Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
TJX Cos. Inc., profitability ratios (quarterly data)
Based on: 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), 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 ratios reflect notable fluctuations over the analyzed quarters, particularly from mid-2019 through 2025. The data reveals a distinct impact occurring around early 2020, followed by a recovery and subsequent steady improvement across several key performance indicators.
- Gross profit margin
- The gross profit margin was not reported before May 2020, when it registered 28.46%. Following a dip to a low of 23.61%-23.97% during late 2019 and early 2020, it experienced a gradual increase overall. From May 2021 onward, the margin consistently hovered around 28%, with a steady rise reaching approximately 30.6% by May 2025. This indicates improving efficiency or favorable pricing trends over the longer term.
- Operating profit margin
- Operating profit margin mirrored the volatility around the beginning of 2020, declining sharply from 10.59% in May 2020 down to a trough of 1.81% by February 2021. Thereafter, a progressive recovery ensued, with margins increasing above 9% by late 2021 and maintaining a generally upward trend to surpass 11% by mid-2025. This gradual enhancement highlights restoration and strengthening of core operational profitability after the downturn.
- Net profit margin
- Net profit margin followed a similar pattern, falling from 7.84% in May 2020 to a low near 0.28% at the start of 2021, reflective of significant bottom-line pressure. Recovery accelerated throughout 2021 and continued to improve steadily, reaching peaks above 8.5% by late 2024 and sustaining near this level into 2025. This trend reflects successful mitigation of the crisis impact and effective management of expenses and costs.
- Return on equity (ROE)
- ROE demonstrated the most pronounced volatility, decreasing from a high of 55.01% in May 2020 to a stark low of 1.55% in early 2021. The ratio rebounded sharply through 2021, climbing well beyond pre-dip levels to peak around 62% during 2022–2024. A slight moderating trend appeared in 2025, with ROE stabilizing in the high 50% to low 60% range. This pattern suggests a period of substantial earnings volatility affecting shareholders’ returns, followed by strong recovery and stabilization.
- Return on assets (ROA)
- ROA also reflected the impact of external disruptions, dropping from about 13.55% in May 2020 to as low as 0.29% in early 2021. Subsequently, a steady improvement unfolded, with ROA surpassing previous peak levels by reaching approximately 15.68% mid-2024 and maintaining similar levels thereafter. The revival implies enhanced asset utilization efficiency and improved operational effectiveness over time.
In summary, the company experienced a significant downturn in profitability and efficiency ratios during early 2020, aligning with broader market disruptions. Following the troughs in early 2021, there was a consistent and sustained recovery across all key financial performance metrics through 2025. Margins and returns gradually exceeded pre-downturn levels, indicating a resilient rebound and strengthening financial health over the examined periods.
Return on Sales
Return on Investment
Gross Profit Margin
TJX Cos. Inc., gross profit margin calculation (quarterly data)
| Aug 2, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Gross earnings (loss) | 4,425) | 3,865) | 4,979) | 4,441) | 4,088) | 3,740) | 4,883) | 4,126) | 3,848) | 3,409) | 3,789) | 3,544) | 3,271) | 3,183) | 3,760) | 3,696) | 3,549) | 2,831) | 3,061) | 3,055) | 1,493) | (6) | 3,465) | 3,011) | 2,756) | 2,640) | ||||||||
| Net sales | 14,401) | 13,111) | 16,350) | 14,063) | 13,468) | 12,479) | 16,411) | 13,265) | 12,758) | 11,783) | 14,520) | 12,166) | 11,843) | 11,406) | 13,854) | 12,532) | 12,077) | 10,087) | 10,943) | 10,117) | 6,668) | 4,409) | 12,206) | 10,451) | 9,782) | 9,278) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Gross profit margin1 | 30.57% | 30.48% | 30.60% | 30.40% | 30.27% | 30.22% | 30.00% | 28.99% | 28.48% | 27.85% | 27.61% | 27.92% | 28.03% | 28.45% | 28.50% | 28.78% | 28.91% | 27.61% | 23.66% | 23.97% | 23.61% | 25.04% | 28.46% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 49.61% | 49.16% | 48.85% | 48.41% | 48.04% | 47.59% | 46.98% | 46.24% | 45.53% | 44.73% | 43.81% | 43.04% | 42.65% | 42.14% | 42.03% | 41.31% | 40.68% | 40.01% | 39.57% | — | — | — | ||||||||
| Home Depot Inc. | 33.35% | 33.34% | 33.42% | 33.50% | 33.60% | 33.48% | 33.38% | 33.42% | 33.49% | 33.51% | 33.53% | 33.51% | 33.53% | 33.58% | 33.63% | 33.72% | 33.72% | 33.94% | 33.95% | 34.03% | 34.10% | 34.06% | 34.09% | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 33.46% | 33.36% | 33.32% | 33.21% | 33.21% | 33.27% | 33.39% | 33.33% | 33.25% | 33.14% | 33.23% | 33.38% | 33.33% | 33.49% | 33.30% | 33.06% | 32.97% | 33.06% | 33.01% | 32.94% | 32.89% | 32.23% | 31.80% | — | — | — | ||||||||
Based on: 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), 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).
1 Q2 2026 Calculation
Gross profit margin = 100
× (Gross earnings (loss)Q2 2026
+ Gross earnings (loss)Q1 2026
+ Gross earnings (loss)Q4 2025
+ Gross earnings (loss)Q3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (4,425 + 3,865 + 4,979 + 4,441)
÷ (14,401 + 13,111 + 16,350 + 14,063)
= 30.57%
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in earnings, sales, and profitability over the examined periods.
- Gross Earnings (Loss)
- Gross earnings show a general upward trend over time with notable fluctuations. Initial values in early periods ranged around 2600 to 3000 million US dollars. A significant drop occurred in the period ending May 2, 2020, where earnings recorded a loss of 6 million US dollars, indicating a sharp decline possibly related to external factors impacting operations. Subsequently, gross earnings recovered strongly, reaching and surpassing previous highs with several quarters exhibiting earnings in the range of 3000 to nearly 5000 million US dollars, peaking notably in the quarter ending February 3, 2024, at 4883 million US dollars. Though some quarters showed a temporary dip (e.g., May 4, 2024), the overall trend indicates robust recovery and growth in gross earnings post the downturn.
- Net Sales
- Net sales also demonstrate an increasing pattern over the timeline, with fluctuations corresponding to those observed in gross earnings. Early periods showed sales under 12,300 million US dollars, followed by a significant contraction in sales during the quarter ending May 2, 2020, dropping to 4409 million US dollars. This was succeeded by a rebound and consistent growth, with several quarters exceeding sales of 12,000 million US dollars. The highest sales figures were observed around early 2024, reaching over 16,000 million US dollars, before settling back to approximately 13,000 to 14,000 million US dollars in later quarters. Overall, net sales clearly reflect a recovery trajectory after the mid-2020 decline, with substantial growth in the most recent periods.
- Gross Profit Margin (%)
- Gross profit margin data is available starting from the quarter ending May 2, 2020. Margins during this period were relatively low, at approximately 23.61% to 25.04%, coinciding with the period of earnings loss and sales drop. Over subsequent quarters, margins steadily improved, stabilizing mostly between 27% and 30%, reflecting enhanced profitability efficiency. The profit margin peaked at 30.6% in the quarter ending May 3, 2025, indicating an overall improvement in cost management or pricing power. This upward trend in margins suggests that despite volatility in sales and earnings, operational efficiency gained strength over time.
In summary, the data indicates that the company experienced a significant disruption around the early 2020 periods, reflected in sharp declines in gross earnings and net sales accompanied by lower profit margins. Following this period, there was a consistent recovery and growth trend across all key financial metrics, culminating in improved gross profit margins exceeding 30%, higher gross earnings peaking near 4900 million US dollars, and net sales rising well above pre-downturn levels. The trends suggest effective strategic and operational responses enabling recovery and strengthening financial performance post-adversity.
Operating Profit Margin
TJX Cos. Inc., operating profit margin calculation (quarterly data)
| Aug 2, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Operating income (loss) | 1,620) | 1,316) | 1,847) | 1,693) | 1,422) | 1,340) | 1,789) | 1,548) | 1,289) | 1,171) | 1,316) | 1,359) | 1,097) | 1,089) | 1,264) | 1,400) | 1,325) | 766) | 868) | 1,069) | (35) | (1,319) | 1,329) | 1,125) | 1,024) | 937) | ||||||||
| Net sales | 14,401) | 13,111) | 16,350) | 14,063) | 13,468) | 12,479) | 16,411) | 13,265) | 12,758) | 11,783) | 14,520) | 12,166) | 11,843) | 11,406) | 13,854) | 12,532) | 12,077) | 10,087) | 10,943) | 10,117) | 6,668) | 4,409) | 12,206) | 10,451) | 9,782) | 9,278) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Operating profit margin1 | 11.18% | 11.02% | 11.18% | 11.07% | 10.96% | 10.86% | 10.69% | 10.17% | 10.02% | 9.82% | 9.73% | 9.76% | 9.77% | 10.18% | 9.79% | 9.55% | 9.32% | 7.05% | 1.81% | 3.13% | 3.26% | 5.86% | 10.59% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 11.37% | 11.02% | 10.75% | 9.77% | 9.00% | 8.02% | 6.41% | 4.76% | 3.29% | 2.54% | 2.38% | 2.58% | 3.15% | 4.12% | 5.30% | 6.18% | 6.68% | 6.63% | 5.93% | — | — | — | ||||||||
| Home Depot Inc. | 13.09% | 13.24% | 13.49% | 13.70% | 13.91% | 13.97% | 14.21% | 14.51% | 14.88% | 15.19% | 15.27% | 15.33% | 15.30% | 15.20% | 15.24% | 15.10% | 14.79% | 14.70% | 13.84% | 14.01% | 13.99% | 13.85% | 14.37% | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 12.35% | 12.38% | 12.51% | 12.33% | 12.48% | 12.79% | 13.38% | 12.83% | 10.51% | 10.60% | 10.47% | 10.74% | 12.76% | 12.72% | 12.56% | 12.36% | 11.79% | 11.55% | 10.77% | 10.64% | 10.53% | 9.30% | 8.75% | — | — | — | ||||||||
Based on: 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), 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).
1 Q2 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025
+ Operating income (loss)Q3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (1,620 + 1,316 + 1,847 + 1,693)
÷ (14,401 + 13,111 + 16,350 + 14,063)
= 11.18%
2 Click competitor name to see calculations.
- Operating Income (Loss) Trends
- The operating income exhibits a generally positive trend with quarterly fluctuations. From May 2019 through February 2020, operating income increased steadily, reaching a peak of 1329 million USD. However, there was a sharp reversal in the May 2020 quarter, marked by a significant loss of -1319 million USD, followed by a near-breakeven figure of -35 million USD in August 2020. After this marked downturn, the company’s operating income recovered strongly, rebounding to positive figures exceeding 1000 million USD from October 2020 onward. Subsequent quarters show consistent growth with intermittent minor declines but overall an upward trajectory, climaxing at 1847 million USD in November 2024. The data for the earliest quarters in 2025 shows some volatility with a decrease to 1316 million USD in May 2025 before recovering to 1620 million USD in August 2025.
- Net Sales Patterns
- Net sales demonstrate a significant growth trend with a notable anomaly in the middle periods. From May 2019 to February 2020, net sales increased from 9278 million USD to 12206 million USD, indicating robust sales performance. This was followed by a drastic decrease in May 2020 to 4409 million USD, which aligns with the substantial operating loss in the same period, likely reflecting external disruptive factors. The subsequent quarters show a steady recovery and consistent growth, with net sales surpassing pre-downturn levels from October 2020 onward. Peak sales were recorded in February 2024 at 16411 million USD, with levels maintaining a generally upward trend through August 2025, despite some quarter-to-quarter fluctuations, suggesting a resilient sales recovery.
- Operating Profit Margin Insights
- Operating profit margin data begins from November 2019 and reveals some initial volatility before stabilizing into a consistent pattern. Margins start at 10.59% and decline to a low of 1.81% by May 2020, corresponding to the period of operating losses and reduced sales. Subsequently, margins improve progressively, remaining mostly within a narrow band from approximately 9.3% to 11.2% through the remaining periods. The margin trend indicates enhanced efficiency and profitability over time, with a general upward tendency reaching a peak margin of 11.18% as recently as August 2025. This suggests effective cost management and improved operational performance despite external challenges.
- Overall Observations
- The data reveals that the company experienced a significant disruption in mid-2020, characterized by a steep decline in both operating income and net sales, along with compressed operating margins. However, the recovery is marked by a consistent return to growth in sales and operating profits, with profitability margins stabilizing and gradually increasing. This pattern indicates resilience and successful adaptation to challenging conditions, along with a return to stronger financial performance as of the latest quarters analyzed.
Net Profit Margin
TJX Cos. Inc., net profit margin calculation (quarterly data)
| Aug 2, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net income (loss) | 1,243) | 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) | ||||||||
| Net sales | 14,401) | 13,111) | 16,350) | 14,063) | 13,468) | 12,479) | 16,411) | 13,265) | 12,758) | 11,783) | 14,520) | 12,166) | 11,843) | 11,406) | 13,854) | 12,532) | 12,077) | 10,087) | 10,943) | 10,117) | 6,668) | 4,409) | 12,206) | 10,451) | 9,782) | 9,278) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Net profit margin1 | 8.59% | 8.47% | 8.63% | 8.63% | 8.56% | 8.47% | 8.25% | 7.85% | 7.77% | 7.56% | 7.00% | 6.90% | 6.77% | 6.69% | 6.76% | 5.85% | 5.81% | 4.00% | 0.28% | 2.24% | 2.11% | 4.57% | 7.84% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 10.54% | 10.14% | 9.29% | 8.04% | 7.35% | 6.38% | 5.29% | 3.62% | 2.43% | 0.82% | -0.53% | 2.25% | 2.39% | 4.48% | 7.10% | 5.73% | 6.64% | 6.42% | 5.53% | — | — | — | ||||||||
| Home Depot Inc. | 8.86% | 8.98% | 9.28% | 9.45% | 9.71% | 9.79% | 9.92% | 10.22% | 10.48% | 10.75% | 10.87% | 10.87% | 10.88% | 10.83% | 10.87% | 10.79% | 10.55% | 10.45% | 9.74% | 9.94% | 9.91% | 9.79% | 10.20% | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 8.20% | 8.22% | 8.31% | 8.19% | 8.25% | 8.46% | 8.94% | 8.49% | 6.48% | 6.65% | 6.63% | 6.97% | 8.84% | 8.85% | 8.77% | 8.63% | 7.41% | 7.23% | 6.51% | 6.29% | 7.12% | 6.17% | 5.93% | — | — | — | ||||||||
Based on: 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), 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).
1 Q2 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (1,243 + 1,036 + 1,398 + 1,297)
÷ (14,401 + 13,111 + 16,350 + 14,063)
= 8.59%
2 Click competitor name to see calculations.
- Net Income (Loss)
- The net income exhibits significant volatility over the observed quarters. Initially, there is a rising trend from May 2019 through February 2020, peaking at 985 million USD. This is followed by a sharp decline to negative values in May and August 2020, reflecting a loss likely due to external adverse factors. From October 2020 onwards, net income recovers steadily with several fluctuations but generally maintains an upward trajectory, reaching peak values above 1 billion USD around late 2021 and early 2024. Despite some quarter-to-quarter variations, the overall trend indicates recovery and growth in profitability toward the latest periods.
- Net Sales
- Net sales demonstrate a similar initial rising trend from May 2019 to February 2020, reaching over 12 billion USD. However, there is a marked decline in May 2020 to around 4.4 billion USD, likely coinciding with the period of reduced income. Sales then progressively recover, with subsequent quarters showing a steady increase back to and above pre-decline levels. From late 2021 onward, net sales consistently exceed 11 billion USD per quarter, peaking at over 16 billion USD in early 2024, which suggests strong sales momentum in the recent periods despite the disruptions observed mid-period.
- Net Profit Margin
- Data for net profit margin is unavailable for the initial quarters but begins at 7.84% in February 2020. Afterwards, the margin dips to the lowest points of 0.28% in May 2020 and remains low near this level in the subsequent quarter, indicating reduced profitability during the sales and income downturn. Thereafter, the profit margin steadily improves quarter over quarter, reaching above 8% by mid-2024. This trend suggests enhanced operational efficiency and profitability recovery over time after the initial downturn. The gradual and sustained improvement in margin underscores a positive trajectory in cost management and profitability generation relative to sales.
- Overall Trends and Insights
- The data portrays an overall cycle characterized by strong growth up to early 2020, a significant downturn across mid-2020 in all key metrics, and subsequent recovery through to 2025. The dip in net income and sales around mid-2020 and accompanying depressed profit margins align temporally, pointing to a period of operational and market challenges. The sustained recovery in all metrics—net income exceeding previous peaks, sales rebounding firmly, and profit margins improving consistently—indicates successful adaptation and strengthening financial performance in the later periods. This pattern suggests resilience in business operations and positive outlook for continued profitability and revenue growth going forward.
Return on Equity (ROE)
TJX Cos. Inc., ROE calculation (quarterly data)
| Aug 2, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net income (loss) | 1,243) | 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) | ||||||||
| Shareholders’ equity | 8,866) | 8,503) | 8,393) | 8,173) | 7,782) | 7,502) | 7,302) | 6,833) | 6,608) | 6,422) | 6,364) | 5,665) | 5,397) | 5,595) | 6,003) | 6,445) | 6,406) | 6,139) | 5,833) | 5,567) | 4,661) | 4,739) | 5,948) | 5,543) | 5,303) | 5,132) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| ROE1 | 56.10% | 56.80% | 57.95% | 59.57% | 61.21% | 62.02% | 61.27% | 60.14% | 60.25% | 59.20% | 54.97% | 60.02% | 62.26% | 59.63% | 54.69% | 41.40% | 39.21% | 24.63% | 1.55% | 13.47% | 15.26% | 35.54% | 55.01% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 21.16% | 21.56% | 20.72% | 19.24% | 18.79% | 17.39% | 15.07% | 10.97% | 7.75% | 2.78% | -1.86% | 8.24% | 8.83% | 15.98% | 24.13% | 21.78% | 25.64% | 26.04% | 22.84% | — | — | — | ||||||||
| Home Depot Inc. | 137.17% | 184.02% | 222.98% | 252.51% | 334.21% | 817.03% | 1,450.48% | 1,098.18% | 1,215.96% | 4,626.24% | 1,095.07% | 1,317.03% | 7,124.47% | — | — | 1,539.90% | 736.64% | 844.74% | 390.00% | 813.68% | — | — | — | — | — | — | ||||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,532.36% | 406.05% | 131.77% | 131.40% | 266.43% | 217.09% | — | — | — | ||||||||
Based on: 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), 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).
1 Q2 2026 Calculation
ROE = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Shareholders’ equity
= 100 × (1,243 + 1,036 + 1,398 + 1,297)
÷ 8,866 = 56.10%
2 Click competitor name to see calculations.
The financial data indicates significant fluctuations and recovery patterns throughout the analyzed periods. Initially, net income showed steady growth from May 2019 to February 2020, reaching a peak of 985 million US dollars. However, a sharp decline is observed in May and August 2020, with net income turning negative at -887 million and -214 million US dollars respectively, reflecting considerable operational challenges during this period.
Following this downturn, net income rebounded sharply starting in October 2020, with values progressively increasing and surpassing prior highs by late 2021. This positive trend in net income continued with some variability but generally maintained high levels, peaking at 1403 million US dollars in February 2024.
Shareholders’ equity exhibited a steady upward trajectory overall, despite a slight dip in mid-2020 concurrent with the net income losses. Starting at 5132 million US dollars in May 2019, equity returned to growth after August 2020 and consistently increased, reaching 8866 million US dollars by August 2025. This reflects strengthening financial stability and potentially the accumulation of retained earnings after the recovery phase.
Return on equity (ROE) percentages are available starting from May 2020 and reveal initial volatility followed by sustained high performance. ROE started at 55.01% in May 2020, then decreased to 13.47% in February 2021, likely mirroring the impact of the net loss and subsequent partial recoveries. From July 2021 onward, ROE consistently remained above 54%, frequently nearing or exceeding 60%, indicating efficient utilization of equity capital and strong profitability through the later periods.
- Net Income Trends
- Steady growth pre-2020 decline, severe losses in mid-2020, strong recovery and growth post-2020, peaking in early 2024.
- Shareholders’ Equity Trends
- General growth over the entire timeline with a temporary dip in mid-2020, reaching record highs by 2025, reflecting increasing financial strength.
- Return on Equity (ROE) Trends
- High volatility in 2020 with an initial drop, followed by consistently high values indicating efficient profitability and capital use starting from mid-2021.
Overall, the data shows resilience and strong recovery following a substantial downturn during mid-2020, with growing net income, shareholder value, and high profitability maintained through subsequent years. This suggests effective management responses and operational improvements after the period of losses.
Return on Assets (ROA)
TJX Cos. Inc., ROA calculation (quarterly data)
| Aug 2, 2025 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net income (loss) | 1,243) | 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) | ||||||||
| Total assets | 32,885) | 31,858) | 31,749) | 32,436) | 30,555) | 29,679) | 29,747) | 30,351) | 28,922) | 28,681) | 28,349) | 28,428) | 27,091) | 27,710) | 28,461) | 30,071) | 28,783) | 30,301) | 30,814) | 31,566) | 26,568) | 25,415) | 24,145) | 24,289) | 22,855) | 22,489) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| ROA1 | 15.13% | 15.16% | 15.32% | 15.01% | 15.59% | 15.68% | 15.04% | 13.54% | 13.77% | 13.25% | 12.34% | 11.96% | 12.40% | 12.04% | 11.53% | 8.87% | 8.73% | 4.99% | 0.29% | 2.38% | 2.68% | 6.63% | 13.55% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||||||
| Amazon.com Inc. | — | — | — | — | 10.35% | 10.25% | 9.48% | 8.53% | 8.01% | 7.10% | 5.76% | 4.12% | 2.74% | 0.92% | -0.59% | 2.64% | 2.77% | 5.21% | 7.93% | 6.87% | 8.17% | 8.33% | 6.64% | — | — | — | ||||||||
| Home Depot Inc. | 14.62% | 14.76% | 15.40% | 15.02% | 15.25% | 18.77% | 19.79% | 20.78% | 21.25% | 21.92% | 22.38% | 22.24% | 22.27% | 21.57% | 22.86% | 21.82% | 21.54% | 20.35% | 18.23% | 18.66% | 18.67% | 18.68% | 21.94% | — | — | — | ||||||||
| Lowe’s Cos. Inc. | 14.71% | 15.08% | 16.14% | 15.32% | 15.42% | 15.92% | 18.49% | 18.02% | 13.58% | 13.86% | 14.73% | 14.23% | 18.04% | 17.00% | 18.91% | 16.63% | 14.19% | 13.32% | 12.49% | 10.55% | 11.06% | 9.98% | 10.85% | — | — | — | ||||||||
Based on: 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), 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).
1 Q2 2026 Calculation
ROA = 100
× (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ Total assets
= 100 × (1,243 + 1,036 + 1,398 + 1,297)
÷ 32,885 = 15.13%
2 Click competitor name to see calculations.
- Net Income (Loss)
- The net income displays significant volatility over the observed periods. Initially, there is a positive trend with net income rising from 700 million to 985 million US dollars by February 1, 2020. This is followed by a sharp downturn in May and August 2020, where net income turns negative, reaching -887 million and -214 million respectively, reflecting a substantial loss likely due to extraordinary circumstances during that time. Subsequently, the company recovers strongly, with net income returning to positive values from October 2020 onward and showing an overall upward trend. The peak net incomes occur in October 2023 and February 2024, with 1403 million and 1398 million US dollars respectively. After these peaks, net income moderates but remains above 1000 million in the most recent quarters, indicating a strong recovery and growth phase.
- Total Assets
- Total assets follow an increasing trend over the entire period but with noticeable fluctuations. Beginning at 22,489 million US dollars in May 2019, assets generally increase, reaching a peak of 31,566 million in October 2020. A slight decline follows through mid-2022, with assets dipping to a low of 27,091 million in July 2022. Afterward, assets resume growth, fluctuating around the 30,000 million mark and eventually rising to 32,885 million in August 2025. This upward trend in assets demonstrates steady asset accumulation and potential investments or acquisitions, albeit with some mid-term consolidation.
- Return on Assets (ROA)
- The return on assets exhibits a trend of initial decline followed by consistent improvement. Early ROA data from February 2020 onward starts relatively high at 13.55%, then decreases to a low of 0.29% by May 2020, coinciding with negative net income quarters and likely influenced by adverse external factors. From August 2020 onwards, ROA steadily improves, surpassing 8% in late 2020 and rising above 12% by mid-2021. The upward momentum continues with ROA peaking at approximately 15.68% in July 2024. Subsequent periods show minor fluctuations but maintain high levels above 15%, reflecting enhanced asset utilization efficiency and improved profitability despite earlier challenges.
- Overall Analysis
- The financial data reveals a period of initial growth followed by a pronounced setback in early 2020, with net income turning negative and ROA declining sharply. This period aligns with total asset growth but also suggests operational or market disruptions. Post mid-2020, a robust recovery is evident with net income not only recovering but surpassing prior peaks, total assets increasing steadily after a brief contraction, and ROA improving markedly to stable high levels. This recovery and growth pattern indicate effective management responses and improved operational efficiency leading to stronger profitability and asset utilization in recent periods.