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

	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
Cash and cash equivalents	4,762)	3,805)	2,229)	5,911)	8,511)	2,577)
Inventory	12,740)	11,886)	13,499)	13,902)	10,653)	8,992)
Accounts and other receivables	998)	891)	1,169)	835)	631)	498)
Vendor income receivable	543)	513)	526)	518)	504)	464)
Prepaid expenses	226)	201)	188)	170)	171)	154)
Other	185)	202)	235)	237)	286)	217)
Other current assets	1,952)	1,807)	2,118)	1,760)	1,592)	1,333)
Current assets	19,454)	17,498)	17,846)	21,573)	20,756)	12,902)
Property and equipment, net	33,022)	33,096)	31,512)	28,181)	26,879)	26,283)
Operating lease assets	3,763)	3,362)	2,657)	2,556)	2,227)	2,236)
Goodwill	631)	631)	631)	631)	631)	633)
Company-owned life insurance investments, net of loans	540)	483)	440)	470)	450)	418)
Pension asset	121)	57)	75)	—)	—)	—)
Other	238)	229)	174)	400)	305)	307)
Other noncurrent assets	1,530)	1,400)	1,320)	1,501)	1,386)	1,358)
Noncurrent assets	38,315)	37,858)	35,489)	32,238)	30,492)	29,877)
Total assets	57,769)	55,356)	53,335)	53,811)	51,248)	42,779)

Based on: 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), 10-K (reporting date: 2020-02-01).

Cash and Cash Equivalents: Cash levels exhibited volatility during the period analyzed. From a base of 2,577 million USD in early 2020, cash surged to 8,511 million USD in early 2021 before declining to 2,229 million USD by early 2023. A recovery is noted thereafter with cash reaching 4,762 million USD by early 2025, suggesting fluctuations possibly linked to operational cash flows or financing activities.
Inventory: Inventory values generally increased over the years, rising from 8,992 million USD in 2020 to a peak of 13,902 million USD in 2022. Thereafter, a slight decline occurred through early 2024, followed by a moderate increase to 12,740 million USD by 2025. This pattern suggests efforts to manage stock levels in response to seasonal or market demand variations.
Accounts and Other Receivables: Receivables showed a steady increase from 498 million USD in 2020 to 1,169 million USD in early 2023, then decreased to 891 million USD by early 2024 before rising again to 998 million USD in 2025. This pattern may reflect changes in sales on credit terms and collection efficiency.
Vendor Income Receivable: This item remained relatively stable, fluctuating narrowly between 464 million USD and 543 million USD, implying consistent amounts due from vendors over the period with no significant volatility.
Prepaid Expenses: Prepaid expenses maintained a gradual upward trend, increasing from 154 million USD in 2020 to 226 million USD by 2025, indicating a modest increase in advance payments for operational costs or services.
Other Current Assets: The aggregate of other current assets increased from 1,333 million USD in 2020 to a peak of 2,118 million USD in 2023 before declining slightly and then stabilizing near 1,952 million USD by 2025, suggesting some variability in less significant current asset components.
Total Current Assets: Current assets grew significantly from 12,902 million USD in 2020 to a high of 21,573 million USD in early 2022, followed by a decline to 17,498 million USD in 2024 and a slight recovery to 19,454 million USD in 2025. This trend reflects the combined effect of cash, inventory, receivables, and other current asset fluctuations.
Property and Equipment, Net: There was a consistent increase in property and equipment net values, rising from 26,283 million USD in 2020 to a plateau around 33,000 million USD between 2024 and 2025, indicating ongoing capital investments with stabilization in the latest periods.
Operating Lease Assets: Operating lease assets demonstrated a continuous increase from 2,236 million USD in 2020 to 3,763 million USD in 2025, reflecting possibly expanding lease commitments or reclassifications in accounting standards.
Goodwill: Goodwill remained constant at 631 million USD throughout the entire period, suggesting no impairment or additional intangible asset acquisitions impacting this item.
Company-Owned Life Insurance Investments, Net of Loans: This asset category showed a gradual upward trend from 418 million USD in 2020 to 540 million USD in 2025, indicating increased investment or accrual value over time.
Pension Asset: The pension asset data are not available for early years but show minor fluctuations between 57 million and 121 million USD from 2023 through 2025, which might reflect valuation changes tied to pension plan assumptions or contributions.
Other Noncurrent Assets: Other noncurrent assets fluctuated moderately, ranging between 1,320 million USD and 1,530 million USD from 2020 to 2025, indicating relative stability in long-term miscellaneous assets.
Total Noncurrent Assets: Noncurrent assets showed a steady increase from 29,877 million USD in 2020 to 38,315 million USD by 2025, driven primarily by increases in property and equipment as well as operating lease assets.
Total Assets: Total assets expanded from 42,779 million USD in 2020 to 57,769 million USD in 2025, signifying an overall growth in the asset base over the analyzed period, supported by both current and noncurrent asset increases.

Assets: Selected Items

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Current Assets: Selected Items

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Target Corp. (NYSE:TGT)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items