Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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TJX Cos. Inc., consolidated income statement
US$ in millions
Based on: 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), 10-K (reporting date: 2020-02-01).
The income statement reveals a period of volatility followed by substantial growth. Net sales experienced a significant decline between 2020 and 2021, but subsequently demonstrated a consistent upward trajectory through 2025, reaching 56,360 US$ millions. Cost of sales, while also fluctuating, generally increased alongside net sales, indicating a potential correlation between revenue generation and associated costs. Gross earnings mirrored the sales trend, with a dip in 2021 followed by steady increases, peaking at 17,248 US$ millions in 2025.
- Profitability
- Operating income exhibited considerable variability. A sharp decrease occurred from 2020 to 2021, followed by recovery and continued growth through 2025, reaching 6,302 US$ millions. Net income followed a similar pattern, with a low of 90 US$ millions in 2021 and a high of 4,864 US$ millions in 2025. The provision for income taxes generally increased in absolute terms over the period, consistent with rising income before taxes.
Several non-recurring items impacted net income. An impairment on equity investment was recorded in 2023, and losses on early extinguishment of debt were present in 2021 and 2022. Interest expense decreased steadily from 2020 to 2025, while interest income increased substantially, particularly from 2023 onwards, resulting in a swing from net interest expense to net interest income.
- Expense Management
- Selling, general and administrative expenses consistently increased throughout the period, from 7,455 US$ millions in 2020 to 10,946 US$ millions in 2025. This increase occurred despite the initial decline in net sales in 2021, suggesting a potential investment in infrastructure or marketing efforts. The ratio of these expenses to net sales appears to have increased over time, warranting further investigation.
Overall, the period began with disruption, likely related to external factors, but demonstrated a strong recovery and growth phase. The increasing net sales, gross earnings, operating income, and net income, coupled with effective management of interest-related items, suggest improving financial performance. The consistent rise in selling, general and administrative expenses should be monitored to ensure it aligns with revenue growth and overall profitability goals.