June 1, 2026 
The TJX Companies, Inc. (NYSE: TJX) is the leading off-price apparel and home fashions retailer in the United States and around the world. It operates more than 5,200 stores across nine countries under banners such as T.J. Maxx, Marshalls, HomeGoods, Homesense, Sierra, Winners, and TK Maxx. TJX’s fiscal reporting periods consist of 52 or 53 weeks ending on the Saturday closest to January 31. Its fiscal 2026 ended January 31, 2026, and its fiscal 2025 ended February 1, 2025.
On February 25, 2026, TJX reported record results for fiscal 2026. Net sales crossed the $60 billion mark for the first time, comparable store sales grew 5%, and diluted earnings per share of $4.87 were 14% higher than the prior year. Management also announced plans to raise the dividend 13% and repurchase $2.50 to $2.75 billion of stock in fiscal 2027. Strong results like these invite a closer look at the underlying financial statements. In this post, we will use three of the most common financial statement analysis tools, horizontal analysis, vertical analysis, and ratio analysis, to interpret what the numbers are telling us.
Please note that the financial statements below have been adapted and condensed for educational use and should not be used for investment decisions.
TJX’s complete, unabridged financial statements can be found on its investor relations website.
Condensed Income Statement
| The TJX Companies, Inc. | ||
| Consolidated Statements of Income (Condensed) | ||
| (In millions, except per share amounts) | Fifty-Two Weeks Ended January 31, 2026 | Fifty-Two Weeks Ended February 1, 2025 |
| Net sales | $60,372 | $56,360 |
| Cost of sales, including buying and occupancy costs | 41,679 | 39,112 |
| Selling, general and administrative expenses | 11,515 | 10,946 |
| Interest (income), net | (121) | (181) |
| Income before income taxes | 7,299 | 6,483 |
| Provision for income taxes | 1,805 | 1,619 |
| Net income | $5,494 | $4,864 |
| Diluted earnings per share | $4.87 | $4.26 |
| Cash dividends declared per share | $1.70 | $1.50 |
Condensed Balance Sheet
| The TJX Companies, Inc. | ||
| Consolidated Balance Sheets (Condensed) | ||
| (In millions) | January 31, 2026 | February 1, 2025 |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $6,230 | $5,335 |
| Accounts receivable and other current assets | 1,675 | 1,235 |
| Merchandise inventories | 7,297 | 6,421 |
| Total current assets | 15,202 | 12,991 |
| Net property at cost | 8,220 | 7,346 |
| Operating lease right of use assets | 10,330 | 9,641 |
| Goodwill | 96 | 94 |
| Other assets | 1,919 | 1,677 |
| Total assets | $35,767 | $31,749 |
| Liabilities and shareholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $4,575 | $4,257 |
| Accrued expenses and other current liabilities | 6,061 | 5,115 |
| Current portion of operating lease liabilities | 1,726 | 1,636 |
| Current portion of long-term debt | 999 | 0 |
| Total current liabilities | 13,361 | 11,008 |
| Other long-term liabilities | 1,184 | 1,050 |
| Non-current deferred income taxes, net | 268 | 156 |
| Long-term operating lease liabilities | 8,894 | 8,276 |
| Long-term debt | 1,870 | 2,866 |
| Shareholders’ equity | 10,190 | 8,393 |
| Total liabilities and shareholders’ equity | $35,767 | $31,749 |
Note: The condensed financial statements above can also be downloaded in Excel format for enhanced readability and accessibility. The statements should not be used for investment decisions; they have been adapted for educational purposes.
View a quick tutorial video about financial statement analysis and then answer the following questions.
Note to instructors: This post is assignable in Pearson’s MyLab and has questions that are auto-graded.
Discussion Questions
- TJX is often described as an “off-price” retailer. Based on its fiscal 2026 financial statements, what evidence would you point to on the income statement and balance sheet to support, or to challenge, the idea that off-price retailing is a profitable business model?
- When you perform a horizontal analysis on TJX’s income statement, what stands out about the pace of growth across different line items? What might explain why net income grew at a faster rate than net sales?
- A vertical analysis of TJX’s income statement shows a small improvement in the gross profit margin from fiscal 2025 to fiscal 2026. What factors could cause a company’s gross profit margin to expand, and what risks would a company face if it tried to push that margin even higher?
- TJX’s current ratio declined slightly from fiscal 2025 to fiscal 2026. Does a lower current ratio automatically signal a weakening of the company’s financial position? What additional information would you want to review before drawing conclusions about the company’s liquidity?
- If you were comparing TJX with another large retailer, such as Macy’s or Kohl’s, which ratios would you focus on first, and why? How might differences in business model, off-price versus traditional department store, affect how you interpret those ratios?
Accounting in the Headlines 
Dr. Tietz,
Your blogs have been very valuable in my classes.
I’m writing to request that you redirect these to my Fairleigh Dickinson University email address: normcma@fdu.edu.
I have retired as an adjunct at Bergen Community College but continue to teach at FDU.
Many thanks.
Norm Chester CMA
Thank you for your kind words. I actually do not have access to the email addresses. If you look when you go to a post, there may be an unsubscribe button. You can also open the blog post in a different browser and click on subscribe with your new email address.