Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Target Corp., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02).
The common-size income statement reveals several noteworthy trends in the company’s financial performance over the analyzed period. Gross margin demonstrates considerable fluctuation, while operating income exhibits a more moderate, yet still significant, variability. Net earnings as a percentage of net sales show a pronounced cyclical pattern.
- Gross Margin
- Gross margin initially rose from 26.03% in May 2020 to a peak of 31.78% in August 2020, before declining to 27.71% in January 2021. It experienced another increase, reaching 30.92% in May 2021, followed by a decrease to 22.64% in April 2022, representing the lowest point in the observed period. A recovery was then seen, peaking at 30.07% in August 2024, before decreasing again to 28.23% in November 2025. This suggests sensitivity to factors impacting cost of goods sold, potentially including supply chain dynamics or promotional activity.
- Operating Income
- Operating income as a percentage of net sales displayed a substantial increase from 2.39% in May 2020 to a high of 10.01% in August 2020. It then decreased to 6.48% in January 2021, followed by a rise to 9.81% in May 2021. A subsequent decline to 1.23% in April 2022 was observed, followed by a gradual recovery, reaching 6.42% in August 2024. The most recent periods show a slight decrease, ending at 3.75% in November 2025. The fluctuations appear correlated with gross margin trends, but are also influenced by changes in operating expenses.
- Selling, General, and Administrative Expenses
- Selling, general, and administrative expenses remained relatively stable as a percentage of net sales, generally fluctuating between 18.63% and 21.91% throughout the period. A noticeable increase to 21.37% in August 2024 and 21.91% in November 2024 was observed, potentially indicating increased investment in marketing or administrative functions. The expense ratio generally decreased in the later periods.
- Net Earnings
- Net earnings as a percentage of net sales mirrored the trends in operating income, with a peak of 7.36% in August 2020 and a low of 0.70% in April 2022. A recovery was evident in later periods, reaching 4.68% in August 2024, before declining to 2.73% in November 2025. The impact of net interest expense and other income/expense items appear to be relatively consistent, with net earnings closely tracking operating income.
- Tax Rate
- The effective tax rate, calculated as provision for income taxes divided by net sales, varied considerably. It was negative in May 2020, indicating a tax benefit, and reached a peak of -2.17% in August 2020. The rate then stabilized around -1.25% to -1.65% before increasing to -0.67% in November 2025. This variability suggests the influence of tax credits, adjustments, or changes in the applicable tax rate.
Overall, the company’s profitability appears cyclical, with significant fluctuations observed in gross margin and net earnings. The consistency in selling, general, and administrative expenses suggests a degree of cost control, while the variability in the tax rate introduces an additional layer of complexity to the financial performance.