Target Corporation (TGT) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Sales/Revenue | 24.53B | 30.45B | 25.27B | 25.21B | 23.85B | 30.91B | 25.67B | 25.45B | 24.53B | 31.92B | 25.4B | 24.77B | 25.32B | 31.39B | 26.52B | 26.04B | 25.17B | 31B | 25.65B | 25.16B |
| Revenue Growth % | 2.87% | -1.49% | -1.55% | -0.95% | -2.79% | -3.15% | 1.06% | 2.74% | -3.12% | 1.67% | -4.22% | -4.85% | 0.6% | 1.29% | 3.38% | 3.49% | 4.02% | 9.38% | 13.34% | 9.51% |
| Cost of Goods Sold | 18.07B | 23.02B | 18.79B | 18.54B | 17.78B | 22.88B | 18.4B | 17.83B | 17.45B | 23.4B | 18.15B | 17.8B | 18.39B | 23.95B | 19.68B | 20.14B | 18.46B | 22.76B | 18.21B | 17.28B |
| COGS % of Revenue | 73.65% | 75.61% | 74.34% | 73.52% | 74.57% | 74.01% | 71.69% | 70.04% | 71.13% | 73.32% | 71.46% | 71.84% | 72.61% | 76.27% | 74.21% | 77.36% | 73.35% | 73.43% | 70.97% | 68.68% |
| Gross Profit | 6.46B | 7.43B | 6.48B | 6.68B | 6.06B | 8.04B | 7.27B | 7.63B | 7.08B | 8.52B | 7.25B | 6.97B | 6.94B | 7.45B | 6.84B | 5.89B | 6.71B | 8.23B | 7.45B | 7.88B |
| Gross Margin % | 26.35% | 24.39% | 25.66% | 26.48% | 25.43% | 25.99% | 28.31% | 29.96% | 28.87% | 26.68% | 28.54% | 28.16% | 27.39% | 23.73% | 25.79% | 22.64% | 26.65% | 26.57% | 29.03% | 31.32% |
| Gross Profit Growth % | 6.61% | -7.55% | -10.76% | -12.46% | -14.39% | -5.64% | 0.23% | 9.33% | 2.1% | 14.32% | 6.01% | 18.32% | 3.38% | -9.54% | -8.17% | -25.19% | -10.32% | 4.85% | 4.53% | 7.92% |
| Operating Expenses | 5.17B | 5.96B | 5.5B | 5.33B | 5.18B | 6.57B | 6.1B | 5.99B | 5.79B | 6.65B | 5.93B | 5.78B | 5.61B | 6.29B | 5.82B | 5.57B | 5.36B | 6.14B | 5.44B | 5.41B |
| OpEx % of Revenue | 21.07% | 19.57% | 21.77% | 21.12% | 21.74% | 21.25% | 23.76% | 23.54% | 23.59% | 20.84% | 23.36% | 23.32% | 22.15% | 20.04% | 21.93% | 21.41% | 21.31% | 19.81% | 21.19% | 21.51% |
| Selling, General & Admin | 5.17B | 5.96B | 5.5B | 5.33B | 5.18B | 5.92B | 5.46B | 5.37B | 5.17B | 6.03B | 5.32B | 5.18B | 5.03B | 5.67B | 5.22B | 5B | 4.76B | 5.54B | 4.86B | 4.85B |
| SG&A % of Revenue | 21.07% | 19.57% | 21.77% | 21.12% | 21.74% | 19.16% | 21.27% | 21.08% | 21.07% | 18.89% | 20.93% | 20.93% | 19.84% | 18.08% | 19.68% | 19.21% | 18.92% | 17.86% | 18.94% | 19.27% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Operating Income | 1.3B | 1.47B | 983M | 1.35B | 879M | 1.47B | 1.17B | 1.64B | 1.3B | 1.86B | 1.32B | 1.2B | 1.33B | 1.16B | 1.02B | 321M | 1.35B | 2.1B | 2.01B | 2.47B |
| Operating Margin % | 5.28% | 4.82% | 3.89% | 5.36% | 3.69% | 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% |
| Operating Income Growth % | 47.44% | 0.14% | -15.84% | -17.37% | -32.18% | -21.34% | -11.31% | 36.59% | -2.41% | 60.91% | 28.87% | 272.9% | -1.34% | -44.68% | -49.15% | -86.99% | -43.3% | 14.11% | 3.88% | 7.26% |
| EBITDA | 2.01B | 2.27B | 1.76B | 2.12B | 1.67B | 2.23B | 1.92B | 2.38B | 2.01B | 2.59B | 2.04B | 1.88B | 2B | 1.85B | 1.7B | 971M | 2.02B | 2.79B | 2.66B | 3.1B |
| EBITDA Margin % | 8.21% | 7.46% | 6.95% | 8.42% | 6.99% | 7.22% | 7.49% | 9.34% | 8.21% | 8.13% | 8.03% | 7.59% | 7.88% | 5.91% | 6.4% | 3.73% | 8.05% | 8.98% | 10.38% | 12.32% |
| EBITDA Growth % | 20.89% | 1.75% | -8.64% | -10.77% | -17.28% | -13.92% | -5.74% | 26.49% | 0.95% | 39.84% | 20.15% | 93.61% | -1.48% | -33.39% | -36.25% | -68.68% | -33.41% | 12.62% | 4.89% | 6.75% |
| D&A (Non-Cash Add-back) | 718M | 803M | 773M | 771M | 787M | 766M | 754M | 743M | 718M | 729M | 722M | 683M | 667M | 696M | 675M | 650M | 679M | 690M | 652M | 633M |
| EBIT | 1.33B | 1.47B | 983M | 1.35B | 879M | 1.5B | 1.2B | 1.66B | 1.32B | 1.89B | 1.34B | 1.21B | 1.35B | 1.17B | 1.03B | 329M | 1.36B | 2.12B | 2.02B | 2.47B |
| Net Interest Income | -112M | -104M | -121M | -122M | -122M | -90M | -105M | -110M | -106M | -107M | -107M | -141M | -147M | -129M | -125M | -112M | -112M | -104M | -105M | -104M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 112M | 104M | 121M | 122M | 122M | 90M | 105M | 110M | 106M | 107M | 107M | 141M | 147M | 129M | 125M | 112M | 112M | 104M | 105M | 104M |
| Other Income/Expense | -77M | -160M | -124M | -133M | 503M | -61M | -77M | -90M | -77M | -79M | -82M | -125M | -124M | -116M | -113M | -104M | -97M | -78M | -99M | -97M |
| Pretax Income | 1.22B | 1.31B | 859M | 1.22B | 1.38B | 1.41B | 1.09B | 1.54B | 1.22B | 1.79B | 1.24B | 1.07B | 1.2B | 1.04B | 909M | 217M | 1.25B | 2.02B | 1.91B | 2.37B |
| Pretax Margin % | 4.97% | 4.3% | 3.4% | 4.83% | 5.8% | 4.55% | 4.25% | 6.07% | 4.97% | 5.6% | 4.86% | 4.33% | 4.75% | 3.32% | 3.43% | 0.83% | 4.96% | 6.51% | 7.45% | 9.42% |
| Income Tax | 277M | 263M | 170M | 283M | 346M | 303M | 237M | 353M | 277M | 404M | 264M | 237M | 254M | 167M | 197M | 34M | 240M | 473M | 423M | 553M |
| Effective Tax Rate % | 22.72% | 20.09% | 19.79% | 23.23% | 25.04% | 21.55% | 21.72% | 22.85% | 22.72% | 22.62% | 21.38% | 22.11% | 21.1% | 16.01% | 21.67% | 15.67% | 19.22% | 23.45% | 22.14% | 23.33% |
| Net Income | 942M | 1.05B | 689M | 935M | 1.04B | 1.1B | 854M | 1.19B | 942M | 1.38B | 971M | 835M | 950M | 876M | 712M | 183M | 1.01B | 1.54B | 1.49B | 1.82B |
| Net Margin % | 3.84% | 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% | 2.69% | 0.7% | 4.01% | 4.98% | 5.8% | 7.22% |
| Net Income Growth % | -9.07% | -5.17% | -19.32% | -21.56% | 9.98% | -20.19% | -12.05% | 42.75% | -0.84% | 57.76% | 36.38% | 356.28% | -5.85% | -43.26% | -52.15% | -89.93% | -51.88% | 11.88% | 46.75% | 7.51% |
| Net Income (Continuing) | 942M | 1.05B | 689M | 935M | 1.04B | 1.1B | 854M | 1.19B | 942M | 1.38B | 971M | 835M | 950M | 876M | 712M | 183M | 1.01B | 1.54B | 1.49B | 1.82B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.71 | 2.30 | 1.51 | 2.05 | 2.27 | 2.41 | 1.85 | 2.57 | 2.03 | 2.98 | 2.10 | 1.80 | 2.05 | 1.89 | 1.54 | 0.39 | 2.16 | 3.21 | 3.04 | 3.65 |
| EPS Growth % | -24.67% | -4.56% | -18.38% | -20.23% | 11.82% | -19.13% | -11.9% | 42.78% | -0.98% | 57.67% | 36.36% | 361.54% | -5.09% | -41.12% | -49.34% | -89.32% | -48.2% | 17.58% | 51.24% | 8.96% |
| EPS (Basic) | 1.72 | 2.31 | 1.52 | 2.06 | 2.28 | 2.42 | 1.86 | 2.58 | 2.04 | 2.99 | 2.10 | 1.81 | 2.06 | 1.90 | 1.55 | 0.40 | 2.17 | 3.24 | 3.07 | 3.68 |
| Diluted Shares Outstanding | 455.8M | 455.1M | 455.1M | 455.6M | 456.5M | 458.4M | 461.5M | 463.5M | 463.9M | 463.1M | 462.6M | 462.5M | 462.9M | 462.7M | 462.5M | 463.6M | 467.8M | 480.6M | 489.4M | 497.5M |
| Basic Shares Outstanding | 453.8M | 453M | 453.7M | 454.6M | 455M | 456.8M | 460.1M | 462.5M | 462.2M | 461.7M | 461.6M | 461.6M | 460.9M | 460.3M | 460.3M | 461.5M | 464M | 476.1M | 484.8M | 493.1M |
| Dividend Payout Ratio | 54.78% | 49.33% | 75.18% | 54.44% | 49.23% | 46.51% | 60.42% | 42.7% | 53.93% | 36.76% | 52.21% | 59.76% | 52.32% | 56.74% | 69.8% | 228.42% | 42.02% | 27.98% | 29.57% | 18.49% |