Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

TJX Cos. Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
Net income	4,864)	4,474)	3,498)	3,283)	90)	3,272)
Depreciation and amortization	1,104)	964)	887)	868)	871)	867)
Impairment on equity investment	—)	—)	218)	—)	—)	—)
Loss on early extinguishment of debt	—)	—)	—)	242)	312)	—)
Loss on property disposals and impairment charges	10)	61)	23)	9)	84)	16)
Deferred income tax provision (benefit)	28)	(7)	64)	(44)	(231)	(6)
Share-based compensation	183)	160)	122)	189)	59)	125)
(Increase) decrease in accounts receivable	(26)	37)	(51)	(61)	(71)	(43)
(Increase) decrease in merchandise inventories	(539)	(145)	58)	(1,658)	589)	(297)
(Increase) decrease in income taxes recoverable	(10)	60)	(5)	(78)	11)	(34)
(Increase) decrease in prepaid expenses and other current assets	(31)	(40)	(73)	33)	(57)	(17)
Increase (decrease) in accounts payable	448)	64)	(600)	(338)	2,111)	29)
Increase (decrease) in accrued expenses and other liabilities	228)	443)	(23)	659)	585)	346)
Increase (decrease) in income taxes payable	(31)	46)	(126)	100)	53)	(128)
Increase (decrease) in net operating lease liabilities	(12)	(18)	(1)	(129)	200)	30)
Changes in assets and liabilities	27)	447)	(821)	(1,474)	3,420)	(114)
Other, net	(100)	(42)	93)	(15)	(43)	(93)
Adjustments to reconcile net income to net cash provided by operating activities	1,252)	1,583)	586)	(225)	4,471)	794)
Net cash provided by operating activities	6,116)	6,057)	4,084)	3,057)	4,562)	4,067)
Property additions	(1,918)	(1,722)	(1,457)	(1,045)	(568)	(1,223)
Purchase of equity investments	(551)	—)	—)	—)	—)	—)
Investment in Familia	—)	—)	—)	—)	—)	(230)
Purchases of investments	(35)	(28)	(31)	(22)	(29)	(29)
Sales and maturities of investments	27)	33)	18)	20)	19)	13)
Other	—)	—)	—)	—)	—)	7)
Net cash used in investing activities	(2,477)	(1,717)	(1,470)	(1,046)	(579)	(1,462)
Payments for repurchase of common stock	(2,513)	(2,484)	(2,255)	(2,176)	(202)	(1,552)
Proceeds from issuance of common stock	366)	285)	321)	229)	211)	232)
Cash dividends paid	(1,648)	(1,484)	(1,339)	(1,252)	(278)	(1,072)
Payments on revolving credit facilities	—)	—)	—)	—)	(1,000)	—)
Proceeds from long-term debt including revolving credit facilities	—)	—)	—)	—)	5,987)	—)
Repayment of debt	—)	(500)	—)	(2,976)	(1,418)	—)
Other	(43)	(32)	(33)	(26)	(72)	(23)
Net cash provided by (used in) financing activities	(3,838)	(4,215)	(3,306)	(6,200)	3,228)	(2,415)
Effect of exchange rate changes on cash	(66)	(2)	(58)	(54)	41)	(3)
Net increase (decrease) in cash and cash equivalents	(265)	123)	(750)	(4,243)	7,253)	187)
Cash and cash equivalents at beginning of year	5,600)	5,477)	6,227)	10,470)	3,217)	3,030)
Cash and cash equivalents at end of year	5,335)	5,600)	5,477)	6,227)	10,470)	3,217)

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).

Net Income

The net income exhibited significant variability with a sharp decline in 2021 to 90 million USD from 3,272 million USD in 2020, followed by a strong recovery and steady growth through 2025, reaching 4,864 million USD. This indicates a period of financial stress in 2021, with subsequent robust profitability improvements.

Depreciation and Amortization

This expense increased gradually from 867 million USD in 2020 to 1,104 million USD in 2025, reflecting ongoing investment in fixed assets and possibly increased capital expenditures over time.

Non-Recurring Losses

Impairment on equity investments appeared only in 2023 at 218 million USD, indicating a one-time charge. Loss on early extinguishment of debt was recorded in 2021 and 2022 but ceased afterward. Loss on property disposals varied with peaks in 2021 and 2024, without a clear trend.

Deferred Income Tax Provision (Benefit)

This fluctuated between small benefits and provisions, with notable negative provision in 2021 (-231 million USD) and positive provisions in 2023 and 2025, showing a variable tax position possibly influenced by temporary differences and tax planning strategies.

Share-Based Compensation

Amounts fluctuated annually, ranging from 59 million USD in 2021 to 189 million USD in 2022, suggesting variable equity compensation expense aligned with corporate incentives.

Working Capital Changes

Accounts Receivable: Generally decreased over the years except for a positive 37 million USD change in 2024, indicating improvements in cash collection or sales on cash basis in certain years.
Merchandise Inventories: Displayed volatile behavior, with sharp decrease in 2022 (-1,658 million USD) and increments in 2021 and 2023, highlighting shifting inventory management or demand expectations.
Prepaid Expenses and Other Current Assets: Generally decreased from 2021 onward, possibly reflecting optimization of prepayments or better asset utilization.
Accounts Payable: Experienced extreme positive change in 2021 (2,111 million USD) followed by reductions in subsequent years. This suggests significant variances in supplier payment timing or credit terms.
Accrued Expenses and Other Liabilities: Increased substantially from 2020 to 2022, peaking at 659 million USD, but decreased notably in 2023. This indicates changes in accrued obligations consistent with operating cost fluctuations.
Net Operating Lease Liabilities: Peaked in 2021 at 200 million USD increase but then declined and stabilized in later years, which may reflect lease renegotiations or changes in lease accounting treatments.

Changes in Assets and Liabilities and Adjustments

Wide swings are observed, especially a massive positive change in 2021 (3,420 million USD) followed by large negative effects in 2022 and 2023, showing volatile working capital and non-cash adjustments impacting cash flow reconciliation.

Net Cash Provided by Operating Activities

Remained robust across all years, peaking in 2024 and 2025 above 6 billion USD, indicating strong operational cash generation despite fluctuations in net income and working capital.

Investing Activities

Property Additions

Continuous increase in capital expenditures from 568 million USD in 2021 to 1,918 million USD in 2025, reflecting ongoing investment in long-term assets.

Purchases and Sales of Investments

Minor amounts in investments purchases and sales with stable small net outflows, except for a notable one-time purchase of equity investments in 2025 (-551 million USD).

Financing Activities

Repurchase of Common Stock: Steady and increasing cash outflows for share repurchases, reaching -2,513 million USD in 2025, demonstrating a consistent shareholder return policy.
Dividends Paid: Dividends increased consistently from 278 million USD in 2021 to 1,648 million USD in 2025, showing growing cash returns to shareholders.
Debt Activities: Significant issuance of long-term debt in 2021 (5,987 million USD) followed by repayments in subsequent years, indicating debt refinancing and balance sheet management.
Net Cash from Financing: Highly variable financing cash flows, with positive inflows in 2021 (3,228 million USD) but substantial outflows in other years, especially from 2022 onward, reflecting debt repayments, stock buybacks, and dividend payments.
Cash Positions: The cash and cash equivalents balance surged significantly in 2021, coinciding with high operating cash flow and debt issuance, then declined over the following years, ending with a moderate decrease in 2025. Net changes in cash reflect the combined impact of operating, investing, and financing activities with an overall cautious liquidity stance after the spike in 2021.
Summary of Trends: The data reveals a dramatic drop in net income and a spike in accounts payable and financing inflows during 2021, likely due to unusual or one-time events. Subsequently, the company demonstrated solid recovery and growth in profitability with strong operating cash flow. Capital expenditures have escalated, suggesting expansion or asset renewal programs. Cash returned to shareholders through dividends and share repurchases has consistently increased. Financing activities reflect active debt management, balancing debt issuance and repayment. The fluctuations in working capital components suggest dynamic operational adjustments across the periods.

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TJX Cos. Inc. (NYSE:TJX)

Cash Flow Statement