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.
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Target Corp. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Target Corp., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 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).
The liabilities and stockholders’ equity of the company exhibit notable fluctuations over the analyzed period, spanning from May 2020 to November 2025. Current liabilities generally increased from May 2020 through October 2022, followed by a period of relative stabilization and slight decline, before increasing again towards the end of the observed timeframe. Long-term debt demonstrates a more complex pattern, initially decreasing before rising again, and then showing a general upward trend from early 2022. Shareholders’ investment consistently increased throughout the period, indicating growing equity.
- Current Liabilities
- Current liabilities began at US$14.412 billion in May 2020 and rose to a peak of US$23.783 billion in October 2022. A subsequent decrease was observed, falling to US$20.799 billion by July 2023, before increasing again to US$23.103 billion by November 2025. Accounts payable consistently represent the largest component of current liabilities, fluctuating between approximately US$9.6 billion and US$16.3 billion. Accrued and other current liabilities remained relatively stable, generally ranging between US$5.6 billion and US$6.3 billion. The current portion of long-term debt and other borrowings experienced significant volatility, with a notable spike in January 2021, followed by a return to lower levels, and then another increase in late 2022 and early 2023.
- Long-Term Debt and Equity
- Long-term debt, excluding the current portion, decreased from US$14.073 billion in May 2020 to US$11.536 billion in January 2021. It then increased to US$14.237 billion by October 2022 and continued to rise to US$14.326 billion by February 2024. Noncurrent operating lease liabilities showed a steady increase over the period, rising from US$2.249 billion to US$3.462 billion. Deferred income taxes also increased, moving from US$1.122 billion to US$2.265 billion. Other noncurrent liabilities remained relatively stable, fluctuating between US$1.575 billion and US$2.115 billion. Shareholders’ investment demonstrated consistent growth, increasing from US$11.169 billion in May 2020 to US$16.165 billion in November 2025. Retained earnings were the primary driver of this growth, increasing from US$5.775 billion to US$9.297 billion. Accumulated other comprehensive loss remained negative throughout the period, but decreased in magnitude.
- Total Liabilities and Equity
- Total liabilities increased from US$33.637 billion in May 2020 to US$44.806 billion in November 2025. The most significant increase occurred between May 2020 and October 2022. The growth in total liabilities was largely driven by increases in both current and noncurrent liabilities, while shareholders’ investment provided a consistent offsetting increase in equity. The overall trend indicates a growing scale of operations and financing, with a reliance on both debt and equity funding.
In summary, the company experienced a period of growth in both liabilities and equity. While liabilities increased substantially, particularly in the earlier part of the period, the consistent growth in shareholders’ investment suggests a healthy financial position. The fluctuations in specific liability accounts warrant further investigation to understand the underlying drivers and potential risks.