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.

Target Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Aug 1, 2026	May 2, 2026	Jan 31, 2026	Nov 1, 2025	Aug 2, 2025	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
Net sales	26,539)	25,443)	30,453)	25,270)	25,211)	23,846)	30,915)	25,668)	25,452)	24,531)	31,919)	25,398)	24,773)	25,322)	31,395)	26,518)	26,037)	25,170)	30,996)	25,652)	25,160)	24,197)	28,339)	22,632)	22,975)	19,615)
Cost of sales	(17,603)	(18,061)	(22,343)	(18,137)	(17,903)	(17,128)	(22,879)	(18,375)	(17,799)	(17,449)	(23,403)	(18,149)	(17,798)	(18,386)	(23,946)	(19,680)	(20,142)	(18,461)	(22,761)	(18,206)	(17,280)	(16,716)	(20,485)	(15,509)	(15,673)	(14,510)
Gross margin	8,936)	7,382)	8,110)	7,133)	7,308)	6,718)	8,036)	7,293)	7,653)	7,082)	8,516)	7,249)	6,975)	6,936)	7,449)	6,838)	5,895)	6,709)	8,235)	7,446)	7,880)	7,481)	7,854)	7,123)	7,302)	5,105)
Selling, general, and administrative expenses	(5,725)	(5,562)	(6,049)	(5,536)	(5,359)	(4,591)	(5,923)	(5,486)	(5,392)	(5,168)	(6,029)	(5,316)	(5,184)	(5,025)	(5,675)	(5,219)	(5,002)	(4,762)	(5,535)	(4,859)	(4,849)	(4,509)	(5,448)	(4,647)	(4,460)	(4,060)
Depreciation and amortization, exclusive of depreciation included in cost of sales	(651)	(685)	(681)	(649)	(632)	(655)	(646)	(639)	(626)	(618)	(622)	(616)	(594)	(583)	(615)	(597)	(572)	(601)	(605)	(577)	(564)	(598)	(570)	(541)	(542)	(577)
Operating income	2,560)	1,135)	1,380)	948)	1,317)	1,472)	1,467)	1,168)	1,635)	1,296)	1,865)	1,317)	1,197)	1,328)	1,159)	1,022)	321)	1,346)	2,095)	2,010)	2,467)	2,374)	1,836)	1,935)	2,300)	468)
Net interest expense	(98)	(117)	(98)	(115)	(116)	(116)	(90)	(105)	(110)	(106)	(107)	(107)	(141)	(147)	(129)	(125)	(112)	(112)	(104)	(105)	(104)	(108)	(106)	(632)	(122)	(117)
Net other income (expense)	(3)	15)	26)	26)	17)	26)	29)	28)	20)	29)	28)	25)	16)	23)	13)	12)	8)	15)	26)	6)	7)	343)	—)	(5)	11)	(22)
Earnings before income taxes	2,459)	1,033)	1,308)	859)	1,218)	1,382)	1,406)	1,091)	1,545)	1,219)	1,786)	1,235)	1,072)	1,204)	1,043)	909)	217)	1,249)	2,017)	1,911)	2,370)	2,609)	1,730)	1,298)	2,189)	329)
Provision for income taxes	(582)	(252)	(263)	(170)	(283)	(346)	(303)	(237)	(353)	(277)	(404)	(264)	(237)	(254)	(167)	(197)	(34)	(240)	(473)	(423)	(553)	(512)	(350)	(284)	(499)	(45)
Net earnings	1,877)	781)	1,045)	689)	935)	1,036)	1,103)	854)	1,192)	942)	1,382)	971)	835)	950)	876)	712)	183)	1,009)	1,544)	1,488)	1,817)	2,097)	1,380)	1,014)	1,690)	284)

Revenue exhibits a consistent seasonal pattern, with significant peaks occurring in the January quarters of each fiscal year. Net sales reached a high of 30,996 million USD in January 2022 and maintained a similar trajectory in subsequent years, with January 2023 reaching 31,395 million USD and January 2026 reaching 30,453 million USD. A general stabilization of baseline quarterly sales is observed between 24,000 million USD and 26,000 million USD during non-peak periods.

Gross Margin and Cost Trends: Gross margin performance shows significant volatility. A notable contraction occurred in July 2022, where gross margin fell to 5,895 million USD, the lowest point in the observed period. This compression indicates a period of increased cost of sales relative to revenue. However, a recovery trend is evident through 2025 and 2026, culminating in a peak of 8,936 million USD in August 2026, suggesting improved pricing power or more efficient inventory cost management.
Operating Expense Analysis: Selling, general, and administrative (SG&A) expenses have remained relatively stable, generally fluctuating between 4,000 million USD and 6,000 million USD. These expenses scale moderately with revenue increases, indicating a controlled overhead structure. Depreciation and amortization costs have shown a gradual upward trend, increasing from approximately 570 million USD in 2020 to a peak of 685 million USD in May 2026, reflecting ongoing capital investments.
Operating Income and Profitability: Operating income is highly sensitive to gross margin fluctuations. The dip in gross margin in July 2022 resulted in a corresponding drop in operating income to 321 million USD. Following this period, operating income stabilized and eventually surged to 2,560 million USD by August 2026. This indicates a strong correlation between cost of sales management and overall operational profitability.
Net Earnings and Fiscal Impact: Net earnings follow the trajectory of operating income, with a significant low of 183 million USD in July 2022. Net interest expenses have remained largely consistent, typically ranging between 90 million USD and 150 million USD, with the exception of a spike in October 2020. The most recent data indicates a substantial increase in net earnings, reaching 1,877 million USD in August 2026, driven by the expansion of gross margins and strong operating performance.

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Target Corp. (NYSE:TGT)

Income StatementQuarterly Data

Income Statement
Quarterly Data