Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Target Corp., consolidated balance sheet: assets

US$ in millions

	Jan 31, 2026	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021
Cash and cash equivalents	5,488)	4,762)	3,805)	2,229)	5,911)	8,511)
Inventory	12,304)	12,740)	11,886)	13,499)	13,902)	10,653)
Accounts and other receivables	1,265)	998)	891)	1,169)	835)	631)
Vendor income receivable	542)	543)	513)	526)	518)	504)
Prepaid expenses	223)	226)	201)	188)	170)	171)
Other	183)	185)	202)	235)	237)	286)
Other current assets	2,213)	1,952)	1,807)	2,118)	1,760)	1,592)
Current assets	20,005)	19,454)	17,498)	17,846)	21,573)	20,756)
Property and equipment, net	33,749)	33,022)	33,096)	31,512)	28,181)	26,879)
Operating lease assets	3,703)	3,763)	3,362)	2,657)	2,556)	2,227)
Goodwill	631)	631)	631)	631)	631)	631)
Company-owned life insurance investments, net of loans	600)	540)	483)	440)	470)	450)
Pension asset	231)	121)	57)	75)	—)	—)
Other	571)	238)	229)	174)	400)	305)
Other noncurrent assets	2,033)	1,530)	1,400)	1,320)	1,501)	1,386)
Noncurrent assets	39,485)	38,315)	37,858)	35,489)	32,238)	30,492)
Total assets	59,490)	57,769)	55,356)	53,335)	53,811)	51,248)

Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30).

Total assets exhibited a generally increasing trend over the observed period, rising from $51.248 billion in January 2021 to $59.490 billion in January 2026. However, this growth wasn’t consistent year-over-year, with a slight decrease observed between January 2022 and January 2023.

Current Assets: Current assets demonstrated volatility throughout the period. After peaking at $21.573 billion in January 2022, they decreased significantly to $17.846 billion in January 2023. A recovery was then observed, reaching $20.005 billion by January 2026. This fluctuation was largely driven by changes in cash and cash equivalents, and inventory levels.
Cash and Cash Equivalents: Cash and cash equivalents experienced a substantial decline from $8.511 billion in January 2021 to a low of $2.229 billion in January 2023. Subsequently, a recovery began, with balances increasing to $5.488 billion by January 2026. This suggests potential shifts in liquidity management or investment strategies.
Inventory: Inventory levels increased from $10.653 billion in January 2021 to $13.902 billion in January 2022, before decreasing to $13.499 billion in January 2023. Inventory then decreased to $11.886 billion in February 2024, and increased to $12.740 billion in February 2025, before decreasing slightly to $12.304 billion in January 2026. These fluctuations may reflect changes in sales volume, supply chain dynamics, or inventory management practices.
Accounts and Other Receivables: Accounts and other receivables showed a consistent upward trend, increasing from $631 million in January 2021 to $1.265 billion in January 2026. This indicates a potential increase in credit sales or extended payment terms offered to customers.
Noncurrent Assets: Noncurrent assets generally increased over the period, rising from $30.492 billion in January 2021 to $39.485 billion in January 2026. This growth was primarily driven by increases in property and equipment, net, and operating lease assets.
Property and Equipment, Net: Property and equipment, net, demonstrated consistent growth, increasing from $26.879 billion in January 2021 to $33.749 billion in January 2026. This suggests ongoing investments in fixed assets, potentially to support business expansion or modernization.
Operating Lease Assets: Operating lease assets increased significantly from $2.227 billion in January 2021 to $3.703 billion in January 2026, indicating a growing reliance on leased assets rather than owned property.
Goodwill and Other Long-Term Assets: Goodwill remained constant throughout the period at $631 million. Other noncurrent assets showed an overall increase, with fluctuations in company-owned life insurance investments and pension assets contributing to the change. The pension asset increased from zero in the earlier years to $231 million in January 2026.

In summary, the asset base experienced overall growth, but with notable shifts in the composition of current and noncurrent assets. Changes in cash levels, inventory, and investments in property and equipment were key drivers of these trends.

Target Corp. (NYSE:TGT)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items