Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Target Corp., profitability ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
- Gross Profit Margin
- The gross profit margin begins at around 29.76% in early 2020, with a slight decline observed over the next several quarters. It trends downward notably after mid-2021, reaching a low of approximately 24.64% by late 2022. Following this trough, a gradual recovery occurs through 2023 and into mid-2024, where it stabilizes in the high 27% to low 28% range. This pattern indicates a period of margin compression and subsequent partial rebound.
- Operating Profit Margin
- Operating profit margin exhibits considerable variability over the period. Starting near 5.96% in early 2020, it declines to just below 5% during mid-2020, followed by a rise peaking at 8.6% in mid-2021. After this peak, the margin declines steadily throughout 2022, reaching around 3.5% by early 2023. From this point forward, there is a moderate recovery with margins close to 5.3%-5.7% by mid to late 2024. The data suggest challenges impacting operating efficiency or increased operating costs after mid-2021, subsequently improving but not fully regaining previous highs.
- Net Profit Margin
- Net profit margin shows a trend largely consistent with operating profit. It begins around 4.2% in early 2020, experiences growth to a peak exceeding 6.5% by late 2021, then declines sharply in 2022 to levels near 2.5%-3%. During 2023 and early 2024, net margin recovers partially, moving back towards 4% by mid-2024. This suggests fluctuations in bottom-line profitability that may be tied to operational changes, expense management, or external factors affecting net income.
- Return on Equity (ROE)
- ROE exhibits a notably volatile and elevated pattern. Starting near 27.73% in early 2020, it rises consistently to a remarkable peak exceeding 54% in early 2022, indicating very strong returns to shareholders during this time. Thereafter, ROE declines substantially throughout 2022 and 2023, falling to approximately 23%-25% by early 2023. Some recovery occurs in 2023 and 2024, settling near 28% by mid-2024. These large swings may reflect changing leverage, profitability, or equity base fluctuations.
- Return on Assets (ROA)
- ROA follows a pattern somewhat aligned with net margin and ROE but with lower volatility. It starts at 7.67% in early 2020, increases to a peak around 12.9% by early 2022, then declines to around 5.2% in early 2023. Subsequently, it recovers modestly to settle near 7.5%-8% in the most recent periods. This suggests that asset utilization efficiency improved substantially through 2021, diminished in 2022, and has been improving again moderately.
Return on Sales
Return on Investment
Gross Profit Margin
Target Corp., gross profit margin calculation (quarterly data)
| Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Gross margin | 7,308) | 6,718) | 8,036) | 7,293) | 7,653) | 7,082) | 8,516) | 7,249) | 6,975) | 6,936) | 7,449) | 6,838) | 5,895) | 6,709) | 8,235) | 7,446) | 7,880) | 7,481) | 7,854) | 7,123) | 7,302) | 5,105) | 6,342) | 5,730) | 5,797) | 5,379) | ||||||||
| Net sales | 25,211) | 23,846) | 30,915) | 25,668) | 25,452) | 24,531) | 31,919) | 25,398) | 24,773) | 25,322) | 31,395) | 26,518) | 26,037) | 25,170) | 30,996) | 25,652) | 25,160) | 24,197) | 28,339) | 22,632) | 22,975) | 19,615) | 23,398) | 18,665) | 18,422) | 17,627) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Gross profit margin1 | 27.79% | 28.05% | 28.21% | 28.39% | 28.42% | 27.97% | 27.63% | 26.77% | 26.11% | 24.82% | 24.64% | 25.46% | 26.23% | 28.30% | 29.28% | 29.67% | 30.24% | 30.32% | 29.27% | 29.19% | 28.92% | 28.68% | 29.76% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 11.09% | 10.99% | 10.98% | 10.92% | 10.80% | 10.69% | 10.67% | 10.57% | 10.44% | 10.41% | 10.39% | 10.48% | 10.71% | 10.94% | 11.02% | 11.13% | 11.23% | 11.30% | 11.32% | 11.20% | 11.15% | 11.02% | 11.09% | ||||||||
| Walmart Inc. | 24.18% | 24.16% | 24.13% | 24.00% | 23.94% | 23.83% | 23.73% | 23.64% | 23.55% | 23.43% | 23.46% | 23.68% | 23.90% | 24.23% | 24.44% | 24.41% | 24.51% | 24.55% | 24.30% | 24.24% | 24.11% | 23.94% | 24.10% | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
1 Q2 2026 Calculation
Gross profit margin = 100
× (Gross marginQ2 2026
+ Gross marginQ1 2026
+ Gross marginQ4 2025
+ Gross marginQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (7,308 + 6,718 + 8,036 + 7,293)
÷ (25,211 + 23,846 + 30,915 + 25,668)
= 27.79%
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends across the examined periods. The gross margin in absolute terms, measured in millions of US dollars, exhibits considerable fluctuations with a general upward trajectory over time, particularly from early 2020 through early 2024. Peaks are evident in quarters such as August 2020, January 2021, and February 2024, where gross margin figures show significant increases compared to preceding quarters. Conversely, certain periods, including mid-2022 and mid-2024, reflect relatively lower gross margin values, indicating variability that may correlate with operational or market conditions.
Net sales present a broadly upward trend over the observed time frame, albeit with periodic declines or stagnation. From the beginning in mid-2019 through early 2025, there is a general increase in sales volume, with notable surges occurring around early 2021 and early 2024. These increases in net sales generally align with rises in gross margin, suggesting effective revenue generation translating into improved gross earnings. However, several temporary drops or plateaus, such as during mid-2022 and parts of 2024, indicate potential challenges in maintaining consistent sales growth.
The gross profit margin percentage, though not consistently reported across all early periods, displays a declining trend starting from approximately 30% in 2020 to closer to the 27-28% range in recent quarters. This gradual reduction suggests that, despite increasing absolute gross margins and sales, the relative profitability per dollar of sales has decreased somewhat. Possible explanations include increased cost of goods sold, pricing pressures, or changes in sales mix affecting profitability ratios. Nonetheless, the margin stabilizes somewhat in the latter periods, fluctuating within a narrow band around 27-28%, indicating a possible normalization after initial declines.
- Gross Margin (US$ millions)
- Overall upward trend with peaks in early 2021 and early 2024, interspersed with fluctuations.
- Net Sales (US$ millions)
- Generally increasing over time, with notable growth phases around early 2021 and early 2024, alongside intermittent periods of decline or slowdown.
- Gross Profit Margin (%)
- Declining from near 30% in 2020 to approximately 27-28% in recent quarters, suggesting slight margin compression despite growth in absolute terms.
In summary, the data indicates sustained growth in sales and gross margin at the absolute level, tempered by a modest erosion in gross profit margins percentage-wise. This pattern highlights a balance of revenue expansion against potential cost pressures or competitive factors affecting profitability ratios. The overall financial performance suggests resilience and gradual improvement, albeit with operational challenges impacting efficiency metrics.
Operating Profit Margin
Target Corp., operating profit margin calculation (quarterly data)
| Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Operating income | 1,317) | 1,472) | 1,467) | 1,168) | 1,635) | 1,296) | 1,865) | 1,317) | 1,197) | 1,328) | 1,159) | 1,022) | 321) | 1,346) | 2,095) | 2,010) | 2,467) | 2,374) | 1,836) | 1,935) | 2,300) | 468) | 1,197) | 1,002) | 1,324) | 1,135) | ||||||||
| Net sales | 25,211) | 23,846) | 30,915) | 25,668) | 25,452) | 24,531) | 31,919) | 25,398) | 24,773) | 25,322) | 31,395) | 26,518) | 26,037) | 25,170) | 30,996) | 25,652) | 25,160) | 24,197) | 28,339) | 22,632) | 22,975) | 19,615) | 23,398) | 18,665) | 18,422) | 17,627) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Operating profit margin1 | 5.13% | 5.42% | 5.22% | 5.54% | 5.70% | 5.32% | 5.31% | 4.68% | 4.36% | 3.51% | 3.53% | 4.40% | 5.35% | 7.40% | 8.44% | 8.41% | 8.58% | 8.60% | 6.99% | 6.66% | 5.87% | 4.98% | 5.96% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 3.82% | 3.76% | 3.74% | 3.72% | 3.63% | 3.48% | 3.46% | 3.41% | 3.39% | 3.45% | 3.46% | 3.50% | 3.55% | 3.61% | 3.50% | 3.49% | 3.48% | 3.36% | 3.43% | 3.33% | 3.16% | 3.17% | 3.21% | ||||||||
| Walmart Inc. | 4.22% | 4.37% | 4.35% | 4.31% | 4.28% | 4.24% | 4.20% | 4.00% | 3.49% | 3.46% | 3.37% | 3.49% | 4.10% | 4.27% | 4.57% | 4.50% | 4.54% | 4.34% | 4.06% | 4.11% | 3.96% | 3.93% | 3.96% | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
1 Q2 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (1,317 + 1,472 + 1,467 + 1,168)
÷ (25,211 + 23,846 + 30,915 + 25,668)
= 5.13%
2 Click competitor name to see calculations.
The financial data reveals several notable trends in the operating income, net sales, and operating profit margin over the reported quarterly periods.
- Operating Income
- Operating income exhibited considerable fluctuations throughout the reported quarters. Initially, there was a moderate increase from 1135 million to a peak of 1324 million between May and August 2019, followed by a drop to 1002 million in November 2019. The subsequent quarters saw variability with a significant dip to 468 million in May 2020, possibly reflecting an unusual or adverse event. After this low point, operating income recovered sharply, reaching highs above 2300 million in August 2020 and maintaining elevated levels around 1800 to 2400 million through much of 2021. However, from early 2022 onwards, operating income displayed a declining trend with intermittent recoveries, falling to levels below 400 million in mid-2022 before stabilizing around 1000 to 1300 million in most recent quarters. Overall, operating income shows volatility with peaks and troughs, lacking a consistent upward or downward momentum in the longer term.
- Net Sales
- Net sales demonstrated a generally upward trajectory over the periods. Starting at approximately 17627 million in May 2019, net sales increased steadily, with occasional moderate declines but overall growth trend. Notably, from early 2021 through mid-2022, net sales consistently reached levels above 24000 million, peaking near 31395 million in January 2023. Despite some fluctuations, net sales maintained relatively high values, suggesting sustained demand or sales volume improvements. Towards the latest quarters, net sales somewhat decreased but remained above 23000 million, indicating some stabilization at a high level compared to the initial periods.
- Operating Profit Margin
- The operating profit margin data, available from February 2020 onward, shows a narrowing range, mostly fluctuating between approximately 3.5% and 8.6%. The highest margins were observed in mid to late 2020 and early 2021, with peaks close to 8.6%, indicating periods of higher operational efficiency or profitability relative to sales. Subsequently, the margins declined somewhat, reaching lower points around 3.5% to 4.4% during mid-2022 to early 2023, before showing mild recovery above 5% in more recent quarters. The margins thus show sensitivity to changes in operating income relative to net sales.
In summary, the data indicates that while net sales have followed a generally increasing trend with occasional dips, operating income has been more volatile, suggesting that profitability has been influenced by factors beyond sales volume alone. The operating profit margin reflects this variability, with fluctuations indicating changing efficiency or cost conditions over time. These patterns imply a dynamic operating environment where revenue growth is not always matched by proportional increases in operating income.
Net Profit Margin
Target Corp., net profit margin calculation (quarterly data)
| Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net earnings | 935) | 1,036) | 1,103) | 854) | 1,192) | 942) | 1,382) | 971) | 835) | 950) | 876) | 712) | 183) | 1,009) | 1,544) | 1,488) | 1,817) | 2,097) | 1,380) | 1,014) | 1,690) | 284) | 834) | 714) | 938) | 795) | ||||||||
| Net sales | 25,211) | 23,846) | 30,915) | 25,668) | 25,452) | 24,531) | 31,919) | 25,398) | 24,773) | 25,322) | 31,395) | 26,518) | 26,037) | 25,170) | 30,996) | 25,652) | 25,160) | 24,197) | 28,339) | 22,632) | 22,975) | 19,615) | 23,398) | 18,665) | 18,422) | 17,627) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Net profit margin1 | 3.72% | 3.95% | 3.84% | 4.06% | 4.18% | 3.87% | 3.85% | 3.40% | 3.12% | 2.49% | 2.55% | 3.17% | 3.92% | 5.48% | 6.55% | 6.56% | 6.29% | 6.30% | 4.67% | 4.31% | 4.16% | 3.46% | 4.20% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 2.97% | 2.94% | 2.98% | 2.95% | 2.88% | 2.78% | 2.70% | 2.65% | 2.60% | 2.63% | 2.59% | 2.62% | 2.65% | 2.67% | 2.59% | 2.61% | 2.58% | 2.48% | 2.55% | 2.45% | 2.36% | 2.44% | 2.47% | ||||||||
| Walmart Inc. | 3.11% | 2.77% | 2.88% | 2.95% | 2.36% | 2.91% | 2.41% | 2.57% | 2.24% | 1.83% | 1.93% | 1.51% | 2.38% | 2.28% | 2.41% | 1.41% | 1.79% | 2.19% | 2.43% | 3.62% | 3.33% | 2.83% | 2.86% | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
1 Q2 2026 Calculation
Net profit margin = 100
× (Net earningsQ2 2026
+ Net earningsQ1 2026
+ Net earningsQ4 2025
+ Net earningsQ3 2025)
÷ (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
= 100 × (935 + 1,036 + 1,103 + 854)
÷ (25,211 + 23,846 + 30,915 + 25,668)
= 3.72%
2 Click competitor name to see calculations.
The financial data reveals distinct trends in net earnings, net sales, and net profit margin over the reported periods. The net earnings exhibit notable fluctuations, with significant peaks and troughs throughout the timeframe. Starting from a base of 795 million USD in early 2019, net earnings rose to a high of 2097 million USD by May 2021, followed by a general decline and intermittent recovery phases. The highest earnings are observed in early 2021 and mid-2021, while lower values appear in mid-2020 and mid-2022, indicating periods of volatility potentially linked to market or operational factors.
Net sales demonstrate a general upward trajectory with periodic dips. From approximately 17.6 billion USD in early 2019, sales increased steadily, achieving peaks near 31 billion USD in early 2022 and early 2023. Although fluctuations occur, including sales decreases around mid-2020 and mid-2025, the overall trend suggests growing revenue generation capacity across the periods. This implies successful top-line expansion despite episodic challenges.
The net profit margin, expressed as a percentage, provides insight into profitability relative to sales. The margin matured starting from early 2020 where data becomes available, initially around 4.2% and rising to over 6.5% by late 2021. Following this high point, a decline ensues through 2022 into early 2023, with margins dropping below 3% during some quarters. Subsequently, a moderate recovery is observable, stabilizing around 3.7% to 4.1% in the most recent data. This pattern indicates fluctuating efficiency in converting sales to profit, potentially reflecting cost pressures or changing operational dynamics over time.
Overall, the data highlights a business experiencing revenue growth accompanied by volatile net earnings and profit margins. Peaks in earnings and margins generally coincide with periods of higher sales, but the disparity in trends during some intervals points to varying profitability challenges. The return to mid-range profit margins after declines suggests adaptive responses to earlier profit erosions.
Return on Equity (ROE)
Target Corp., ROE calculation (quarterly data)
| Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net earnings | 935) | 1,036) | 1,103) | 854) | 1,192) | 942) | 1,382) | 971) | 835) | 950) | 876) | 712) | 183) | 1,009) | 1,544) | 1,488) | 1,817) | 2,097) | 1,380) | 1,014) | 1,690) | 284) | 834) | 714) | 938) | 795) | ||||||||
| Shareholders’ investment | 15,420) | 14,947) | 14,666) | 14,489) | 14,429) | 13,840) | 13,432) | 12,514) | 11,990) | 11,605) | 11,232) | 11,019) | 10,592) | 10,774) | 12,827) | 13,803) | 14,860) | 14,959) | 14,440) | 13,319) | 12,578) | 11,169) | 11,833) | 11,545) | 11,836) | 11,117) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| ROE1 | 25.47% | 28.00% | 27.89% | 30.16% | 31.10% | 29.84% | 30.81% | 29.02% | 28.13% | 23.45% | 24.75% | 31.29% | 39.88% | 54.37% | 54.15% | 49.13% | 42.45% | 41.32% | 30.25% | 28.70% | 28.00% | 24.80% | 27.73% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 28.91% | 29.80% | 30.98% | 31.19% | 32.95% | 32.73% | 24.92% | 25.11% | 25.46% | 26.55% | 27.40% | 28.31% | 28.28% | 28.39% | 27.97% | 28.51% | 28.67% | 27.75% | 29.10% | 21.89% | 22.08% | 22.74% | 23.55% | ||||||||
| Walmart Inc. | 23.69% | 22.46% | 21.36% | 22.33% | 18.42% | 23.30% | 18.50% | 20.50% | 17.65% | 15.61% | 15.23% | 12.41% | 17.88% | 16.90% | 16.42% | 9.75% | 12.48% | 15.64% | 16.69% | 24.24% | 23.76% | 22.02% | 19.93% | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
1 Q2 2026 Calculation
ROE = 100
× (Net earningsQ2 2026
+ Net earningsQ1 2026
+ Net earningsQ4 2025
+ Net earningsQ3 2025)
÷ Shareholders’ investment
= 100 × (935 + 1,036 + 1,103 + 854)
÷ 15,420 = 25.47%
2 Click competitor name to see calculations.
The financial analysis over the reported quarterly periods reveals several notable trends and fluctuations in net earnings, shareholders’ investment, and return on equity (ROE).
- Net Earnings
- Net earnings demonstrate significant volatility throughout the observed quarters. Initial values ranged around the 700-900 million US dollar mark but exhibited a pronounced decline during early 2020, reaching a low of 169 million US dollars in the May 2, 2020 quarter. This drop may reflect external disruptions affecting profitability. Subsequently, net earnings rebounded sharply, peaking above 2000 million US dollars in May 1, 2021, indicating a robust recovery phase. Following this peak, net earnings fluctuated, generally trending downward with several moderate increases, ending near 935 million US dollars by August 2, 2025. This pattern suggests intermittent performance challenges and recovery periods rather than stable growth.
- Shareholders’ Investment
- Shareholders’ investment steadily increased across the entire timeframe, rising from approximately 11.1 billion US dollars in early 2019 to over 15.4 billion US dollars by mid-2025. This consistent increase reflects ongoing capital infusion or retained earnings growing shareholders’ equity base. There are minor fluctuations in the rate of growth but no significant declines, indicating stable or improving investor confidence and capital structure strength over the period.
- Return on Equity (ROE)
- ROE data begins from the quarter ending May 2, 2020, and shows a dynamic pattern of high profitability efficiency. Initial ROE values were around 25-28%, rising steadily to a peak exceeding 54% during the quarters ending April and July 2022, signaling a period of very efficient use of equity capital. After this peak, ROE declined to the mid-20% range by mid-2025. This decline may align with the reduced net earnings observed in the latter periods, reflecting lower profitability relative to shareholder equity. Despite this, ROE remained at a relatively healthy level above 25% toward the end of the reported intervals, indicating sustained effective equity utilization.
In summary, the data portrays a company that experienced a significant performance downturn in early 2020 followed by a strong recovery, as evidenced by net earnings and ROE trends. Shareholders’ investment grew steadily throughout, supporting equity strength. However, fluctuating earnings in the later years induced a reduction in ROE from its peak, suggesting management may have faced challenges maintaining high profitability levels despite an expanding equity base.
Return on Assets (ROA)
Target Corp., ROA calculation (quarterly data)
| Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net earnings | 935) | 1,036) | 1,103) | 854) | 1,192) | 942) | 1,382) | 971) | 835) | 950) | 876) | 712) | 183) | 1,009) | 1,544) | 1,488) | 1,817) | 2,097) | 1,380) | 1,014) | 1,690) | 284) | 834) | 714) | 938) | 795) | ||||||||
| Total assets | 57,851) | 56,185) | 57,769) | 58,531) | 55,995) | 55,117) | 55,356) | 56,229) | 53,206) | 52,150) | 53,335) | 55,615) | 52,470) | 50,842) | 53,811) | 54,411) | 51,385) | 50,471) | 51,248) | 50,661) | 48,000) | 44,806) | 42,779) | 43,741) | 41,566) | 40,619) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| ROA1 | 6.79% | 7.45% | 7.08% | 7.47% | 8.01% | 7.49% | 7.48% | 6.46% | 6.34% | 5.22% | 5.21% | 6.20% | 8.05% | 11.52% | 12.91% | 12.46% | 12.28% | 12.25% | 8.52% | 7.54% | 7.34% | 6.18% | 7.67% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | — | — | — | 10.39% | 10.41% | 10.32% | 10.55% | 10.56% | 10.24% | 8.84% | 9.12% | 8.99% | 9.05% | 8.91% | 9.11% | 8.84% | 8.74% | 8.05% | 8.45% | 8.25% | 7.91% | 7.18% | 7.20% | 7.17% | 7.74% | 7.26% | ||||||||
| Walmart Inc. | 7.88% | 7.17% | 7.45% | 7.47% | 6.11% | 7.46% | 6.15% | 6.29% | 5.50% | 4.61% | 4.80% | 3.62% | 5.61% | 5.28% | 5.58% | 3.28% | 4.21% | 5.18% | 5.35% | 7.87% | 7.54% | 6.45% | 6.29% | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
1 Q2 2026 Calculation
ROA = 100
× (Net earningsQ2 2026
+ Net earningsQ1 2026
+ Net earningsQ4 2025
+ Net earningsQ3 2025)
÷ Total assets
= 100 × (935 + 1,036 + 1,103 + 854)
÷ 57,851 = 6.79%
2 Click competitor name to see calculations.
The financial data reveals several notable trends and fluctuations over the analyzed periods. Net earnings demonstrate variability, with periods of significant increase and decline. Initially, net earnings fluctuate moderately, peaking at 2097 million USD in May 2021, followed by a downward trend reaching a low of 183 million USD in July 2022. Subsequently, earnings recover somewhat, achieving intermittent rises but without stabilizing at previous peak levels, ending at 935 million USD in August 2025.
Total assets exhibit a generally increasing trajectory, reflecting an expansion in asset base over time. Starting from 40,619 million USD in May 2019, the asset base grows with some fluctuations, surpassing 56,000 million USD by October 2023. Despite minor dips in several intervals, the overall trend points to asset accumulation, reaching 57,851 million USD by August 2025.
Return on assets (ROA) data is available from February 2020 onward, showing initially strong profitability metrics, with ROA percentages rising from approximately 7.67% at debut measurement to peaks above 12% in mid-2021. After this peak, ROA gradually declines, trailing to around 5.2% by early 2023. From mid-2023, ROA figures indicate a gradual recovery pattern, stabilizing within the 6% to 8% range towards the end of the report period.
- Net Earnings
- Displayed volatility with a large peak in May 2021, sharp declines mid-2022, and partial recovery post-2022, ending with values below the peak levels of 2021.
- Total Assets
- Demonstrated a consistent growth pattern with minor fluctuations, evidencing ongoing asset accumulation and financial size expansion over the examined timeframe.
- Return on Assets (ROA)
- Initiated at solid levels, improved to double-digit percentages in 2021, followed by a decrease to near 5% in early 2023, and a moderate uptrend thereafter, stabilizing between 6% and 8%.
Overall, the company shows an expanding asset base accompanied by cyclic variations of profitability as indicated by net earnings and ROA. Peaks in profitability coincide temporally with asset growth but are followed by periods of margin pressures and earnings contraction. The partial recovery in profitability metrics towards the end of the timeline suggests an adaptation or operational improvement in response to previous downturns.