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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Target Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
The financial information reveals fluctuating cash flows over the analyzed period, spanning from May 2020 to February 2026. Operating activities generally provide a positive cash flow, though with significant variability. Investing activities consistently require cash, primarily due to expenditures on property and equipment. Financing activities demonstrate substantial shifts, influenced by debt management, stock repurchases, and dividend payments.
- Net Earnings & Operating Cash Flow
- Net earnings exhibit considerable volatility, peaking in August 2020 and again in May 2021, before declining significantly in July 2022 and November 2025. While net earnings and cash provided by operating activities generally move in the same direction, the relationship is not always consistent. Notably, a substantial divergence occurs in the April 2022 period, where net earnings remain positive while operating cash flow becomes negative. Adjustments to reconcile net earnings to operating cash flow are consistently positive, and substantial, indicating significant non-cash items impacting the overall cash generation from operations. These adjustments fluctuate, with particularly large values observed in May 2020, August 2020, and January 2023.
- Investing Activities
- Expenditures for property and equipment are consistently negative, representing a significant cash outflow throughout the period. The magnitude of these expenditures remains relatively stable, generally ranging between $700 million and $1,800 million per quarter. Proceeds from the Dermstore sale provide a one-time cash inflow in May 2021. Other investing activities contribute smaller, fluctuating cash flows.
- Financing Activities
- Financing activities demonstrate the most dynamic behavior. Additions to long-term debt are prominent in certain periods, notably January 2022 and October 2022, while reductions in long-term debt occur frequently, with a substantial reduction in January 2023. Stock repurchases represent a significant cash outflow, particularly from October 2021 through August 2024, though they diminish considerably in later periods. Dividend payments consistently require a substantial cash outflow each quarter. Changes in commercial paper also contribute to financing cash flows, with a notable positive change in April 2022. Shares withheld for taxes on share-based compensation represent a minor, consistent cash outflow.
- Working Capital
- Inventory levels show significant fluctuations, with large decreases in several quarters, most notably October 2020, July 2022, and October 2023. These decreases are often followed by substantial increases in the subsequent quarter, suggesting potential inventory management strategies or seasonal patterns. Accounts payable and accrued liabilities also exhibit considerable variability, impacting the overall changes in operating accounts. The combined effect of these working capital changes contributes significantly to the adjustments made in reconciling net earnings to operating cash flow.
- Deferred Income Taxes
- Deferred income taxes demonstrate substantial variability, shifting between positive and negative values throughout the period. The largest negative impact occurs in January 2021, while the largest positive impact is observed in October 2022. These fluctuations suggest changes in tax liabilities and the timing of tax payments.
Overall, the company’s cash flow profile is characterized by substantial variability across all three activities. Operating activities generally provide cash, but are heavily influenced by non-cash adjustments and working capital changes. Investing activities consistently require cash, while financing activities are subject to significant fluctuations driven by debt management, stock repurchases, and dividend payments. The observed patterns suggest a dynamic financial strategy involving active management of debt, equity, and working capital.