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
- 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
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Target Corp., consolidated balance sheet: liabilities and stockholders’ equity
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).
- Current Liabilities
- Current liabilities increased notably from 14,487 million USD in early 2020 to a peak of 21,747 million USD by January 2022, followed by a decline to 19,304 million USD in February 2024, and then a rise again to 20,799 million USD in February 2025. Accounts payable mirrored this trend, rising significantly through early 2022 before declining and slightly recovering. Wages and benefits displayed some volatility, peaking in 2021 at 1,677 million USD, dipping in 2023, and then gradually increasing through 2025. Gift card liabilities increased steadily over the entire period. Real estate, sales, and other taxes payable showed an initial increase until 2021, then a general decline thereafter. Dividends payable recorded a consistent increase over the period. The current portion of operating lease liabilities rose steadily, indicating possibly increasing lease commitments. Income tax payable has missing data initially but reached 334 million USD by February 2025. Interest payable rose gradually, indicating an increase in short-term interest obligations.
- Noncurrent Liabilities
- Noncurrent liabilities rose steadily from 16,459 million USD in 2020 to a peak of 22,603 million USD by early 2023, then plateaued around 22,300 million USD towards 2025. Long-term debt grew significantly until early 2023, peaking at 16,009 million USD before declining slightly in subsequent periods. Noncurrent operating lease liabilities showed consistent growth, increasing roughly 57% from 2,275 million USD in 2020 to 3,582 million USD in 2025. Deferred income taxes increased steadily, indicating growing deferred tax assets or liabilities. Workers’ compensation and general liability noncurrent components increased moderately. Deferred compensation and other noncurrent liabilities increased over time as well. Deferred occupancy income decreased consistently, suggesting the recognition of related income or the reduction of deferred balances. Pension benefits steadily decreased, likely due to plan changes or settlements. Income and other taxes payable fluctuated, rising notably towards the end of the period.
- Total Liabilities
- Total liabilities showed an overall increasing trend, growing from 30,946 million USD in 2020 to over 43,000 million USD in 2025. A peak occurred in early 2023 before fluctuating slightly but maintaining growth overall. This rise reflects both increases in current and noncurrent obligations, especially driven by long-term debt, lease liabilities, and accounts payable.
- Shareholders’ Investment
- Shareholders’ investment fluctuated over the period, rising from 11,833 million USD in 2020 to a peak of 14,440 million USD in 2021, then declining through 2023 to 11,232 million USD, before increasing steadily again up to 14,666 million USD by 2025. Retained earnings showed considerable volatility, peaking early in 2021, declining significantly by 2023, and rebounding strongly thereafter. Common stock remained stable at around 38 to 42 million USD, indicating no significant changes in outstanding shares. Additional paid-in capital exhibited steady growth across the periods. Accumulated other comprehensive loss improved from a loss of 868 million USD in 2020 to smaller losses around the 400-460 million USD level, suggesting some recovery or fewer negative adjustments.
- Overall Financial Trends
- The data indicates an expansion in liabilities over the analyzed period, with both current and noncurrent liabilities rising substantially, reflecting possible increased operational scale or financing activities. Shareholders' equity shows variability, with retained earnings primarily influencing fluctuations. The rise in lease liabilities reflects rising lease commitments or new accounting standards adoption effects over the period. The consistent increase in dividends payable suggests a commitment to returning value to shareholders despite fluctuations in earnings retained. The reductions in deferred occupancy income and pension benefits hint at changes in long-term obligations or accounting treatments. The increase in accrued liabilities and other current liabilities suggests rising operational expenses or accruals. Overall, the company appears to have grown its financial scale with corresponding increases in liabilities and capital investment, exhibiting periods of both operational challenges and recovery as reflected in earnings retention patterns.