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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Target Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
The financial performance, as indicated by the income statement, exhibits considerable fluctuation over the analyzed period. Net sales demonstrate a peak in the January 2022 and February 2024 periods, followed by declines in subsequent quarters. Gross margin mirrors this trend, experiencing highs coinciding with peak sales and contractions during periods of lower revenue. Operating income shows significant volatility, with notable increases in the earlier periods of the analysis, followed by a marked decrease and subsequent recovery, though not consistently reaching previous levels. Net earnings follow a similar pattern of fluctuation, indicating sensitivity to changes in revenue, costs, and expenses.
- Revenue Trends
- Net sales increased substantially from May 2020 to January 2022, peaking at US$30.996 million. A subsequent decline occurred through July 2022, followed by a recovery in the latter half of 2022 and early 2023. Sales experienced another peak in February 2024, before declining again through May 2024. The most recent periods show some stabilization, but remain below the peak levels observed earlier in the period. This suggests potential cyclicality or sensitivity to external factors impacting consumer spending.
- Profitability Analysis
- Gross margin generally tracked net sales, with a high of US$8.235 million in January 2022. However, the margin percentage appears to have decreased over time, as increases in net sales did not always translate into proportional increases in gross margin. Operating income experienced a significant surge in the period from May 2020 to July 2021, but then declined substantially, reaching a low in July 2022. While there has been some recovery, operating income remains below the levels seen in 2021. Net earnings demonstrate a similar pattern of volatility, with a peak in May 2021 and a low in July 2022.
- Expense Management
- Selling, general, and administrative expenses consistently represent a significant portion of revenue, and have generally increased over the analyzed period. Depreciation and amortization expenses have also shown a gradual increase. Net interest expense remained relatively stable, with a slight increase in more recent periods. The combination of increasing expenses and fluctuating revenue has contributed to the volatility observed in operating and net income.
- Tax Impact
- The provision for income taxes fluctuates considerably, impacting net earnings. The effective tax rate varies significantly across periods, potentially due to changes in tax laws or the geographic distribution of income. The impact of income taxes is particularly noticeable in periods of high earnings, such as May 2021, where a substantial provision significantly reduced net income.
- Other Income/Expense
- Net other income (expense) generally remains a smaller component of overall earnings, but exhibits some variability. Positive values contribute to earnings, while negative values detract from them. The impact of this item is less pronounced than that of core revenue and expense items.
Overall, the income statement reveals a business subject to considerable fluctuations in revenue and profitability. While periods of strong performance are evident, they are interspersed with periods of decline. Careful monitoring of revenue trends, expense management, and the impact of income taxes will be crucial for maintaining financial stability and achieving sustainable growth.