Stock Analysis on Net
Stock Analysis on Net

Target Corp. (NYSE:TGT)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

Target Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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May 2, 2026 Jan 31, 2026 Nov 1, 2025 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
Accounts payable 21.01 21.22 22.99 20.78 21.04 22.60 24.63 22.49 20.98 21.85 25.42 23.08 22.89 25.29 27.76 28.38 27.64 28.76 29.87 24.58 23.06 25.09 28.04 22.35 21.48
Accrued and other current liabilities 10.45 10.89 10.53 10.49 10.73 10.58 9.80 10.27 10.31 11.00 10.85 11.18 10.99 11.03 11.04 11.25 10.98 11.33 10.89 10.90 11.47 11.95 9.91 10.54 10.31
Current portion of long-term debt and other borrowings 1.95 3.58 1.89 1.96 2.03 2.83 2.79 2.93 4.74 2.02 1.98 2.08 0.38 0.24 3.97 3.14 2.14 0.32 2.16 2.32 2.32 2.23 0.26 0.23 0.37
Current liabilities 33.41% 35.69% 35.41% 33.23% 33.80% 36.00% 37.23% 35.69% 36.03% 34.87% 38.24% 36.33% 34.26% 36.56% 42.76% 42.78% 40.76% 40.41% 42.92% 37.80% 36.85% 39.27% 38.21% 33.11% 32.17%
Long-term debt and other borrowings, excluding current portion 24.62 24.08 25.61 26.48 25.51 24.76 24.51 24.38 24.47 26.96 26.47 28.05 30.70 30.02 25.60 25.64 26.31 25.18 21.29 22.55 22.80 22.51 24.65 29.56 31.41
Noncurrent operating lease liabilities 5.89 5.82 5.90 6.07 6.34 6.20 5.84 6.15 6.15 5.92 5.39 5.26 5.03 4.95 4.66 4.85 5.08 4.63 4.58 4.79 4.63 4.33 4.33 4.67 5.02
Deferred income taxes 4.20 3.81 3.80 4.17 4.16 3.99 4.13 4.46 4.61 4.48 4.35 4.39 4.39 4.12 4.03 3.55 3.45 2.91 2.29 2.23 2.32 1.93 2.31 2.34 2.50
Other noncurrent liabilities 3.61 3.43 3.44 3.39 3.58 3.66 3.53 3.55 3.62 3.50 3.29 3.43 3.37 3.30 3.14 3.00 3.21 3.03 3.55 3.71 3.76 3.78 4.20 4.13 3.97
Noncurrent liabilities 38.32% 37.14% 38.75% 40.12% 39.60% 38.61% 38.01% 38.54% 38.86% 40.86% 39.50% 41.13% 43.49% 42.38% 37.42% 37.04% 38.05% 35.75% 31.72% 33.28% 33.51% 32.55% 35.50% 40.69% 42.91%
Total liabilities 71.74% 72.83% 74.16% 73.35% 73.40% 74.61% 75.25% 74.23% 74.89% 75.74% 77.74% 77.46% 77.75% 78.94% 80.19% 79.81% 78.81% 76.16% 74.63% 71.08% 70.36% 71.82% 73.71% 73.80% 75.07%
Common stock 0.07 0.06 0.06 0.07 0.07 0.07 0.06 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.08 0.07 0.07 0.08 0.08 0.08 0.08 0.09 0.09
Additional paid-in-capital 12.45 12.18 11.93 12.25 12.48 12.11 11.82 12.20 12.24 12.21 11.88 12.42 12.54 12.39 11.79 12.39 11.00 11.93 11.73 12.32 12.42 12.35 12.41 13.02 13.85
Retained earnings 16.47 15.63 14.63 15.15 14.88 14.00 13.68 14.34 13.64 12.81 11.07 10.84 10.45 9.38 8.33 8.43 10.81 12.86 14.83 17.90 18.57 17.22 15.37 14.84 12.89
Accumulated other comprehensive loss -0.72 -0.70 -0.79 -0.81 -0.82 -0.79 -0.81 -0.84 -0.84 -0.83 -0.76 -0.80 -0.81 -0.79 -0.37 -0.70 -0.69 -1.03 -1.26 -1.39 -1.44 -1.48 -1.57 -1.74 -1.91
Shareholders’ investment 28.26% 27.17% 25.84% 26.65% 26.60% 25.39% 24.75% 25.77% 25.11% 24.26% 22.26% 22.54% 22.25% 21.06% 19.81% 20.19% 21.19% 23.84% 25.37% 28.92% 29.64% 28.18% 26.29% 26.20% 24.93%
Total liabilities and shareholders’ investment 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%

Based on: 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 capital structure is characterized by a high reliance on liabilities, which consistently represent between 71% and 80% of total liabilities and shareholders' investment. A period of increasing leverage is observed peaking in late 2022, followed by a gradual transition toward a stronger equity position through 2026.

Current Liability Trends and Seasonality
A distinct cyclical pattern is evident in the composition of current liabilities. Accounts payable exhibit significant quarterly fluctuations, typically peaking in October (reaching 29.87% in October 2021) and reaching lows in the second quarter of the year. Total current liabilities fluctuate between 32% and 43%, mirroring these seasonal inventory and payment cycles. Accrued and other current liabilities remain relatively stable, generally hovering around 10% to 11% of the total capital structure.
Long-Term Debt and Noncurrent Obligations
Long-term debt and other borrowings show substantial volatility, decreasing from 31.41% in May 2020 to a low of 21.29% in October 2021, before rising again to 30.70% by January 2023. Following this peak, the ratio stabilizes between 24% and 26% from 2024 through 2026. Noncurrent operating lease liabilities demonstrate a gradual upward trend, increasing from approximately 4.3% in 2020 to nearly 6% by 2026, indicating a growing proportion of the balance sheet dedicated to long-term lease obligations.
Equity Composition and Retained Earnings
Shareholders' investment exhibits a U-shaped trend, declining from a high of 29.64% in May 2021 to a low of 19.81% in July 2022, before recovering to 28.26% by May 2026. This fluctuation is primarily driven by retained earnings, which dropped from 18.57% in May 2021 to 8.33% in October 2022 before climbing back to 16.47% by May 2026. Additional paid-in capital remains stable, typically ranging between 11.7% and 13.8%.
Comprehensive Loss and Total Leverage
Accumulated other comprehensive loss shows a steady improvement, moving from -1.91% in May 2020 to -0.72% by May 2026. The overall leverage ratio, represented by total liabilities, peaked at 80.19% in October 2022 and has since trended downward to 71.74% by May 2026, suggesting a strategic shift toward reducing debt reliance and increasing the proportion of equity financing.

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