Analysis of Revenues
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- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Revenues as Reported
Target Corp., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
The data reveals varying trends across different merchandise categories and revenue streams over the observed periods.
- Apparel and accessories
- Sales showed a gradual increase from 14,304 million USD in early 2020 to a peak of 17,931 million USD in early 2022. Subsequently, sales declined to 16,505 million USD by early 2025, indicating some volatility and a downward adjustment after the peak.
- Beauty
- Available data starts in early 2023 with sales at 11,092 million USD, followed by consistent growth to 13,173 million USD by early 2025. This suggests a positive upward trend in this category.
- Food and beverage
- This category demonstrated a clear, steady upward trajectory, increasing from 15,039 million USD in 2020 to a peak of 23,899 million USD in early 2024, with a slight decrease to 23,828 million USD in early 2025. Overall, it remains a strong performer.
- Hardlines
- Sales increased notably from 12,595 million USD in 2020 to 18,614 million USD in 2022, but thereafter declined sharply to 15,784 million USD by 2025, signaling a loss of momentum in this category.
- Home furnishings and décor
- The segment grew from 14,430 million USD in 2020 to a peak of 20,255 million USD in early 2022, then declined progressively to 16,699 million USD in early 2025, showing a similar pattern of post-peak contraction.
- Household essentials
- Data from 2023 onward shows relatively stable sales, fluctuating slightly around 18,600 million USD with minor variation, suggesting stabilization in this category.
- Beauty and household essentials (legacy)
- This combined category exhibited strong growth from 20,616 million USD in 2020 to 27,268 million USD in 2022, after which data is missing, possibly indicating a reclassification or separate reporting in subsequent periods.
- Other merchandise sales
- Sales in this minor category generally increased modestly over time, starting from 146 million USD in 2020 and reaching around 217 million USD by 2025, indicating consistent but limited growth.
- Merchandise sales
- The aggregate merchandise sales increased steadily from 77,130 million USD in 2020 to a peak of 107,588 million USD in 2023, followed by a slight decrease to about 104,820 million USD by 2025, reflecting the consolidated impact of individual category trends.
- Advertising revenue
- A growing revenue source starting from 404 million USD in 2023 and increasing consistently to 649 million USD in 2025, indicating expansion in non-merchandise revenue streams.
- Credit card profit sharing
- This revenue showed minor fluctuations with an initial amount of 680 million USD in 2020, reaching a peak of 734 million USD in 2023, but then declining to 576 million USD by 2025, suggesting variability in this income source.
- Other revenues
- Other income demonstrated an inconsistent pattern, rising from 302 million USD in 2020 to a peak of 684 million USD in 2022, dropping in 2023, but increasing again to 521 million USD by 2025, reflecting volatility.
- Net sales
- Overall net sales steadily increased from 78,112 million USD in 2020 to a peak of 109,120 million USD in 2023, before slightly declining to 106,566 million USD in 2025, mirroring trends in merchandise sales with a minor decrease towards the end of the period.