On this page of StockholderLetter.com we present the latest annual shareholder letter from TJX COMPANIES INC /DE/ — ticker symbol TJX. Reading current and past TJX letters to shareholders can bring important insights into the investment thesis.
THE TJX COMPANIES, INC. 2025 ANNUAL REPORT
TO OUR FELLOW SHAREHOLDERS: 2025 was another excellent year for TJX! We are so proud of our global Associates who drove our above-plan top- and bottom-line growth. Throughout our 49-year history, our commitment to our mission to deliver great value to customers every day has led to our successful growth through many different retail, economic, and geopolitical environments. With our great values and entertaining, treasure-hunt shopping experience, we attracted new shoppers and gained market share in each of our divisions in 2025. Across our retail banners, our value proposition of brand, fashion, price, and quality, appeals to a very broad range of customers across age and income demographics, which differentiates us from many other major retailers. Our long track record of success demonstrates the strength and resiliency of our off-price business model. As we begin our 50th year in business, we have great confidence in our continued successful growth around the world. Associate Recognition Our Associates work every day to bring our business to life for our shoppers, and we are truly grateful for their ongoing dedication and commitment to TJX and our customers. Our success in 2025 is a testament to their sharp execution of our off-price fundamentals and the collective efforts of our global teams to drive these results. 2025 Business Review In 2025, annual sales surpassed $60 billion, marking a major milestone for our Company! Full year comparable sales grew a very strong 5%, driven by strong sales growth across all of our divisions. We also saw strength in both our apparel and home categories. Sales, pretax profit margin, and earnings per share all increased significantly over last year and were well above our initial guidance for the year. Full year pretax profit margin was 12.1% and diluted earnings per share were $4.87. On an adjusted basis, full year pretax profit margin grew to 11.7% and diluted earnings per share increased 11% to $4.73.1 We are extremely pleased with the broad-based strength across the Company, as each division delivered comparable sales growth of 4% or better for the year. Importantly, each division also drove increases in customer transactions and attracted new shoppers throughout the year. We believe all of our divisions are set up extremely well to continue capturing market share around the world for many years to come. Marmaxx s annual sales exceeded $36 billion and comparable sales increased a strong 4%, with consistent strength in stores across all regions and customer income demographics. Sierra, which is reported with TJ Maxx and Marshalls within this division, also drove robust sales growth as store openings accelerated across the country. Marmaxx s full-year segment profit margin was 15.1% and adjusted segment profit margin increased to an outstanding 14.4%.2 Looking ahead, we are excited by the opportunities we see to attract more shoppers, grow our store base, and further increase sales at our largest division. At HomeGoods, annual sales surpassed $10 billion, a great milestone for this division! Comparable sales grew a very strong 5%, with consistent strength across all regions. Full year segment profit margin was 12.2% and adjusted segment profit margin grew to a very strong 12.0%.2 We are the largest off-price home fashions retailer in the U.S. and continue to see plenty of opportunities for our HomeGoods and Homesense banners to capture a larger share of the home retailing market. 1
TJX Canada, which includes Winners, HomeSense, and Marshalls in Canada, delivered an outstanding 7% comparable sales increase, with strength across all three banners. Annual sales grew to $5.6 billion. Full year segment profit margin was 13.4% and adjusted segment profit margin, on a constant currency basis, increased to an outstanding 13.8%.3 As the leading off-price retailer in Canada, we have excellent brand awareness and strong customer loyalty, which we believe sets us up very well to continue our successful growth across the country. At TJX International, which includes TK Maxx and Homesense in Europe and TK Maxx in Australia, annual sales grew to $8 billion. Comparable sales increased a strong 4%, with strength in Europe and terrific sales in Australia. Full year segment profit margin was 7.0% and adjusted segment profit margin, on a constant currency basis, grew significantly to a strong 7.3%.3 We continue to see numerous growth opportunities for this division. We are excited about opening our first stores in Spain in 2026, and we are confident that we can attract even more shoppers in both Europe and Australia over the long term. As to e-commerce, we were pleased with the sales performance during the year. We continued to add new categories and brands to our tjmaxx.com, marshalls.com, sierra.com, and tkmaxx.com sites in 2025 to deliver even more freshness to our online shoppers. We see our online business as an important complement to our successful brick-and-mortar stores and a great way to offer customers exciting values on our eclectic assortments 24/7. Throughout the year, our global teams collaborated as One TJX to deliver on our value mission to our customers, every day. Our team of over 1,400 world-class buyers source from an ever-changing universe of approximately 21,000 vendors and from more than 100 countries. By leveraging our global presence and strong vendor relationships, we are able to chase hot trends and capitalize on the tremendous availability in the marketplace. With our global buying and planning expertise and our proprietary logistics and distribution networks, we believe we are one of the most flexible retailers in the world. This flexibility allows us to buy close to need, react quickly to consumer preferences, and flow the right product to the right stores, at the right time. With our ever-changing mix of good, better, and best brands, we sell to a very wide customer demographic. We believe our extensive assortment of merchandise resonates with shoppers across many different income and age groups, including younger customers. We are excited about our marketing campaigns in 2026, which reinforce our value leadership, introduce new shoppers to our retail banners around the world, and may encourage cross-shopping of our banners. Our value perception remains very strong, and we believe that our exciting, treasure-hunt shopping experience will continue to bring joy to shoppers around the world. Global Growth As the leading off-price retailer of apparel and home fashions in the world, we continue to see tremendous opportunity to keep delivering our values to even more consumers globally. We see the potential to grow to a total of 7,000 stores with our existing retail banners in our current countries, including Spain, over the long term. Again, we are thrilled to be bringing TK Maxx to Spain this year, our 10th country! We see the long-term potential to add 100 stores in Spain. We continue to be very pleased with our joint venture with Grupo Axo in Mexico and our minority investment in Brands for Less in the Middle East. We are confident in the long-term growth outlook for these businesses in these newer geographies. With the long-term opportunity to add 1,700-plus stores globally, we are convinced that we have a very long runway ahead for continued growth both in the U.S. and internationally. 2
Financial Position and Shareholder Distributions In 2025, we generated $6.9 billion in operating cash flow and ended the year with $6.2 billion of cash on our consolidated balance sheet. Our financial and operational strength enable us to capitalize on the opportunities we see to grow our business while simultaneously returning significant cash to our shareholders. In 2025, we returned $4.3 billion to shareholders through our buyback and dividend programs. In March 2026, our Board of Directors approved a 13% increase in our quarterly dividend to 48 cents per share marking our 29th dividend increase in the last 30 years. Further, we plan to buy back an additional $2.50 to $2.75 billion of TJX stock in 2026. Over the past 29 years, we have bought back over $35 billion in TJX stock. Looking Forward Once again, we are very proud of the outstanding performance and sharp execution of our teams in 2025. We enter 2026 in a position of strength and have many initiatives underway to further drive sales and traffic to our stores and online. We are convinced that in-store shopping is here to stay and we are laser focused on providing an entertaining, treasure-hunt shopping experience with great values to our shoppers every day. We remain committed to investing in store remodels and new store prototypes to enhance the shopping environment for our customers. We are planning to take a TJX approach in deploying artificial intelligence to areas where we believe it can help us operate more efficiently, for example in-store analytics, or opportunities to enhance and augment the work of our talented Associates. As we look ahead, we are as confident as ever in the future of TJX. The strength and resiliency of our flexible, off-price business model has proven itself for five decades. We are convinced that our value proposition will continue to resonate with more consumers around the world. Importantly, the tenure and deep bench of TJX experience and off-price expertise within our teams are unmatched and we are developing the next generation of TJX leaders every day. The depth of our global talent base and the consistency of our culture set us apart and give us great confidence in our ability to navigate changing retail and economic landscapes. Going forward, we are energized by the opportunities we see to further grow our top- and bottom- lines, expand our global footprint, capture additional market share, and bring excitement and joy to more shoppers around the world. Corporate Responsibility Anchored by our value mission, TJX has been committed to acting as a responsible corporate citizen since the beginning. Our long-standing corporate responsibility programs focus on supporting our Associates, giving back to the communities where we operate, mitigating our impact on the environment, and operating our business with integrity. Making TJX a great place to work is always a priority, and we are committed to fostering our culture in which the ideas, feedback, and perspectives of our Associates help shape who we are for the better. We have many initiatives in place to support our Associates, including our intentional efforts to develop talent, promote inclusion, and champion our culture. To support our Associates growth and success, we prioritize teaching and mentoring and offer a range of career development opportunities and programs. We believe the work environment we strive to foster has encouraged many Associates to join us not just to find a job, but to build a career. In fact, at the end of 2025, 41% of people in managerial positions around the world had been at TJX for 10 or more years.4 3
 • shareholder letter icon 4/30/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/27/2023 TJX Stockholder Letter
 • stockholder letter icon 4/25/2024 TJX Stockholder Letter
 • stockholder letter icon 5/1/2025 TJX Stockholder Letter
 • stockholder letter icon More "Apparel Stores" Category Stockholder Letters
 • Benford's Law Stocks icon TJX Benford's Law Stock Score = 72


TJX Shareholder/Stockholder Letter Transcript:

THE TJX COMPANIES, INC.
2025 ANNUAL REPORT


TO OUR FELLOW SHAREHOLDERS:
2025 was another excellent year for TJX! We are so proud of our global Associates who drove our
above-plan top- and bottom-line growth. Throughout our 49-year history, our commitment to our
mission to deliver great value to customers every day has led to our successful growth through
many different retail, economic, and geopolitical environments. With our great values and entertaining,
treasure-hunt shopping experience, we attracted new shoppers and gained market share in each
of our divisions in 2025. Across our retail banners, our value proposition of brand, fashion, price, and
quality, appeals to a very broad range of customers across age and income demographics, which
differentiates us from many other major retailers. Our long track record of success demonstrates the
strength and resiliency of our off-price business model. As we begin our 50th year in business, we
have great confidence in our continued successful growth around the world.
Associate Recognition
Our Associates work every day to bring our business to life for our shoppers, and we are truly grateful
for their ongoing dedication and commitment to TJX and our customers. Our success in 2025 is a
testament to their sharp execution of our off-price fundamentals and the collective efforts of our global
teams to drive these results.
2025 Business Review
In 2025, annual sales surpassed $60 billion, marking a major milestone for our Company! Full year
comparable sales grew a very strong 5%, driven by strong sales growth across all of our divisions.
We also saw strength in both our apparel and home categories. Sales, pretax profit margin, and
earnings per share all increased significantly over last year and were well above our initial guidance for
the year. Full year pretax profit margin was 12.1% and diluted earnings per share were $4.87. On an
adjusted basis, full year pretax profit margin grew to 11.7% and diluted earnings per share increased
11% to $4.73.1
We are extremely pleased with the broad-based strength across the Company, as each division
delivered comparable sales growth of 4% or better for the year. Importantly, each division also
drove increases in customer transactions and attracted new shoppers throughout the year. We believe
all of our divisions are set up extremely well to continue capturing market share around the world for
many years to come.
Marmaxx   s annual sales exceeded $36 billion and comparable sales increased a strong 4%, with
consistent strength in stores across all regions and customer income demographics. Sierra, which
is reported with TJ Maxx and Marshalls within this division, also drove robust sales growth as store
openings accelerated across the country. Marmaxx   s full-year segment profit margin was 15.1% and
adjusted segment profit margin increased to an outstanding 14.4%.2 Looking ahead, we are excited
by the opportunities we see to attract more shoppers, grow our store base, and further increase sales
at our largest division.
At HomeGoods, annual sales surpassed $10 billion, a great milestone for this division! Comparable
sales grew a very strong 5%, with consistent strength across all regions. Full year segment profit
margin was 12.2% and adjusted segment profit margin grew to a very strong 12.0%.2 We are the
largest off-price home fashions retailer in the U.S. and continue to see plenty of opportunities for our
HomeGoods and Homesense banners to capture a larger share of the home retailing market.
1

TJX Canada, which includes Winners, HomeSense, and Marshalls in Canada, delivered an
outstanding 7% comparable sales increase, with strength across all three banners. Annual sales
grew to $5.6 billion. Full year segment profit margin was 13.4% and adjusted segment profit margin,
on a constant currency basis, increased to an outstanding 13.8%.3 As the leading off-price retailer in
Canada, we have excellent brand awareness and strong customer loyalty, which we believe sets us
up very well to continue our successful growth across the country.
At TJX International, which includes TK Maxx and Homesense in Europe and TK Maxx in Australia,
annual sales grew to $8 billion. Comparable sales increased a strong 4%, with strength in Europe
and terrific sales in Australia. Full year segment profit margin was 7.0% and adjusted segment profit
margin, on a constant currency basis, grew significantly to a strong 7.3%.3 We continue to see
numerous growth opportunities for this division. We are excited about opening our first stores in Spain
in 2026, and we are confident that we can attract even more shoppers in both Europe and Australia
over the long term.
As to e-commerce, we were pleased with the sales performance during the year. We continued to
add new categories and brands to our tjmaxx.com, marshalls.com, sierra.com, and tkmaxx.com sites
in 2025 to deliver even more freshness to our online shoppers. We see our online business as an
important complement to our successful brick-and-mortar stores and a great way to offer customers
exciting values on our eclectic assortments 24/7.
Throughout the year, our global teams collaborated as    One TJX    to deliver on our value mission to
our customers, every day. Our team of over 1,400 world-class buyers source from an ever-changing
universe of approximately 21,000 vendors and from more than 100 countries. By leveraging our global
presence and strong vendor relationships, we are able to chase hot trends and capitalize on the
tremendous availability in the marketplace. With our global buying and planning expertise and our
proprietary logistics and distribution networks, we believe we are one of the most flexible retailers
in the world. This flexibility allows us to buy close to need, react quickly to consumer preferences,
and flow the right product to the right stores, at the right time.
With our ever-changing mix of good, better, and best brands, we sell to a very wide customer
demographic. We believe our extensive assortment of merchandise resonates with shoppers across
many different income and age groups, including younger customers. We are excited about our
marketing campaigns in 2026, which reinforce our value leadership, introduce new shoppers to
our retail banners around the world, and may encourage cross-shopping of our banners. Our value
perception remains very strong, and we believe that our exciting, treasure-hunt shopping experience
will continue to bring joy to shoppers around the world.
Global Growth
As the leading off-price retailer of apparel and home fashions in the world, we continue to see
tremendous opportunity to keep delivering our values to even more consumers globally. We see the
potential to grow to a total of 7,000 stores with our existing retail banners in our current countries,
including Spain, over the long term. Again, we are thrilled to be bringing TK Maxx to Spain this
year, our 10th country! We see the long-term potential to add 100 stores in Spain. We continue to be
very pleased with our joint venture with Grupo Axo in Mexico and our minority investment in Brands
for Less in the Middle East. We are confident in the long-term growth outlook for these businesses
in these newer geographies. With the long-term opportunity to add 1,700-plus stores globally, we
are convinced that we have a very long runway ahead for continued growth both in the U.S. and
internationally.
2

Financial Position and Shareholder Distributions
In 2025, we generated $6.9 billion in operating cash flow and ended the year with $6.2 billion of cash
on our consolidated balance sheet. Our financial and operational strength enable us to capitalize on
the opportunities we see to grow our business while simultaneously returning significant cash to our
shareholders.
In 2025, we returned $4.3 billion to shareholders through our buyback and dividend programs.
In March 2026, our Board of Directors approved a 13% increase in our quarterly dividend to 48 cents
per share     marking our 29th dividend increase in the last 30 years. Further, we plan to buy back an
additional $2.50 to $2.75 billion of TJX stock in 2026. Over the past 29 years, we have bought back
over $35 billion in TJX stock.
Looking Forward
Once again, we are very proud of the outstanding performance and sharp execution of our teams
in 2025. We enter 2026 in a position of strength and have many initiatives underway to further drive
sales and traffic to our stores and online. We are convinced that in-store shopping is here to stay
and we are laser focused on providing an entertaining, treasure-hunt shopping experience with great
values to our shoppers every day. We remain committed to investing in store remodels and new store
prototypes to enhance the shopping environment for our customers. We are planning to take a TJX
approach in deploying artificial intelligence to areas where we believe it can help us operate more
efficiently, for example in-store analytics, or opportunities to enhance and augment the work of our
talented Associates.
As we look ahead, we are as confident as ever in the future of TJX. The strength and resiliency of
our flexible, off-price business model has proven itself for five decades. We are convinced that our
value proposition will continue to resonate with more consumers around the world. Importantly, the
tenure and deep bench of TJX experience and off-price expertise within our teams are unmatched
and we are developing the next generation of TJX leaders every day.
The depth of our global talent base and the consistency of our culture set us apart and give us great
confidence in our ability to navigate changing retail and economic landscapes. Going forward, we are
energized by the opportunities we see to further grow our top- and bottom- lines, expand our global
footprint, capture additional market share, and bring excitement and joy to more shoppers around the
world.
Corporate Responsibility
Anchored by our value mission, TJX has been committed to acting as a responsible corporate citizen
since the beginning. Our long-standing corporate responsibility programs focus on supporting
our Associates, giving back to the communities where we operate, mitigating our impact on the
environment, and operating our business with integrity.
Making TJX a great place to work is always a priority, and we are committed to fostering our culture
in which the ideas, feedback, and perspectives of our Associates help shape who we are for the
better. We have many initiatives in place to support our Associates, including our intentional efforts
to develop talent, promote inclusion, and champion our culture. To support our Associates   
growth and success, we prioritize teaching and mentoring and offer a range of career development
opportunities and programs. We believe the work environment we strive to foster has encouraged
many Associates to join us not just to find a job, but to build a career. In fact, at the end of 2025, 41%
of people in managerial positions around the world had been at TJX for 10 or more years.4
3


shareholder letter icon 4/30/2026 Letter Continued (Full PDF)
 

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