Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

Cash Flow Statement 
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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 income (loss) 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
Depreciation and amortization 296 309 266 265 264 252 245 235 232 231 218 218 220 220 217 215 215 212 219 220 219 220 220 216 212
Loss on early extinguishment of debt 242 312
Impairment on equity investment 218
Loss on property disposals and impairment charges 7 1 (1) 3 15 25 17 4 16 1 1 4 8 1 45 13 26 10 3 1 2
Deferred income tax provision (benefit) 8 (30) 15 19 24 (20) (3) 16 29 9 14 12 (5) (23) (16) (118) (24) (40) (48) (48) 4 30 8
Share-based compensation 33 52 47 46 38 46 44 36 34 27 36 31 27 32 42 64 51 31 39 (12) 38 31 30 26
(Increase) decrease in accounts receivable (38) 44 (78) 21 (13) 36 (18) 41 (22) 18 (21) 18 (66) 94 (1) 3 (157) 6 (21) (266) 210 56 (64) 12 (48)
(Increase) decrease in merchandise inventories (604) 1,876 (1,903) (246) (266) 2,383 (1,794) (110) (624) 2,603 (1,338) (121) (1,085) 630 (1,554) 18 (751) 724 (1,246) 1,248 (136) 1,405 (1,141) (73) (487)
(Increase) decrease in income taxes recoverable 25 49 (5) (51) (3) 77 11 (101) 73 23 (30) (58) 61 (28) 35 (57) (28) 149 120 176 (435) 135 (3) (141) (26)
(Increase) decrease in prepaid expenses and other current assets 4 (3) (6) (3) (19) (20) 14 (19) (15) (1) (22) (17) (33) 12 1 7 12 (4) (14) (40) 45 11 (85) 12
Increase (decrease) in accounts payable 101 (1,312) 1,112 429 219 (1,602) 1,047 112 507 (1,247) 959 (259) (53) (950) 1,037 (15) (410) (1,353) 3,705 1,327 (1,568) (776) 813 54 (60)
Increase (decrease) in accrued expenses and other liabilities (723) 313 303 353 (741) 282 331 307 (477) 214 155 173 (565) 102 89 456 12 34 397 732 (578) 212 247 126 (240)
Increase (decrease) in income taxes payable 183 25 5 (260) 199 51 31 (149) 113 (23) 19 (200) 77 43 91 (239) 204 33 45 (12) (13) 3 (15) (155) 38
Increase (decrease) in net operating lease liabilities (8) (5) 4 (7) (4) (93) 75 1 (1) (3) (3) 10 (4) (24) (9) (46) (50) (27) 18 143 66 (2) 7 8 18
Changes in assets and liabilities (1,060) 987 (568) 236 (628) 1,114 (303) 82 (446) 1,583 (282) (455) (1,668) (121) (311) 126 (1,168) (438) 3,004 3,347 (2,493) 1,079 (145) (255) (794)
Other, net 81 (19) (12) (35) (34) (10) (28) (18) 14 99 7 22 (34) 31 33 (30) (49) (54) (16) (7) 34 (90) 33 (30) (6)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities (642) 1,306 (251) 530 (333) 1,397 (20) 352 (146) 1,986 (10) (169) (1,222) 170 (23) 594 (967) (40) 3,213 3,571 (2,273) 1,208 146 (9) (551)
Net cash provided by (used in) operating activities 394 2,704 1,046 1,629 737 2,800 1,171 1,341 745 3,025 1,053 641 (634) 1,111 1,000 1,380 (433) 285 4,080 3,357 (3,160) 2,193 974 750 149
Property additions (497) (514) (422) (563) (419) (442) (460) (459) (361) (357) (406) (379) (314) (329) (271) (220) (225) (134) (124) (99) (211) (230) (415) (261) (317)
Purchase of equity investment (359) (192)
Investment in Familia (230)
Purchases of investments (17) (6) (6) (7) (16) (6) (5) (6) (11) (5) (5) (5) (16) (5) (5) (5) (7) (5) (5) (5) (15) (5) (5) (4) (15)
Sales and maturities of investments 11 9 3 7 8 12 3 8 10 2 5 5 6 3 3 7 8 5 3 6 4 1 2 5 5
Other 7
Net cash used in investing activities (503) (870) (617) (563) (427) (436) (462) (457) (362) (360) (407) (379) (324) (331) (273) (218) (225) (134) (125) (98) (221) (464) (418) (254) (327)
Repayment of debt (500) (2,226) (750) (1,418)
Payments on revolving credit facilities (1,000)
Proceeds from long-term debt including revolving credit facilities 998 4,988
Payments for repurchase of common stock (613) (852) (593) (559) (509) (797) (646) (549) (492) (455) (493) (700) (607) (1,083) (796) (297) (202) (362) (491) (302) (397)
Cash dividends paid (424) (422) (423) (423) (380) (379) (380) (382) (343) (341) (343) (346) (309) (310) (313) (314) (315) (278) (276) (278) (279) (239)
Proceeds from issuance of common stock 50 112 63 101 90 82 122 53 28 206 65 32 18 83 84 26 37 123 28 22 37 57 73 43 60
Other (61) (1) (1) (41) (3) 1 (30) (1) (32) (1) (24) (16) (56) (23)
Net cash provided by (used in) financing activities (1,048) (1,163) (953) (882) (840) (1,097) (904) (1,377) (837) (591) (771) (1,014) (931) (1,311) (1,025) (2,810) (1,053) (312) 28 (978) 4,491 (581) (695) (538) (600)
Effect of exchange rate changes on cash 77 (54) (8) 7 (11) 43 (65) 18 2 38 (42) (12) (42) (33) (17) (21) 17 49 (21) 51 (38) 9 13 (7) (18)
Net increase (decrease) in cash and cash equivalents (1,080) 617 (532) 191 (541) 1,310 (260) (475) (452) 2,112 (167) (764) (1,932) (565) (314) (1,669) (1,694) (112) 3,962 2,333 1,071 1,157 (126) (49) (795)

Based on: 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).


The financial data exhibits notable fluctuations in several key areas over the examined periods.

Net Income (Loss)
The net income shows significant volatility, with positive values from May 2019 through February 2020, followed by a sharp loss in May 2020. Subsequently, net income resumes positive territory with general upward trends, peaking in February 2024 and fluctuating afterwards. The loss in mid-2020 likely reflects an extraordinary event impacting profitability.
Depreciation and Amortization
Depreciation and amortization values remain relatively stable, showing a slight gradual increase over time, indicative of consistent capital asset aging and investment patterns.
Loss on Early Extinguishment of Debt
This loss appears sporadically, notably in early 2021, and is absent in other quarters, suggesting occasional debt restructuring activities.
Loss on Property Disposals and Impairment Charges
There is variability in these charges, with spikes at various periods including early 2020 and late 2022/early 2023, indicating occasional asset write-downs or disposals that impact financials.
Deferred Income Tax Provision (Benefit)
This line item moves between positive and negative values, reflecting fluctuating tax liabilities and benefits that correspond with the company’s earnings patterns.
Share-Based Compensation
Share-based compensation is generally stable with modest increases over the periods, showing the company’s ongoing commitment to equity incentives for employees.
Working Capital Components
The changes in accounts receivable and merchandise inventories are highly volatile. Merchandise inventories especially show dramatic swings, with large increases and decreases indicating active inventory management possibly responding to demand fluctuations. Accounts payable and accrued expenses likewise exhibit large fluctuations, signaling dynamic management of payables and liabilities.
Net Cash Provided by (Used in) Operating Activities
Operating cash flow shows strong variability, with significant negative cash flow in mid-2020 consistent with the net income loss period, then recovery and strong positive cash flows from late 2020 onward, often robust in certain quarters such as February 2024.
Investing Activities
Property additions remain fairly steady with a slight downward trend over time, suggesting ongoing investment in fixed assets. Purchase of equity investments occurs only in the later periods, indicating expansion or acquisition activity. The overall net cash used in investing activities is consistently negative, reflecting capital expenditures.
Financing Activities
Financing cash flows are highly variable. There is a notable debt issuance event in mid-2020, likely to shore up liquidity during the adverse period. Large repurchases of common stock occur intermittently but generally consistent, indicating ongoing shareholder return strategies. Dividends paid are steady and gradually increasing, reflecting a stable return policy. Periods of debt repayment occur mainly from late 2020 through early 2023.
Effect of Exchange Rate Changes on Cash
The impact of currency fluctuations on cash balances appears relatively minor but fluctuates, with both positive and negative minor adjustments.
Net Increase (Decrease) in Cash and Cash Equivalents
Cash flows fluctuate widely, with large inflows in mid-2020 and early 2021 after the net income loss period, followed by decreases in several periods. This pattern corresponds with operating and financing cash flows, indicating active liquidity management responding to business and market conditions.

Overall, the company displays resilience with a recovery from a significant earnings and cash flow disruption in mid-2020. The trends in working capital components and financing activities suggest active management of liquidity and capital structure, while continuous investment in fixed assets and occasional equity investments indicate ongoing growth initiatives. Shareholder returns via dividends and stock repurchases remain a priority despite fluctuations in profitability.