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: 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), 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 and Earnings from Continuing Operations
- Net earnings display notable volatility over the covered periods, ranging from a low of 183 million US$ in July 2022 to a high of 2,097 million US$ in May 2021. This indicates fluctuations possibly tied to external market conditions or internal operational shifts. Earnings from continuing operations follow a similar pattern, which suggests discontinuing operations had minimal impact during most periods.
- Depreciation and Amortization
- This expense remains relatively steady, gradually increasing from 644 million US$ in May 2019 to about 787 million US$ in August 2025. Consistent increments suggest ongoing investment in fixed assets and associated amortization.
- Share-Based Compensation Expense
- The share-based compensation expense fluctuates, peaking at 83 million US$ in April 2022 and experiencing troughs below 40 million US$ in several quarters. Variability may reflect changes in compensation policies or stock price volatility affecting valuation.
- Deferred Income Taxes
- Deferred income taxes demonstrate inconsistent trends, with considerable positive and negative swings between quarters. This variability points to complex tax positioning or timing differences in accounting for tax-related items.
- Noncash (Gains) Losses and Other, Net
- These items oscillate without clear trend direction, varying between negative and positive values, occasionally reaching above 80 million US$ or below -30 million US$. They add a degree of uncertainty to net cash movements.
- Inventory
- Inventory values shift drastically between positive and negative values, evidencing large changes in stock levels. Fluctuations suggest significant adjustments in inventory management or supply chain dynamics, with peaks such as 3,618 million US$ in January 2023 and deep troughs like -3,836 million US$ in October 2020.
- Working Capital Accounts (Accounts Payable, Accrued and Other Liabilities)
- Accounts payable and accrued liabilities reveal marked volatility, frequently oscillating between positive and negative values. This reflects changing payment cycles or obligations that impact operating cash flows.
- Cash Provided by Operating Activities
- Operating cash flow shows overall growth with peaks in August 2020 (3,832 million US$) and January 2023 (3,466 million US$), despite some quarters of considerable decline. These trends suggest effective operational cash generation resilience with episodic disruptions.
- Investing Activities
- Capital expenditures on property and equipment remain substantial with general upward movement, reaching peaks near 1,800 million US$ in late 2022. Proceeds from disposals and sales (including Dermstore sale) inject cash sporadically. Net cash used in investing activities consistently represents an outflow, implying ongoing investments in assets.
- Financing Activities
- Financing cash flows are highly variable, influenced by periodic long-term debt issuances and repayments. Dividends paid remain stable and substantial around 330 to 510 million US$. Share repurchases show considerable magnitude and variability, especially between 2020 and 2022, indicating aggressive capital return practices. The net financing cash flow tends to be negative overall, with occasional positive spikes.
- Cash and Cash Equivalents
- Quarterly changes in cash and equivalents are volatile, from a low of -4,799 million US$ in April 2022 to highs around 2,700 million US$ in August 2020. Large swings may be attributed to the timing of operating, investing, and financing cash flows, as well as extraordinary items such as asset sales or debt issuances.
- Other Notable Items
- One-time gains such as the Dermstore sale in January 2021 (-335 million US$ loss recognized) and related cash proceeds impact the financial picture. Loss on extinguishment of debt and other nonrecurring expenses also contribute to noise in reporting.
Overall, the data reveal a company characterized by periodic fluctuations in earnings and significant cash flow variability, driven by operational results, capital expenditures, and financing activities. The balance between investing in assets and returning capital to shareholders through dividends and stock repurchases appears to be a strategic focus. Working capital components and tax-related items display irregular patterns that warrant close monitoring for future stability assessment.