TJX 10-Q report for 2025-05-03

The TJX Companies, Inc. Form 10-Q for the period ended May 3, 2025 (Commission file no. 1-4908). Filing includes unaudited consolidated financial statements and notes. Selected thirteen-week results: net sales $13,111 million; cost of sales $9,246 million; SG&A $2,549 million; income before tax $1,346 million; provision for income taxes $310 million; net income $1,036 million. Diluted earnings per share $0.92 (weighted average diluted shares 1,132 million). Balance sheet highlights at May 3, 2025: cash and cash equivalents $4,255 million; merchandise inventories $7,127 million; total assets $31,858 million; total shareholders’ equity $8,503 million. Cash flow: net cash provided by operating activities $394 million; net cash used in investing activities $503 million; net cash used in financing activities $1,048 million. The filing discloses equity-method investments: 49% stake in Multibrand Outlet Stores (MOS) acquired for $193 million and 35% stake in Brands for Less (BFL) acquired for $358 million; both are reported in Other assets and accounted for on a one-quarter lag.

TJX 10-Q report for 2025-05-03 tjx-20250503 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (mark one) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended May 3, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 1-4908 The TJX Companies, Inc. (Exact name of registrant as specified in its charter) Delaware 04-2207613 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 770 Cochituate Road Framingham, Massachusetts 01701 (Address of principal executive offices) (Zip Code) (508) 390-1000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $1.00 per share TJX New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒ The number of shares of registrant’s common stock outstanding as of May 23, 2025: 1,115,615,624 The TJX Companies, Inc. TABLE OF CONTENTS PART I ITEM 1. Consolidated Financial Statements 3 Consolidated Statements of Income 3 Consolidated Statements of Comprehensive Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Shareholders' Equity 7 Notes To Consolidated Financial Statements 8 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 32 ITEM 4. Controls and Procedures 32 PART II ITEM 1. Legal Proceedings 33 ITEM 1A. Risk Factors 33 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 ITEM 5. Other Information 33 ITEM 6. Exhibits 34 SIGNATURE 34 2 PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) IN MILLIONS EXCEPT PER SHARE AMOUNTS Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net sales $ 13,111 $ 12,479 Cost of sales, including buying and occupancy costs 9,246 8,739 Selling, general and administrative expenses 2,549 2,400 Interest (income) expense, net (30) (50) Income before income taxes 1,346 1,390 Provision for income taxes 310 320 Net income $ 1,036 $ 1,070 Basic earnings per share $ 0.93 $ 0.95 Weighted average common shares – basic 1,118 1,132 Diluted earnings per share $ 0.92 $ 0.93 Weighted average common shares – diluted 1,132 1,146 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 3 THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) IN MILLIONS Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net income $ 1,036 $ 1,070 Additions to other comprehensive income (loss), net of tax: Foreign currency translation adjustments, net of related tax provision of $4 in fiscal 2026 and tax benefit of $1 in fiscal 2025 145 (18) Reclassifications from other comprehensive income (loss), net of tax, to net income: Amortization of prior service cost and deferred (losses), net of related tax benefits of $0.1 in fiscal 2026 and $0.0 in fiscal 2025 (0) (0) Other comprehensive income (loss), net of tax 145 (18) Total comprehensive income $ 1,181 $ 1,052 The accompanying notes are an integral part of the unaudi ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 32 ITEM 4. Controls and Procedures 32 PART II ITEM 1. Legal Proceedings 33 ITEM 1A. Risk Factors 33 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 ITEM 5. Other Information 33 ITEM 6. Exhibits 34 SIGNATURE 34 2 PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) IN MILLIONS EXCEPT PER SHARE AMOUNTS Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net sales $ 13,111 $ 12,479 Cost of sales, including buying and occupancy costs 9,246 8,739 Selling, general and administrative expenses 2,549 2,400 Interest (income) expense, net (30) (50) Income before income taxes 1,346 1,390 Provision for income taxes 310 320 Net income $ 1,036 $ 1,070 Basic earnings per share $ 0.93 $ 0.95 Weighted average common shares – basic 1,118 1,132 Diluted earnings per share $ 0.92 $ 0.93 Weighted average common shares – diluted 1,132 1,146 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 3 THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) IN MILLIONS Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net income $ 1,036 $ 1,070 Additions to other comprehensive income (loss), net of tax: Foreign currency translation adjustments, net of related tax provision of $4 in fiscal 2026 and tax benefit of $1 in fiscal 2025 145 (18) Reclassifications from other comprehensive income (loss), net of tax, to net income: Amortization of prior service cost and deferred (losses), net of related tax benefits of $0.1 in fiscal 2026 and $0.0 in fiscal 2025 (0) (0) Other comprehensive income (loss), net of tax 145 (18) Total comprehensive income $ 1,181 $ 1,052 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 4 THE TJX COMPANIES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) IN MILLIONS, EXCEPT SHARE AMOUNTS May 3, 2025 February 1, 2025 May 4, 2024 Assets Current assets: Cash and cash equivalents $ 4,255 $ 5,335 $ 5,059 Accounts receivable, net 594 549 542 Merchandise inventories 7,127 6,421 6,218 Prepaid expenses and other current assets 575 617 528 Federal, state and foreign income taxes recoverable 44 69 62 Total current assets 12,595 12,991 12,409 Net property at cost 7,554 7,346 6,622 Non-current deferred income taxes, net 141 148 156 Operating lease right of use assets 9,924 9,641 9,499 Goodwill 95 94 95 Other assets 1,549 1,529 898 Total assets $ 31,858 $ 31,749 $ 29,679 Liabilities Current liabilities: Accounts payable $ 4,414 $ 4,257 $ 4,072 Accrued expenses and other current liabilities 4,492 5,040 4,115 Current portion of operating lease liabilities 1,660 1,636 1,615 Federal, state and foreign income taxes payable 261 75 298 Total current liabilities 10,827 11,008 10,100 Other long-term liabilities 972 1,050 894 Non-current deferred income taxes, net 154 156 156 Long-term operating lease liabilities 8,535 8,276 8,164 Long-term debt 2,867 2,866 2,863 Commitments and contingencies (See Note K) Shareholders’ equity Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued — — — Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,115,814,224; 1,119,333,622 and 1,130,829,890 respectively 1,116 1,119 1,131 Additional paid-in capital — — — Accumulated other comprehensive (loss) income (464) (609) (550) Retained earnings 7,851 7,883 6,921 Total shareholders’ equity 8,503 8,393 7,502 Total liabilities and shareholders’ equity $ 31,858 $ 31,749 $ 29,679 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 5 THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) IN MILLIONS Thirteen Weeks Ended May 3, 2025 May 4, 2024 Cash flows from operating activities: Net income $ 1,036 $ 1,070 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 296 264 Loss on property disposals and impairment charges — 3 Deferred income tax provision 8 24 Share-based compensation 33 38 Changes in assets and liabilities: (Increase) in accounts receivable (38) (13) (Increase) in merchandise inventories (604) (266) Decrease (increase) in income taxes recoverable 25 (3) Decrease (increase) in prepaid expenses and other current assets 4 (19) Increase in accounts payable 101 219 (Decrease) in accrued expenses and other liabilities (723) (741) Increase in income taxes payable 183 199 (Decrease) in net operating lease liabilities (8) (4) Other, net 81 (34) Net cash provided by operating activities 394 737 Cash flows from investing activities: Property additions (497) (419) Purchases of investments (17) (16) Sales and maturities of investments 11 8 Net cash (used in) investing activities (503) (427) Cash flows from financing activities: Payments for repurchase of common stock (613) (509) Cash dividends paid (424) (380) Proceeds from issuance of common stock 50 90 Other (61) (41) Net cash (used in) financing activities (1,048) (840) Effect of exchange rate changes on cash 77 (11) Net (decrease) in cash and cash equivalents (1,080) (541) Cash and cash equivalents at beginning of year 5,335 5,600 Cash and cash equivalents at end of period $ 4,255 $ 5,059 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 6 THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) IN MILLIONS Thirteen Weeks Ended Common Stock Shares Par Value $1 Additional Paid-In Capital Accumulated Other Comprehensive (Loss) Income Retained Earnings Total Balance, February 1, 2025 1,119 $ 1,119 $ — $ (609) $ 7,883 $ 8,393 Net income — — — — 1,036 1,036 Other comprehensive income, net of tax — — — 145 — 145 Cash dividends declared on common stock — — — — (475) (475) Recognition of share-based compensation — — 33 — — 33 Issuance of common stock under stock incentive plan and related tax effect 2 2 (13) — — (11) Common stock repurchased (5) (5) (20) — (593) (618) Balance, May 3, 2025 1,116 $ 1,116 $ — $ (464) $ 7,851 $ 8,503 Thirteen Weeks Ended Common Stock Shares Par Value $1 Additional Paid-In Capital Accumulated Other Comprehensive (Loss) Income Retained Earnings Total Balance, February 3, 2024 1,134 $ 1,134 $ — $ (532) $ 6,700 $ 7,302 Net income — — — — 1,070 1,070 Other comprehensive (loss), net of tax — — — (18) — (18) Cash dividends declared on common stock — — — — (426) (426) Recognition of share-based compensation — — 38 — — 38 Issuance of common stock under stock incentive plan and related tax effect 2 2 46 — — 48 Common stock repurchased (5) (5) (84) — (423) (512) Balance, May 4, 2024 1,131 $ 1,131 $ — $ (550) $ 6,921 $ 7,502 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 7 THE TJX COMPANIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note A. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. All intercompany transactions have been eliminated in consolidation. Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. The Consolidated Financial Statements and Notes thereto should be read in conjunction with the audited Consolidated Financial Statements, including the related notes, contained in TJX’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025 (“fiscal 2025”). These interim results are not necessarily indicative of results for the full fiscal year. TJX’s business, in common with the businesses of retailers generally, is subject to seasonal influences, with higher levels of sales and income generally realized in the second half of the year. The February 1, 2025 balance sheet data was derived from audited Consolidated Financial Statements and does not include all disclosures required by GAAP. Fiscal Year TJX’s fiscal year ends on the Saturday nearest to the last day of January of each year. The current fiscal year ends January 31, 2026 (“fiscal 2026”) and is a 52-week fiscal year. Fiscal 2025 was a 52-week fiscal year. “Fiscal 2027” and “fiscal 2028” will both be 52-week fiscal years and will end January 30, 2027 and January 29, 2028, respectively. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. TJX considers its accounting policies relating to inventory valuation, reserves for uncertain tax positions and loss contingencies to be the most significant accounting policies that involve management estimates and judgments. Actual amounts could differ from these estimates, and such differences could be material. Deferred Gift Card Revenue The following table presents deferred gift card revenue activity: In millions May 3, 2025 May 4, 2024 Balance, beginning of year $ 824 $ 773 Deferred revenue 387 400 Effect of exchange rate changes on deferred revenue 9 (2) Revenue recognized (444) (455) Balance, end of period $ 776 $ 716 TJX recognized $444 million in gift card revenue for the three months ended May 3, 2025 and $455 million for the three months ended May 4, 2024. Gift cards are combined in one homogeneous pool and are not separately identifiable. As such, the revenue recognized consists of gift cards that were part of the deferred revenue balance at the beginning of the period as well as gift cards that were issued during the period. Equity Investments Multibrand Outlet Stores During fiscal 2025, the Company completed an investment for a 49% ownership stake in Multibrand Outlet Stores S.A.P.I. de C.V. (“MOS”), through a joint venture with Grupo Axo, S.A.P.I de C.V. (“Axo”). MOS is Axo’s off-price, physical store business in Mexico and includes a total of over 200 stores for its Promoda, Reduced, and Urban Store banners. TJX has the option to increase its ownership interest in the joint venture over the long term. TJX completed this investment for $193 million, inclusive of acquisition costs, during the third quarter of fiscal 2025. For the three months ended May 3, 2025, the carrying value of the Company’s equity investment in MOS was $177 million, which exceeds its share of MOS’ net assets by approximately $140 million. This difference primarily consists of goodwill and tradenames. Tradenames are definite-lived intangible assets and are amortized straight-line over their useful lives of 10 years. As of May 3, 2025, the revaluation of the investment from Mexican Pesos to the U.S. dollar resulted in an immaterial cumulative translation adjustment, which is recorded in the Consolidated Balance Sheets as a component of Accumulated other comprehensive (loss) income. Brands for Less During fiscal 2025, the Company completed an investment for a 35% ownership stake in privately held Brands for Less (“BFL”), representing a non-controlling, minority position. BFL currently operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business, and is the region’s only major off-price branded apparel, toys and home fashions retailer. TJX completed this investment for $358 million, inclusive of acquisition costs, during the fourth quarter of fiscal 2025. For the three months ended May 3, 2025, the carrying value of the Company’s equity investment in BFL was $335 million, which exceeds its share of BFL net assets by approximately $291 million. This difference primarily consists of goodwill and a tradename. The tradename is a definite-lived intangible asset and will be amortized straight-line over the useful life of 15 years. Both investments are accounted for under the equity method of accounting and are recorded in Other assets on the Consolidated Balance Sheets. TJX reports the results of its share of the investments in MOS and BFL on a one-quarter lag, as their results are not expected to be available in time to be recorded in the concurrent period. Earnings from the investments in MOS and BFL are recorded in Selling, general & administrative expenses on the Consolidated Statements of Income. The earnings from these investments did not have a material impact on the first quarter of fiscal 2026 results. Additionally, both equity investments are evaluated for indicators of impairment on a periodic basis or whenever events or circumstances indicate the carrying amount may be other-than-temporarily impaired. If the Company concludes that there is an other-than-temporary impairment of these equity investments, it wil ITEM 1A. Risk Factors 33 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 ITEM 5. Other Information 33 ITEM 6. Exhibits 34 SIGNATURE 34 2 PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) IN MILLIONS EXCEPT PER SHARE AMOUNTS Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net sales $ 13,111 $ 12,479 Cost of sales, including buying and occupancy costs 9,246 8,739 Selling, general and administrative expenses 2,549 2,400 Interest (income) expense, net (30) (50) Income before income taxes 1,346 1,390 Provision for income taxes 310 320 Net income $ 1,036 $ 1,070 Basic earnings per share $ 0.93 $ 0.95 Weighted average common shares – basic 1,118 1,132 Diluted earnings per share $ 0.92 $ 0.93 Weighted average common shares – diluted 1,132 1,146 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 3 THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) IN MILLIONS Thirteen Weeks Ended May 3, 2025 May 4, 2024 Net income $ 1,036 $ 1,070 Additions to other comprehensive income (loss), net of tax: Foreign currency translation adjustments, net of related tax provision of $4 in fiscal 2026 and tax benefit of $1 in fiscal 2025 145 (18) Reclassifications from other comprehensive income (loss), net of tax, to net income: Amortization of prior service cost and deferred (losses), net of related tax benefits of $0.1 in fiscal 2026 and $0.0 in fiscal 2025 (0) (0) Other comprehensive income (loss), net of tax 145 (18) Total comprehensive income $ 1,181 $ 1,052 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 4 THE TJX COMPANIES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) IN MILLIONS, EXCEPT SHARE AMOUNTS May 3, 2025 February 1, 2025 May 4, 2024 Assets Current assets: Cash and cash equivalents $ 4,255 $ 5,335 $ 5,059 Accounts receivable, net 594 549 542 Merchandise inventories 7,127 6,421 6,218 Prepaid expenses and other current assets 575 617 528 Federal, state and foreign income taxes recoverable 44 69 62 Total current assets 12,595 12,991 12,409 Net property at cost 7,554 7,346 6,622 Non-current deferred income taxes, net 141 148 156 Operating lease right of use assets 9,924 9,641 9,499 Goodwill 95 94 95 Other assets 1,549 1,529 898 Total assets $ 31,858 $ 31,749 $ 29,679 Liabilities Current liabilities: Accounts payable $ 4,414 $ 4,257 $ 4,072 Accrued expenses and other current liabilities 4,492 5,040 4,115 Current portion of operating lease liabilities 1,660 1,636 1,615 Federal, state and foreign income taxes payable 261 75 298 Total current liabilities 10,827 11,008 10,100 Other long-term liabilities 972 1,050 894 Non-current deferred income taxes, net 154 156 156 Long-term operating lease liabilities 8,535 8,276 8,164 Long-term debt 2,867 2,866 2,863 Commitments and contingencies (See Note K) Shareholders’ equity Preferred stock, authorized 5,000,000 shares, par value $1, no shares issued — — — Common stock, authorized 1,800,000,000 shares, par value $1, issued and outstanding 1,115,814,224; 1,119,333,622 and 1,130,829,890 respectively 1,116 1,119 1,131 Additional paid-in capital — — — Accumulated other comprehensive (loss) income (464) (609) (550) Retained earnings 7,851 7,883 6,921 Total shareholders’ equity 8,503 8,393 7,502 Total liabilities and shareholders’ equity $ 31,858 $ 31,749 $ 29,679 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 5 THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) IN MILLIONS Thirteen Weeks Ended May 3, 2025 May 4, 2024 Cash flows from operating activities: Net income $ 1,036 $ 1,070 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 296 264 Loss on property disposals and impairment charges — 3 Deferred income tax provision 8 24 Share-based compensation 33 38 Changes in assets and liabilities: (Increase) in accounts receivable (38) (13) (Increase) in merchandise inventories (604) (266) Decrease (increase) in income taxes recoverable 25 (3) Decrease (increase) in prepaid expenses and other current assets 4 (19) Increase in accounts payable 101 219 (Decrease) in accrued expenses and other liabilities (723) (741) Increase in income taxes payable 183 199 (Decrease) in net operating lease liabilities (8) (4) Other, net 81 (34) Net cash provided by operating activities 394 737 Cash flows from investing activities: Property additions (497) (419) Purchases of investments (17) (16) Sales and maturities of investments 11 8 Net cash (used in) investing activities (503) (427) Cash flows from financing activities: Payments for repurchase of common stock (613) (509) Cash dividends paid (424) (380) Proceeds from issuance of common stock 50 90 Other (61) (41) Net cash (used in) financing activities (1,048) (840) Effect of exchange rate changes on cash 77 (11) Net (decrease) in cash and cash equivalents (1,080) (541) Cash and cash equivalents at beginning of year 5,335 5,600 Cash and cash equivalents at end of period $ 4,255 $ 5,059 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 6 THE TJX COMPANIES, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) IN MILLIONS Thirteen Weeks Ended Common Stock Shares Par Value $1 Additional Paid-In Capital Accumulated Other Comprehensive (Loss) Income Retained Earnings Total Balance, February 1, 2025 1,119 $ 1,119 $ — $ (609) $ 7,883 $ 8,393 Net income — — — — 1,036 1,036 Other comprehensive income, net of tax — — — 145 — 145 Cash dividends declared on common stock — — — — (475) (475) Recognition of share-based compensation — — 33 — — 33 Issuance of common stock under stock incentive plan and related tax effect 2 2 (13) — — (11) Common stock repurchased (5) (5) (20) — (593) (618) Balance, May 3, 2025 1,116 $ 1,116 $ — $ (464) $ 7,851 $ 8,503 Thirteen Weeks Ended Common Stock Shares Par Value $1 Additional Paid-In Capital Accumulated Other Comprehensive (Loss) Income Retained Earnings Total Balance, February 3, 2024 1,134 $ 1,134 $ — $ (532) $ 6,700 $ 7,302 Net income — — — — 1,070 1,070 Other comprehensive (loss), net of tax — — — (18) — (18) Cash dividends declared on common stock — — — — (426) (426) Recognition of share-based compensation — — 38 — — 38 Issuance of common stock under stock incentive plan and related tax effect 2 2 46 — — 48 Common stock repurchased (5) (5) (84) — (423) (512) Balance, May 4, 2024 1,131 $ 1,131 $ — $ (550) $ 6,921 $ 7,502 The accompanying notes are an integral part of the unaudited Consolidated Financial Statements. 7 THE TJX COMPANIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note A. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements and Notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. These Consolidated Financial Statements and Notes thereto are unaudited and, in the opinion of management, reflect all normal recurring adjustments, accruals and deferrals among periods required to match costs properly with the related revenue or activity, considered necessary by The TJX Companies, Inc. (together with its subsidiaries, “TJX”) for a fair statement of its Consolidated Financial Statements for the periods reported, all in conformity with GAAP consistently applied. All intercompany transactions have

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