Analysis of Geographic Areas
TJX Cos. Inc. operates in 3 regions: United States; Canada; and International.
Area Asset Turnover
TJX Cos. Inc., asset turnover by geographic area
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| United States | 7.15 | 7.50 | 8.27 | 8.59 | 9.52 | 6.62 |
| Canada | 13.09 | 14.26 | 14.80 | 17.93 | 17.54 | 11.76 |
| International | 6.39 | 6.45 | 6.14 | 6.27 | 5.83 | 4.04 |
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).
Asset turnover ratios for the analyzed geographic areas demonstrate varying performance trends over the observed period. The United States exhibits a generally declining trend, while Canada shows a more volatile pattern with an overall decrease from a high starting point. The International segment displays a more stable, albeit modest, increase followed by stabilization.
- United States
- The asset turnover ratio for the United States increased significantly from 6.62 in 2021 to 9.52 in 2022. This was followed by a consistent decline over the subsequent years, reaching 7.15 in 2026. This suggests a decreasing efficiency in utilizing assets to generate sales within this region. The initial increase could be attributed to improved sales strategies or a reduction in asset base, while the subsequent decline may indicate slower sales growth relative to asset investment.
- Canada
- Canada’s asset turnover ratio experienced substantial growth from 11.76 in 2021 to 17.93 in 2023, indicating a considerable improvement in asset utilization. However, the ratio then decreased to 13.09 in 2026. This fluctuation could be due to specific market conditions or changes in operational strategies within the Canadian market. The initial rise suggests effective asset management, while the later decline warrants further investigation.
- International
- The International segment demonstrates a steady increase in asset turnover from 4.04 in 2021 to 6.27 in 2023. Following this growth, the ratio stabilized, fluctuating between 6.14 and 6.45 from 2024 to 2026. This indicates a consistent, though not dramatic, improvement in asset efficiency in the international markets, followed by a period of sustained performance. The stabilization suggests a mature operational level within these regions.
- Comparative Analysis
- Canada consistently maintains the highest asset turnover ratio across all periods, indicating the most efficient asset utilization among the three regions. The United States generally has the lowest ratio, suggesting a comparatively lower efficiency in converting assets into sales. The International segment’s ratio falls between the other two, showing moderate asset utilization. The diverging trends suggest differing economic conditions and operational strategies impacting each geographic area.
Overall, the observed trends suggest a need for further investigation into the factors driving the declining asset turnover in the United States and the fluctuations in Canada. The stable performance of the International segment provides a benchmark for potential improvements in the other regions.
AI Ask an analyst for more
Area Asset Turnover: United States
TJX Cos. Inc.; United States; area asset turnover calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 46,757) | 43,990) | 42,403) | 38,809) | 38,478) | 25,459) |
| Long-lived tangible assets | 6,541) | 5,869) | 5,127) | 4,518) | 4,041) | 3,845) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 7.15 | 7.50 | 8.27 | 8.59 | 9.52 | 6.62 |
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).
1 2026 Calculation
Area asset turnover = Net sales ÷ Long-lived tangible assets
= 46,757 ÷ 6,541 = 7.15
The financial performance related to asset utilization within the United States demonstrates a complex pattern over the observed period. Net sales exhibited substantial growth initially, followed by a stabilization and then a continued, albeit slower, increase. Simultaneously, long-lived tangible assets consistently increased throughout the period. However, the area asset turnover ratio, which reflects the efficiency of asset use in generating sales, reveals a distinct trend of decline.
- Net Sales
- Net sales increased significantly from US$25,459 million in January 2021 to US$38,478 million in January 2022, representing a substantial growth rate. Subsequent growth was more moderate, reaching US$46,757 million by January 2026. This suggests a period of rapid expansion followed by a more sustainable growth trajectory.
- Long-Lived Tangible Assets
- Long-lived tangible assets increased steadily throughout the period, rising from US$3,845 million in January 2021 to US$6,541 million in January 2026. This consistent increase indicates ongoing investment in fixed assets, potentially to support sales growth or operational improvements.
- Area Asset Turnover
- The area asset turnover ratio peaked at 9.52 in January 2022, coinciding with the largest increase in net sales. However, the ratio subsequently declined each year, falling to 7.15 by January 2026. This downward trend suggests that while sales continued to grow, the rate of sales generation relative to the asset base diminished over time. The initial high value indicates efficient asset utilization, but the subsequent decline warrants further investigation to determine the underlying causes, such as potentially slower sales growth relative to asset investment or changes in asset composition.
The combination of increasing assets and decreasing asset turnover suggests a potential need to evaluate the effectiveness of asset allocation and investment strategies within the United States. While sales are growing, the company appears to be requiring a larger asset base to generate each dollar of sales, which could impact overall profitability and return on assets.
AI Ask an analyst for more
Area Asset Turnover: Canada
TJX Cos. Inc.; Canada; area asset turnover calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 5,629) | 5,189) | 5,046) | 4,912) | 4,343) | 2,836) |
| Long-lived tangible assets | 430) | 364) | 341) | 274) | 248) | 241) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 13.09 | 14.26 | 14.80 | 17.93 | 17.54 | 11.76 |
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).
1 2026 Calculation
Area asset turnover = Net sales ÷ Long-lived tangible assets
= 5,629 ÷ 430 = 13.09
The financial performance of this geographic area demonstrates a complex pattern over the analyzed period. Net sales exhibited consistent growth from 2021 through 2025, before continuing to increase in 2026. Simultaneously, long-lived tangible assets increased steadily throughout the period, though at a slower rate than net sales initially. This interplay significantly impacted the area asset turnover ratio.
- Net Sales Trend
- Net sales increased from US$2,836 million in 2021 to US$5,629 million in 2026. The most substantial growth occurred between 2021 and 2022, with a significant increase of US$1,507 million. Growth rates moderated in subsequent years, remaining positive but less dramatic.
- Long-Lived Tangible Assets Trend
- Long-lived tangible assets increased from US$241 million in 2021 to US$430 million in 2026. The rate of increase accelerated between 2022 and 2024, before slowing again in the final two years. This suggests periods of more aggressive investment in assets.
- Area Asset Turnover Trend
- The area asset turnover ratio initially increased from 11.76 in 2021 to a peak of 17.93 in 2023, indicating improving efficiency in asset utilization. However, from 2023 onward, a consistent downward trend is observed, with the ratio declining to 13.09 in 2026. This decrease suggests that while sales continued to grow, asset growth outpaced sales growth, leading to reduced efficiency in generating sales from assets.
- The decline in asset turnover from 2023 to 2026 warrants further investigation. Potential factors contributing to this trend could include increased investment in assets that have not yet translated into proportional sales increases, or a shift in asset composition towards less efficiently utilized assets.
In summary, while the area experienced robust sales growth, the increasing asset base ultimately led to a decline in asset turnover. Monitoring the relationship between asset investment and sales generation will be crucial for maintaining and improving operational efficiency in this geographic area.
AI Ask an analyst for more
Area Asset Turnover: International
TJX Cos. Inc.; International; area asset turnover calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 7,986) | 7,181) | 6,768) | 6,215) | 5,729) | 3,842) |
| Long-lived tangible assets | 1,249) | 1,113) | 1,103) | 991) | 982) | 950) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 6.39 | 6.45 | 6.14 | 6.27 | 5.83 | 4.04 |
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).
1 2026 Calculation
Area asset turnover = Net sales ÷ Long-lived tangible assets
= 7,986 ÷ 1,249 = 6.39
The financial performance related to international area asset turnover demonstrates a generally positive trend over the analyzed period. Net sales within the international segment have increased consistently, while long-lived tangible assets have also grown, though at a slower pace. This has resulted in an increasing asset turnover ratio, indicating improved efficiency in generating sales from assets.
- Net Sales Trend
- Net sales experienced substantial growth from 3,842 US$ million in January 2021 to 7,986 US$ million in January 2026. The largest year-over-year increase occurred between January 2021 and January 2022, with a significant jump from 3,842 to 5,729 US$ million. Growth continued, albeit at a moderating rate, through January 2026.
- Long-Lived Tangible Assets Trend
- Long-lived tangible assets increased from 950 US$ million in January 2021 to 1,249 US$ million in January 2026. The rate of increase in assets was less pronounced than that of net sales, suggesting a more efficient utilization of existing assets. The largest single-year increase in assets occurred between January 2023 and February 2024, rising from 991 to 1,103 US$ million.
- Area Asset Turnover Ratio
- The area asset turnover ratio, a measure of how efficiently assets are used to generate sales, increased from 4.04 in January 2021 to 6.39 in January 2026. This indicates a strengthening ability to generate revenue from its asset base. While the ratio peaked at 6.45 in February 2025, it experienced a slight decrease in January 2026, though remaining at a historically high level. The initial increase from 4.04 to 5.83 between January 2021 and January 2022 was particularly notable.
Overall, the observed trends suggest effective management of assets within the international segment, leading to improved sales generation. The consistent growth in net sales coupled with a controlled increase in long-lived tangible assets has positively impacted the area asset turnover ratio, demonstrating enhanced operational efficiency.
AI Ask an analyst for more
Long-lived tangible assets
TJX Cos. Inc., long-lived tangible assets by geographic area
US$ in millions
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| United States | 6,541) | 5,869) | 5,127) | 4,518) | 4,041) | 3,845) |
| Canada | 430) | 364) | 341) | 274) | 248) | 241) |
| International | 1,249) | 1,113) | 1,103) | 991) | 982) | 950) |
| Total | 8,220) | 7,346) | 6,571) | 5,783) | 5,271) | 5,036) |
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).
Long-lived tangible assets have demonstrated a consistent upward trend across all reported geographic areas over the examined five-year period. The rate of increase varies by region, with the United States exhibiting the largest absolute growth, while Canada and International regions show comparatively smaller, yet steady, increases.
- United States
- The value of long-lived tangible assets in the United States increased from US$3,845 million in 2021 to US$6,541 million in 2026. This represents a cumulative increase of approximately 70.5%. The growth appears relatively consistent year-over-year, accelerating slightly between 2023 and 2024, and continuing at a similar pace through 2026.
- Canada
- Canada experienced a more moderate increase in long-lived tangible assets, rising from US$241 million in 2021 to US$430 million in 2026. This constitutes a cumulative increase of roughly 78.0%. The growth rate in Canada appears to have accelerated in 2023 and 2024, and this trend continues into 2026.
- International
- The International segment’s long-lived tangible assets grew from US$950 million in 2021 to US$1,249 million in 2026, a cumulative increase of approximately 31.5%. Growth in this segment was relatively stable between 2021 and 2023, with a noticeable acceleration in 2024 and sustained growth through 2026.
- Total
- Total long-lived tangible assets increased from US$5,036 million in 2021 to US$8,220 million in 2026, representing a cumulative increase of approximately 63.2%. The overall growth trajectory mirrors the trends observed in the individual geographic areas, with a consistent upward movement and a slight acceleration in growth rates from 2023 onwards.
The consistent growth in long-lived tangible assets across all regions suggests ongoing investment in property, plant, and equipment. The accelerating growth observed in recent years may indicate increased capital expenditure to support expansion or modernization initiatives. The United States consistently represents the largest portion of these assets, reflecting its significance to the overall business.
AI Ask an analyst for more
Net sales
TJX Cos. Inc., net sales by geographic area
US$ in millions
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| United States | 46,757) | 43,990) | 42,403) | 38,809) | 38,478) | 25,459) |
| Canada | 5,629) | 5,189) | 5,046) | 4,912) | 4,343) | 2,836) |
| International | 7,986) | 7,181) | 6,768) | 6,215) | 5,729) | 3,842) |
| Total | 60,372) | 56,360) | 54,217) | 49,936) | 48,550) | 32,137) |
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).
Net sales demonstrate consistent growth across all geographic areas examined between January 30, 2021, and January 31, 2026. The United States represents the largest portion of overall sales and exhibits a steady upward trajectory throughout the period. Canada and International segments also show positive growth, though at lower absolute values compared to the United States.
- United States
- Net sales in the United States increased from US$25,459 million in 2021 to US$46,757 million in 2026. This represents a substantial increase, with growth appearing relatively consistent year-over-year. The largest single-year increase occurred between 2021 and 2022, with a gain of US$13,019 million. Subsequent annual increases were more moderate, ranging from approximately US$400 million to US$2,500 million.
- Canada
- Canadian net sales grew from US$2,836 million in 2021 to US$5,629 million in 2026. While smaller in scale than the United States, the Canadian segment demonstrates a consistent upward trend. The rate of growth appears to be accelerating slightly in later years, with the largest increase occurring between 2025 and 2026 (US$440 million).
- International
- The International segment experienced growth in net sales, rising from US$3,842 million in 2021 to US$7,986 million in 2026. Similar to Canada, the International segment shows consistent growth. The period between 2023 and 2024 saw the largest single-year increase in this segment (US$553 million). Growth appears to be accelerating in the most recent years.
- Total Net Sales
- Total net sales increased from US$32,137 million in 2021 to US$60,372 million in 2026. This overall growth is driven by the increases observed in each of the three geographic areas. The largest year-over-year increase in total net sales occurred between 2021 and 2022 (US$16,413 million), coinciding with the largest increase in US sales. The rate of growth in total net sales appears to be relatively stable across the examined period.
The consistent growth across all regions suggests a broad-based positive performance. The accelerating growth in Canada and the International segment in the later years of the period warrants further investigation to determine the underlying drivers of this trend.
AI Ask an analyst for more