Stock Analysis on Net
Stock Analysis on Net

Target Corp. (NYSE:TGT)

Common-Size Income Statement
Quarterly Data

Target Corp., common-size consolidated income statement (quarterly data)

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3 months ended: Aug 1, 2026 May 2, 2026 Jan 31, 2026 Nov 1, 2025 Aug 2, 2025 May 3, 2025 Feb 1, 2025 Nov 2, 2024 Aug 3, 2024 May 4, 2024 Feb 3, 2024 Oct 28, 2023 Jul 29, 2023 Apr 29, 2023 Jan 28, 2023 Oct 29, 2022 Jul 30, 2022 Apr 30, 2022 Jan 29, 2022 Oct 30, 2021 Jul 31, 2021 May 1, 2021 Jan 30, 2021 Oct 31, 2020 Aug 1, 2020 May 2, 2020
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -66.33 -70.99 -73.37 -71.77 -71.01 -71.83 -74.01 -71.59 -69.93 -71.13 -73.32 -71.46 -71.84 -72.61 -76.27 -74.21 -77.36 -73.35 -73.43 -70.97 -68.68 -69.08 -72.29 -68.53 -68.22 -73.97
Gross margin 33.67% 29.01% 26.63% 28.23% 28.99% 28.17% 25.99% 28.41% 30.07% 28.87% 26.68% 28.54% 28.16% 27.39% 23.73% 25.79% 22.64% 26.65% 26.57% 29.03% 31.32% 30.92% 27.71% 31.47% 31.78% 26.03%
Selling, general, and administrative expenses -21.57 -21.86 -19.86 -21.91 -21.26 -19.25 -19.16 -21.37 -21.18 -21.07 -18.89 -20.93 -20.93 -19.84 -18.08 -19.68 -19.21 -18.92 -17.86 -18.94 -19.27 -18.63 -19.22 -20.53 -19.41 -20.70
Depreciation and amortization, exclusive of depreciation included in cost of sales -2.45 -2.69 -2.24 -2.57 -2.51 -2.75 -2.09 -2.49 -2.46 -2.52 -1.95 -2.43 -2.40 -2.30 -1.96 -2.25 -2.20 -2.39 -1.95 -2.25 -2.24 -2.47 -2.01 -2.39 -2.36 -2.94
Operating income 9.65% 4.46% 4.53% 3.75% 5.22% 6.17% 4.75% 4.55% 6.42% 5.28% 5.84% 5.19% 4.83% 5.24% 3.69% 3.85% 1.23% 5.35% 6.76% 7.84% 9.81% 9.81% 6.48% 8.55% 10.01% 2.39%
Net interest expense -0.37 -0.46 -0.32 -0.46 -0.46 -0.49 -0.29 -0.41 -0.43 -0.43 -0.34 -0.42 -0.57 -0.58 -0.41 -0.47 -0.43 -0.44 -0.34 -0.41 -0.41 -0.45 -0.37 -2.79 -0.53 -0.60
Net other income (expense) -0.01 0.06 0.09 0.10 0.07 0.11 0.09 0.11 0.08 0.12 0.09 0.10 0.06 0.09 0.04 0.05 0.03 0.06 0.08 0.02 0.03 1.42 0.00 -0.02 0.05 -0.11
Earnings before income taxes 9.27% 4.06% 4.30% 3.40% 4.83% 5.80% 4.55% 4.25% 6.07% 4.97% 5.60% 4.86% 4.33% 4.75% 3.32% 3.43% 0.83% 4.96% 6.51% 7.45% 9.42% 10.78% 6.10% 5.74% 9.53% 1.68%
Provision for income taxes -2.19 -0.99 -0.86 -0.67 -1.12 -1.45 -0.98 -0.92 -1.39 -1.13 -1.27 -1.04 -0.96 -1.00 -0.53 -0.74 -0.13 -0.95 -1.53 -1.65 -2.20 -2.12 -1.24 -1.25 -2.17 -0.23
Net earnings 7.07% 3.07% 3.43% 2.73% 3.71% 4.34% 3.57% 3.33% 4.68% 3.84% 4.33% 3.82% 3.37% 3.75% 2.79% 2.68% 0.70% 4.01% 4.98% 5.80% 7.22% 8.67% 4.87% 4.48% 7.36% 1.45%

Based on: 10-Q (reporting date: 2026-08-01), 10-Q (reporting date: 2026-05-02), 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 financial performance over the analyzed period exhibits significant volatility in gross profitability and operating margins, characterized by a sharp contraction in 2022 followed by a gradual recovery and a notable peak in the final reporting period.

Gross Profitability Trends
Gross margins fluctuated between a low of 22.64% in July 2022 and a high of 33.67% in August 2026. A period of relative strength was observed throughout 2020 and 2021, where margins frequently exceeded 30%. A marked compression occurred in 2022, coinciding with a peak in the cost of sales at 77.36% of net sales. From 2023 through early 2026, margins stabilized within a range of 26% to 29% before experiencing a substantial expansion in the final quarter.
Operating Expense Analysis
Selling, general, and administrative (SG&A) expenses remained relatively consistent, generally ranging from 17.86% to 21.91% of net sales. A slight upward trend in SG&A as a percentage of sales is evident from 2023 through 2025, suggesting an increase in operational overhead relative to revenue. Depreciation and amortization costs remained stable, typically oscillating between 1.95% and 2.94% of net sales.
Operating and Net Income Performance
Operating income mirrored the volatility of the gross margin, reaching a peak of 10.01% in August 2020 before dropping to a period low of 1.23% in July 2022. Net earnings followed a similar trajectory, with a significant dip to 0.70% in mid-2022. The recovery phase saw net earnings fluctuate between 2.73% and 4.68% for several years, culminating in a sharp increase to 7.07% in August 2026.
Tax and Interest Impacts
Net interest expenses remained stable and low, typically representing less than 0.60% of net sales. The provision for income taxes varied in alignment with pre-tax earnings, with the highest relative tax burdens occurring during peak profitability periods, such as August 2020 and May 2021, and the lowest during the 2022 margin contraction.

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