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 Aug 30, 2026, 10:11 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2026	$104.8B	$3.7B	27.9%	4.9%	22.9%	6.2%	$2.8B	$14.4B	$5.5B
2025	$106.6B	$4.1B	28.2%	5.2%	27.9%	7.1%	$4.5B	$13.9B	$4.8B
2024	$107.4B	$4.1B	27.5%	5.3%	30.8%	7.5%	$3.8B	$14.2B	$3.8B
2023	$109.1B	$2.8B	24.6%	3.5%	24.8%	5.2%	-$1.5B	$14.1B	$2.2B
2022	$106.0B	$6.9B	29.3%	8.4%	54.2%	12.9%	$5.1B	$11.6B	$5.9B
2021	$93.6B	$4.4B	29.3%	7.0%	30.2%	8.5%	$7.9B	$10.6B	$8.5B
2020	$78.1B	—	29.8%	6.0%	0.0%	0.0%	$4.1B	$10.0B	$2.6B
2019	$75.4B	—	29.3%	5.5%	0.0%	0.0%	$2.5B	$10.2B	$1.6B
2018	$72.7B	—	28.5%	5.8%	0.0%	0.0%	$4.4B	$10.4B	$2.6B
2017	$70.3B	—	29.3%	6.9%	0.0%	0.0%	$3.9B	$11.7B	$2.5B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Aug '26	$26.5B	$1.9B	33.7%	9.6%	10.5%	3.1%	$2.4B	—	$5.4B
May '26	$25.4B	$781M	29.0%	4.5%	4.8%	1.3%	-$319M	—	$3.5B
Jan '26	$30.5B	$1.0B	26.6%	4.5%	6.5%	1.8%	$2.2B	$14.4B	$5.5B
Nov '25	$25.3B	$689M	28.2%	3.8%	4.4%	1.1%	$149M	—	$3.8B
Aug '25	$25.2B	$935M	29.0%	5.2%	6.1%	1.6%	$1.0B	—	$4.3B
May '25	$23.8B	$1.0B	28.2%	6.2%	6.9%	1.8%	-$515M	—	$2.9B
Feb '25	$30.9B	$1.1B	26.2%	4.7%	7.5%	1.9%	$2.4B	$13.9B	$4.8B
Nov '24	$25.7B	$854M	28.3%	4.6%	5.9%	1.5%	$84M	—	$3.4B
Aug '24	$25.5B	$1.2B	30.0%	6.4%	8.3%	2.1%	$1.6B	—	$3.5B
May '24	$24.5B	$942M	28.8%	5.3%	6.8%	1.7%	$427M	—	$3.6B
Feb '24	$31.9B	$1.4B	26.4%	5.8%	10.3%	2.5%	$2.4B	$14.2B	$3.8B
Oct '23	$25.4B	$971M	28.5%	5.2%	7.8%	1.7%	$807M	—	$1.9B
Jul '23	$24.8B	$835M	28.2%	4.8%	7.0%	1.6%	$913M	—	$1.6B
Apr '23	$25.3B	$950M	27.4%	5.2%	8.2%	1.8%	-$340M	—	$1.3B
Jan '23	$31.4B	$876M	23.7%	3.7%	7.8%	1.6%	$2.3B	$14.1B	$2.2B
Oct '22	$26.5B	$712M	25.8%	3.9%	6.5%	1.3%	-$1.2B	—	$954M
Jul '22	$26.0B	$183M	22.6%	1.2%	1.7%	0.3%	-$224M	—	$1.1B
Apr '22	$25.2B	$1.0B	26.7%	5.3%	9.4%	2.0%	-$2.3B	—	$1.1B
Jan '22	$31.0B	$1.5B	26.6%	6.8%	12.0%	2.9%	$2.0B	$11.6B	$5.9B
Oct '21	$25.7B	$1.5B	29.0%	7.8%	10.8%	2.7%	$1.0B	—	$5.8B

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 19.4× (Nov '26).
The price-to-sales ratio has fallen from 0.7× (Mar '23) to 0.7× (Nov '26).
The dividend yield has risen from 2.4% (Mar '23) to 2.9% (Nov '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?

Target's P/E (TTM) is 16.39 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the TGT stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 19.4× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.