Stock Analysis on Net

Target Corp. (NYSE:TGT) 

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Target Corp., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Net earnings 1,036 1,103 854 1,192 942 1,382 971 835 950 876 712 183 1,009 1,544 1,488 1,817 2,097 1,380 1,014 1,690 284 834 714 938 795
Earnings from discontinued operations, net of tax (1) (8) (3)
Net earnings from continuing operations 1,036 1,103 854 1,192 942 1,382 971 835 950 876 712 183 1,009 1,544 1,488 1,817 2,097 1,380 1,014 1,690 284 833 706 938 792
Depreciation and amortization 787 766 754 743 718 729 722 683 667 696 675 650 679 690 652 633 667 637 603 604 641 699 638 623 644
Share-based compensation expense 69 75 80 77 72 75 69 64 43 43 55 39 83 41 49 59 79 39 57 55 49 31 30 40 46
Deferred income taxes 36 (122) (74) (48) 64 46 111 46 95 34 321 112 115 289 90 (27) 170 (210) 38 (8) (4) (57) 131 45 59
Gain on Dermstore sale (335)
Loss on extinguishment of debt 512 10
Noncash (gains) losses and other, net (4) 27 (23) 53 (31) (7) 90 22 (11) 31 33 56 52 49 11 37 (30) (38) 38 81 5 23 (36) 32 10
Inventory (308) 2,425 (2,561) (874) 156 2,845 (2,047) (68) 883 3,618 (1,797) (237) (1,181) 1,056 (3,699) (720) 114 2,059 (3,836) (292) 408 2,404 (2,274) (63) 438
Other assets 146 (43) (212) (96) 43 123 (270) 28 34 227 (26) (93) (86) 39 (120) 8 (5) 37 (160) (25) 11 28 (74) 47 17
Accounts payable (1,344) (1,354) 1,840 1,046 (524) (2,103) 2,024 326 (1,463) (2,013) 560 776 (1,560) (656) 3,595 894 (1,205) (1,362) 3,492 1,075 (280) (1,333) 2,204 671 (1,402)
Accrued and other liabilities (143) 412 81 145 (339) 199 264 197 67 (46) 66 (139) (505) (24) 109 (418) (413) 939 170 652 170 320 6 154 (281)
Changes in operating accounts (1,649) 1,440 (852) 221 (664) 1,064 (29) 483 (479) 1,786 (1,197) 307 (3,332) 415 (115) (236) (1,509) 1,673 (334) 1,410 309 1,419 (138) 809 (1,228)
Adjustments to reconcile net earnings from continuing operations to cash provided by (required for) operating activities (761) 2,186 (115) 1,046 159 1,907 963 1,298 315 2,590 (113) 1,164 (2,403) 1,484 687 466 (958) 2,101 914 2,142 1,000 2,125 625 1,549 (469)
Cash provided by (required for) operating activities 275 3,289 739 2,238 1,101 3,289 1,934 2,133 1,265 3,466 599 1,347 (1,394) 3,028 2,175 2,283 1,139 3,481 1,928 3,832 1,284 2,958 1,331 2,487 323
Expenditures for property and equipment (790) (923) (655) (639) (674) (854) (1,127) (1,220) (1,605) (1,205) (1,800) (1,571) (952) (1,061) (1,145) (798) (540) (640) (595) (663) (751) (624) (1,009) (739) (655)
Proceeds from disposal of property and equipment 1 1 1 18 4 2 4 2 2 4 8 3 12 15 17 4 6 34 19 5 5
Proceeds from Dermstore sale 356
Other 3 4 18 4 2 4 20 (3) 1 15 (1) 2 (7) 19 (12) 7 19 (5) 1 1 6 14 (1) 1
Cash required for investing activities (787) (918) (637) (634) (671) (850) (1,089) (1,219) (1,602) (1,201) (1,785) (1,570) (948) (1,064) (1,118) (807) (165) (606) (583) (658) (744) (584) (976) (735) (649)
Change in commercial paper, net (90) 90 (2,104) 559 600 945
Additions to long-term debt 991 741 1,634 991 1,972 2,480 745 994
Reductions of long-term debt (1,534) (27) (36) (1,044) (32) (33) (42) (26) (46) (24) (26) (65) (48) (1,035) (40) (51) (21) (20) (2,269) (109) (17) (1,028) (15) (1,013) (13)
Dividends paid (510) (513) (516) (509) (508) (508) (507) (499) (497) (497) (497) (418) (424) (432) (440) (336) (340) (341) (340) (330) (332) (335) (337) (328) (330)
Repurchase of stock (250) (501) (351) (155) 114 (2,760) (2,314) (2,192) (1,540) (1,310) (4) (35) (20) (686) (156) (747) 58 (720)
Shares withheld for taxes on share-based compensation (60) (1) (4) (3) (91) (3) (3) (3) (118) (1) (4) (4) (171)
Stock option exercises 2 1 1 3 3 2 5 11 3 4 8 41 12 12
Cash provided by (required for) financing activities (1,363) (1,042) (166) (1,711) (631) (544) (552) (618) (571) (990) 1,023 228 (2,457) (1,806) (2,672) (1,924) (1,669) (360) (2,633) (456) 1,449 (766) (1,058) (1,271) (57)
Cash provided by operating activities, discontinued operations 16 2
Cash provided by discontinued operations 16 2
Net increase (decrease) in cash and cash equivalents (1,875) 1,329 (64) (107) (201) 1,895 293 296 (908) 1,275 (163) 5 (4,799) 158 (1,615) (448) (695) 2,515 (1,288) 2,718 1,989 1,608 (687) 483 (383)

Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).


Net Earnings
Net earnings display a highly volatile trend throughout the periods, with notable fluctuations including a sharp decline in May 2020 to 284 million USD, a peak in May 2021 at 2097 million USD, followed by decreased values such as 183 million USD in Jul 2022, and several ups and downs thereafter. This pattern suggests significant earnings variability possibly linked to external or operational factors.
Net Earnings from Continuing Operations
The net earnings from continuing operations largely mirror the overall net earnings trend, indicating that discontinued operations have minimal impact on overall earnings. The pattern reflects the same rises and falls, confirming continuing operations as the primary driver of company profitability.
Depreciation and Amortization
There is a steady upward trend in depreciation and amortization expenses, increasing from 644 million USD in early 2019 to 787 million USD by May 2025. This signals growing capital asset investments or updated accounting estimates impacting expense recognition.
Share-Based Compensation Expense
Share-based compensation shows some variability but generally trends upwards over the timeline, with occasional spikes such as 83 million USD in Apr 2022 and values mostly residing between 30 to 80 million USD. This may reflect changes in employee incentive structures or increased stock-based rewards.
Deferred Income Taxes
Deferred income taxes demonstrate volatile and irregular fluctuations, including both positive and negative values, with extreme points like -210 million USD in Jan 2021 and 321 million USD in Oct 2022. This irregularity suggests complex tax timing differences or tax benefit realizations across quarters.
Inventory
Inventory levels exhibit high variability and instability with large negative and positive swings, including drastic declines (e.g., -3836 million USD in Oct 2020 and -3699 million USD in Oct 2021) and large positive reversals (e.g., 3618 million USD in Jan 2023). This pattern indicates significant operational changes or inventory management challenges over time.
Accounts Payable
Accounts payable fluctuates substantially, alternating between large negative and positive values—peaking at 3595 million USD in Oct 2021 and dropping to -2103 million USD in May 2023. These swings suggest volatile supplier payment cycles or changing purchase volumes.
Accrued and Other Liabilities
Accrued and other liabilities also show oscillations with both positive and negative values, though generally of smaller magnitude than accounts payable. The fluctuations reflect variable short-term obligations and possible adjustments.
Cash Provided by Operating Activities
The cash flow from operating activities varies notably, with peaks like 3832 million USD in Aug 2020 and 3481 million USD in Jan 2021, contrasted by occasional declines including negative values such as -1394 million USD in Apr 2022. These dynamics indicate varying operational cash generation efficiency over the quarters.
Expenditures for Property and Equipment
Capital expenditures exhibit an overall increasing trend with some volatility. Notable high spending periods include peaks such as -1800 million USD in Oct 2022 and consistent significant investments across later periods, signaling sustained focus on asset base expansion or replacement.
Cash Required for Investing Activities
Investing cash flows mostly remain negative, indicating continuous investment outlays exceeding proceeds. The trend is consistent with ongoing capital expenditures and occasional asset disposals, with some periods showing less outflow possibly due to timing of sales or reduced investments.
Additions and Reductions of Long-Term Debt
Long-term debt activities reflect intermittent borrowing and repayments, with some large additions in May 2020 and Oct 2022, and significant reductions notably in Feb 2021 and throughout 2024. This pattern suggests active debt management possibly aligned with refinancing strategies or funding needs.
Dividends Paid
Dividends paid show a generally steady and slightly increasing trend from approximately -330 million USD to around -510 million USD over the periods, reflecting consistent shareholder returns with moderate growth.
Repurchase of Stock
Stock repurchases vary widely, including periods of significant buybacks (e.g., -2760 million USD in Apr 2022) interspersed with intervals of minimal or even positive values. This irregular pattern indicates opportunistic share repurchase policies or pauses reflecting capital allocation decisions.
Cash Provided by (Required for) Financing Activities
Financing cash flows are generally negative, signaling net cash outflows related to debt repayments, dividend payments, and share repurchases. Sporadic positive values occur, likely linked to new debt issuance or other financing inflows, but the prevailing trend is outflows consistent with capital return and debt servicing.
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and cash equivalents fluctuate considerably with distinct periods of increase, including 2718 million USD in Aug 2020 and 2515 million USD in Jan 2021, along with sharp declines such as -4799 million USD in Apr 2022 and -1875 million USD in May 2025. These swings reflect the combined impact of operating, investing, and financing activities, highlighting periods of cash accumulation and drawdown.