The TJX Companies, Inc.
Off-Price Apparel and Home Fashions RetailFounded 1987- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
The TJX Companies, Inc.
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$35.2B
Market Cap
$140.0B
Net Income
$3.5B
Employees
330,000
TJX earned $3.45 billion in net income on $35.21 billion in fiscal 2024 revenue — a 9.8% net margin that compares favorably to most traditional retailers and reflects the structural advantage of the company's buying model. No markdown risk, minimal advertising spend, and inventory that turns faster than 6.0 times per year combine to produce economics that are unusual for a business that operates physical stores. Revenue has grown from $28.46 billion in fiscal 2022 to $31.25 billion in fiscal 2023 to $35.21 billion in fiscal 2024 — consistent, compounding growth that has continued through rising interest rates, consumer spending pressure, and the persistent narrative that physical retail is dying. TJX's customer responds to economic stress in the same direction the business responds: when household budgets compress, the value proposition of a $89 designer item becomes more compelling, not less. The $140 billion market capitalization prices TJX at approximately four times fiscal 2024 revenue. That multiple implies the market expects continued growth and sees the competitive position as durable. Given the company's thirty-year history of consistent top-line growth and margin maintenance, the confidence appears justified by the evidence. The inventory turnover ratio above 6.0 times is the financial expression of the treasure-hunt model. Goods arrive, sell quickly because they are priced attractively, and make room for the next shipment. The working capital requirements of a business with 6.0-times turns are fundamentally different from those of a department store turning inventory 3.0 times — TJX collects cash faster, holds less unsold merchandise, and requires less warehouse space per dollar of revenue. That capital efficiency compounds into free cash flow that funds continued international expansion and share repurchases.
Revenue Trend Analysis
YoY Change
+12.7%
2-Year CAGR
+11.2%
Peak Year
2024
Trend
Consistent Growth
The TJX Companies, Inc. has reported revenue across 3 fiscal years, compounding at +11.2% annually over 2 years. The most recent year saw a 12.7% increase versus the prior year. Revenue peaked in 2024 at $35.2B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $35.2B | $3.5B | +12.7% |
| FY2023 | $31.3B | — | +9.8% |
| FY2022 | $28.5B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
TJX reported revenue of $54.2 billion for the fiscal year ended 3 February 2024, up roughly 9 percent from $49.9 billion in fiscal 2023. Net income was $4.5 billion, producing earnings per share of $3.86 on a diluted basis. Consolidated comparable-store sales rose 5 percent on top of an already-elevated base, with Marmaxx (the U.S. T.J. Maxx and Marshalls segment) up 7 percent and HomeGoods up 4 percent. Pre-tax margin reached 11.0 percent of sales, the highest in the company's recent history, and operating margin was approximately 10.9 percent. Gross margin came in at 30.0 percent, expanding from the prior year as freight costs normalized after the 2022 supply-chain spike. Selling, general and administrative expense was about 19.1 percent of sales. The company returned roughly $3.4 billion to shareholders in fiscal 2024 through $2.3 billion of share repurchases and $1.1 billion of dividends, and raised the quarterly dividend by 13 percent to $0.375 a share for fiscal 2025. Inventory turned roughly 6 times during the year, an unusually high figure for an apparel-led retailer and a key driver of the company's industry-leading return on invested capital.
TJX Companies' market capitalization stood at roughly $140 billion in late 2024 with the stock trading near $120 a share. That makes TJX the most valuable specialty retailer in the United States, ahead of Lowe's home-improvement segment peers and well ahead of department-store competitors like Macy's, Kohl's and Nordstrom combined. Over the ten years to 2024 the total shareholder return averaged in the mid-teens annually, beating both the S&P 500 and the S&P Retail Select index. Three factors explain the persistent outperformance. First, TJX has produced positive comparable-store sales growth in nearly every fiscal year since the 1995 Marshalls acquisition, including during the 2008-2009 financial crisis when most apparel retailers contracted. Second, the company's return on invested capital has stayed above 25 percent for most of the past decade, well ahead of the retail average in the high single digits. Third, TJX has steadily returned capital to shareholders through buybacks and dividends, retiring roughly one-third of its share count between fiscal 2013 and fiscal 2024 while still growing the store base.
TJX reports four operating segments. Marmaxx, which combines U.S. T.J. Maxx and Marshalls stores, is by far the largest, contributing roughly $31 billion of revenue and approximately 57 percent of consolidated sales in fiscal 2024. HomeGoods, which includes both HomeGoods and U.S. HomeSense stores, contributed roughly $8.7 billion or about 16 percent of revenue. TJX Canada, comprising Winners, HomeSense Canada and Marshalls Canada, contributed about $4.7 billion or roughly 9 percent. TJX International, made up of T.K. Maxx and HomeSense across the United Kingdom, Ireland, Germany, Poland, Austria, the Netherlands and Australia, contributed approximately $7.0 billion or 13 percent. The Sierra business, the outdoor-and-fitness off-price banner formerly known as Sierra Trading Post, is the smallest segment at roughly $300 million. Operating margins are highest at Marmaxx and HomeGoods, where store maturity and dual-banner scale produce mid-teens segment margins, and lower at TJX International, where currency, lower store productivity and U.K. consumer pressure have weighed on profitability.
TJX has one of the most consistent capital-return programs in U.S. retail. The company has paid a dividend every year since 1980 and has raised it for 27 consecutive years through fiscal 2024, with only a brief suspension during the COVID-19 store closures of 2020. The quarterly dividend was raised to $0.375 a share for fiscal 2025, implying an annualized payout of $1.50 a share, more than triple the dividend of a decade earlier. Share repurchases have been even larger: TJX repurchased $2.3 billion of stock in fiscal 2024 and authorized an additional $2.5 to $3.0 billion buyback for fiscal 2025. Over the ten years to fiscal 2024 the company returned roughly $30 billion to shareholders through dividends and buybacks combined, reducing the diluted share count from about 1.42 billion to 1.16 billion. Capital expenditure runs at roughly $1.8 to $2.0 billion per year, funding new stores, distribution-center expansion and store remodels. The combination of consistent comparable-store sales growth, modest capex relative to operating cash flow and disciplined buybacks is the principal reason TJX trades at a higher multiple than most retail peers.
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CorpDigest. "The TJX Companies, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/tjx-companies/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>The TJX Companies, Inc. reported $35B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/tjx-companies/financials" target="_blank" rel="noopener">CorpDigest — The TJX Companies, Inc. financials</a></div>