What it does
TJX states that it is an off-price apparel and home fashions retailer operating more than 5,200 stores and six branded e-commerce sites. Its stores and websites offer a frequently changing assortment of brand-name, designer and other merchandise, including apparel, footwear, accessories, home fashions and other goods. The company operates four reportable segments: Marmaxx and HomeGoods in the U.S., TJX Canada, and TJX International in Europe and Australia. Sierra’s results are included in Marmaxx. The filing describes its retail offer as combining brand, fashion, price and quality.
Source: The TJX Companies, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
How it makes money
The company generates revenue through merchandise sales across its retail chains and e-commerce sites. It states that its pricing is generally 20% to 60% below full-price retailers’ regular prices on comparable merchandise, and that it generally does not use sales or coupons. The segment table below provides the full revenue breakdown. In fiscal 2026, Marmaxx revenue was $36.6 billion and HomeGoods revenue was $10.2 billion. TJX states that it buys merchandise opportunistically throughout the year, including closeouts, special production, order cancellations and manufacturer overruns, while also selling a small percentage of in-house or licensed brands.
| Segment | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| Marmaxx | $36.6 billion | 60.6% | 5.72% |
| HomeGoods | $10.2 billion | 16.8% | 8.37% |
| TJX International | $8.0 billion | 13.2% | 11.2% |
| TJX Canada | $5.6 billion | 9.32% | 8.48% |
Source: The TJX Companies, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Customers and geography
The company states that its value proposition reaches customers across income levels and covers a wide range of merchandise. In the U.S., its banners include TJ Maxx, Marshalls, Sierra, HomeGoods and Homesense. In Canada, it operates Winners, HomeSense and Marshalls. TJX International operates TK Maxx and Homesense in Europe, and TK Maxx in Australia. The filing lists European TK Maxx operations in the U.K., Ireland, Germany, Poland, Austria and the Netherlands; it also notes the start of Spain operations in March 2026. The company says its store and online assortment is designed to change rapidly and encourage frequent visits.
| Segment | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| Marmaxx | $36.6 billion | 60.6% | 5.72% |
| HomeGoods | $10.2 billion | 16.8% | 8.37% |
| TJX International | $8.0 billion | 13.2% | 11.2% |
| TJX Canada | $5.6 billion | 9.32% | 8.48% |
Source: The TJX Companies, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Competition
The filing describes retail apparel and home fashion as highly competitive. TJX states that it competes on brand, fashion, price, quality, selection and freshness, as well as shopping experience, service, reputation and store location. It identifies competing retail formats as local, regional, national and international department, specialty, off-price, discount, warehouse and outlet stores. The company also identifies retailers selling similar merchandise in stores, online, or through other media or channels. The filing does not name specific competing companies.
Source: The TJX Companies, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov
Key risks
The filing highlights operational, external and regulatory risks, including:
- Failure to execute its opportunistic buying strategy and successfully manage inventory.
- Disruptions in manufacturing and supply, transportation, logistics, distribution or warehousing, including political or military disruptions affecting import routes.
- Tariffs, duties, trade restrictions, sanctions, quotas and changes to international trade agreements or enforcement practices.
- Economic conditions, geopolitical uncertainty and other instability that may affect consumer confidence and discretionary spending.
- IT security or resiliency challenges.
- Failure to comply with laws, rules, regulations, orders, and applicable accounting principles and interpretations.
Source: The TJX Companies, Inc. Form 10-K for fiscal 2026, Item 1A — sec.gov
People and operations
As of January 31, 2026, TJX had approximately 377,000 Associates; the company states that approximately 86% worked in retail stores, and that many worked less than 40 hours per week. It also hires thousands of temporary employees annually, particularly for back-to-school and holiday periods. The company operates distribution centers totaling approximately 31 million square feet across six countries and ships substantially all merchandise through distribution centers, fulfillment centers, warehouses and shipping centers. The filing states that sales and income are generally higher in the second half of the year, which includes back-to-school and year-end holidays.
Source: The TJX Companies, Inc. Form 10-K for fiscal 2026, Item 1 — sec.gov