Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Target Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
- Net Sales
- Net sales exhibit a fluctuating but overall upward trend from May 2019 to February 2025. There are noticeable spikes during early 2020 and early 2021, reflecting periods of increased revenue generation. However, intermittent declines occur after peak quarters, indicating some variability in sales performance.
- Cost of Sales
- The cost of sales parallels net sales with a generally increasing trajectory over the period analyzed. The fluctuations are consistent with changes in net sales, maintaining a relatively stable gross margin percentage despite absolute changes in costs.
- Gross Margin
- Gross margin follows a positive trend with distinct peaks aligning with periods of higher sales. There is notable strength in early 2021 and early 2024, suggesting effective cost control or added value during these quarters. Some dips occur, particularly mid-2020, reflecting possible margin pressures.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses demonstrate a gradual increase over time, with some fluctuations. Peaks typically target quarters with higher sales, suggesting variable spending aligned with operational activity. The expense growth appears more moderate compared to sales, potentially indicating improved operating leverage.
- Depreciation and Amortization
- Depreciation and amortization expenses remain relatively stable with slight increases over the period, indicating consistent asset base utilization. There are no large spikes, suggesting steady capital investment without abrupt changes in asset valuation or amortization schedules.
- Operating Income
- Operating income shows cyclical variability, with substantial improvement from mid-2019 to early 2021, followed by some moderated performance through 2025. The income peaks closely align with gross margin peaks, and sharp declines correspond with increased SG&A expenses or margin compression events.
- Net Interest Expense
- Net interest expense remains generally consistent, with a notable outlier in late 2020 where the expense increased sharply. Apart from this event, interest expense reflects manageable debt costs relative to operating income and overall financial activity.
- Net Other Income (Expense)
- This category fluctuates around low positive and negative values, with a significant positive spike occurring around early 2021. The variability suggests occasional gains or losses from non-operational activities but does not materially impact overall profitability.
- Earnings from Continuing Operations Before Income Taxes
- These earnings generally trend upward with peaks corresponding to strong operating income quarters. Mid-2020 shows a dip, in line with lower operating performance. Earnings before taxes recover and remain elevated into 2024, reflecting resilient core profitability despite market fluctuations.
- Provision for Income Taxes
- Tax provisions fluctuate proportionally with earnings before taxes but show some irregularities with lower tax charges during periods of reduced earnings. The tax burden generally maintains reasonable alignment with earnings trends.
- Net Earnings from Continuing Operations
- Net earnings from continuing operations mirror the pattern in pre-tax earnings and taxes, with marked growth in strong quarters and contraction in weaker periods. The data show resilience in net profitability following troughs during 2020 and mid-2022.
- Discontinued Operations
- Discontinued operations contribute minimally and sporadically to net earnings, indicating limited impact on overall financial performance across the reported periods.
- Overall Financial Performance
- The analyzed financial trends indicate an entity with a generally growing revenue base and gross margin, moderate expense growth, and fluctuating but positive operating profitability. The variability in several line items suggests sensitivity to market or operational cycles, but overall profitability remains intact with periods of strong earnings recovery following downturns.