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:	Jan 31, 2026	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021
Net income	5,494)	4,864)	4,474)	3,498)	3,283)	90)
Depreciation and amortization	1,247)	1,104)	964)	887)	868)	871)
Impairment on equity investment	—)	—)	—)	218)	—)	—)
Loss on early extinguishment of debt	—)	—)	—)	—)	242)	312)
Loss on property disposals and impairment charges	21)	10)	61)	23)	9)	84)
Deferred income tax provision (benefit)	112)	28)	(7)	64)	(44)	(231)
Share-based compensation	214)	183)	160)	122)	189)	59)
(Increase) decrease in accounts receivable	(41)	(26)	37)	(51)	(61)	(71)
(Increase) decrease in merchandise inventories	(724)	(539)	(145)	58)	(1,658)	589)
(Increase) decrease in income taxes recoverable	61)	(10)	60)	(5)	(78)	11)
(Increase) decrease in prepaid expenses and other current assets	(468)	(31)	(40)	(73)	33)	(57)
Increase (decrease) in accounts payable	239)	448)	64)	(600)	(338)	2,111)
Increase (decrease) in accrued expenses and other liabilities	628)	228)	443)	(23)	659)	585)
Increase (decrease) in income taxes payable	174)	(31)	46)	(126)	100)	53)
Increase (decrease) in net operating lease liabilities	4)	(12)	(18)	(1)	(129)	200)
Changes in assets and liabilities	(127)	27)	447)	(821)	(1,474)	3,420)
Other, net	(87)	(100)	(42)	93)	(15)	(43)
Adjustments to reconcile net income to net cash provided by operating activities	1,380)	1,252)	1,583)	586)	(225)	4,471)
Net cash provided by operating activities	6,874)	6,116)	6,057)	4,084)	3,057)	4,562)
Property additions	(1,957)	(1,918)	(1,722)	(1,457)	(1,045)	(568)
Purchase of equity investments	(12)	(551)	—)	—)	—)	—)
Purchases of investments	(38)	(35)	(28)	(31)	(22)	(29)
Sales and maturities of investments	26)	27)	33)	18)	20)	19)
Net cash used in investing activities	(1,981)	(2,477)	(1,717)	(1,470)	(1,046)	(579)
Payments for repurchase of common stock	(2,522)	(2,513)	(2,484)	(2,255)	(2,176)	(202)
Proceeds from issuance of common stock	311)	366)	285)	321)	229)	211)
Cash dividends paid	(1,842)	(1,648)	(1,484)	(1,339)	(1,252)	(278)
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	(65)	(43)	(32)	(33)	(26)	(72)
Net cash provided by (used in) financing activities	(4,118)	(3,838)	(4,215)	(3,306)	(6,200)	3,228)
Effect of exchange rate changes on cash	120)	(66)	(2)	(58)	(54)	41)
Net increase (decrease) in cash and cash equivalents	895)	(265)	123)	(750)	(4,243)	7,253)
Cash and cash equivalents at beginning of year	5,335)	5,600)	5,477)	6,227)	10,470)	3,217)
Cash and cash equivalents at end of year	6,230)	5,335)	5,600)	5,477)	6,227)	10,470)

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).

The company demonstrates a significant increase in net income over the analyzed period, rising from $90 million in 2021 to $5,494 million in 2026. This positive trend is accompanied by increasing depreciation and amortization expenses, growing from $871 million to $1,247 million, indicating continued investment in assets. Share-based compensation also exhibits an upward trajectory, reaching $214 million in 2026.

Operating activities consistently provide net cash inflows, increasing substantially from $4,562 million in 2021 to $6,874 million in 2026. This growth is largely driven by adjustments to reconcile net income, which fluctuate year-to-year but generally contribute positively to cash flow. Significant changes are observed in working capital components, particularly merchandise inventories, which experienced a large decrease in 2021 and 2025, and increases in accounts payable and accrued expenses in earlier years.

Investing Activities: Net cash used in investing activities remains consistently negative throughout the period, primarily due to property additions. The amount spent on property additions increases steadily, reaching $1,957 million in 2026. A notable purchase of equity investments occurred in 2025, contributing to a larger outflow in that year. Sales and maturities of investments provide a minor offsetting inflow.

Financing activities present a more volatile pattern. 2021 shows a substantial net cash inflow from financing, largely attributable to proceeds from long-term debt. However, subsequent years demonstrate significant net cash outflows, primarily driven by the repurchase of common stock and cash dividends paid. Payments on revolving credit facilities were only present in 2021. Repayment of debt is also a factor, particularly in 2021 and 2024.

Working Capital Fluctuations: The changes in accounts receivable are relatively small, fluctuating between increases and decreases. Merchandise inventories show substantial volatility, with a large decrease in 2021, a smaller increase in 2023, and significant decreases in 2025 and 2026. Accounts payable demonstrate a large increase in 2021, followed by decreases and then increases again in later years. Accrued expenses and other liabilities also exhibit fluctuations, contributing to the overall changes in cash flow from operations.

The effect of exchange rate changes on cash is relatively small, with both positive and negative impacts observed across the years. Overall, the company experiences a net increase in cash and cash equivalents in most years, although 2022 and 2025 show decreases. Cash and cash equivalents have grown from $3,217 million in 2021 to $6,230 million in 2026.

Tax Impact: The deferred income tax provision (benefit) fluctuates significantly, ranging from a benefit of $231 million in 2021 to a provision of $112 million in 2026. This variability impacts the overall cash flow from operating activities.

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TJX Cos. Inc. (NYSE:TJX)

Cash Flow Statement