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 Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Target Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
- Net Sales
- Net sales exhibited generally positive growth over the observed periods. Initial quarterly sales hovered between approximately $17.6 billion and $18.6 billion until the beginning of 2020, followed by a significant increase in February 2020 to $23.4 billion. After some fluctuations, sales reached peaks near $31.4 billion in early 2021 and again in early 2023. Thereafter, periodic declines occurred, with the latest quarters showing sales around $23.8 billion to $25.2 billion.
- Cost of Sales
- Cost of sales rose substantially over time, generally tracking the increases in net sales. Costs moved from about $12.2 billion in mid-2019 to over $22.7 billion by early 2022, reflecting higher volume and possibly cost pressures. Cost growth was consistent, albeit with some moderation during periods when net sales declined. The margins between sales and costs indicate moderate control of costs relative to revenues.
- Gross Margin
- Gross margin showed variability but an overall increasing trend in line with revenue growth. Margins fluctuated between $5.1 billion and $8.5 billion, with notable spikes corresponding to higher sales quarters, particularly in early 2021 and early 2024. Despite some volatility, gross margin expansion indicates improving profitability at the core sales and production level.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses steadily increased over time, ranging approximately from $3.7 billion initially to peaks above $6.0 billion in early 2024. The rising trend reflects increased operational spending, possibly linked to business expansion or inflationary pressures. These costs appear to consume a fairly stable portion of revenues, as the expenses track upward along with sales growth.
- Depreciation and Amortization
- Depreciation and amortization expenses were relatively stable across the periods, generally oscillating between $540 million and $650 million per quarter. This stability suggests a consistent level of capital assets in use without significant large-scale changes in fixed asset base.
- Operating Income
- Operating income demonstrated significant variability. Early periods revealed moderate earnings around $1.1 billion to $1.3 billion, followed by a dip and then sharp increases peaking at over $2.3 billion in mid-2020 and early 2021. However, the following years showed alternating periods of modest gains and declines, indicating fluctuating operating efficiency or margin pressures. Despite this, operating income generally remained positive and correlated with sales trends.
- Net Interest Expense
- Net interest expense was relatively steady, around $100 million to $130 million per quarter in most periods, with an exceptional spike to approximately $630 million in one quarter (Oct 31, 2020), which may indicate unusual financing costs or one-time charges during that period. Otherwise, interest expenses appear well-managed and consistent.
- Net Other Income (Expense)
- Net other income/expense values were generally small but occasionally showed positive spikes, notably a $343 million inflow in one quarter (Feb 1, 2021). The item otherwise fluctuated close to zero, indicating limited impact on overall earnings from non-operating items.
- Earnings Before Income Taxes
- Earnings before taxes followed similar patterns to operating income, with peaks around mid-2020 and early 2021. The values fluctuated between roughly $329 million and $2.6 billion, reflecting operating income changes and net interest impacts. Fluctuations correspond with the general profitability volatility seen in other line items.
- Provision for Income Taxes
- The tax provision rose and fell in line with pre-tax earnings, ranging from about $45 million in early 2020 to levels exceeding $550 million in peak quarters. The effective tax provision appeared proportional to earnings, with no significant tax anomalies detected.
- Net Earnings from Continuing Operations
- Net earnings showed erratic movements reflecting operational margins and other income factors, increasing from under $800 million early on to peaks above $2 billion in early 2021. Following peak periods, earnings generally declined with some recovery, ending near $900 million to $1 billion in the most recent quarters. This indicates moderate profitability with variability driven by operational results and market conditions.
- Discontinued Operations
- Discontinued operations were minimal and sporadic, with a few isolated small positive impacts in certain quarters and absent in most periods, implying minor influence on total earnings.
- Net Earnings
- Overall net earnings closely tracked earnings from continuing operations, showing significant growth around early 2021 and subsequent fluctuations. The data suggest a resilient earnings profile but with volatility linked to sales and operating margin changes.