Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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Target Corp., consolidated income statement (quarterly data)
US$ in millions
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).
An analysis of the quarterly financial results reveals a consistent pattern of seasonality in net sales, with peak revenues occurring in the periods ending in January. Net sales typically fluctuate between approximately 23 billion and 32 billion US dollars, with the highest historical peak reaching 31.9 billion US dollars in February 2024. This cyclicality indicates a strong reliance on fourth-quarter holiday performance to drive annual revenue growth.
- Gross Margin and Cost of Sales
- Gross margins exhibit significant volatility, particularly during 2022. A notable contraction occurred in July 2022, where the gross margin dropped to 5.895 billion US dollars, the lowest point in the analyzed period. This coincided with a rise in the cost of sales relative to net sales, suggesting temporary pressures on procurement costs or inventory valuation. While margins recovered in subsequent quarters, they have remained more volatile compared to the relatively stable trends observed between 2020 and 2021.
- Operating Expenses and Efficiency
- Selling, general, and administrative (SG&A) expenses show a gradual upward trend, increasing from 4.06 billion US dollars in May 2020 to levels frequently exceeding 5.5 billion US dollars by 2025 and 2026. Depreciation and amortization expenses have remained relatively flat, showing a slight increase from 577 million US dollars in 2020 to 685 million US dollars by May 2026. The rise in SG&A has exerted pressure on operating income, contributing to a narrowing of operating margins over the longer term.
- Operating Income and Net Earnings
- Operating income experienced a period of high performance in 2020 and early 2021, with peaks reaching 2.467 billion US dollars. However, a sharp decline is observed in mid-2022, hitting a low of 321 million US dollars. Following this trough, operating income stabilized, generally fluctuating between 1 billion and 1.8 billion US dollars. Net earnings mirror these trends, with a visible correlation between the January revenue peaks and the highest quarterly net earnings, though the overall magnitude of net earnings has shifted from high peaks in 2021 to a more moderated range of 700 million to 1.3 billion US dollars in recent periods.
- Non-Operating Items and Taxation
- Net interest expenses have remained relatively stable, typically ranging between 90 million and 150 million US dollars, with a singular anomaly in October 2020. Provision for income taxes varies in alignment with earnings before taxes, although the effective tax rate shows fluctuations across different quarters. Net other income has transitioned from sporadic figures in early 2020 to a more consistent positive contribution ranging from 15 million to 29 million US dollars in the later years of the period.