Latest news with #Fiscal
Yahoo
21 hours ago
- Business
- Yahoo
Trump's CISA budget lays out deep job cuts, program reductions
This story was originally published on Cybersecurity Dive. To receive daily news and insights, subscribe to our free daily Cybersecurity Dive newsletter. President Donald Trump wants to cut $495 million and nearly 30% of positions at the Cybersecurity and Infrastructure Security Agency, with deep cuts to the agency's partner engagements and risk-management work. Trump's Fiscal Year 2026 budget proposal for CISA, which the administration released on Friday, details his team's plan for slashing the work of the nation's lead cyber defense agency as part of what administration officials call an effort to refocus CISA on its core mission. The $495 million cut would slash $216 million, or 18% of current funding, from CISA's Cybersecurity Division, which leads efforts to protect government networks and help defend critical infrastructure. The plan cuts $46.2 million, or 20%, from the Integrated Operations Division, which coordinates CISA's distribution of support and services to companies and local governments across the country. Two other divisions would face much bigger cuts: the Stakeholder Engagement Division, which leads CISA's partnerships with critical infrastructure organizations, would lose $62.2 million, 62% of current funding, while the National Risk Management Center, which analyzes and predicts threats to infrastructure, would lose $97.4 million, a 73% reduction. Within IOD, CISA's regional teams, a cornerstone of the agency's efforts to raise its profile in the field, would see a $36 million cut, representing 27% of their total funding. The funding plan would also cut procurement spending by $68.9 million (14%), reducing CISA's ability to upgrade capabilities like Continuous Diagnostics and Monitoring and CyberSentry. Trump's budget would eliminate 1,083 positions at CISA, bringing the agency down to 2,649 positions. The cuts would include 218 roles in Mission Support, which handles agency-wide administrative responsibilities; 204 roles in the Cybersecurity Division; 327 roles in the Integrated Operations Division; and 127 roles in the Stakeholder Engagement Division. The budget would slash funding for several of CISA's most significant programs. The budget would cut $36.5 million from the Joint Collaborative Environment, where CISA analyzes the threat and incident data it gathers; $67.3 million from the NRMC's critical infrastructure security planning activities; $14 million from the Joint Cyber Defense Collaborative; and $19.7 million from the cybersecurity services that CISA provides to the rest of the government. The budget would also cut $45.4 million from CISA's Cyber Defense Education and Training program, with the administration suggesting that the agency can 'direct users to free resources.' And it would slash $30.8 million from CISA's vulnerability assessment program, which the budget says would 'allow CISA to prioritize the most critical vulnerabilities' and focus on 'cost-effective solutions like collaborative partnerships and automated tools.' In the Stakeholder Engagement Division, a cut of 120 positions and $36.5 million in non-salary funding would involve eliminating the teams that support CISA's advisory councils (which the administration shuttered on its first day) and the international-affairs teams that liaise with foreign governments. In keeping with the Trump administration's shutdown of CISA's election security mission, the budget would eliminate 14 positions and $36.7 million of non-salary funding for that work. The funding plan would slash 301 currently vacant positions at CISA, including 83 in the Cybersecurity Division, 75 in the Integrated Operations Division, and 70 in the National Risk Management Center. The budget includes the first official tallies of CISA employees leaving as part of the agency's Workforce Transition Program, including 119 people leaving the Cybersecurity Division, 23 leaving the Integrated Operations Division and 87 leaving mission-support roles. Editor's note: A previous version of this article cited the wrong figure for the total size of the proposed CISA budget cut. It is $495 million. Sign in to access your portfolio
Newsweek
5 days ago
- Health
- Newsweek
Map Reveals States Where Americans Spend Most on Health Care
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Residents of five southern states pay the highest share of their household income on health care, according to data collected by WalletHub. The differences between medical costs across the U.S. largely come down to household income, because as cost of individual health care services vary within each state, the overall costs end up taking a larger percentage out of bank accounts in states where the median income of its residents are lower than others. Why It Matters Health care costs can create significant financial and mental strain on populations and can often lead to people having to file for "medical bankruptcy." The GOP budget proposal, which just passed the House, could lead to over 7 million people having their access to Medicaid impacted—including people in Arkansas, Louisiana, West Virginia, and Oklahoma—if it becomes law. What To Know The state where the highest share of household income, 18.66 percent, goes to health care costs is Mississippi, followed by Louisiana, West Virginia, Arkansas, and Oklahoma, where the median household pays above 16 percent of their income on essential medical visits and medicine. Maryland residents pay the least percentage of their income, on average, for health care, as health services take up 9.03 percent of household earnings in the state. Mississippi has the lowest average income in the country, at $54,915, meaning health care costs can quickly add up to take up a larger percentage of a household budget. Although Mississippi is the 38th most expensive state to see a doctor in, it is the 12th most expensive state to see a dentist in, and the 16th most expensive state for the heart drug Lipitor, per WalletHub data. The five states where the highest percentage of income goes toward health care costs, are also among eight poorest states in the country. The five states where the lowest percentage of household income goes to seeing a doctor are among some of the richest states in the country. This includes New Jersey, which boasts the highest average earnings in the U.S. Higher wages can often result in better health insurance from an employer, less fear about medical debt and less reliance on state and federal health care services like Medicaid and Medicare. Medicaid activists wait to enter the House Energy and Commerce markup of the Fiscal 2025 budget resolution in Rayburn building on Tuesday, May 13, 2025. Medicaid activists wait to enter the House Energy and Commerce markup of the Fiscal 2025 budget resolution in Rayburn building on Tuesday, May 13, 2025. Tom Williams/AP Photo How Medicaid Cuts Could Affect Health Care Costs The House-passed GOP budget calls for a reduction of $700 billion in Medicaid spending over the next decade and the implementation of work requirements, which are a mandated 80-hour-per-month community engagement for Medicaid recipients. Proponents of work requirements say they encourage workforce participation, but opponents say that many people on Medicaid already have jobs but they are so low-income that they still qualify for state health care. Approximately one in five Americans are enrolled in Medicaid. Cuts to Medicaid could not only impact those who rely on its services but could also increase health care costs for Americans overall. "Most likely the prices [of health care] will go up because when people lose their health insurance coverage they still need care and few of them have the money to pay the high cost of medical care so each of us have to dig deeper into our pockets to pay for the health care we receive," Gerard Anderson, Professor of Health Policy at Johns Hopkins University, told Newsweek. He also noted that "Medical professionals caring for current Medicaid recipients will feel the greatest impact [of the cuts]," as although payments from Medicaid is not high, it is more than nothing at all which is what they will receive from fully uninsured patients." People losing access to Medicaid could also lead to other issues within the health care complex, including longer wait times. "If people without Medicaid are not able to receive preventive care they will access care in the emergency department, leading to longer wait times for everyone," Jennifer Wolff, Professor of Health Policy at Johns Hopkins University told Newsweek. Anderson also discussed proposed work requirements on Public Health on Call. "This might make sense in theory, but not in practice: If people are able to work, they should be able to get off Medicaid," he said. "But the fact is that many of these people work very low-wage jobs, so they would still qualify for Medicaid. "Many people on Medicaid live in rural areas where there aren't any jobs. In order to get a job, they would need to move to another community, likely in a more affluent area where they can't afford to rent." Republican House Speaker Mike Johnson, who represents Louisiana, one of the most costly states for health care in the country, said that the work requirements for Medicaid included in the GOP budget have a "moral component" to them, as they encourage young men to get jobs. One-third of the residents in Johnson's district in Eastern Louisiana are currently on Medicaid. Demonstrators protesting cuts to Medicaid and U.S. Capitol Police officers outside a House Energy and Commerce Committee markup on Capitol Hill on May 13, 2025. Demonstrators protesting cuts to Medicaid and U.S. Capitol Police officers outside a House Energy and Commerce Committee markup on Capitol Hill on May 13, 2025. Francis Chung/POLITICO via AP Images What People Are Saying Professor of Health Policy at Johns Hopkins University, Gerard Anderson told Newsweek told Newsweek: "[All Americans] will be impacted [by Medical cuts] because the prices for their health care services, and their health insurance premiums will increase. Someone must pay for the services the people without health insurance receive." Professor of Health Policy at Johns Hopkins University, Jennifer Wolff told Newsweek: "Families will incur higher out of pocket costs and/or may need to exit the workplace if Medicaid is no longer able to cover home and community-based long-term care and nursing facility care is not supported by the program." Speaker of the House Mike Johnson on Face the Nation: "If you are able to work and you refuse to do so, you are defrauding the system. You're cheating the system. And no one in the country believes that that's right." What Happens Next The proposed GOP budget is heading to the Senate for a vote. If passed via the Senate and signed by President Donald Trump, it has been projected to increase health care costs and possibly impact millions of Medicaid recipients.
NDTV
23-05-2025
- Business
- NDTV
Why Some Indian States Are Fiscally Fit As Others Struggle
In 1841, the state of Mississippi made history by refusing to repay its public debt, a bold repudiation that sent shockwaves across global financial markets. Mississippi, along with several other US states like Pennsylvania and Arkansas, had borrowed heavily to fund canals, railroads, and banks, often backed by European investors. But overambitious spending, weak revenue systems, and economic downturns led to defaults that crippled public infrastructure and tarnished creditworthiness for decades. This 19th-century crisis is a powerful reminder of how fiscal profligacy at the subnational level can derail broader economic stability. Today, as Indian states pile on off-budget borrowings and subsidy obligations, the American experience offers a stark warning: subnational defaults may be rare, but fiscal stress is real, and its consequences are long-lasting. One should read the latest State Finances report by the Reserve Bank of India (RBI). It notes that over the last three years, Indian states have broadly complied with the 3% GFD-GSDP norm under Fiscal Responsibility Legislation, with consolidated GFD declining to 2.7% in 2022–23 before rising slightly to 2.9% in 2023–24 (PA). However, significant interstate divergence remains. For instance, Bihar (8.9%), Himachal Pradesh (6.1%), and Chhattisgarh (7.3%) significantly overshot the average, raising sustainability concerns. The compression in revenue expenditure and improved tax buoyancy aided consolidation, but the primary deficit (PD-GDP) widened to 1.8% in 2023–24. Revenue deficit, a critical marker of fiscal health, persisted in 17 states, with Punjab (3.2%), Kerala (2.1%), and Andhra Pradesh (2.7%) among the highest. This indicates structural imbalances in revenue mobilisation versus committed expenditure obligations. On the receipts side, states' own tax revenue (SOTR) has shown strong post-GST convergence, with beta convergence analysis confirming that states with initially low tax-GSDP ratios, like Jharkhand and Odisha, witnessed faster revenue growth. The average buoyancy of own tax revenue improved from 0.86 (pre-pandemic) to 1.44 (post-pandemic). However, the share of central grants has fallen sharply from 2.5% of GDP in 2022–23 to 1.8% in 2023-24. It is mainly due to the cessation of GST compensation and tapered Finance Commission transfers. Mineral-rich states like Jharkhand and Odisha are set to benefit from the July 2024 Supreme Court ruling enabling retrospective royalty and tax claims on minerals, but these gains will only materialise post-2026. Until then, revenue compression remains a binding constraint, especially for states like Kerala and West Bengal, which have limited fiscal flexibility. The quality of expenditure has improved with the revenue expenditure-to-capital outlay ratio (RECO) declining from 6.3 in 2021–22 to 5.2 in 2024–25 (BE). Yet, several states exhibit alarming inefficiencies. Punjab's RECO stands at 17.1, reflecting an extreme skew toward revenue spending, largely driven by subsidies and freebies, at the cost of developmental investments. In contrast, states like Odisha and Gujarat maintain more balanced RECO ratios (~4.5), enabling sustained capex growth. Capital expenditure has been bolstered by the Centre's interest-free loans scheme, with Andhra Pradesh (50.6%) and Rajasthan (41.7%) among the most dependent on these transfers. A sudden withdrawal of these loans could create fiscal shock, particularly for states overleveraged on Centre-driven capital plans without internal resource augmentation. The most severe structural risk, however, lies in states' debt dynamics. Despite a decline from 31% of GDP in 2021 to 28.2% in 2023, the debt-GSDP ratio is budgeted to rise again to 28.8% by 2025, with over 25 states projected to exceed the 25% threshold. Andhra Pradesh, Punjab, and West Bengal carry particularly high debt burdens while also maintaining high fiscal deficits and revenue deficits. Moreover, the composition of debt has shifted: 68.8% of outstanding liabilities are now market borrowings, increasing interest payment obligations. The debt-service ratio (IP/RR) remains elevated in states like Kerala and Punjab (>18%), crowding out fiscal space for productive expenditure. The escalation of contingent liabilities guarantees now at 3.8% of GDP - and the lack of robust GRF buffers (not maintained by 10+ states) compound fiscal fragility, posing systemic risks to subnational public finance. NITI Aayog, through its recent Fiscal Health Index, has also come to the same conclusion. It has also highlighted deep structural asymmetries in subnational public finance across 18 major states. States like Odisha (rank 1), Chhattisgarh (2), and Goa (3) exhibit robust fiscal profiles due to a confluence of high capital outlay-to-GSDP ratios, efficient revenue mobilisation (including non-tax revenues such as mining royalties), and prudent debt management. Odisha, for instance, tops both the Debt Index (99.0) and Debt Sustainability sub-index (64.0), suggesting low debt servicing pressures and strong solvency metrics. In contrast, states like Punjab (rank 18), Andhra Pradesh (17), and West Bengal (16) suffer from poor performance across multiple dimensions, including high fiscal deficits, weak revenue bases, and unsustainable debt profiles. Punjab scores zero on the Debt Index and just 5.6 on Fiscal Prudence, indicating systemic fiscal stress. These disparities point to underlying differences in governance models, resource endowments, and political incentives, which cumulatively shape states' ability to manage their public finances effectively. A closer dissection of the sub-indices reveals concerning trends, particularly in states with low capital outlay and high revenue expenditure ratios. Punjab, Kerala, and Andhra Pradesh not only exhibit deteriorating quality of expenditure but also rank among the lowest on debt sustainability, signalling a growing fiscal vulnerability. Andhra Pradesh, with a GFD-GSDP ratio of over 4%, allocates a disproportionate share of expenditure to revenue items, crowding out investments in infrastructure and human capital. The data also reveal sub-optimal revenue mobilisation in states like Bihar and West Bengal, whose own tax revenue constitutes less than 6% of GSDP, limiting fiscal autonomy. Despite post-GST convergence, such states continue to lag due to weak tax compliance, limited economic diversification, and over-reliance on central transfers. The FHI methodology, by using both improvement and deprivation indices, highlights that while a few states are moving toward sustainable fiscal trajectories, others are slipping into structural deficits, with rising contingent liabilities and subdued long-term investment, raising red flags for intergovernmental transfers, credit markets, and overall macroeconomic stability. To avert a potential subnational debt crisis, Indian states must urgently recalibrate their fiscal strategies across three critical dimensions: revenue augmentation, expenditure rebalancing, and debt containment. On the revenue front, states should diversify their income sources beyond the GST by tapping into underutilised non-tax revenues such as mineral royalties, user charges, and land monetisation. For instance, Odisha and Chhattisgarh have effectively leveraged mining premiums, constituting over 20% of their revenue receipts. Simultaneously, enhancing tax compliance through digital tools like AI-driven analytics and faceless assessments can improve the buoyancy of both direct and indirect taxes. States like Bihar and West Bengal, which have their own tax revenues constituting less than 6% of their GSDP, need to institutionalise dedicated revenue policy units to identify and address sector-specific inefficiencies in tax administration. Secondly, states must address the imbalance between revenue and capital expenditures. The revenue expenditure-to-capital outlay (RECO) ratio, a measure of expenditure quality, is budgeted at 20.7% for FY25, with Punjab having the lowest ratio at 6.2% and Gujarat leading at 36.2%. High RECO ratios indicate a skew towards revenue spending, often driven by subsidies and freebies, at the expense of developmental investments. Implementing a rule-based framework to maintain a RECO ceiling can serve as a soft constraint, encouraging prudent allocation. Additionally, institutionalising mandatory outcome evaluations of major schemes and public investment management systems (PIMS) would help in rationalising schemes and reallocating funds more efficiently. Lastly, building credible fiscal buffers is essential. With 68.8% of liabilities now financed through market borrowings, states are more exposed to changes in interest rates and credit conditions. Adopting medium-term fiscal frameworks (MTFFs), publishing risk-weighted guarantee registers, and adhering to debt sustainability thresholds can enhance market confidence and reduce borrowing costs. Establishing Consolidated Sinking Funds (CSF) and Guarantee Redemption Funds (GRF) is crucial to insulate against shocks and absorb contingent liabilities. A national template for sub-sovereign credit ratings, possibly overseen by the Finance Commission or the Comptroller and Auditor General (CAG), would further incentivise discipline. The historical precedent of Mississippi's default underscores the importance of addressing structural imbalances to prevent fiscal peril. Indian states still have time to course-correct, but the window is closing rapidly.
Associated Press
21-05-2025
- Business
- Associated Press
The TJX Companies, Inc. Reports Q1 FY26 Results; Comp Sales Growth of 3%; Pretax Profit Margin of 10.3% and Diluted EPS of $.92 Both Above Plan; Maintains Full Year FY26 Guidance
FRAMINGHAM, Mass.--(BUSINESS WIRE)--May 21, 2025-- The TJX Companies, Inc. (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and worldwide, today announced sales and operating results for the first quarter ended May 3, 2025. Net sales for the first quarter of Fiscal 2026 were $13.1 billion, an increase of 5% versus the first quarter of Fiscal 2025. First quarter Fiscal 2026 consolidated comparable sales increased 3%. Net income for the first quarter of Fiscal 2026 was $1.0 billion and diluted earnings per share were $.92 versus $.93 in the first quarter of Fiscal 2025. CEO and President Comments Ernie Herrman, Chief Executive Officer and President of The TJX Companies, Inc., stated, 'I am very pleased with our first quarter performance. Overall comp sales increased 3%, at the high end of our plan, and both profitability and earnings per share were above our expectations. Our teams across the Company delivered consumers exciting values on great brands and fashions and a treasure-hunt shopping experience, every day. All divisions, both in the U.S. and internationally, drove increases in comp sales and customer transactions, which underscores the strength of our value proposition. This also gives us confidence in our ability to gain market share across all of our geographies. The second quarter is off to a strong start and we are laser focused on executing all the key fundamentals of our off-price retail model. I am convinced that our broad assortments of great brands and fashions, at compelling prices, will continue to be a tremendous draw for shoppers seeking value. Further, I am confident that the strength, flexibility, and resiliency of our off-price business model will serve us well in today's macro environment, as it has throughout our long, successful history. I am as confident as ever that we will bring our value proposition to even more customers around the world and keep growing our sales and profitability over the long term.' Comparable Sales by Division The Company's comparable sales by division for the first quarter of Fiscal 2026 and Fiscal 2025 were as follows: Net Sales by Division The Company's net sales by division for the first quarter of Fiscal 2026 and Fiscal 2025 were as follows: Margins For the first quarter of Fiscal 2026, the Company's pretax profit margin was 10.3%, above the Company's plan and 0.8 percentage points below last year's first quarter pretax profit margin of 11.1%. Gross profit margin for the first quarter of Fiscal 2026 was 29.5%, down 0.5 percentage points versus last year's 30.0%, primarily due to negative mark-to-market adjustments on inventory hedges. Selling, general and administrative (SG&A) costs as a percent of sales for the first quarter of Fiscal 2026 were 19.4%, a 0.2 percentage point increase versus last year's 19.2%. This is due to the lapping of a benefit from a reserve release last year and incremental store wage and payroll costs. Net interest income negatively impacted first quarter Fiscal 2026 pretax profit margin by 0.2 percentage points versus the prior year. Inventory Total inventories as of May 3, 2025 were $7.1 billion, compared to $6.2 billion at the end of the first quarter of Fiscal 2025. Consolidated inventories on a per-store basis as of May 3, 2025, including distribution centers, but excluding inventory in transit and the Company's e-commerce sites, were up 7% on both a reported and constant currency basis versus last year. Inventory on a constant currency basis reflects inventory adjusted for the impact of foreign currency, if any, as described below. The Company is taking advantage of the outstanding availability it is seeing in the marketplace and is well-positioned to flow fresh assortments to its stores and online this spring and summer. Cash and Shareholder Distributions For the first quarter of Fiscal 2026, the Company generated $394 million of operating cash flow and ended the quarter with $4.3 billion of cash. During the first quarter of Fiscal 2026, the Company returned a total of $1.0 billion to shareholders. The Company repurchased 5.1 million shares of TJX stock for a total of $613 million and paid $420 million in shareholder dividends during the quarter. The Company continues to expect to repurchase approximately $2.0 to $2.5 billion of TJX stock during the fiscal year ending January 31, 2026. The Company may adjust the amount purchased under this plan up or down depending on various factors. The Company remains committed to returning cash to its shareholders while continuing to invest in the business to support the near- and long-term growth of TJX. Second Quarter and Full Year Fiscal 2026 Outlook The Company's second quarter and full year Fiscal 2026 guidance below assumes that the current level of tariffs on imports into the U.S. from China and other countries as of May 21, 2025 will stay in place for the remainder of the year. The Company's full year Fiscal 2026 guidance assumes that it can offset the significant incremental pressure it has experienced and continues to expect from tariffs. For the second quarter of Fiscal 2026, the Company expects consolidated comparable sales to be up 2% to 3%. The Company is planning second quarter Fiscal 2026 pretax profit margin to be in the range of 10.4% to 10.5%, down 0.4 to 0.5 percentage points versus the prior year's 10.9%. The Company is planning second quarter Fiscal 2026 diluted earnings per share to be in the range of $.97 to $1.00, which would represent a 1% to 4% increase versus the prior year's $.96. The Company's second quarter Fiscal 2026 outlook includes an incremental negative impact from tariff costs on the merchandise it was committed to at the time additional tariffs were announced in March and April of 2025. For the full year Fiscal 2026, the Company continues to expect consolidated comparable sales to be up 2% to 3%. The Company continues to plan full year Fiscal 2026 pretax profit margin to be in the range of 11.3% to 11.4%, down 0.1 to 0.2 percentage points versus the prior year's 11.5%. The Company continues to expect full year Fiscal 2026 diluted earnings per share to be in the range of $4.34 to $4.43, which would represent a 2% to 4% increase over the prior year's $4.26. For the full year Fiscal 2026, the Company is maintaining its assumption that unfavorable foreign currency exchange rates and transactional foreign exchange would have an approximately 0.2 percentage point negative impact to pretax profit margin and an approximately 3% negative impact to earnings per share growth. Stores by Concept During the fiscal quarter ended May 3, 2025, the Company increased its store count by 36 stores overall to a total of 5,121 stores and increased total square footage by 0.6% versus the prior quarter. Impact of Foreign Currency Changes in foreign currency exchange rates affect the translation of sales and earnings of the Company's international businesses into U.S. dollars for financial reporting purposes. In addition, ordinary course, inventory-related hedging instruments are marked to market at the end of each quarter. Changes in currency exchange rates can have a material effect on the magnitude of these translations and adjustments when there is significant volatility in currency exchange rates. Given the global operations of the Company, to facilitate comparability, the Company has provided sales growth and inventory on a constant currency basis, which assumes a constant exchange rate between periods for translation based on the rate in effect for the prior period. The movement in foreign currency exchange rates had a neutral impact on the Company's net sales growth in the first quarter of Fiscal 2026 versus the prior year. The overall net impact of foreign currency exchange rates had a $.02 negative impact on first quarter Fiscal 2026 diluted earnings per share. A table detailing the impact of foreign currency on TJX's net sales and pretax profit margin, as well as those of its international businesses, can be found in the Investors section of The foreign currency exchange rate impact to diluted earnings per share does not include the impact currency exchange rates have on various transactions, which the Company refers to as 'transactional foreign exchange.' About The TJX Companies, Inc. The TJX Companies, Inc., a Fortune 100 company, is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. Our mission is to deliver great value to customers every day. We do this by offering a rapidly changing assortment of quality, fashionable, brand name, and designer merchandise at prices generally 20% to 60% below full-price retailers' regular prices on comparable merchandise. We operate over 5,100 stores across nine countries, including TJ Maxx, Marshalls, HomeGoods, Homesense, and Sierra in the U.S.; Winners, HomeSense, and Marshalls in Canada; TK Maxx and Homesense in Europe, and TK Maxx in Australia. We also operate e-commerce sites for TJ Maxx, Marshalls, and Sierra in the U.S. and three sites for TK Maxx in Europe. Our value mission extends to our corporate responsibility efforts, which are focused on supporting our Associates, giving back in the communities we serve, the environment, and operating responsibly. Additional information about TJX's press releases, financial information, and corporate responsibility are available at First Quarter Fiscal 2026 Earnings Conference Call At 11:00 a.m. ET today, Ernie Herrman, Chief Executive Officer and President of TJX, will hold a conference call to discuss the Company's first quarter Fiscal 2026 results, operations, and business trends. A real-time webcast of the call will be available to the public at A replay of the call will also be available by dialing (866) 367-5577 (toll free) or (203) 369-0233 through Tuesday, May 27, 2025, or at Non-GAAP Financial Information The Company reports its financial results in accordance with generally accepted accounting principles in the U.S. (GAAP). However, management believes that certain non-GAAP financial measures may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods and between results in prior periods and expectations for future periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that affect overall comparability. Non-GAAP financial measures used in this press release include sales growth on a constant currency basis and inventory on a constant currency basis. The Company uses these non-GAAP financial measures in making financial, operating, and planning decisions and in evaluating the Company's performance, including relative to others in the market. Management also uses these non-GAAP measures to consider underlying trends of the Company's business and believes presenting these measures also provides information to investors and others to assist them in understanding and evaluating trends in the Company's operating results or measure performance in the same manner as the Company's management. Non-GAAP financial measures should be considered in addition to, and not as an alternative to, the Company's reported results prepared in accordance with GAAP. The use of these non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. Important Information at Website Archived versions of the Company's conference calls are available in the Investors section of after they are no longer available by telephone, as are reconciliations of non-GAAP financial measures to GAAP financial measures and other financial information. The Company routinely posts information that may be important to investors in the Investors section at The Company encourages investors to consult that section of its website regularly. Forward-looking Statement Various statements made in this release are forward-looking, and are inherently subject to a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements, including, among others, statements regarding the Company's anticipated operating and financial performance, the impact of tariffs on its business, business plans and prospects, dividends and share repurchases, and second quarter and full year Fiscal 2026 outlook. These statements are typically accompanied by the words 'aim,' 'anticipate,' 'aspire,' 'believe,' 'continue,' 'could,' 'should,' 'estimate,' 'expect,' 'forecast,' 'goal,' 'hope,' 'intend,' 'may,' 'plan,' 'project,' 'potential,' 'seek,' 'strive,' 'target,' 'will,' 'would,' or similar words, although not all forward-looking statements contain these identifying words. Each forward-looking statement contained in this press release is inherently subject to risks, uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from those expressed or implied by such statement. We cannot guarantee that the results and other expectations expressed, anticipated or implied in any forward-looking statement will be realized. Applicable risks and uncertainties include, among others, execution of buying strategy and inventory management; customer trends and preferences; competition; various marketing efforts; operational and business expansion; management of large size and scale; merchandise sourcing and transport; international trade and tariff policies; data security and maintenance and development of information technology systems; labor costs and workforce challenges; personnel recruitment, training and retention; corporate and retail banner reputation; evolving corporate governance and public disclosure regulations and expectations with respect to environmental, social and governance matters; expanding international operations; fluctuations in quarterly operating results and market expectations; inventory or asset loss; cash flow; mergers, acquisitions, or business investments and divestitures, closings or business consolidations; real estate activities; economic conditions and consumer spending; market instability; severe weather, serious disruptions or catastrophic events; disproportionate impact of disruptions during the fiscal year; commodity availability and pricing; fluctuations in currency exchange rates; compliance with laws, regulations and orders and changes in laws, regulations and applicable accounting standards; outcomes of litigation, legal proceedings and other legal or regulatory matters; quality, safety and other issues with our merchandise; tax matters; and other factors set forth under Item 1A of our most recent Annual Report on Form 10-K, as well as other information we file with the Securities and Exchange Commission ( 'SEC'). We caution investors, potential investors and others not to place considerable reliance on the forward-looking statements contained in this release. You are encouraged to read any further disclosures we may make in our future reports to the SEC, available at on our website, or otherwise. Our forward-looking statements in this release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements, unless required by law, even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. The TJX Companies, Inc. and Consolidated Subsidiaries Notes to Consolidated Condensed Statements View source version on CONTACT: Debra McConnell Global Communications (508) 390-2323 KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS INDUSTRY KEYWORD: HOME GOODS SPECIALTY ONLINE RETAIL FASHION COSMETICS DISCOUNT/VARIETY RETAIL DEPARTMENT STORES SOURCE: The TJX Companies, Inc. Copyright Business Wire 2025. PUB: 05/21/2025 07:30 AM/DISC: 05/21/2025 07:29 AM
Economic Times
19-05-2025
- Business
- Economic Times
With $258 billion in the black, U.S. Treasury posts historic surplus, experts say it might signal brighter days ahead
The US government saw a significant budget surplus in April 2025. It reached $258.4 billion, the second-highest ever. Tax payments drove this surplus, especially individual income taxes. Revenue reached $850.2 billion, while expenditures were $591.8 billion. Social Security was the largest expense. Despite the surplus, the year-to-date deficit is $1.049 trillion. The national debt continues to rise. Tired of too many ads? Remove Ads Key Drivers of the Surplus Tired of too many ads? Remove Ads US Government Revenue Breakdown Expenditures for April The Fiscal Trend FAQs Tired of too many ads? Remove Ads The US government recorded the second-highest monthly budget surplus in US history of $258.4 billion surplus in April 2025, just behind April 2022's $308.2 billion surplus, as per a first monthly surplus of fiscal year 2025 (which began in October 2024) was driven by an influx of tax payments, according to US Department of the Treasury attributed the surplus to 'large individual tax deposits,' because April was the due date for final payments on last year's taxes and the first instalment of quarterly estimated taxes for most individuals and businesses, reported the government received $850.2 billion in receipts in the month, while expenditures were $591.8 billion, as per the READ: After securing trillion-dollar trade deals from the Middle East, here's what Donald Trump's new approval rating says - are Americans liking him? According to MoneyWise, individual income taxes accounted for $537 billion, which was the largest contributor to government revenue for insurance and retirement receipts were the other highest contributors after income taxes, adding $184 billion, as per MoneyWise. Corporate income taxes provided $94 customs duties, aided by US president Donald Trump's tariffs, contributed $15.6 billion, more than twice April last year's $6.3 billion, although still a fairly modest share of the total, according to the READ: Wall Street icon Steve Weiss plans to sell all his Nvidia shares if they hit this limit; here's the reason he cited On the expenditure side, Social Security was the single largest expenditure at $132 billion, reported MoneyWise. The government also spent $89 billion in net interest on the public debt, $82 billion on Medicare, $76 billion on health programs, and $70 billion on national defence, as per the with the massive budget surplus in April, the broader fiscal trend is still a worry. Between October 1 and April 30, the government took in $3.110 trillion in revenues but spent $4.159 trillion, resulting in a deficit of $1.049 trillion for the year to date, MoneyWise is the reason that the national debt keeps on rising and as of May 18, the outstanding US government debt totalled $36.212 trillion, according to the surplus was driven by a large influx of tax payments, particularly individual income taxes, due to the April filing deadline and the first installment of quarterly estimated US government recorded a surplus of $258.4 billion in April 2025, as per MoneyWise.
