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.
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- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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TJX Cos. Inc., consolidated balance sheet: liabilities and stockholders’ equity
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).
- Accounts payable
- The accounts payable increased significantly from 2,673 million USD in 2020 to a peak of 4,823 million USD in 2021, followed by a decrease over the next two years before rising again to 4,257 million USD by 2025. This suggests fluctuations in the company's obligations to suppliers with an overall upward trend in recent years.
- Employee compensation and benefits (current)
- Current employee compensation and benefits showed a steady increase from 772 million USD in 2020, peaking at 1,399 million USD in 2024, with a slight decline to 1,370 million USD in 2025. This indicates rising personnel costs with minor variability.
- Merchandise credits and gift certificates
- There was a consistent increase in merchandise credits and gift certificates liabilities, moving from 501 million USD in 2020 to 824 million USD in 2025, reflecting growing outstanding obligations related to customer credits.
- Dividends payable
- The dividends payable increased steadily from 282 million USD in 2020 to 427 million USD in 2025, indicating the company’s commitment to returning value to shareholders increased over the period.
- Occupancy costs
- Occupancy costs demonstrated moderate growth from 283 million USD in 2020 to 399 million USD in 2022, then stabilized around 378-379 million USD through 2025, pointing to relative stability in these fixed operating expenses after early growth.
- Accrued capital additions
- These costs showed overall growth from 125 million USD in 2020 to 260 million USD by 2025, suggesting increased investments in capital projects or asset improvements.
- Sales tax collections and V.A.T. taxes
- This liability exhibited fluctuations, decreasing from 195 million USD in 2020 to 115 million USD in 2021, then increasing sharply to 384 million USD in 2023 before declining to 222 million USD in 2025, possibly related to timing differences in tax remittances.
- All other current liabilities
- These liabilities steadily increased from 884 million USD in 2020 to 1,558 million USD in 2025, indicating growing miscellaneous short-term obligations.
- Accrued expenses and other current liabilities
- A continuous rise was observed from 3,042 million USD in 2020 to 5,040 million USD in 2025, reflecting increasing accrued obligations and other miscellaneous liabilities.
- Current portion of operating lease liabilities
- The current lease liabilities increased moderately, rising from 1,411 million USD in 2020 to 1,636 million USD in 2025, consistent with ongoing lease expense commitments.
- Current portion of long-term debt
- This fluctuated with notable values in 2021 (750 million USD) and 2023 (500 million USD), while being absent in other years, showing variable short-term principal repayments.
- Federal, state and foreign income taxes payable
- Tax liabilities varied considerably, starting at 25 million USD in 2020, peaking at 181 million USD in 2022, and then declining again, indicating volatility in tax payment timing or tax expense fluctuations.
- Current liabilities
- Overall current liabilities rose sharply from 7,150 million USD in 2020 to 10,804 million USD in 2021, then stabilized around 10,000-11,000 million USD through 2025, reflecting an increase in short-term obligations with relative stabilization afterward.
- Employee compensation and benefits (long term)
- Long-term employee benefits showed slight fluctuations around 600-730 million USD, with an initial rise to 680 million USD in 2021, a dip during 2022-2023, and recovery to 730 million USD in 2025.
- Tax reserve, long term
- This reserve declined gradually from 255 million USD in 2020 to 202 million USD in 2024, then increased slightly to 221 million USD in 2025, signaling a modest reduction in long-term tax-related liabilities.
- Asset retirement obligation
- There was a gradual increase in this liability from 52 million USD in 2020 to 81 million USD in 2025, consistent with growing future asset retirement commitments.
- All other long-term liabilities
- These have decreased overall from 29 million USD in 2020 to 18 million USD in 2025, showing a reduction in less significant long-term obligations.
- Other long-term liabilities
- This category decreased from 851 million USD in 2020 to 919 million USD in 2023, then increased to 1,050 million USD in 2025, showing some variability but general growth in miscellaneous long-term liabilities.
- Non-current deferred income taxes, net
- The balance fluctuated in a narrow range, with a decline from 142 million in 2020 to 37 million USD in 2021, and an increase to 156 million USD by 2025, reflecting tax timing differences and deferred tax accounting.
- Long-term operating lease liabilities (excluding current portion)
- This liability remained relatively stable, declining slightly from 7,817 million USD in 2020 to 7,576 million USD in 2022, then rising steadily to 8,276 million USD in 2025, suggesting steady commitment to operating leases.
- Long-term debt (excluding current portion)
- Long-term debt increased sharply from 2,237 million USD in 2020 to 5,333 million USD in 2021, then decreased to 2,859 million USD in 2023 and remained stable around 2,860 million USD through 2025, showing debt refinancing or repayments following a peak in 2021.
- Long-term liabilities
- Total long-term liabilities rose significantly from 11,047 million USD in 2020 to 14,177 million USD in 2021, then declined and stabilized near 11,680 - 12,348 million USD from 2022 to 2025.
- Total liabilities
- Total liabilities increased from 18,197 million USD in 2020 to 24,981 million USD in 2021, then decreased and stabilized around 21,985 to 23,356 million USD through 2025, following the pattern of current and long-term liabilities.
- Common stock
- Common stock value declined gradually from 1,199 million USD in 2020 to 1,119 million USD in 2025, possibly reflecting share repurchases or retirement.
- Accumulated other comprehensive loss
- The accumulated loss fluctuated between -673 million USD in 2020 and a low of -532 million USD in 2024 before rising back to -609 million USD in 2025, indicating volatility in comprehensive income components.
- Retained earnings
- Retained earnings showed consistent growth from 5,422 million USD in 2020 to 7,883 million USD in 2025, indicating accumulated profits and positive earnings retention over the period.
- Shareholders’ equity
- Equity remained relatively stable around 5,948 to 6,364 million USD from 2020 to 2023, then increased significantly to 8,393 million USD in 2025, suggesting improved net asset value and financial strength.
- Total liabilities and shareholders’ equity
- This total increased from 24,145 million USD in 2020 to 31,749 million USD in 2025, primarily driven by increases in liabilities and shareholders’ equity, reflecting balance sheet growth.