Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

TJX Cos. Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Jan 31, 2026	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021
Accounts payable	4,575)	4,257)	3,862)	3,794)	4,465)	4,823)
Employee compensation and benefits, current	1,727)	1,370)	1,399)	968)	1,117)	946)
Merchandise credits and gift certificates	897)	824)	773)	721)	685)	576)
Dividends payable	477)	427)	383)	346)	312)	316)
Occupancy costs, including rent, utilities and real estate taxes	419)	379)	379)	378)	399)	315)
Accrued capital additions	308)	260)	246)	199)	186)	89)
Sales tax collections and V.A.T. taxes	230)	222)	291)	384)	268)	115)
All other current liabilities	1,833)	1,558)	1,399)	1,350)	1,279)	1,114)
Accrued expenses and other current liabilities	5,891)	5,040)	4,870)	4,346)	4,245)	3,471)
Current portion of operating lease liabilities	1,726)	1,636)	1,620)	1,610)	1,577)	1,678)
Current portion of long-term debt	999)	—)	—)	500)	—)	750)
Federal, state and foreign income taxes payable	170)	75)	99)	55)	181)	82)
Current liabilities	13,361)	11,008)	10,451)	10,305)	10,468)	10,804)
Employee compensation and benefits, long term	835)	730)	630)	597)	647)	680)
Tax reserve, long term	229)	221)	202)	235)	277)	264)
Asset retirement obligation	90)	81)	75)	66)	66)	58)
All other long-term liabilities	30)	18)	17)	21)	25)	62)
Other long-term liabilities	1,184)	1,050)	924)	919)	1,016)	1,064)
Non-current deferred income taxes, net	268)	156)	148)	127)	44)	37)
Long-term operating lease liabilities, excluding current portion	8,894)	8,276)	8,060)	7,775)	7,576)	7,743)
Long-term debt, excluding current portion	1,870)	2,866)	2,862)	2,859)	3,355)	5,333)
Long-term liabilities	12,216)	12,348)	11,994)	11,680)	11,990)	14,177)
Total liabilities	25,577)	23,356)	22,445)	21,985)	22,458)	24,981)
Preferred stock, par value $1, no shares issued	—)	—)	—)	—)	—)	—)
Common stock, par value $1	1,107)	1,119)	1,134)	1,155)	1,181)	1,205)
Additional paid-in capital	—)	—)	—)	—)	—)	261)
Accumulated other comprehensive loss	(351)	(609)	(532)	(606)	(687)	(606)
Retained earnings	9,434)	7,883)	6,700)	5,815)	5,509)	4,974)
Shareholders’ equity	10,190)	8,393)	7,302)	6,364)	6,003)	5,833)
Total liabilities and shareholders’ equity	35,767)	31,749)	29,747)	28,349)	28,461)	30,814)

Based on: 10-K (reporting date: 2026-01-31), 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).

Total liabilities exhibited a generally increasing trend over the observed period, rising from US$24,981 million in January 2021 to US$25,577 million in January 2026. However, this increase wasn’t consistent year-over-year, with a decrease observed between January 2021 and January 2022. Shareholders’ equity demonstrated a more consistent upward trajectory, growing from US$5,833 million in January 2021 to US$10,190 million in January 2026. Consequently, the company’s capital structure shifted towards a greater reliance on equity financing over the period. Total liabilities and shareholders’ equity increased from US$30,814 million to US$35,767 million.

Current Liabilities: Current liabilities fluctuated around the US$10 billion to US$13 billion range. A notable increase occurred between January 2025 and January 2026, rising from US$11,008 million to US$13,361 million. This increase was largely driven by a significant rise in accrued expenses and other current liabilities, and the current portion of long-term debt. Accounts payable remained relatively stable, with a slight increase towards the end of the period. Sales tax collections and V.A.T. taxes showed volatility, peaking in January 2023 before declining.
Long-Term Liabilities: Long-term liabilities decreased from US$14,177 million in January 2021 to US$11,990 million in January 2022, then remained relatively stable between US$11,680 million and US$12,348 million through January 2026. Long-term operating lease liabilities consistently represented a substantial portion of these liabilities, increasing from US$7,743 million to US$8,894 million. Long-term debt, excluding the current portion, decreased significantly from US$5,333 million in January 2021 to US$1,870 million in January 2026.
Shareholders’ Equity Components: Retained earnings were the primary driver of the growth in shareholders’ equity, increasing from US$4,974 million to US$9,434 million. Common stock remained relatively constant, while accumulated other comprehensive loss decreased over the period, contributing positively to equity growth. Additional paid-in capital was only reported for January 2021.
Specific Liability Accounts: Employee compensation and benefits, both current and long-term, increased over the period, indicating potential growth in workforce size or compensation levels. Dividends payable also showed a consistent upward trend, suggesting a commitment to returning value to shareholders. Accrued expenses and other current liabilities exhibited the most substantial growth among the current liability accounts, increasing from US$3,471 million to US$5,891 million.

The observed trends suggest a strengthening financial position, characterized by increasing equity and a managed liability structure. The decrease in long-term debt, coupled with the growth in retained earnings, indicates improved financial flexibility and profitability. The increase in current liabilities in the later years warrants further investigation to determine the underlying causes and potential implications for short-term liquidity.

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TJX Cos. Inc. (NYSE:TJX)

Balance Sheet: Liabilities and Stockholders’ Equity