Target
TGT NYSE Consumer Staples Merchandise Retail Financials FY2016–FY2025
Target's revenue fell 1.7% to $104.8 billion in fiscal 2025. Its operating margin was 4.9%, down from 5.2% a year earlier. Free cash flow was $2.8 billion, down 36.7%. It paid out $2.5 billion in dividends and buybacks, 87% of free cash flow. The diluted share count fell 1.3%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What Target does
Target sells general merchandise and groceries at discounted prices, in its stores and through its digital channels. Most of its stores larger than 170,000 square feet carry a full line of groceries comparable to a traditional supermarket. It also runs Target Plus, an online marketplace where third parties sell goods. Nearly all of its sales are made in the United States.
Target reports a single segment, and the vast majority of its sales come from selling merchandise. Its stores fulfilled more than 97 percent of merchandise sales in each of the last three years, and they also fulfill most online orders. Approximately thirty percent of merchandise sales come from its owned and exclusive brands, such as Good & Gather, Cat & Jack and up & up. It also earns money from Roundel, its advertising business; profit sharing on its Target Circle Card program; Target Plus; and membership fees. It competes with department stores, off-price retailers, wholesale clubs, drug stores, supermarkets, direct-to-consumer brands and online marketplaces.
As of January 31, 2026, Target employed approximately 415,000 full-time, part-time and seasonal team members. CVS runs pharmacies and clinics in its stores, and Target sells through partnerships and shop-in-shops with companies such as Apple, Levi's and Ulta Beauty. In 2025 Target and Ulta Beauty agreed to end their shop-in-shop agreement when it expires in August 2026. About one-half of the merchandise Target offers comes from outside the United States, with China the largest country of origin for imports.
- Legal name
- Target Corporation
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 11, 2026
- Accession · CIK
- 0000027419-26-000016
0000027419
Revenue and margins
Target had $104.8B of revenue in fiscal 2025, down 1.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 6.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.8B in fiscal 2025, 2.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Target returned $2.5B to shareholders in fiscal 2025, 87% of free cash flow. The diluted share count fell 1.3%.
Value Target yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$11.0B and divides by 455.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 15.9x · peers 43.3x · sector 24.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Target can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $5.9B | $2.2B | $3.8B | $4.8B | $5.5B |
| Debt incl. finance leases | $13.7B | $16.1B | $16.0B | $15.9B | $16.5B |
| Net debt / EBITDA | 0.7x | 2.1x | 1.4x | 1.3x | 1.3x |
| Debt / equity | 1.1x | 1.4x | 1.2x | 1.1x | 1.0x |
| Interest coverage | 21.3x | 8.1x | 11.4x | 13.5x | 11.5x |
| Current ratio | 1.0x | 0.9x | 0.9x | 0.9x | 0.9x |
| Quick ratio | 0.4x | 0.2x | 0.3x | 0.3x | 0.4x |
| Total assets | $53.8B | $53.3B | $55.4B | $57.8B | $59.5B |
| Total liabilities | $41.0B | $42.1B | $41.9B | $43.1B | $43.3B |
| Shareholders' equity | $12.8B | $11.2B | $13.4B | $14.7B | $16.2B |
| Net debt (− = net cash) | $7.8B | $13.9B | $12.2B | $11.2B | $11.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$26.0M
5 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Brian C CornellExecutive Officer, Director | Sold | 50,000 | $163.56 | $8.2M | Form 4 |
| Aug 24, 2026 | Melissa K KremerExecutive Officer | Sold | 15,500 | $169.96 | $2.6M | Form 4 |
| Aug 21, 2026 | Matthew A LiegelChief Accounting Officer | Sold | 926 | $163.51 | $0.2M | Form 4 |
| Jun 29, 2026 | Lisa R RoathExecutive Officer | Sold | 7,000 | $138.07 | $1.0M | Form 4 |
| May 29, 2026 | Cara A SylvesterExecutive Officer | Sold | 10,000 | $125.89 | $1.3M | Form 4 |
| May 27, 2026 | Brian C CornellExecutive Officer, Director | Sold | 50,000 | $129.85 | $6.5M | Form 4 |
| Mar 17, 2026 | Matthew A LiegelChief Accounting Officer | Sold | 2,053 | $117.19 | $0.2M | Form 4 |
| Mar 10, 2026 | Brian C CornellExecutive Officer, Director | Sold | 50,000 | $121.76 | $6.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 7 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | −8.3% | −5.8% | −4.9% |
| Altman Z'' | 1.23 | 1.31 | 1.34 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Target TGT | $69.8B | −1.7% | 4.9% | 2.7% | 15.0% | 15.9x | 6 | |
| Walmart WMT | $956.5B | 4.7% | 4.2% | 2.1% | 16.1% | 43.3x | 7 | Compare → |
| Costco COST | $445.9B | 10.1% | 3.9% | 3.1% | 40.7% | 48.3x | 7 | Compare → |
| Amazon AMZN | $2.70T | 12.4% | 11.2% | 1.1% | 20.6% | 20.0x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $70.3B | $72.7B | $75.4B | $78.1B | $93.6B | $106.0B | $109.1B | $107.4B | $106.6B | $104.8B |
| Gross profit | $20.4B | $20.8B | $22.1B | $23.2B | $27.4B | $31.0B | $26.8B | $29.6B | $30.1B | $29.3B |
| 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 |
| Pretax 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 |
| Diluted EPS | $4.69 | $5.29 | $5.51 | $6.36 | $8.64 | $14.10 | $5.98 | $8.94 | $8.86 | $8.13 |
| Diluted shares | 0.58B | 0.55B | 0.53B | 0.52B | 0.51B | 0.49B | 0.46B | 0.46B | 0.46B | 0.46B |
| Cash flow | ||||||||||
| Cash from operations | $5.4B | $6.9B | $6.0B | $7.1B | $10.5B | $8.6B | $4.0B | $8.6B | $7.4B | $6.6B |
| Capital expenditure | $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 |
| Depreciation and amortization | $2.3B | $2.5B | $2.5B | $2.6B | $2.5B | $2.6B | $2.7B | $2.8B | $3.0B | $3.1B |
| Stock-based compensation | $113M | $112M | $132M | $147M | $200M | $228M | $220M | $251M | $304M | $281M |
| Acquisitions | $0.0M | $518M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $3.7B | $1.0B | $2.1B | $1.6B | $745M | $7.2B | $2.6B | $0.0M | $1.0B | $408M |
| Dividends paid | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.5B | $1.8B | $2.0B | $2.0B | $2.1B |
| Dividends and buybacks | $5.1B | $2.4B | $3.5B | $2.9B | $2.1B | $8.7B | $4.5B | $2.0B | $3.1B | $2.5B |
| Balance sheet | ||||||||||
| 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 |
| Total debt | $12.7B | $11.4B | $11.3B | $11.5B | $12.7B | $13.7B | $16.1B | $16.0B | $15.9B | $16.5B |
| Finance lease liabilities | $0.0M | $965M | $1.0B | $1.4B | $1.9B | $2.1B | $2.1B | $2.0B | $2.2B | $2.1B |
| Current assets | $12.0B | $12.5B | $12.5B | $12.9B | $20.8B | $21.6B | $17.8B | $17.5B | $19.5B | $20.0B |
| Current liabilities | $12.7B | $13.1B | $15.0B | $14.5B | $20.1B | $21.7B | $19.5B | $19.3B | $20.8B | $21.2B |
| Inventory | $8.3B | $8.6B | $9.5B | $9.0B | $10.7B | $13.9B | $13.5B | $11.9B | $12.7B | $12.3B |
| Property and equipment, net | $24.7B | $24.5B | $25.5B | $26.3B | $26.9B | $28.2B | $31.5B | $33.1B | $33.0B | $33.7B |
| Total assets | $37.4B | $40.3B | $41.3B | $42.8B | $51.2B | $53.8B | $53.3B | $55.4B | $57.8B | $59.5B |
| 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 |
| Margins | ||||||||||
| 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% |
| EBITDA margin | 10.2% | 9.2% | 8.7% | 9.3% | 9.7% | 10.9% | 6.0% | 7.9% | 8.0% | 7.9% |
| Net margin | 3.9% | 4.0% | 3.9% | 4.2% | 4.7% | 6.6% | 2.6% | 3.9% | 3.8% | 3.5% |
| FCF margin | 5.6% | 6.1% | 3.3% | 5.2% | 8.4% | 4.8% | −1.4% | 3.6% | 4.2% | 2.7% |
| Returns | ||||||||||
| Return on capital | 15.3% | 16.3% | 15.8% | 17.4% | 26.2% | 35.6% | 13.7% | 17.6% | 16.8% | 15.0% |
| Return on capital employed | 18.6% | 16.3% | 15.4% | 17.1% | 22.0% | 28.3% | 11.7% | 16.3% | 15.2% | 13.6% |
| Return on equity | 22.9% | 25.8% | 25.6% | 28.4% | 33.3% | 51.0% | 23.1% | 33.6% | 29.1% | 24.0% |
| Return on assets | 7.0% | 7.5% | 7.2% | 7.8% | 9.3% | 13.2% | 5.2% | 7.6% | 7.2% | 6.3% |
| Growth | ||||||||||
| Revenue growth | −4.8% | 3.5% | 3.6% | 3.7% | 19.8% | 13.3% | 2.9% | −1.6% | −0.8% | −1.7% |
| Net income growth | −18.7% | 6.6% | 0.8% | 11.7% | 33.1% | 59.0% | −60.0% | 48.9% | −1.1% | −9.4% |
| EPS growth | −11.7% | 12.8% | 4.2% | 15.4% | 35.9% | 63.2% | −57.6% | 49.5% | −0.9% | −8.2% |
| FCF growth | −13.8% | 13.0% | −44.2% | 66.5% | 92.6% | −35.5% | −129.7% | — | 17.3% | −36.7% |
| Share count change | −8.0% | −5.5% | −3.1% | −3.3% | −2.0% | −2.5% | −5.7% | −0.4% | −0.2% | −1.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.4x | 1.3x | 1.5x | 1.2x | 0.5x | 0.7x | 2.1x | 1.4x | 1.3x | 1.3x |
| Debt / equity | 1.2x | 1.0x | 1.0x | 1.0x | 0.9x | 1.1x | 1.4x | 1.2x | 1.1x | 1.0x |
| Interest coverage | 4.9x | 6.5x | 8.9x | 9.8x | 6.7x | 21.3x | 8.1x | 11.4x | 13.5x | 11.5x |
| Current ratio | 0.9x | 1.0x | 0.8x | 0.9x | 1.0x | 1.0x | 0.9x | 0.9x | 0.9x | 0.9x |
| Quick ratio | 0.3x | 0.3x | 0.2x | 0.3x | 0.5x | 0.4x | 0.2x | 0.3x | 0.3x | 0.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.2% | 3.5% | 4.7% | 3.9% | 2.8% | 3.3% | 5.1% | 4.5% | 2.7% | 3.6% |
| Stock comp / revenue | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% |
| Payouts / FCF | 129.7% | 54.2% | 140.8% | 70.8% | 26.5% | 171.9% | — | 52.7% | 68.2% | 86.8% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 8.0 | 6.0 | 9.0 | 8.0 | 7.0 | 4.0 | 7.0 | 7.0 | 6.0 |
| Altman Z'' | 1.7 | 1.6 | 1.1 | 1.4 | 1.9 | 1.8 | 0.9 | 1.2 | 1.3 | 1.3 |
| Accruals ratio | −7.0% | −10.4% | −7.4% | −9.1% | −13.1% | −3.2% | −2.3% | −8.3% | −5.8% | −4.9% |
Source: SEC EDGAR XBRL filings (CIK 0000027419). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.