NYSE : TGT
Target Corporation — Financial statements
Consumer Staples · Discount Stores · United States
Last price 151.82 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 68.97B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Target Corporation (TGT) reported revenue of 107.70B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 107.70B | 104.78B | 106.57B | 107.41B | 109.12B | 104.61B |
| Other Revenue | 1.39B | |||||
| Revenue | 107.70B | 104.78B | 106.57B | 107.41B | 109.12B | 106.00B |
| Cost of Revenue | 77.14B | 75.51B | 76.50B | 77.83B | 82.31B | 74.96B |
| Gross Profit | 30.57B | 29.27B | 30.06B | 29.58B | 26.81B | 31.04B |
| Selling, General & Admin | 22.48B | 21.71B | 21.80B | 21.27B | 20.47B | 19.64B |
| Operating Expenses | 25.15B | 24.33B | 24.32B | 23.68B | 22.85B | 21.98B |
| Operating Income | 5.42B | 4.94B | 5.74B | 5.90B | 3.96B | 9.06B |
| Interest Expense | -428.00M | -445.00M | -411.00M | -502.00M | -478.00M | -421.00M |
| Other Non Operating Income (Expenses) | -8.00M | 1.00M | 1.00M | 2.00M | 18.00M | |
| EBT Excluding Unusual Items | 4.98B | 4.49B | 5.33B | 5.40B | 3.48B | 8.66B |
| Merger & Restructuring Charges | -250.00M | -250.00M | ||||
| Gain (Loss) on Sale of Assets | 335.00M | |||||
| Asset Writedown | -68.00M | -69.00M | -68.00M | -102.00M | -66.00M | -87.00M |
| Legal Settlements | 593.00M | |||||
| Other Unusual Items | 994.00M | |||||
| Pretax Income | 5.66B | 4.77B | 5.26B | 5.30B | 3.42B | 8.91B |
| Income Tax Expense | 1.27B | 1.06B | 1.17B | 1.16B | 638.00M | 1.96B |
| Earnings From Continuing Operations | 4.39B | 3.71B | 4.09B | 4.14B | 2.78B | 6.95B |
| Net Income | 4.39B | 3.71B | 4.09B | 4.14B | 2.78B | 6.95B |
| Net Income to Common | 4.39B | 3.71B | 4.09B | 4.14B | 2.78B | 6.95B |
| Shares Outstanding (Basic) | 453.75M | 454.10M | 460.40M | 461.50M | 462.10M | 488.10M |
| Shares Outstanding (Diluted) | 455.65M | 455.60M | 461.80M | 462.80M | 464.70M | 492.70M |
| EPS (Basic) | 9.68 | 8.16 | 8.89 | 8.97 | 6.02 | 14.23 |
| EPS (Diluted) | 9.64 | 8.13 | 8.86 | 8.94 | 5.98 | 14.10 |
| Free Cash Flow | 4.46B | 2.83B | 4.48B | 3.81B | -1.51B | 5.08B |
| Free Cash Flow Per Share | 9.78 | 6.22 | 9.69 | 8.24 | -3.25 | 10.31 |
| Dividend Per Share | 4.56 | 4.52 | 4.44 | 4.36 | 3.96 | 3.16 |
| Gross Margin | 28.38% | 27.93% | 28.21% | 27.54% | 24.57% | 29.28% |
| Operating Margin | 5.03% | 4.71% | 5.38% | 5.49% | 3.63% | 8.55% |
| Profit Margin | 4.08% | 3.54% | 3.84% | 3.85% | 2.55% | 6.55% |
| Free Cash Flow Margin | 4.14% | 2.71% | 4.20% | 3.55% | -1.38% | 4.79% |
| EBITDA | 8.59B | 8.07B | 8.72B | 8.70B | 6.66B | 11.70B |
| EBITDA Margin | 7.98% | 7.70% | 8.18% | 8.10% | 6.10% | 11.04% |
| D&A For EBITDA | 3.17B | 3.13B | 2.98B | 2.80B | 2.70B | 2.64B |
| EBIT | 5.42B | 4.94B | 5.74B | 5.90B | 3.96B | 9.06B |
| EBIT Margin | 5.03% | 4.71% | 5.38% | 5.49% | 3.63% | 8.55% |
| Effective Tax Rate | 22.40% | 22.28% | 22.24% | 21.88% | 18.67% | 22.02% |
| Revenue as Reported | 106.00B | |||||
| Advertising Expenses | 1.50B | 1.50B | 1.40B | 1.50B | 1.50B |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.41B | 5.49B | 4.76B | 3.81B | 2.23B | 5.91B |
| Trading Asset Securities | 17.00M | |||||
| Cash & Short-Term Investments | 5.41B | 5.49B | 4.76B | 3.81B | 2.23B | 5.93B |
| Accounts Receivable | 1.26B | 998.00M | 891.00M | 1.17B | 835.00M | |
| Other Receivables | 542.00M | 543.00M | 513.00M | 526.00M | 518.00M | |
| Receivables | 1.81B | 1.54B | 1.40B | 1.70B | 1.35B | |
| Inventory | 13.25B | 12.30B | 12.74B | 11.89B | 13.50B | 13.90B |
| Prepaid Expenses | 223.00M | 226.00M | 201.00M | 188.00M | 170.00M | |
| Other Current Assets | 2.27B | 183.00M | 185.00M | 202.00M | 235.00M | 220.00M |
| Total Current Assets | 20.93B | 20.00B | 19.45B | 17.50B | 17.85B | 21.57B |
| Property, Plant & Equipment | 38.35B | 37.45B | 36.78B | 36.46B | 34.17B | 30.74B |
| Long-Term Investments | 7.00M | 135.00M | ||||
| Goodwill | 631.00M | 631.00M | 631.00M | 631.00M | 631.00M | |
| Other Intangible Assets | 14.00M | 25.00M | ||||
| Other Long-Term Assets | 1.95B | 1.40B | 899.00M | 769.00M | 668.00M | 710.00M |
| Total Assets | 61.23B | 59.49B | 57.77B | 55.36B | 53.34B | 53.81B |
| Accounts Payable | 13.31B | 12.62B | 13.05B | 12.10B | 13.49B | 15.48B |
| Accrued Expenses | 5.38B | 2.72B | 2.64B | 2.68B | 2.36B | 2.91B |
| Current Portion of Long-Term Debt | 1.14B | 2.00B | 1.50B | 997.00M | 1.00M | 63.00M |
| Current Portion of Leases | 401.00M | 503.00M | 489.00M | 448.00M | 425.00M | 362.00M |
| Current Income Taxes Payable | 440.00M | 334.00M | 113.00M | |||
| Current Unearned Revenue | 959.00M | 1.20B | 1.21B | 1.16B | 1.24B | 1.20B |
| Other Current Liabilities | 1.75B | 1.57B | 1.81B | 1.99B | 1.73B | |
| Total Current Liabilities | 21.18B | 21.23B | 20.80B | 19.30B | 19.50B | 21.75B |
| Long-Term Debt | 14.33B | 12.34B | 12.28B | 13.03B | 14.15B | 11.58B |
| Long-Term Leases | 3.33B | 5.44B | 5.61B | 5.17B | 4.58B | 4.46B |
| Long-Term Unearned Revenue | 358.00M | 388.00M | 419.00M | 449.00M | 479.00M | |
| Pension & Post-Retirement Benefits | 33.00M | 37.00M | 45.00M | |||
| Long-Term Deferred Tax Liabilities | 2.50B | 2.27B | 2.30B | 2.48B | 2.20B | 1.57B |
| Other Long-Term Liabilities | 2.05B | 1.68B | 1.73B | 1.49B | 1.19B | 1.10B |
| Total Liabilities | 43.39B | 43.33B | 43.10B | 41.92B | 42.10B | 40.98B |
| Common Stock | 38.00M | 38.00M | 38.00M | 38.00M | 38.00M | 39.00M |
| Additional Paid-In Capital | 7.33B | 7.25B | 7.00B | 6.76B | 6.61B | 6.42B |
| Retained Earnings | 10.89B | 9.30B | 8.09B | 7.09B | 5.00B | 6.92B |
| Comprehensive Income & Other | -414.00M | -417.00M | -458.00M | -460.00M | -419.00M | -553.00M |
| Shareholders' Equity | 17.84B | 16.16B | 14.67B | 13.43B | 11.23B | 12.83B |
| Total Liabilities & Equity | 61.23B | 59.49B | 57.77B | 55.36B | 53.34B | 53.81B |
| Total Debt | 19.20B | 20.29B | 19.88B | 19.65B | 19.15B | 16.47B |
| Net Cash (Debt) | -13.79B | -14.80B | -15.11B | -15.84B | -16.93B | -10.54B |
| Net Cash Per Share | -30.25 | -32.49 | -32.73 | -34.23 | -36.42 | -21.39 |
| Filing Date Shares Outstanding | 454.30M | 452.86M | 455.58M | 461.69M | 460.36M | 462.42M |
| Total Common Shares Outstanding | 454.29M | 452.84M | 455.57M | 461.68M | 460.35M | 471.27M |
| Working Capital | -252.00M | -1.23B | -1.34B | -1.81B | -1.65B | -174.00M |
| Book Value Per Share | 39.28 | 35.70 | 32.19 | 29.09 | 24.40 | 27.22 |
| Tangible Book Value | 17.84B | 15.53B | 14.04B | 12.80B | 10.59B | 12.17B |
| Tangible Book Value Per Share | 39.28 | 34.30 | 30.81 | 27.73 | 23.00 | 25.83 |
| Land | 7.02B | 6.74B | 6.55B | 6.23B | 6.16B | |
| Buildings | 38.06B | 36.34B | 34.85B | 32.45B | 30.66B | |
| Machinery | 13.39B | 12.63B | 12.19B | 10.48B | 8.91B | |
| Construction In Progress | 1.30B | 1.19B | 1.70B | 2.69B | 1.26B |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 4.39B | 3.71B | 4.09B | 4.14B | 2.78B | 6.95B |
| Depreciation & Amortization | 3.17B | 3.13B | 2.98B | 2.80B | 2.70B | 2.64B |
| Loss (Gain) From Sale of Assets | -105.00M | -100.00M | 26.00M | 94.00M | 172.00M | -268.00M |
| Stock-Based Compensation | 302.00M | 281.00M | 304.00M | 251.00M | 220.00M | 228.00M |
| Other Operating Activities | 71.00M | -55.00M | -180.00M | 298.00M | 582.00M | 522.00M |
| Change in Inventory | -368.00M | 436.00M | -854.00M | 1.61B | 403.00M | -3.25B |
| Change in Accounts Payable | 1.24B | -501.00M | 1.01B | -1.22B | -2.24B | 2.63B |
| Change in Other Net Operating Assets | 22.00M | -338.00M | -9.00M | 642.00M | -602.00M | -824.00M |
| Operating Cash Flow | 8.72B | 6.56B | 7.37B | 8.62B | 4.02B | 8.62B |
| Capital Expenditures | -4.27B | -3.73B | -2.89B | -4.81B | -5.53B | -3.54B |
| Sale of Property, Plant & Equipment | 8.00M | 27.00M | ||||
| Divestitures | 356.00M | |||||
| Investment in Securities | 16.00M | 7.00M | ||||
| Other Investing Activities | 74.00M | 78.00M | 31.00M | 46.00M | ||
| Investing Cash Flow | -4.19B | -3.65B | -2.86B | -4.76B | -5.50B | -3.15B |
| Long-Term Debt Issued | 1.98B | 741.00M | 2.62B | 1.97B | ||
| Long-Term Debt Repaid | -1.64B | -1.14B | -147.00M | -163.00M | -1.15B | |
| Net Debt Issued (Repaid) | -1.14B | 341.00M | -398.00M | -147.00M | 2.46B | 825.00M |
| Issuance of Common Stock | 4.00M | 8.00M | ||||
| Repurchase of Common Stock | -250.00M | -475.00M | -1.11B | -127.00M | -2.83B | -7.36B |
| Common Dividends Paid | -2.07B | -2.05B | -2.05B | -2.01B | -1.84B | -1.55B |
| Financing Cash Flow | -3.46B | -2.19B | -3.55B | -2.29B | -2.20B | -8.07B |
| Net Cash Flow | 1.07B | 726.00M | 957.00M | 1.58B | -3.68B | -2.60B |
| Free Cash Flow | 4.46B | 2.83B | 4.48B | 3.81B | -1.51B | 5.08B |
| Free Cash Flow Margin | 4.14% | 2.71% | 4.20% | 3.55% | -1.38% | 4.79% |
| Free Cash Flow Per Share | 9.78 | 6.22 | 9.69 | 8.24 | -3.25 | 10.31 |
| Levered Free Cash Flow | 3.43B | 2.59B | 3.68B | 2.34B | -2.65B | 3.89B |
| Unlevered Free Cash Flow | 3.70B | 2.87B | 3.94B | 2.65B | -2.35B | 4.15B |
| Cash Interest Paid | 629.00M | 629.00M | 615.00M | 605.00M | 449.00M | 414.00M |
| Cash Income Tax Paid | 1.09B | 1.09B | 1.05B | 374.00M | 213.00M | 2.06B |
| Change in Working Capital | 890.00M | -403.00M | 145.00M | 1.04B | -2.44B | -1.45B |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 71.09B | 47.76B | 63.19B | 67.17B | 77.57B | 104.29B |
| Enterprise Value | 84.88B | 64.41B | 79.61B | 84.80B | 96.03B | 114.02B |
| Last Close Price | 154.38 | 102.64 | 128.54 | 131.70 | 147.76 | 186.91 |
| PE Ratio | 16.23 | 12.89 | 15.45 | 16.23 | 27.90 | 15.02 |
| Forward PE | 16.85 | 13.87 | 15.26 | 15.93 | 20.50 | 16.80 |
| PS Ratio | 0.65 | 0.46 | 0.59 | 0.62 | 0.71 | 0.98 |
| PB Ratio | 3.93 | 2.95 | 4.31 | 5.00 | 6.91 | 8.13 |
| P/TBV Ratio | 3.93 | 3.07 | 4.50 | 5.25 | 7.33 | 8.57 |
| P/FCF Ratio | 15.74 | 16.85 | 14.12 | 17.61 | 20.53 | |
| P/OCF Ratio | 8.04 | 7.28 | 8.58 | 7.79 | 19.30 | 12.09 |
| PEG Ratio | 2.90 | 20.05 | 2.39 | 1.65 | 13.67 | 0.79 |
| EV/Sales Ratio | 0.78 | 0.61 | 0.75 | 0.79 | 0.88 | 1.08 |
| EV/EBITDA Ratio | 9.77 | 7.98 | 9.13 | 9.75 | 14.42 | 9.74 |
| EV/EBIT Ratio | 15.48 | 13.04 | 13.87 | 14.37 | 24.25 | 12.58 |
| EV/FCF Ratio | 18.83 | 22.72 | 17.79 | 22.23 | 22.44 | |
| Debt / Equity Ratio | 1.08 | 1.25 | 1.35 | 1.46 | 1.71 | 1.28 |
| Debt / EBITDA Ratio | 2.07 | 2.32 | 2.13 | 2.13 | 2.69 | 1.36 |
| Debt / FCF Ratio | 4.31 | 7.16 | 4.44 | 5.15 | 3.24 | |
| Net Debt / Equity Ratio | 0.77 | 0.92 | 1.03 | 1.18 | 1.51 | 0.82 |
| Net Debt / EBITDA Ratio | 1.60 | 1.83 | 1.73 | 1.82 | 2.54 | 0.90 |
| Net Debt / FCF Ratio | 3.09 | 5.22 | 3.38 | 4.15 | -11.21 | 2.07 |
| Asset Turnover | 1.81 | 1.79 | 1.88 | 1.98 | 2.04 | 2.02 |
| Inventory Turnover | 5.90 | 6.03 | 6.21 | 6.13 | 6.01 | 6.11 |
| Quick Ratio | 0.26 | 0.34 | 0.30 | 0.27 | 0.20 | 0.34 |
| Current Ratio | 0.99 | 0.94 | 0.94 | 0.91 | 0.92 | 0.99 |
| Return on Equity (ROE) | 26.41% | 24.03% | 29.12% | 33.55% | 23.11% | 50.95% |
| Return on Assets (ROA) | 5.69% | 5.26% | 6.34% | 6.78% | 4.62% | 10.78% |
| Return on Invested Capital (ROIC) | 13.19% | 12.64% | 15.11% | 16.05% | 12.50% | 31.83% |
| Return on Capital Employed (ROCE) | 13.50% | 12.90% | 15.50% | 16.40% | 11.70% | 28.30% |
| Earnings Yield | 6.16% | 7.76% | 6.47% | 6.16% | 3.58% | 6.66% |
| FCF Yield | 6.35% | 5.94% | 7.08% | 5.68% | -1.95% | 4.87% |
| Dividend Yield | 2.96% | 4.29% | 3.20% | 3.00% | 2.35% | 1.43% |
| Payout Ratio | 48.12% | 55.41% | 50.01% | 48.60% | 66.04% | 22.29% |
| Buyback Yield / Dilution | 0.51% | 1.34% | 0.22% | 0.41% | 5.68% | 2.51% |
| Total Shareholder Return | 3.52% | 5.63% | 3.42% | 3.41% | 8.03% | 3.94% |