Income Taxes (Tables)

12 Months Ended

Jan. 31, 2026

Summary of Components of Income Before Income Taxes

For financial reporting purposes, components of income before income taxes are as follows:


	Fiscal Year Ended
In millions	January 31, 2026		February 1, 2025		February 3, 2024
					(53 weeks)
United States	$	6,264	$	5,541	$	5,077
Foreign	1,035		942		890
Income before income taxes	$	7,299	$	6,483	$	5,967

Summary of Provision for Income Taxes

The provision for income taxes includes the following:


	Fiscal Year Ended
In millions	January 31, 2026		February 1, 2025		February 3, 2024
					(53 weeks)
Current:
Federal	$	1,022	$	1,009	$	982
State	351		338		344
Foreign	321		244		175
Deferred:
Federal	90		9		6
State	(2)		14		(34)
Foreign	23		5		20
Provision for income taxes	$	1,805	$	1,619	$	1,493

Summary of Net Deferred Tax (Liabilities) Assets

TJX had net deferred tax (liabilities) assets as follows:


	Fiscal Year Ended
In millions	January 31, 2026		February 1, 2025
Deferred tax assets:
Net operating loss carryforward	$	92	$	104

Pension, stock compensation, postretirement and employee benefits	466		392

Operating lease liabilities	2,820		2,634
Accruals and reserves	322		300
Other	15		20
Total gross deferred tax assets	$	3,715	$	3,450
Valuation allowance	(58)		(51)
Total deferred tax asset	$	3,657	$	3,399
Deferred tax liabilities:
Property, plant and equipment	$	916	$	742
Capitalized inventory	79		73
Operating lease right of use assets	2,724		2,540
Tradename/intangibles	25		24
Undistributed foreign earnings	28		23
Other	6		5
Total deferred tax liabilities	$	3,778	$	3,407
Net deferred tax (liability)	$	(121)	$	(8)
Non-current asset	$	147	$	148
Non-current liability	(268)		(156)
Net deferred tax (liability)	$	(121)	$	(8)

Reconciliation of U.S. Federal Statutory Income Tax Rate and Worldwide Effective Income Tax Rate

The difference between the U.S. federal statutory income tax rate and TJX’s worldwide effective income tax rate is reconciled below:


	Fiscal Year Ended
In millions	January 31, 2026
U.S. federal statutory income tax rate	$	1,533	21.0	%
Effective state income tax rate, net of federal income tax effect(a)	275		3.8
Foreign tax effects
Canada	107		1.5
Other foreign jurisdictions	18		0.2
Effect of cross-border tax laws	(17)		(0.2)
Tax credits	(63)		(0.9)
Nondeductible/nontaxable items	(37)		(0.5)
Change in unrecognized tax benefits	(5)		(0.1)
Other	(6)		(0.1)

Worldwide effective income tax rate	$	1,805	24.7	%

(a) California, New York, New Jersey, Massachusetts, Illinois, and Florida make up the majority (greater than 50%) of this category.

There are no changes in tax laws or rates enacted in the current period or changes in valuation allowances which are material for separate disclosure.


	Fiscal Year Ended
	February 1, 2025		February 3, 2024
			(53 weeks)
U.S. federal statutory income tax rate	21.0	%	21.0	%
Effective state income tax rate	4.5		4.2
Impact of foreign operations	1.0		0.9
Excess share-based compensation	(1.3)		(0.8)
Tax credits	(0.2)		(0.2)
Nondeductible/nontaxable items	0.1		0.1

Other	(0.1)		(0.2)
Worldwide effective income tax rate	25.0	%	25.0	%

Summary of Cash Payments for Income Taxes

Cash paid (net of refunds received) for income taxes consisted of the following:


	Fiscal Year Ended
In millions	January 31, 2026
U.S. federal tax	$	869
State and local taxes	330
Foreign taxes:
Canada	195
Other foreign jurisdictions	77
Total income taxes paid	$	1,471

TJX’s cash payments for interest and income taxes and non-cash investing and financing activities are as follows:


	Fiscal Year Ended
In millions	January 31, 2026		February 1, 2025		February 3, 2024
					(53 weeks)
Cash paid for:
Interest on debt	$	74	$	74	$	80
Income taxes	1,471		1,632		1,432
Non-cash investing and financing activity:
Dividends payable	$	50	$	44	$	37
Property additions	48		14		47

Reconciliation of Beginning and Ending Gross Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending gross unrecognized tax benefits, excluding interest and penalties, is as follows:


	Fiscal Year Ended
In millions	January 31, 2026		February 1, 2025		February 3, 2024
Balance, beginning of year	$	261	$	226	$	266
Additions for uncertain tax positions taken in current year	15		4		6
Additions for uncertain tax positions taken in prior years	26		61		—
Reductions for uncertain tax positions taken in prior years	—		(20)		—
Reductions resulting from lapse of statute of limitations	(2)		(2)		(19)
Settlements with tax authorities	(14)		(8)		(27)
Balance, end of year	$	286	$	261	$	226