TARGET CORP TGT
Target Corporation was incorporated in Minnesota in 1902. Our corporate purpose is to help all families discover the joy of everyday life. We offer our customers, referred to as "guests," fashionable, differentiated merchandise and everyday essentials at discounted prices. We operate as a single segment designed to enable guests to purchase products seamlessly in stores or through our digital channels. Since 1946, we have given 5 percent of our profit to communities.
When used in this report, the terms "we," "our," "us," "Target," and the "Corporation" mean Target Corporation and its subsidiaries, collectively, unless the context otherwise requires or indicates.
Target's strategy is grounded in our purpose to help all families discover the joy of everyday life and our ambition to be the most delightful experience in retail. We differentiate through design, style, and value, and a curated multi-category assortment delivered across stores and digital channels.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $104.78B | $106.57B | $107.41B | $109.12B | $106.00B | $93.56B | $78.11B | $75.36B | $72.71B | $70.27B |
| Cost of revenue | $75.51B | $76.50B | $77.83B | $82.31B | $74.96B | $66.18B | $54.86B | $53.30B | $51.12B | $49.15B |
| Gross profit | $29.27B | $30.06B | $29.58B | $26.81B | $31.04B | $27.38B | $23.25B | $22.06B | $20.75B | $20.35B |
| SG&A | $21.54B | $21.97B | $21.46B | $20.58B | $19.75B | $18.61B | $16.23B | $15.72B | $15.14B | $14.22B |
| Operating income | $5.12B | $5.57B | $5.71B | $3.85B | $8.95B | $6.54B | $4.66B | $4.11B | $4.22B | $4.86B |
| Interest expense | $445.0M | $411.0M | $502.0M | $478.0M | $421.0M | $977.0M | $477.0M | $461.0M | $653.0M | $991.0M |
| Pre-tax income | $4.77B | $5.26B | $5.30B | $3.42B | $8.91B | $5.55B | $4.19B | $3.68B | $3.63B | $3.96B |
| Income tax | $1.06B | $1.17B | $1.16B | $638.0M | $1.96B | $1.18B | $921.0M | $746.0M | $722.0M | $1.29B |
| Net income | $3.71B | $4.09B | $4.14B | $2.78B | $6.95B | $4.37B | — | — | — | — |
| EPS, basic | 8.16 | 8.89 | 8.96 | 6.02 | 14.23 | 8.72 | 6.42 | 5.55 | 5.32 | 4.73 |
| EPS, diluted | 8.13 | 8.86 | 8.94 | 5.98 | 14.10 | 8.64 | 6.36 | 5.51 | 5.29 | 4.69 |
| Shares, diluted (wtd. avg.) | $455.6M | $461.8M | $462.8M | $464.7M | $492.7M | $505.4M | $515.6M | $533.2M | $550.3M | $582.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.49B | $4.76B | $3.81B | $2.23B | $5.91B | $8.51B | $2.58B | $1.56B | $2.64B | $2.51B |
| Short-term investments | $4.61B | $3.89B | $2.90B | $1.34B | $4.99B | $7.64B | $1.81B | $769.0M | $1.91B | $1.11B |
| Inventory | $12.30B | $12.74B | $11.89B | $13.50B | $13.90B | $10.65B | $8.99B | $9.50B | $8.60B | $8.31B |
| Total current assets | $20.00B | $19.45B | $17.50B | $17.85B | $21.57B | $20.76B | $12.90B | $12.52B | $12.54B | $11.99B |
| Property, plant and equipment | — | — | — | $31.51B | $28.18B | — | $26.28B | $25.53B | $24.54B | $24.66B |
| Goodwill | $631.0M | $631.0M | $631.0M | $631.0M | $631.0M | $631.0M | $633.0M | $633.0M | $630.0M | $133.0M |
| Other intangibles | — | — | — | — | — | $37.0M | $53.0M | $66.0M | $79.0M | $126.0M |
| Total assets | $59.49B | $57.77B | $55.36B | $53.34B | $53.81B | $51.25B | $42.78B | $41.29B | $40.30B | $37.43B |
| Accounts payable | $12.62B | $13.05B | $12.10B | $13.49B | $15.48B | $12.86B | $9.92B | $9.76B | $8.68B | $7.25B |
| Short-term debt | — | — | — | — | — | — | $161.0M | $1.05B | $270.0M | $1.72B |
| Total current liabilities | $21.23B | $20.80B | $19.30B | $19.50B | $21.75B | $20.12B | $14.49B | $15.01B | $13.05B | $12.71B |
| Long-term debt | $14.40B | $13.90B | $14.15B | $14.14B | $11.57B | $10.64B | $9.99B | $10.25B | $10.44B | $11.71B |
| Retained earnings | $9.30B | $8.09B | $7.09B | $5.00B | $6.92B | $8.82B | $6.43B | $6.02B | $6.50B | $5.88B |
| Total equity | $16.16B | $14.67B | $13.43B | $11.23B | $12.83B | $14.44B | $11.83B | $11.30B | $11.65B | $10.91B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.56B | $7.37B | $8.62B | $4.02B | $8.62B | $10.53B | $7.12B | $5.97B | $6.93B | $5.44B |
| Depreciation and amortisation | $3.13B | $2.98B | $2.80B | $2.70B | $2.64B | $2.48B | $2.60B | $2.47B | $2.48B | $2.32B |
| Stock-based compensation | $281.0M | $304.0M | $251.0M | $220.0M | $228.0M | $200.0M | $147.0M | $132.0M | $112.0M | $113.0M |
| Capital expenditure | $3.73B | $2.89B | $4.81B | $5.53B | $3.54B | $2.65B | $3.03B | $3.52B | $2.53B | $1.55B |
| Investing cash flow | -$3.65B | -$2.86B | -$4.76B | -$5.50B | -$3.15B | -$2.59B | -$2.94B | -$3.42B | -$3.08B | -$1.47B |
| Financing cash flow | -$2.19B | -$3.55B | -$2.29B | -$2.20B | -$8.07B | -$2.00B | -$3.15B | -$3.64B | -$3.73B | -$5.50B |
| Dividends paid | $2.05B | $2.05B | $2.01B | $1.84B | $1.55B | $1.34B | $1.33B | $1.33B | $1.34B | $1.35B |
| Buybacks | $408.0M | $1.01B | $0 | $2.65B | $7.19B | $745.0M | $1.56B | $2.12B | $1.05B | $3.71B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-027508.
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