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:	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	Feb 1, 2020	Nov 2, 2019	Aug 3, 2019	May 4, 2019
Sales	23,846)	30,915)	25,668)	25,452)	24,531)	31,467)	25,004)	24,384)	24,948)	30,983)	26,122)	25,653)	24,830)	30,616)	25,290)	24,826)	23,879)	27,997)	22,336)	22,696)	19,371)	23,132)	18,414)	18,183)	17,401)
Other revenue	—)	—)	—)	—)	—)	452)	394)	389)	374)	412)	396)	384)	340)	380)	362)	334)	318)	342)	296)	279)	244)	266)	251)	239)	226)
Revenue	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)	23,398)	18,665)	18,422)	17,627)
Cost of sales	(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)	(17,056)	(12,935)	(12,625)	(12,248)
Gross margin	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)	6,342)	5,730)	5,797)	5,379)
Selling, general and administrative expenses	(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)	(4,505)	(4,153)	(3,912)	(3,663)
Depreciation and amortization, exclusive of depreciation included in cost of sales	(655)	(646)	(639)	(626)	(618)	(622)	(616)	(594)	(583)	(615)	(597)	(572)	(601)	(605)	(577)	(564)	(598)	(570)	(541)	(542)	(577)	(640)	(575)	(561)	(581)
Operating income	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)	1,197)	1,002)	1,324)	1,135)
Net interest expense	(116)	(90)	(105)	(110)	(106)	(107)	(107)	(141)	(147)	(129)	(125)	(112)	(112)	(104)	(105)	(104)	(108)	(106)	(632)	(122)	(117)	(118)	(113)	(120)	(126)
Net other income (expense)	26)	29)	28)	20)	29)	28)	25)	16)	23)	13)	12)	8)	15)	26)	6)	7)	343)	—)	(5)	11)	(22)	(28)	12)	13)	12)
Earnings from continuing operations before income taxes	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)	1,051)	901)	1,217)	1,021)
Provision for income taxes	(346)	(303)	(237)	(353)	(277)	(404)	(264)	(237)	(254)	(167)	(197)	(34)	(240)	(473)	(423)	(553)	(512)	(350)	(284)	(499)	(45)	(218)	(195)	(279)	(229)
Net earnings from continuing operations	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)	833)	706)	938)	792)
Discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1)	8)	—)	3)
Net earnings	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)	834)	714)	938)	795)

Revenue and Sales Trends: Over the periods analyzed, total revenue exhibited a generally upward trajectory, though with noticeable fluctuations. Sales increased significantly from May 2019, peaking on several occasions, notably in early 2020 and then again in early 2021 and early 2024, suggesting recurring seasonality or event-driven spikes. Other revenue showed a steady, albeit smaller, increase over time before data became unavailable after mid-2021. The combination of these components resulted in total revenue growth from approximately $17.6 billion in May 2019 to peaks over $31 billion in early 2024.
Cost of Sales and Gross Margin: Cost of sales followed a pattern consistent with sales volume, rising markedly during peak revenue periods and declining when sales dipped. Despite overall growth in costs, the gross margin in dollar terms demonstrated strong increases between early 2019 and early 2024, albeit with some volatility. Periods such as mid-2020 and early 2023 showed temporary declines in gross margin, likely reflecting margin pressure or changes in cost structure. Overall, the gross margin trend indicates effective management of cost relative to revenues, maintaining a solid profitability buffer.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses showed an upward trend across the years, increasing steadily alongside revenue growth. There were periods of sharper rises corresponding with peaks in revenue, possibly due to increased marketing, staffing, or operational scale costs during growth phases. Despite this growth, SG&A increases appear proportional to revenue changes, hinting at controlled expense management.
Depreciation and Amortization: Depreciation and amortization expenses remained relatively stable over the periods considered with minor fluctuations. This stability suggests consistent investment in fixed assets or amortizable items without significant new capital expenditures or impairments in the timeframe.
Operating Income: Operating income showed significant variability, ranging from low points under $500 million in mid-2020 to peaks over $2.3 billion in late 2020 and early 2021. While generally positive, the fluctuations point to operational challenges or variable performance impacted by external factors such as market conditions or cost control challenges. Operating income did not strictly track revenue, indicating volatility in cost structures or other operating factors.
Net Interest Expense: Net interest expense remained relatively stable and low compared to operating income, typically around $100 million per quarter, except for a notable spike to -$632 million in October 2020, suggesting a one-time refinancing event or debt restructuring. The overall low interest expense indicates effective debt management.
Net Other Income (Expense): Net other income/expense fluctuated around zero, with occasional positive spikes including a large $343 million in May 2021. These irregularities could be related to asset sales, investments, or other non-operational financial activities, but generally had limited impact on recurring earnings.
Earnings before Income Taxes and Net Earnings: Earnings before income taxes were closely aligned with operating income trends but exhibited additional volatility, possibly due to net other income/expense impacts. Net earnings from continuing operations followed a similar pattern, with notable peaks in early 2021 and early 2024, aligning with periods of high revenue and operating performance. Recent quarters showed some softness, suggesting challenges in sustaining elevated profit levels.
Provision for Income Taxes: The provision for income taxes varied in line with pretax earnings, though percentages fluctuated, reflecting possible changes in tax rates, credits, or geographic income distribution. Lower tax provisions in certain quarters hint at tax planning benefits or lower taxable income, which can impact net profitability.
Overall Financial Health: The financial data indicate a company experiencing growth with cyclical fluctuations likely tied to market conditions or seasonality. While revenue and gross margin have generally improved over time, variability in operating income and net earnings suggests sensitivities to cost management and external economic factors. SG&A expenses have risen steadily but appear managed relative to revenue. Interest expenses remain modest, supporting net income stability. The large variance in operating income and earnings in certain quarters warrants further inquiry into operational or strategic initiatives during those periods.

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Target Corp. (NYSE:TGT)

Income StatementQuarterly Data

Income Statement
Quarterly Data