TJX(US:TJX)2025-08-20 13:11markdown [Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Q2 FY26 Performance Overview](index=1&type=section&id=Q2%20FY26%20Performance%20Overview) The TJX Companies, Inc. reported strong second quarter Fiscal 2026 results, with net sales increasing 7% to $14.4 billion and consolidated comparable sales up 4%, diluted EPS rose 15% to $1.10, all exceeding company plans Q2 FY26 Financial Performance | Metric | Q2 FY26 | Q2 FY25 | YoY Change | | :----- | :------ | :------ | :--------- | | Net Sales | $14.4 billion | $13.468 billion | +7% | | Consolidated Comparable Sales | +4% | +4% | 0% | | Net Income | $1.2 billion | $1.099 billion | +13.1% | | Diluted EPS | $1.10 | $0.96 | +15% | H1 FY26 Financial Performance | Metric | H1 FY26 | H1 FY25 | YoY Change | | :----- | :------ | :------ | :--------- | | Net Sales | $27.5 billion | $25.947 billion | +6% | | Consolidated Comparable Sales | +4% | +4% | 0% | | Net Income | $2.3 billion | $2.169 billion | +5.1% | | Diluted EPS | $2.02 | $1.89 | +7% | [CEO Comments](index=1&type=section&id=CEO%20and%20President%20Comments) CEO Ernie Herrman expressed satisfaction with Q2 performance, highlighting strong customer demand across all divisions due to excellent value and brands, and raised full-year guidance based on strong profit results - Customer transactions were up at every division, indicating strong demand across U.S. and international businesses[3](index=3&type=chunk) - Company successfully executed off-price business fundamentals, delivering merchandise at great value[3](index=3&type=chunk) - Full-year guidance for pretax profit margin and earnings per share has been raised due to strong Q2 profit results[3](index=3&type=chunk) - Management is confident in the company's position for the second half of the year and sees a long runway for additional market share capture and global growth[3](index=3&type=chunk) [Key Q2 Highlights](index=1&type=section&id=Key%20Q2%20Highlights) The second quarter saw consolidated comparable sales increase by 4%, pretax profit margin reach 11.4%, and diluted EPS hit $1.10, all exceeding company plans, leading to $1.0 billion returned to shareholders and raised full-year guidance Q2 FY26 Key Highlights | Metric | Performance | Against Plan | | :----- | :---------- | :----------- | | Consolidated Comparable Sales | +4% | Above plan | | Pretax Profit Margin | 11.4% | Well above plan | | Diluted EPS | $1.10 (up 15%) | Well above plan | - Returned **$1.0 billion** to shareholders in Q2 through share repurchases and dividends[4](index=4&type=chunk) - Increased full year FY26 pretax profit margin and diluted earnings per share guidance[4](index=4&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) [Sales Performance](index=2&type=section&id=Sales%20Performance) TJX reported a 4% consolidated comparable sales increase in Q2 FY26, with strong performance across all divisions, notably TJX Canada at +9% and HomeGoods at +5%, driving overall net sales growth of 7% to $14.4 billion [Comparable Sales by Division](index=2&type=section&id=Comparable%20Sales%20by%20Division) The company's consolidated comparable sales increased by 4% in Q2 FY26, matching the prior year, with TJX Canada showing the strongest growth at +9% Second Quarter Comparable Sales Growth | Division | FY2026 | FY2025 | | :-------------------------- | :----- | :----- | | Marmaxx (U.S.) | +3% | +5% | | HomeGoods (U.S.) | +5% | +2% | | TJX Canada | +9% | +2% | | TJX International (Europe & Australia) | +5% | +1% | | **TJX (Consolidated)** | **+4%** | **+4%** | [Net Sales by Division](index=2&type=section&id=Net%20Sales%20by%20Division) Consolidated net sales for Q2 FY26 reached $14.4 billion, a 7% increase over the prior year, with TJX International leading at 13% sales growth Second Quarter Net Sales ($ in millions) | Division | FY2026 | FY2025 | Sales Growth | Sales Growth on a Constant Currency Basis | | :-------------------------- | :----- | :----- | :----------- | :-------------------------------------- | | Marmaxx (U.S.) | $8,841 | $8,445 | +5% | N.A. | | HomeGoods (U.S.) | $2,286 | $2,101 | +9% | N.A. | | TJX Canada | $1,381 | $1,244 | +11% | +11% | | TJX International (Europe & Australia) | $1,893 | $1,678 | +13% | +7% | | **TJX (Consolidated)** | **$14,401** | **$13,468** | **+7%** | **+6%** | [Profitability and Margins](index=2&type=section&id=Margins) TJX's Q2 FY26 pretax profit margin improved to 11.4%, exceeding plan by 0.9 percentage points, driven by lower tariff costs and expense leverage, while gross profit margin increased to 30.7% and SG&A costs decreased to 19.5% [Pretax Profit Margin](index=2&type=section&id=Pretax%20Profit%20Margin) The pretax profit margin for Q2 FY26 was 11.4%, a 0.5 percentage point increase from the prior year, and 0.9 percentage points above plan, primarily due to lower tariff costs and expense leverage Q2 FY26 Pretax Profit Margin | Metric | Q2 FY26 | Q2 FY25 | Change (pp) | | :----- | :------ | :------ | :---------- | | Pretax Profit Margin | 11.4% | 10.9% | +0.5 pp | - Q2 FY26 pretax profit margin was **0.9 percentage points above** the high-end of the company's plan[9](index=9&type=chunk) - Above-plan performance was due to lower-than-expected tariff costs, expense leverage on above-plan sales, and timing of certain expenses, partially offset by higher incentive compensation and charitable contributions[9](index=9&type=chunk) [Gross Profit Margin](index=2&type=section&id=Gross%20Profit%20Margin) Gross profit margin for Q2 FY26 increased by 0.3 percentage points to 30.7% compared to the prior year, primarily driven by favorable hedges Q2 FY26 Gross Profit Margin | Metric | Q2 FY26 | Q2 FY25 | Change (pp) | | :----- | :------ | :------ | :---------- | | Gross Profit Margin | 30.7% | 30.4% | +0.3 pp | - Increase primarily due to favorable hedges, despite flat merchandise margin and higher tariff costs versus last year[7](index=7&type=chunk) [SG&A Costs](index=2&type=section&id=SG%26A%20Costs) Selling, general, and administrative (SG&A) costs as a percent of sales for Q2 FY26 decreased by 0.3 percentage points to 19.5% from the prior year, mainly attributed to operational efficiencies Q2 FY26 SG&A Costs as % of Sales | Metric | Q2 FY26 | Q2 FY25 | Change (pp) | | :----- | :------ | :------ | :---------- | | SG&A as % of Sales | 19.5% | 19.8% | -0.3 pp | - Decrease primarily driven by operational efficiencies as well as a benefit from the timing of certain expenses[8](index=8&type=chunk) [Inventory Management](index=3&type=section&id=Inventory) Total inventories as of August 2, 2025, increased to $7.4 billion, up from $6.5 billion in the prior year, with consolidated inventories per-store rising 10%, reflecting excellent buying opportunities for the upcoming fall and holiday season Inventory Levels | Metric | August 2, 2025 | August 3, 2024 | YoY Change | | :----- | :------------- | :------------- | :--------- | | Total Inventories | $7.4 billion | $6.5 billion | +13.8% | | Per-store Inventories (reported & constant currency) | Up 10% | N/A | +10% | - The company's inventory position reflects excellent buying opportunities in the marketplace during Q2[10](index=10&type=chunk) - Outstanding availability of quality, branded merchandise positions the company well for fresh assortments throughout the fall and holiday season[10](index=10&type=chunk) [Cash Flow and Shareholder Returns](index=3&type=section&id=Cash%20and%20Shareholder%20Distributions) TJX generated $1.8 billion in operating cash flow in Q2 FY26, ending the quarter with $4.6 billion in cash, and returned $1.0 billion to shareholders in Q2 and $2.0 billion in H1 through share repurchases and dividends [Operating Cash Flow and Cash Balance](index=3&type=section&id=Operating%20Cash%20Flow%20and%20Cash%20Balance) For the second quarter of Fiscal 2026, TJX generated $1.8 billion of operating cash flow and concluded the quarter with a cash balance of $4.6 billion Cash Flow and Balance | Metric | Q2 FY26 | H1 FY26 | | :----- | :------ | :------ | | Operating Cash Flow | $1.8 billion | $2.185 billion | | Cash and Cash Equivalents (end of period) | $4.6 billion | $4.639 billion | [Share Repurchases and Dividends](index=3&type=section&id=Share%20Repurchases%20and%20Dividends) In Q2 FY26, TJX returned $1.0 billion to shareholders, comprising $515 million for repurchasing 4.1 million shares and $474 million in dividends, with total H1 FY26 shareholder returns amounting to $2.0 billion Shareholder Distributions | Metric | Q2 FY26 | H1 FY26 | | :----- | :------ | :------ | | Total Returned to Shareholders | $1.0 billion | $2.0 billion | | Share Repurchases | $515 million (4.1M shares) | $1.1 billion (9.2M shares) | | Shareholder Dividends Paid | $474 million | $894 million | [Future Share Repurchase Program](index=3&type=section&id=Future%20Share%20Repurchase%20Program) The company anticipates repurchasing approximately $2.0 to $2.5 billion of TJX stock for the full fiscal year ending January 31, 2026, with a new $2.5 billion repurchase program approved in February 2025 - Company expects to repurchase approximately **$2.0 to $2.5 billion** of TJX stock during the fiscal year ending January 31, 2026[13](index=13&type=chunk) - A new stock repurchase program authorizing up to an additional **$2.5 billion** was approved in February 2025, with approximately **$2.4 billion** available as of August 2, 2025[39](index=39&type=chunk) - Company remains committed to returning cash to its shareholders while continuing to invest in the business to support near- and long-term growth[13](index=13&type=chunk) [Outlook and Guidance](index=3&type=section&id=Third%20Quarter%20and%20Full%20Year%20Fiscal%202026%20Outlook) [Guidance Assumptions](index=3&type=section&id=Guidance%20Assumptions) The company's guidance for Q3 and full year FY26 assumes current U.S. import tariffs remain in place and that TJX can offset the significant pressure expected from these tariffs - Guidance assumes current U.S. import tariffs as of August 20, 2025, will remain in place for the remainder of the year[14](index=14&type=chunk) - The company's guidance assumes it can offset the significant pressure it expects from tariffs throughout Fiscal 2026[14](index=14&type=chunk) [Third Quarter FY26 Outlook](index=3&type=section&id=Third%20Quarter%20FY26%20Outlook) For the third quarter of Fiscal 2026, TJX expects consolidated comparable sales to be up 2% to 3%, pretax profit margin at 12.0% to 12.1%, and diluted EPS of $1.17 to $1.19 Q3 FY26 Guidance | Metric | Expected Range | YoY Change | | :----- | :------------- | :--------- | | Consolidated Comparable Sales | +2% to +3% | N/A | | Pretax Profit Margin | 12.0% to 12.1% | Down 0.2 to 0.3 pp | | Diluted EPS | $1.17 to $1.19 | +3% to +4% | [Full Year FY26 Outlook](index=3&type=section&id=Full%20Year%20Fiscal%202026%20Outlook) TJX has raised its full-year Fiscal 2026 guidance, now expecting consolidated comparable sales to be up 3%, pretax profit margin at 11.4% to 11.5%, and diluted EPS of $4.52 to $4.57, reflecting Q2's strong results and a smaller negative impact from foreign currency Full Year FY26 Revised Guidance | Metric | Expected Range | YoY Change | | :----- | :------------- | :--------- | | Consolidated Comparable Sales | +3% | N/A | | Pretax Profit Margin | 11.4% to 11.5% | Flat to down 0.1 pp | | Diluted EPS | $4.52 to $4.57 | +6% to +7% | - Full year diluted EPS guidance now reflects the second quarter's above-plan results as well as a smaller negative impact from unfavorable foreign currency exchange rates versus the Company's previous guidance[16](index=16&type=chunk) [Operational Details](index=4&type=section&id=Operational%20Details) [Store Count and Square Footage](index=4&type=section&id=Stores%20by%20Concept) During Q2 FY26, TJX increased its total store count by 13 stores, reaching 5,134 stores, and expanded total square footage by 0.3%, with a detailed breakdown of store locations and gross square footage across its various concepts Store Count and Square Footage (Q2 FY26) | Metric | Beginning of Q2 | End of Q2 | Change | | :----- | :-------------- | :-------- | :----- | | Total Stores | 5,121 | 5,134 | +13 | | Total Gross Square Feet (millions) | 134.0 | 134.4 | +0.4 (+0.3%) | Store Locations by Concept (End of Q2 FY26) | Region | Concept | Store Count | Gross Square Feet (millions) | | :----- | :------ | :---------- | :--------------------------- | | U.S. | TJ Maxx | 1,340 | 36.2 | | | Marshalls | 1,234 | 34.5 | | | HomeGoods | 952 | 22.3 | | | Sierra | 127 | 2.6 | | | Homesense | 76 | 2.1 | | Canada | Winners | 311 | 8.5 | | | HomeSense | 161 | 3.8 | | | Marshalls | 110 | 2.9 | | Europe | TK Maxx | 664 | 18.3 | | | Homesense | 74 | 1.4 | | Australia | TK Maxx | 85 | 1.8 | | **Total TJX** | | **5,134** | **134.4** | [Impact of Foreign Currency](index=4&type=section&id=Impact%20of%20Foreign%20Currency) Foreign currency exchange rate movements positively impacted TJX's Q2 FY26 net sales growth by one percentage point and diluted EPS by $0.02, while the impact on H1 FY26 was neutral, with constant currency measures used for comparability - Foreign currency exchange rates had a **one percentage point positive impact** on the Company's net sales growth in the second quarter of Fiscal 2026 versus the prior year[20](index=20&type=chunk) - The overall net impact of foreign currency exchange rates had a **$0.02 positive impact** on second quarter Fiscal 2026 diluted earnings per share[20](index=20&type=chunk) - The movement in foreign currency exchange rates had a **neutral impact** on the Company's net sales growth and diluted earnings per share in the first half of Fiscal 2026 versus the prior year[21](index=21&type=chunk) - The Company provides sales growth and inventory on a constant currency basis to facilitate comparability, assuming a constant exchange rate between periods[19](index=19&type=chunk) [Company Information & Disclosures](index=5&type=section&id=Company%20Information%20%26%20Disclosures) [About The TJX Companies, Inc.](index=5&type=section&id=About%20The%20TJX%20Companies%2C%20Inc.) The TJX Companies, Inc. is a Fortune 100 global off-price retailer operating over 5,100 stores across nine countries, committed to delivering great value on quality, fashionable, brand-name merchandise at 20% to 60% below full-price retailers - TJX is a Fortune 100 company and the leading off-price retailer of apparel and home fashions in the U.S. and worldwide[23](index=23&type=chunk) - Operates 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, along with e-commerce sites[23](index=23&type=chunk) - Mission is to deliver great value 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[23](index=23&type=chunk) - Corporate responsibility efforts focus on supporting Associates, giving back in communities, the environment, and operating responsibly[23](index=23&type=chunk) [Earnings Conference Call Details](index=5&type=section&id=Second%20Quarter%20Fiscal%202026%20Earnings%20Conference%20Call) TJX's CEO and President, Ernie Herrman, will host a conference call at 11:00 a.m. ET today, August 20, 2025, to discuss Q2 FY26 results, with a real-time webcast and replay available on TJX.com - Conference call to discuss Q2 FY26 results, operations, and business trends will be held at **11:00 a.m. ET on August 20, 2025**, hosted by CEO Ernie Herrman[24](index=24&type=chunk) - A real-time webcast of the call will be available to the public at TJX.com, and a replay will also be available by phone or at TJX.com through **August 26, 2025**[24](index=24&type=chunk) [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Information) TJX uses non-GAAP financial measures, such as constant currency sales growth and inventory, to provide additional meaningful comparisons and reflect underlying business trends, which should be considered in addition to GAAP results - Management believes certain non-GAAP financial measures (e.g., sales growth on a constant currency basis and inventory on a constant currency basis) provide additional meaningful comparisons and reflect underlying business trends[25](index=25&type=chunk) - These non-GAAP measures are used in financial, operating, and planning decisions and for evaluating performance, but should be considered in addition to, and not as an alternative to, GAAP results[25](index=25&type=chunk) [Important Website Information](index=5&type=section&id=Important%20Information%20at%20Website) Archived conference calls, reconciliations of non-GAAP to GAAP measures, and other financial information are available in the Investors section of TJX.com, which the company encourages investors to regularly consult for important updates - Archived versions of conference calls, reconciliations of non-GAAP financial measures to GAAP, and other financial information are available in the Investors section of TJX.com[26](index=26&type=chunk) - The Company routinely posts information that may be important to investors in the Investors section at TJX.com and encourages investors to consult that section regularly[26](index=26&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-looking%20Statement) The report contains forward-looking statements regarding future activities, events, and financial performance, which are inherently subject to various risks and uncertainties, and investors are cautioned to review SEC filings as actual results may differ materially - Various statements in this release are forward-looking, inherently subject to a number of risks and uncertainties, including anticipated operating and financial performance, impact of tariffs, business plans, dividends, share repurchases, and outlook[27](index=27&type=chunk) - Applicable risks and uncertainties include execution of buying strategy, customer trends, competition, international trade and tariff policies, data security, labor costs, economic conditions, and currency exchange rates[27](index=27&type=chunk) - Investors are cautioned not to place considerable reliance on forward-looking statements and are encouraged to read further disclosures in SEC reports, as actual results may differ materially[28](index=28&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) [Financial Summary (Income Statement)](index=7&type=section&id=Financial%20Summary) The consolidated income statement shows TJX's financial performance for the thirteen and twenty-six weeks ended August 2, 2025, compared to the prior year, with net sales of $14.4 billion for Q2 and $27.5 billion for H1, and diluted EPS of $1.10 and $2.02, respectively Consolidated Financial Summary (Income Statement - In Millions Except Per Share Amounts) | Metric | Thirteen Weeks Ended Aug 2, 2025 | Thirteen Weeks Ended Aug 3, 2024 | Twenty-Six Weeks Ended Aug 2, 2025 | Twenty-Six Weeks Ended Aug 3, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :--------------------------------- | :--------------------------------- | | Net sales | $14,401 | $13,468 | $27,512 | $25,947 | | Cost of sales, including buying and occupancy costs | $9,976 | $9,380 | $19,222 | $18,119 | | Selling, general and administrative expenses | $2,805 | $2,666 | $5,354 | $5,066 | | Interest (income) expense, net | $(27) | $(46) | $(57) | $(96) | | Income before income taxes | $1,647 | $1,468 | $2,993 | $2,858 | | Provision for income taxes | $404 | $369 | $714 | $689 | | Net income | $1,243 | $1,099 | $2,279 | $2,169 | | Diluted earnings per share | $1.10 | $0.96 | $2.02 | $1.89 | | Cash dividends declared per share | $0.425 | $0.375 | $0.850 | $0.750 | | Weighted average common shares – diluted | 1,128 | 1,144 | 1,130 | 1,145 | [Condensed Balance Sheets](index=8&type=section&id=Condensed%20Balance%20Sheets) The condensed balance sheet as of August 2, 2025, shows total assets of $32.885 billion, up from $30.555 billion in the prior year, with merchandise inventories increasing to $7.372 billion and shareholders' equity to $8.866 billion Condensed Balance Sheets (In Millions) | Asset/Liability/Equity | August 2, 2025 | August 3, 2024 | | :---------------------------------- | :------------- | :------------- | | **Assets:** | | | | Cash and cash equivalents | $4,639 | $5,250 | | Accounts receivable and other current assets | $1,267 | $1,170 | | Merchandise inventories | $7,372 | $6,470 | | Total current assets | $13,278 | $12,890 | | Net property at cost | $7,775 | $6,968 | | Operating lease right of use assets | $9,978 | $9,513 | | Goodwill | $95 | $95 | | Other assets | $1,759 | $1,089 | | **Total assets** | **$32,885** | **$30,555** | | **Liabilities and shareholders' equity:** | | | | Accounts payable | $4,698 | $4,503 | | Accrued expenses and other current liabilities | $4,941 | $4,497 | | Current portion of operating lease liabilities | $1,669 | $1,621 | | Total current liabilities | $11,308 | $10,621 | | Other long-term liabilities | $1,042 | $960 | | Non-current deferred income taxes, net | $217 | $162 | | Long-term operating lease liabilities | $8,585 | $8,166 | | Long-term debt | $2,867 | $2,864 | | Shareholders' equity | $8,866 | $7,782 | | **Total liabilities and shareholders' equity** | **$32,885** | **$30,555** | [Condensed Statements of Cash Flows](index=9&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) For the twenty-six weeks ended August 2, 2025, net cash provided by operating activities was $2.185 billion, while net cash used in investing activities was $969 million and in financing activities was $2.002 billion Condensed Statements of Cash Flows (In Millions) | Cash Flow Activity | Twenty-Six Weeks Ended Aug 2, 2025 | Twenty-Six Weeks Ended Aug 3, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | | Net income | $2,279 | $2,169 | | Net cash provided by operating activities | $2,185 | $2,366 | | Net cash (used in) investing activities | $(969) | $(990) | | Net cash (used in) financing activities | $(2,002) | $(1,722) | | Effect of exchange rate changes on cash | $90 | $(4) | | Net (decrease) in cash and cash equivalents | $(696) | $(350) | | Cash and cash equivalents at end of period | $4,639 | $5,250 | [Selected Information by Major Business Segment](index=10&type=section&id=Selected%20Information%20by%20Major%20Business%20Segment) The report provides a breakdown of net sales and segment profit by major business segment for Q2 and H1 FY26, with Marmaxx remaining the largest segment and all segments showing year-over-year growth Selected Information by Major Business Segment (In Millions) | Segment | Q2 FY26 Net Sales | Q2 FY25 Net Sales | Q2 FY26 Segment Profit | Q2 FY25 Segment Profit | H1 FY26 Net Sales | H1 FY25 Net Sales | H1 FY26 Segment Profit | H1 FY25 Segment Profit | | :-------------------------- | :---------------- | :---------------- | :--------------------- | :--------------------- | :---------------- | :---------------- | :--------------------- | :--------------------- | | Marmaxx (U.S.) | $8,841 | $8,445 | $1,254 | $1,191 | $16,893 | $16,195 | $2,361 | $2,288 | | HomeGoods (U.S.) | $2,286 | $2,101 | $228 | $191 | $4,540 | $4,180 | $458 | $389 | | TJX Canada | $1,381 | $1,244 | $221 | $187 | $2,525 | $2,357 | $343 | $324 | | TJX International | $1,893 | $1,678 | $99 | $73 | $3,554 | $3,215 | $171 | $134 | | **Total Net Sales / Segment Profit** | **$14,401** | **$13,468** | **$1,802** | **$1,642** | **$27,512** | **$25,947** | **$3,333** | **$3,135** | [Notes to Consolidated Condensed Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Condensed%20Statements) During Q2 FY26, TJX returned $1 billion to shareholders, including $515 million for repurchasing 4.1 million shares and $474 million in dividends, completing its previous $1.1 billion stock repurchase program and approving a new $2.5 billion program - In Q2 FY26, the Company returned **$1 billion** to shareholders, repurchasing **4.1 million shares** for **$515 million** and paying **$474 million** in dividends[39](index=39&type=chunk) - For the first half of FY26, the Company returned **$2 billion** to shareholders, repurchasing **9.2 million shares** for **$1.1 billion** and paying **$894 million** in dividends[39](index=39&type=chunk) - The Company completed the **$1.1 billion** remaining from its previously announced stock repurchase program during Q2 FY26[39](index=39&type=chunk) - A new stock repurchase program authorizing up to an additional **$2.5 billion** of TJX common stock was approved in February 2025, with approximately **$2.4 billion** available as of August 2, 2025[39](index=39&type=chunk)