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TGTTarget Corporation

Consumer staples · Discount Stores · NYSE
TGT quote by TradingView
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FY2025 at a glance

Sales down 1.7%, free cash flow down to $2.8B

XBRL, from each 10-K
RevenueStatements ↓
$104.8B
from $106.6B in FY2024
FY2016FY2025
Net incomeStatements ↓
$3.7B
from $4.1B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$2.8B
from $4.5B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.13
from $8.86 in FY2024
FY2016FY2025
Operating marginStatements ↓
4.9%
from 5.2% in FY2024
FY2016FY2025
Total debtStatements ↓
$14.4B
from $13.9B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)9.64Sales (ttm)107.7BNet income (ttm)4.4BSales growth-1.7%EPS growth-8.2%Sales Q/Q+5.3%
Free cash flow4.5BGross margin29.3%Oper. margin5.6%Net margin4.1%FCF margin4.1%ROE24.6%
ROA7.2%R&D / sales-Dividend4.54Debt/Eq0.86Curr. ratio0.99Cash5.4B
Op. cash flow (ttm)8.7BEBITDA8.3BEBITDA margin7.9%Net debt9.9BQuick ratio0.41Interest cover11.50
ROIC12.0%Payout ratio55.8%Tax rate22.3%Stock pay / sales0.3%Shares out.454.3MShares Y/Y-1.3%
Book / share39.28Cash / share11.91Sales / share237.08Asset turnover1.76Inventory turns6.14Sales 3Y CAGR-1.3%
Sales 5Y CAGR+2.3%EPS 3Y CAGR+10.7%EPS 5Y CAGR-1.2%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow fell 37%$4.5B → $2.8B · Cash from operations − capital expenditure · 10-K ↗
What management wrote about it → · Every company →

TGT against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
TGTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
-1.7%26th of 33 · median +2.1%
Net margin
4.1%20th of 33 · median 8.0%
Return on equity
24.6%9th of 29 · median 18.6%
Free cash flow margin
4.1%25th of 33 · median 10.7%
Debt / equity (less is better)
0.8617th of 29 · median 0.82
TGT and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
TGT Target Corporation$107.7B -1.7%29.3%4.1%24.6%4.1%0.86
PEP PepsiCo$98.2B +2.3%54.2%11.1%48.9%10.7%2.13
BG Bunge Global$93.5B +32.4%5.1%1.2%7.1%-2.8%1.03
PG Procter & Gamble$87.9B +3.3%49.8%18.2%29.0%17.4%0.70
SYY Sysco$85.1B +3.9%18.5%2.1%44.7%2.6%3.42
ADM Archer Daniels Midland$84.1B -6.2%7.4%3.0%10.4%0.4%0.37
Where each dollar goes

From $106.0B of sales to $6.9B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $31.0BRevenue to Cost of revenue: $75.0BGross profit to Operating profit: $8.9BGross profit to Operating expenses: $22.1BOperating profit to Net profit: $6.9BOperating profit to Tax: $2.0B Revenue: $106.0B Revenue$106.0B +13% Y/Y Gross profit: $31.0B · 29% margin Gross profit$31.0B29% margin Cost of revenue: $75.0B · 71% of revenue Cost of revenue$75.0B71% of revenue Operating profit: $8.9B · 8% margin Operating profit$8.9B8% margin +37% Y/Y Operating expenses: $22.1B · 21% of revenue Operating expenses$22.1B21% of revenue Net profit: $6.9B · 7% margin Net profit$6.9B7% margin +59% Y/Y Tax: $2.0B · 2% of revenue Tax$2.0B2% of revenue

Swipe sideways for the whole flow →

From $109.1B of sales to $2.8B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $26.8BRevenue to Cost of revenue: $82.3BGross profit to Operating profit: $3.8BGross profit to Operating expenses: $23.0BOperating profit to Net profit: $2.8BOperating profit to Tax & other: $1.1B Revenue: $109.1B Revenue$109.1B +3% Y/Y Gross profit: $26.8B · 25% margin Gross profit$26.8B25% margin Cost of revenue: $82.3B · 75% of revenue Cost of revenue$82.3B75% of revenue Operating profit: $3.8B · 4% margin Operating profit$3.8B4% margin −57% Y/Y Operating expenses: $23.0B · 21% of revenue Operating expenses$23.0B21% of revenue Net profit: $2.8B · 3% margin Net profit$2.8B3% margin −60% Y/Y Tax & other: $1.1B · 1% of revenue Tax & other$1.1B1% of revenue

Swipe sideways for the whole flow →

From $107.4B of sales to $4.1B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $29.6BRevenue to Cost of revenue: $77.8BGross profit to Operating profit: $5.7BGross profit to Operating expenses: $23.9BOperating profit to Net profit: $4.1BOperating profit to Tax & other: $1.6B Revenue: $107.4B Revenue$107.4B −2% Y/Y Gross profit: $29.6B · 28% margin Gross profit$29.6B28% margin Cost of revenue: $77.8B · 72% of revenue Cost of revenue$77.8B72% of revenue Operating profit: $5.7B · 5% margin Operating profit$5.7B5% margin +48% Y/Y Operating expenses: $23.9B · 22% of revenue Operating expenses$23.9B22% of revenue Net profit: $4.1B · 4% margin Net profit$4.1B4% margin +49% Y/Y Tax & other: $1.6B · 1% of revenue Tax & other$1.6B1% of revenue

Swipe sideways for the whole flow →

From $106.6B of sales to $4.1B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $30.1BRevenue to Cost of revenue: $76.5BGross profit to Operating profit: $5.6BGross profit to Operating expenses: $24.5BOperating profit to Net profit: $4.1BOperating profit to Tax & other: $1.5B Revenue: $106.6B Revenue$106.6B −1% Y/Y Gross profit: $30.1B · 28% margin Gross profit$30.1B28% margin Cost of revenue: $76.5B · 72% of revenue Cost of revenue$76.5B72% of revenue Operating profit: $5.6B · 5% margin Operating profit$5.6B5% margin −2% Y/Y Operating expenses: $24.5B · 23% of revenue Operating expenses$24.5B23% of revenue Net profit: $4.1B · 4% margin Net profit$4.1B4% margin −1% Y/Y Tax & other: $1.5B · 1% of revenue Tax & other$1.5B1% of revenue

Swipe sideways for the whole flow →

From $104.8B of sales to $3.7B of profit

FY2025, from the 10-K income statement
Revenue to Gross profit: $29.3BRevenue to Cost of revenue: $75.5BGross profit to Operating profit: $5.1BGross profit to Operating expenses: $24.2BOperating profit to Net profit: $3.7BOperating profit to Tax & other: $1.4B Revenue: $104.8B Revenue$104.8B −2% Y/Y Gross profit: $29.3B · 28% margin Gross profit$29.3B28% margin Cost of revenue: $75.5B · 72% of revenue Cost of revenue$75.5B72% of revenue Operating profit: $5.1B · 5% margin Operating profit$5.1B5% margin −8% Y/Y Operating expenses: $24.2B · 23% of revenue Operating expenses$24.2B23% of revenue Net profit: $3.7B · 4% margin Net profit$3.7B4% margin −9% Y/Y Tax & other: $1.4B · 1% of revenue Tax & other$1.4B1% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • !
    Net margin below the peer median4.1% vs 8.0%
  • ✓
    Return on equity above 15%24.6%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 3.9% → 3.5%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 11.5× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.86 on the latest balance sheet (peer median 0.82)
  • !
    Current ratio below 1Current ratio 0.99
  • ✓
    Net debt under 3 years of free cash flow$5.3B net debt, 1.2 years
Debt / equity at each year end, FY2016 to FY2025: 1.07 → 0.89
What the debt is made of ↓

Cash and shareholders

3 of 4
  • !
    Free cash flow positive in 9 of 10 years$2.8B last year
  • ✓
    Share count down over 5 years−9.9%
  • ✓
    Dividend per share up over 5 years$2.70 → $4.54
  • ✓
    Cash from operations above net income$6.6B vs $3.7B
Free cash flow, FY2016 to FY2025: 3.9B → 2.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$14.5B of principal due, schedule of Jan 31, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 104.8B Net income 3.7B
FY2016 revenue 70.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-19-000006 FY2016 net income 2.7B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000027419-19-000006 70.3B FY2016 FY2017 revenue 72.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-20-000008 FY2017 net income 2.9B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000027419-20-000008 72.7B FY2017 FY2018 revenue 75.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-21-000010 FY2018 net income 2.9B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000027419-21-000010 75.4B FY2018 FY2019 revenue 78.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-22-000007 FY2019 net income 3.3B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000027419-22-000007 78.1B FY2019 FY2020 revenue 93.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-23-000015 FY2020 net income 4.4B · NetIncomeLoss, 0000027419-23-000015 93.6B FY2020 FY2021 revenue 106.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-24-000032 FY2021 net income 6.9B · NetIncomeLoss, 0000027419-24-000032 106.0B FY2021 FY2022 revenue 109.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-25-000018 FY2022 net income 2.8B · NetIncomeLoss, 0000027419-25-000018 109.1B FY2022 FY2023 revenue 107.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-26-000016 FY2023 net income 4.1B · NetIncomeLoss, 0000027419-26-000016 107.4B FY2023 FY2024 revenue 106.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-26-000016 FY2024 net income 4.1B · NetIncomeLoss, 0000027419-26-000016 106.6B FY2024 FY2025 revenue 104.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000027419-26-000016 FY2025 net income 3.7B · NetIncomeLoss, 0000027419-26-000016 104.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

TGT's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue104.8B
FY2016: 70.3BFY2017: 72.7BFY2018: 75.4BFY2019: 78.1BFY2020: 93.6BFY2021: 106.0BFY2022: 109.1BFY2023: 107.4BFY2024: 106.6BFY2025: 104.8B FY2017FY2019FY2021FY2023FY2025
Net income3.7B
FY2016: 2.7BFY2017: 2.9BFY2018: 2.9BFY2019: 3.3BFY2020: 4.4BFY2021: 6.9BFY2022: 2.8BFY2023: 4.1BFY2024: 4.1BFY2025: 3.7B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.8B
FY2016: 3.9BFY2017: 4.4BFY2018: 2.5BFY2019: 4.1BFY2020: 7.9BFY2021: 5.1BFY2022: -1.5BFY2023: 3.8BFY2024: 4.5BFY2025: 2.8B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.13
FY2016: 4.69FY2017: 5.29FY2018: 5.51FY2019: 6.36FY2020: 8.64FY2021: 14.10FY2022: 5.98FY2023: 8.94FY2024: 8.86FY2025: 8.13 FY2017FY2019FY2021FY2023FY2025
Dividend per share4.54
FY2016: 2.36FY2017: 2.46FY2018: 2.54FY2019: 2.62FY2020: 2.70FY2021: 3.38FY2022: 4.14FY2023: 4.38FY2024: 4.46FY2025: 4.54 FY2017FY2019FY2021FY2023FY2025
Diluted shares455.6M
FY2016: 582.5MFY2017: 550.3MFY2018: 533.2MFY2019: 515.6MFY2020: 505.4MFY2021: 492.7MFY2022: 464.7MFY2023: 462.8MFY2024: 461.8MFY2025: 455.6M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Jan 31, 2026
RevenueSharevs year before
Food & beverage 24.1B23.0% +1.3%
Household essentials 18.0B17.2% -3.2%
Hardlines 15.8B15.1% +0.1%
Apparel & accessories 15.7B15.0% -4.7%
Home furnishings & décor 15.6B14.9% -6.5%
Beauty 13.2B12.6% +0.3%
Advertising revenue 915.0M0.9% +41.0%
Other 626.0M0.6% +20.2%
Credit card profit sharing 522.0M0.5% -9.4%
Other merchandise sales 205.0M0.2% -5.5%

10-K 0000027419-26-000016, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue70.3B72.7B75.4B78.1B93.6B106.0B109.1B107.4B106.6B104.8B
Cost of revenue49.1B51.1B53.3B54.9B66.2B75.0B82.3B77.8B76.5B75.5B
Gross profit20.4B20.8B--------
SG&A14.2B15.1B15.7B16.2B18.6B19.8B20.6B21.5B22.0B21.5B
Operating income4.9B4.2B4.1B4.7B6.5B8.9B3.8B5.7B5.6B5.1B
Interest expense991.0M653.0M461.0M477.0M977.0M421.0M478.0M502.0M411.0M445.0M
Pretax income4.0B3.6B3.7B4.2B5.5B8.9B3.4B5.3B5.3B4.8B
Income tax1.3B722.0M746.0M921.0M1.2B2.0B638.0M1.2B1.2B1.1B
Net income2.7B2.9B2.9B3.3B4.4B6.9B2.8B4.1B4.1B3.7B
EPS (diluted)4.695.295.516.368.6414.105.988.948.868.13
Diluted shares582.5M550.3M533.2M515.6M505.4M492.7M464.7M462.8M461.8M455.6M
Depreciation & amortization2.3B2.5B2.5B2.6B2.5B2.6B2.7B2.8B3.0B3.1B
EBITDA7.2B6.7B6.6B7.3B9.0B11.6B6.5B8.5B8.5B8.3B
Gross margin29.0%28.5%--------
Operating margin6.9%5.8%5.5%6.0%7.0%8.4%3.5%5.3%5.2%4.9%
Net margin3.9%4.0%3.9%4.2%4.7%6.6%2.5%3.9%3.8%3.5%
Revenue growth-+3.5%+3.6%+3.7%+19.8%+13.3%+2.9%-1.6%-0.8%-1.7%
EPS growth-+12.8%+4.2%+15.4%+35.8%+63.2%-57.6%+49.5%-0.9%-8.2%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash2.5B2.6B1.6B2.6B8.5B5.9B2.2B3.8B4.8B5.5B
Short-term investments1.1B1.9B769.0M1.8B7.6B5.0B1.3B2.9B3.9B4.6B
Inventory8.3B8.6B9.5B9.0B10.7B13.9B13.5B11.9B12.7B12.3B
Current assets12.0B12.5B12.5B12.9B20.8B21.6B17.8B17.5B19.5B20.0B
Property & equipment24.7B24.5B25.5B26.3B26.9B28.2B31.5B33.1B--
Goodwill133.0M630.0M633.0M633.0M631.0M631.0M631.0M631.0M631.0M631.0M
Total assets37.4B40.3B41.3B42.8B51.2B53.8B53.3B55.4B57.8B59.5B
Accounts payable7.3B8.7B9.8B9.9B12.9B15.5B13.5B12.1B13.1B12.6B
Current liabilities12.7B13.1B15.0B14.5B20.1B21.7B19.5B19.3B20.8B21.2B
Total debt11.7B10.4B10.2B10.0B10.6B11.6B14.1B14.2B13.9B14.4B
Shareholders' equity10.9B11.7B11.3B11.8B14.4B12.8B11.2B13.4B14.7B16.2B
Retained earnings5.9B6.5B6.0B6.4B8.8B6.9B5.0B7.1B8.1B9.3B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow5.4B6.9B6.0B7.1B10.5B8.6B4.0B8.6B7.4B6.6B
Capital spending1.5B2.5B3.5B3.0B2.6B3.5B5.5B4.8B2.9B3.7B
Free cash flow3.9B4.4B2.5B4.1B7.9B5.1B-1.5B3.8B4.5B2.8B
Stock-based pay (added back)113.0M112.0M132.0M147.0M200.0M228.0M220.0M251.0M304.0M281.0M
Dividends paid1.3B1.3B1.3B1.3B1.3B1.5B1.8B2.0B2.0B2.1B
Buybacks3.7B1.0B2.1B1.6B745.0M7.2B2.6B01.0B408.0M
Acquisitions0518.0M00------
Debt raised2.0B739.0M01.7B2.5B2.0B2.6B0741.0M2.0B
Debt repaid2.6B2.2B281.0M2.1B2.4B1.1B163.0M147.0M1.1B1.6B
Investing cash flow-1.5B-3.1B-3.4B-2.9B-2.6B-3.2B-5.5B-4.8B-2.9B-3.6B
Financing cash flow-5.5B-3.7B-3.6B-3.2B-2.0B-8.1B-2.2B-2.3B-3.5B-2.2B
Dividend per share2.362.462.542.622.703.384.144.384.464.54

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)113.0M112.0M132.0M147.0M200.0M228.0M220.0M251.0M304.0M281.0M
Stock-based pay / revenue0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.2%0.3%0.3%
Operating lease cost199.0M221.0M251.0M287.0M332.0M387.0M467.0M550.0M641.0M691.0M
Operating lease cash paid188.0M198.0M231.0M254.0M284.0M316.0M364.0M479.0M490.0M529.0M
Finance lease principal paid94.0M45.0M80.0M57.0M70.0M91.0M100.0M147.0M139.0M142.0M
Right-of-use assets-1.9B2.0B2.2B2.2B2.6B2.7B3.4B3.8B3.7B
Operating lease liabilities-2.1B2.2B2.5B2.4B2.7B2.9B3.6B3.9B3.8B
Finance lease liabilities--1.0B1.4B1.9B2.1B2.1B2.0B2.2B2.1B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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