Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
Target Corp., consolidated statement of comprehensive income
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).
Comprehensive income demonstrates significant fluctuation over the observed period. While initially increasing, it experienced a substantial decline before stabilizing. Net earnings, the primary component of comprehensive income, mirrored this pattern. Other comprehensive income components contributed to the overall volatility.
- Net Earnings Trend
- Net earnings increased considerably from 2021 to 2022, rising from US$4,368 million to US$6,946 million. However, a marked decrease occurred in 2023, with net earnings falling to US$2,780 million. A partial recovery was seen in 2024, reaching US$4,138 million, followed by a slight decline to US$4,091 million in 2025 and a further decrease to US$3,705 million in 2026. This suggests a period of strong growth followed by a significant correction and subsequent stabilization at a lower level.
- Pension Benefit Liabilities
- Pension benefit liabilities began at US$102 million in 2021 and increased to US$152 million in 2022. A substantial shift occurred in 2023, with a negative value of US$-113 million, indicating a gain or reduction in liability. This trend continued with negative values in 2024 (US$-23 million) and a return to positive values in 2025 (US$22 million) and 2026 (US$61 million). The volatility suggests active management or significant changes in pension plan assumptions.
- Currency Translation and Hedge Impact
- The currency translation adjustment and cash flow hedges exhibited considerable variability. Starting at US$10 million in 2021, it rose to US$51 million in 2022 and peaked at US$247 million in 2023. Subsequently, it became negative, reaching US$-18 million in 2024 and remaining negative at US$-20 million in both 2025 and 2026. This indicates increasing exposure to, and potential adverse effects from, foreign currency fluctuations and hedging activities.
- Other Comprehensive Income (Loss)
- Other comprehensive income, net of tax, followed a fluctuating pattern. It increased from US$112 million in 2021 to US$203 million in 2022, then decreased to US$134 million in 2023 before becoming a loss of US$-41 million in 2024. A minor income of US$2 million was recorded in 2025, followed by a gain of US$41 million in 2026. This component demonstrates a lack of consistent positive contribution to overall comprehensive income.
Overall, the period was characterized by initial strong performance, followed by a significant downturn in net earnings and fluctuating contributions from other comprehensive income components. While comprehensive income stabilized in later years, it remained below the peak observed in 2022.
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