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TJX Companies cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$1.7B in Q2 FY27 · $5.9B over twelve months

Operating cash flow$2.2B
Capital spending−$497M
Free cash flow+$1.7B
Cash / net income1.5×
Cash conversion cycle29 days

Analysis

In Q2 FY27, TJX Companies generated $2.2B of operating cash flow and spent $497M on capital projects, leaving free cash flow of $1.7B.

Over the twelve months to Aug 1, 2026, operating cash flow was $8.0B; the largest uses were buybacks ($2.8B), capital spending ($2.2B), dividends ($1.9B); besides operations, cash came from shares issued ($341M); the cash balance rose by $1.4B.

Operating cash flow was $2.2B against net income of $1.5B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$489M, accrued liabilities +$415M, depreciation & amortization +$340M.

Its cash conversion cycle was 29 days (receivables 4 + inventory 70 − payables 44).

Free cash flow

TJX Companies: free cash flow by quarterTJX Companies: free cash flow by quarter$624MQ3 FY25$2.2BQ4 FY25−$103MQ1 FY26$1.3BQ2 FY26$1.0BQ3 FY26$2.7BQ4 FY26$457MQ1 FY27$1.7BQ2 FY27
Operating cash flow less capital spending.
TJX Companies: operating cash flow against capital spendingTJX Companies: operating cash flow against capital spendingOperating cash flowCapital spending$1.0B$422MQ3 FY25$2.7B$514MQ4 FY25$394M$497MQ1 FY26$1.8B$461MQ2 FY26$1.5B$531MQ3 FY26$3.2B$468MQ4 FY26$1.1B$662MQ1 FY27$2.2B$497MQ2 FY27
Latest (Q2 FY27): Operating cash flow $2.2B, Capital spending $497M.

Capital allocation, year by year

TJX Companies: where the cash came from (up) and went (down), by fiscal yearTJX Companies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY22: Operating cash flow $3.1BFY22: Net borrowing −$3.0BFY22: Shares issued $229MFY22: Capital spending −$1.0BFY22: Buybacks −$2.2BFY22: Dividends −$1.3B$3.3BFY22FY23: Operating cash flow $4.1BFY23: Shares issued $321MFY23: Capital spending −$1.5BFY23: Buybacks −$2.3BFY23: Dividends −$1.3B$4.4BFY23FY24: Operating cash flow $6.1BFY24: Net borrowing −$500MFY24: Shares issued $285MFY24: Capital spending −$1.7BFY24: Buybacks −$2.5BFY24: Dividends −$1.5B$6.3BFY24FY25: Operating cash flow $6.1BFY25: Shares issued $366MFY25: Capital spending −$1.9BFY25: Buybacks −$2.5BFY25: Dividends −$1.6B$6.5BFY25FY26: Operating cash flow $6.9BFY26: Shares issued $311MFY26: Capital spending −$2.0BFY26: Buybacks −$2.5BFY26: Dividends −$1.8B$7.2BFY26
Over these 5 years operating cash flow totalled $26.2B; the largest uses were buybacks ($11.9B) and capital spending ($8.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.0B
Debt$2.9B
Net cash$3.1B
Due within a year$1.0B

TJX Companies funds itself: free cash flow was $5.9B over the last twelve months, and $6.0B of cash and investments stands against $2.9B of debt ($1.0B due within a year, 6.0× covered by cash).

TJX Companies: debt maturities by year (FY26)TJX Companies: debt maturities by year (FY26)$1.0BYear 1$500MYear 3$496MYear 5$885MAfter year 5
Principal due in each year as disclosed in the annual report, against $6.0B of cash and investments now.

Where the cash came from and went

TJX Companies: sources (+) and uses (−) of cash, Q2 FY27TJX Companies: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$2.2BBuybacks−$814MDividends−$531MCapital spending−$497MCash drawn (+) / kept (−)−$424MShares issued$64.0MExchange rates−$26.0MOther investing$2.0M
TJX Companies: sources (+) and uses (−) of cash, TTM to Q2 FY27TJX Companies: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$8.0BBuybacks−$2.8BCapital spending−$2.2BDividends−$1.9BCash drawn (+) / kept (−)−$1.4BShares issued$341MOther financing−$74.0MOther investing−$22.0MExchange rates−$11.0M

From profit to cash

TJX Companies: net income to operating cash flow, Q2 FY27TJX Companies: net income to operating cash flow, Q2 FY27Net income$1.5BDepreciation & amortization$340MStock-based pay$43.0MDeferred taxes$20.0MReceivables−$26.0MInventory−$221MPayables$188MAccrued liabilities$415MDeferred revenue$489MPrepaid and other assets−$43.0MIncome taxes payable$18.0MOperating cash flow$2.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY274704429
Q1 FY274694430
Q4 FY263623926
Q3 FY264754731
Q2 FY264664228
Q1 FY264674328
Q4 FY253594023
Q3 FY254704826

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$2.2B−$497M−$814M−$531M$64.0M−$424M$1.7B
Q1 FY27$1.1B−$662M−$604M−$474M$70.0M$650M$457M
Q4 FY26$3.2B−$468M−$784M−$471M$115M−$1.6B$2.7B
Q3 FY26$1.5B−$531M−$594M−$473M$92.0M−$1.0M$1.0B
Q2 FY26$1.8B−$461M−$531M−$474M$54.0M−$384M$1.3B
Q1 FY26$394M−$497M−$613M−$424M$50.0M$1.1B−$103M
Q4 FY25$2.7B−$514M−$852M−$422M$112M−$617M$2.2B
Q3 FY25$1.0B−$422M−$593M−$423M$63.0M$532M$624M

TJX Companies: income statement and cash flow

TJX Companies, Q2 FY27: revenue $15.2B (+5% year over year), operating margin 13.3%. The chart follows the revenue to costs, profit and cash.

TJX Companies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.