Target
TGT · NYSERetail-Variety Stores · Fiscal year ends Feb 1
Target reported revenue of $105B in the fiscal year ended Jan 2026, down 1.7% from the year before. Operating income was $5.1B, an operating margin of 4.9%, and net income was $3.7B. Operating cash flow of $6.6B less capital expenditure of $3.7B left free cash flow of $2.8B. Net debt was $8.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $106B | $109B | $107B | $107B | $105B |
| Cost of revenue | $75B | $82.3B | $77.8B | $76.5B | $75.5B |
| Gross profit | $31B | $26.8B | $29.6B | $30.1B | $29.3B |
| Selling, general & admin | $19.8B | $20.6B | $21.5B | $22B | $21.5B |
| Operating income | $8.9B | $3.8B | $5.7B | $5.6B | $5.1B |
| Interest expense | $421M | $478M | $502M | $411M | $445M |
| Pre-tax income | $8.9B | $3.4B | $5.3B | $5.3B | $4.8B |
| Income tax | $2B | $638M | $1.2B | $1.2B | $1.1B |
| Net income | $6.9B | $2.8B | $4.1B | $4.1B | $3.7B |
| Diluted EPS | 14.10 | 5.98 | 8.94 | 8.86 | 8.13 |
| Diluted shares | 493M | 465M | 463M | 462M | 456M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $5.9B | $2.2B | $3.8B | $4.8B | $5.5B |
| Inventory | $13.9B | $13.5B | $11.9B | $12.7B | $12.3B |
| Current assets | $21.6B | $17.8B | $17.5B | $19.5B | $20B |
| Net PP&E | $28.2B | $31.5B | $33.1B | – | – |
| Goodwill | $631M | $631M | $631M | $631M | $631M |
| Total assets | $53.8B | $53.3B | $55.4B | $57.8B | $59.5B |
| Payables | $15.5B | $13.5B | $12.1B | $13.1B | $12.6B |
| Deferred revenue | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B |
| Current liabilities | $21.7B | $19.5B | $19.3B | $20.8B | $21.2B |
| Long-term debt | $11.6B | $14.1B | $14.2B | $13.9B | $14.4B |
| Shareholders' equity | $12.8B | $11.2B | $13.4B | $14.7B | $16.2B |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $8.6B | $4B | $8.6B | $7.4B | $6.6B |
| Capital expenditure | $3.5B | $5.5B | $4.8B | $2.9B | $3.7B |
| Free cash flow | $5.1B | −$1.5B | $3.8B | $4.5B | $2.8B |
| Depreciation & amortisation | $2.6B | $2.7B | $2.8B | $3B | $3.1B |
| Stock-based compensation | $228M | $220M | $251M | $304M | $281M |
| Share buybacks | $7.2B | $2.6B | $0 | $1B | $408M |
| Dividends paid | $1.5B | $1.8B | $2B | $2B | $2.1B |
| Dividend per share | 3.38 | 4.14 | 4.38 | 4.46 | 4.54 |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.9% | −1.6% | −0.8% | −1.7% |
| Operating income growth (YoY) | – | −57.0% | 48.3% | −2.5% | −8.1% |
| EPS growth (YoY) | – | −57.6% | 49.5% | −0.9% | −8.2% |
| Gross margin | 29.3% | 24.6% | 27.5% | 28.2% | 27.9% |
| Operating margin | 8.4% | 3.5% | 5.3% | 5.2% | 4.9% |
| Net margin | 6.6% | 2.5% | 3.9% | 3.8% | 3.5% |
| Return on equityBlank when equity is negative | 54.2% | 24.8% | 30.8% | 27.9% | 22.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 27.9% | 11.4% | 15.8% | 15.1% | 13.4% |
| Free cash flow margin | 4.8% | −1.4% | 3.6% | 4.2% | 2.7% |
| Cash conversion (CFO ÷ net income) | 1.24x | 1.45x | 2.08x | 1.80x | 1.77x |
| Inventory days | 68 | 60 | 56 | 61 | 59 |
| Payable days | 75 | 60 | 57 | 62 | 61 |
| Interest cover | 21.2x | 8.05x | 11.4x | 13.5x | 11.5x |
| Debt ÷ equity | 0.90x | 1.26x | 1.05x | 0.95x | 0.89x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.7B | $11.9B | $10.3B | $9.1B | $8.9B |
| Current ratio | 0.99x | 0.92x | 0.91x | 0.94x | 0.94x |
Recent filings
More in Retail-Variety Stores
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.