Company: TJX
Filing Date: 2025-12-02
Form Type: 10-Q
Source: 0000109198-25-000061
Chunk: 107

Company: TJX COMPANIES INC /DE/
Filing Date: 2025-12-02
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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 may again use, operating cash flow and cash on hand to repay portions of our indebtedness, depending on prevailing market conditions, liquidity requirements, existing economic conditions, contractual restrictions and other factors. As such, we may, from time to time, seek to retire, redeem, prepay or purchase our outstanding debt through redemptions, cash purchases, prepayments, refinancings and/or exchanges, in open market purchases, privately negotiated transactions, by tender offer or otherwise.

Operating Activities

Operating activities resulted in net cash inflows of $3.7 billion for the nine months ended November 1, 2025 and $3.4 billion for the nine months ended November 2, 2024. 

Operating cash flows increased $305 million compared to fiscal 2025 primarily due to an increase in net income, timing of income taxes payable and an increase in accrued expenses reflecting higher incentive compensation costs. This was partially offset by an increase in merchandise inventories. 

Investing Activities

Investing activities resulted in net cash outflows of $1.5 billion for the nine months ended November 1, 2025 and $1.6 billion for the nine months ended November 2, 2024. The cash outflows for both periods were driven by capital expenditures.

Capital expenditures in the first nine months of fiscal 2026 primarily reflected store improvements and renovations, investments in our new stores, as well as investments in our distribution centers and offices, including information technology. We anticipate that capital spending for the full fiscal year 2026 will be approximately $2.1 billion to $2.2 billion.

We plan to fund these expenditures with our existing cash balances and through internally generated funds.

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Financing Activities

Financing activities resulted in net cash outflows of $3 billion for the first nine months of fiscal 2026 and $2.7 billion for the first nine months of fiscal 2025. The cash outflows for both periods were primarily driven by equity repurchases and dividend payments.

Equity

Under our stock repurchase programs, we paid $1.7 billion to repurchase and retire 13.4 million shares of our stock in the first nine months of fiscal 2026 and we paid $1.7 billion to repurchase and retire 15.4 million shares of our stock in the first nine months of fiscal 2025. 

During the second quarter of fiscal 2026, the Company completed stock repurchases representing all of the $