Stock Analysis on Net
Stock Analysis on Net

Target Corp. (NYSE:TGT)

Common-Size Income Statement 
Quarterly Data

Target Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020 Feb 1, 2020 Nov 2, 2019 Aug 3, 2019 May 4, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -71.01 -71.83 -74.01 -71.59 -69.93 -71.13 -73.32 -71.46 -71.84 -72.61 -76.27 -74.21 -77.36 -73.35 -73.43 -70.97 -68.68 -69.08 -72.29 -68.53 -68.22 -73.97 -72.90 -69.30 -68.53 -69.48
Gross margin 28.99% 28.17% 25.99% 28.41% 30.07% 28.87% 26.68% 28.54% 28.16% 27.39% 23.73% 25.79% 22.64% 26.65% 26.57% 29.03% 31.32% 30.92% 27.71% 31.47% 31.78% 26.03% 27.10% 30.70% 31.47% 30.52%
Selling, general, and administrative expenses -21.26 -19.25 -19.16 -21.37 -21.18 -21.07 -18.89 -20.93 -20.93 -19.84 -18.08 -19.68 -19.21 -18.92 -17.86 -18.94 -19.27 -18.63 -19.22 -20.53 -19.41 -20.70 -19.25 -22.25 -21.24 -20.78
Depreciation and amortization, exclusive of depreciation included in cost of sales -2.51 -2.75 -2.09 -2.49 -2.46 -2.52 -1.95 -2.43 -2.40 -2.30 -1.96 -2.25 -2.20 -2.39 -1.95 -2.25 -2.24 -2.47 -2.01 -2.39 -2.36 -2.94 -2.74 -3.08 -3.05 -3.30
Operating income 5.22% 6.17% 4.75% 4.55% 6.42% 5.28% 5.84% 5.19% 4.83% 5.24% 3.69% 3.85% 1.23% 5.35% 6.76% 7.84% 9.81% 9.81% 6.48% 8.55% 10.01% 2.39% 5.12% 5.37% 7.19% 6.44%
Net interest expense -0.46 -0.49 -0.29 -0.41 -0.43 -0.43 -0.34 -0.42 -0.57 -0.58 -0.41 -0.47 -0.43 -0.44 -0.34 -0.41 -0.41 -0.45 -0.37 -2.79 -0.53 -0.60 -0.50 -0.61 -0.65 -0.71
Net other income (expense) 0.07 0.11 0.09 0.11 0.08 0.12 0.09 0.10 0.06 0.09 0.04 0.05 0.03 0.06 0.08 0.02 0.03 1.42 0.00 -0.02 0.05 -0.11 -0.12 0.06 0.07 0.07
Earnings from continuing operations before income taxes 4.83% 5.80% 4.55% 4.25% 6.07% 4.97% 5.60% 4.86% 4.33% 4.75% 3.32% 3.43% 0.83% 4.96% 6.51% 7.45% 9.42% 10.78% 6.10% 5.74% 9.53% 1.68% 4.49% 4.83% 6.61% 5.79%
Provision for income taxes -1.12 -1.45 -0.98 -0.92 -1.39 -1.13 -1.27 -1.04 -0.96 -1.00 -0.53 -0.74 -0.13 -0.95 -1.53 -1.65 -2.20 -2.12 -1.24 -1.25 -2.17 -0.23 -0.93 -1.04 -1.51 -1.30
Net earnings from continuing operations 3.71% 4.34% 3.57% 3.33% 4.68% 3.84% 4.33% 3.82% 3.37% 3.75% 2.79% 2.68% 0.70% 4.01% 4.98% 5.80% 7.22% 8.67% 4.87% 4.48% 7.36% 1.45% 3.56% 3.78% 5.09% 4.49%
Discontinued operations, net of tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.02
Net earnings 3.71% 4.34% 3.57% 3.33% 4.68% 3.84% 4.33% 3.82% 3.37% 3.75% 2.79% 2.68% 0.70% 4.01% 4.98% 5.80% 7.22% 8.67% 4.87% 4.48% 7.36% 1.45% 3.56% 3.83% 5.09% 4.51%

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.