Target Corporation

Consumer Staples Consumer Staples Merchandise Retail Minneapolis, Minnesota Last filing Mar 11, 2026 · FY2026

                    Revenue
                    FY2026
                
$104.8B
                    3y CAGR -1.3%
                    
                    P40
                    
                    -1.7%
                    
                    Net income
                    FY2026
                
$3.7B
                    Net margin +3.5%
                    
                    P53
                    
                    -9.4%
                    
                    Total assets
                    FY2026
                
$59.5B
                    ROA +6.2%
                    
                    P60
                    
                    +3.0%
                    
                    Operating cash flow
                    FY2026
                
$6.6B
                    FCF margin +2.7%
                    
                    P21
                    
                    -10.9%

19 yrs · FY2008–FY2026 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

22 accounts · 5 years

Total assets $59.5B

Total liabilities ~$43.3B

Shareholders equity $16.2B

Account	2026	2025	2024	2023	2022
Assets
Cash and Cash Equivalents	5.2%	4.5%	3.5%	2.0%	5.6%
Inventory	11.7%	12.0%	11.1%	12.4%	13.1%
Other Current Assets	2.1%	1.8%	1.7%	1.9%	1.7%
Total Current Assets	19.1%	18.3%	16.3%	16.4%	20.4%
Property,Plant and Equipment	32.2%	31.0%	30.8%	28.9%	26.6%
Operating Lease Assets	3.5%	3.5%	3.1%	2.4%	2.4%
Other Noncurrent Assets	1.9%	1.4%	1.3%	1.2%	1.4%
Total Assets	56.8%	54.2%	51.5%	48.9%	50.8%
Liabilities
Accounts Payable	12.0%	12.2%	11.3%	12.4%	14.6%
Accrued Liabilities	6.2%	5.7%	5.7%	5.4%	5.8%
Current Portion of Long Term Debt	2.0%	1.5%	1.0%	0.1%	0.2%
Total Current Liabilities	20.3%	19.5%	18.0%	17.9%	20.5%
Long Term Debt	13.7%	13.4%	13.9%	14.7%	12.8%
Operating Lease Liabilities Noncurrent	3.3%	3.4%	3.1%	2.4%	2.4%
Deferred Tax Liabilities	2.2%	2.2%	2.3%	2.0%	1.5%
Other Noncurrent Liabilities	1.9%	2.0%	1.8%	1.6%	1.5%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	6.9%	6.6%	6.3%	6.1%	6.1%
Retained Earnings	8.9%	7.6%	6.6%	4.6%	6.5%
Accumulated Other Comprehensive Income	-0.4%	-0.4%	-0.4%	-0.4%	-0.5%
Total Stockholders Equity	15.4%	13.8%	12.5%	10.3%	12.1%
Total Liabilitiesand Equity	56.8%	54.2%	51.5%	48.9%	50.8%

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $104.8B

Operating income $5.1B

Net income $3.7B

Account	2026	2025	2024	2023	2022
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	72.1%	71.8%	72.5%	75.4%	70.7%
Expenses Selling,General and Administrative	20.6%	20.6%	20.0%	18.9%	18.6%
Expenses Depreciation and Amortization	2.5%	2.4%	2.2%	2.2%	2.2%
Other Income Expense Operating Income	4.9%	5.2%	5.3%	3.5%	8.4%
Other Income Expense Interest Expense	0.4%	0.4%	0.5%	0.4%	0.4%
Other Income Expense Other Income/expense	0.1%	0.1%	0.1%	0.0%	0.4%
Other Income Expense Income Before Tax	4.6%	5.0%	4.9%	3.1%	8.4%
Income Tax Income Tax Expense	1.0%	1.1%	1.1%	0.6%	1.8%
net Income net Income	3.5%	3.8%	3.9%	2.5%	6.6%
net Income Comprehensive Income	3.6%	3.8%	3.8%	2.7%	6.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.4%	0.4%	0.4%	0.4%	0.5%

Cash Flow Statement

Operating, investing, and financing flows

17 accounts · 5 years

Operating cash flow $6.6B

Investing cash flow $-3.6B

Financing cash flow $-2.2B

Account	2026	2025	2024	2023	2022
CashFlow
Operating Activities net Income	3.5%	3.8%	3.9%	2.5%	6.6%
Operating Activities Depreciation and Amortization	3.0%	2.8%	2.6%	2.5%	2.5%
Operating Activities Stock Based Compensation	0.3%	0.3%	0.2%	0.2%	0.2%
Operating Activities Deferred Income Taxes	-0.1%	-0.2%	0.3%	0.5%	0.5%
Operating Activities Changes In Operating Assets and Liabilities	-0.4%	0.1%	1.0%	-2.2%	-1.4%
Operating Activities Other Non Cash Items	-0.1%	0.0%	0.1%	0.2%	-0.3%
Operating Activities net Cash From Operating Activities	6.3%	6.9%	8.0%	3.7%	8.1%
Investing Activities Capital Expenditures	-3.6%	-2.7%	-4.5%	-5.1%	-3.3%
Investing Activities Other Investing Activities	0.1%	0.0%	0.0%	0.0%	0.4%
Investing Activities net Cash From Investing Activities	-3.5%	-2.7%	-4.4%	-5.0%	-3.0%
Financing Activities Proceeds From Debt	1.9%	0.7%	0.0%	2.4%	1.9%
Financing Activities Repayment of Debt	-1.6%	-1.1%	-0.1%	-0.1%	-1.1%
Financing Activities Repurchase of Common Stock	-0.4%	-0.9%	0.0%	-2.4%	-6.8%
Financing Activities Dividends Paid	-2.0%	-1.9%	-1.9%	-1.7%	-1.5%
Financing Activities Tax Withholding On Stock Based Compensation	-0.1%	-0.1%	-0.1%	-0.2%	-0.2%
Financing Activities net Cash From Financing Activities	-2.1%	-3.3%	-2.1%	-2.0%	-7.6%
Cash Reconciliation net Change In Cash	0.7%	0.9%	1.5%	-3.4%	-2.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2026	2025	2024	2023	2022
Profitability
Gross margin	+27.9%	+28.2%	+27.5%	+24.6%	+29.3%
Operating margin	+4.9%	+5.2%	+5.3%	+3.5%	+8.4%
Net margin	+3.5%	+3.8%	+3.9%	+2.5%	+6.6%
FCF margin	+2.7%	+4.2%	+3.6%	-1.4%	+4.8%
Growth
Revenue CAGR (3y)	-1.3%	+0.2%	+4.7%	+11.8%	+12.0%
Returns
ROE	+22.9%	+27.9%	+30.8%	+24.8%	+54.2%
ROA	+6.2%	+7.1%	+7.5%	+5.2%	+12.9%
ROIC	+14.7%	+16.8%	+17.4%	+12.4%	+33.8%
Liquidity
Current ratio	0.94x	0.94x	0.91x	0.92x	0.99x
Quick ratio	—	—	—	—	—
Leverage
D/E	2.68x	2.94x	3.12x	3.75x	3.20x
Interest coverage	11.50x	13.54x	11.37x	8.05x	21.25x
Efficiency
Asset turnover	1.76x	1.84x	1.94x	2.05x	1.97x
Cash conversion cycle	—	—	—	—	—

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Target Corporation

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