Target (TGT) financial statements
Target reported revenue of $104.8B in fiscal 2026, up 4.5% a year over 9 years.
Net income was $3.7B and the operating margin 4.9%, against 6.9% in 2017.
Free cash flow was $2.8B, and the company returned $2.1B in dividends and $408M in net buybacks.
The diluted share count fell 22% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Target's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $70.3B | $72.7B | $75.4B | $78.1B | $93.6B | $106.0B | $109.1B | $107.4B | $106.6B | $104.8B |
| Cost of revenue | $49.1B | $51.1B | $53.3B | $54.9B | $66.2B | $75.0B | $82.3B | $77.8B | $76.5B | $75.5B |
| Gross profit | $20.4B | $20.8B | $22.1B | $23.2B | $27.4B | $31.0B | $26.8B | $29.6B | $30.1B | $29.3B |
| Selling, general and admin | $14.2B | $15.1B | $15.7B | $16.2B | $18.6B | $19.8B | $20.6B | $21.5B | $22.0B | $21.5B |
| Operating income | $4.9B | $4.2B | $4.1B | $4.7B | $6.5B | $8.9B | $3.8B | $5.7B | $5.6B | $5.1B |
| Interest expense | $991M | $653M | $461M | $477M | $977M | $421M | $478M | $502M | $411M | $445M |
| Pre-tax income | $4.0B | $3.6B | $3.7B | $4.2B | $5.5B | $8.9B | $3.4B | $5.3B | $5.3B | $4.8B |
| Income tax | $1.3B | $722M | $746M | $921M | $1.2B | $2.0B | $638M | $1.2B | $1.2B | $1.1B |
| Net income | $2.7B | $2.9B | $2.9B | $3.3B | $4.4B | $6.9B | $2.8B | $4.1B | $4.1B | $3.7B |
| EPS (diluted) | $4.69 | $5.29 | $5.51 | $6.36 | $8.64 | $14.10 | $5.98 | $8.94 | $8.86 | $8.13 |
| Diluted shares | 582M | 550M | 533M | 516M | 505M | 493M | 465M | 463M | 462M | 456M |
| Gross margin | 29.0% | 28.5% | 29.3% | 29.8% | 29.3% | 29.3% | 24.6% | 27.5% | 28.2% | 27.9% |
| Operating margin | 6.9% | 5.8% | 5.5% | 6.0% | 7.0% | 8.4% | 3.5% | 5.3% | 5.2% | 4.9% |
| Net margin | 3.9% | 4.0% | 3.9% | 4.2% | 4.7% | 6.6% | 2.5% | 3.9% | 3.8% | 3.5% |
Balance sheet
Fiscal years, from Target's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.5B | $2.6B | $1.6B | $2.6B | $8.5B | $5.9B | $2.2B | $3.8B | $4.8B | $5.5B |
| Inventory | $8.3B | $8.6B | $9.5B | $9.0B | $10.7B | $13.9B | $13.5B | $11.9B | $12.7B | $12.3B |
| Total current assets | $12.0B | $12.5B | $12.5B | $12.9B | $20.8B | $21.6B | $17.8B | $17.5B | $19.5B | $20.0B |
| Property, plant and equipment | $24.7B | $24.5B | $25.5B | $26.3B | $26.9B | $28.2B | $31.5B | $33.1B | $33.0B | $33.7B |
| Goodwill | $133M | $630M | $633M | $633M | $631M | $631M | $631M | $631M | $631M | $631M |
| Total assets | $37.4B | $40.3B | $41.3B | $42.8B | $51.2B | $53.8B | $53.3B | $55.4B | $57.8B | $59.5B |
| Total current liabilities | $12.7B | $13.1B | $15.0B | $14.5B | $20.1B | $21.7B | $19.5B | $19.3B | $20.8B | $21.2B |
| Long-term debt | $11.0B | $11.1B | $10.2B | $11.3B | $11.5B | $13.5B | $16.0B | $14.9B | $14.3B | $14.3B |
| Total liabilities | $26.5B | $28.7B | $30.0B | $30.9B | $36.8B | $41.0B | $42.1B | $41.9B | $43.1B | $43.3B |
| Shareholders' equity | $10.9B | $11.7B | $11.3B | $11.8B | $14.4B | $12.8B | $11.2B | $13.4B | $14.7B | $16.2B |
| Net debt | $10.2B | $11.1B | $10.9B | $11.2B | $11.2B | $13.2B | $15.7B | $14.6B | $14.0B | $14.1B |
Cash flow
Fiscal years, from Target's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.4B | $6.9B | $6.0B | $7.1B | $10.5B | $8.6B | $4.0B | $8.6B | $7.4B | $6.6B |
| Capital spending | $1.5B | $2.5B | $3.5B | $3.0B | $2.6B | $3.5B | $5.5B | $4.8B | $2.9B | $3.7B |
| Free cash flow | $3.9B | $4.4B | $2.5B | $4.1B | $7.9B | $5.1B | -$1.5B | $3.8B | $4.5B | $2.8B |
| Stock-based compensation | $113M | $112M | $132M | $147M | $200M | $228M | $220M | $251M | $304M | $281M |
| Dividends paid | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.5B | $1.8B | $2.0B | $2.0B | $2.1B |
| Share buybacks (net) | -$3.7B | -$1.0B | -$2.1B | -$1.6B | -$745M | -$7.2B | -$2.6B | $0 | -$1.0B | -$408M |
| Net borrowing | -$672M | -$1.5B | -$281M | -$330M | $65M | $825M | $2.5B | -$147M | -$398M | $341M |
| Free cash flow margin | 5.5% | 6.1% | 3.3% | 5.2% | 8.4% | 4.8% | -1.4% | 3.6% | 4.2% | 2.7% |
| Dividends per share | $2.31 | $2.43 | $2.50 | $2.58 | $2.66 | $3.14 | $3.95 | $4.35 | $4.43 | $4.51 |
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Open TGT in InvestinglyQuestions
What was Target's revenue in 2026?
$104.8B in fiscal 2026, from its 10-K filing.
How much free cash flow does Target generate?
$2.8B in fiscal 2026 (operating cash flow minus capital spending).
From Target's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.