Short answer
TJX Companies (TJX) filed its fiscal 2025 10-K annual report with the SEC on Apr 2, 2025. It reported revenue of $56.4B (+4.0% year over year) and net income of $4.9B.
- Top risk flagged: Supply chain exposure: merchandise sourcing risks in China, India, SE Asia; geopolitical disruptions including Ukraine, Russia, Middle East affecting inventory availability and costs
FY2025 key financial metrics · XBRL
- Revenue
- $56.4B
- +4.0% YoY
- Net income
- $4.9B
- +8.7% YoY
- EPS (diluted)
- $4.26
- +10.4% YoY
- ROE
- 58.0%
- −3.3 pp YoY
- Operating cash flow
- $6.1B
- +1.0% YoY
Source: XBRL data from the TJX Companies (TJX) FY2025 10-K on SEC EDGAR. USD.
TJX Companies FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Off-price retail of apparel, home fashions, and accessories via global multi-banner stores and online platforms
- New e-commerce sites launched in Europe in 2023: tkmaxx.de and tkmaxx.at, expanding digital presence
- Strategic focus on flexible, opportunistic buying allowing merchandise assortment adjustment closer to selling season
- Store count increased to 5,085 in FY 2025 from 4,954 in FY 2024, with estimated total future potential of 7,000 stores
- Workforce grew to approximately 364,000 Associates as of February 1, 2025, supporting global store and e-commerce operations
Management Discussion & Analysis
- Revenue $56.4B, up 4% YoY from $54.2B, driven by 4% comp store sales increase and 2% new store sales growth
- Pre-tax profit margin 11.5% vs 11.0%; cost of sales ratio down 0.6 pts to 69.4%; SG&A ratio up 0.1 pts to 19.4%
- Best segment: Marmaxx sales $34.6B (+4%), margin 14.1% vs 13.8%; Worst segment: TJX Canada sales $5.2B (+3%), margin 13.5% vs 14.2%
- Operating cash flow $6.1B stable; capital expenditures $1.92B up from $1.72B; returned $4.1B to shareholders in buybacks and dividends; dividend $0.375/share declared
- FY 2026 capex guidance $2.1B–$2.2B; plan to open 40 Marmaxx, 30 HomeGoods, 12 Canada, 28 International stores; monitoring tariff risks and global tax changes
Risk Factors
- Supply chain exposure: merchandise sourcing risks in China, India, SE Asia; geopolitical disruptions including Ukraine, Russia, Middle East affecting inventory availability and costs
- Operational risk: opportunistic buying strategy depends on merchants’ timely and accurate inventory decisions impacting sales and margins
- Competitive threat: competitors’ use of AI and emerging technologies may enhance e-commerce capabilities vs TJX’s primarily brick-and-mortar model
- Cybersecurity risk: increasingly sophisticated cyberattacks including AI-driven threats could disrupt IT systems and harm reputation
- Labor cost risk: large workforce with union presence faces wage inflation, benefit cost rises, and potential labor disruptions impacting expenses
Generated from the filing text; verify against the original. How to read a 10-K
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