Stock Analysis on Net

Target Corp. (NYSE:TGT)

Balance Sheet: Assets 
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
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
Cash and cash equivalents 2,887 4,762 3,433 3,497 3,604 3,805 1,910 1,617 1,321 2,229 954 1,117 1,112 5,911 5,753 7,368 7,816 8,511 5,996 7,284 4,566 2,577 969 1,656 1,173
Inventory 13,048 12,740 15,165 12,604 11,730 11,886 14,731 12,684 12,616 13,499 17,117 15,320 15,083 13,902 14,958 11,259 10,539 10,653 12,712 8,876 8,584 8,992 11,396 9,122 9,060
Other current assets 1,824 1,952 1,956 1,817 1,744 1,807 1,958 1,797 1,836 2,118 2,322 2,016 1,758 1,760 1,865 1,604 1,576 1,592 1,601 1,463 1,465 1,333 1,440 1,341 1,374
Current assets 17,759 19,454 20,554 17,918 17,078 17,498 18,599 16,098 15,773 17,846 20,393 18,453 17,953 21,573 22,576 20,231 19,931 20,756 20,309 17,623 14,615 12,902 13,805 12,119 11,607
Property and equipment, net 33,182 33,022 32,931 33,075 33,114 33,096 33,168 32,947 32,396 31,512 30,921 29,820 28,670 28,181 27,915 27,244 26,804 26,879 26,773 26,739 26,589 26,283 26,384 26,012 25,706
Operating lease assets 3,739 3,763 3,513 3,545 3,486 3,362 3,086 2,840 2,640 2,657 2,596 2,542 2,571 2,556 2,539 2,503 2,362 2,227 2,208 2,233 2,235 2,236 2,151 2,062 2,019
Other noncurrent assets 1,505 1,530 1,533 1,457 1,439 1,400 1,376 1,321 1,341 1,320 1,705 1,655 1,648 1,501 1,381 1,407 1,374 1,386 1,371 1,405 1,367 1,358 1,401 1,373 1,287
Noncurrent assets 38,426 38,315 37,977 38,077 38,039 37,858 37,630 37,108 36,377 35,489 35,222 34,017 32,889 32,238 31,835 31,154 30,540 30,492 30,352 30,377 30,191 29,877 29,936 29,447 29,012
Total assets 56,185 57,769 58,531 55,995 55,117 55,356 56,229 53,206 52,150 53,335 55,615 52,470 50,842 53,811 54,411 51,385 50,471 51,248 50,661 48,000 44,806 42,779 43,741 41,566 40,619

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).


Analysis of the quarterly financial data reveals several notable trends in liquidity, asset composition, and overall asset growth over the observed periods.

Cash and Cash Equivalents
There is a marked volatility in cash levels, with a significant increase from May 2019 (US$ 1,173 million) peaking around August 2020 at US$ 7,284 million. This peak is followed by a decline and fluctuating cash balances through 2021 and 2022, reaching lower levels around late 2022 and early 2023, then climbing again substantially by early 2024 before a moderate decline through mid-2025. This variability suggests active cash management responding to operational or strategic needs.
Inventory
Inventory values demonstrate an overall upward trend with intermittent fluctuations. Beginning at US$ 9,060 million in May 2019, inventory rises notably to a peak of over US$ 17,000 million by late 2022. Although there is some reduction post-2022, inventory held remains substantially higher compared to the start of the period. This increasing inventory might reflect adjustments to sales expectations, supply chain considerations, or strategic stockpiling.
Other Current Assets
Other current assets exhibit relative stability, oscillating modestly between US$ 1,300 million and US$ 2,300 million without a clear directional trend. This indicates steady levels of miscellaneous current assets supporting operational needs.
Current Assets
Current assets follow a general upward trajectory from around US$ 11,600 million in May 2019 to a peak exceeding US$ 22,500 million towards the end of 2021. After this peak, current assets decline markedly in 2022 and early 2023, then fluctuate somewhat before rising again in 2024. This pattern is influenced largely by the changes in cash and inventory balances as the main current asset components.
Property and Equipment, Net
Property and equipment show steady, incremental growth throughout the period, increasing from US$ 25,706 million in May 2019 to approximately US$ 33,182 million by mid-2025. This consistent rise reflects ongoing capital investments or acquisitions in physical assets.
Operating Lease Assets
Operating lease assets increase gradually from about US$ 2,000 million to nearly US$ 3,700 million by the end of the series. This growth suggests an expanding portfolio of leased properties or assets, which may indicate strategic operational expansions or changes in leasing versus ownership decisions.
Other Noncurrent Assets
Other noncurrent assets maintain a relatively stable range between roughly US$ 1,280 million and US$ 1,700 million, with no significant upward or downward trend, indicating consistent holding of long-term miscellaneous assets.
Noncurrent Assets
The aggregate of noncurrent assets increases steadily from approximately US$ 29,000 million to around US$ 38,400 million over the analyzed timeframe. This steady expansion reflects ongoing investments in long-term physical and lease assets.
Total Assets
Total assets depict a generally upward trend from about US$ 40,600 million in early 2019 to a peak exceeding US$ 58,500 million near the end of 2024. A slight decline is observed in the most recent quarters, settling around US$ 56,200 million. The growth in total assets is fueled by increases in both current and noncurrent assets, underscoring an overall expansion of the asset base.

In summary, the company shows a pattern of increasing asset base driven by strategic investments in property, equipment, and lease assets alongside fluctuating but sizeable cash reserves and inventory levels. The fluctuations in current assets, particularly cash and inventory, imply active operational adjustments likely in response to market or internal business conditions, while the steady rise in fixed and lease assets indicates long-term growth investment.


Assets: Selected Items


Current Assets: Selected Items