction in short-term obligations. Subsequently, it rebounded and trended upward, peaking near 39.79% in November 2025. This general increase suggests growing short-term financial obligations or shifting composition toward current liabilities over the longer term.

Accounts Payable

Accounts payable as a percentage of the total display considerable variability, ranging from a low of 4.21% in May 2020 to highs around 19.46% in October 2020. The values fluctuate thereafter mostly between ~13% to 18%, indicating fluctuating short-term trade payables or procurement liabilities, which may correspond with operational cycles or inventory purchases.

Accrued Expenses and Other Current Liabilities

This component generally trends upward over the analyzed periods, moving from around 11% to nearly 15%, even reaching 16.37% at one point. Such a rising pattern could point to an accumulation of accrued operational costs or other pending short-term liabilities, reflecting either increased operational activity or expense recognition policies.

Operating Lease Liabilities

The current and long-term portions of operating lease liabilities tend to decrease modestly over time. The current portion reduced from about 5.97% to 4.86%, while long-term operating lease liabilities declined from almost 34% to approximately 24.5%. This trend is indicative of either lease terminations, renegotiation of lease agreements, or a strategic shift reducing leased assets.

Long-Term Debt

Long-term debt, considering both current portion and exclusive long-term obligations, showed significant irregularity. Notably, long-term debt exclusive of current installments spiked to 28.3% in May 2020 but then steadily declined to about 5.3% by November 2025. The current portion appeared episodically with some values present mostly in 2020-2023 but then absent or minimal afterward. This pattern suggests a large refinancing or restructuring event around 2020 followed by progressive repayment or reduction of long-term borrowings.

Non-Current Deferred Income Taxes and Other Long-Term Liabilities

Non-current deferred income taxes as a percentage remained relatively low and stable, fluctuating around 0.1% to 0.7%, indicating minor tax deferral impact on the capital structure. Other long-term liabilities remained steady, mostly around 3% with minor oscillations, marking a stable portion of long-term obligations outside of leases and debt.

Shareholders' Equity and Components

Shareholders’ equity as a percentage of total liabilities and equity experienced a dip around May 2020, from about 23% to 18%, likely linked to the rise in liabilities, especially long-term debt. Post-2020, equity gradually increased again, reaching over 26% by mid-2025, reflecting recovery or growth in retained earnings and capital accounts.

Retained earnings constitute a major part of equity, showing a dip concurrent with the equity decrease in early 2020 but recovering steadily thereafter, surpassing 24% toward the end. This reflects cumulative profitability and earnings retention over time.

Common stock proportion slightly diminished over time, dropping from over 5% to about 3.15%–3.5%, which may be attributed to share repurchases, issuance effects, or changes in total equity valuation.

Accumulated other comprehensive loss exhibited a gradual reduction in negative magnitude from around -2.8% to approximately -1.3%, suggesting lesser accumulated losses on comprehensive income items or favorable shifts in foreign currency translation, pension adjustments, or unrealized gains/losses.

Total Liabilities and Equity

The total liabilities consistently formed a large portion of the capital structure, fluctuating generally between about 73% and 82%, with an evident increase early 2020 and slight reduction thereafter. The balance indicates the company largely finances itself through liabilities, with equity forming roughly 18-27% of total financing.

In summary, the data reveals a significant financial event around early to mid-2020, likely linked to a surge in long-term debt and a drop in equity proportions, followed by gradual deleveraging and strengthening of the equity base. The trends in lease liabilities show a gradual reduction consistent with possible strategic changes in leasing policy. Current liabilities have trended upward recently, indicating increased short-term obligations. Overall, the company's capital structure has shifted toward lower debt levels and a strengthened equity position post-2020, while operating liabilities and accrued expenses have generally increased, reflecting operational growth or changes in expense recognition.