Target Corporation: financial statements

TGTNYSEConsumer cyclical · Retail-Variety Stores

Price

$161.45

November 13, 2026Market cap $73.1B

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The full history: 17 fiscal years, from FY2009
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More questions to the chat on its filings
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Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

FY2023–FY2025 fiscal years

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Revenue

Line	FY2023	FY2024	FY2025
Revenue	$107B	$107B	$105B
Cost of revenue	$77.8B	$76.5B	$75.5B
Gross profit	$29.6B	$30.1B	$29.3B
Operating income	$5.7B	$5.6B	$5.1B
Net income	$4.1B	$4.1B	$3.7B
Earnings per share	$8.94	$8.86	$8.13
Earnings per share, basic	$8.96	$8.89	$8.16
Margins
Gross margin	27.5%	28.2%	27.9%
Operating margin	5.3%	5.2%	4.9%
Net margin	3.9%	3.8%	3.5%

Financial statements

TGT's revenue, profits and cash flows from FY2009 to FY2022, 14 more fiscal years

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By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

Segment	FY2012	FY2013	FY2014	Share FY2014
United States	$68.5B	$72.0B	$71.3B	98%
Canadian Retail	$0	$0	$1.3B	1.8%

By segment

TGT's revenue by segment from FY2009 to FY2010, 2 more fiscal years

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From the XBRL of 18 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$2.1B Due within 2 years$5.9B Leases22.3% Effective tax rate

When the debt falls due

Jan 31, 2026

Due within 2 years

$2.1B

Principal of loans and bonds falling due, from the annual report dated January 31, 2026, without leases and interest. The filing

Leases

Jan 31, 2026

Operating leases

$3.8B

Finance leases

$2.1B

The liability is the present value of the rent still to pay, at January 31, 2026. It is not counted in the ladder's debt. The filing

Goodwill by segment

Jan 31, 2026

Total goodwill

$631M

The company does not state its goodwill by segment, at January 31, 2026. The filing

From the statutory to the effective tax rate, FY2026

Jan 31, 2026

Statutory rate

21.0%

Effective rate

22.3%

+1.3 pts

The company paid 22.3% in tax on its profit, 1.3 points above the US federal rate (21.0%). Below, the reasons it gives.

Statutory rate

21.0%

State and local taxes

+3.5 pts

Difference the filing does not itemize

-2.2 pts

Effective rate

22.3%

One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Where the change in earnings per share came from

Diluted earnings per share went from $8.86 in the fiscal year to Feb 1, 2025 to $8.13 in the year to Jan 31, 2026, a change of -$0.73.

Measured by size, 20.4% of the movement came from outside sales and operating margin: interest and other items, the tax rate, what went to others and the share count.

: -$0.15
: -$0.61
: -$0.08
: $0.00
: +$0.11

Earnings per share is split as sales times operating margin, plus interest and other items, after tax, times the part that goes to the common shareholders, divided by the diluted share count. Each source's part is its average effect over every order in which the six can change, so the parts add up exactly to the change. From the annual reports; net income over the diluted count matches the earnings per share the company filed within 2%.

Taxes: deferred and paid

The deferred part was -5.2% of the tax charge in the year to Jan 31, 2026. The rows show the last 3 years.

Cash taxes paid were 97.7% of the current tax charge in the year to Jan 31, 2026.

Deferred share, year to Jan 31, 2026-$55M of $1.1B: -5.2%
Deferred share, year to Feb 1, 2025-$180M of $1.2B: -15.4%
Deferred share, year to Feb 3, 2024$298M of $1.2B: 25.7%
$1.1B paid, $1.1B current: 97.7%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

Receivables and inventory against sales are not shown: a figure it needs is missing from the company's structured filings.

The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do Target's filings show?

These are Target's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
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Questions about TGT's financials

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How much revenue did TGT have in FY2025?

Target had revenue of $105B and net income of $3.7B in fiscal FY2025, a net margin of 3.5%.

How much debt does TGT have?

On January 31, 2026 Target had total assets of $59.5B, debt of $16.5B and shareholders' equity of $16.2B.

How much free cash flow does TGT have?

In fiscal FY2025 Target had cash from operations of $6.6B and spent $3.7B on capital expenditure, leaving $2.8B of free cash flow.

Where are the figures from?

From Target Corporation's annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.