Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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- Statement of Comprehensive Income
- Cash Flow Statement
- 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
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Target Corp., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 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).
Overall, the liabilities of the company demonstrate a generally increasing trend from 2021 through 2026, with a slight dip in 2024. Simultaneously, stockholders’ equity exhibits volatility, with a decrease in 2022 and 2023, followed by consistent growth through 2026. The combined total of liabilities and equity also shows an upward trajectory over the six-year period.
- Current Liabilities
- Current liabilities fluctuated between approximately US$19.5 billion and US$21.7 billion over the period. A peak was observed in 2022 at US$21.747 billion, followed by a decrease in 2023 to US$19.5 billion. A gradual increase is then seen through 2026, reaching US$21.230 billion. Accounts payable represents the largest component of current liabilities, consistently ranging between US$12.1 billion and US$15.5 billion. Accrued and other current liabilities also contribute significantly, remaining relatively stable around US$6.1 billion. The current portion of long-term debt shows a substantial increase from US$171 million in 2022 to US$2.130 billion in 2026.
- Noncurrent Liabilities
- Noncurrent liabilities demonstrate a consistent upward trend from US$16.683 billion in 2021 to US$22.095 billion in 2026. Long-term debt and other borrowings, excluding the current portion, is the largest component, fluctuating between US$11.5 billion and US$16.0 billion. Deferred income taxes also contribute significantly, increasing from US$990 million in 2021 to US$2.265 billion in 2026. Workers’ compensation and general liability also show a notable increase, rising from US$341 million to US$571 million over the period.
- Stockholders’ Equity
- Stockholders’ equity experienced a decline in both 2022 and 2023, falling from US$14.440 billion to US$11.232 billion. However, it then began a consistent upward trend, reaching US$16.165 billion in 2026. Retained earnings are the primary driver of this change, increasing from US$5.005 billion in 2023 to US$9.297 billion in 2026. Additional paid-in-capital also contributes to the growth, increasing from US$6.608 billion to US$7.247 billion. Accumulated other comprehensive loss remains negative throughout the period, but its magnitude decreases from -US$756 million to -US$417 million.
- Specific Liability Items
- Gift card liability remained relatively stable, fluctuating between US$1.162 billion and US$1.240 billion. Dividends payable showed a consistent increase, rising from US$341 million to US$516 million. Income tax payable was not reported for 2021-2023, but increased significantly in later years, reaching US$440 million in 2026. Interest payable also increased steadily, from US$79 million to US$138 million.
In conclusion, the company’s financial position indicates a growing reliance on liabilities to fund operations and expansion, alongside a recovery and subsequent growth in stockholders’ equity. The increasing current portion of long-term debt warrants attention, as does the growth in deferred income taxes and workers’ compensation liabilities.