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Arphra AIPlain-English read on The TJX Companies, Inc.’s valuationIncome statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $48.55B | $49.94B | $54.22B | $56.36B | $60.37B | $64.12B | $67.89B | $73.26B | $75.5B |
| Cost of revenue | $34.71B | $36.15B | $37.95B | $39.11B | $41.68B | $43.51B | $46.73B | $50.59B | $51.3B |
| Gross profit | $13.84B | $13.79B | $16.27B | $17.25B | $18.69B | $20.09B | $20.41B | $22.29B | $22.88B |
| Gross margin | +28.50% | +27.61% | +30.00% | +30.60% | +30.96% | +31.33% | +30.07% | +30.43% | +30.31% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $9.08B | $8.93B | $10.47B | $10.95B | $11.52B | $12.12B | $12.78B | $14.31B | $14.26B |
| Total operating expenses | $9.08B | $8.93B | $10.47B | $10.95B | $11.52B | $12.39B | $13.26B | $13.98B | $14.96B |
| Operating income | $4.76B | $4.86B | $5.8B | $6.3B | $7.18B | $7.28B | $7.7B | $8.39B | $8.33B |
| Operating margin | +9.79% | +9.73% | +10.69% | +11.18% | +11.89% | +11.35% | +11.34% | +11.45% | +11.03% |
| EBITDA | $5.39B | $5.61B | $7.01B | $7.66B | $8.55B | $8.83B | $9.13B | $10.2B | $10.37B |
| EBIT | $4.52B | $4.72B | $6.05B | $6.56B | $7.3B | $7.61B | $8.11B | $8.53B | $8.86B |
| Below the line | |||||||||
| Interest expense | $119M | $84M | $79M | $76M | $0 | $58.18M | $64.93M | $68.34M | $72.22M |
| Interest income | $4M | $78M | $249M | $257M | $121M | $242.66M | $247.2M | $269.65M | $284.04M |
| Other income / expense | -$357M | -$224M | $170M | $181M | $121M | — | — | — | — |
| Pre-tax income | $4.4B | $4.64B | $5.97B | $6.48B | $7.3B | $7.37B | $7.9B | $8.55B | $8.73B |
| Income tax expense | $1.12B | $1.14B | $1.49B | $1.62B | $1.81B | $1.83B | $1.97B | $2.14B | $2.18B |
| Earnings | |||||||||
| Net income | $3.28B | $3.5B | $4.47B | $4.86B | $5.49B | $5.55B | $5.76B | $6.23B | $6.53B |
| Net income · continuing ops | $3.28B | $3.5B | $4.47B | $4.86B | $5.49B | $5.49B | $5.82B | $6.36B | $6.53B |
| Net margin | +6.76% | +7.00% | +8.25% | +8.63% | +9.10% | +8.65% | +8.48% | +8.51% | +8.65% |
| EPS · basic | $2.74 | $3.00 | $3.90 | $4.31 | $4.89 | $5.22 | $5.75 | $6.40 | $6.90 |
| EPS · diluted | $2.70 | $2.97 | $3.86 | $4.26 | $4.88 | $5.24 | $5.76 | $6.39 | $6.85 |
| EPS · low estimate | — | — | — | — | — | $5.17 | $5.61 | $6.18 | $6.75 |
| EPS · high estimate | — | — | — | — | — | $5.29 | $5.86 | $6.64 | $7.00 |
| Shares · basic | 1.2B | 1.17B | 1.15B | 1.13B | 1.13B | 1.13B | 1.13B | 1.13B | 1.13B |
| Shares · diluted | 1.22B | 1.18B | 1.16B | 1.14B | 1.13B | 1.12B | 1.14B | 1.12B | 1.12B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 10 | 10 | 3 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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