Common-Size Income Statement
Quarterly Data
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to EBITDA (EV/EBITDA)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Target Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-05-02), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
The common-size income statement reveals a period of significant volatility in profitability, characterized by an initial peak in margins during 2020 and 2021, a sharp contraction in mid-2022, and a subsequent stabilization through 2026. The overall trend indicates a transition from exceptional pandemic-era margins to a more normalized, albeit lower, operating baseline.
- Gross Margin Performance
- Gross margins experienced substantial fluctuations, peaking at 31.78% in August 2020 and maintaining levels above 30% through much of 2021. A severe compression occurred in 2022, reaching a minimum of 22.64% by July 2022. Since that low point, a steady recovery has been observed, with margins generally stabilizing between 26% and 30% from 2023 through May 2026.
- Operating Expense Management
- Selling, general, and administrative (SG&A) expenses have remained relatively consistent as a percentage of net sales, typically fluctuating between 18% and 22%. There is a noticeable increase in SG&A pressure starting in 2023, with expenses frequently exceeding 20% of sales, which suggests rising operational costs or strategic investments that have offset some of the gains in gross margin recovery.
- Operating Income and Profitability
- Operating income mirrored the volatility of the gross margin, reaching a high of 10.01% in August 2020 before dropping to a low of 1.23% in July 2022. The subsequent recovery period from 2023 to 2026 shows operating income stabilizing in a range between 3.75% and 6.42%, indicating a restoration of operational efficiency, though not to the peak levels seen in 2020.
- Net Earnings and Bottom-Line Trends
- Net earnings exhibited a similar trajectory, with a peak of 8.67% in May 2021 and a trough of 0.70% in July 2022. The long-term trend from 2023 through 2026 shows net earnings oscillating between approximately 2.7% and 4.7%. Net interest expenses have remained consistently low and stable, generally staying below 0.60% of net sales, suggesting that debt service costs have not been a primary driver of the observed volatility in net income.