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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- 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
US$ in millions
Based on: 10-K (reporting date: 2026-01-31), 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).
The company demonstrates fluctuating cash flow patterns over the analyzed period, spanning from 2021 to 2026. While operating activities generally contribute positive cash flow, significant variations exist year-over-year. Investing and financing activities consistently represent cash outflows, with financing activities exhibiting particularly large swings.
- Operating Activities
- Cash provided by operating activities peaked in 2021 at US$10,525 million, then declined substantially to US$4,018 million in 2023. A recovery occurred in 2024, reaching US$8,621 million, followed by a slight decrease to US$7,367 million in 2025 and a further decrease to US$6,562 million in 2026. This volatility is linked to changes in net earnings and working capital components. Adjustments to reconcile net earnings to cash provided by operations show a similar pattern, peaking in 2021 at US$6,157 million and declining to US$2,857 million in 2026. Inventory management appears to be a key driver of these fluctuations, with significant negative impacts in 2021 and 2022, a positive impact in 2023, and then negative impacts again in 2025 and 2026.
- Investing Activities
- Cash used in investing activities consistently remained negative throughout the period, ranging from approximately US$2,591 million to US$5,528 million. Expenditures for property and equipment are the primary driver of these outflows, with a peak of US$5,528 million in 2023. Proceeds from the Dermstore sale provided a one-time inflow of US$356 million in 2022, but this did not significantly alter the overall negative trend. Other investments remained relatively stable, contributing a minor positive cash flow.
- Financing Activities
- Financing activities demonstrate the most significant volatility. Cash used in financing activities was substantial in 2022 (US$8,071 million) and 2025 (US$3,550 million), largely due to repurchase of stock and dividend payments. 2021 and 2026 show lower outflows, but still negative. Additions to long-term debt were notable in 2021, 2023, and 2026, while reductions occurred in 2022, 2024, and 2025. The repurchase of stock is a major component of cash outflow in several years, particularly 2022 and 2025.
- Cash and Cash Equivalents
- Net increase or decrease in cash and cash equivalents varied considerably. A substantial increase of US$5,934 million occurred in 2021, followed by a decrease of US$2,600 million in 2022 and US$3,682 million in 2023. A positive swing occurred in 2024 (US$1,576 million) and 2025 (US$957 million), followed by a smaller increase in 2026 (US$726 million). The ending cash and cash equivalents balance increased from US$2,577 million in 2021 to US$5,488 million in 2026, despite the fluctuations in annual cash flow.
- Non-Recurring Items
- Several non-recurring items impacted cash flow. A gain on the Dermstore sale contributed to cash inflows in 2022. A loss on debt extinguishment impacted 2021, and deferred income taxes showed significant fluctuations throughout the period. Noncash gains and losses also varied, indicating potential impacts from asset sales or impairments.