Target Corp (TGT) Financial Statements
Industry: Variety Stores (Retail)
In fiscal 2025, Target reported revenue of $104.78B, down 1.7% from $106.57B the year before. Net income was $3.71B (a 3.5% net margin), or $8.13 per diluted share. Gross margin was 27.9% and operating margin was 4.9%. Operating activities generated $6.56B of cash, leaving $2.83B of free cash flow. At fiscal year end, Target held $59.49B in total assets against $43.33B in total liabilities.
Open the full interactive Target financials → Quarterly statements, key ratios, valuation history and price charts.
Target Key Stats
| Share Price | $151.99 |
|---|---|
| Market Cap | $69.25B |
| P/E Ratio | 18.7 |
| Revenue YoY Growth | -1.7% |
| 52-Week Range | $81.44 – $169.89 |
| Shares Outstanding | 453.7 million (basic, 2026 Q3) |
Target Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $93.56B | $106.00B | $109.12B | $107.41B | $106.57B | $104.78B |
| Cost of Goods Sold | $66.18B | $74.96B | $82.23B | $77.74B | $76.50B | $75.51B |
| Gross Profit | $27.38B | $31.04B | $26.89B | $29.68B | $30.06B | $29.27B |
| Operating Income | $6.54B | $8.95B | $3.85B | $5.71B | $5.57B | $5.12B |
| Pre-Tax Income | $5.55B | $8.91B | $3.42B | $5.30B | $5.26B | $4.77B |
| Income Tax | $1.18B | $1.96B | $638.0M | $1.16B | $1.17B | $1.06B |
| Net Income | $4.37B | $6.95B | $2.78B | $4.14B | $4.09B | $3.71B |
| Diluted EPS | $8.64 | $14.10 | $5.98 | $8.94 | $8.86 | $8.13 |
Target Quarterly Results
| 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | |
|---|---|---|---|---|
| Revenue | $30.05B | $25.44B | $26.54B | $25.27B |
| Net Income | $880.0M | $781.0M | $1.88B | $689.0M |
| Diluted EPS | $1.93 | $1.71 | $4.11 | $1.51 |
Target Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Current Assets | $20.76B | $21.57B | $17.85B | $17.50B | $19.45B | $20.00B |
| Total Assets | $51.25B | $53.81B | $53.34B | $55.36B | $57.77B | $59.49B |
| Current Liabilities | $20.12B | $21.75B | $19.50B | $19.30B | $20.80B | $21.23B |
| Total Long-Term Debt | $12.68B | $13.72B | $16.14B | $16.04B | $15.94B | $16.46B |
| Total Liabilities | $36.81B | $40.98B | $42.10B | $41.92B | $43.10B | $43.33B |
| Shareholders' Equity | $14.44B | $12.83B | $11.23B | $13.43B | $14.67B | $16.16B |
Target Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $10.53B | $8.62B | $4.02B | $8.62B | $7.37B | $6.56B |
| Cash From Investing | -$2.59B | -$3.15B | -$5.50B | -$4.76B | -$2.86B | -$3.65B |
| Cash From Financing | -$2.00B | -$8.07B | -$2.20B | -$2.29B | -$3.55B | -$2.19B |
| Free Cash Flow | $7.88B | $5.08B | -$1.51B | $3.81B | $4.48B | $2.83B |
Figures from Target's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Target financials page for every line item.
Target Company Profile
| Ticker | TGT |
|---|---|
| Exchange | NYSE |
| Industry | Variety Stores (Retail) |
| Headquarters | Minneapolis, Minnesota |
| Incorporated in | Minnesota |
| Fiscal Year End | February 1 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000027419 |
Frequently Asked Questions
What was Target's revenue in fiscal 2025?
Target (TGT) reported revenue of $104.78B for fiscal 2025.
What is Target's annual revenue history?
Target's annual revenue by fiscal year: 2020: $93.56B; 2021: $106.00B; 2022: $109.12B; 2023: $107.41B; 2024: $106.57B; 2025: $104.78B.
What was Target's net income in fiscal 2025?
Target reported net income of $3.71B for fiscal 2025.
What was Target's earnings per share (EPS) in fiscal 2025?
Target's diluted EPS was $8.13 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Target generate in fiscal 2025?
Target generated $2.83B of free cash flow in fiscal 2025.
What was Target's revenue last quarter?
In its most recent reported quarter (2026 Q3), Target reported revenue of $25.27B.
How much debt does Target have?
Target reported $16.46B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Target are outstanding?
Target reported a weighted average of 453.7 million basic shares outstanding in 2026 Q3.
What is Target's market cap?
Based on its latest closing price, Target (TGT) has a market capitalization of about $69.25B.
When does Target's fiscal year end?
Target's fiscal year end, as registered with the SEC, is February 1.
Where is Target headquartered?
Target lists its business address in Minneapolis, Minnesota in its SEC filings.