Target Corporation

TGT · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$47,757	$63,192	$67,167	$77,567	$104,291	$86,803	$53,058	$34,099	$34,952	$30,520	$44,614	$46,887	$35,972	$40,157	$33,989	$39,328	$38,555	$24,036	$48,230	$53,464	$47,778	$44,729	$38,578	$25,615	$48,609	$33,402	$28,609	$28,054	$15,682	$8,543	$5,708	$5,199	$4,902	$6,000	$4,953	$4,975	$4,528	$3,632	$3,266	$3,845	$4,299
Enterprise value	$57,948	$74,412	$80,111	$93,068	$109,862	$85,757	$62,645	$45,219	$43,873	$39,647	$50,320	$55,882	$47,871	$56,891	$49,484	$52,213	$51,552	$41,924	$62,870	$62,688	$56,002	$52,022	$48,888	$36,018	$57,103	$39,537	$33,408	$32,507	$20,169	$13,383	$10,674	$9,749	$9,233	$10,607	$9,537	$8,922	$7,241	$6,205	$5,281	$5,009	$5,059
P/E (TTM) at period end	12.89×	15.45×	16.23×	27.90×	15.01×	19.87×	16.17×	11.61×	11.99×	11.16×	13.27×	–	18.25×	13.39×	11.60×	13.47×	15.50×	10.86×	16.93×	19.18×	19.84×	13.99×	21.33×	15.78×	35.53×	26.43×	25.01×	30.00×	20.88×	18.45×	18.35×	11.98×	13.07×	15.67×	16.45×	12.13×	11.04×	12.66×	14.30×	14.96×	15.16×
P/S (TTM) at period end	0.46×	0.59×	0.63×	0.71×	0.98×	0.93×	0.68×	0.45×	0.49×	0.44×	0.60×	0.65×	0.50×	0.55×	0.49×	0.58×	0.59×	0.37×	0.76×	0.90×	0.91×	0.95×	0.92×	0.68×	1.22×	0.91×	0.85×	0.91×	0.56×	0.34×	0.24×	0.24×	0.25×	0.33×	0.31×	0.34×	0.33×	0.30×	0.31×	0.42×	0.49×
P/B at period end	2.95×	4.31×	5.00×	6.91×	8.13×	6.01×	4.48×	3.02×	3.00×	2.80×	3.44×	3.35×	2.22×	2.43×	2.15×	2.54×	2.51×	1.75×	3.15×	3.42×	3.36×	3.43×	3.49×	2.71×	6.18×	5.12×	4.88×	5.26×	3.49×	2.22×	1.65×	1.61×	1.70×	2.31×	2.16×	2.40×	2.58×	1.95×	1.64×	1.76×	2.21×
EV / EBITDA (TTM)	7.02×	8.71×	9.42×	14.21×	9.48×	9.50×	8.63×	6.87×	6.55×	5.52×	7.06×	8.39×	7.07×	7.85×	6.70×	7.20×	7.81×	6.73×	9.07×	9.55×	9.77×	10.70×	11.48×	9.53×	15.19×	11.57×	10.50×	11.89×	8.28×	6.66×	6.94×	5.83×	5.95×	7.04×	7.45×	6.58×	5.73×	–	–	–	–
EV / Sales (TTM)	0.55×	0.70×	0.75×	0.85×	1.04×	0.92×	0.80×	0.60×	0.61×	0.57×	0.68×	0.77×	0.67×	0.78×	0.71×	0.77×	0.79×	0.65×	0.99×	1.05×	1.06×	1.11×	1.16×	0.96×	1.43×	1.07×	0.99×	1.06×	0.73×	0.53×	0.45×	0.46×	0.48×	0.59×	0.59×	0.61×	0.53×	0.51×	0.49×	0.54×	0.58×
Returns
Return on equity	22.9%	27.9%	30.8%	24.8%	54.2%	30.2%	27.7%	26.0%	25.0%	25.0%	25.9%	(11.7%)	12.1%	18.1%	18.5%	18.9%	16.2%	16.1%	18.6%	17.8%	17.0%	24.5%	16.3%	17.2%	17.4%	19.4%	19.5%	17.5%	16.7%	12.1%	9.0%	13.4%	13.0%	14.8%	13.1%	19.8%	23.4%	15.4%	11.5%	11.8%	14.6%
Return on invested capital	12.8%	14.5%	15.2%	11.1%	29.8%	24.5%	15.6%	14.1%	15.1%	15.5%	15.3%	12.4%	11.1%	10.2%	11.0%	11.4%	9.8%	8.6%	10.8%	12.6%	12.0%	11.0%	9.2%	8.8%	10.2%	12.1%	13.4%	12.3%	11.7%	9.5%	6.9%	8.9%	9.0%	9.1%	8.1%	10.2%	12.8%	9.5%	7.9%	9.4%	12.6%
Dividend yield	4.3%	3.2%	3.0%	2.4%	1.5%	1.5%	2.5%	3.9%	3.8%	4.4%	3.1%	2.6%	2.8%	2.2%	2.2%	1.5%	1.3%	1.9%	0.9%	0.7%	0.7%	0.6%	0.6%	0.9%	0.4%	0.6%	0.7%	0.6%	1.1%	1.8%	2.6%	2.8%	2.8%	2.2%	2.6%	2.3%	1.9%	–	–	–	–
Financial health
Current ratio	0.94×	0.94×	0.91×	0.92×	0.99×	1.03×	0.89×	0.83×	0.96×	0.94×	1.12×	1.16×	0.91×	1.17×	1.15×	1.71×	1.63×	1.66×	1.60×	1.32×	1.50×	1.69×	1.55×	1.59×	1.37×	1.16×	1.11×	1.19×	1.22×	1.32×	1.41×	1.46×	1.47×	1.49×	1.56×	1.51×	1.42×	1.49×	1.46×	1.84×	1.80×
Debt / equity	1.02×	1.09×	1.19×	1.44×	1.07×	0.88×	0.97×	1.00×	0.98×	1.17×	0.98×	0.91×	0.77×	1.01×	1.11×	1.02×	1.10×	1.37×	1.12×	0.64×	0.69×	0.73×	1.00×	1.18×	1.14×	1.00×	0.86×	0.88×	1.05×	1.31×	1.48×	1.45×	1.61×	1.82×	2.04×	1.95×	1.61×	1.41×	1.10×	0.64×	0.49×
Effective tax rate	22.3%	22.2%	21.9%	18.7%	22.0%	21.2%	22.0%	20.3%	19.9%	32.7%	32.5%	33.0%	34.6%	34.4%	34.3%	35.0%	35.7%	37.4%	38.4%	38.0%	37.6%	37.8%	37.8%	38.2%	38.0%	38.4%	38.8%	38.2%	39.5%	39.5%	37.9%	39.2%	38.2%	37.3%	36.2%	37.8%	39.5%	39.2%	42.9%	48.4%	45.9%
Share count
Diluted shares outstanding	456	462	463	465	493	505	516	533	550	582	633	640	642	663	684	729	755	774	851	869	889	912	1,028	914	1,131	913	930	935	927	965	942	943	938	958	971	953	911	990	1,142	1,118	1,134

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$107,705	$104,780	$106,566	$107,412	$109,120	$106,005	$93,561	$78,112	$75,356	$71,879	$69,495	$73,785	$72,618	$71,279	$73,301	$69,865	$67,390	$65,357	$64,948	$63,367	$59,490	$52,620	$46,839	$42,025	$37,410	$39,826	$36,903	$33,702	$30,662	$27,757	$25,371	$23,516	$21,311	$19,233	$17,927	$16,115	$14,739	$13,644	$12,204	$10,677	$9,259	$8,793
Cost of revenue	($76,144)	($75,511)	($76,502)	($77,828)	($82,306)	($74,963)	($66,177)	($54,864)	($53,299)	($51,125)	($49,145)	($52,241)	($51,278)	($50,039)	($50,568)	($47,860)	($45,725)	($44,062)	($44,157)	($42,929)	($40,106)	($35,703)	($31,445)	($28,389)	($25,498)	($27,143)	($25,295)	($23,029)	($21,085)	($20,320)	($18,628)	($17,527)	($15,636)	($14,164)	($13,129)	($11,751)	($10,649)	($9,886)	($8,885)	($7,851)	($6,703)	($6,269)
Gross profit	$31,561	$29,269	$30,064	$29,584	$26,814	$31,042	$27,384	$23,248	$22,057	$20,754	$20,350	$21,544	$21,340	$21,240	$22,733	$22,005	$21,665	$21,295	$20,791	$20,438	$19,384	$16,917	$15,394	$13,636	$11,912	$12,683	$11,608	$10,673	$9,577	$7,437	$6,743	$5,989	$5,675	$5,069	$4,798	$4,364	$4,090	$3,758	$3,319	$2,826	$2,556	$2,524
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($22,872)	($21,535)	($21,969)	($21,462)	($20,581)	($19,752)	($18,615)	($16,233)	($15,723)	($15,140)	($14,217)	($14,665)	($14,676)	($14,465)	($14,643)	($14,106)	($13,469)	($13,078)	($12,954)	($12,670)	($12,819)	($11,185)	($10,534)	($9,379)	($8,134)	($8,924)	($8,190)	($7,490)	($6,843)	($4,532)	($4,289)	($4,043)	($3,631)	($3,175)	($2,978)	($2,801)	($2,478)	($2,264)	($2,131)	($1,866)	($1,611)	($1,573)
Total operating expenses	($25,538)	($24,152)	($24,498)	($23,877)	($22,966)	($22,096)	($20,845)	($18,590)	($17,947)	($16,530)	($15,486)	($16,634)	($16,805)	($16,461)	($17,527)	($16,755)	($16,496)	($16,719)	($16,389)	($15,166)	($14,315)	($12,594)	($11,793)	($10,477)	($9,101)	($10,003)	($9,130)	($8,344)	($7,623)	($5,695)	($5,384)	($5,046)	($4,535)	($4,016)	($3,750)	($3,494)	($3,106)	($2,813)	($2,629)	($2,275)	($1,944)	($1,892)
Total costs and expenses	($101,682)	($99,663)	($101,000)	($101,705)	($105,272)	($97,059)	($87,022)	($73,454)	($71,246)	($67,655)	($64,631)	($68,875)	($68,083)	($66,500)	($68,095)	($64,615)	($62,221)	($60,781)	($60,546)	($58,095)	($54,421)	($48,297)	($43,238)	($38,866)	($34,599)	($37,146)	($34,425)	($31,373)	($28,708)	($26,015)	($24,012)	($22,573)	($20,171)	($18,180)	($16,879)	($15,245)	($13,755)	($12,699)	($11,514)	($10,126)	($8,647)	($8,161)
Operating income	$6,023	$5,117	$5,566	$5,707	$3,848	$8,946	$6,539	$4,658	$4,110	$4,224	$4,864	$4,910	$4,535	$4,779	$5,206	$5,250	$5,169	$4,576	$4,402	$5,272	$5,069	$4,323	$3,601	$3,159	$2,811	$2,680	$2,478	$2,329	$1,954	$1,742	$1,359	$943	$1,140	$1,053	$1,048	$870	$984	$945	$690	$552	$612	$632
Earnings
EBITDA	$9,196	$8,251	$8,547	$8,508	$6,548	$11,588	$9,024	$7,262	$6,584	$6,700	$7,182	$7,123	$6,664	$6,775	$7,250	$7,381	$7,253	$6,599	$6,228	$6,931	$6,565	$5,732	$4,860	$4,257	$3,778	$3,759	$3,418	$3,183	$2,734	$2,435	$2,009	$1,537	$1,671	$1,551	$1,507	$1,280	$1,356	$1,264	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$3	$3	$3	$28	$21	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($429)	($445)	($411)	($502)	($478)	($421)	($977)	($477)	($461)	($653)	($991)	($607)	($882)	($1,049)	($684)	($866)	($757)	($801)	($866)	($647)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,659	$4,767	$5,261	$5,297	$3,418	$8,907	$5,546	$4,190	$3,676	$3,630	$3,961	$4,923	$3,653	$4,121	$5,056	$4,456	$4,495	$3,872	$3,536	$4,625	$4,497	$3,860	$3,031	$2,603	$2,227	$2,207	$2,053	$1,936	$1,556	$1,326	$783	$501	$714	$607	$611	$472	$659	$678	$472	$400	$494	$525
Income tax expense	($1,267)	($1,062)	($1,170)	($1,159)	($638)	($1,961)	($1,178)	($921)	($746)	($722)	($1,295)	($1,602)	($1,204)	($1,427)	($1,741)	($1,527)	($1,575)	($1,384)	($1,322)	($1,776)	($1,710)	($1,452)	($1,146)	($984)	($851)	($839)	($789)	($751)	($594)	($524)	($309)	($190)	($280)	($232)	($228)	($171)	($249)	($268)	($185)	($171)	($239)	($241)
Net income	$4,393	$3,705	$4,091	$4,138	$2,780	$6,946	$4,368	$3,281	$2,937	$2,914	$2,734	$3,363	($1,636)	$1,971	$2,999	$2,929	$2,920	$2,488	$2,214	$2,849	$2,787	$2,408	$3,198	$1,809	$1,623	$1,368	$1,264	$1,144	$935	$751	$463	$311	$434	$375	$383	$301	$410	$410	$287	$228	$257	$284
Per share
Diluted EPS (GAAP)	$9.63	$8.13	$8.86	$8.94	$5.98	$14.10	$8.64	$6.36	$5.51	$5.29	$4.69	$5.31	($2.56)	$3.07	$4.52	$4.28	$4.00	$3.30	$2.86	$3.33	$3.21	$2.71	$3.51	$1.76	$1.78	$1.21	$1.38	$1.23	$0.99	$0.80	$0.48	$0.33	$0.46	$0.40	$0.40	$0.31	$0.43	$0.45	$0.29	$0.20	$0.23	$0.25
Basic EPS (GAAP)	$9.68	$8.16	$8.89	$8.96	$6.02	$14.23	$8.72	$6.42	$5.55	$5.32	$4.73	$5.35	($2.58)	$3.10	$4.57	$4.31	$4.03	$3.31	$2.87	$3.37	$3.23	$2.73	$3.54	$1.78	$1.79	$1.22	$1.40	$1.25	$1.04	$0.84	$0.51	$0.34	$0.48	$0.42	$0.42	$0.33	$0.45	$0.45	$0.29	$0.20	$0.23	$0.25
Basic shares outstanding	454	454	460	462	462	488	501	511	529	547	578	628	635	635	657	679	724	752	770	845	862	882	904	1,016	908	1,121	904	903	880	872	908	915	904	893	912	912	911	911	990	1,142	1,118	1,134
Margins
Gross margin	29.3%	27.9%	28.2%	27.5%	24.6%	29.3%	29.3%	29.8%	29.3%	28.9%	29.3%	29.2%	29.4%	29.8%	31.0%	31.5%	32.1%	32.6%	32.0%	32.3%	32.6%	32.1%	32.9%	32.4%	31.8%	31.8%	31.5%	31.7%	31.2%	26.8%	26.6%	25.5%	26.6%	26.4%	26.8%	27.1%	27.7%	27.5%	27.2%	26.5%	27.6%	28.7%
Operating margin	5.6%	4.9%	5.2%	5.3%	3.5%	8.4%	7.0%	6.0%	5.5%	5.9%	7.0%	6.7%	6.2%	6.7%	7.1%	7.5%	7.7%	7.0%	6.8%	8.3%	8.5%	8.2%	7.7%	7.5%	7.5%	6.7%	6.7%	6.9%	6.4%	6.3%	5.4%	4.0%	5.3%	5.5%	5.8%	5.4%	6.7%	6.9%	5.7%	5.2%	6.6%	7.2%
Net margin	4.1%	3.5%	3.8%	3.9%	2.5%	6.6%	4.7%	4.2%	3.9%	4.1%	3.9%	4.6%	(2.3%)	2.8%	4.1%	4.2%	4.3%	3.8%	3.4%	4.5%	4.7%	4.6%	6.8%	4.3%	4.3%	3.4%	3.4%	3.4%	3.0%	2.7%	1.8%	1.3%	2.0%	1.9%	2.1%	1.9%	2.8%	3.0%	2.4%	2.1%	2.8%	3.2%

Analyst consensus

Buy60 analysts

Bearish · 4 · Hold · 28 · Bullish · 28

Earnings history

	EPS	Estimate
Q3 2024	$1.85	$2.30	Miss
Q4 2024	$2.41	$2.27	Beat
Q1 2025	$1.30	$1.56	Miss
Q2 2025	$2.05	$2.04	Beat
Q3 2025	$1.78	$1.71	Beat
Q4 2025	$2.44	$2.16	Beat
Q1 2026	$1.71	$1.47	Beat
Q2 2026	$4.11	$2.35	Beat

Peers

Company overview

IPO dateOct 18, 1967

CEOMichael J. Fiddelke

Employees415,000

SectorConsumer Defensive

IndustryDiscount Stores

CountryUS

ExchangeNew York Stock Exchange

Websitecorporate.target.com

Target Corp. engages in the operation and ownership of general merchandise stores. It offers food and general merchandise, clothing and household goods, electronics, and toys. Its brands include A New Day, All in Motion, Art Class, Auden, AVA & VIV, Boots and Barkley, Brightroom, Bullseye's Playground, Casaluna, Cat & Jack, Cloud Island, Colsie, dealworthy, Embark, Everspring, Favorite Day, Figmint, Future Collective, Gigglescape, Good & Gather, Goodfellow & Co, Hearth & Hand with Magnolia, Heyday, Hyde & EEK! Boutique, JoyLab, Kindfull, Kona Sol, Made By Design, Market Pantry, Mondo Llama, More Than Magic, Opalhouse, Open Story, Original Use, Pillowfort, Project 62, Room Essentials, Shade & Shore, Smartly, Smith & Hawken, Sonia Kashuk, Spritz, Sun Squad, Threshold, Universal Thread, up&up, Wild Fable, Wondershop, Xhilaration, California Roots, Casa Cantina, The Collection, Headliner, Jingle & Mingle, Rosé Bae, Photograph, SunPop, and Wine Cube. The company was founded by George Draper Dayton in 1902 and is headquartered in Minneapolis, MN.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.