Income Statement
Quarterly Data
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 (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
- Net Sales
- Net sales demonstrated strong growth from May 2019 through February 2020, increasing from $9.3 billion to $12.2 billion. A sharp decline occurred in May 2020, reaching $4.4 billion, likely influenced by external disruptions. Sales gradually recovered in subsequent quarters, exceeding pre-decline levels by early 2021 and showing variability with peaks near $16.4 billion in February 2024 before a moderate decrease in May 2025.
- Cost of Sales, Including Buying and Occupancy Costs
- The cost of sales mirrored net sales trends with a substantial decline in May 2020. Despite fluctuations, costs generally increased over the analyzed period, reaching a peak of approximately $11.5 billion in February 2024. Cost control appeared consistent relative to revenue fluctuations.
- Gross Earnings (Loss)
- Gross earnings followed sales trends but displayed more volatility. There was a near break-even point in May 2020, contrasting sharply with previous positive gross earnings above $2.6 billion. Recovery post-May 2020 was evident, with gross earnings surpassing previous highs and peaking near $4.9 billion in February 2024, although some subsequent quarters showed declines.
- Selling, General and Administrative Expenses
- SG&A expenses decreased significantly in the quarter ending May 2020, aligning with the decline in sales. However, expenses generally trended upward over time, reaching a maximum near $3.1 billion in February 2024. The increase in expenses paralleled volume recovery and expansion, suggesting reinvestment or rising operating costs.
- Operating Income (Loss)
- Operating income was positive and growing until February 2020 but turned negative in May 2020 with a loss of $1.3 billion, reflecting sales and gross margin impacts. Recovery ensued with fluctuations, and operating income reached a peak of $1.8 billion in February 2024 before moderating slightly in following periods. This indicates resilience and operational leverage improvement after the downturn.
- Impairment on Equity Investment
- An impairment charge appeared in the quarter ending April 2022 amounting to $218 million, impacting that period’s profitability. No other impairments were recorded, suggesting a one-time event affecting equity holdings.
- Loss on Early Extinguishment of Debt
- One-time losses related to early debt extinguishment were observed in October 2020 ($312 million) and October 2021 ($242 million). These charges negatively affected net results in their respective quarters but did not recur afterwards.
- Interest Income (Expense), Net
- Interest expense increased during the quarters of sales decline and recovery, peaking near $57 million in August 2020, subsequently declining as earnings improved and possibly as debt was refinanced or reduced. Interest income turned positive in later periods, contributing marginally to income.
- Income (Loss) Before Income Taxes
- Income before taxes followed the operating income trend, with a sharp swing to a loss of $1.3 billion in May 2020, followed by progressive recovery and growth to a high near $1.9 billion in February 2024. This reflects effective management of non-operating items and improvement in core operations.
- Provision (Benefit) for Income Taxes
- Income tax provisions were positive in most quarters, decreasing substantially in May 2020 due to the reported loss, which yielded a tax benefit of $455 million. Subsequent quarters normalized tax expense relative to income, with a gradual increase in provisions coinciding with improved profitability.
- Net Income (Loss)
- Net income peaked in February 2020 at $985 million before dropping sharply to a $887 million loss in May 2020, reflecting the significant operational and market challenges faced. Recovery was evident in subsequent quarters, with net income surpassing pre-decline levels by early 2021 and peaking around $1.4 billion in February 2024. A slight downturn in later periods suggests some variability but generally sustained profitability.