Target Financial Statements
NYSE: TGTConsumer DiscretionaryDepartment/Specialty Retail StoresUSD
At close: Oct 9, 4:03 PM ET · Delayed 15 min
Target revenue and earnings
In fiscal 2025, Target generated $104.78 billion in revenue, down 1.7% from fiscal 2024, its first annual decline since 2024. Net income was $3.71 billion (-9.4% year over year), for a net margin of 3.5% versus a median of 3.9% in the prior 5 years. Gross margin was 27.9% (down from 28.2%) and operating margin 4.9%.
Diluted earnings per share came in at $8.13, down from $8.86. Over the last 5 fiscal years, TGT's revenue has grown at a 2.3% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
Target income statement (annual)
| Fiscal year (USD) | FY 20252026-01-31 | FY 20242025-02-01 | FY 20232024-02-03 | FY 20222023-01-28 | FY 20212022-01-29 | FY 20202021-01-30 | FY 20192020-02-01 | FY 20182019-02-02 | FY 20172018-02-03 | FY 20162017-01-28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 104.78B | 106.57B | 107.41B | 109.12B | 106.00B | 93.56B | 78.11B | 75.36B | 72.71B | 70.27B |
| Revenue growth (YoY) | -1.68% | -0.79% | -1.57% | +2.94% | +13.30% | +19.78% | +3.66% | +3.63% | +3.48% | -4.76% |
| Cost of Revenue | 75.51B | 76.50B | 77.83B | 82.31B | 74.96B | 66.18B | 54.86B | 53.30B | 51.13B | 49.15B |
| Gross Profit | 29.27B | 30.06B | 29.58B | 26.81B | 31.04B | 27.38B | 23.25B | 22.06B | 20.75B | 20.35B |
| Operating Expenses | 24.15B | 24.50B | 23.88B | 22.97B | 22.10B | 20.84B | 18.59B | 17.95B | 16.53B | 15.49B |
| Selling, General & Admin | 21.54B | 21.97B | 21.46B | 20.58B | 19.75B | 18.61B | 16.23B | 15.72B | 15.14B | 14.22B |
| Operating Income | 5.12B | 5.57B | 5.71B | 3.85B | 8.95B | 6.54B | 4.66B | 4.11B | 4.22B | 4.86B |
| Interest Expense | 445.00M | 411.00M | 502.00M | 478.00M | 421.00M | 977.00M | 477.00M | 461.00M | 653.00M | 991.00M |
| Other Income (Expense) | 95.00M | 106.00M | 92.00M | 48.00M | 382.00M | -16.00M | 9.00M | 27.00M | 59.00M | 88.00M |
| Pretax Income | 4.77B | 5.26B | 5.30B | 3.42B | 8.91B | 5.55B | 4.19B | 3.68B | 3.63B | 3.96B |
| Income Tax | 1.06B | 1.17B | 1.16B | 638.00M | 1.96B | 1.18B | 921.00M | 746.00M | 722.00M | 1.29B |
| Net Income | 3.71B | 4.09B | 4.14B | 2.78B | 6.95B | 4.37B | 3.28B | 2.94B | 2.91B | 2.73B |
| Net Income growth (YoY) | -9.44% | -1.14% | +48.85% | -59.98% | +59.02% | +33.13% | +11.71% | +0.79% | +6.58% | -18.70% |
| EPS (Basic) | 8.16 | 8.89 | 8.96 | 6.02 | 14.23 | 8.72 | 6.42 | 5.55 | 5.32 | 4.73 |
| EPS (Diluted) | 8.13 | 8.86 | 8.94 | 5.98 | 14.10 | 8.64 | 6.36 | 5.51 | 5.29 | 4.69 |
| Shares Outstanding (Basic) | 454.10M | 460.40M | 461.50M | 462.10M | 488.10M | 500.60M | 510.90M | 528.60M | 546.80M | 577.60M |
| Shares Outstanding (Diluted) | 455.60M | 461.80M | 462.80M | 464.70M | 492.70M | 505.40M | 515.60M | 533.20M | 550.30M | 582.50M |
| EBITDA | 8.25B | 8.55B | 8.51B | 6.55B | 11.59B | 9.02B | 7.26B | 6.58B | 6.70B | 7.18B |
| Gross Margin | 27.93% | 28.21% | 27.54% | 24.57% | 29.28% | 29.27% | 29.76% | 29.27% | 28.54% | 28.96% |
| Operating Margin | 4.88% | 5.22% | 5.31% | 3.53% | 8.44% | 6.99% | 5.96% | 5.45% | 5.81% | 6.92% |
| Net Margin | 3.54% | 3.84% | 3.85% | 2.55% | 6.55% | 4.67% | 4.20% | 3.90% | 4.01% | 3.89% |
This table shows 10 annual periods of Target's income statement, from FY 2025 back to FY 2016, across 19 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow TGT's reporting calendar. What is a income statement?