Analysis of Reportable Segments
TJX Cos. Inc. operates in 4 segments: Marmaxx; HomeGoods; TJX Canada; and TJX International.
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Segment Profit Margin
TJX Cos. Inc., profit margin by reportable segment
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Marmaxx | ||||||
| HomeGoods | ||||||
| TJX Canada | ||||||
| TJX International |
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).
Segment profit margins demonstrate varied performance across the reporting periods. Significant fluctuations are observed within each segment, indicating differing sensitivities to market conditions and internal operational changes. Overall, a general trend toward improved profitability is evident, though the pace of improvement varies considerably.
- Marmaxx
- Marmaxx exhibits a strong upward trend in profit margin, increasing from 4.60% in January 2021 to 15.11% in January 2026. The most substantial increase occurred between January 2021 and January 2022. Growth appears to be moderating in later periods, but remains positive. This segment consistently demonstrates the highest profit margin among those reported.
- HomeGoods
- HomeGoods experienced initial growth, rising from 8.36% in January 2021 to 10.09% in January 2022, followed by a notable decline to 6.32% in January 2023. Subsequent years show a recovery, with margins reaching 12.25% in January 2026. This segment displays the most volatility of the four, suggesting a greater susceptibility to external factors or internal strategic shifts.
- TJX Canada
- TJX Canada shows a consistent increase in profit margin from 4.38% in January 2021 to 14.05% in January 2023. While growth slows in subsequent periods, the segment maintains a relatively high margin, ending at 13.45% in January 2026. The rate of increase decelerates after January 2023, but remains positive.
- TJX International
- TJX International demonstrates the most dramatic shift in performance. Beginning with a substantial loss of -13.11% in January 2021, the segment transitions to profitability, reaching 6.99% in January 2026. The turnaround is particularly pronounced between January 2021 and January 2022. While positive, the profit margin for TJX International remains the lowest among the reported segments.
The collective performance indicates a strengthening of overall profitability. The turnaround of TJX International is a significant positive development, while Marmaxx and TJX Canada demonstrate consistent and robust growth. HomeGoods, while volatile, ultimately recovers and achieves substantial margin improvement. These trends suggest effective management strategies and adaptation to changing market dynamics.
Segment Profit Margin: Marmaxx
TJX Cos. Inc.; Marmaxx; segment profit margin 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) | ||||||
| Segment profit (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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
Segment profit margin = 100 × Segment profit (loss) ÷ Net sales
= 100 × ÷ =
The Marmaxx segment demonstrates a consistent pattern of growth in both profitability and revenue over the analyzed period. Segment profit experienced substantial increases, while the segment profit margin also exhibited an upward trajectory, indicating improving operational efficiency and pricing power.
- Segment Profit
- Segment profit began at US$891 million in January 2021 and increased significantly to US$3,813 million in January 2022. Subsequent years show continued, though more moderate, growth, reaching US$3,883 million in January 2023, US$4,597 million in February 2024, US$4,895 million in February 2025, and culminating in US$5,528 million in January 2026. This represents a cumulative increase of approximately 520% over the period.
- Net Sales
- Net sales mirrored the profit trend, increasing from US$19,363 million in January 2021 to US$29,483 million in January 2022. Growth continued, reaching US$30,545 million in January 2023, US$33,413 million in February 2024, US$34,604 million in February 2025, and US$36,585 million in January 2026. This indicates a strong and sustained demand for the segment’s offerings.
- Segment Profit Margin
- The segment profit margin began at 4.60% in January 2021. A substantial increase was observed in January 2022, reaching 12.93%. The margin remained relatively stable at 12.71% in January 2023 before steadily increasing to 13.76% in February 2024, 14.15% in February 2025, and 15.11% in January 2026. This consistent improvement suggests effective cost management and/or successful pricing strategies alongside revenue growth.
The consistent positive trends in segment profit, net sales, and segment profit margin for Marmaxx suggest strong performance and increasing efficiency within this segment. The substantial growth observed, particularly between 2021 and 2022, warrants further investigation to understand the drivers of this expansion.
Segment Profit Margin: HomeGoods
TJX Cos. Inc.; HomeGoods; segment profit margin calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment profit (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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
Segment profit margin = 100 × Segment profit (loss) ÷ Net sales
= 100 × ÷ =
The HomeGoods segment demonstrated a fluctuating, yet ultimately positive, performance trend over the analyzed period. Segment profit exhibited volatility, while net sales generally increased. This resulted in a segment profit margin that experienced significant shifts before culminating in a strong upward trajectory.
- Segment Profit
- Segment profit began at US$510 million in January 2021 and increased substantially to US$907 million in January 2022. A subsequent decline was observed in January 2023, with profit falling to US$522 million. Profitability recovered in February 2024, reaching US$861 million, and continued to grow, reaching US$1,021 million in February 2025 and further increasing to US$1,246 million in January 2026. This indicates a recovery from the 2023 dip and a sustained growth pattern in the later years of the period.
- Net Sales
- Net sales showed a consistent upward trend overall. Starting at US$6,096 million in January 2021, sales rose to US$8,995 million in January 2022. A slight decrease occurred in January 2023, with sales at US$8,264 million. However, sales rebounded to US$8,990 million in February 2024 and continued to climb, reaching US$9,386 million in February 2025 and US$10,172 million in January 2026. The consistent growth in net sales suggests increasing demand or successful sales strategies.
- Segment Profit Margin
- The segment profit margin experienced considerable fluctuation. It began at 8.36% in January 2021, increased to a peak of 10.09% in January 2022, then decreased significantly to 6.32% in January 2023. A recovery began in February 2024, with the margin rising to 9.58%. This upward trend continued, reaching 10.88% in February 2025 and culminating in 12.25% in January 2026. The increasing margin in the latter part of the period, despite sales fluctuations, suggests improved operational efficiency or pricing power.
The correlation between segment profit and net sales is evident, though the profit margin fluctuations indicate that factors beyond sales volume, such as cost management and pricing strategies, significantly influence profitability. The substantial margin improvement in the final two years suggests successful implementation of such strategies.
Segment Profit Margin: TJX Canada
TJX Cos. Inc.; TJX Canada; segment profit margin calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment profit (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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
Segment profit margin = 100 × Segment profit (loss) ÷ Net sales
= 100 × ÷ =
The segment performance of TJX Canada demonstrates a clear positive trend in profitability over the analyzed period, although recent years indicate a stabilization and slight decline in margin. Segment profit increased substantially from 2021 to 2023, followed by more modest gains in subsequent years. Net sales consistently increased throughout the period, supporting the overall growth in segment profit.
- Segment Profit
- Segment profit experienced significant growth, rising from US$124 million in 2021 to US$757 million in 2026. The most substantial increase occurred between 2021 and 2022, with a gain of US$361 million. Growth slowed in subsequent years, with increases of US$205 million (2022-2023), US$25 million (2023-2024), a decrease of US$12 million (2024-2025), and a further increase of US$54 million (2025-2026). This suggests a maturing growth phase.
- Net Sales
- Net sales exhibited consistent growth throughout the period, increasing from US$2,836 million in 2021 to US$5,629 million in 2026. The largest year-over-year increase in net sales was observed between 2021 and 2022, with an addition of US$1,507 million. Subsequent increases were more moderate, ranging from US$569 million to US$643 million annually.
- Segment Profit Margin
- The segment profit margin increased considerably from 4.38% in 2021 to 14.05% in 2023, indicating improved operational efficiency and profitability. However, the margin has since stabilized and shown a slight downward trend, decreasing to 13.45% in 2026. The margin peaked at 14.17% in 2024 before declining. This suggests that while sales continue to grow, the rate of profit growth is not keeping pace, potentially due to increased costs or pricing pressures.
In summary, TJX Canada has demonstrated strong growth in both profit and sales. While the segment profit margin experienced substantial improvement, the recent stabilization and slight decline warrant further investigation to understand the underlying factors impacting profitability. Continued monitoring of these trends is recommended.
Segment Profit Margin: TJX International
TJX Cos. Inc.; TJX International; segment profit margin calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment profit (loss) | ||||||
| Net sales | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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
Segment profit margin = 100 × Segment profit (loss) ÷ Net sales
= 100 × ÷ =
The TJX International segment demonstrated a significant recovery and subsequent growth in profitability between January 30, 2021, and January 31, 2026. Initially reporting a substantial loss, the segment transitioned to positive earnings and improved its profit margin over the five-year period.
- Segment Profit
- Segment profit began at a loss of US$504 million in 2021. A substantial increase was observed in 2022, with profit reaching US$161 million. This positive trend continued through 2023 and 2024, reaching US$347 million and US$332 million respectively. Further growth was evident in 2025, with profit increasing to US$422 million, culminating in US$558 million in 2026. This represents a consistent upward trajectory in absolute profit figures.
- Net Sales
- Net sales exhibited consistent growth throughout the period. Starting at US$3,842 million in 2021, sales increased to US$5,729 million in 2022, and US$6,215 million in 2023. Continued expansion was seen in 2024 and 2025, reaching US$6,768 million and US$7,181 million respectively. The segment concluded the period with US$7,986 million in net sales in 2026. This indicates a steady expansion of the segment’s revenue base.
- Segment Profit Margin
- The segment profit margin reflected the turnaround in profitability. Beginning at -13.11% in 2021, the margin improved significantly to 2.81% in 2022. Further improvement was observed in 2023, reaching 5.58%, followed by a slight decrease to 4.91% in 2024. The margin then increased to 5.88% in 2025 and continued its upward trend, reaching 6.99% in 2026. This demonstrates increasing efficiency in converting sales into profit within the segment.
The consistent growth in both net sales and segment profit, coupled with the improving segment profit margin, suggests strengthening operational performance and market position for the TJX International segment over the analyzed period.
Segment Return on Assets (Segment ROA)
TJX Cos. Inc., ROA by reportable segment
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Marmaxx | ||||||
| HomeGoods | ||||||
| TJX Canada | ||||||
| TJX International |
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).
Segment return on assets exhibited varied performance across the reporting periods. Significant fluctuations were observed within each segment, indicating differing operational efficiencies and market conditions impacting profitability relative to asset utilization.
- Marmaxx
- Marmaxx demonstrated a substantial increase in segment return on assets from 8.72% in January 2021 to 33.95% in January 2022. While remaining high, the segment experienced a slight decrease to 31.91% in January 2023 before recovering to 35.38% in February 2024. The trend continued with 34.63% in February 2025 and a further increase to 35.01% in January 2026, suggesting sustained strong performance with minor variations.
- HomeGoods
- HomeGoods began with a high segment return on assets of 17.87% in January 2021, followed by a decrease to 26.22% in January 2022. A more pronounced decline occurred in January 2023, reaching 14.54%. The segment showed recovery in February 2024 with 22.49%, continuing to improve to 25.29% in February 2025 and reaching 28.93% in January 2026, indicating a positive trend following a period of lower returns.
- TJX Canada
- TJX Canada experienced a notable improvement in segment return on assets, increasing from 6.10% in January 2021 to 22.06% in January 2022. This upward trend continued to 34.45% in January 2023, followed by a slight decrease to 34.33% in February 2024. A further decline was observed in February 2025 (33.04%) and January 2026 (30.46%), suggesting a potential stabilization or moderate decrease in asset efficiency.
- TJX International
- TJX International exhibited the most volatile performance. The segment reported a negative return on assets of -11.47% in January 2021, followed by a significant recovery to 3.77% in January 2022. Continued improvement led to 8.52% in January 2023 and 7.99% in February 2024. The segment maintained positive returns, increasing to 9.95% in February 2025 and 11.35% in January 2026, demonstrating a consistent, albeit slower, positive trend.
Overall, the segment return on assets varied considerably. Marmaxx consistently demonstrated the highest returns, while TJX International experienced the most significant turnaround from negative to positive values. HomeGoods and TJX Canada showed fluctuating performance with recovery observed in the later periods.
Segment ROA: Marmaxx
TJX Cos. Inc.; Marmaxx; segment ROA 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) | ||||||
| Segment profit (loss) | ||||||
| Identifiable assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
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
Segment ROA = 100 × Segment profit (loss) ÷ Identifiable assets
= 100 × ÷ =
The Marmaxx segment demonstrates a consistent pattern of growth in both profitability and asset base over the analyzed period. Segment profit experienced substantial increases, while identifiable assets also rose steadily. Consequently, the segment’s Return on Assets (ROA) exhibited a generally positive trajectory, indicating improving efficiency in asset utilization.
- Segment Profit
- Segment profit increased significantly from US$891 million in January 2021 to US$5,528 million in January 2026. The most substantial increase occurred between January 2021 and January 2022, with profit nearly quadrupling. Subsequent years show continued, albeit more moderate, growth in segment profit.
- Identifiable Assets
- Identifiable assets increased consistently throughout the period, moving from US$10,220 million in January 2021 to US$15,789 million in January 2026. The rate of asset growth appears to be relatively stable, with yearly increases ranging from approximately 9% to 13%.
- Segment ROA
- Segment ROA increased dramatically from 8.72% in January 2021 to 33.95% in January 2022. While ROA decreased slightly to 31.91% in January 2023, it rebounded to 35.38% in February 2024. The ROA remained relatively stable between February 2024 and January 2026, fluctuating between 34.63% and 35.01%. This suggests a strong and sustained ability to generate profit from its asset base.
Overall, the Marmaxx segment’s financial performance indicates a successful expansion and efficient asset management strategy. The consistent growth in both profit and assets, coupled with a high and stable ROA, suggests a healthy and productive segment within the organization.
Segment ROA: HomeGoods
TJX Cos. Inc.; HomeGoods; segment ROA calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment profit (loss) | ||||||
| Identifiable assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
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
Segment ROA = 100 × Segment profit (loss) ÷ Identifiable assets
= 100 × ÷ =
The HomeGoods segment demonstrated a fluctuating, yet generally positive, performance over the analyzed period. Segment profit exhibited considerable volatility, while identifiable assets consistently increased. This resulted in a corresponding fluctuation in Segment Return on Assets (ROA).
- Segment Profit
- Segment profit began at US$510 million in January 2021 and increased substantially to US$907 million in January 2022. A subsequent decline was observed in January 2023, with profit falling to US$522 million. Profitability recovered in February 2024, reaching US$861 million, and continued to rise through February 2025 (US$1,021 million) and January 2026 (US$1,246 million). This indicates a recovery from the 2023 dip and a sustained upward trend in recent years.
- Identifiable Assets
- Identifiable assets increased steadily throughout the period. Starting at US$2,851 million in January 2021, assets grew to US$3,461 million by January 2022, and US$3,590 million by January 2023. This growth continued, reaching US$3,828 million in February 2024, US$4,037 million in February 2025, and US$4,307 million in January 2026. The consistent increase suggests ongoing investment and expansion within the segment.
- Segment ROA
- Segment ROA mirrored the fluctuations in segment profit. It began at 17.87% in January 2021, rose significantly to 26.22% in January 2022, then decreased to 14.54% in January 2023. A recovery was seen in February 2024 (22.49%), followed by further increases to 25.29% in February 2025 and 28.93% in January 2026. The increasing ROA in the latter years, despite asset growth, suggests improved efficiency in asset utilization and profitability. The highest ROA was recorded in January 2026 at 28.93%.
Overall, the HomeGoods segment experienced a period of growth and volatility. While segment profit experienced fluctuations, the trend indicates a strong recovery and continued expansion. The consistent growth in identifiable assets, coupled with improving ROA in recent years, suggests a positive trajectory for the segment’s financial performance.
Segment ROA: TJX Canada
TJX Cos. Inc.; TJX Canada; segment ROA calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment profit (loss) | ||||||
| Identifiable assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
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
Segment ROA = 100 × Segment profit (loss) ÷ Identifiable assets
= 100 × ÷ =
The financial performance of this segment demonstrates a significant improvement in profitability relative to its asset base over the observed period, followed by a stabilization and then a slight decline. Segment profit exhibited substantial growth from 2021 to 2023, while identifiable assets remained relatively stable before increasing in later years. This resulted in a marked increase in Segment Return on Assets (ROA) during the initial part of the period.
- Segment Profit
- Segment profit increased dramatically from US$124 million in 2021 to US$690 million in 2023. Growth slowed between 2023 and 2024, with a slight increase to US$715 million. A minor decrease to US$703 million was observed in 2025, followed by a further increase to US$757 million in 2026. This indicates a generally positive profit trajectory, though with diminishing growth rates in recent years.
- Identifiable Assets
- Identifiable assets experienced a modest increase from US$2,035 million in 2021 to US$2,197 million in 2022, followed by a decrease to US$2,003 million in 2023. Assets then increased steadily to US$2,128 million in 2025 and further to US$2,485 million in 2026. The increase in assets in the later years, coupled with relatively stable profit, contributes to the observed trend in Segment ROA.
- Segment ROA
- Segment ROA rose sharply from 6.10% in 2021 to 22.06% in 2022, and continued to increase to a peak of 34.45% in 2023. The ROA remained high at 34.33% in 2024, before decreasing to 33.04% in 2025 and 30.46% in 2026. This suggests that while the segment maintained strong profitability, the rate of return on its assets diminished slightly as assets grew at a faster pace than profits in the latter part of the period.
Overall, the segment demonstrated strong financial performance with a substantial increase in profitability and efficiency. However, the recent trend indicates a potential stabilization, and a slight decline in ROA, suggesting a need to monitor asset utilization and profit growth in future periods.
Segment ROA: TJX International
TJX Cos. Inc.; TJX International; segment ROA calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment profit (loss) | ||||||
| Identifiable assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
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
Segment ROA = 100 × Segment profit (loss) ÷ Identifiable assets
= 100 × ÷ =
The TJX International segment demonstrated a significant improvement in financial performance over the analyzed period. Initially reporting a loss, the segment transitioned to profitability and exhibited increasing returns on assets.
- Segment Profit (Loss)
- The segment experienced a substantial loss of US$504 million in January 2021. This was followed by a positive trend, with profit increasing to US$161 million in January 2022, US$347 million in January 2023, and US$332 million in February 2024. Further growth was observed in February 2025, reaching US$422 million, and continuing to US$558 million in January 2026. This indicates a strong recovery and sustained profitability improvement within the segment.
- Identifiable Assets
- Identifiable assets within the segment fluctuated modestly over the period. A slight decrease was observed from US$4,389 million in January 2021 to US$4,281 million in January 2022, followed by a decrease to US$4,075 million in January 2023. Assets then increased to US$4,154 million in February 2024 and US$4,243 million in February 2025, before a more substantial increase to US$4,916 million in January 2026. The asset growth in the later years aligns with the increasing profitability.
- Segment ROA
- Segment Return on Assets (ROA) mirrored the profit trend. Beginning at -11.47% in January 2021, ROA improved significantly to 3.77% in January 2022. Continued positive momentum resulted in 8.52% in January 2023 and 7.99% in February 2024. The segment achieved 9.95% ROA in February 2025 and further increased to 11.35% in January 2026. This consistent upward trend suggests increasing efficiency in asset utilization and a strengthening financial position for the TJX International segment.
Overall, the TJX International segment demonstrated a compelling turnaround and growth trajectory. The increasing segment profit, coupled with rising ROA, suggests effective management and improved operational performance.
Segment Asset Turnover
TJX Cos. Inc., asset turnover by reportable segment
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Marmaxx | ||||||
| HomeGoods | ||||||
| TJX Canada | ||||||
| TJX International |
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).
Segment asset turnover ratios demonstrate varying performance across the reporting periods. Generally, the ratios indicate improvements from 2021 to 2023, followed by a stabilization or slight decline in more recent years.
- Marmaxx
- The Marmaxx segment exhibited a substantial increase in asset turnover from 1.89 in 2021 to 2.63 in 2022. This was followed by a slight decrease to 2.51 in 2023, then a modest increase to 2.57 in 2024. The most recent periods show a gradual downward trend, with ratios of 2.45 in 2025 and 2.32 in 2026. While remaining the lowest among the segments, the ratio has generally remained above the 2021 level.
- HomeGoods
- HomeGoods consistently demonstrates a higher asset turnover than Marmaxx and TJX Canada. The ratio increased from 2.14 in 2021 to 2.60 in 2022, then decreased to 2.30 in 2023. Subsequent periods show relative stability, with ratios of 2.35, 2.32, and 2.36 in 2024, 2025, and 2026 respectively. The fluctuations are less pronounced than those observed in Marmaxx.
- TJX Canada
- TJX Canada experienced the most significant proportional improvement in asset turnover. Starting at 1.39 in 2021, the ratio increased to 1.98 in 2022 and further to 2.45 in 2023. The ratio stabilized around 2.4, with values of 2.42 and 2.44 in 2024 and 2025, before decreasing slightly to 2.27 in 2026. This segment has shown the most dynamic change over the observed period.
- TJX International
- TJX International consistently reports the lowest asset turnover ratios. The ratio increased steadily from 0.88 in 2021 to 1.63 in 2024, indicating improving efficiency. The ratio continued to increase to 1.69 in 2025, before decreasing slightly to 1.62 in 2026. While the lowest among the segments, the trend indicates a consistent, albeit slow, improvement in asset utilization.
Overall, the asset turnover ratios across all segments generally improved between 2021 and 2023. More recent periods suggest a stabilization or slight decline in these ratios, potentially indicating a maturing of growth or changing market conditions. TJX International consistently exhibits the lowest asset turnover, while HomeGoods maintains the highest.
Segment Asset Turnover: Marmaxx
TJX Cos. Inc.; Marmaxx; segment 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 | ||||||
| Identifiable assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
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
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =
The Marmaxx segment demonstrates a generally positive relationship between net sales and identifiable assets over the observed period. However, the segment asset turnover ratio, while remaining above 2.30, exhibits a declining trend towards the end of the period.
- Net Sales
- Net sales for the Marmaxx segment increased significantly from US$19,363 million in January 2021 to US$29,483 million in January 2022. Growth continued, albeit at a slower pace, reaching US$36,585 million in January 2026. This indicates a consistent expansion of sales within the segment.
- Identifiable Assets
- Identifiable assets within the Marmaxx segment also increased consistently throughout the period, rising from US$10,220 million in January 2021 to US$15,789 million in January 2026. The increase in assets generally parallels the growth in net sales, suggesting investment to support sales expansion.
- Segment Asset Turnover
- The segment asset turnover ratio increased from 1.89 in January 2021 to 2.63 in January 2022, indicating improved efficiency in generating sales from assets. The ratio then decreased to 2.51 in January 2023, increased slightly to 2.57 in February 2024, and subsequently declined to 2.45 in February 2025 and further to 2.32 in January 2026. This downward trend suggests a diminishing return on asset utilization, potentially due to slower sales growth relative to asset increases, or a change in the composition of assets.
While the Marmaxx segment continues to generate substantial sales, the decreasing asset turnover ratio warrants further investigation. Management should assess whether the increasing asset base is effectively translating into proportional sales growth, and consider strategies to optimize asset utilization.
Segment Asset Turnover: HomeGoods
TJX Cos. Inc.; HomeGoods; segment asset turnover calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Identifiable assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
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
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =
The HomeGoods segment demonstrated increasing net sales from 2021 through 2025, with a further increase projected for 2026. Identifiable assets within the segment also exhibited a consistent upward trend throughout the analyzed period. However, the segment asset turnover ratio, while remaining relatively stable, shows a nuanced pattern when considered in conjunction with these changes.
- Net Sales Trend
- Net sales increased significantly from US$6,096 million in 2021 to US$8,995 million in 2022. A slight decrease was observed in 2023, falling to US$8,264 million, before recovering to US$8,990 million in 2024. Continued growth is projected, reaching US$9,386 million in 2025 and US$10,172 million in 2026.
- Identifiable Assets Trend
- Identifiable assets increased steadily from US$2,851 million in 2021 to US$4,307 million in 2026. The increases were incremental each year, indicating a consistent investment in assets supporting the segment’s operations.
- Segment Asset Turnover
- The segment asset turnover ratio began at 2.14 in 2021, rose to a peak of 2.60 in 2022, and then decreased to 2.30 in 2023. The ratio stabilized in subsequent years, fluctuating between 2.32 and 2.36 from 2024 through the 2026 projection. While net sales and assets both increased, the asset turnover ratio did not follow the same trajectory, suggesting a potential shift in the efficiency with which assets are being utilized to generate sales. The ratio’s stabilization indicates that asset growth is keeping pace with sales growth, maintaining a consistent level of asset utilization.
The initial increase in the asset turnover ratio in 2022 likely reflects strong sales growth relative to asset investment. The subsequent decline in 2023, despite continued asset growth, suggests that sales did not increase at the same rate. The stabilization of the ratio in the later years indicates a balance between asset investment and sales generation within the HomeGoods segment.
Segment Asset Turnover: TJX Canada
TJX Cos. Inc.; TJX Canada; segment asset turnover calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Identifiable assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
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
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =
The segment asset turnover for TJX Canada demonstrates a generally increasing trend from 2021 to 2024, followed by a slight decrease in the most recent year presented. Net sales have consistently increased over the period, while identifiable assets have fluctuated.
- Net Sales Trend
- Net sales exhibited consistent growth throughout the analyzed period, increasing from US$2,836 million in 2021 to US$5,629 million in 2026. The largest year-over-year increase occurred between 2021 and 2022, with a substantial rise from US$2,836 million to US$4,343 million. Growth rates moderated in subsequent years, remaining positive but less dramatic.
- Identifiable Assets Trend
- Identifiable assets showed less consistent growth than net sales. After a moderate increase from US$2,035 million in 2021 to US$2,197 million in 2022, assets decreased to US$2,003 million in 2023. They then increased again, reaching US$2,485 million in 2026. This fluctuation suggests potential changes in asset management strategies or investment cycles within the segment.
- Segment Asset Turnover Analysis
- The segment asset turnover ratio increased significantly from 1.39 in 2021 to 1.98 in 2022, indicating improved efficiency in generating sales from assets. This trend continued, reaching a peak of 2.45 in 2023. The ratio remained relatively stable at 2.42 and 2.44 in 2024 and 2025, respectively, before decreasing slightly to 2.27 in 2026. The overall upward trend suggests that the segment has become more effective at utilizing its assets to generate revenue. The slight decline in 2026 warrants further investigation to determine if it represents a temporary fluctuation or the beginning of a new trend.
The combination of increasing sales and fluctuating assets has resulted in a generally positive trend in asset turnover. While the recent stabilization and slight decrease in the ratio should be monitored, the segment demonstrates a strong ability to generate sales relative to its asset base.
Segment Asset Turnover: TJX International
TJX Cos. Inc.; TJX International; segment asset turnover calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | ||||||
| Identifiable assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
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
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =
The TJX International segment demonstrates a clear positive trend in asset turnover over the analyzed period. Initially, the segment exhibited a relatively modest turnover ratio, but subsequent years show consistent improvement, followed by a slight stabilization.
- Net Sales
- Net sales for the TJX International segment increased steadily from US$3,842 million in January 2021 to US$7,986 million in January 2026. This represents a substantial overall growth trajectory, with the most significant year-over-year increase occurring between January 2022 and January 2023. Growth rates appear to moderate in the later years of the period.
- Identifiable Assets
- Identifiable assets within the TJX International segment initially decreased from US$4,389 million in January 2021 to US$4,075 million in January 2023. Following this decline, assets began to increase, reaching US$4,916 million in January 2026. The rate of asset growth accelerates in the final two years, but is less pronounced than the growth in net sales.
- Segment Asset Turnover
- The segment asset turnover ratio increased from 0.88 in January 2021 to 1.69 in February 2025. This indicates a significant improvement in the efficiency with which the segment utilizes its assets to generate sales. The ratio peaked in February 2025 and experienced a slight decrease to 1.62 in January 2026, suggesting a potential stabilization of asset utilization efficiency. The overall trend, however, remains strongly positive.
The increasing asset turnover ratio, coupled with rising net sales, suggests that the TJX International segment is becoming increasingly effective at converting its investments in assets into revenue. The slight dip in the ratio in the most recent year warrants monitoring to determine if it represents a temporary fluctuation or the beginning of a new trend.
Segment Capital Expenditures to Depreciation
TJX Cos. Inc., capital expenditures to depreciation by reportable segment
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Marmaxx | ||||||
| HomeGoods | ||||||
| TJX Canada | ||||||
| TJX International |
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 relationship between segment capital expenditures and depreciation exhibits varied trends across the reporting periods. Generally, the ratios indicate increasing investment relative to depreciation for most segments until fiscal year 2024, followed by some moderation or decline in the most recent projections.
- Marmaxx
- The Marmaxx segment demonstrates a consistent upward trend in the ratio from 0.45 in 2021 to 1.85 in 2025. This suggests increasing capital expenditure relative to depreciation within this segment. A slight decrease to 1.81 is projected for 2026, but the level remains significantly higher than in earlier years. This could indicate substantial investment in store updates, technology, or expansion within the Marmaxx segment.
- HomeGoods
- The HomeGoods segment shows a similar increasing trend initially, rising from 1.20 in 2021 to 1.90 in 2024, remaining constant in 2025. However, a notable decrease to 1.36 is projected for 2026. This suggests a potential shift in investment strategy or a decrease in capital expenditure relative to depreciation in the HomeGoods segment during the 2026 fiscal year. The initial increase could be attributed to expansion or significant renovations, while the later decline might reflect a stabilization of the store base.
- TJX Canada
- The TJX Canada segment exhibits the most substantial increase in the ratio, moving from 0.62 in 2021 to 2.07 in 2024. The ratio then decreases to 1.68 in 2025 and further to 1.42 in 2026. This pattern suggests a period of significant capital investment followed by a moderation. The initial rise could be linked to expansion initiatives or modernization efforts within the Canadian market, with the subsequent decline potentially indicating a completion of those projects or a shift in focus.
- TJX International
- The TJX International segment displays a steady, though less dramatic, increase in the ratio from 0.83 in 2021 to 1.53 in 2024. A decrease to 1.29 is projected for 2025, followed by a further decline to 1.11 in 2026. This suggests a more measured approach to capital expenditure relative to depreciation compared to other segments, with a potential slowdown in investment planned for the later periods. This could be due to market-specific conditions or strategic decisions regarding international expansion.
Overall, the projections for 2025 and 2026 indicate a potential stabilization or slight decrease in capital expenditure relative to depreciation across several segments, following a period of growth. This shift warrants further investigation to understand the underlying drivers and potential implications for future performance.
Segment Capital Expenditures to Depreciation: Marmaxx
TJX Cos. Inc.; Marmaxx; segment capital expenditures to depreciation 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) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The segment experienced a significant shift in capital expenditure patterns relative to depreciation over the observed period. Initial values indicated capital expenditures were less than depreciation, but this relationship reversed and stabilized at a higher level.
- Capital Expenditures
- Capital expenditures demonstrated a consistent upward trend throughout the period, increasing from US$216 million in January 2021 to US$1,261 million in January 2026. The most substantial increase occurred between January 2021 and January 2022, with a growth of US$298 million. Subsequent annual increases were more moderate, though consistently positive.
- Depreciation and Amortization
- Depreciation and amortization exhibited a more moderate increase compared to capital expenditures. Starting at US$479 million in January 2021, it rose to US$695 million in January 2026. There was a slight decrease between January 2021 and January 2022, followed by consistent increases in subsequent years. The largest single-year increase in depreciation occurred between February 2023 and February 2024, with an increase of US$45 million.
- Segment Capital Expenditures to Depreciation
- The ratio of segment capital expenditures to depreciation showed a dramatic increase from 0.45 in January 2021 to 1.11 in January 2022. This indicates a shift from capital expenditures being less than depreciation to exceeding it. The ratio continued to climb, peaking at 1.85 in February 2025, before decreasing slightly to 1.81 in January 2026. This suggests a sustained period of investment in capital assets exceeding the annual depreciation expense, indicating a focus on growth and modernization. The stabilization around a ratio of 1.8 suggests a new equilibrium in investment relative to asset base.
Overall, the segment’s investment strategy appears to have evolved significantly, moving from a position where depreciation exceeded capital spending to one where capital spending substantially outpaced depreciation. This trend is expected to continue, albeit at a slower rate, based on the most recent values.
Segment Capital Expenditures to Depreciation: HomeGoods
TJX Cos. Inc.; HomeGoods; segment capital expenditures to depreciation calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The segment capital expenditures to depreciation ratio for HomeGoods demonstrates a generally increasing trend from 2021 through 2024, followed by a decrease in the most recent two years presented. This suggests a period of increasing investment relative to the depreciation of assets, followed by a moderation of that investment pace.
- Capital Expenditures
- Capital expenditures within the HomeGoods segment increased from US$162 million in 2021 to US$345 million in 2024, representing a substantial rise over the period. Expenditures decreased to US$311 million in 2026. This pattern indicates periods of significant investment followed by a potential stabilization or shift in investment strategy.
- Depreciation and Amortization
- Depreciation and amortization expenses also increased consistently from US$135 million in 2021 to US$229 million in 2026. This increase is expected given the rising capital expenditure levels, as a larger asset base generally leads to higher depreciation charges.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation began at 1.20 in 2021 and rose to 1.90 by 2024. This indicates that, for each dollar of depreciation expense, the segment invested between US$1.20 and US$1.90 in capital assets. The ratio then decreased to 1.36 in 2026, suggesting a relative slowdown in capital investment compared to the existing asset base. The peak in 2024 could signify a period of aggressive expansion or modernization within the segment. The subsequent decline may reflect a completion of those projects or a change in capital allocation priorities.
The consistent increase in both capital expenditures and depreciation suggests ongoing investment in the HomeGoods segment’s asset base. However, the recent decrease in the capital expenditures to depreciation ratio warrants further investigation to understand the underlying drivers of this change.
Segment Capital Expenditures to Depreciation: TJX Canada
TJX Cos. Inc.; TJX Canada; segment capital expenditures to depreciation calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The segment capital expenditures to depreciation ratio for TJX Canada demonstrates a clear upward trend over the analyzed period, followed by a stabilization and slight decline. Initial values were relatively low, but increased significantly in later years.
- Capital Expenditures
- Capital expenditures within TJX Canada exhibited a consistent increase from US$44 million in January 2021 to US$157 million in February 2024. Subsequent years show a slight decrease, with US$151 million reported for February 2025 and US$146 million for January 2026. This suggests a period of substantial investment followed by a moderation in spending.
- Depreciation and Amortization
- Depreciation and amortization experienced a more gradual increase. Starting at US$71 million in January 2021, it rose to US$76 million in February 2024. Further increases were observed in subsequent years, reaching US$90 million in February 2025 and US$103 million in January 2026. This indicates a growing asset base subject to depreciation.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio began at 0.62 in January 2021, indicating that capital expenditures were less than depreciation and amortization. A substantial increase is then observed, reaching 0.95 in January 2022 and further escalating to 1.57 in January 2023 and peaking at 2.07 in February 2024. This signifies a period where capital investments significantly outpaced the depreciation of existing assets. The ratio then decreased to 1.68 in February 2025 and 1.42 in January 2026, suggesting a return towards a more balanced relationship between capital spending and asset depreciation, although expenditures still exceed depreciation. The initial increase could reflect strategic investments in growth initiatives, while the subsequent moderation may indicate a shift towards optimizing existing assets.
Overall, the trend suggests a phase of aggressive capital investment within TJX Canada, followed by a period of stabilization and a slight reduction in the rate of investment relative to depreciation.
Segment Capital Expenditures to Depreciation: TJX International
TJX Cos. Inc.; TJX International; segment capital expenditures to depreciation calculation
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The segment capital expenditures to depreciation ratio for TJX International demonstrates a fluctuating pattern over the analyzed period. Initial values indicate a level of capital investment lower than depreciation expense, shifting to a period of increased investment relative to depreciation, and then a subsequent moderation.
- Capital Expenditures
- Capital expenditures within TJX International exhibited an increasing trend from 2021 to 2024, rising from US$146 million to US$270 million. A slight decrease to US$265 million is observed in 2025, followed by a further reduction to US$239 million in 2026. This suggests a peak in investment around 2024, with a subsequent pullback.
- Depreciation and Amortization
- Depreciation and amortization remained relatively stable between 2021 and 2023, fluctuating around US$170 million. An increase is noted in 2025, reaching US$205 million, and continuing to US$216 million in 2026. This upward trend in depreciation suggests a growing asset base or a shift in the composition of assets towards those with higher depreciation rates.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio began at 0.83 in 2021, indicating that capital expenditures were less than depreciation expense. The ratio increased significantly to 1.25 in 2022 and further to 1.38 in 2023, signifying increasing capital investment relative to depreciation. The ratio peaked at 1.53 in 2024 before decreasing to 1.29 in 2025 and 1.11 in 2026. This suggests a period of robust capital investment outpacing depreciation, followed by a return towards a more balanced relationship between investment and asset consumption. The decline in the ratio from 2024 to 2026 is attributable to both a decrease in capital expenditures and an increase in depreciation and amortization.
Overall, the trend suggests a phase of expansionary capital investment within TJX International, peaking in 2024, followed by a period of consolidation and a growing depreciation base. The ratio’s movement indicates a dynamic interplay between investment decisions and the utilization of existing assets.
Net sales
TJX Cos. Inc., net sales by reportable segment
US$ in millions
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Marmaxx | ||||||
| HomeGoods | ||||||
| United States | ||||||
| TJX Canada | ||||||
| TJX International | ||||||
| Total Segment |
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 a consistent upward trajectory across all reported segments between January 30, 2021, and January 31, 2026. The rate of growth, however, varies significantly between segments and across the observed period.
- Marmaxx
- Marmaxx exhibits substantial growth, increasing from US$19,363 million in 2021 to US$36,585 million in 2026. The most significant increase occurred between 2021 and 2022, with growth slowing somewhat in subsequent years, though remaining positive. This segment consistently represents a substantial portion of overall sales.
- HomeGoods
- HomeGoods experienced growth from US$6,096 million in 2021 to US$10,172 million in 2026. While generally increasing, HomeGoods experienced a slight decrease in net sales between 2022 and 2023, before resuming growth. The rate of growth is lower than that of Marmaxx, but still positive overall.
- United States
- Combined sales for the United States segment increased from US$25,459 million in 2021 to US$46,757 million in 2026. The growth pattern mirrors that of Marmaxx and HomeGoods, with a significant jump between 2021 and 2022, followed by more moderate, but consistent, increases. This segment accounts for the majority of total segment net sales.
- TJX Canada
- TJX Canada demonstrates steady growth, rising from US$2,836 million in 2021 to US$5,629 million in 2026. The growth is consistent year-over-year, although the absolute increase is smaller compared to the United States segments.
- TJX International
- TJX International shows growth from US$3,842 million in 2021 to US$7,986 million in 2026. The rate of growth appears to be accelerating, with larger increases observed in the later years of the period. This segment represents a growing portion of overall net sales.
- Total Segment
- Total segment net sales increased from US$32,137 million in 2021 to US$60,372 million in 2026. The largest year-over-year increase occurred between 2021 and 2022, with subsequent years showing continued, albeit slightly moderated, growth. The overall trend indicates a strong and consistent expansion of net sales across all segments.
The period between 2021 and 2026 is characterized by consistent revenue expansion. While the initial growth rate was particularly strong, all segments maintained positive growth throughout the entire period. The United States segment, driven primarily by Marmaxx, remains the largest contributor to overall net sales, but TJX International demonstrates a potentially accelerating growth trend.
Segment profit (loss)
TJX Cos. Inc., segment profit (loss) by reportable segment
US$ in millions
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Marmaxx | ||||||
| HomeGoods | ||||||
| United States | ||||||
| TJX Canada | ||||||
| TJX International | ||||||
| Total Segment |
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).
Segment profit performance demonstrates significant variability across reporting units between January 30, 2021, and January 31, 2026. Overall, a positive trend in total segment profit is evident, though the rate of increase fluctuates. Marmaxx consistently contributes the largest portion of segment profit, while TJX International experienced initial losses before achieving profitability.
- Marmaxx
- Marmaxx exhibits a substantial increase in profit from US$891 million in 2021 to US$5,528 million in 2026. The most significant jump occurred between 2021 and 2022, followed by continued, though more moderate, growth in subsequent years. This segment consistently drives a large portion of overall profitability.
- HomeGoods
- HomeGoods experienced growth from US$510 million in 2021 to US$1,246 million in 2026. Profitability peaked in 2022 at US$907 million, then decreased in 2023 to US$522 million before resuming an upward trend. While growth is present, it is less consistent than that of Marmaxx.
- United States
- The combined profit for the United States segments increased from US$1,401 million in 2021 to US$6,774 million in 2026. The 2022 increase was particularly strong, and the segment maintained a consistent upward trajectory throughout the period. The United States segment represents the largest overall profit contributor.
- TJX Canada
- TJX Canada demonstrates steady growth in profit, increasing from US$124 million in 2021 to US$757 million in 2026. The growth is relatively consistent year-over-year, indicating stable performance within this market.
- TJX International
- TJX International initially reported a loss of US$504 million in 2021. However, the segment achieved profitability in 2022, with profits increasing to US$558 million by 2026. This represents a significant turnaround, though the segment’s profit contribution remains smaller than other reporting units.
- Total Segment
- Total segment profit increased from US$1,021 million in 2021 to US$8,089 million in 2026. The largest increase occurred between 2021 and 2022, with continued growth observed in subsequent years, though the rate of growth slowed slightly between 2023 and 2024. The overall trend indicates improving segment profitability.
The data suggests a strong overall performance, driven primarily by Marmaxx and the United States segments. The turnaround in TJX International is a positive development, and TJX Canada demonstrates consistent, albeit moderate, growth. HomeGoods exhibits fluctuating performance, warranting further investigation.
Identifiable assets
TJX Cos. Inc., identifiable assets by reportable segment
US$ in millions
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Marmaxx | ||||||
| HomeGoods | ||||||
| United States | ||||||
| TJX Canada | ||||||
| TJX International | ||||||
| Total Segment |
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 reported segment identifiable assets demonstrate consistent growth across all segments over the observed period, spanning from January 30, 2021, to January 31, 2026. The rate of growth, however, varies significantly between segments.
- Marmaxx
- Marmaxx exhibits a steady and substantial increase in identifiable assets, progressing from US$10,220 million in 2021 to a projected US$15,789 million in 2026. This represents a cumulative growth of approximately 54.1% over the five-year period, indicating significant investment and expansion within this segment.
- HomeGoods
- HomeGoods also shows consistent growth, albeit at a more moderate pace than Marmaxx. Identifiable assets increased from US$2,851 million in 2021 to US$4,307 million in 2026, a cumulative increase of approximately 51.1%. Growth appears relatively stable year-over-year.
- United States
- The combined United States segment mirrors the trends of its constituent parts, Marmaxx and HomeGoods, with identifiable assets rising from US$13,072 million in 2021 to US$20,096 million in 2026. This represents a cumulative growth of approximately 53.9%. The growth rate appears consistent throughout the period.
- TJX Canada
- TJX Canada demonstrates a more fluctuating pattern. While assets increased from US$2,035 million in 2021 to US$2,485 million in 2026, a cumulative increase of approximately 22.1%, there was a slight decrease observed between 2021 and 2023. Growth resumes in subsequent years, but at a slower rate than other segments.
- TJX International
- TJX International shows a modest growth trajectory, increasing from US$4,389 million in 2021 to US$4,916 million in 2026, a cumulative increase of approximately 12.1%. This segment experienced a slight decline between 2021 and 2022, followed by relatively stable growth.
- Total Segment
- Total segment identifiable assets increased consistently from US$19,496 million in 2021 to US$27,497 million in 2026, representing a cumulative growth of approximately 40.9%. The largest contributions to this overall growth are from the Marmaxx, HomeGoods, and United States segments.
In summary, the company demonstrates a clear pattern of asset growth across all reportable segments. Marmaxx and HomeGoods exhibit the most substantial increases, while TJX Canada and TJX International show more moderate growth, with TJX Canada experiencing a brief period of decline. The overall trend indicates continued investment and expansion within the business.
Capital expenditures
TJX Cos. Inc., capital expenditures by reportable segment
US$ in millions
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Marmaxx | ||||||
| HomeGoods | ||||||
| United States | ||||||
| TJX Canada | ||||||
| TJX International | ||||||
| Total Segment |
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).
Capital expenditure across reportable segments demonstrates a consistent upward trend over the analyzed period. Total segment capital expenditures increased from US$568 million in January 2021 to US$1,957 million in January 2026. This growth is not uniform across all segments, with varying rates of increase and, in one instance, a decline.
- Marmaxx
- Marmaxx exhibits the most substantial growth in capital expenditures, increasing from US$216 million in January 2021 to US$1,261 million in January 2026. The rate of increase accelerated significantly between January 2021 and January 2023, then moderated in subsequent years, though still maintaining positive growth.
- HomeGoods
- HomeGoods capital expenditures also increased overall, moving from US$162 million in January 2021 to US$311 million in January 2026. Growth was consistent through February 2024, reaching US$400 million, but experienced a decrease in the final reported period. This represents the only segment to show a decline in capital expenditure during the analyzed timeframe.
- United States
- The combined United States segment shows a strong upward trend, rising from US$378 million in January 2021 to US$1,572 million in January 2026. This growth mirrors the substantial increase observed in Marmaxx, suggesting that the majority of the overall capital expenditure increase is driven by activity within this geographic area.
- TJX Canada
- TJX Canada demonstrates a steady, though less dramatic, increase in capital expenditures, growing from US$44 million in January 2021 to US$146 million in January 2026. The rate of increase appears relatively consistent throughout the period.
- TJX International
- TJX International capital expenditures increased from US$146 million in January 2021 to US$239 million in January 2026. While positive, the growth rate is slower compared to Marmaxx and the United States segment overall. The increase between February 2024 and January 2026 is minimal.
The significant investment in Marmaxx suggests a strategic focus on expanding or upgrading stores within that segment. The slight decrease in HomeGoods capital expenditure in the final period warrants further investigation to determine the underlying cause. Overall, the company demonstrates a commitment to capital investment across its segments, with a particularly strong emphasis on the Marmaxx segment and the United States market.
Depreciation and amortization
TJX Cos. Inc., depreciation and amortization by reportable segment
US$ in millions
| Jan 31, 2026 | Feb 1, 2025 | Feb 3, 2024 | Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | |
|---|---|---|---|---|---|---|
| Marmaxx | ||||||
| HomeGoods | ||||||
| United States | ||||||
| TJX Canada | ||||||
| TJX International | ||||||
| Total Segment |
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).
Depreciation and amortization expense across reportable segments demonstrates a consistent upward trend over the analyzed period. While fluctuations exist within individual segments, the overall trajectory indicates increasing investment in long-lived assets and/or changes in asset useful lives. The largest contributor to this trend is the Marmaxx segment, followed by the United States and HomeGoods segments.
- Marmaxx
- Marmaxx exhibits a generally increasing trend in depreciation and amortization expense, beginning at US$479 million in January 2021 and reaching US$695 million by January 2026. A slight decrease is observed between 2021 and 2022, but expense consistently increases thereafter, with a notable acceleration between 2023 and 2026. This suggests significant capital investment or changes in depreciation methods within this segment.
- HomeGoods
- HomeGoods shows a steady increase in depreciation and amortization expense throughout the period, moving from US$135 million in January 2021 to US$229 million in January 2026. The growth is relatively consistent year-over-year, indicating a sustained level of investment in this segment’s asset base.
- United States
- The combined United States segment demonstrates an increasing trend in depreciation and amortization expense, rising from US$614 million in January 2021 to US$924 million in January 2026. The expense remained flat between 2021 and 2022, then increased consistently in subsequent years. This mirrors the combined trends of Marmaxx and HomeGoods, as these segments comprise the United States total.
- TJX Canada
- TJX Canada’s depreciation and amortization expense shows a moderate upward trend, increasing from US$71 million in January 2021 to US$103 million in January 2026. The growth is less pronounced than in the United States segments, but still indicates ongoing investment in the Canadian operations.
- TJX International
- TJX International’s depreciation and amortization expense remains relatively stable between January 2021 and January 2023, fluctuating around US$170 million. An increase is observed in 2024 and 2025, reaching US$216 million by January 2026. This suggests a potential shift in investment strategy or asset base within the international segment in recent years.
- Total Segment
- Total segment depreciation and amortization expense increases consistently from US$861 million in January 2021 to US$1,243 million in January 2026. This overall growth is driven primarily by the Marmaxx, HomeGoods, and United States segments, indicating a company-wide trend of increasing investment in depreciable and amortizable assets.
The consistent increases in depreciation and amortization expense across most segments suggest a continued focus on capital expenditures and asset expansion. Further investigation into the nature of these investments and any changes in depreciation methodologies would provide a more comprehensive understanding of these trends.