Common-Size Income Statement
Quarterly Data
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Target Corp., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
- Gross Margin and Cost of Sales
- The gross margin as a percentage of net sales displays notable volatility across the periods. Initially, it fluctuates around 30%, but there is a discernible decline beginning around early 2020, coinciding with a marked increase in the cost of sales percentage, which rises from approximately -69% to peaks near -77%. From mid-2020 onward, despite some recovery, gross margin remains generally subdued relative to earlier periods, indicating increased cost pressures or pricing challenges.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses relative to net sales have remained fairly consistent, mostly oscillating between -17.8% and -21.4%. There is a slight downward trend during early 2021 to mid-2022, with expenses easing somewhat, but the ratio returns toward higher levels in later periods. Overall, SG&A does not show strong volatility but contributes consistently to overall expense structure.
- Depreciation and Amortization
- Depreciation and amortization costs, exclusive of those included in cost of sales, generally trend downward from approximately -3.3% to levels closer to -2% in several quarters. Some minor increases appear in the later periods, but expenses remain lower on average compared to the earliest data, potentially reflecting asset base changes or efficiency improvements.
- Operating Income
- Operating income as a percentage of net sales has experienced considerable fluctuation. After an initial range between 5% and 7%, operating income dips sharply to a low near 1.2% in late 2022. Subsequently, a recovery trend commences, with levels rising to around 6% by mid-2024. The erratic movement suggests sensitivity to external conditions or internal operational shifts affecting profitability.
- Net Interest Expense
- Net interest expense remains relatively stable and low, mostly fluctuating between -0.3% and -0.7%. A notable anomaly occurs around late 2020, where the expense spikes drastically to -2.79%, which may indicate a temporary increase in debt costs or other one-time financial charges. Outside this period, financing costs appear controlled and do not heavily burden the income.
- Net Other Income (Expense)
- Other income or expense items show minor positive or negative amounts, with a majority of the periods reflecting small gains of up to approximately 0.12%. One exception is a significant positive spike at about 1.42% in early 2021, likely a one-time gain or extraordinary item, boosting overall profitability that quarter.
- Earnings Before Income Taxes
- Earnings before income taxes largely mirror operating income trends. Starting at around 5.8%, values dip to below 1% in late 2022 before recovering toward nearly 6% in mid-2024. The pattern underscores the challenges faced around 2022, followed by a gradual recovery, indicative of improving operations or favorable external factors.
- Provision for Income Taxes
- Income tax provisions as a percentage of net sales vary considerably, ranging from roughly -0.1% to -2.2%. There is no clear upward or downward trend, but the values suggest varying effective tax rates or tax benefit occurrences that influence net profitability in different quarters.
- Net Earnings
- Net earnings as a percentage of net sales track the earnings before taxes after tax considerations. Fluctuations occur, with a peak around 8.7% in early 2021 and a trough near 0.7% in mid-2022. The trend follows the operational income and earnings before tax trajectory, reflecting periods of both strong profitability and compression. Overall, net margins average around 3% to 5%, which is consistent with the company’s operating and tax expense dynamics.