Preliminary brief— based on press release only. Full analysis including management tone and Q&A will be added when the transcript is available.

TJX · Q4 2026 Earnings

TJX Companies

Reported February 25, 2026

30-second summary

TJX closed FY26 with a fourth consecutive quarter of blowing past its own guide: Q4 adjusted EPS of $1.43 vs. a $1.33–$1.36 guide (+$0.07/~5% above the high end), with GAAP EPS of $1.58 including a $0.15 net benefit from a credit-card interchange litigation settlement; +5% consolidated comp vs. +2–3% guided; and 12.2% adjusted pretax margin vs. 11.7–11.8% guided. FY27 is framed conservatively — +2–3% comp, 11.7–11.8% pretax margin, $4.93–$5.02 GAAP EPS — with management explicitly assuming they will offset tariff pressure within the guide. The pattern is now four-for-four on conservative comp guides being beaten by 200bps; whether that re-prices into the FY27 setup is the only real question.

Headline numbers

EPS

Q4 FY2026

$1.43

Revenue

Q4 FY2026

$17.74B

+9.0% YoY

Gross margin

Q4 FY2026

30.9%

Key financials

Q4 FY2026

Metric	Q4 FY2026	YoY	Q3 FY2026	QoQ
Revenue	$17.74B	+9.0%	$15.12B	+17.4%
EPS	$1.43	—	$1.28	+11.7%
Gross margin	30.9%	—	32.6%	-170bps

Guidance

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
EPS	Q4 FY2026	$1.33 to $1.36	$1.58	+$0.22 to $0.25 above guide	Beat
Comparable sales growth	Q4 FY2026	2% to 3%	+5%	+2 to 3 points above guide	Beat
Pretax profit margin	Q4 FY2026	11.7% to 11.8%	12.2%	+0.4 to 0.5 points above guide	Beat
Comparable sales growth	FY 2026	up 4%	+5%	+1 point above guide	Beat
Pretax profit margin	FY 2026	11.6%	11.7%	+0.1 point above guide	Beat

New guidance

Metric	Period	Guide	YoY
EPS	Q1 FY2027	$0.97 to $0.99	-18% to -15% YoY
Revenue	Q1 FY2027	$13.8 to $13.9 billion	+5% to +6% YoY
Comparable sales growth	Q1 FY2027	2% to 3%	—
Pretax profit margin	Q1 FY2027	10.3% to 10.4%	—
Revenue	FY 2027	$62.7 to $63.3 billion	+4% to +5% YoY
EPS	FY 2027	$4.93 to $5.02	—

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
EPS	FY 2026	$4.63 to $4.66	Actual: $4.73 (non-GAAP)	+$0.07 to $0.10	Raised

Segment performance

Q4 FY2026

Segment	Q4 FY2026	YoY
Marmaxx (U.S.)	$10.655B	+7.0%
HomeGoods (U.S.)	$3.093B	+8.0%
TJX Canada	$1.612B	+11.0%
TJX International (Europe & Australia)	$2.383B	+15.0%

Platform metrics

Q4 FY2026

Segment	Q4 FY2026
Consolidated Comparable Sales Growth (Q4)	+5%
Consolidated Comparable Sales Growth (Full Year)	+5%
Store Count	5,214
Total Square Footage (millions)	136.3

Profitability

Q4 FY2026

Segment	Q4 FY2026
Q4 Pretax Profit Margin (Adjusted)	12.2%
Full Year Pretax Profit Margin (Adjusted)	11.7%
Operating Cash Flow (Full Year)	$6.9 billion

Other KPIs

Q4 FY2026

Segment	Q4 FY2026
Shareholder Returns (Full Year)	$4.3 billion

Management tone

Narrative arc: Q1 "Tariff trough ahead, plan reaffirmed" → Q2 "Trough quarter blown past; raising everything" → Q3 "Mitigation is structural; market share is the story" → Q4 "Playing offense; tariff offset is baseline, vendor consolidation is the opportunity."

Two quarters ago the tariff story dominated the Q&A; one quarter ago it had been demoted to baseline; this quarter the press-release qualitative language reads "we see the long-term potential to grow to 7,000 stores with our existing retail banners in our current countries and Spain" and "our full year guidance assumes that we will be able to offset the tariff pressure." The shift from "we expect to be able to offset" (Q1) to "guidance assumes we will offset" (Q4) is subtle but real: management is now willing to anchor a guide on offset mechanics they previously hedged around. The 13% dividend hike and $2.50–$2.75B buyback authorization are the financial confirmation that the internal confidence is not just rhetorical.

The vendor-relationship language has hardened into something approaching a structural claim. Per the Q&A inputs, management said "we mean more to the branded vendor community than ever" and "availability is off the charts" — to the point that "we're having to slow the buyers down to a large degree in every division." A year ago, +7% per-store inventory was framed as "hand-to-mouth buying" defense against tariff uncertainty; this quarter, abundance is the problem to manage. That is not a small inversion — it implies TJX's bargaining position with branded vendors has fundamentally strengthened, likely because full-price retail closures (the luxury vendor consolidation called out in the themes) have left fewer alternative buyers for excess inventory.

Marketing posture has shifted from baseline to offensive. The quote "we are using marketing as an offensive weapon more than we ever have before" combined with the SG&A guide held flat at 19.5% suggests management is reallocating within the SG&A bucket rather than expanding the spend envelope — a meaningful operating choice that should show up in customer-acquisition metrics over the next two quarters. The young-customer demographic acquisition theme, paired with the explicit statement that "the consumer is so open to trying new venues," frames the FY27 setup as a market-disruption opportunity rather than a defensive consumer-trade-down quarter.

The conservative guide is now intentional cadence, not unintentional sandbagging. "As always, we will strive to beat them" — said in the context of a +2–3% comp guide after a +5% FY26 — is management openly acknowledging the pattern. For four quarters running the comp guide has been +2–3% and the print has been +4% or +5%. The FY27 opener at +2–3% means analysts should now treat that range as the floor, not the central case, unless something macroeconomic deteriorates.

Recurring themes management leaned on this quarter:

Consumer open to trying new retail venues due to competitor disappointmentAggressive marketing deployment as primary offensive weaponExceptional merchandise availability forcing buying moderationStore experience investment (remodels, prototypes, staffing) as comp driverYoung customer demographic acquisition trend positioning long-term growthVendor consolidation opportunity (luxury closures) enabling brand access

Risks management surfaced:

Tariff environment and potential impact to business (acknowledging 'last Friday's ruling on tariffs and monitoring the changing tariff environment')Winter storms negatively impacting Q4 comp trend before recoveryMacro economic uncertainty requiring flexibility to navigateForeign exchange headwinds on international resultsPotential for shrink to increase from current favorable levels

Answers to last quarter's watch list

Q4 pretax margin lands within or above the 11.7–11.8% guide — Adjusted pretax margin printed 12.2%, +40bps above the high end of the guide. The shrink-accrual headwind and freight-comparison concern flagged last quarter did not materialize at a level that disrupted the beat pattern.

Resolved positively

Whether Q4 comp prints +4–5% against the +2–3% guide — Q4 comp came in at +5%, a third consecutive 200bps comp guide beat. The pattern is now structural, not coincidental.

Resolved positively

Marmaxx comp sustainability above consolidated — Marmaxx Q4 comp printed +5% (full-year +4%), in line with consolidated +5%. Not a deceleration story at the comp level, even as revenue growth slowed vs. earlier-quarter trajectory.

Resolved positively

International segment comp stabilization — International revenue accelerated to +15% from Q3's +9%, the strongest segment growth print of the year. The Q3 fade did not extend; this is a clean reversal.

Resolved positively

First substantive FY27 commentary — Management guided FY27 comp at +2–3%, pretax margin at 11.7–11.8% (flat-to-up vs. FY26's 11.7% print), revenue at $62.7–$63.3B, EPS at $4.93–$5.02, and explicitly stated guidance "assumes we will be able to offset the tariff pressure on our business this year." Tariff-mitigation tailwinds from FY26's back half are guided to continue rather than reset.

Resolved positively

What to watch into next quarter

Q1 pretax margin lands within or above the 10.3–10.4% guide — Q1 FY26 printed 10.3% against an unguided baseline; this guide is effectively flat YoY. A miss here would be the first crack in the tariff-offset narrative; a +20bps beat would suggest the FY27 11.7–11.8% guide is conservative and the pretax margin can push toward 12% for the year.

Whether Q1 comp prints +4–5% against the +2–3% guide — A fifth consecutive 200bps comp beat would force analysts to treat the +2–3% FY27 comp as a floor and price toward +4–5% as the central case. A print at +3% would validate the year-ago Q4 caveat that the +5% pace had a ceiling.

Inventory-per-store trajectory — Management says availability is "off the charts" and buyers are being "slowed down." Watch whether per-store inventory steps up further from Q3's +8% — a step toward +10–12% would signal management is leaning into vendor consolidation; a hold or decel would suggest the rhetoric exceeded the actual buying posture.

Marketing spend visibility within flat 19.5% SG&A — Management said marketing is being deployed as "an offensive weapon" while SG&A is guided flat. The reallocation should be visible in either customer acquisition data (young-customer trend) or selling-cost line commentary. If FY27 SG&A guide is revised higher mid-year, the offensive-marketing claim will look more like spend growth than reallocation.

Tariff offset realization in the H2 margin shape — FY27 pretax margin guide of 11.7–11.8% with Q1 at 10.3–10.4% requires roughly 12.0%+ in the back three quarters. This is the same structural setup as FY26, when management cleared the math with room to spare. A Q2 pretax margin guide at or above 11.4% (last year's print) would confirm the tariff-offset assumption is on track; a Q2 guide in the 10.5–10.8% range would imply heavier back-half loading and more execution risk.

Sources

TJX Companies Q4 FY2026 Earnings Press Release, filed 2026-02-25. https://www.sec.gov/Archives/edgar/data/109198/000010919826000004/tjxq4fy26earningspressrele.htm
TJX Companies Q4 FY2026 Earnings Call Q&A — exchanges with Brooke Roach, Anissa Sherman, Michael Bonetti, Simeon Siegel, and Jay Sol.
Tapebrief Q3 FY2026, Q2 FY2026, and Q1 FY2026 briefs — prior-quarter guide baselines, watch-list resolution, and narrative-arc context.

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