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.

TJX Cos. Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Aug 2, 2025	May 3, 2025	Feb 1, 2025	Nov 2, 2024	Aug 3, 2024	May 4, 2024	Feb 3, 2024	Oct 28, 2023	Jul 29, 2023	Apr 29, 2023	Jan 28, 2023	Oct 29, 2022	Jul 30, 2022	Apr 30, 2022	Jan 29, 2022	Oct 30, 2021	Jul 31, 2021	May 1, 2021	Jan 30, 2021	Oct 31, 2020	Aug 1, 2020	May 2, 2020	Feb 1, 2020	Nov 2, 2019	Aug 3, 2019	May 4, 2019
Net sales	14,401)	13,111)	16,350)	14,063)	13,468)	12,479)	16,411)	13,265)	12,758)	11,783)	14,520)	12,166)	11,843)	11,406)	13,854)	12,532)	12,077)	10,087)	10,943)	10,117)	6,668)	4,409)	12,206)	10,451)	9,782)	9,278)
Cost of sales, including buying and occupancy costs	(9,976)	(9,246)	(11,371)	(9,622)	(9,380)	(8,739)	(11,528)	(9,139)	(8,910)	(8,374)	(10,732)	(8,623)	(8,572)	(8,223)	(10,095)	(8,836)	(8,528)	(7,256)	(7,883)	(7,062)	(5,174)	(4,414)	(8,742)	(7,440)	(7,026)	(6,638)
Gross earnings (loss)	4,425)	3,865)	4,979)	4,441)	4,088)	3,740)	4,883)	4,126)	3,848)	3,409)	3,789)	3,544)	3,271)	3,183)	3,760)	3,696)	3,549)	2,831)	3,061)	3,055)	1,493)	(6)	3,465)	3,011)	2,756)	2,640)
Selling, general and administrative expenses	(2,805)	(2,549)	(3,132)	(2,748)	(2,666)	(2,400)	(3,094)	(2,578)	(2,559)	(2,238)	(2,473)	(2,185)	(2,175)	(2,095)	(2,496)	(2,297)	(2,224)	(2,065)	(2,193)	(1,986)	(1,528)	(1,314)	(2,135)	(1,886)	(1,731)	(1,702)
Operating income (loss)	1,620)	1,316)	1,847)	1,693)	1,422)	1,340)	1,789)	1,548)	1,289)	1,171)	1,316)	1,359)	1,097)	1,089)	1,264)	1,400)	1,325)	766)	868)	1,069)	(35)	(1,319)	1,329)	1,125)	1,024)	937)
Impairment on equity investment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(218)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Loss on early extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(242)	—)	(312)	—)	—)	—)	—)	—)	—)	—)
Interest income (expense), net	27)	30)	42)	43)	46)	50)	54)	41)	38)	37)	23)	—)	(11)	(19)	(21)	(21)	(29)	(45)	(47)	(53)	(57)	(23)	(3)	(3)	(3)	(1)
Income (loss) before income taxes	1,647)	1,346)	1,889)	1,736)	1,468)	1,390)	1,843)	1,589)	1,327)	1,208)	1,339)	1,359)	1,086)	852)	1,243)	1,379)	1,054)	721)	508)	1,016)	(92)	(1,343)	1,326)	1,122)	1,021)	936)
(Provision) benefit for income taxes	(404)	(310)	(491)	(439)	(369)	(320)	(440)	(398)	(338)	(317)	(301)	(296)	(276)	(265)	(303)	(356)	(269)	(187)	(183)	(149)	(122)	455)	(341)	(294)	(262)	(236)
Net income (loss)	1,243)	1,036)	1,398)	1,297)	1,099)	1,070)	1,403)	1,191)	989)	891)	1,038)	1,063)	809)	587)	940)	1,023)	786)	534)	326)	867)	(214)	(887)	985)	828)	759)	700)

Net Sales: Net sales show a general upward trend over the periods analyzed, with notable volatility during 2020. Sales peaked in the first quarter of 2020 before sharply declining in May 2020, a period coinciding with global disruptions. Following this decline, net sales recovered steadily with fluctuations, reaching higher levels in early 2024 compared to the beginning of the period.
Cost of Sales, Including Buying and Occupancy Costs: Costs generally followed the pattern of net sales, with significant reduction during the second quarter of 2020 in line with the sales drop. Costs rose consistently thereafter, reflecting the recovery and expansion in sales volumes. The proportion of cost to sales appears relatively stable though slightly elevated during certain quarters post-2020, indicating possible margin pressure.
Gross Earnings: Gross earnings mirror the trends in net sales and cost of sales, with a positive growth trajectory except for a sharp loss during May 2020. Subsequent quarters showed strong recovery and incremental growth in gross earnings, achieving peak values towards the end of the series. This indicates effective recovery of gross profitability after the downturn.
Selling, General and Administrative Expenses (SG&A): SG&A expenses present a fluctuating but generally increasing pattern. While there was a reduction in expenses around mid-2020, reflecting cost containment efforts, expenses rose again in subsequent periods, often showing increases quarter-over-quarter. This suggests growing operating costs possibly linked to business expansion or inflationary pressures.
Operating Income: Operating income demonstrated resilience, declining sharply to a loss in May 2020 consistent with the external shock but rebounding strongly thereafter. Post-2020, operating income recovers and grows steadily, surpassing pre-2020 levels, signaling effective operational management and recovery from the downturn.
Impairment on Equity Investment: There is a singular impairment charge recorded in April 2022, which negatively impacted earnings for that period. This non-recurring item may have influenced the temporary decline in profitability metrics during that quarter.
Loss on Early Extinguishment of Debt: There is a one-time loss in October 2020 related to the early extinguishment of debt. This expense would have impacted net results for that quarter, representing a non-operating cost that is unlikely to affect future periods.
Interest Income (Expense), Net: Interest expense trends show a spike in mid-2020 with high net interest costs, followed by gradual improvement. Interest expense becomes positive in some quarters of 2022 and beyond, indicating possible interest income or lower interest costs, contributing positively to overall profitability.
Income Before Income Taxes: The income before taxes follows a pattern similar to operating income, with a significant loss during May 2020 reflecting the operational impacts plus other charges. Recovery and growth in pre-tax income post-2020 indicate strengthening profitability and cost control. Later periods reflect progressive improvement in profitability, peaking toward the end of the timeline.
Provision (Benefit) for Income Taxes: Income tax expenses generally correlate with pre-tax income fluctuations. A notable tax benefit is observed in May 2020, matching the pre-tax loss situation. Taxes increase again in line with rising income in subsequent quarters, reflecting normalized tax liabilities in periods of positive earnings.
Net Income: Net income trends closely follow those of income before taxes and tax provisions. The company experienced losses during May and August 2020 but returned to positive and increasing net income thereafter. The later quarters consistently show growth in net income, indicating recovery and improved financial performance post the challenging periods in early 2020.

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TJX Cos. Inc. (NYSE:TJX)

Income Statement Quarterly Data

Income Statement
Quarterly Data