Common-Size Income Statement
Quarterly Data
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Analysis of Revenues
- Analysis of Debt
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Target Corp., common-size consolidated income statement (quarterly data)
Based on: 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), 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).
- Cost of Sales and Gross Margin Trends
- The cost of sales as a percentage of net sales exhibits notable fluctuations across the periods. Initially, it remains in the high 60% range before increasing significantly around early 2020, peaking beyond 77% in mid-2022. This rise corresponds with a decline in gross margin percentages, which reach their lowest point in the same timeframe, dropping below 23%. Subsequently, cost of sales slightly decreases, helping gross margins recover gradually back toward approximately 28% by late 2025. Overall, the inverse relationship between these two metrics is consistent, with cost variations reflecting directly on gross margin performance.
- Selling, General, and Administrative Expenses
- Selling, general, and administrative (SG&A) expenses demonstrate a relatively stable but slightly variable trend over time, generally fluctuating between approximately 17.8% and 21.9% of net sales. There is a minor improvement during the 2020-2021 period, indicated by reductions below 18% at times, but the expenses rise again after mid-2021. The increasing trend toward the later periods suggests growing operational or administrative costs as a proportion of sales.
- Depreciation and Amortization
- Depreciation and amortization costs, exclusive of those included in cost of sales, show a declining trend from above 3.3% in early periods down to levels around 2% and slightly above in later quarters. This downward pattern may imply improved asset utilization efficiency or changes in asset base composition over the timeframe.
- Operating Income
- Operating income as a percentage of net sales varies substantially, with notable low points near 1.2% to 3.9% around mid-2022, followed by a substantial recovery to levels between 4.5% and 10% in other quarters. The highest operating income percentages occur in late 2020 and early 2021, suggesting periods of enhanced operational profitability. However, the pronounced dip in the 2022 period highlights some challenges impacting core earnings during that time.
- Net Interest Expense
- Net interest expense remains relatively stable, mostly ranging from -0.3% to -0.7% of net sales. One atypical quarter shows a significant spike to almost -2.8%, indicating an isolated event or adjustment. Overall, interest costs appear to constitute a modest, consistent burden on earnings throughout the periods.
- Net Other Income (Expense)
- Net other income and expenses fluctuate around zero with occasional small positive or negative values. A substantial positive anomaly appears in one quarter early on, significantly enhancing earnings before income taxes during that period. Otherwise, this item contributes marginally to overall profitability.
- Earnings Before Income Taxes
- Earnings from continuing operations before income taxes generally follow the pattern of operating income but with greater variability, influenced by net interest and other income effects. These earnings range from lows near 0.8% to highs above 10%, again highlighting the volatility especially around 2020 to 2022. Improvement after 2022 is observed, though levels remain beneath the peak values previously attained.
- Provision for Income Taxes
- The provision for income taxes, expressed as a percentage of net sales, generally ranges between -0.1% and -2.2%. The lowest tax provisions occur near mid-2022, consistent with the reduced earnings levels then. Tax rates appear to correlate positively with earnings fluctuations, though they remain a relatively small portion of net sales.
- Net Earnings
- Net earnings as a percentage of net sales exhibit a volatile pattern, closely mirroring earnings before taxes and operating income trends. Highest profitability is noted around 2020-2021, with net earnings reaching approximately 7% to 8.7%, followed by a general decline around 2022 with values dropping close to 0.7%. A recovery trend emerges in subsequent quarters, but the latest periods show earnings settling around mid to high 3% levels. The data suggest that profitability experienced considerable pressure during 2022 but has since partially rebounded.