TJX Companies (TJX) Q4 2025 earnings summary

Executive summary

• Q4 comparable store sales rose 5%, driven by increased customer transactions, exceeding expectations across all divisions.

• Q4 pretax profit margin reached 11.6% and diluted EPS was $1.23, both above plan.

• FY25 net sales grew to $56.4B, with comp store sales up 4% and double-digit EPS growth, all above guidance.

• Each division posted at least 4% comp store sales growth for the year; store count surpassed 5,000.

Financial highlights

• Q4 net sales reached $16.4B, up 5% versus last year's adjusted sales; full-year net sales were $56.4B, up 6%.

• Q4 gross margin rose 100 bps to 30.5%; full-year gross margin was 30.6%, up 70 bps.

• Q4 diluted EPS was $1.23, up 10%; full-year EPS was $4.26, up 13%.

• Operating cash flow for the year was $6.1B, with $5.3B in year-end cash.

• Q4 SG&A was 19.2%, up 30 bps; full-year SG&A was 19.4%, up 10 bps.

Outlook and guidance

• FY26 comp store sales expected to grow 2%-3%, including e-commerce.

• Full-year sales projected at $58.1-$58.6B, up 3%-4%, with a 1% negative FX impact.

• Pre-tax profit margin expected at 11.3%-11.4%, down 10-20 bps due to FX; gross margin at 30.4%-30.5%.

• Full-year EPS guidance is $4.34-$4.43, up 2%-4%, with a 3% negative FX impact.

• Q1 sales expected at $12.8-$12.9B, with EPS of $0.87-$0.89, down from $0.93 last year.