TGT Financials Target

10 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 2.3% per year over the past 5 years.
Net income has grown slower than revenue (-3.2% vs 2.3% per year).
Operating margin has contracted, at 4.9% in the latest year.
Free cash flow has declined 18.5% per year over the past 5 years.

Financial health

Total debt ($14.4B) exceeds cash ($5.5B); net debt is $8.9B.
Total debt has grown faster than revenue (6.2% vs 2.3% per year).
Operating income covered interest expense 11× in the latest year.
Total debt is 1.7× EBITDA.

Shareholder returns

Dividends have been paid for 10 consecutive years, consuming 55.4% of earnings and 72.4% of free cash flow.
The dividend has grown 8.9% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2026	$104.8B	$3.7B	27.9%	4.9%	$2.8B	$14.4B	$5.5B
2025	$106.6B	$4.1B	28.2%	5.2%	$4.5B	$13.9B	$4.8B
2024	$107.4B	$4.1B	27.5%	5.3%	$3.8B	$14.2B	$3.8B
2023	$109.1B	$2.8B	24.6%	3.5%	-$1.5B	$14.1B	$2.2B
2022	$106.0B	$6.9B	29.3%	8.4%	$5.1B	$11.6B	$5.9B
2021	$93.6B	$4.4B	29.3%	7.0%	$7.9B	$10.6B	$8.5B
2020	$78.1B	—	29.8%	6.0%	$4.1B	$10.0B	$2.6B
2019	$75.4B	—	29.3%	5.5%	$2.5B	$10.2B	$1.6B
2018	$72.7B	—	28.5%	5.8%	$4.4B	$10.4B	$2.6B
2017	$70.3B	—	29.3%	6.9%	$3.9B	$11.7B	$2.5B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
May '26	$25.4B	$781M	29.0%	4.5%	-$319M	—	$3.5B
Jan '26	$30.5B	$1.0B	26.6%	4.5%	$2.2B	$14.4B	$5.5B
Nov '25	$25.3B	$689M	28.2%	3.8%	$149M	—	$3.8B
Aug '25	$25.2B	$935M	29.0%	5.2%	$1.0B	—	$4.3B
May '25	$23.8B	$1.0B	28.2%	6.2%	-$515M	—	$2.9B
Feb '25	$30.9B	$1.1B	26.2%	4.7%	$2.4B	$13.9B	$4.8B
Nov '24	$25.7B	$854M	28.3%	4.6%	$84M	—	$3.4B
Aug '24	$25.5B	$1.2B	30.0%	6.4%	$1.6B	—	$3.5B
May '24	$24.5B	$942M	28.8%	5.3%	$427M	—	$3.6B
Feb '24	$31.9B	$1.4B	26.4%	5.8%	$2.4B	$14.2B	$3.8B
Oct '23	$25.4B	$971M	28.5%	5.2%	$807M	—	$1.9B
Jul '23	$24.8B	$835M	28.2%	4.8%	$913M	—	$1.6B
Apr '23	$25.3B	$950M	27.4%	5.2%	-$340M	—	$1.3B
Jan '23	$31.4B	$876M	23.7%	3.7%	$2.3B	$14.1B	$2.2B
Oct '22	$26.5B	$712M	25.8%	3.9%	-$1.2B	—	$954M
Jul '22	$26.0B	$183M	22.6%	1.2%	-$224M	—	$1.1B
Apr '22	$25.2B	$1.0B	26.7%	5.3%	-$2.3B	—	$1.1B
Jan '22	$31.0B	$1.5B	26.6%	6.8%	$2.0B	$11.6B	$5.9B
Oct '21	$25.7B	$1.5B	29.0%	7.8%	$1.0B	—	$5.8B
Jul '21	$25.2B	$1.8B	0.0%	9.8%	$1.5B	—	$7.4B

Valuation over time

How the market has priced TGT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 27.1× (Mar '23) to 17.1× (Jun '26).
The price-to-sales ratio has fallen from 0.7× (Mar '23) to 0.6× (Jun '26).
The dividend yield has risen from 2.4% (Mar '23) to 3.2% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is TGT growing its revenue and profit?

Over the past 5 years, Target's revenue has grown 2.3% per year, and net income declined 3.2% per year. These are computed facts, not advice.

How much debt does TGT have?

As of FY2026, Target reported $14.4B of total debt against $5.5B of cash; operating income covered interest expense 11×.

What is TGT's profit margin?

In FY2026, gross margin was 27.9%, operating margin 4.9%, and net margin 3.5%.

What is TGT's P/E ratio?

As of Jun '26, Target traded at a price-to-earnings ratio of about 17.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.