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TGT

Target Corporation

TGT

Target Corporation • NYSE
$90.63 ▲ 0.92% (+0.82)
Market Cap $41.18 B
52w High $145.08
52w Low $83.44
Dividend Yield 4.52%
P/E 10.98
Volume 4.06M
Outstanding Shares 454.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $25.398B ▲ $5.252B ▼ $971M ▲ 3.823% ▲ $2.1 ▲ $2.071B ▼
Q2-2025 $25.211B ▲ $5.325B ▲ $935M ▼ 3.709% ▼ $2.05 ▼ $2.111B ▼
Q1-2025 $23.846B ▼ $5.184B ▼ $1.036B ▼ 4.345% ▲ $2.28 ▼ $2.291B ▲
Q4-2024 $30.915B ▲ $5.969B ▲ $1.103B ▲ 3.568% ▲ $2.42 ▲ $2.267B ▲
Q3-2024 $25.668B $5.485B $854M 3.327% $1.86 $1.956B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.822B ▼ $59.991B ▲ $44.49B ▲ $15.501B ▲
Q2-2025 $4.341B ▲ $57.851B ▲ $42.431B ▲ $15.42B ▲
Q1-2025 $2.887B ▼ $56.185B ▼ $41.238B ▼ $14.947B ▲
Q4-2024 $4.762B ▲ $57.769B ▼ $43.103B ▼ $14.666B ▲
Q3-2024 $3.433B $58.531B $44.042B $14.489B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $971M ▲ $1.934B ▼ $-1.089B ▼ $-552M ▼ $1.031B ▼ $807M ▼
Q2-2025 $935M ▼ $2.083B ▲ $-1.066B ▼ $437M ▲ $1.454B ▲ $2.873B ▲
Q1-2025 $1.036B ▼ $275M ▼ $-787M ▲ $-1.363B ▼ $-1.875B ▼ $-515M ▼
Q4-2024 $1.103B ▲ $3.289B ▲ $-918M ▼ $-1.042B ▼ $1.329B ▲ $2.366B ▲
Q3-2024 $854M $739M $-637M $-166M $-64M $84M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Advertising Revenue
Advertising Revenue
 $0 ▲$650.00M ▲$160.00M ▼$220.00M ▲
Apparel and Accessories
Apparel and Accessories
 $4.00Bn ▲$4.34Bn ▲$3.71Bn ▼$4.09Bn ▲
Beauty
Beauty
 $3.23Bn ▲$3.44Bn ▲$3.10Bn ▼$3.40Bn ▲
Beauty and Household Essentials
Beauty and Household Essentials
 $4.71Bn ▲$4.79Bn ▲$4.36Bn ▼$4.42Bn ▲
Credit Card Profit Sharing
Credit Card Profit Sharing
 $150.00M ▲$140.00M ▼$140.00M ▲$130.00M ▼
Food and Beverage
Food and Beverage
 $5.92Bn ▲$6.52Bn ▲$5.90Bn ▼$5.59Bn ▼
Hardlines
Hardlines
 $3.15Bn ▲$6.15Bn ▲$3.07Bn ▼$3.52Bn ▲
Home Furnishings and Decor
Home Furnishings and Decor
 $4.18Bn ▲$5.09Bn ▲$3.22Bn ▼$3.66Bn ▲
Other Product
Other Product
 $30.00M ▲$100.00M ▲$40.00M ▼$180.00M ▲
Other Other Revenue
Other Other Revenue
 $290.00M ▲$-300.00M ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Target’s sales have leveled off in recent years after a strong jump during the pandemic, suggesting the company has largely held on to its larger scale but is no longer in a rapid growth phase. Profitability went through a rough patch in the middle of this period, when costs and markdowns squeezed margins, but earnings have since recovered to healthier, more stable levels, though still not back to the peak year. Overall, the income statement points to a mature retailer that absorbed a shock, adjusted its pricing and inventory strategy, and is now back to generating solid, if not spectacular, profits.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown steadily in size while using more borrowing to support that growth. Debt has crept up over time and cash reserves have come down from earlier highs, which means Target is operating with a thinner cash cushion and somewhat higher financial leverage than before. Shareholder equity has started to rebuild after being drawn down, which is a positive sign, but the company still needs to balance ongoing investment with maintaining a comfortable safety buffer. Overall, the balance sheet looks sound but not overly conservative, with some reliance on debt that investors will want to see managed carefully if conditions weaken.

Cash Flow

Cash Flow Target’s cash generation from its day‑to‑day business remains a clear strength, although it has been quite up and down from year to year. A stretch of heavy investment in stores, technology, and infrastructure temporarily pushed free cash flow into negative territory, but as those projects moderated and operations normalized, free cash flow turned positive again. The pattern suggests Target deliberately chose to reinvest aggressively during and after the pandemic and is now benefiting from those investments while easing back to a more balanced cash profile. The key watchpoint is whether cash from operations continues to comfortably cover both capital spending and shareholder returns in a tougher consumer environment.

Competitive Edge

Competitive Edge Target sits in a crowded space between value-focused giants like Walmart and online leaders like Amazon, but it has carved out a distinct niche built around “affordable style” and a more enjoyable shopping trip. Its combination of a strong brand, large national store base, and integrated online–offline experience (especially same‑day pickup and delivery) gives it a durable position with convenience‑oriented families. Owned brands in apparel, home, and groceries deepen customer loyalty and often carry better margins than national labels, reinforcing its edge. The main risks are ongoing price competition, the need to keep stores and digital experiences fresh, and the sensitivity of its middle‑income customer base to economic slowdowns.

Innovation and R&D

Innovation and R&D While Target does not do traditional lab-style R&D, it invests heavily in technology, data, and new retail concepts. The company’s use of stores as fulfillment hubs, AI‑driven inventory and search, and app‑based services like Drive Up reflect a consistent push to make shopping faster, easier, and more personalized. Its loyalty ecosystem, including Target Circle and the upcoming paid tier, plus the steady rollout of new owned brands and curated assortments, shows a test‑and‑learn mindset aimed at deepening engagement per customer. Experiments with AI tools for staff, revamped product categories, and sustainability initiatives suggest Target is trying to stay ahead of shifts in how and why people shop, rather than simply reacting to them.

Summary

Taken together, Target’s financials show a large, mature retailer that rode a pandemic surge, weathered a profitability setback, and is now back to more stable earnings with moderate growth. The balance sheet and cash flows indicate a willingness to lean into investment and some debt to strengthen its stores, logistics, and digital capabilities, while still keeping overall finances reasonably solid. Competitively, Target’s blend of brand appeal, omnichannel convenience, and strong private labels provides meaningful differentiation, though it must continually defend that ground against powerful rivals. Its ongoing focus on technology, AI, loyalty programs, and curated product experiences positions it to adapt as retail evolves, but execution quality and consumer spending trends will be critical swing factors for future performance.

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