The TJX Companies (TJX) Cash Flow: Operating & Free Cash Flow

The TJX Companies (TJX) Cash Flow Statement

In fiscal 2026 (fiscal year ended Jan 31, 2026), The TJX Companies generated $6.87B of operating cash flow and spent $1.96B on capital expenditures. That left free cash flow of $4.92B, up 17.1% from $4.20B a year earlier, or 8.1% of revenue. It returned $4.36B to shareholders through $1.84B in dividends and $2.52B in share buybacks.

The TJX Companies Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for The TJX Companies, Inc. (TJX) - Annual data in billions USD
Breakdown	FY 2026	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Jan 2026	Feb 2025	Jan 2025	Feb 2024	Jan 2024	Jan 2023	Jan 2022	Jan 2021	Jan 2020	Jan 2019	Jan 2018	Jan 2017
Operating Activities
Net Income	5.49	4.86	4.86	4.47	4.47	3.50	3.28	0.09	3.27	3.06	2.61	2.30
Depreciation & Amortization	1.25	1.10	1.10	0.96	0.96	0.89	0.87	0.87	0.87	0.82	0.73	0.66
Deferred Income Tax	0.11	-	0.03	-	-0.01	0.06	-0.04	-0.23	-0.01	-0.09	-0.14	-0.01
Stock Based Compensation	0.21	0.18	0.18	0.16	0.16	0.12	0.19	0.06	0.12	0.10	0.10	0.10
Change in Working Capital	-0.13	0.03	0.03	0.45	0.45	-0.82	-1.47	3.42	-0.14	0.16	-0.38	0.56
Change in Accounts Receivable	-0.04	-0.03	-0.03	0.04	0.10	-0.12	-0.03	-0.06	-0.09	-0.01	-0.06	-0.03
Change in Inventory	-0.72	-0.54	-0.54	-0.15	-0.15	0.06	-1.66	0.59	-0.30	-0.47	-0.45	0.01
Change in Accounts Payable	0.24	0.45	0.42	0.06	0.06	-0.73	-0.24	2.11	0.03	0.20	0.21	0.05
Change in Other Working Capital	-0.55	-0.14	-0.10	-0.10	0.43	0.09	-0.02	0.78	0.22	0.43	-0.07	0.54
Other Operating Activities	0.13	0.04	-0.10	0.05	0.02	0.09	-0.02	0.35	-0.05	0.04	0.11	0.01
Net Cash from Operating Activities	6.87	6.12	6.12	6.06	6.06	4.08	3.06	4.56	4.07	4.09	3.03	3.60
Investing Activities
Capital Expenditures	-1.96	-1.92	-1.92	-1.72	-1.72	-1.46	-1.05	-0.57	-1.22	-1.13	-1.06	-1.02
Acquisitions	-0.01	-	-0.55	-	0.00	1.46	1.04	0.57	-0.23	0.00	0.00	0.00
Purchases of Investments	-0.05	-0.59	-0.04	-0.03	-0.03	-0.03	-0.02	-0.03	-0.03	-0.16	-0.86	-0.72
Sales/Maturities of Investments	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.01	0.64	0.91	0.53
Other Investing Activities	0.00	-	0.00	-	0.00	-1.46	-1.04	-0.57	0.01	0.03	0.00	0.00
Net Cash from Investing Activities	-1.98	-2.48	-2.48	-1.72	-1.72	-1.47	-1.05	-0.58	-1.46	-0.62	-1.01	-1.21
Financing Activities
Debt Repayment	0.00	-	0.00	-0.50	-0.50	0.00	-2.98	3.57	0.00	-0.01	0.00	0.57
Common Stock Issued	0.31	0.37	0.37	0.29	0.29	0.32	0.23	0.21	0.23	0.26	0.13	0.16
Common Stock Repurchased	-2.52	-2.51	-2.51	-2.48	-2.48	-2.26	-2.18	-0.20	-1.55	-2.41	-1.64	-1.70
Dividends Paid	-1.84	-1.65	-1.65	-1.48	-1.48	-1.34	-1.25	-0.28	-1.07	-0.92	-0.76	-0.65
Other Financing Activities	-0.07	-0.04	-0.04	-0.03	-0.03	-0.03	-0.03	-0.07	-0.02	-0.02	-0.02	-0.16
Net Cash from Financing Activities	-4.12	-3.84	-3.84	-4.22	-4.22	-3.31	-6.20	3.23	-2.41	-3.10	-2.30	-1.59
Summary
Effect of Forex Changes on Cash	0.12	-0.07	-0.07	0.00	0.00	-0.06	-0.05	0.04	0.00	-0.10	0.11	0.01
Net Change in Cash	0.90	-0.27	-0.27	0.12	0.12	-0.75	-4.19	7.25	0.19	0.27	-0.17	0.83
Cash at Beginning of Period	5.34	-	5.60	-	5.48	6.23	10.47	3.22	3.03	2.76	2.93	2.10
Cash at End of Period	6.23	-	5.34	-	5.60	5.48	6.23	10.47	3.22	3.03	2.76	2.93
Free Cash Flow	4.92	4.20	4.20	4.34	4.34	2.63	2.01	3.99	2.84	2.96	1.97	2.58
Supplemental Disclosures
Interest Paid	-	0.07	-	0.08	-	0.09	0.14	0.15	-	-	-	-
Income Taxes Paid	-	1.63	-	1.43	-	1.23	1.12	0.15	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Aug 1, 2026. Data sources and methodology

Frequently Asked Questions About The TJX Companies Cash Flow

What is The TJX Companies's free cash flow?

The TJX Companies generated free cash flow of $4.92B in fiscal 2026 (fiscal year ended Jan 31, 2026), operating cash flow of $6.87B minus $1.96B of capital expenditures. That was up 17.1% from $4.20B a year earlier. Free cash flow equaled 8.1% of revenue.

How much does The TJX Companies spend on capital expenditures?

The TJX Companies spent $1.96B on capital expenditures in fiscal 2026, compared with $1.92B a year earlier. That equals 28.5% of operating cash flow.

Does The TJX Companies pay dividends or buy back shares?

Yes. In fiscal 2026 The TJX Companies returned $1.84B in dividends and $2.52B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition