Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

TJX Cos. Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
Goodwill	94)	95)	97)	97)	99)	96)
Sierra Trading Post	39)	39)	39)	39)	39)	39)
Trade Secret	—)	—)	13)	13)	10)	11)
Definite-lived intangible assets, gross carrying amount	39)	39)	52)	51)	49)	49)
Accumulated amortization	(39)	(39)	(40)	(36)	(31)	(23)
Definite-lived intangible assets, net carrying value	—)	—)	12)	15)	18)	26)
Marshalls	108)	108)	108)	108)	108)	108)
Indefinite-lived intangible asset	108)	108)	108)	108)	108)	108)
Tradenames	108)	108)	120)	123)	125)	133)
Goodwill and tradenames	202)	203)	217)	220)	224)	229)

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	TJX Cos. Inc. goodwill decreased from 2023 to 2024 and from 2024 to 2025.
Tradenames	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.
Goodwill and tradenames	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	TJX Cos. Inc. goodwill and tradenames decreased from 2023 to 2024 and from 2024 to 2025.

TJX Cos. Inc., adjustments to financial statements

US$ in millions

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
Adjustment to Total Assets
Total assets (as reported)	31,749)	29,747)	28,349)	28,461)	30,814)	24,145)
Less: Goodwill	94)	95)	97)	97)	99)	96)
Total assets (adjusted)	31,655)	29,652)	28,252)	28,365)	30,715)	24,049)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	8,393)	7,302)	6,364)	6,003)	5,833)	5,948)
Less: Goodwill	94)	95)	97)	97)	99)	96)
Shareholders’ equity (adjusted)	8,299)	7,207)	6,267)	5,906)	5,734)	5,853)

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).

TJX Cos. Inc., Financial Data: Reported vs. Adjusted

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TJX Cos. Inc., adjusted financial ratios

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
Total Asset Turnover
Reported total asset turnover	1.78	1.82	1.76	1.71	1.04	1.73
Adjusted total asset turnover	1.78	1.83	1.77	1.71	1.05	1.73
Financial Leverage
Reported financial leverage	3.78	4.07	4.45	4.74	5.28	4.06
Adjusted financial leverage	3.81	4.11	4.51	4.80	5.36	4.11
Return on Equity (ROE)
Reported ROE	57.95%	61.27%	54.97%	54.69%	1.55%	55.01%
Adjusted ROE	58.61%	62.08%	55.82%	55.58%	1.58%	55.91%
Return on Assets (ROA)
Reported ROA	15.32%	15.04%	12.34%	11.53%	0.29%	13.55%
Adjusted ROA	15.37%	15.09%	12.38%	11.57%	0.29%	13.61%

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	TJX Cos. Inc. adjusted total asset turnover ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	TJX Cos. Inc. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	TJX Cos. Inc. adjusted ROE improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	TJX Cos. Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

TJX Cos. Inc., Financial Ratios: Reported vs. Adjusted

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	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
As Reported
Selected Financial Data (US$ in millions)
Net sales	56,360)	54,217)	49,936)	48,550)	32,137)	41,717)
Total assets	31,749)	29,747)	28,349)	28,461)	30,814)	24,145)
Activity Ratio
Total asset turnover¹	1.78	1.82	1.76	1.71	1.04	1.73
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net sales	56,360)	54,217)	49,936)	48,550)	32,137)	41,717)
Adjusted total assets	31,655)	29,652)	28,252)	28,365)	30,715)	24,049)
Activity Ratio
Adjusted total asset turnover²	1.78	1.83	1.77	1.71	1.05	1.73

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).

2025 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 56,360 ÷ 31,749 = 1.78

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 56,360 ÷ 31,655 = 1.78

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	TJX Cos. Inc. adjusted total asset turnover ratio improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	31,749)	29,747)	28,349)	28,461)	30,814)	24,145)
Shareholders’ equity	8,393)	7,302)	6,364)	6,003)	5,833)	5,948)
Solvency Ratio
Financial leverage¹	3.78	4.07	4.45	4.74	5.28	4.06
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	31,655)	29,652)	28,252)	28,365)	30,715)	24,049)
Adjusted shareholders’ equity	8,299)	7,207)	6,267)	5,906)	5,734)	5,853)
Solvency Ratio
Adjusted financial leverage²	3.81	4.11	4.51	4.80	5.36	4.11

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).

2025 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 31,749 ÷ 8,393 = 3.78

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 31,655 ÷ 8,299 = 3.81

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	TJX Cos. Inc. adjusted financial leverage ratio decreased from 2023 to 2024 and from 2024 to 2025.

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	4,864)	4,474)	3,498)	3,283)	90)	3,272)
Shareholders’ equity	8,393)	7,302)	6,364)	6,003)	5,833)	5,948)
Profitability Ratio
ROE¹	57.95%	61.27%	54.97%	54.69%	1.55%	55.01%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income	4,864)	4,474)	3,498)	3,283)	90)	3,272)
Adjusted shareholders’ equity	8,299)	7,207)	6,267)	5,906)	5,734)	5,853)
Profitability Ratio
Adjusted ROE²	58.61%	62.08%	55.82%	55.58%	1.58%	55.91%

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).

2025 Calculations

¹ ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 4,864 ÷ 8,393 = 57.95%

² Adjusted ROE = 100 × Net income ÷ Adjusted shareholders’ equity
= 100 × 4,864 ÷ 8,299 = 58.61%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	TJX Cos. Inc. adjusted ROE improved from 2023 to 2024 but then slightly deteriorated from 2024 to 2025 not reaching 2023 level.

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	4,864)	4,474)	3,498)	3,283)	90)	3,272)
Total assets	31,749)	29,747)	28,349)	28,461)	30,814)	24,145)
Profitability Ratio
ROA¹	15.32%	15.04%	12.34%	11.53%	0.29%	13.55%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income	4,864)	4,474)	3,498)	3,283)	90)	3,272)
Adjusted total assets	31,655)	29,652)	28,252)	28,365)	30,715)	24,049)
Profitability Ratio
Adjusted ROA²	15.37%	15.09%	12.38%	11.57%	0.29%	13.61%

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).

2025 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 4,864 ÷ 31,749 = 15.32%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 4,864 ÷ 31,655 = 15.37%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	TJX Cos. Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

TJX Cos. Inc. (NYSE:TJX)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

TJX Cos. Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

TJX Cos. Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)