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TJX Companies (TJX) investor relations material
TJX Companies Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary20 Aug, 2025
Executive summary
Q2 net sales rose 7% year-over-year to $14.4 billion, with comp sales up 4% and store count up 3%, driven by increased customer transactions across all divisions and geographies.
Diluted EPS increased 15% to $1.10, and pretax profit margin improved to 11.4%, both exceeding plan.
Cost of sales and SG&A ratios both decreased by 0.3 percentage points, reflecting operational efficiencies.
$1 billion was returned to shareholders in Q2 via buybacks and dividends.
Strong product availability, value perception, and a flexible business model continue to attract a broad customer base and support long-term growth.
Financial highlights
Q2 net income was $1.24 billion, up 15% year-over-year; six-month net income was $2.28 billion.
Q2 gross profit margin was 30.7%, up 0.3 percentage points year-over-year, aided by favorable hedges.
SG&A expenses were 19.5% of sales, down 0.3 percentage points from last year due to operational efficiencies.
Operating cash flow for the first six months was $2.2 billion; cash and cash equivalents at period end were $4.6 billion.
Inventory per store up 10% year-over-year, reflecting strong buying opportunities.
Outlook and guidance
Full-year comp sales expected to rise 3%; consolidated sales guidance raised to $59.3–$59.6 billion, reflecting FX benefits and strong Q2 sales.
Full-year pretax profit margin guidance increased to 11.4–11.5%; gross margin expected at 30.5–30.7%.
Full-year diluted EPS guidance raised to $4.52–$4.57, up 6–7% year-over-year.
Q3 comp sales expected to rise 2–3%, with EPS of $1.17–$1.19.
FY26 capital expenditures expected at $2.1–$2.2 billion, funded by cash and internal funds.
Explain the drivers behind the SG&A decrease.
Assess the impact of tariffs on FY26 guidance.
How does inventory position support future growth?
How did TJX offset tariff pressure in Q2?
Discuss Marmaxx's initiatives for H2 2025.
Explain the factors behind Q4 margin guidance.
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Next TJX Companies earnings date
Q3 202619 Nov, 2025
Next TJX Companies earnings date
Q3 202619 Nov, 2025
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Frequently asked questions
American Off-Price Retailer
TJX Companies is an American retail operator with various well-known retail chains including T.J. Maxx, Marshalls, HomeGoods, and Homesense, alongside several e-commerce sites. Their retail footprint spans over 4,800 stores primarily across North America, but with retail locations active in Australia and select European companies. TJX operates on an off-price business model, typically offering products at a lower price than what The company is headquartered in Framingham, Massachusetts, and its shares are listed on the New York Stock Exchange.
From Zayre to TJX Companies
What would eventually become the company we know today was founded as Zayre by the Feldberg family. The original Zayre store, also operating with discounted prices compared to competitors, opened its doors in Hyannis, Massachusetts in 1956. The company eventually grew to cover much of the eastern United States and in 1976 the leadership of Zayre opened its first T.J. Maxx store. The company eventually decided to divest the Zayre brand, focusing fully on T.J. Maxx, starting several new chain stores as well as making acquisitions in the industry.
The Various Retail Chains
TJX operates several retail chains, each with its own focus but all operating with an off-price model.
T.J. Maxx and Marshalls (Marmaxx Group) in the U.S.: These stores are similar in concept, offering a wide range of fashion, home goods, and accessories at discounted prices. They are designed to appeal to consumers looking for brand names and designer goods without the corresponding high price tags.
HomeGoods: This chain offers a variety of high-quality home fashions at low prices, including furniture, rugs, lighting, decorative accessories, and kitchen and dining ware.
T.K. Maxx: Similar to T.J. Maxx but located in Europe and Australia, offering a comparable assortment of apparel and home products.
HomeSense: Operating in Canada and Europe, HomeSense provides similar merchandise to HomeGoods but tailored to the local markets.
Competition and Market Position
As previously mentioned, all of the company’s stores operate on an off-price model and are more often than not built after the classic big-box retailing blueprint. TJX also operates an online store and competes with the likes of Walmart and Target, but also with more similar companies such as Ross Stores.
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