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

	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	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	6,029)	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	1,139)	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	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	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	3,564)	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	2,338)	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	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	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	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)	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	7,011)	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	8,360)	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	(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	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	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)

Liabilities Trends

Overall, total liabilities have exhibited an increasing trend from May 2019 through November 2024, reaching a peak in October 2022 before showing some decline toward the most recent periods. Current liabilities increased substantially between May 2019 and October 2021, peaking at around 23,351 million USD, then fluctuated downward to approximately 18,991 million USD by May 2025. Similarly, long-term noncurrent liabilities grew steadily from about 16,263 million USD in May 2019 to over 22,000 million USD by early 2020s, with peaks and troughs but generally trending upward.

Accounts payable showed significant volatility, rising sharply from 8,360 million USD in May 2019 to a peak of 16,250 million USD in October 2021 followed by a general downward correction to 11,823 million USD by May 2025. Accrued and other current liabilities exhibited a steady increase over the period, growing from 3,823 million USD in May 2019 to over 6,000 million USD by late 2024 and early 2025. The current portion of long-term debt and other borrowings fluctuated widely, with a notable spike around October 2022 reaching over 2,200 million USD before reducing to roughly 1,139 million USD in February 2024, then fluctuating again.

Noncurrent operating lease liabilities steadily increased from around 2,064 million USD in 2019 to peak at over 3,500 million USD in late 2024, indicating growing lease obligations. Deferred income taxes experienced a gradual upward trend from approximately 1,034 million USD in mid-2019 to just over 2,500 million USD by late 2023, with some fluctuations thereafter. Other noncurrent liabilities remained mostly stable with minor fluctuations in the range of 1,600 - 2,100 million USD.

Shareholders’ Investment Trends

Shareholders' investment increased from approximately 11,117 million USD in May 2019 to a higher level near 14,947 million USD in May 2025. Retained earnings showed substantial growth over time, with some volatility: starting at 5,958 million USD in May 2019, rising to above 7,500 million USD by mid-2021, experiencing a dip in early 2022, and recovering to around 8,360 million USD by May 2025. Additional paid-in capital remained relatively steady with slight increases, fluctuating around the 6,000 - 7,000 million USD range.

Common stock value was stable, holding close to 38-43 million USD throughout the period. The accumulated other comprehensive loss showed a moderate decrease in negative amounts over time, moving from approximately -792 million USD in 2019 to about -462 million USD by May 2025, indicating a partial mitigation of other comprehensive losses.

Balance Sheet Composition Insights

The total of liabilities and shareholders’ investment rose steadily from about 40,619 million USD in May 2019, culminating near 58,000 million USD at its peak in late 2024, before reducing slightly to about 56,185 million USD by May 2025. This reflects overall growth in the company’s financing structure, both debt and equity.

The growth in liabilities, especially current liabilities and lease obligations, suggests increased operational financing or timing differences in payments over the periods. Meanwhile, shareholders’ equity growth indicates retained profits and possibly capital contributions supporting the balance sheet strength.

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Target Corp. (NYSE:TGT)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data