Stock Analysis on Net

TJX Cos. Inc. (NYSE:TJX)

$24.99

Analysis of Reportable Segments

Microsoft Excel

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Segment Profit Margin

TJX Cos. Inc., profit margin by reportable segment

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Marmaxx
HomeGoods
TJX Canada
TJX International

Based on: 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), 10-K (reporting date: 2020-02-01).


Marmaxx Segment Profit Margin
The Marmaxx segment profit margin exhibited significant fluctuation over the observed periods. Initially, it stood at 13.52% in early 2020 before declining sharply to 4.6% in early 2021. Subsequently, it rebounded to near its initial levels by early 2022 and remained relatively stable, with a slight upward trend leading to 14.15% by early 2025. This indicates a strong recovery and gradual improvement in profitability after an interim decline.
HomeGoods Segment Profit Margin
The HomeGoods segment showed a more volatile pattern. Starting at 10.71% in early 2020, the margin decreased steadily to a low of 6.32% in early 2023. However, it demonstrated a considerable recovery thereafter, rising to 10.88% by early 2025. Overall, the segment experienced a trough followed by a significant rebound, suggesting effective corrective measures or favorable market conditions in the latter periods.
TJX Canada Segment Profit Margin
The TJX Canada segment profit margin followed a generally positive trajectory. Beginning at 12.79% in early 2020, it dropped to 4.38% in early 2021, similar to the pattern observed in Marmaxx and HomeGoods. After this decline, it showed a consistent increase, peaking at 14.17% in early 2024 before a slight decrease to 13.55% in early 2025. This pattern indicates resilience and a strong overall improvement post the decline period.
TJX International Segment Profit Margin
The TJX International segment displayed the most volatility and lowest margins among all segments. Starting from 5.42% in early 2020, the margin plunged sharply to -13.11% in early 2021, reflecting significant losses. Thereafter, it recovered gradually but modestly, moving to 5.88% by early 2025. While the segment improved from significant negative territory, margins remain comparatively lower, highlighting ongoing challenges within this international operation relative to domestic segments.
Overall Trends and Insights
Across all segments, early 2021 marked a period of substantial margin declines, likely influenced by external factors impacting profitability. Each segment subsequently demonstrated recovery to varying extents, with Marmaxx and TJX Canada showing the strongest rebound and highest margin levels by early 2025. HomeGoods also recovered notably, though with more fluctuation. TJX International, though improving, remained at lower margin levels, indicating persistent difficulties. The data suggests a general resilience and adaptive capacity across the company’s reporting segments, with some variability in recovery pace and margin strength.

Segment Profit Margin: Marmaxx

TJX Cos. Inc.; Marmaxx; segment profit margin calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Segment profit (loss)
Net sales
Segment Profitability Ratio
Segment profit margin1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment profit margin = 100 × Segment profit (loss) ÷ Net sales
= 100 × ÷ =


The segment data reveals several notable trends over the examined periods. Net sales demonstrate an overall upward trajectory, with figures increasing from approximately $25.7 billion in 2020 to about $34.6 billion in 2025. Despite some fluctuation, the general pattern is one of steady revenue growth, indicating expansion or increased market penetration within the segment.

Segment profit, expressed in millions of US dollars, exhibits a more volatile pattern. There is a marked decline from $3.47 billion in 2020 to just $891 million in 2021, followed by a strong recovery to $3.81 billion in 2022. Subsequently, profit continues to rise, reaching $4.90 billion by 2025. This recovery and sustained growth after the 2021 dip suggest successful operational adjustments or market recovery contributing to improved profitability.

The segment profit margin, representing profitability relative to net sales, mirrors the fluctuations seen in absolute profit figures. It decreases significantly from 13.52% in 2020 to 4.6% in 2021, aligning with the sharp profit decrease in that year. From 2021 onward, the margin steadily improves, reaching 14.15% in 2025, which is the highest margin recorded in the period. This trend illustrates enhanced efficiency or more favorable pricing strategies post-2021.

Net Sales
Consistent growth from $25.7 billion (2020) to $34.6 billion (2025), reflecting expanded sales activities or volume.
Segment Profit
Substantial drop in 2021 with recovery and robust growth through 2025, suggesting operational challenges in 2021 that were successfully addressed.
Segment Profit Margin
Declined sharply in 2021 to 4.6%, then a steady increase to 14.15% by 2025, indicating improved profitability and efficiency in recent years.

Overall, the data points to a significant disruption or adverse condition in the 2021 fiscal year, after which both sales and profitability metrics recover and improve steadily. The increasing profit margin despite growing sales suggests effective management of costs and pricing power within the segment.


Segment Profit Margin: HomeGoods

TJX Cos. Inc.; HomeGoods; segment profit margin calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Segment profit (loss)
Net sales
Segment Profitability Ratio
Segment profit margin1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment profit margin = 100 × Segment profit (loss) ÷ Net sales
= 100 × ÷ =


Net Sales
The net sales demonstrated some fluctuations over the analyzed periods. Starting at 6,356 million USD in early 2020, sales slightly declined to 6,096 million USD in early 2021. Thereafter, there was a significant increase to 8,995 million USD in early 2022. This was followed by a decrease to 8,264 million USD in early 2023. The sales rebounded again in early 2024 and early 2025, reaching 8,990 million USD and 9,386 million USD respectively, indicating an overall growth trend across the six-year span.
Segment Profit (Loss)
Segment profit exhibited variability during the period. The profit began at 681 million USD in early 2020 before dropping to 510 million USD in early 2021. A strong recovery occurred in early 2022 as profit increased sharply to 907 million USD. This was followed by a decline to 522 million USD in early 2023. Subsequently, the profit rose again to 861 million USD in early 2024 and further increased to 1,021 million USD by early 2025. Overall, despite intermittent declines, the segment profit showed a positive upward trend by the end of the period.
Segment Profit Margin
The segment profit margin mirrored the profit and sales trends with some volatility. Initially, the margin was at 10.71% in early 2020, falling to 8.36% in early 2021. It then improved to 10.09% in early 2022 before declining sharply to 6.32% in early 2023. The margin recovered to 9.58% in early 2024 and further increased to 10.88% in early 2025. This fluctuation suggests that profitability relative to sales was subject to variable factors but improved considerably by the final period, indicating enhanced efficiency or better cost management relative to sales.

Segment Profit Margin: TJX Canada

TJX Cos. Inc.; TJX Canada; segment profit margin calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Segment profit (loss)
Net sales
Segment Profitability Ratio
Segment profit margin1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment profit margin = 100 × Segment profit (loss) ÷ Net sales
= 100 × ÷ =


Net Sales
Net sales experienced significant fluctuations over the periods analyzed. There was a notable decline from 4,031 million USD in early 2020 to 2,836 million USD in early 2021. Subsequently, net sales rebounded strongly, increasing to 4,343 million USD in early 2022 and continuing a steady upward trend to reach 5,189 million USD by early 2025. Overall, net sales demonstrated recovery and growth following an initial contraction.
Segment Profit (Loss)
The segment profit showed a similar pattern of volatility. It dropped sharply from 516 million USD in early 2020 to 124 million USD in early 2021, paralleling the decline in net sales. Afterward, the profit recovered substantially, climbing to 485 million USD in early 2022 and further increasing to a peak of 715 million USD in early 2024 before a slight decrease to 703 million USD in early 2025. This suggests resilience and improved profitability post the decline.
Segment Profit Margin
The profit margin percentage followed the overall profit and sales trends but with some notable insights. It dropped from 12.79% in early 2020 to a low of 4.38% in early 2021, indicating a period of reduced efficiency or increased costs relative to sales. Thereafter, the margin improved significantly to over 11% in early 2022, reaching a high point of approximately 14.17% in early 2024, before slightly declining to 13.55% in early 2025. The trend indicates strengthening operational efficiency and cost management after the initial downturn.
Summary
The data reveals that the segment experienced a challenging period around early 2021, likely due to external factors affecting sales and profitability. However, this was followed by strong recovery and growth in net sales, profits, and profit margins over the subsequent years. Despite some minor fluctuations towards the end of the period, the overall trajectory from 2021 onward shows improved financial performance and operational effectiveness.

Segment Profit Margin: TJX International

TJX Cos. Inc.; TJX International; segment profit margin calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Segment profit (loss)
Net sales
Segment Profitability Ratio
Segment profit margin1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment profit margin = 100 × Segment profit (loss) ÷ Net sales
= 100 × ÷ =


The segment data demonstrates fluctuations in key financial metrics over the six-year period from 2020 to 2025. Net sales experienced significant variability, with a notable decrease between 2020 and 2021, falling from approximately 5,665 million USD to 3,842 million USD. Following this decline, sales steadily recovered and showed consistent growth year-over-year, reaching about 7,181 million USD by 2025, indicating a strong upward trend in revenue after the initial drop.

Segment profit (loss) mirrored the movement in net sales, albeit with greater volatility. The segment posted a profit of 307 million USD in 2020 but then recorded a substantial loss of 504 million USD in 2021. Afterwards, profitability returned to positive territory with a profit increasing to 161 million USD in 2022 and generally rising thereafter, reaching 422 million USD in 2025. This recovery suggests improved operational performance or cost management contributing to restored profitability.

Segment profit margin percentages align with the observed fluctuations in profit. The margin was a positive 5.42% in 2020, dropped sharply to a negative margin of -13.11% in 2021, and then rebounded to a positive margin of 2.81% in 2022. Subsequently, the margin improved marginally and remained relatively stable around 5% to 6% from 2023 through 2025. This stability in profit margin in the later years indicates a normalization of profit relative to net sales and suggests the segment achieved improved efficiency or a better pricing environment after the losses experienced in 2021.

Overall, the data reflects a dip in both sales and profitability during 2021, followed by a consistent and sustained recovery through 2025. The upward trajectory in revenue, profit, and profit margin post-2021 indicates the segment's effective return to growth and stronger financial performance in the latter part of the period analyzed.


Segment Return on Assets (Segment ROA)

TJX Cos. Inc., ROA by reportable segment

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Marmaxx
HomeGoods
TJX Canada
TJX International

Based on: 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), 10-K (reporting date: 2020-02-01).


Marmaxx Segment
The Return on Assets (ROA) for this segment shows significant fluctuations over the analyzed periods. Starting at a high point of 31.08% in early 2020, there is a substantial decline to 8.72% in early 2021. Following this dip, the ROA recovers strongly to 33.95% in early 2022, maintaining a relatively high level above 30% through early 2025, peaking at 35.38% in early 2024 before slightly decreasing to 34.63% in early 2025. This pattern indicates volatility with a quick recovery and stabilization at high profitability levels in later periods.
HomeGoods Segment
This segment exhibits more variability and lower overall ROA values compared to Marmaxx. The ROA declines from 24.44% in early 2020 to 17.87% in early 2021, followed by a moderate increase to 26.22% in early 2022. There is a notable drop to 14.54% in early 2023, representing the lowest point in the series. Subsequently, the ROA recovers to 22.49% in early 2024 and further improves to 25.29% in early 2025. This trend suggests some instability influenced by external or operational factors but demonstrates a general upward trend after the low in 2023.
TJX Canada Segment
The ROA for this segment experiences a sharp decline from 27.28% in early 2020 to 6.10% in early 2021. However, a strong recovery ensues, with ROA climbing to 22.06% in early 2022 and peaking at 34.45% in early 2023, the highest level observed for this segment. ROA stabilizes around 34% in early 2024 before slightly declining to 33.04% in early 2025. This segment demonstrates a V-shaped recovery, showing resilience and improved asset utilization following a challenging period.
TJX International Segment
This segment shows the most volatility and generally lower ROA levels compared to domestic counterparts. Initial ROA was modest at 7.17% in early 2020 but declined significantly to a negative figure of -11.47% in early 2021, indicating possible operational losses or inefficiencies. Recovery begins in early 2022 with a positive ROA of 3.77%, increasing to 8.52% in early 2023. Subsequently, there is a slight decrease to 7.99% in early 2024, followed by a further increase to 9.95% in early 2025. The trend reflects early difficulties, likely related to external pressures, but also indicates gradual improvement and strengthening asset returns in later years.

Segment ROA: Marmaxx

TJX Cos. Inc.; Marmaxx; segment ROA calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Segment profit (loss)
Identifiable assets
Segment Profitability Ratio
Segment ROA1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment ROA = 100 × Segment profit (loss) ÷ Identifiable assets
= 100 × ÷ =


Segment Profit (Loss)
The segment profit exhibited significant volatility over the analyzed periods. Initially, it declined sharply from 3470 million USD in early 2020 to 891 million USD in early 2021. Subsequently, the profit rebounded substantially to 3813 million USD in early 2022 and continued to increase steadily, reaching 4895 million USD by early 2025. This trend indicates a recovery and sustained growth in profitability after a notable dip.
Identifiable Assets
The identifiable assets of the segment displayed a generally upward trajectory. Starting at 11163 million USD in early 2020, the assets experienced a slight decrease to 10220 million USD in early 2021. From that point forward, asset values increased consistently year-over-year, culminating at 14137 million USD in early 2025. This consistent increase suggests ongoing investments or asset accumulation within the segment.
Segment Return on Assets (ROA)
The segment ROA mirrored the fluctuations observed in segment profit. It decreased markedly from 31.08% in early 2020 to 8.72% in early 2021, reflecting reduced profitability relative to assets during that period. Following this low, ROA improved significantly to 33.95% in early 2022, followed by a slight decline but generally stable performance in subsequent years, ending at 34.63% in early 2025. The data indicate a recovery to strong asset efficiency and profitability after a temporary downturn.

Segment ROA: HomeGoods

TJX Cos. Inc.; HomeGoods; segment ROA calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Segment profit (loss)
Identifiable assets
Segment Profitability Ratio
Segment ROA1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment ROA = 100 × Segment profit (loss) ÷ Identifiable assets
= 100 × ÷ =


Segment Profit (Loss)
The segment profit displayed notable fluctuations over the analyzed period. Starting at 681 million USD in early 2020, it declined to 510 million USD in early 2021. This was followed by a substantial recovery in early 2022, reaching 907 million USD. However, the profit again dropped in early 2023 to 522 million USD before rebounding in the last two years to 861 million USD in early 2024 and further increasing to 1,021 million USD by early 2025. Overall, there is a pattern of volatility with significant peaks in 2022 and 2025.
Identifiable Assets
The identifiable assets of the segment showed a consistent upward trend throughout the period. Beginning at 2,785 million USD in early 2020, assets steadily increased each year, reaching 2,851 million USD in early 2021 and continuing to grow to 3,461 million USD in early 2022. The growth persisted with assets rising to 3,590 million USD in early 2023, 3,828 million USD in early 2024, and finally reaching 4,037 million USD in early 2025. The data indicates ongoing investment or accumulation of assets within the segment over the six-year span.
Segment Return on Assets (ROA)
Segment ROA illustrates a variable but generally strong profitability relative to assets. Beginning at 24.44% in early 2020, it declined to 17.87% in early 2021. A significant increase was observed in early 2022, where ROA peaked at 26.22%. This was followed by a sharp decrease to 14.54% in early 2023. Subsequently, ROA recovered to 22.49% in early 2024 and further improved to 25.29% by early 2025. The ROA movements correlate with the profit fluctuations, suggesting that profitability efficiency corresponded closely with profit volatility despite steadily increasing assets.
Summary of Trends
The segment experiences cyclical profitability with substantial variations in segment profit and ROA over the years, while identifiable assets steadily grow without interruption. The periodic dips in profit and ROA indicate some operational or market challenges occurring around early 2021 and early 2023, followed by recoveries reflecting resilience and perhaps strategic adjustments. The robust asset growth combined with the eventual restoration and increase of ROA by early 2025 signals an overall strengthening of the segment’s financial position and operational effectiveness in the most recent years.

Segment ROA: TJX Canada

TJX Cos. Inc.; TJX Canada; segment ROA calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Segment profit (loss)
Identifiable assets
Segment Profitability Ratio
Segment ROA1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment ROA = 100 × Segment profit (loss) ÷ Identifiable assets
= 100 × ÷ =


Segment Profit (Loss)
The segment profit experienced significant fluctuations over the observed periods. Starting at 516 million USD in February 2020, profit dropped sharply to 124 million USD by January 2021. Subsequently, the profit recovered markedly, reaching 485 million USD in January 2022, and continued to increase to a peak of 715 million USD in February 2024. The latest figure shows a slight decline to 703 million USD in February 2025, indicating a relatively stable high-profit level after the recovery phase.
Identifiable Assets
Identifiable assets showed a generally upward trend with minor fluctuations. Assets increased from 1890 million USD in February 2020 to 2197 million USD in January 2022. A decline occurred in January 2023 to 2003 million USD, but assets rose again in subsequent periods, reaching 2128 million USD by February 2025. Overall, assets demonstrate moderate growth with a dip in the middle period.
Segment Return on Assets (ROA)
The segment’s return on assets mirrored the profit trend but with more pronounced volatility. ROA started strong at 27.28% in February 2020, dropped to a low of 6.1% by January 2021, then rebounded to 22.06% in January 2022. It peaked significantly at 34.45% in January 2023 and remained near that level with 34.33% in February 2024 and a slight decrease to 33.04% in February 2025. This trend suggests improved efficiency and profitability in asset utilization after the initial decline.

Segment ROA: TJX International

TJX Cos. Inc.; TJX International; segment ROA calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Segment profit (loss)
Identifiable assets
Segment Profitability Ratio
Segment ROA1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment ROA = 100 × Segment profit (loss) ÷ Identifiable assets
= 100 × ÷ =


Segment Profit (Loss)
The segment profit experienced considerable volatility over the period. Starting with a positive profit of $307 million in 2020, it dropped sharply to a loss of $504 million in 2021. This negative performance was followed by a recovery in 2022, with profit rebounding to $161 million. Subsequent years showed further improvement, reaching $347 million in 2023 and maintaining a relatively stable profit of $332 million in 2024. The profit increased again in 2025, reaching $422 million, marking the highest level in the covered period.
Identifiable Assets
Identifiable assets showed a generally stable trend with slight fluctuations. Assets started at $4,284 million in 2020 and saw a modest increase to $4,389 million in 2021. Thereafter, assets gradually declined to a low of $4,075 million in 2023 before recovering slightly to $4,154 million in 2024 and further to $4,243 million in 2025. Overall, the asset base remained relatively consistent, with minor variations over the six years.
Segment Return on Assets (ROA)
Segment ROA reflected the profit trends with notable fluctuations. ROA began at a healthy 7.17% in 2020 but turned negative to -11.47% in 2021, corresponding with the segment's loss that year. The indicator improved significantly in 2022, returning to a positive 3.77%, before rising to 8.52% in 2023. In 2024, ROA slightly declined to 7.99%, followed by an increase to the highest point of 9.95% in 2025. This trajectory suggests a recovery and strengthening of asset profitability after 2021's downturn.

Segment Asset Turnover

TJX Cos. Inc., asset turnover by reportable segment

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Marmaxx
HomeGoods
TJX Canada
TJX International

Based on: 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), 10-K (reporting date: 2020-02-01).


The annual reportable segment asset turnover data reveals varying trends across different business units over the six-year period from February 1, 2020, to February 1, 2025.

Marmaxx
The Marmaxx segment experienced fluctuations in asset turnover with an initial decline from 2.3 to 1.89 in 2021, followed by a notable recovery reaching 2.63 in 2022. Subsequent years show a slight decrease but generally stable performance, ranging between 2.45 and 2.57 from 2023 to 2025. Overall, the segment maintains relatively high turnover ratios, indicating efficient asset utilization despite some volatility.
HomeGoods
HomeGoods demonstrated a slight decline from 2.28 in 2020 to 2.14 in 2021, followed by a recovery to 2.6 in 2022. However, after this peak, the asset turnover ratio decreased steadily to 2.3 in 2023 and remained relatively flat subsequently, with minor fluctuations ending at 2.32 in 2025. This suggests some variability but an overall consistent use of assets in recent years.
TJX Canada
The TJX Canada segment showed considerable volatility in the early years, with a sharp decline from 2.13 in 2020 to 1.39 in 2021, then a strong rebound to 1.98 in 2022 and further increasing to reach 2.45 in 2023. The ratios stayed stable afterward, with marginal changes, ending at 2.44 in 2025. This recovery and subsequent stabilization highlight improved asset turnover efficiency over time.
TJX International
The TJX International segment began with a lower asset turnover ratio at 1.32 in 2020 and dipped further to 0.88 in 2021. Subsequently, it showed a continual upward trajectory, improving steadily each year to reach 1.69 by 2025. Although still the lowest among the segments, the consistent growth indicates progressive enhancement in asset turnover performance internationally.

In summary, all segments experienced downturns in 2021, likely indicative of challenging operating conditions during that period. Thereafter, each segment exhibited recovery and improvement, with Marmaxx and HomeGoods maintaining higher turnover levels relative to Canada and International divisions. The TJX Canada and International segments showed the most pronounced improvements post-2021, signaling effective management actions leading to better asset utilization efficiency across these geographies.


Segment Asset Turnover: Marmaxx

TJX Cos. Inc.; Marmaxx; segment asset turnover calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Net sales
Identifiable assets
Segment Activity Ratio
Segment asset turnover1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =


Net Sales
Net sales experienced significant fluctuations over the analyzed periods. There was a notable decline from US$25,665 million in 2020 to US$19,363 million in 2021. Subsequently, net sales demonstrated a strong recovery and growth trend, increasing to US$29,483 million in 2022 and continuing upward to reach US$34,604 million by 2025. This reflects an overall positive long-term growth trajectory despite the sharp downturn in 2021.
Identifiable Assets
Identifiable assets showed a moderate upward trend throughout the periods. After a decrease from US$11,163 million in 2020 to US$10,220 million in 2021, the assets steadily increased to US$14,137 million by 2025. This gradual growth in asset base suggests ongoing investment or asset accumulation following the initial decline.
Segment Asset Turnover
The segment asset turnover ratio demonstrated variability but remained generally stable with a slight downward tendency in the latter periods. The ratio decreased from 2.3 in 2020 to a low of 1.89 in 2021, then rebounded to 2.63 in 2022. It subsequently hovered around the mid-2.5 range before declining slightly to 2.45 in 2025. This indicates relatively efficient use of assets for generating sales, albeit with minor fluctuations over time.

Segment Asset Turnover: HomeGoods

TJX Cos. Inc.; HomeGoods; segment asset turnover calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Net sales
Identifiable assets
Segment Activity Ratio
Segment asset turnover1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =


Net Sales
The net sales demonstrate a fluctuating but generally increasing trend over the period observed. Starting at 6,356 million US dollars in 2020, there is a decline to 6,096 million in 2021. However, a notable recovery and growth occur in the subsequent years, with sales rising to 8,995 million in 2022. Although there is a slight dip to 8,264 million in 2023, sales rebound to reach 8,990 million in 2024 and further increase to 9,386 million in 2025. This pattern suggests resilience and an overall upward trajectory in sales performance despite short-term volatility.
Identifiable Assets
Identifiable assets show a consistent year-over-year increase throughout the period. Beginning at 2,785 million US dollars in 2020, assets grow steadily each year, reaching 4,037 million by 2025. This steady expansion indicates ongoing investment or accumulation of assets within the segment, possibly reflecting strategic growth initiatives or capacity enhancements.
Segment Asset Turnover
The segment asset turnover ratio, which measures the efficiency of asset use to generate sales, exhibits some variability but remains within a relatively narrow range. It starts at 2.28 in 2020, decreases to 2.14 in 2021, and then improves to a peak of 2.6 in 2022. Following this peak, the ratio declines to 2.3 in 2023 and stabilizes around 2.35 and 2.32 in 2024 and 2025 respectively. This indicates that asset utilization efficiency improved significantly in 2022 but experienced some moderation thereafter, settling at a level slightly above the initial years.

Segment Asset Turnover: TJX Canada

TJX Cos. Inc.; TJX Canada; segment asset turnover calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Net sales
Identifiable assets
Segment Activity Ratio
Segment asset turnover1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =


Net Sales
The net sales exhibited notable fluctuations over the examined periods. Initially, there was a decline from 4031 million US dollars in February 2020 to 2836 million in January 2021. This was followed by a substantial recovery and growth to 4343 million in January 2022. The upward trend continued moderately through to February 2025, reaching 5189 million, indicating a general recovery and expansion phase after the initial drop.
Identifiable Assets
The identifiable assets showed a general increasing trend, starting at 1890 million US dollars in February 2020 and rising to 2197 million by January 2022. However, there was a slight decrease in January 2023 to 2003 million. Following this dip, the assets increased again gradually to 2128 million by February 2025, suggesting some volatility but overall asset growth across the period.
Segment Asset Turnover
The segment asset turnover ratio demonstrated variability with an initial value of 2.13 in February 2020. It declined markedly to 1.39 in January 2021, reflecting reduced efficiency in using assets to generate sales during that period. Subsequently, the ratio improved significantly, reaching 2.45 by January 2023. The ratio then stabilized around 2.42 to 2.44 from February 2024 to February 2025, indicating a consistent and enhanced efficiency in asset utilization in recent years.
Overall Insights
The data reveals a significant impact on sales and efficiency in the fiscal year 2021, likely due to external challenges during that period. Following this downturn, both sales and asset turnover improved substantially, suggesting effective management responses and market recovery. While identifiable assets fluctuated slightly, the overall upward trend supports the growth in sales and improved asset efficiency. The stabilization of the asset turnover ratio in the later years indicates sustained operational efficiency moving forward.

Segment Asset Turnover: TJX International

TJX Cos. Inc.; TJX International; segment asset turnover calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Selected Financial Data (US$ in millions)
Net sales
Identifiable assets
Segment Activity Ratio
Segment asset turnover1

Based on: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =


Net Sales
The reported net sales exhibit notable volatility across the periods. Initially, there is a significant decline from 5665 million USD in February 2020 to 3842 million USD in January 2021. This drop is followed by a recovery phase starting in January 2022, with net sales increasing steadily each year, reaching 7181 million USD by February 2025. Overall, after the initial downturn, a clear upward trend in sales is observed over the subsequent years.
Identifiable Assets
The identifiable assets display relative stability over the examined periods with minor fluctuations. Beginning at 4284 million USD in February 2020, assets slightly increase to 4389 million USD in January 2021, then decrease gradually to 4075 million USD by January 2023. Following this decline, the assets show a modest recovery to 4243 million USD by February 2025. These changes suggest a generally consistent asset base with some cyclic variation.
Segment Asset Turnover
The segment asset turnover ratio reflects operational efficiency in utilizing assets to generate sales. There is a pronounced dip from 1.32 in February 2020 to 0.88 in January 2021, indicating reduced efficiency during that interval. However, from January 2022 onward, the ratio consistently improves, climbing from 1.34 to 1.69 by February 2025. This upward movement suggests enhanced productivity and more effective use of assets in recent periods.

Segment Capital Expenditures to Depreciation

TJX Cos. Inc., capital expenditures to depreciation by reportable segment

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Marmaxx
HomeGoods
TJX Canada
TJX International

Based on: 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), 10-K (reporting date: 2020-02-01).


Marmaxx Segment
The capital expenditures to depreciation ratio for Marmaxx showed significant fluctuation over the periods analyzed. It began at 1.3 in 2020, dropped sharply to 0.45 in 2021, indicating a substantial reduction in capital investment relative to depreciation. This ratio then increased steadily in the following years, reaching 1.11 in 2022, 1.71 in 2023, 1.81 in 2024, and slightly rising to 1.85 in 2025, signaling a rebound and consistent upward trend in capital spending compared to asset depreciation.
HomeGoods Segment
The ratio for HomeGoods started at a relatively high level of 2.03 in 2020, followed by a marked decline to 1.2 in 2021. Subsequently, the ratio increased steadily to 1.63 in 2022 and continued to grow to 1.79 in 2023, reaching 1.9 in both 2024 and 2025. This pattern suggests an initial pullback in capital expenditures relative to depreciation but a strong recovery and stabilization at a higher investment level in later years.
TJX Canada Segment
The TJX Canada segment exhibited a volatile pattern, commencing with a ratio of 1.53 in 2020, then dropping to a low of 0.62 in 2021. It partially recovered to 0.95 in 2022 and then experienced a significant increase to 1.57 in 2023. The ratio peaked at 2.07 in 2024 before declining to 1.68 in 2025. This sequence reflects considerable variability in capital expenditures relative to depreciation, with a notable peak in 2024 followed by a moderate decline the subsequent year.
TJX International Segment
This segment showed generally moderate fluctuations in the ratio over the examined timeframe. Beginning at 1.29 in 2020, it declined to 0.83 in 2021 before increasing to 1.25 in 2022. The ratio rose again to 1.38 in 2023 and 1.53 in 2024 but then decreased to 1.29 in 2025. This pattern indicates a cycle of moderate decreases followed by recovery, without extreme variability, suggesting relatively stable capital expenditure levels relative to depreciation.

Segment Capital Expenditures to Depreciation: Marmaxx

TJX Cos. Inc.; Marmaxx; segment capital expenditures to depreciation calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
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: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =


The data reveals several key trends in the financial dynamics of the Marmaxx segment over the reported periods, particularly in capital expenditures, depreciation and amortization, and their interrelationship expressed as a ratio.

Capital Expenditures
Capital expenditures demonstrate a variable but overall upward trend across the periods reported. After a notable decline from 615 million US dollars in early 2020 to 216 million in early 2021, capital expenditures subsequently rose consistently, reaching 1,102 million US dollars by early 2025. This suggests a recent strategic intensification in investment or expansion activities, potentially aimed at growth or modernization.
Depreciation and Amortization
The depreciation and amortization figures remained relatively stable compared to capital expenditures, fluctuating mildly between 474 million and 595 million US dollars over the observed timeframe. The small range indicates consistent asset consumption rates despite the varying investment levels, with a slight increase toward the most recent years that may reflect asset base growth or changes in depreciation methods.
Segment Capital Expenditures to Depreciation Ratio
This ratio, which measures the relationship between investments into assets and the expense recognition of asset usage, exhibits distinct movements. Starting at 1.3 in early 2020, the ratio sharply declined to 0.45 in early 2021, mirroring the significant drop in capital expenditures during that period. Following this, the ratio steadily rose each year, surpassing the initial level and reaching 1.85 by early 2025. The increasing ratio indicates a growing investment pace relative to the depreciation expense, suggesting that the segment is likely expanding its asset base faster than it is depreciating existing assets.

In summary, the segment’s financial behavior over the considered years points to strategic fluctuations in capital investments, with a recent marked acceleration. Meanwhile, the relatively steady depreciation implies that existing assets continue to depreciate at a consistent rate, supporting the interpretation of asset base enlargement. These combined trends could reflect an emphasis on long-term growth or adaptation to competitive market conditions.


Segment Capital Expenditures to Depreciation: HomeGoods

TJX Cos. Inc.; HomeGoods; segment capital expenditures to depreciation calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
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: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =


The analysis of the HomeGoods segment data over the six-year period reveals several key trends regarding capital expenditures and depreciation expenses.

Capital Expenditures Trend
Capital expenditures have shown a generally increasing trend from 2020 through 2025. Starting at $252 million in 2020, there was a decline to $162 million in 2021, followed by a gradual increase each subsequent year, reaching $400 million by 2025. This pattern indicates a renewed and sustained investment in fixed assets after a temporary reduction in 2021.
Depreciation and Amortization Trend
Depreciation and amortization expenses have consistently increased each year over the period. The amount rose steadily from $124 million in 2020 to $210 million in 2025. This continuous increase likely reflects additions to the asset base as well as the aging and usage of existing assets.
Segment Capital Expenditures to Depreciation Ratio
The ratio of capital expenditures to depreciation expenses started relatively high at 2.03 in 2020, indicating aggressive asset investment relative to depreciation. It then fell sharply in 2021 to 1.2, aligning with the drop in capital expenditures that year. From 2022 onwards, the ratio increased gradually and stabilized at 1.9 in both 2024 and 2025. This suggests that investment levels have normalized to a level close to twice the depreciation expense, reflecting sustained asset growth and ongoing reinvestment in the segment.

Segment Capital Expenditures to Depreciation: TJX Canada

TJX Cos. Inc.; TJX Canada; segment capital expenditures to depreciation calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
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: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =


Capital Expenditures
Capital expenditures show a fluctuating trend over the observed periods. Starting at $102 million in 2020, expenditures dropped significantly to $44 million in 2021, followed by a moderate recovery to $69 million in 2022. In subsequent years, there is a marked increase, reaching a peak of $157 million in 2024 before slightly decreasing to $151 million in 2025. This pattern indicates initial scaling back on investment, followed by a robust increase in capital allocation in more recent years.
Depreciation and Amortization
Depreciation and amortization expenses have shown a gradual upward trend over the period. Beginning at $67 million in 2020, the figure rose moderately to $71 million in 2021 and continued to increase steadily, hitting $90 million in 2025. This consistent growth reflects ongoing asset utilization and possibly an expanding asset base or updated depreciation methodologies.
Segment Capital Expenditures to Depreciation Ratio
The ratio of capital expenditures to depreciation demonstrates notable variability, reflecting changes in investment relative to asset consumption. It started at 1.53 in 2020, indicating capital expenditures were substantially higher than depreciation. The ratio fell sharply to 0.62 in 2021, suggesting a significant reduction in new investments relative to asset wear and tear. Subsequently, the ratio increased to 0.95 in 2022, then climbed further to 1.57 in 2023, before peaking at 2.07 in 2024. In 2025, the ratio decreased to 1.68. Overall, this indicates a cyclical investment pattern with a recent emphasis on higher capital spending compared to asset depreciation.

Segment Capital Expenditures to Depreciation: TJX International

TJX Cos. Inc.; TJX International; segment capital expenditures to depreciation calculation

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
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: 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), 10-K (reporting date: 2020-02-01).

1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =


Capital Expenditures
Capital expenditures exhibited a fluctuating pattern over the analyzed periods. Initially, there was a notable decline from 255 million US dollars in 2020 to 146 million in 2021. Subsequently, the expenditures increased steadily, rising to 219 million in 2022, 230 million in 2023, and peaking at 270 million in 2024 before a slight decrease to 265 million in 2025.
Depreciation and Amortization
Depreciation and amortization expenses showed a general downward trend from 197 million US dollars in 2020 to a low of 167 million in 2023. This was followed by an upward movement, reaching 177 million in 2024 and further increasing to 205 million in 2025. Overall, the expenses decreased in the first part of the period but began to rise in the latter years.
Segment Capital Expenditures to Depreciation Ratio
The ratio of segment capital expenditures to depreciation demonstrated some variability throughout the periods. Starting at 1.29 in 2020, the ratio declined significantly to 0.83 in 2021, indicating lower capital investments relative to depreciation. Afterwards, it increased progressively to 1.25 in 2022 and maintained an upward trajectory to reach the highest point of 1.53 in 2024, followed by a reduction to 1.29 in 2025. These movements suggest changing investment intensities relative to asset depreciation over time.

Net sales

TJX Cos. Inc., net sales by reportable segment

US$ in millions

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Marmaxx
HomeGoods
In the United States
TJX Canada
TJX International
Total

Based on: 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), 10-K (reporting date: 2020-02-01).


The analysis of the annual reportable segment net sales data reveals several noteworthy trends and shifts over the examined periods.

Marmaxx Segment
The Marmaxx segment shows a fluctuation in net sales with an initial decline from 25,665 million USD in 2020 to 19,363 million USD in 2021. Subsequently, there is a significant recovery and growth trend, reaching 34,604 million USD by 2025. This suggests a strong rebound and consistent demand increase in this segment following the 2021 drop.
HomeGoods Segment
HomeGoods net sales present a relatively stable upward trend, with a minor dip in 2023 (8,264 million USD) after the peak of 8,995 million USD in 2022. The recovery resumes in 2024 and 2025, reaching up to 9,386 million USD, indicating steady growth and resilience within this segment.
United States Segment
The United States segment experiences a similar trajectory to Marmaxx, starting from 32,021 million USD in 2020 and dropping to 25,459 million USD in 2021. From 2022 onwards, the net sales demonstrate consistent growth, reaching 43,990 million USD by 2025. This recovery and expansion underscore a robust market presence in the US region.
TJX Canada Segment
TJX Canada shows variability with an initial notable decline from 4,031 million USD in 2020 to 2,836 million USD in 2021, followed by a steady increase through 2025, reaching 5,189 million USD. Growth post-2021 indicates improved performance and market capture in the Canadian segment.
TJX International Segment
TJX International follows a comparable trend with sales dipping from 5,665 million USD in 2020 to 3,842 million USD in 2021. Thereafter, there is a progressive increase in net sales, culminating in 7,181 million USD in 2025. The data points to recovery and expansion in international markets.
Total Net Sales
Total net sales across all segments mirror the observed patterns of decline in 2021 followed by substantial recovery and growth. After falling from 41,717 million USD in 2020 to 32,137 million USD in 2021, total sales rise steadily through the subsequent years, reaching 56,360 million USD in 2025. This overall trend aligns with a market rebound and effective strategic management post-2021 downturn.

Segment profit (loss)

TJX Cos. Inc., segment profit (loss) by reportable segment

US$ in millions

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Marmaxx
HomeGoods
In the United States
TJX Canada
TJX International
Total

Based on: 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), 10-K (reporting date: 2020-02-01).


The segment profit data over the analyzed periods reveals notable fluctuations and growth patterns across various reportable segments.

Marmaxx Segment
The Marmaxx segment exhibited significant volatility initially, with a sharp decline from 3,470 million US dollars in 2020 to 891 million in 2021. However, it recovered strongly in subsequent years, increasing to 3,813 million in 2022 and continuing an upward trend to 4,895 million by 2025.
HomeGoods Segment
This segment showed some fluctuations but generally trended upward over the period. After a dip from 681 million in 2020 to 510 million in 2021, the profit rebounded to 907 million in 2022. There was a decline to 522 million in 2023, but profits increased again, reaching 1,021 million in 2025, indicating a recovery and growth trajectory.
United States Segment
The United States segment demonstrated strong overall growth despite some volatility. Profit decreased sharply from 4,150 million in 2020 to 1,401 million in 2021. Thereafter, there was a continuous recovery and growth, with profits rising to 4,720 million in 2022 and eventually reaching 5,916 million in 2025. This segment remains the largest contributor by a wide margin.
TJX Canada Segment
Profitability in Canada showed some fluctuations but generally improved over the period. The segment dropped from 516 million in 2020 to 124 million in 2021, then steadily increased to 690 million in 2023. Profits remained relatively stable in 2024 and 2025 at around 700 million.
TJX International Segment
This segment experienced considerable instability, with a negative figure of -504 million in 2021 after 307 million in 2020. Profitability recovered from these losses, reaching 161 million in 2022 and further increasing steadily to 422 million by 2025, indicating a turnaround and improved performance.
Total Segment Profit
The total segment profit followed a similar pattern to the major segments, with a significant decline from 4,973 million in 2020 to 1,021 million in 2021. Strong recovery ensued, resulting in a consistent increase to 7,041 million by 2025. This overall growth underscores the company's resilience and effective recovery strategies post-2021 declines.

Identifiable assets

TJX Cos. Inc., identifiable assets by reportable segment

US$ in millions

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Marmaxx
HomeGoods
In the United States
TJX Canada
TJX International
Corporate
Total

Based on: 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), 10-K (reporting date: 2020-02-01).


The identifiable assets data over the six-year period reveals several distinct trends and shifts across the reportable segments. The total assets exhibit overall growth, increasing from approximately $24.1 billion in 2020 to $31.7 billion in 2025, though with some fluctuations in between.

Marmaxx
This segment shows a generally upward trajectory in assets, starting at $11.2 billion in 2020. There was a slight decline in 2021, followed by a steady increase each year, peaking at approximately $14.1 billion in 2025. This represents a sustained growth trend in the segment's asset base, suggesting expanding operations or investments.
HomeGoods
Assets in HomeGoods increased consistently from about $2.8 billion in 2020 to over $4 billion in 2025. The growth appears steady without any major dips, indicating ongoing asset accumulation and possibly expansion within this segment.
In the United States (aggregate of domestic operations)
The aggregated U.S. segment, comprising Marmaxx and HomeGoods among others, displays continuous growth, increasing from roughly $13.9 billion in 2020 to $18.2 billion in 2025. This steady rise highlights a healthy expansion in domestic assets over the period.
TJX Canada
The Canadian segment exhibits modest growth from about $1.9 billion in 2020 to $2.1 billion by 2025. There is a minor dip in 2023, but the segment recovers thereafter, indicating relative stability with a slight upward trend in asset values.
TJX International
International assets start at approximately $4.3 billion in 2020 and show a slight decline through 2023, dropping to around $4.1 billion, but then stabilize and marginally increase to about $4.2 billion by 2025. This suggests a plateauing of asset growth in international markets during the observed period.
Corporate
The corporate segment displays notable volatility. From $4 billion in 2020, assets surged sharply to over $11.3 billion in 2021, before declining in subsequent years to approximately $7.2 billion in 2025. The sharp rise and subsequent decrease could indicate reclassification, asset transfers, or one-off events impacting corporate-level assets.
Total Identifiable Assets
The total identifiable assets show a substantial increase of nearly 32% from 2020 to 2025. However, this growth is irregular, with a peak in 2021 driven mainly by the surge in corporate assets, followed by a decrease in 2022 and 2023, and a gradual recovery thereafter. The pattern suggests periods of restructuring or shifting asset allocation within the company.

Overall, the data reflects consistent growth within core operational segments, particularly in Marmaxx and HomeGoods, as well as the broader U.S. market. The Canadian and international segments are comparatively stable with moderate growth or slight contractions. The corporate segment stands out for its atypical fluctuations, which significantly influence the total asset figures in certain years. This analysis indicates a strategic push in domestic market assets, cautious international presence, and dynamic corporate asset management over the review period.


Capital expenditures

TJX Cos. Inc., capital expenditures by reportable segment

US$ in millions

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Marmaxx
HomeGoods
In the United States
TJX Canada
TJX International
Total

Based on: 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), 10-K (reporting date: 2020-02-01).


The capital expenditures data over the six-year period reveal several notable trends across various segments of the business.

Marmaxx Segment
Capital expenditures fluctuated significantly, with a low point in January 2021 and a subsequent substantial increase through February 2025. The investment grew from $216 million in 2021 to $1,102 million by 2025, indicating an aggressive expansion or enhancement strategy in this segment.
HomeGoods Segment
This segment showed consistent growth in capital expenditures every year, rising steadily from $162 million in January 2021 to $400 million in February 2025. The upward trend suggests a continuous investment focus aimed at developing the HomeGoods business.
United States Segment (Consolidated)
Capital expenditures in the United States exhibited a pronounced upward trajectory, more than tripling from $378 million in 2021 to $1,502 million in 2025. This sharp increase underscores intensified investments domestically, likely reflecting growth initiatives or infrastructural improvements.
TJX Canada
The Canadian market's capital expenditures displayed variability. After a decline to $44 million in 2021, expenditures gradually increased to a peak of $157 million in 2024, before slightly decreasing to $151 million in 2025. This suggests a somewhat cautious but generally upward investment approach in the Canadian operations.
TJX International
International investments followed a somewhat stable path with moderate growth from $146 million in 2021 to $265 million in 2025. Despite some fluctuations, the segment experienced overall capital expenditure increases, indicating steady support for international operations.
Total Capital Expenditures
Total capital expenditures reveal a strong recovery and growth pattern following a dip in 2021. After reaching a low of $568 million in 2021, total investments surged to $1,918 million in 2025, reflecting expanded capital allocation across all segments, particularly in the United States and Marmaxx.

Overall, the data demonstrate a strategy focused on significant capital deployment to support growth and expansion across most segments, with the United States and Marmaxx segments receiving the largest increases. The continued rise in total capital expenditures suggests a commitment to scaling operations and investing in infrastructure over the observed period.


Depreciation and amortization

TJX Cos. Inc., depreciation and amortization by reportable segment

US$ in millions

Microsoft Excel
Feb 1, 2025 Feb 3, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Feb 1, 2020
Marmaxx
HomeGoods
In the United States
TJX Canada
TJX International
Corporate
Total

Based on: 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), 10-K (reporting date: 2020-02-01).


The depreciation and amortization data reveals several notable trends across the reportable segments over the observed years.

Marmaxx Segment
This segment exhibits a generally upward trend in depreciation and amortization expenses, starting at 474 million US dollars in 2020 and increasing to 595 million by 2025. While there was a slight dip in 2022, the overall trajectory indicates steady growth, with the most pronounced increases occurring in the final two years.
HomeGoods Segment
The HomeGoods segment shows consistent growth across all periods, rising from 124 million in 2020 to 210 million in 2025. The year-over-year increases are relatively stable, indicating expanding asset base or intensifying amortization schedules.
United States Segment
The United States segment, encompassing overall domestic activities, grows from 598 million in 2020 to 805 million in 2025. The expenses are largely stable around 614 million during 2021 and 2022 but accelerate notably from 2023 onward, aligning with trends observed in the Marmaxx and HomeGoods individual segments.
TJX Canada Segment
This segment shows modest fluctuations, initially rising from 67 million in 2020 to 73 million in 2022, followed by a slight decline in 2023, and then increasing to 90 million by 2025. The variation suggests some asset turnover or changes in amortization policies within the Canadian operations.
TJX International Segment
The international segment experiences a declining trend from 197 million in 2020 down to 167 million in 2023, before a recovery to 205 million in 2025. This U-shaped pattern might reflect asset disposals or currency effects initially, followed by reinvestment or acquisition of new assets in recent years.
Corporate
Corporate-level depreciation and amortization remain minor relative to operating segments, fluctuating between 4 and 10 million throughout the period without a clear trend. This steadiness may indicate consistent corporate asset usage or minimal capital expenditures at the corporate level.
Total
The aggregate depreciation and amortization expenses increase steadily from 867 million in 2020 to 1,104 million in 2025, reflecting overall growth in asset base or intensity of amortization across all segments. The growth trend is fairly smooth, with a slight dip during 2021-2022 but stronger increases afterward, corresponding with segmental dynamics discussed above.