TJX Companies Inc (NYSE: TJX) is an off-price apparel and home fashions retail company that purchases merchandise at prices below those paid by conventional retailers and sells it to consumers through a network of brick-and-mortar stores and e-commerce sites. Revenue is transactional, generated entirely from retail sales of discounted apparel, footwear, and home fashions across its banner stores. TJX operates four segments: Marmaxx (T.J. Maxx and Marshalls in the U.S.), HomeGoods (HomeGoods and Homesense in the U.S.), TJX Canada (Winners, HomeSense, and Marshalls), and TJX International (TK Maxx and Homesense in Europe and Australia). As of January 31, 2026, the company held $6.2 billion in cash. Cost of sales represented 69.0% of net sales in FY2026, and income before income taxes was 12.1% of net sales. The off-price model relies on opportunistic buying of closeouts, manufacturer overruns, and order cancellations, with lean inventory levels and frequent inventory turns.
- Revenue model
- Transactional retail sales of off-price apparel, footwear, and home fashions. Merchandise is sourced opportunistically at substantial discounts from brands, manufacturers, and other retailers, then sold through stores and e-commerce. Cost of sales (including buying and occupancy costs) was 69.0% of net sales in FY2026 versus 69.4% in FY2025. Income before income taxes was 12.1% of net sales in FY2026 versus 11.5% in FY2025.
- Products and services
- Off-price family apparel, footwear, and home fashions sold through banner stores: T.J. Maxx, Marshalls, and Sierra in the U.S.; HomeGoods and Homesense in the U.S.; Winners, HomeSense, and Marshalls in Canada; TK Maxx and Homesense in Europe; TK Maxx in Australia. E-commerce operated through tjmaxx.com, marshalls.com, homegoods.com, sierra.com, tkmaxx.com, tkmaxx.de, and tkmaxx.at. Merchandise sourced from closeouts, manufacturer overruns, and order cancellations.
- Customers and end markets
- Value-oriented consumers seeking branded apparel, footwear, and home fashions at prices below conventional retail. No disclosed customer concentration. End markets span family apparel, footwear, home decor, furniture, and seasonal home merchandise across the U.S., Canada, Europe (U.K., Ireland, Germany, Poland, Austria, Netherlands, and Spain starting March 2026), and Australia.
- Value-chain role
- Downstream off-price retailer. TJX acts as an opportunistic buyer, purchasing excess inventory, closeouts, and manufacturer overruns from brands, manufacturers, and other retailers throughout the year, then distributing through company-operated stores and e-commerce. Merchants operate with discretion to react to changing market opportunities close to the selling season. Inventory is kept lean relative to conventional retailers to maintain sourcing flexibility.
- Geographic exposure
- United States (Marmaxx, HomeGoods, Sierra segments), Canada (TJX Canada: Winners 316 stores, HomeSense 162 stores, Marshalls 111 stores as of the FY2026 10-K filing), Europe (TK Maxx 673 stores in U.K., Ireland, Germany, Poland, Austria, Netherlands, and Spain from March 2026; Homesense 74 stores in U.K. and Ireland), and Australia (TK Maxx). Approximately $2 billion of $6.2 billion cash held by foreign subsidiaries as of January 31, 2026.
