Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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.

Target Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	Aug 2, 2025	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
Accounts payable	12,019)	11,823)	13,053)	14,419)	12,595)	11,561)	12,098)	14,291)	12,278)	11,935)	13,487)	15,438)	14,891)	14,053)	15,478)	16,250)	12,632)	11,637)	12,859)	14,203)	10,726)	9,625)	9,920)	11,258)	9,152)	8,360)
Accrued and other current liabilities	6,068)	6,029)	6,110)	5,738)	5,749)	5,684)	6,090)	6,099)	5,948)	5,732)	5,883)	6,138)	5,905)	5,582)	6,098)	5,925)	5,600)	5,788)	6,122)	5,023)	5,057)	4,619)	4,406)	4,191)	4,059)	3,823)
Current portion of long-term debt and other borrowings	1,136)	1,139)	1,636)	1,635)	1,640)	2,614)	1,116)	1,112)	1,106)	200)	130)	2,207)	1,649)	1,089)	171)	1,176)	1,190)	1,173)	1,144)	131)	109)	168)	161)	1,159)	1,153)	1,056)
Current liabilities	19,223)	18,991)	20,799)	21,792)	19,984)	19,859)	19,304)	21,502)	19,332)	17,867)	19,500)	23,783)	22,445)	20,724)	21,747)	23,351)	19,422)	18,598)	20,125)	19,357)	15,892)	14,412)	14,487)	16,608)	14,364)	13,239)
Long-term debt and other borrowings, excluding current portion	15,320)	14,334)	14,304)	14,346)	13,654)	13,487)	14,922)	14,883)	14,926)	16,010)	16,009)	14,237)	13,453)	13,379)	13,549)	11,586)	11,589)	11,509)	11,536)	12,490)	14,188)	14,073)	11,338)	10,513)	10,365)	11,357)
Noncurrent operating lease liabilities	3,514)	3,564)	3,582)	3,418)	3,444)	3,392)	3,279)	3,031)	2,798)	2,621)	2,638)	2,590)	2,543)	2,581)	2,493)	2,494)	2,462)	2,337)	2,218)	2,196)	2,241)	2,249)	2,275)	2,208)	2,111)	2,064)
Deferred income taxes	2,413)	2,338)	2,303)	2,419)	2,495)	2,543)	2,480)	2,447)	2,334)	2,289)	2,196)	2,240)	1,862)	1,752)	1,566)	1,246)	1,146)	1,169)	990)	1,171)	1,121)	1,122)	1,122)	1,215)	1,082)	1,034)
Other noncurrent liabilities	1,961)	2,011)	2,115)	2,067)	1,989)	1,996)	1,939)	1,852)	1,826)	1,758)	1,760)	1,746)	1,575)	1,632)	1,629)	1,931)	1,906)	1,899)	1,939)	2,128)	1,980)	1,781)	1,724)	1,652)	1,808)	1,808)
Noncurrent liabilities	23,208)	22,247)	22,304)	22,250)	21,582)	21,418)	22,620)	22,213)	21,884)	22,678)	22,603)	20,813)	19,433)	19,344)	19,237)	17,257)	17,103)	16,914)	16,683)	17,985)	19,530)	19,225)	16,459)	15,588)	15,366)	16,263)
Total liabilities	42,431)	41,238)	43,103)	44,042)	41,566)	41,277)	41,924)	43,715)	41,216)	40,545)	42,103)	44,596)	41,878)	40,068)	40,984)	40,608)	36,525)	35,512)	36,808)	37,342)	35,422)	33,637)	30,946)	32,196)	29,730)	29,502)
Common stock	38)	38)	38)	38)	38)	39)	38)	38)	38)	38)	38)	38)	38)	39)	39)	40)	41)	41)	42)	42)	42)	42)	42)	42)	43)	43)
Additional paid-in-capital	7,084)	7,011)	6,996)	6,916)	6,831)	6,747)	6,761)	6,681)	6,610)	6,541)	6,608)	6,558)	6,502)	5,592)	6,421)	6,381)	6,332)	6,271)	6,329)	6,285)	6,248)	6,206)	6,226)	6,006)	6,114)	5,908)
Retained earnings	8,766)	8,360)	8,090)	8,009)	8,030)	7,519)	7,093)	6,225)	5,767)	5,448)	5,005)	4,631)	4,421)	5,495)	6,920)	8,069)	9,200)	9,372)	8,825)	7,789)	7,121)	5,775)	6,433)	6,270)	6,461)	5,958)
Accumulated other comprehensive loss	(468)	(462)	(458)	(474)	(470)	(465)	(460)	(430)	(425)	(422)	(419)	(208)	(369)	(352)	(553)	(687)	(713)	(725)	(756)	(797)	(833)	(854)	(868)	(773)	(782)	(792)
Shareholders’ investment	15,420)	14,947)	14,666)	14,489)	14,429)	13,840)	13,432)	12,514)	11,990)	11,605)	11,232)	11,019)	10,592)	10,774)	12,827)	13,803)	14,860)	14,959)	14,440)	13,319)	12,578)	11,169)	11,833)	11,545)	11,836)	11,117)
Total liabilities and shareholders’ investment	57,851)	56,185)	57,769)	58,531)	55,995)	55,117)	55,356)	56,229)	53,206)	52,150)	53,335)	55,615)	52,470)	50,842)	53,811)	54,411)	51,385)	50,471)	51,248)	50,661)	48,000)	44,806)	42,779)	43,741)	41,566)	40,619)

The analysis of the financial data over the reported periods reveals several notable trends in the company’s liabilities and shareholders’ investment.

Current Liabilities: Current liabilities demonstrate fluctuations with an overall increasing trend from US$13,239 million in May 2019 to a peak of US$23,783 million in October 2022, followed by a decline toward US$19,223 million by August 2025. Accounts payable contributed significantly to this variance, showing a rise from US$8,360 million to over US$15,438 million in late 2022 before decreasing in later periods. Accrued and other current liabilities gradually increased, peaking around late 2022, then stabilized. The current portion of long-term debt exhibited volatility, spiking notably in October 2021 and October 2022, indicating incidents of debt reclassification or repayments.
Noncurrent Liabilities: Noncurrent liabilities rose from US$16,263 million in May 2019 to a high of US$22,813 million in January 2023, before fluctuating and ending around US$23,208 million in August 2025. Long-term debt excluding current portion increased substantially from approximately US$11,357 million to over US$15,320 million. Noncurrent operating lease liabilities steadily increased through the period, indicating growing commitments or lease obligations. Deferred income taxes increased moderately, reflecting deferred tax liabilities accumulation. Other noncurrent liabilities showed minor variability but remained roughly stable.
Total Liabilities: Total liabilities grew overall from US$29,502 million in May 2019 to a peak of US$44,596 million in October 2022. Following this peak, total liabilities declined somewhat but remained elevated around US$42,431 million by August 2025. This pattern reflects expanding short- and long-term obligations, with some late period retrenchment.
Shareholders’ Investment: Shareholders’ investment showed a consistent upward trend over the time frame. It rose from around US$11,117 million in May 2019 to approximately US$15,420 million in August 2025. Noteworthy is the growth in retained earnings, which more than doubled from US$5,958 million to around US$8,766 million, evidencing accumulated profitability despite some fluctuations. Additional paid-in capital generally increased, albeit with minor intermittent decreases. Common stock remained relatively stable, suggesting limited new issuance or buybacks. Accumulated other comprehensive loss became less negative over time, improving the overall equity position marginally.
Total Liabilities and Shareholders’ Investment: The sum of total liabilities and shareholders’ investment, representing the total capitalization and financing structure, showed growth from US$40,619 million in May 2019 to a high of US$58,531 million in November 2024, with some decrease thereafter. This expansion reflects increased overall scale and financial activity over the period.

In summary, the financial data depict a company that has been expanding its liabilities significantly, particularly current liabilities and long-term debt, alongside a steady build-up of shareholders’ equity mainly through retained earnings and paid-in capital. The increases in operating lease liabilities and deferred taxes also underline growing commitments and tax considerations. Peaks in current liabilities and total liabilities around late 2022 suggest a period of intensified financial obligations, with a subsequent partial reduction indicating potential deleveraging or stabilization efforts into 2024 and 2025.

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Target Corp. (NYSE:TGT)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data