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

	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)

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

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Target Corp. (NYSE:TGT)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data