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Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2026
Income Tax Disclosure [Abstract] |
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 |

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