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.
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Target Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 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).
Operating cash flow exhibits significant quarterly volatility, primarily driven by fluctuations in net earnings and working capital requirements. While net earnings generally remained positive throughout the period, peaks were observed in mid-2021, followed by a period of stabilization and a recent sharp increase in August 2026. Depreciation and amortization costs have shown a consistent upward trajectory, rising from 641 million in May 2020 to 784 million by August 2026, reflecting a growing base of fixed assets.
- Working Capital Dynamics
- Inventory management manifests as the primary driver of operating cash flow variability. Large cash outflows for inventory are recurringly observed in October quarters, particularly in 2020, 2021, and 2023, followed by significant cash inflows in January quarters. This pattern indicates a strong seasonal cycle of stock accumulation for peak retail periods. Accounts payable movements often offset these inventory swings, though not always in equal magnitude, contributing to the erratic nature of the changes in operating accounts.
- Capital Investment Trends
- Cash used in investing activities is dominated by consistent expenditures for property and equipment. Capital expenditures have remained substantial, generally ranging between 600 million and 1.8 billion per quarter. The highest investment levels were recorded in late 2022, specifically October 2022 at 1.8 billion, suggesting a period of accelerated infrastructure or store expansion. The consistency of these outflows indicates a sustained long-term strategy of capital reinvestment.
- Shareholder Returns and Financing
- Dividends paid demonstrate a steady and predictable increase, growing from approximately 332 million per quarter in 2020 to 518 million by late 2025. Stock repurchases were highly aggressive between May 2021 and April 2022, with quarterly spends often exceeding 1 billion and peaking at 2.76 billion in April 2022. Following this period, repurchase activity decelerated sharply, with several quarters showing minimal to no buyback activity, shifting the focus of shareholder returns primarily toward dividends.
- Debt and Liquidity Management
- Financing activities show a strategic use of long-term debt to manage liquidity. Significant additions to long-term debt occurred in May 2020, January 2022, January 2023, and mid-2025. These infusions were periodically balanced by debt reductions, although the reductions were generally smaller in magnitude than the additions. The net increase or decrease in cash and cash equivalents remains volatile, mirroring the timing of debt issuance, seasonal operating swings, and the cessation of large-scale share repurchases.