TJXNYSERetail-Family Clothing StoresUS GAAP · USD

The TJX Companies, Inc

TJX Companies is a U.S.-based off-price retailer that sells brand-name apparel, footwear, accessories, home fashions, and related merchandise through a portfolio of store banners and e-commerce sites. Its business spans the United States, Canada, Europe, and Australia, with operations organized around Marmaxx, HomeGoods, TJX Canada, TJX International, and Sierra.

Revenue60.4bn USD
+7.1 %y/y
Net income5,494m USD
+13.0 %y/y
Free cash flow4,917m USD
+17.1 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

020406080bn USD2021: 32.1 bn USD20212022: 48.6 bn USD20222023: 49.9 bn USD20232024: 54.2 bn USD20242025: 56.4 bn USD20252026: 60.4 bn USD202660.4
RevenueOperating profit (EBIT)

Business

Share of revenue
Apparel and footwear45 %

Family apparel, shoes, and related fashion merchandise sold through TJ Maxx, Marshalls, and other banners.

Home fashions30 %

Home décor, home basics, decorative accessories, giftware, and related household merchandise.

Accessories and beauty15 %

Handbags, jewelry, beauty items, and other fashion accessories sold in stores and online.

Other merchandise10 %

Seasonal, gift, and opportunistic closeout goods across the off-price assortment.

Customers

TJX serves value-oriented shoppers who want brand-name and designer merchandise at off-price points, often across a wide range of income levels. Customers are drawn to the changing assortment and the treasure-hunt shopping experience, which encourages frequent store visits and cross-shopping between banners. The company also serves online shoppers through banner-specific e-commerce sites in the U.S. and Europe.

Value-oriented apparel shoppers

Buy family apparel, footwear, and accessories at off-price points because of brand access and discounting.

Home fashions shoppers

Buy home basics, décor, and giftware for variety and price advantage across HomeGoods and Homesense.

Cross-shopping treasure-hunt customers

Visit multiple banners to find changing assortments and opportunistic buys.

Online convenience shoppers

Use tjmaxx.com, marshalls.com, tkmaxx.com, and related sites for selected merchandise.

Strategy

TJX’s strategy centers on opportunistic buying, rapid inventory turns, and a constantly changing assortment that creates a treasure-hunt shopping experience. It also invests in store renovations, distribution capacity, and selective e-commerce while using its scale and vendor relationships to source merchandise across categories and geographies.

Merchandise sourcing and allocationShort term

The off-price model depends on buying the right goods at the right time and placing them in the right stores.

Store and distribution investmentMedium term

Renovated stores and efficient logistics support customer experience and inventory flow.

Selective international expansionMedium term

New markets and minority investments extend the off-price model beyond core geographies.

Geography

TJX operates primarily in the United States, but it also has meaningful retail and e-commerce operations in Canada, Europe, and Australia. Its store base and distribution network span multiple countries, which supports sourcing flexibility and broadens the customer base while also exposing the business to currency, regulatory, and local-market differences.

Risks

TJX is exposed to execution risk in buying, inventory management, and store allocation because its model depends on obtaining the right merchandise at the right time and price. It also faces international, cybersecurity, labor, and reputation risks, along with intense competition from department stores, specialty retailers, and online channels.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Opportunistic buying and inventory execution1International operating and compliance risk2Cybersecurity and IT disruption3Labor availability and retention4Reputation and customer trust5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Opportunistic buying and inventory executionImpact: HighLikelihood: Medium

    The business depends on sourcing the right merchandise in the right mix and timing.

    ExposureMerchandise buyingAllocationInventory turns
  2. International operating and compliance riskImpact: HighLikelihood: Medium

    Operations in multiple countries create exposure to local laws, customs, taxes, and political conditions.

    ExposureEuropeCanadaAustraliaNew market investments
  3. Cybersecurity and IT disruptionImpact: HighLikelihood: Medium

    Store, e-commerce, and back-office systems are critical to customer experience and operations.

    ExposureDigital channelsCustomer dataLogistics systems
  4. Labor availability and retentionImpact: MediumLikelihood: High

    Stores and distribution centers require large numbers of associates and seasonal hiring.

    ExposureRetail storesDistribution centersManagement talent
  5. Reputation and customer trustImpact: MediumLikelihood: Medium

    The brand depends on customer perceptions of value, service, and shopping experience.

    Exposure: All banners and online channels

Accounting

Judgemental items
Inventory valuation

Off-price inventory is highly time-sensitive and subject to markdown risk if merchandise does not sell as planned.

Impact: Can materially affect gross margin and period-end inventory values

Lease accounting

A large store base creates significant right-of-use assets and lease liabilities.

Impact: Affects operating lease assets, liabilities, and expense recognition

Capital expenditure and depreciation

Store renovations, distribution centers, and IT systems are major recurring investments.

Impact: Drives depreciation, amortization, and cash flow timing

Seasonality and 53rd-week effects

Fiscal calendars can include an extra week and retail demand is seasonal.

Impact: Affects comparability of quarterly and annual results

Foreign currency translation

International operations expose reported results to exchange-rate movements.

Impact: Affects consolidated revenue and earnings translation

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026