TJX COMPANIES INC /DE/
For the period ended Nov 1, 2025. Filed Dec 2, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 1, 2025 · Filed Dec 2, 2025
TJX$135.30-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-08-02; filed 2025-08-29.
0000109198-25-000054
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-11-01; filed 2025-12-02.
0000109198-25-000061
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 120 previous paragraphs and 120 current paragraphs.
60 unchanged; 47 reworded; 12 added; 13 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
The Thirteen Weeks (third quarter) and Thirty-Nine Weeks (nine months) Ended November 1, 2025
Current report
The Thirteen Weeks (third quarter) and Thirty-Nine Weeks (nine months) Ended November 2, 2024
Current report
–Diluted earnings per share for the third quarter of fiscal 2026 were $1.28 versus $1.14 in the third quarter of fiscal 2025.
Current report
SG&A expenses, as a percentage of net sales, was 19.7% for the first nine months of fiscal 2026, an increase of 0.2 percentage points compared to 19.5% for the first nine months of fiscal 2025. The increase in the SG&A ratio for the first nine months of fiscal 2026 was due to incremental store wage and payroll costs and contributions to our charitable foundations.
Current report
Segment profit margin increased to 13.5% for the third quarter of fiscal 2026 compared to 12.3% for the same period last year. This increase in segment profit margin for the third quarter of fiscal 2026 was driven by favorable merchandise margin and lower supply chain and store costs as a result of a higher average ticket. Merchandise margin reflects lower freight costs and favorable markon partially offset by higher markdowns.
Current report
Segment profit margin increased to 11.3% for the first nine months of fiscal 2026 compared to 10.4% for the same period last year. This increase in segment profit margin for the first nine months of fiscal 2026 was driven by favorable merchandise margin and expense leverage on higher comp sales. Merchandise margin reflects lower markdowns and lower freight costs.
Current report
The increase in comp sales for both the third quarter and first nine months of fiscal 2026 was driven by an increase in customer transactions.
Current report
Segment profit margin decreased to 14.9% for the third quarter of fiscal 2026 compared to 15.1% for the same period last year. This decrease for the third quarter of fiscal 2026 was primarily driven by capitalized inventory costs, higher incentive compensation costs and incremental store wage and payroll costs. These costs were partially offset by expense leverage on higher comp sales and higher merchandise margin. Within merchandise margin, lower markon, driven by the negative impact of transactional foreign exchange on the cost of merchandise, was more than offset by lower freight costs.
Current report
For both periods presented, capitalized inventory costs reflect a greater portion of our buying and distribution costs being expensed in the current year compared to the respective periods in the prior year.
Current report
The increase in comp sales for both the third quarter and first nine months of fiscal 2026 was driven by an increase in customer transactions.
Current report
Segment profit margin increased to 9.2% for the third quarter of fiscal 2026 compared to 7.3% for the same period last year. This increase for the third quarter of fiscal 2026 was primarily due to higher merchandise margin and the favorable impact of transactional foreign exchange. Merchandise margin reflects higher markon and lower markdowns.
Current report
The increase in general corporate expense for both the third quarter of fiscal 2026 and first nine months of fiscal 2026 was primarily driven by higher other administrative costs, contributions to our charitable foundations and incentive compensation costs.
Removed paragraphs (13)
Previous report
The Thirteen Weeks (second quarter) and Twenty-Six Weeks (six months) Ended August 2, 2025
Previous report
The Thirteen Weeks (second quarter) and Twenty-Six Weeks (six months) Ended August 3, 2024
Previous report
–Diluted earnings per share for the second quarter of fiscal 2026 were $1.10 versus $0.96 in the second quarter of fiscal 2025.
Previous report
For both the second quarter and first six months of fiscal 2026, merchandise margin was flat despite the increased tariff costs.
Previous report
SG&A expenses, as a percentage of net sales, was 19.5% for the first six months of fiscal 2026, flat compared to the first six months of fiscal 2025.
Previous report
Segment profit margin decreased to 14.0% for the first six months of fiscal 2026 compared to 14.1% for the first six months last year. The decrease in segment profit margin for the first six months of fiscal 2026 was primarily driven by an increase in occupancy costs and incremental store wages partially offset by operational efficiencies in stores.
Previous report
Segment profit margin increased to 10.1% for the first six months of fiscal 2026 compared to 9.3% for the same period last year. This increase in segment profit margin for the first six months of fiscal 2026 was primarily driven by lower supply chain costs and favorable merchandise margin. Merchandise margin reflects lower markdowns partially offset by lower markon and higher freight costs.
Previous report
The increase in comp sales for both the second quarter and first six months of fiscal 2026 was driven by an increase in customer transactions.
Previous report
Segment profit margin increased to 16.0% for the second quarter of fiscal 2026 compared to 15.0% for the same period last year. This increase for the second quarter of fiscal 2026 was primarily driven by expense leverage on higher comp sales and operational efficiencies in supply chain and stores partially offset by incremental store wages.
Previous report
The increase in comp sales for both the second quarter and first six months of fiscal 2026 was driven by an increase in customer transactions.
Previous report
Segment profit margin increased to 5.2% for the second quarter of fiscal 2026 compared to 4.4% for the same period last year. This increase for the second quarter of fiscal 2026 was primarily due to lower administrative costs, operational efficiencies in stores and favorable occupancy costs, partially offset by incremental store wages.
Previous report
The decrease in general corporate expense for the second quarter of fiscal 2026 was primarily driven by the favorable year-over-year impacts related to the mark-to-market adjustments on inventory hedges and fuel hedges.
Previous report
The increase in general corporate expense for the first six months of fiscal 2026 was primarily driven by the unfavorable year-over-year impacts related to the mark-to-market adjustments on inventory hedges.
Reworded paragraphs (47)
Previous wording
We are the leading off-price apparel and home fashions retailer in the U.S. and worldwide. Our mission is to deliver great value to our customers every day. We do this by selling a rapidly changing assortment of apparel, home fashions and other merchandise at prices generally 20% to 60% below full-price retailers’ (including department, specialty and major online retailers) regular prices on comparable merchandise, every day through our storesand six e-commerce sites. We operate over 5,100 stores through our four segments: in the U.S., Marmaxx (which operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com) and HomeGoods (which operates HomeGoods and Homesense); TJX Canada (which operates Winners, HomeSense and Marshalls in Canada); and TJX International (which operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe, and TK Maxx in Australia). In addition to our four segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.
Current wording
We are the leading off-price apparel and home fashions retailer in the U.S. and worldwide. Our mission is to deliver great value to our customers every day. We do this by selling a rapidly changing assortment of apparel, home fashions and other merchandise at prices generally 20% to 60% below full-price retailers’ (including department, specialty and major online retailers) regular prices on comparable merchandise, every day through our storesand six e-commerce sites. We operate nearly 5,200 stores through our four segments: in the U.S., Marmaxx (which operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com) and HomeGoods (which operates HomeGoods and Homesense); TJX Canada (which operates Winners, HomeSense and Marshalls in Canada); and TJX International (which operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe, and TK Maxx in Australia). In addition to our four segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment.
Previous wording
–Net sales increased 7% to $14.4 billion for the second quarter of fiscal 2026 versus last year’s second quarter sales of $13.5 billion. As of August 2, 2025, the number of stores in operation increased approximately 3% and the selling square footage increased approximately 2% compared to the end of the second quarter of fiscal 2025.
Current wording
–Net sales increased 7% to $15.1 billion for the third quarter of fiscal 2026 versus last year’s third quarter sales of $14.1 billion. As of November 1, 2025, the number of stores in operation increased approximately 3% and the selling square footage increased approximately 2% compared to the end of the third quarter of fiscal 2025.
Previous wording
–Consolidated comp sales increased 4% for the second quarter of fiscal 2026. See Net Sales below for our definition of comp sales.
Current wording
–Consolidated comp sales increased 5% for the third quarter of fiscal 2026. See Net Sales below for our definition of comp sales.
Previous wording
–Pre-tax profit margin (the ratio of pre-tax income to net sales) for the second quarter of fiscal 2026 was 11.4%, a 0.5 percentage point increase compared with 10.9% in the second quarter of fiscal 2025.
Current wording
–Pre-tax profit margin (the ratio of pre-tax income to net sales) for the third quarter of fiscal 2026 was 12.7%, a 0.4 percentage point increase compared with 12.3% in the third quarter of fiscal 2025.
Previous wording
–Our cost of sales, including buying and occupancy costs, ratio for the second quarter of fiscal 2026 was 69.3%, a 0.3 percentage point decrease compared with 69.6% in the second quarter of fiscal 2025.
Current wording
–Our cost of sales, including buying and occupancy costs, ratio for the third quarter of fiscal 2026 was 67.4%, a 1.0 percentage point decrease compared with 68.4% in the third quarter of fiscal 2025.
Previous wording
–Our selling, general and administrative (“SG&A”) expense ratio for the second quarter of fiscal 2026 was 19.5%, a 0.3 percentage point decrease compared with 19.8% in the second quarter of fiscal 2025.
Current wording
–Our selling, general and administrative (“SG&A”) expense ratio for the third quarter of fiscal 2026 was 20.1%, a 0.6 percentage point increase compared with 19.5% in the third quarter of fiscal 2025.
Previous wording
–Our consolidated average per store inventories, including inventory on hand at our distribution centers (which excludes inventory in transit) and excluding our e-commerce sites, were up 10% at the end of the second quarter of fiscal 2026 compared to the second quarter of fiscal 2025. Starting in the first quarter of fiscal 2026, Sierra stores are included in the consolidated average per store inventories.
Current wording
–Our consolidated average per store inventories, including inventory on hand at our distribution centers (which excludes inventory in transit) and excluding our e-commerce sites, were up 8% at the end of the third quarter of fiscal 2026 compared to the third quarter of fiscal 2025. Starting in the first quarter of fiscal 2026, Sierra stores are included in the consolidated average per store inventories.
Previous wording
–During the second quarter of fiscal 2026, we returned $1 billion to our shareholders through share repurchases and dividends.
Current wording
–During the third quarter of fiscal 2026, we returned $1.1 billion to our shareholders through share repurchases and dividends.
Previous wording
Net sales for the quarter ended August 2, 2025 totaled $14.4 billion, a 7% increase versus second quarter fiscal 2025 net sales of $13.5 billion. This increase reflects a 4% increase in comp sales, a 2% increase from non-comp sales and a 1% positive impact from foreign currency. Net sales from our e-commerce sites combined amounted to approximately 2% of total sales for each of the second quarters of fiscal 2026 and fiscal 2025.
Current wording
Net sales for the quarter ended November 1, 2025 totaled $15.1 billion, a 7% increase versus third quarter fiscal 2025 net sales of $14.1 billion. This increase reflects a 5% increase in comp sales, a 2% increase from non-comp sales and a neutral impact from foreign currency. Net sales from our e-commerce sites combined amounted to approximately 2% of total sales for each of the third quarters of fiscal 2026 and fiscal 2025.
Previous wording
Net sales for the six months ended August 2, 2025 totaled $27.5 billion, a 6% increase versus the first six months fiscal 2025 net sales of $25.9 billion. This increase reflects a 4% increase in comp sales, a 2% increase from non-comp sales and a neutral impact from foreign currency. Net sales from our e-commerce sites combined amounted to approximately 2% of total sales for each of the first six months of fiscal 2026 and fiscal 2025.
Current wording
Net sales for the nine months ended November 1, 2025 totaled $42.6 billion, a 7% increase versus the first nine months of fiscal 2025 net sales of $40 billion. This increase reflects a 4% increase in comp sales, a 2% increase from non-comp sales and a 1% positive impact from foreign currency. Net sales from our e-commerce sites combined amounted to approximately 2% of total sales for each of the first nine months of fiscal 2026 and fiscal 2025.
Previous wording
Comp sales increased 4% for both the second quarters of fiscal 2026 and fiscal 2025. Comp sales increased 4% and 3% for the first six months of fiscal 2026 and fiscal 2025, respectively. While both home comp sales growth (as defined below) and apparel comp sales growth (as defined below) were positive, home comp sales growth outperformed apparel comp sales growth for both the second quarter and first six months of fiscal 2026. Comp sales for both periods were primarily driven by an increase in customer transactions.
Current wording
Comp sales increased 5% and 3% for the third quarters of fiscal 2026 and fiscal 2025, respectively. Comp sales increased 4% and 3% for the first nine months of fiscal 2026 and fiscal 2025, respectively. Both apparel comp sales growth (as defined below) and home comp sales growth (as defined below) performed in line with comp sales growth for both the third quarter and first nine months of fiscal 2026. Comp sales for the third quarter of fiscal 2026 were driven by a higher average basket and an increase in customer transactions. Comp sales for the first nine months of fiscal 2026 were primarily driven by an increase in customer transactions.
Previous wording
As of August 2, 2025, our store count increased approximately 3% and selling square footage increased approximately 2% compared to the end of the second quarter last year.
Current wording
As of November 1, 2025, our store count increased approximately 3% and selling square footage increased approximately 2% compared to the end of the third quarter last year.
Previous wording
Cost of sales, including buying and occupancy costs, as a percentage of net sales was 69.3% for the second quarter of fiscal 2026, a decrease of 0.3 percentage points compared to 69.6% for the second quarter of fiscal 2025. The decrease in the cost of sales ratio, including buying and occupancy costs, for the second quarter of fiscal 2026 was attributable to the favorable year-over-year impact related to the mark-to-market adjustments on inventory and fuel hedges.
Current wording
Cost of sales, including buying and occupancy costs, as a percentage of net sales was 67.4% for the third quarter of fiscal 2026, a decrease of 1.0 percentage points compared to 68.4% for the third quarter of fiscal 2025. The decrease in the cost of sales ratio, including buying and occupancy costs, for the third quarter of fiscal 2026 was attributable to favorable merchandise margin, lower supply chain costs as a result of a higher average ticket and expense leverage on higher comp sales. Merchandise margin reflects lower freight costs, favorable markon and lower shrink accrual rates in the current year.
Previous wording
Cost of sales, including buying and occupancy costs, as a percentage of net sales was 69.9% for the first six months of fiscal 2026, an increase of 0.1 percentage points compared to 69.8% for the first six months of fiscal 2025. The increase in the cost of sales ratio, including buying and occupancy costs, for the first six months of fiscal 2026 was due to increased occupancy costs.
Current wording
Cost of sales, including buying and occupancy costs, as a percentage of net sales was 69.0% for the first nine months of fiscal 2026, a decrease of 0.3 percentage points compared to 69.3% for the first nine months of fiscal 2025. The decrease in the cost of sales ratio, including buying and occupancy costs, for the first nine months of fiscal 2026 was due to favorable merchandise margin, which reflects lower shrink accrual rates in the current year.
Previous wording
SG&A expenses, as a percentage of net sales, was 19.5% for the second quarter of fiscal 2026, a decrease of 0.3 percentage points compared to 19.8% for the second quarter of fiscal 2025. The decrease in the SG&A ratio for the second quarter of fiscal 2026 was due to operational efficiencies in stores partially offset by incremental store wages.
Current wording
SG&A expenses, as a percentage of net sales, was 20.1% for the third quarter of fiscal 2026, an increase of 0.6 percentage points compared to 19.5% for the third quarter of fiscal 2025. The increase in the SG&A ratio for the third quarter of fiscal 2026 was due to incremental store wage and payroll costs, a contribution to our U.S. charitable foundation and higher incentive compensation costs.
Previous wording
Interest (income) expense, net decreased for both the second quarter of fiscal 2026 and first six months ended August 2, 2025 compared to the same periods in fiscal 2025, primarily due to a decrease in interest income driven by a decrease in prevailing rates and a lower average cash balance.
Current wording
Interest (income) expense, net decreased for both the third quarter and first nine months of fiscal 2026 compared to the same periods in fiscal 2025, primarily due to a decrease in interest income driven by a decrease in prevailing rates and a lower average cash balance.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act was signed into law, making permanent certain expiring provisions of the Tax Cuts and Jobs Act, including 100% accelerated depreciation deductions on qualified property and immediate expensing of domestic research and development costs, as well as modifying some of the international tax rules. These changes are not expected to have a material impact on the Company’s income tax provision and are expected to reduce the Company’s current year U.S. cash tax obligations.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act was signed into law, making permanent certain expiring provisions of the Tax Cuts and Jobs Act, including 100% accelerated depreciation deductions on qualified property and immediate expensing of domestic research and development costs, as well as modifying some of the international tax rules. These changes have not had a material impact for either the third quarter or the first nine months of fiscal 2026 and are not expected to have a material impact on the Company’s income tax provision. We expect these changes to reduce the Company’s current year U.S. cash tax obligations.
Previous wording
A number of countries have enacted legislation to implement the Organization for Economic Cooperation and Development’s 15% global minimum tax regime (Pillar Two) with effect from January 1, 2024. These changes did not have a material impact on our effective tax rate, results of operations or financial position for the second quarter of fiscal 2026 and are not expected to have a significant impact to the full fiscal year. We continue to evaluate the impacts of proposed and enacted legislation for the jurisdictions in which TJX operates.
Current wording
A number of countries have enacted legislation to implement the Organization for Economic Cooperation and Development’s 15% global minimum tax regime (Pillar Two) with effect from January 1, 2024. These changes did not have a material impact on our effective tax rate, results of operations or financial position for the third quarter of fiscal 2026 and are not expected to have a significant impact to the full fiscal year. We continue to evaluate the impacts of proposed and enacted legislation for the jurisdictions in which TJX operates.
Previous wording
The effective income tax rate was 24.5% for the second quarter of fiscal 2026 and 25.1% for the second quarter of fiscal 2025. The effective income tax rate was 23.9% for the first six months of fiscal 2026 and 24.1% for the first six months of fiscal 2025. The decrease in the effective tax rate for both the second quarter and first six months of fiscal 2026 was primarily due to a benefit from the acquisition of federal tax credits, partially offset by the decrease in excess tax benefit from share-based compensation.
Current wording
The effective income tax rate was 24.7% for the third quarter of fiscal 2026 and 25.3% for the third quarter of fiscal 2025. The effective income tax rate was 24.2% for the first nine months of fiscal 2026 and 24.6% for the first nine months of fiscal 2025. The decrease in the effective tax rate for both the third quarter and first nine months of fiscal 2026 was primarily due to the increase in an excess tax benefit from share-based compensation and a benefit from the acquisition of federal tax credits, partially offset by incremental taxes related to international operations.
Previous wording
Net income was $1.2 billion, or $1.10 per diluted share, and $1.1 billion, or $0.96 per diluted share, for the second quarter of fiscal 2026 and fiscal 2025, respectively. Foreign currency had a $0.02 positive impact on diluted earnings per share for the second quarter of fiscal 2026 and a neutral impact on diluted earnings per share for the second quarter of fiscal 2025.
Current wording
Net income was $1.4 billion, or $1.28 per diluted share, and $1.3 billion, or $1.14 per diluted share, for the third quarter of fiscal 2026 and fiscal 2025, respectively. Foreign currency had a $0.01 positive impact on diluted earnings per share for both the third quarter of fiscal 2026 and the third quarter of fiscal 2025.
Previous wording
Net income was $2.3 billion, or $2.02 per diluted share, and $2.2 billion, or $1.89 per diluted share, for the first six months of fiscal 2026 and fiscal 2025, respectively. Foreign currency had a neutral impact on diluted earnings per share for the first six months of fiscal 2026 and had a neutral impact on diluted earnings per share for the first six months of fiscal 2025.
Current wording
Net income was $3.7 billion, or $3.30 per diluted share, and $3.5 billion, or $3.03 per diluted share, for the first nine months of fiscal 2026 and fiscal 2025, respectively. Foreign currency had a $0.01 positive impact on diluted earnings per share for both the first nine months of fiscal 2026 and the first nine months of fiscal 2025.
Previous wording
Net sales for Marmaxx were $8.8 billion for the second quarter of fiscal 2026, an increase of 5% compared to $8.4 billion for the second quarter of fiscal 2025. This increase in the second quarter reflects a 3% increase from comp sales and a 2% increase from non-comp sales.
Current wording
Net sales for Marmaxx were $9 billion for the third quarter of fiscal 2026, an increase of 7% compared to $8.4 billion for the third quarter of fiscal 2025. This increase in the third quarter reflects a 6% increase from comp sales and a 1% increase from non-comp sales.
Previous wording
Net sales for Marmaxx were $16.9 billion for the first six months of fiscal 2026, an increase of 4% compared to $16.2 billion for the first six months of fiscal 2025. This increase in the first six months reflects a 3% increase from comp sales and a 1% increase from non-comp sales.
Current wording
Net sales for Marmaxx were $25.9 billion for the first nine months of fiscal 2026, an increase of 5% compared to $24.6 billion for the first nine months of fiscal 2025. This increase in the first nine months reflects a 4% increase from comp sales and a 1% increase from non-comp sales.
Previous wording
For both the second quarter and first six months of fiscal 2026, the increase in comp sales was driven by an increase in average basket and an increase in customer transactions. While both Marmaxx home and apparel comp sales growth were positive, home comp sales growth outperformed apparel comp sales growth for both the second quarter and first six months of fiscal 2026. Geographically, comp sales growth was strongest in the South region for both the second quarter and first six months of fiscal 2026.
Current wording
For both the third quarter and first nine months of fiscal 2026, the increase in comp sales was driven by a higher average basket and an increase in customer transactions. While both Marmaxx apparel and home comp sales growth were positive, apparel comp sales growth outperformed home comp sales growth for the third quarter of fiscal 2026. Both Marmaxx apparel and home comp sales growth performed in line with the overall comp sales increase for the first nine months of fiscal 2026. Geographically, comp sales growth was strongest in the South and Midwest regions for the third quarter of fiscal 2026 and in the South region for the first nine months of fiscal 2026.
Previous wording
Segment profit margin increased to 10.0% for the second quarter of fiscal 2026 compared to 9.1% for the same period last year. This increase in segment profit margin for the second quarter of fiscal 2026 was primarily driven by lower supply chain costs and favorable merchandise margin. Merchandise margin reflects lower markdowns partially offset by higher freight costs and lower markon.
Current wording
Segment profit margin increased to 14.9% for the third quarter of fiscal 2026 compared to 14.3% for the same period last year. The increase in segment profit margin for the third quarter of fiscal 2026 was primarily driven by favorable merchandise margin and expense leverage on higher comp sales, partially offset by incremental store wage and payroll costs. Merchandise margin reflects lower freight costs and lower shrink accrual rates in the current year.
Previous wording
Segment profit margin increased to 14.2% for the second quarter of fiscal 2026 compared to 14.1% for the same period last year. The increase in segment profit margin for the second quarter of fiscal 2026 was primarily driven by operational efficiencies in stores partially offset by an increase in occupancy costs and incremental store wages.
Current wording
Segment profit margin increased to 14.3% for the first nine months of fiscal 2026 compared to 14.2% for the first nine months last year. The increase in segment profit margin for the first nine months of fiscal 2026 was primarily driven by favorable merchandise margin partially offset by incremental store wage and payroll costs and higher incentive compensation costs. Merchandise margin reflects lower shrink accrual rates in the current year.
Previous wording
Our Marmaxx e-commerce sites, tjmaxx.com and marshalls.com, together with sierra.com, represented approximately 2% of Marmaxx’s net sales for both the second quarter and first six months of fiscal 2026 and fiscal 2025, and did not have a significant impact on year-over-year segment margin comparisons.
Current wording
Our Marmaxx e-commerce sites, tjmaxx.com and marshalls.com, together with sierra.com, represented approximately 2% of Marmaxx’s net sales for both the third quarter and first nine months of fiscal 2026 and fiscal 2025, and did not have a significant impact on year-over-year segment margin comparisons.
Previous wording
Net sales for HomeGoods were $2.3 billion for the second quarter of fiscal 2026, an increase of 9%, compared to $2.1 billion for the second quarter of fiscal 2025. This increase in the second quarter reflects a 5% increase from comp sales and a 4% increase from non-comp sales.
Current wording
Net sales for HomeGoods were $2.5 billion for the third quarter of fiscal 2026, an increase of 8%, compared to $2.4 billion for the third quarter of fiscal 2025. This increase in the third quarter reflects a 5% increase from comp sales and a 3% increase from non-comp sales.
Previous wording
Net sales for HomeGoods were $4.5 billion for the first six months of fiscal 2026, an increase of 9%, compared to $4.2 billion for the first six months of fiscal 2025. This increase in the first six months reflects a 5% increase from comp sales and a 4% increase from non-comp sales.
Current wording
Net sales for HomeGoods were $7.1 billion for the first nine months of fiscal 2026, an increase of 8%, compared to $6.5 billion for the first nine months of fiscal 2025. This increase in the first nine months reflects a 5% increase from comp sales and a 3% increase from non-comp sales.
Previous wording
For both the second quarter and first six months of fiscal 2026, the increase in comp sales was driven by an increase in customer transactions. Geographically, comp sales growth was strongest in the South, Midwest and West regions for the second quarter of fiscal 2026 and in the West region for the first six months of fiscal 2026.
Current wording
The increase in comp sales was driven by a higher average basket for the third quarter of fiscal 2026 and by an increase in customer transactions and a higher average basket for the first nine months of fiscal 2026. Geographically, comp sales growth was strongest in the South and Midwest regions for the third quarter of fiscal 2026 and in the South and West regions for the first nine months of fiscal 2026.
Previous wording
Net sales for TJX Canada were $1.4 billion for the second quarter of fiscal 2026, an increase of 11%, compared to $1.2 billion for the second quarter of fiscal 2025. This increase in the second quarter reflects a 9% increase in comp sales, a 2% increase in non-comp sales and a neutral foreign currency impact.
Current wording
Net sales for TJX Canada were $1.5 billion for the third quarter of fiscal 2026, an increase of 8%, compared to $1.4 billion for the third quarter of fiscal 2025. This increase in the third quarter reflects a 8% increase in comp sales, a 2% increase in non-comp sales, partially offset by a negative foreign currency impact of 2%.
Previous wording
Net sales for TJX Canada were $2.5 billion for the first six months of fiscal 2026, an increase of 7%, compared to $2.4 billion for the first six months of fiscal 2025. This increase in the first six months reflects a 7% increase in comp sales, a 2% increase in non-comp sales, partially offset by a negative foreign currency impact of 2%.
Current wording
Net sales for TJX Canada were $4 billion for the first nine months of fiscal 2026, an increase of 7%, compared to $3.7 billion for the first nine months of fiscal 2025. This increase in the first nine months reflects a 7% increase in comp sales, a 3% increase in non-comp sales, partially offset by a negative foreign currency impact of 3%.
Previous wording
Segment profit margin decreased to 13.6% for the first six months of fiscal 2026 compared to 13.7% for the same period last year. This decrease for the first six months of fiscal 2026 was primarily driven by lower merchandise margin partially offset by expense leverage on higher comp sales. Merchandise margin reflects the negative impact of transactional foreign exchange on the cost of merchandise within markon and higher markdowns partially offset by lower freight costs.
Current wording
Segment profit margin decreased to 14.1% for the first nine months of fiscal 2026 compared to 14.3% for the same period last year. This decrease for the first nine months of fiscal 2026 was primarily driven by lower merchandise margin, capitalized inventory costs and incremental store wage and payroll costs. Merchandise margin reflects lower markon which includes the negative impact of transactional foreign exchange on the cost of merchandise partially offset by lower freight costs. These costs were partially offset by expense leverage on higher comp sales.
Previous wording
Net sales for TJX International were $1.9 billion for the second quarter of fiscal 2026, an increase of 13%, compared to $1.7 billion for the second quarter of fiscal 2025. This increase in the second quarter reflects a positive foreign currency impact of 6%, a 5% increase in comp sales and a 2% increase in non-comp sales.
Current wording
Net sales for TJX International were $2 billion for the third quarter of fiscal 2026, an increase of 9%, compared to $1.9 billion for the third quarter of fiscal 2025. This increase in the third quarter reflects a positive foreign currency impact of 4%, a 3% increase in comp sales and a 2% increase in non-comp sales.
Previous wording
Net sales for TJX International were $3.6 billion for the first six months of fiscal 2026, an increase of 11%, compared to $3.2 billion for the first six months of fiscal 2025. This increase in the first six months reflects a 5% increase in comp sales, a positive foreign currency impact of 4% and a 2% increase in non-comp sales.
Current wording
Net sales for TJX International were $5.6 billion for the first nine months of fiscal 2026, an increase of 10%, compared to $5.1 billion for the first nine months of fiscal 2025. This increase in the first nine months reflects a 4% increase in comp sales, a positive foreign currency impact of 4% and a 2% increase in non-comp sales.
Previous wording
E-commerce sales represented approximately 3% of TJX International’s net sales for both the second quarter and first six months of fiscal 2026 and fiscal 2025.
Current wording
E-commerce sales represented approximately 3% of TJX International’s net sales for both the third quarter and first nine months of fiscal 2026 and fiscal 2025.
Previous wording
Segment profit margin increased to 4.8% for the first six months of fiscal 2026 compared to 4.2% for the same period last year. This increase for the first six months of fiscal 2026 was primarily due to lower administrative costs and favorable occupancy costs.
Current wording
Segment profit margin increased to 6.4% for the first nine months of fiscal 2026 compared to 5.3% for the same period last year. This increase for the first nine months of fiscal 2026 was primarily due to higher merchandise margin, lower administrative costs and favorable store occupancy costs. Merchandise margin reflects higher markon and lower markdowns, partially offset by higher freight costs.
Previous wording
Our liquidity requirements have traditionally been funded through cash generated from operations, supplemented, as needed, by short-term bank borrowings and the issuance of commercial paper. As of August 2, 2025, there were no short-term bank borrowings or commercial paper outstanding. We believe our existing cash and cash equivalents, internally generated funds and our credit facilities, under which facilities we have $1.5 billion available as of the period ended August 2, 2025, as described in Note I—Long-Term Debt and Credit Lines of Notes to Consolidated Financial Statements, are adequate to meet our operating needs for the foreseeable future.
Current wording
Our liquidity requirements have traditionally been funded through cash generated from operations, supplemented, as needed, by short-term bank borrowings and the issuance of commercial paper. As of November 1, 2025, there were no short-term bank borrowings or commercial paper outstanding. We believe our existing cash and cash equivalents, internally generated funds and our credit facilities, under which facilities we have $1.5 billion available as of the period ended November 1, 2025, are adequate to meet our operating needs for the foreseeable future. Our 2.25% ten-year Notes due September 2026 will mature during our third quarter of fiscal 2027 and are included within our current maturities of long-term debt. For more information, see Note I—Long-Term Debt and Credit Lines of Notes to Consolidated Financial Statements.
Previous wording
As of August 2, 2025, we held $4.6 billion in cash. Approximately $1.5 billion of our cash was held by our foreign subsidiaries with $904 million held in countries where we intend to indefinitely reinvest any undistributed earnings. We have provided for all applicable state and foreign withholding taxes on all undistributed earnings of our foreign subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong and Vietnam through August 2, 2025. If we repatriate cash from such subsidiaries, we should not incur additional tax expense and our cash would be reduced by the amount of withholding taxes paid.
Current wording
As of November 1, 2025, we held $4.6 billion in cash. Approximately $1.6 billion of our cash was held by our foreign subsidiaries with $1 billion held in countries where we intend to indefinitely reinvest any undistributed earnings. We have provided for all applicable state and foreign withholding taxes on all undistributed earnings of our foreign subsidiaries in Canada, Puerto Rico, Italy, India, Hong Kong and Vietnam through November 1, 2025. If we repatriate cash from such subsidiaries, we should not incur additional tax expense and our cash would be reduced by the amount of withholding taxes paid.
Previous wording
We monitor debt financing markets on an ongoing basis and from time to time may incur additional long-term indebtedness depending on prevailing market conditions, liquidity requirements, existing economic conditions and other factors. Periodically, we have used, and in the future we may again use, operating cash flow and cash on hand to repay portions of our indebtedness, depending on prevailing market conditions, liquidity requirements, existing economic conditions, contractual restrictions and other factors. As such, we may, from time to time, seek to retire, redeem, prepay or purchase our outstanding debt through redemptions, cash purchases, prepayments, refinancings and/or exchanges, in open market purchases, privately negotiated transactions, by tender offer or otherwise. If we use our operating cash flow and/or cash on hand to repay our debt, it will reduce the amount of cash available for additional capital expenditures.
Current wording
We monitor debt financing markets on an ongoing basis and from time to time may incur additional long-term indebtedness depending on prevailing market conditions, liquidity requirements, existing economic conditions and other factors. Periodically, we have used, and in the future we may again use, operating cash flow and cash on hand to repay portions of our indebtedness, depending on prevailing market conditions, liquidity requirements, existing economic conditions, contractual restrictions and other factors. As such, we may, from time to time, seek to retire, redeem, prepay or purchase our outstanding debt through redemptions, cash purchases, prepayments, refinancings and/or exchanges, in open market purchases, privately negotiated transactions, by tender offer or otherwise.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Under our stock repurchase programs, we paid $1.7 billion to repurchase and retire 13.4 million shares of our stock in the first nine months of fiscal 2026 and we paid $1.7 billion to repurchase and retire 15.4 million shares of our stock in the first nine months of fiscal 2025.