Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) 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: 2026-08-01), 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 financial performance over the analyzed period exhibits significant volatility in gross profitability and operating margins, characterized by a sharp contraction in 2022 followed by a gradual recovery and a notable peak in the final reporting period.
- Gross Profitability Trends
- Gross margins fluctuated between a low of 22.64% in July 2022 and a high of 33.67% in August 2026. A period of relative strength was observed throughout 2020 and 2021, where margins frequently exceeded 30%. A marked compression occurred in 2022, coinciding with a peak in the cost of sales at 77.36% of net sales. From 2023 through early 2026, margins stabilized within a range of 26% to 29% before experiencing a substantial expansion in the final quarter.
- Operating Expense Analysis
- Selling, general, and administrative (SG&A) expenses remained relatively consistent, generally ranging from 17.86% to 21.91% of net sales. A slight upward trend in SG&A as a percentage of sales is evident from 2023 through 2025, suggesting an increase in operational overhead relative to revenue. Depreciation and amortization costs remained stable, typically oscillating between 1.95% and 2.94% of net sales.
- Operating and Net Income Performance
- Operating income mirrored the volatility of the gross margin, reaching a peak of 10.01% in August 2020 before dropping to a period low of 1.23% in July 2022. Net earnings followed a similar trajectory, with a significant dip to 0.70% in mid-2022. The recovery phase saw net earnings fluctuate between 2.73% and 4.68% for several years, culminating in a sharp increase to 7.07% in August 2026.
- Tax and Interest Impacts
- Net interest expenses remained stable and low, typically representing less than 0.60% of net sales. The provision for income taxes varied in alignment with pre-tax earnings, with the highest relative tax burdens occurring during peak profitability periods, such as August 2020 and May 2021, and the lowest during the 2022 margin contraction.