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.
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TJX Cos. Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 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).
The financial trajectory reveals a significant recovery and subsequent growth phase, transitioning from initial net losses in early 2020 to sustained profitability. Net income demonstrates a clear upward trend, moving from a deficit of $887 million in May 2020 to a peak of $1.77 billion by November 2025, reflecting a strong recovery in earnings power over the observed period.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities is characterized by high volatility, largely driven by seasonal fluctuations in working capital. The most significant swings are observed in merchandise inventories and accounts payable, which is typical for large-scale retail operations. Despite this volatility, the long-term trend is positive, with operating cash flows frequently exceeding $1 billion per quarter in recent years, peaking at $3.16 billion in January 2026.
- Capital Expenditure and Investing Trends
- Investing activities show a consistent net outflow, primarily dominated by property additions. There is a visible acceleration in capital expenditure; quarterly spending on property additions rose from approximately $211 million in May 2020 to $662 million by May 2026. This indicates a sustained strategic investment in physical infrastructure and store expansion. Other investing activities, such as the purchase of equity investments, remained minimal relative to capital expenditures.
- Financing and Shareholder Returns
- Financing activities transitioned from a source of cash in early 2020—driven by a $4.99 billion proceed from long-term debt—to a consistent use of cash. A disciplined capital return strategy is evident through steady share repurchases and dividend payments. Cash dividends paid have grown progressively from $278 million per quarter in early 2020 to $474 million by May 2026. Similarly, the repurchase of common stock has remained a primary use of capital, with quarterly expenditures often ranging between $400 million and $850 million.
- Liquidity and Cash Position
- The net increase or decrease in cash and cash equivalents fluctuates significantly quarter-to-quarter, mirroring the volatility of operating cash flows. While there were periods of substantial cash consumption, particularly during aggressive debt repayment phases in 2021, the overall cash position has been supported by strong operating performance and periodic equity issuances.