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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- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Target Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 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 exhibit significant volatility over the observed quarters, with some quarters showing strong profits, such as in August 2020 (US$1,690 million) and May 2021 (US$2,097 million). Conversely, periods such as May 2020 reflect notably reduced earnings (US$284 million). Earnings from continuing operations mirror this trend closely, indicating the discontinued operations have minimal impact on net earnings.
- Depreciation and Amortization
- This expense remains relatively stable across the periods, gradually increasing from around US$600 million in 2019 to the US$770 million range in later years, suggesting consistent asset base and investment in property, plant, and equipment.
- Share-based Compensation Expense
- Share-based compensation fluctuates moderately, with peaks observed in May and October 2021 (above US$70 million) and lower points around 2019. This indicates some variability in employee compensation linked to stock performance or awards.
- Deferred Income Taxes
- Deferred income taxes fluctuate substantially, with notable negative values such as in February 2020 (-US$210 million), August 2024 (-US$122 million), and November 2024 (-US$133 million), interspersed with significant positive swings. This variability might reflect changes in tax planning strategies, asset valuations, or timing differences in recognizing income and expenses.
- Noncash Gains/Losses and Other Items
- Noncash and other adjustments show irregular variations, with several quarters showing positive impacts (e.g., US$90 million in October 2023), and some periods with losses or negative adjustments. These items contribute to the complexity of earnings reconciliation.
- Inventory
- Inventory values display wide fluctuations, including extreme negative values such as -US$3,836 million in October 2020 and -US$3,699 million in October 2021, contrasted with positive inventory changes exceeding US$3,600 million in January 2023. This volatility indicates significant changes in stock levels, possibly reflecting seasonal variations, supply chain issues, or inventory write-downs.
- Accounts Payable and Accrued Liabilities
- Accounts payable and accrued liabilities exhibit considerable swings, alternating between large negative and positive values. For instance, accounts payable range from -US$1,463 million in April 2023 to US$3,595 million in October 2021. These fluctuations may indicate changes in payment cycles, vendor relations, or working capital management.
- Cash Flows from Operating Activities
- Operating cash flow shows notable increases during certain quarters, peaking at US$3,832 million in August 2020 and US$3,466 million in January 2023. However, some quarters report comparatively lower cash provided by operations, indicating fluctuating operational efficiency and cash conversion cycles.
- Investing Activities and Capital Expenditures
- Cash used in investing activities consistently reflects outflows, with expenditures for property and equipment regularly significant, often exceeding US$1 billion in multiple quarters. Proceeds from disposals tend to be minor, with occasional one-time gains such as the sale of Dermstore (US$356 million in January 2021), highlighting ongoing investment in the asset base.
- Financing Activities
- Financing cash flows vary widely, with periods of debt additions (notably US$2,480 million in May 2020) counterbalanced by substantial debt reductions in other quarters. Dividends paid remain relatively stable around US$330-518 million per quarter, indicating a consistent shareholder return policy. Stock repurchases show both large buybacks (e.g., -US$2,760 million in October 2021) and occasional smaller amounts or repayments, reflecting active capital management.
- Cash and Cash Equivalents
- The net change in cash and cash equivalents is subject to substantial quarter-to-quarter variability, ranging from large decreases (e.g., -US$4,799 million in April 2022) to sizeable increases (e.g., US$2,718 million in August 2020). This variability aligns with the trends observed in operating, investing, and financing cash flows.
- Additional Observations
- 1. Discontinued operations contribute minimally to overall earnings, with sporadic minor gains or losses.
2. Significant unusual items include a large gain on a one-time Dermstore sale and a notable loss related to debt extinguishment.
3. Working capital shows substantial fluctuations, as captured by changes in operating accounts and related liabilities, affecting cash flow dynamics.
4. The company undertakes consistent share repurchase programs alongside steady dividend payments, underpinning shareholder value initiatives.