Income Statement

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.

Target Corp., consolidated income statement

US$ in millions

12 months ended:	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
Net sales	106,566)	107,412)	109,120)	106,005)	93,561)	78,112)
Cost of sales	(76,502)	(77,828)	(82,306)	(74,963)	(66,177)	(54,864)
Gross margin	30,064)	29,584)	26,814)	31,042)	27,384)	23,248)
Selling, general and administrative expenses	(21,969)	(21,462)	(20,581)	(19,752)	(18,615)	(16,233)
Depreciation and amortization, exclusive of depreciation included in cost of sales	(2,529)	(2,415)	(2,385)	(2,344)	(2,230)	(2,357)
Operating income	5,566)	5,707)	3,848)	8,946)	6,539)	4,658)
Net interest expense	(411)	(502)	(478)	(421)	(977)	(477)
Net other income (expense)	106)	92)	48)	382)	(16)	9)
Earnings from continuing operations before income taxes	5,261)	5,297)	3,418)	8,907)	5,546)	4,190)
Provision for income taxes	(1,170)	(1,159)	(638)	(1,961)	(1,178)	(921)
Net earnings from continuing operations	4,091)	4,138)	2,780)	6,946)	4,368)	3,269)
Discontinued operations, net of tax	—)	—)	—)	—)	—)	12)
Net earnings	4,091)	4,138)	2,780)	6,946)	4,368)	3,281)

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Target Corp. net sales decreased from 2023 to 2024 and from 2024 to 2025.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Target Corp. operating income increased from 2023 to 2024 but then slightly decreased from 2024 to 2025.
Earnings from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Target Corp. earnings from continuing operations before income taxes increased from 2023 to 2024 but then slightly decreased from 2024 to 2025.
Net earnings	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Target Corp. net earnings increased from 2023 to 2024 but then slightly decreased from 2024 to 2025.

Target Corp. (NYSE:TGT)

Income Statement