TJX Companies runs over 5,200 stores across the United States, Canada, Europe, and Australia under names like TJ Maxx, Marshalls, HomeGoods, TK Maxx, Winners, and Sierra. Every time a customer walks in and buys something, TJX earns revenue. The company prices its merchandise at 20% to 60% below what department stores and full-price retailers charge for the same kinds of items. It does this by buying leftover stock, cancelled orders, and overruns from brands and manufacturers at a discount, then passing much of that savings to shoppers. More than 1,400 buyers work year-round, sourcing from roughly 21,000 vendors across more than 100 countries. The result is a store where the selection changes constantly and customers never quite know what they will find. The diagram below traces where the money goes.
Five years of financial data tell a consistent story. Revenue has climbed every single year, from $48.5 billion in fiscal 2022 to $60.4 billion in fiscal 2026. That is not just new stores opening. Same-store sales, meaning sales at locations already open for at least two years, grew 5% in fiscal 2026 on top of 4% growth the year before. Customers are visiting more often and spending more per trip.
Margins have also improved. Gross margin dipped slightly in fiscal 2023, then recovered and kept climbing, reaching 31.0% in fiscal 2026 compared to 28.5% in fiscal 2022. That means TJX is keeping more of each dollar of sales after paying for merchandise and store occupancy costs. Free cash flow, the money left over after the company pays for buildings, equipment, and technology, jumped from $2.0 billion in fiscal 2022 to $4.9 billion in fiscal 2026. The company also holds more cash than debt. At the end of fiscal 2026, net debt was negative $3.4 billion, meaning TJX had $3.4 billion more cash than it owed.
That cash is not sitting idle. In fiscal 2026, TJX returned $4.3 billion to shareholders through share repurchases and dividends. The company also plans to spend between $2.2 billion and $2.3 billion on capital expenditures in fiscal 2027, covering new stores, store renovations, and distribution center upgrades. The company estimates it could eventually operate up to 7,000 stores worldwide, compared to the 5,214 it ran at the end of fiscal 2026.
The international segment, which includes TK Maxx stores in the United Kingdom, Germany, Poland, Austria, the Netherlands, Ireland, and Australia, is growing faster than the core United States business. TJX International reported $8 billion in net sales for fiscal 2026, up 11% from the prior year, with segment profit margin climbing from 5.9% to 7.0%. The company opened its first TK Maxx stores in Spain in March 2026. International margins remain well below the 15.1% margin at the core Marmaxx segment in the United States, which means international growth adds volume but also carries more risk.
The risks facing this business are real and specific. The biggest near-term threat is tariffs. TJX sources most of its merchandise from China, India, and Southeast Asia. New tariffs on imports from those countries raise the cost of goods. TJX says its buying team can adjust sourcing to partially offset this, but the company acknowledges the full impact depends on trade negotiations, legal rulings, and competitor responses that it cannot control. A February 2026 Supreme Court ruling invalidated certain tariffs imposed under one law, but a new global tariff was imposed shortly after.
A second risk lives inside the buying model itself. If TJX's buyers misjudge what customers want, or pay too much for merchandise, or build up too much inventory, the value proposition breaks down. Unlike a regular retailer that can run a sale or offer coupons, TJX does not use promotional pricing. It has to get the buying decisions right from the start. The company also faces cybersecurity threats. Its systems manage sales, inventory, and customer data across thousands of stores. A serious breach could disrupt operations and expose customers, something TJX experienced on a large scale in 2007 when hackers stole data from 45.7 million customers.
There is also a structural vulnerability the pandemic made impossible to ignore. When COVID-19 forced store closures in 2020, revenue fell 31% during May, June, and July of that year and TJX lost $214 million in a single quarter. The treasure-hunt experience that drives customer loyalty simply does not translate fully to online shopping. E-commerce sales across all six of TJX's websites combined represented only about 2% of total sales in fiscal 2026. The business depends on people walking through the door.