The TJX Companies, Inc. stands as the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. This position is built on a mission to deliver great value to customers every day, offering a rapidly changing assortment of high-quality, fashionable, brand name, and designer merchandise at prices generally 20% to 60% below full-price retailers’ regular prices on comparable merchandise. The off-price business model emphasizes flexibility, allowing the company to adapt to various retail and economic environments while maintaining resiliency over its 48-year history.
Company overview
The treasure-hunt shopping experience is a cornerstone, providing customers with an entertaining way to discover eclectic mixes of goods across good, better, and best brands. This approach appeals to a wide range of fashion- and value-conscious consumers, spanning income levels and age demographics, with continued attraction of younger customers. High customer satisfaction scores and strong value perception further underscore the model’s effectiveness.
Global operations include over 5,000 stores across nine countries on three continents, supported by six e-commerce sites in the U.S. and Europe. The company sources merchandise opportunistically, with more than 1,300 buyers engaging over 21,000 vendors from more than 100 countries. This enables close-to-need buying and quick reactions to consumer preferences and marketplace availability.
The workforce of approximately 364,000 associates worldwide brings the business to life, contributing to success through dedication and hard work. Ranked 76th on the Fortune 500 list, the company demonstrates consistent market share gains in every geography, driven by excellent values and execution.
Business segments and revenue breakup %
The TJX Companies, Inc. operates four main segments, each contributing to the off-price retail strategy.
- Marmaxx (U.S.) This segment includes TJ Maxx, Marshalls, and Sierra, making it the largest off-price retailer in the United States. Net sales for fiscal 2025 reached $34,604 million, representing approximately 61% of total net sales. Segment profit was $4,895 million, with a margin of 14.1%.
- HomeGoods (U.S.) Comprising HomeGoods and Homesense, this segment focuses on home fashions. Net sales for fiscal 2025 were $9,386 million, accounting for about 17% of total net sales. Segment profit totaled $1,021 million, with a margin of 10.9%.
- TJX Canada Operating Winners, HomeSense, and Marshalls in Canada. Net sales for fiscal 2025 amounted to $5,189 million, comprising roughly 9% of total net sales. Segment profit was $703 million, with a margin of 13.5%.
- TJX International Encompassing TK Maxx and Homesense in Europe and TK Maxx in Australia. Net sales for fiscal 2025 were $7,181 million, making up approximately 13% of total net sales. Segment profit reached $422 million, with a margin of 5.9%.
Total net sales for fiscal 2025 were $56,360 million. All segments delivered comparable store sales growth of 4% or above, primarily driven by increased customer transactions, highlighting the model’s consistency across geographies. Segments leverage global buying presence, strong vendor relationships, and operational flexibility as “One TJX” to capitalize on marketplace opportunities.
History and evolution
The TJX Companies, Inc. traces its origins back 48 years to 1976, when Bernard (Ben) Cammarata, then General Merchandising Manager of Marshalls, was recruited by Zayre Corp. to develop and launch a new off-price chain selling family apparel and home fashions. The first TJ Maxx stores opened in 1977, marking the beginning of the company’s off-price journey.
Over the decades, the business evolved through strategic expansions, banner launches, and market entries. TK Maxx entered Europe in 1994, establishing a presence in the United Kingdom. Subsequent growth included Canada with Winners, HomeSense, and Marshalls, and Australia with TK Maxx. Homesense and Sierra were added to enhance home and outdoor offerings.
Milestones include surpassing $56 billion in annual sales, opening the 5,000th store overall, and the 1,000th HomeGoods store. The resilient model has navigated various economic cycles, demonstrating flexibility and strength while consistently gaining market share.
Products and services with revenue breakup %
The company offers an eclectic assortment of high-quality merchandise across categories such as family apparel, accessories, shoes, domestics, giftware, jewelry, and home fashions from around the world. The mix spans good, better, and best brands, with strength in both apparel and home categories.
Product revenue breakup for fiscal 2025: apparel (clothing including footwear) 44%, accessories including jewelry and beauty 21%, home fashions 35%. This distribution reflects the last three fiscal years’ trends, with apparel at 47% in 2024 and 48% in 2023, accessories at 18% in 2024 and 17% in 2023, home at 35% consistently.
E-commerce sites provide similar off-price selections, with sales less than 4% of net sales in international and less than 3% in Marmaxx. Year-round gifting opportunities position banners as destinations beyond holidays.
No standalone services revenue; focus is retail.
Brand portfolio with revenue %
The global brand portfolio includes:
- TJ Maxx (U.S., e-commerce): Family apparel and home fashions.
- Marshalls (U.S., Canada): Apparel, accessories, home.
- Sierra (U.S., e-commerce): Outdoor and active, within Marmaxx.
- HomeGoods (U.S.): Home fashions.
- Homesense (U.S., Canada, Europe): Off-price home goods.
- Winners (Canada): Off-price family apparel and home.
- TK Maxx (Europe, Australia, e-commerce in select): Apparel and home, Europe’s major off-price retailer.
Revenue by banner not disclosed; aligns with segments: Marmaxx 61%, HomeGoods 17%, TJX Canada 9%, TJX International 13%.
Geographical presence and region-wise revenue %
Operations span nine countries:
- United States: Marmaxx and HomeGoods, e-commerce. Net sales $43,990 million (78% of total), with Northeast 21%, Midwest 13%, South (including Puerto Rico) 28%, West 16%.
- Canada: TJX Canada banners. Net sales $5,189 million (9%).
- Europe: TK Maxx and Homesense, e-commerce. Part of TJX International, contributing to 12%.
- Australia: TK Maxx. Part of TJX International, 1%.
Store counts: US 3,695 (Marmaxx 2,563, Sierra 117, HomeGoods 1,015); Canada 576; Europe 730; Australia 84.
Distribution centers: 42 total, 30 million sq ft. Offices: 3.7 million sq ft, HQ Framingham, MA.
Plans: Enter Spain early 2026 as 10th country.
Financial performance analysis
Fiscal 2025 net sales $56,360 million, up 4% from $54,217 million in 2024 (53 weeks), and 13% from $49,936 million in 2023. Comparable store sales grew 4% in 2025, driven by transactions.
Pretax profit margin 11.5% in 2025, up from 11.0% in 2024 and 9.3% in 2023.
Net income $4,864 million in 2025, from $4,474 million in 2024, $3,498 million in 2023.
Diluted EPS $4.26 in 2025 (up 10% from $3.86 in 2024, 13% from adjusted $3.76).
Operating cash flow $6,116 million in 2025, from $6,057 million in 2024, $4,084 million in 2023.
Cash $5,335 million at 2025 end.
Stock performance: $100 invested Jan 31, 2020 grew to ~250 by Feb 1, 2025, outperforming S&P 500 (~200) and DJUSRA (~150).
Profit and loss analysis
Consolidated Statements of Income (millions):
- Net sales: 2025 $56,360, 2024 $54,217, 2023 $49,936. Growth reflects comp increases, new stores.
- Cost of sales: 2025 $39,112 (69.4%), 2024 $37,951 (70.0%), 2023 $36,149 (72.4%). Ratio decrease due to higher margin, lower freight.
- SG&A: 2025 $10,946 (19.4%), 2024 $10,469 (19.3%), 2023 $8,927 (17.9%). Increase from wage, payroll.
- Impairment: 2023 $218 (0.4%), none 2024-2025.
- Interest income net: 2025 $(181), 2024 $(170), 2023 $6.
- Income before taxes: 2025 $6,483, 2024 $5,967, 2023 $4,636.
- Tax provision: 2025 $1,619 (25.0%), 2024 $1,493 (25.0%), 2023 $1,138 (24.5%).
- Net income: 2025 $4,864, 2024 $4,474, 2023 $3,498.
Margin movements: Pretax up 0.5 points 2025 vs 2024 from cost leverage.
Balance sheet analysis
Consolidated Balance Sheets (millions, Feb 1 2025 vs Feb 3 2024):
Assets:
- Cash: $5,335 vs $5,600.
- Accounts receivable: $549 vs $529.
- Inventories: $6,421 vs $5,965.
- Prepaid/other current: $617 vs $511.
- Income taxes recoverable: $69 vs $59.
- Current total: $12,991 vs $12,664.
- Property net: $7,346 vs $6,571.
- Deferred taxes net: $148 vs $172.
- Lease assets: $9,641 vs $9,396.
- Goodwill: $94 vs $95.
- Other assets: $1,529 vs $849.
- Total assets: $31,749 vs $29,747.
Liabilities:
- Accounts payable: $4,257 vs $3,862.
- Accrued/other current: $5,040 vs $4,870.
- Lease current: $1,636 vs $1,620.
- Taxes payable: $75 vs $99.
- Current total: $11,008 vs $10,451.
- Long-term liabilities: $1,050 vs $924.
- Deferred taxes: $156 vs $148.
- Lease long-term: $8,276 vs $8,060.
- Long-term debt: $2,866 vs $2,862.
- Total liabilities: $23,356 vs $22,445.
Equity: $8,393 vs $7,302.
Strong liquidity, inventory up for growth.
Cash flow analysis
Consolidated Statements of Cash Flows (millions):
Operating:
- Net income: 2025 $4,864, 2024 $4,474, 2023 $3,498.
- Dep/amort: 1,104, 964, 887.
- Impairment: 0, 0, 218.
- Loss disposals: 10, 61, 23.
- Deferred tax: 28, (7), 64.
- Share-based: 183, 160, 122.
Changes:
- Receivables: (26), 37, (51).
- Inventories: (539), (145), 58.
- Taxes recoverable: (10), 60, (5).
- Prepaid: (31), (40), (73).
- Payables: 448, 64, (600).
- Accrued: 228, 443, (23).
- Taxes payable: (31), 46, (126).
- Lease liabilities: (12), (18), (1).
- Other: (100), (42), 93.
- Operating cash: $6,116, $6,057, $4,084.
Investing:
- Property additions: (1,918), (1,722), (1,457).
- Equity purchases: (551), 0, 0.
- Investments purchases: (35), (28), (31).
- Sales/maturities: 27, 33, 18.
- Investing cash: $(2,477), $(1,717), $(1,470).
Financing:
- Repurchases: (2,513), (2,484), (2,255).
- Stock issuance: 366, 285, 321.
- Dividends: (1,648), (1,484), (1,339).
- Debt repayment: 0, (500), 0.
- Other: (43), (32), (33).
- Financing cash: $(3,838), $(4,215), $(3,306).
Exchange effect: (66), (2), (58).
Net change: (265), 123, (750).
Beginning cash: 5,600, 5,477, 6,227.
Ending cash: $5,335, $5,600, $5,477.
Strong operating cash supports investments, returns.
Board of directors and leadership team
Board of Directors:
- Carol Meyrowitz: Director since 2006, Executive Chairman of the Board.
- Ernie Herrman: Director since 2015.
- José B. Alvarez: Independent Director.
- Alan M. Bennett: Independent Director.
- Rosemary T. Berkery: Independent Director.
- David T. Ching: Independent Director.
- C. Kim Goodwin: Independent Director.
- Amy B. Lane: Independent Director.
- Jackwyn L. Nemerov: Independent Director.
- John F. O’Brien: Independent Director.
- Zein Abdalla: Independent Director.
The board oversees governance, with committees for audit, compensation, etc.
Executive Leadership:
- Carol Meyrowitz: Executive Chairman of the Board.
- Ernie Herrman: Chief Executive Officer and President.
- Peter Benjamin: Senior Executive Vice President, Group President.
- Ken Canestrari: Senior Executive Vice President, Group President.
- John Klinger: Senior Executive Vice President, Chief Financial Officer.
- Douglas Mizzi: Senior Executive Vice President, Group President.
- Alicia Kelly: Executive Vice President, Secretary, General Counsel.
- Louise Greenlees: Senior Executive Vice President.
- Bernard Cammarata: Founder.
Subsidiaries, associates, joint ventures and revenue %
- Joint venture with Grupo Axo in Mexico: 49% ownership in Multibrand Outlet Stores S.A.P.I. de C.V., operating over 200 stores under Promoda, Reduced, Urban Store. Investment $193 million.
- Minority investment in Brands for Less in Middle East: 35% ownership, operating over 100 stores in UAE, Saudi Arabia, e-commerce. Investment $358 million.
Both accounted for under equity method, no revenue contribution disclosed for 2025.
No other subsidiaries listed.
Physical properties (offices, plants, factories, etc.)
Headquarters: 770 Cochituate Road, Framingham, Massachusetts 01701.
Office space: Owned and leased 3.7 million square feet, primarily in U.S.
Distribution centers: 42 facilities, 30 million square feet (owned 16 million in 17 centers, leased 14 million in 25 centers). Breakdown: Marmaxx 15 million in 18, HomeGoods 5 million in 7, Sierra 2 million in 2, TJX Canada 3 million in 5, TJX International 5 million in 10.
Stores: Over 5,000 locations, detailed by region.
Investments in LED, HVAC efficiency, solar for sustainability.
Segment-wise performance
Marmaxx: Sales 2025 $34,604M (+4%), 2024 $33,413M, 2023 $30,545M. Comp 4% 2025, 6% 2024. Margin 14.1% 2025 (up from 13.8%). Stores 2,680 end 2025. Home outperformed apparel.
HomeGoods: Sales 2025 $9,386M (+4%), 2024 $8,990M, 2023 $8,264M. Comp 4% 2025, 3% 2024. Margin 10.9% 2025 (up from 9.6%). Stores 1,015 end 2025.
TJX Canada: Sales 2025 $5,189M (+3%), 2024 $5,046M, 2023 $4,912M. Comp 5% 2025, 3% 2024. Margin 13.5% 2025 (down from 14.2%). Stores 576 end 2025.
TJX International: Sales 2025 $7,181M (+6%), 2024 $6,768M, 2023 $6,215M. Comp 4% 2025, 3% 2024. Margin 5.9% 2025 (up from 4.9%). Stores 814 end 2025.
Assets: Marmaxx $14,137M 2025, HomeGoods $4,037M, TJX Canada $2,128M, TJX International $4,243M, Corporate $7,204M.
Capex: Marmaxx $1,102M 2025, HomeGoods $400M, TJX Canada $151M, TJX International $265M.
Dep/amort: Marmaxx $595M, HomeGoods $210M, TJX Canada $90M, TJX International $205M, Corporate $4M.
Founders
Bernard (Ben) Cammarata pioneered the off-price concept, recruited in 1976 by Zayre Corp. to launch TJ Maxx in 1977.
Shareholding pattern
Institutional investors own 89.88%, insiders 0.50%, public 9.61%.
Major holders: Vanguard Group Inc. 101.96M shares (9.18%), Blackrock Inc. 101.42M (9.13%), State Street Corp. 48.22M (4.33%), FMR LLC (Fidelity) 24.04M (2.16%), Geode Capital Management 26.34M (2.37%), Wellington Management 24.04M (2.16%).
No promoters identified.
Parent
No parent company; standalone Delaware corporation.
Investments and capital expenditure plans
Investments: Joint venture with Grupo Axo $193M (49% in Mexico operations), minority in Brands for Less $358M (35% in Middle East).
Capex: $1,918M in 2025 ($176M new stores, $788M renovations, $954M offices/DCs/IT). Plan $2.1-2.2B in 2026 ($0.2B new stores, $0.9B renovations, $1.0-1.1B offices/DCs/IT).
No R&D spending disclosed.
Future strategy
Focus on driving sales through values, assortments, marketing, year-round gifting. Expand to over 7,000 stores (+1,900 net): 3,000 TJ Maxx/Marshalls U.S., 325 Sierra, 1,800 HomeGoods/Homesense U.S., 650 Canada, 1,225 International (100 Spain).
Enter Spain early 2026. Enhance e-commerce with categories/brands. Attract younger customers. Flexible model to navigate environments, with experienced teams for growth and profitability.
Competitive landscape
The company competes with other off-price retailers, discount outlets, and stores handling similar merchandise lines.
- Ross Stores
- Burlington Stores
- Nordstrom Rack
- Saks Off 5th
- Macy’s Backstage
Differentiation comes from scale, global buying presence, vendor relationships, and the entertaining treasure-hunt experience.
Key strengths
- Flexible off-price business model proven across retail and economic environments
- Extensive global sourcing network with over 1,300 buyers and 21,000 vendors in more than 100 countries
- Broad appeal to diverse demographics, including attracting younger customers
- Strong vendor relationships and distribution flexibility
- Transaction-driven comparable store sales growth
- High customer satisfaction scores and strong value perception
- Consistent operational execution and market share gains
- Robust financial position with strong cash flow and liquidity
- Deep talent pool with long tenures and focus on teaching, training, and developing associates
Key challenges and risks
- Intense competition from retailers with greater resources
- Variability inherent in opportunistic buying and inventory management
- Rapid shifts in consumer trends and preferences
- Challenges managing large-scale operations, merchandise flow, and workforce
- Economic and retail cycles affecting discretionary spending
- Data security and technology maintenance requirements
- Severe weather, disruptions, health crises impacting operations
- Utility, transportation, commodity cost increases
- Currency fluctuations affecting revenues, earnings
- Regulatory compliance in labor, import, environmental, privacy
- Litigation outcomes adversely affecting results
- Merchandise quality/safety issues harming reputation
- Inventory loss/theft impacting safety, results
- Cash flow insufficient for growth, returns
- Market expectations not met, stock volatility
Conclusion and strategic outlook
With strong fiscal 2025 performance, including net sales of $56.4 billion and diluted EPS of $4.26, TJX is well-positioned for long-term growth. The company plans to expand its global store base to over 7,000 locations while enhancing e-commerce and driving traffic through outstanding values and initiatives. The off-price model’s differentiation, combined with decades of top- and bottom-line growth, supports continued market share expansion, sales increases, and profitability improvement across many years. Confidence stems from flexible operations, talented associates, and a commitment to delivering great value every day.
FAQ section
What is The TJX Companies, Inc.?
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide, operating over 5,000 stores across nine countries with brands including TJ Maxx, Marshalls, HomeGoods, Winners, and TK Maxx.
How many stores does TJX operate?
Over 5,000 stores globally, with long-term potential for more than 7,000 stores.
What were TJX’s annual net sales?
Net sales surpassed $56 billion.
What is TJX’s off-price business model?
TJX offers brand name and designer merchandise at prices generally 20% to 60% below full-price retailers, with rapidly changing assortments creating a treasure-hunt shopping experience.
Who leads The TJX Companies, Inc.?
Ernie Herrman serves as Chief Executive Officer and President, with Carol Meyrowitz as Executive Chairman of the Board.
What is TJX’s long-term growth target?
The company sees potential to grow to more than 7,000 stores in existing and announced geographies, including entry into Spain.
What was TJX’s diluted earnings per share?
Diluted earnings per share were $4.26.
In how many countries does TJX operate?
Nine countries, with plans to enter Spain as the 10th country in early 2026.
What drives TJX’s comparable store sales growth?
Growth is driven entirely by an increase in customer transactions.
How does TJX support corporate responsibility?
Efforts focus on supporting Associates, community giving (over 2,500 nonprofits), environmental sustainability goals (energy reduction, waste diversion), and global social compliance including factory auditing.
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
