Cash Flow Statement
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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data 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
US$ in millions
Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).
The financial data reveals multiple notable trends and fluctuations over the observed periods.
- Net Earnings and Profitability
- Net earnings experienced significant volatility, peaking strongly in the 2022 period at 6.946 billion USD before dropping sharply to 2.780 billion USD in 2023. A recovery ensued in subsequent years, with earnings rising to approximately 4.1 billion USD by 2024 and stabilizing through 2025.
- The net earnings from continuing operations largely mirror this pattern, confirming that discontinued operations had minimal impact throughout most periods except for a small loss reported in 2020.
- Non-Cash Expenses and Adjustments
- Depreciation and amortization steadily increased across the timeframe, rising from 2.604 billion USD in 2020 to nearly 3 billion USD in 2025, indicating ongoing asset base utilization or additions.
- Share-based compensation also grew progressively, suggesting an increasing reliance on equity incentives.
- Deferred income taxes showed considerable swings, moving from positive to negative values at different intervals, indicating fluctuating tax asset/liability adjustments.
- One-time events such as gains on asset sales (notably the Dermstore sale in 2022) and significant losses on debt extinguishment in 2021 caused notable distortions in financial results.
- Working Capital and Operating Accounts
- Inventory figures revealed unusual volatility, including substantial negative values in 2021 and 2022, then moderate recovery and another negative swing in 2025, reflecting potential challenges in inventory management or valuation adjustments.
- Accounts payable and accrued liabilities showed significant swings from large positive changes in 2021 to sharp negative changes in the following years, indicating shifts in operating cash flows driven by payables and accrued expenses management.
- Collectively, changes in operating accounts moved from large positive inflows in early periods to deep negative outflows in 2022 and 2023, before improving in later periods.
- Cash Flow and Investment Activities
- Cash provided by operating activities peaked at over 10.5 billion USD in 2021 before declining to around 4 billion USD in 2023, then rebounding to levels above 7 billion USD subsequently, emphasizing a cyclical cash generation pattern.
- Capital expenditures showed a growing investment trend until 2023, reaching near 5.5 billion USD, before decreasing sharply in the last recorded period, possibly suggesting a scaling back of growth or maintenance spending.
- Disposal proceeds from property and equipment remained relatively minor throughout.
- Cash used in investing activities closely parallels capital expenditure trends, with significant outflows in the middle years followed by diminished investment spending later on.
- Financing Activities
- Long-term debt experienced increased additions up to 2023, then lack of data suggests no additions or possible retirement in the latest period. Corresponding debt reductions steadily occurred over time, indicating active debt management.
- Dividends paid increased gradually, reflecting a consistent return of capital to shareholders.
- Stock repurchases were sizable in earlier years, particularly in 2022, but decreased in the latest periods, indicating a potential shift in capital allocation priorities.
- Cash required for financing activities was consistently negative, reflecting net outflows from dividend payments, share repurchases, and debt repayments.
- Liquidity Positions
- Cash and cash equivalents showed marked fluctuations with substantial increases in 2021, then steep declines in 2022 and 2023, and moderate recoveries afterwards. The net increase/decrease in cash closely follows operating cash flows and financing/investing cash movements.
Overall, the company exhibited cyclicality in earnings and cash flows with notable one-time items impacting results. Capital investment peaked mid-period before easing, while financing activities consistently resulted in cash outflows driven by shareholder distributions and debt management. Working capital components were volatile, indicating potential operational challenges or inventory adjustments. Liquidity levels fluctuated significantly but remained positive at all times.