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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Return on Assets (ROA) since 2005
- Analysis of Debt
- 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 annual financial data reveals several notable trends and shifts in the company's performance over the observed periods.
- Net Sales
- Net sales exhibit an overall upward trajectory, increasing from 41,717 million USD in 2020 to 56,360 million USD in 2025. Despite a significant dip in 2021 to 32,137 million USD, sales recovered sharply the following year and continued to grow steadily thereafter.
- Cost of Sales
- Cost of sales fluctuates in line with net sales, starting at 29,846 million USD in 2020, decreasing to 24,534 million USD in 2021, then rising continuously up to 39,112 million USD by 2025. This pattern indicates correlated cost management with sales volume changes.
- Gross Earnings
- Gross earnings follow a similar pattern with an initial decline in 2021 to 7,603 million USD from 11,871 million USD in 2020, then a strong recovery to 17,248 million USD in 2025. The recovery and growth of gross earnings suggest improving operational profitability after the downturn.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses decreased slightly in 2021 compared to 2020, from 7,455 million USD to 7,021 million USD, but then show a rising trend from 9,081 million USD in 2022 to 10,946 million USD in 2025. The increase in expenses could reflect expanded operations or increased overhead.
- Operating Income
- Operating income was severely impacted in 2021, declining drastically to 582 million USD from 4,416 million USD in 2020. However, it recovered gradually to 6,302 million USD by 2025, exceeding pre-2021 levels. This indicates resilience and effective cost control after the challenging year.
- Non-Operating Items
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- Impairment on Equity Investment
- A significant impairment expense of 218 million USD occurred in 2023, which may have affected net income that year.
- Loss on Early Extinguishment of Debt
- During 2021 and 2022, losses on early debt extinguishment were recorded (312 million USD and 242 million USD respectively), potentially contributing to reduced profitability.
- Interest Income and Expense
- Interest expense decreased from 59 million USD in 2020 to 76 million USD in 2025, showing some fluctuation but remaining relatively low. Interest income increased markedly from 49 million USD in 2020 to 257 million USD in 2025, resulting in positive net interest income from 2023 onward, which improves overall financial income.
- Income Before Income Taxes
- Income before income taxes mirrored the operating income trend, plunging to a low of 89 million USD in 2021 before rebounding to 6,483 million USD in 2025. This recovery indicates a return to profitability after a difficult period.
- Provision for Income Taxes
- The tax provision shifted from a benefit in 2021 to steadily increasing tax expenses by 2025, rising from 1 million USD in 2021 to 1,619 million USD in 2025. The increase corresponds with higher taxable income in later years.
- Net Income
- Net income closely follows the overall income trend, dropping sharply to 90 million USD in 2021 from 3,272 million USD in 2020, then recovering to 4,864 million USD in 2025. The sizeable increase post-2021 highlights restoration and growth in earnings power.
In summary, the data reflects a significant setback in 2021, followed by a robust recovery in sales, earnings, and net income. Costs and expenses generally increase with scale, but operational efficiency appears to improve over time as evidenced by increasing operating income. Non-operating items and tax provision have variable impacts, but overall financial health strengthens through the later years.