Income Statement
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.
Paying user area
Try for free
Target Corp. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) 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)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Target Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Target Corp., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
- Net Sales
- Net sales demonstrated a steady increase from 78,112 million USD in 2020 to a peak of 109,120 million USD in 2023, before experiencing a slight decline to 107,412 million USD in 2024 and further to 106,566 million USD in 2025. This indicates overall growth with a recent plateauing trend.
- Cost of Sales
- Cost of sales consistently rose from 54,864 million USD in 2020 to a peak of 82,306 million USD in 2023, followed by a noticeable reduction to 77,828 million USD in 2024 and 76,502 million USD in 2025. The upward trend until 2023 suggests increasing expenses related to sales, while the recent decrease may indicate improved cost control or adjustments in supply chain or product mix.
- Gross Margin
- Gross margin increased steadily from 23,248 million USD in 2020 to 31,042 million USD in 2022, declined sharply to 26,814 million USD in 2023, and then recovered to 29,584 million USD in 2024 and 30,064 million USD in 2025. The decline in 2023 corresponds with the peak in cost of sales, indicating margin compression that year followed by partial restoration, possibly due to strategic cost management or pricing adjustments.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses rose consistently over the period, from 16,233 million USD in 2020 to 21,969 million USD in 2025. This persistent increase suggests ongoing investments in operational areas such as marketing, administration, and general overhead, reflecting either growth initiatives or inflationary impacts on expense categories.
- Depreciation and Amortization (Excluding Cost of Sales)
- Depreciation and amortization expenses remained relatively stable, fluctuating around 2,300 million USD per year with a slight increasing trend towards 2,529 million USD by 2025. This indicates steady investment in fixed assets or intangible assets with consistent amortization policies.
- Operating Income
- Operating income increased significantly from 4,658 million USD in 2020 to a peak of 8,946 million USD in 2022, then experienced a sharp decline to 3,848 million USD in 2023, followed by a moderate recovery to 5,707 million USD in 2024 and a slight dip to 5,566 million USD in 2025. This pattern shows considerable volatility, with 2023 markedly impacted by margin reduction and rising expenses affecting operational profitability.
- Net Interest Expense
- Net interest expense showed variation, increasing from 477 million USD in 2020 to 977 million USD in 2021, then decreasing to around 411-502 million USD in the subsequent years. The initial spike in 2021 possibly reflects increased borrowing or higher interest rates, followed by improvement or refinancing in later years.
- Net Other Income (Expense)
- Net other income (expense) fluctuated, with minor negative values early on (-16 million USD in 2021) and notable positive spikes especially in 2022 (382 million USD), with moderate gains maintained in 2023-2025. This suggests occasional gains from non-core activities or financial transactions contributing positively in some years.
- Earnings from Continuing Operations Before Income Taxes
- This metric grew from 4,190 million USD in 2020 to a high of 8,907 million USD in 2022, then fell sharply to 3,418 million USD in 2023, recovering partially to 5,297 million USD and 5,261 million USD in 2024 and 2025 respectively, mirroring the operating income trend and indicating sensitivity to operational profitability.
- Provision for Income Taxes
- Income tax provision increased from 921 million USD in 2020 to a peak of 1,961 million USD in 2022, fell to 638 million USD in 2023, then increased again to approximately 1,159-1,170 million USD in the following two years. The fluctuation aligns with variations in pre-tax earnings, reflecting tax expense proportionality to profit changes.
- Net Earnings from Continuing Operations
- Net earnings from continuing operations increased steadily from 3,269 million USD in 2020 to a peak of 6,946 million USD in 2022, dropped sharply to 2,780 million USD in 2023, and then partially recovered to over 4,000 million USD in 2024 and 2025. This trend indicates strong earnings growth until 2022, severe pressure in 2023, followed by recovery efforts.
- Discontinued Operations, Net of Tax
- Discontinued operations were reported only once in 2020 with a minimal positive effect of 12 million USD, with no subsequent activity reported in later years.
- Net Earnings
- Overall net earnings followed the same pattern as net earnings from continuing operations, highlighting that discontinued operations had negligible impact on the total net profitability during the period under review.