Common-Size Income Statement
Quarterly Data
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Target Corp. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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Target Corp., common-size consolidated income statement (quarterly data)
Based on: 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).
- Revenue Composition
- Sales consistently represent approximately 98.5% to 99% of total revenue throughout the periods until the last few quarters, where sales reach 100%. Other revenue typically comprises around 1.2% to 1.5%, though it is absent in the latest quarters. The overall revenue percentage remains steady at 100%, indicating a stable revenue base.
- Cost of Sales
- The cost of sales as a percentage of revenue fluctuates between approximately -68.2% and -77.4%. There are noticeable increases in cost of sales in some quarters such as May 2020 (-73.97%) and July 2022 (-77.36%), indicating periods of higher product or service costs relative to revenue. The general trend shows variability but with intermittent spikes, possibly influenced by external economic factors or internal cost structure changes.
- Gross Margin
- Gross margin percentages generally move inversely to cost of sales, ranging from about 22.6% to 31.8%. Higher margins are observed around August 2020 (31.78%) and July 2021 (31.32%), whereas significant declines occur during periods like July 2022 (22.64%) and January 2023 (23.73%). This suggests fluctuations in profitability at the gross level influenced by cost control and sales price strategies over time.
- Selling, General and Administrative (SG&A) Expenses
- SG&A expenses as a percentage of revenue consistently range between approximately -17.9% and -21.4%. There is no clear upward or downward trend but rather a steady proportion of revenue, indicating controlled administrative costs in relation to sales.
- Depreciation and Amortization
- Depreciation and amortization expenses (excluding those included in cost of sales) have declined somewhat over the timeframe, ranging from around -3.3% early on down to about -1.9% to -2.7% more recently. This decrease may indicate aging assets or more efficient capital expenditures.
- Operating Income
- Operating income exhibits significant volatility, with percentages ranging from as low as 1.23% to as high as 10.01%. Peaks are found around August and October 2020 (10.01% and 8.55%) and May-July 2021 (around 9.8%), with troughs in April 2022 (1.23%) and mid-2022 quarters. The fluctuations suggest operating profitability is sensitive to cost and expense variations.
- Net Interest Expense
- Net interest expense remains relatively low and stable around -0.3% to -0.7%, except for one outlier in October 2020 with a substantial increase to -2.79%, which could reflect an isolated financing event or restructuring.
- Net Other Income (Expense)
- Other income and expenses are mostly negligible, close to zero, with occasional positive spikes, notably May 2021 (1.42%), which may represent a non-recurring gain or adjustment.
- Earnings Before Taxes
- Earnings from continuing operations before income taxes fluctuate widely between roughly 0.8% and 10.8%. High points correspond to periods of strong operating income and lower cost of sales, for example May 2021 (10.78%). Lower values such as April 2022 (0.83%) coincide with reduced operating income and gross margin.
- Provision for Income Taxes
- Income tax provisions as a percentage of revenue show variability between approximately -0.1% and -2.2%. Higher provision percentages occur during quarters of strong pre-tax earnings, indicating a proportional tax impact.
- Net Earnings from Continuing Operations
- Net earnings from continuing operations range from lows around 0.7% to highs exceeding 8.6%. Peaks align with quarters of high operating income and favorable tax rates, such as May 2021 (8.67%). The trend displays considerable volatility, reflecting the interaction of operational performance, cost management, and tax effects.
- Discontinued Operations
- Discontinued operations have minimal impact, with values effectively zero or missing for most periods, indicating negligible contribution to net earnings.
- Net Earnings
- Overall net earnings mirror the pattern of earnings from continuing operations closely, affirming the dominance of continuing operations in profitability. The range is between 0.7% and approximately 8.7% of revenue, showing a cyclical pattern that suggests sensitivity to operational efficiency and cost controls.