Common-Size Income Statement
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Target Corp., common-size consolidated income statement
Based on: 10-K (reporting date: 2026-01-31), 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).
The common-size income statement reveals several noteworthy trends over the six-year period. A significant fluctuation in profitability is observed, alongside shifts in expense management. Gross margin experienced volatility, while operating income demonstrated a generally declining trend towards the end of the period.
- Gross Profitability
- Gross margin as a percentage of net sales began at 29.27% in 2021 and remained consistent in 2022. A substantial decrease to 24.57% occurred in 2023, followed by a partial recovery to 27.54% in 2024, 28.21% in 2025, and a slight decline to 27.93% in 2026. This suggests potential changes in cost of goods sold relative to sales, or pricing pressures, with a recent stabilization.
- Operating Expenses
- Selling, general, and administrative expenses decreased from 19.90% of net sales in 2021 to 18.63% in 2022, indicating improved efficiency or cost control. However, these expenses increased steadily from 18.86% in 2023 to 20.62% in 2025, before decreasing slightly to 20.55% in 2026. Depreciation and amortization followed a similar, albeit less pronounced, upward trend, rising from 2.38% to 2.50% over the period.
- Operating Income
- Operating income as a percentage of net sales peaked at 8.44% in 2022, following 6.99% in 2021. A sharp decline to 3.53% occurred in 2023, with a subsequent recovery to 5.31% in 2024 and 5.22% in 2025. A further decrease to 4.88% was observed in 2026, indicating a weakening of core operational profitability towards the end of the period despite some recovery from the 2023 low.
- Net Income and Taxes
- Net earnings mirrored the trend in operating income, reaching a high of 6.55% in 2022 before falling to 2.55% in 2023. Subsequent years saw a recovery to 3.85% (2024) and 3.84% (2025), followed by a slight decrease to 3.54% in 2026. The effective tax rate, as indicated by provision for income taxes as a percentage of net sales, fluctuated considerably, from -1.26% in 2021 to -1.85% in 2022, -0.58% in 2023, -1.08% in 2024, -1.10% in 2025, and -1.01% in 2026. These negative values suggest the benefit of tax credits or loss carryforwards in certain years.
- Interest and Other Income
- Net interest expense decreased significantly from 1.04% of net sales in 2021 to 0.40% in 2022, before stabilizing around 0.4% to 0.47% for the remainder of the period. Net other income (expense) remained relatively small, fluctuating between -0.02% and 0.10% of net sales, generally contributing a minor positive impact to earnings.