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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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
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Target Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
Cash flow dynamics exhibit significant volatility across operating, investing, and financing activities, characterized by strong seasonal swings in working capital and a consistent commitment to capital expenditures and shareholder returns.
- Operating Cash Flow and Earnings
- Net earnings demonstrate substantial fluctuation, peaking at 2,097 million US dollars in May 2021 before experiencing a notable decline to 183 million US dollars by July 2022. Since that period, earnings have generally stabilized between 689 million and 1,382 million US dollars. Cash provided by operating activities is highly erratic, with periodic spikes exceeding 3,000 million US dollars—such as in August 2020 and February 2024—contrasted by a significant deficit of 1,394 million US dollars in April 2022. This variance is largely driven by non-cash adjustments and shifting operational requirements.
- Working Capital and Inventory Management
- A cyclical pattern is evident in inventory levels, where massive cash outflows occur periodically, most notably in October 2020 (3,836 million US dollars) and October 2021 (3,699 million US dollars). These outflows are typically offset by large cash inflows in subsequent quarters, such as the 3,618 million US dollars observed in January 2023, suggesting a seasonal build-up and liquidation cycle. Accounts payable follow a similar volatile trajectory, often acting as a primary lever to manage short-term liquidity during inventory accumulation phases.
- Investing Activities and Capital Expenditure
- Cash used in investing activities remains consistently negative, reflecting a sustained investment in infrastructure. Expenditures for property and equipment show a general upward trend in magnitude, rising from approximately 600-700 million US dollars per quarter in 2020 to peaks of 1,800 million US dollars in October 2022. The stability of these outflows indicates a long-term strategic commitment to asset modernization and expansion regardless of short-term earnings volatility.
- Financing and Shareholder Returns
- Financing activities are characterized by a steady increase in dividend payments, which grew from approximately 330 million US dollars per quarter in 2020 to over 510 million US dollars by 2025. Stock repurchases were particularly aggressive between May 2021 and April 2022, with quarterly outflows reaching as high as 2,760 million US dollars, before decelerating significantly in later periods. Debt management is intermittent, with large additions to long-term debt occurring in May 2020 (2,480 million US dollars) and January 2023 (1,634 million US dollars) to support liquidity and investment needs.
The net change in cash and cash equivalents reflects the cumulative effect of these volatile movements, showing an inability to maintain a linear growth path in cash reserves due to the scale of inventory cycles and aggressive capital allocation to shareholders and infrastructure.