TGT FY 2022 Earnings Report — Target Corporation Revenue & Financial Results | Market Cap Arena

Target CorporationTGT

FY 2022 Earnings

Reported March 8, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$109.1B	—	$106.0B	—	2.9%
Op. Income	$3.8B	—	$8.9B	—	-57.0%
Gross Margin	24.6%	—	29.3%	—	-4.7pp
Net Margin	2.5%	—	6.6%	—	-4.0pp
EPS (Diluted)	$5.98	—	$14.10	—	-57.6%
Free Cash Flow	-$1.5B	—	$5.1B	—	-129.7%

Revenue Flow

Item	Amount
REVENUE	$109.1B
Cost of Revenue	$82.3B
GROSS PROFIT	$26.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$20.6B
Other Expenses	$2.4B
Operating Expenses	$23.0B
Cost & Expenses	$105.3B
OPERATING INCOME	$3.8B
Interest Income	$0
Interest Expense	$478M
Other Income/Expenses	-$430M
INCOME BEFORE TAX	$3.4B
Income Tax Expense	$638M
Net Income from Continuing Ops	$2.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.8B
D&A	$2.7B
EBIT	$3.9B
EBITDA	$6.6B
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$109.1B
Cost of Revenue	$82.3B
GROSS PROFIT	$26.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$20.6B
Other Expenses	$2.4B
Operating Expenses	$23.0B
Cost & Expenses	$105.3B
OPERATING INCOME	$3.8B
Interest Income	$0
Interest Expense	$478M
Other Income/Expenses	-$430M
INCOME BEFORE TAX	$3.4B
Income Tax Expense	$638M
Net Income from Continuing Ops	$2.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.8B
D&A	$2.7B
EBIT	$3.9B
EBITDA	$6.6B
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$2.8B
Depreciation & Amortization	$2.7B
Stock-Based Compensation	$220M
Deferred Income Tax	$582M
Other Non-Cash Items	$172M
Change in Working Capital	-$2.4B
OPERATING CASH FLOW	$4.0B
Capital Expenditure	-$5.5B
Acquisitions (Net)	$8M
Purchases of Investments	-$24M
Sales/Maturities of Investments	$16M
Other Investing Activities	$24M
NET CASH FROM INVESTING	-$5.5B
Net Debt Issuance	$2.5B
Common Stock Repurchased	-$2.6B
Common Dividends Paid	-$1.8B
Other Financing Activities	$4M
NET CASH FROM FINANCING	-$2.2B
FREE CASH FLOW	-$1.5B
Net Change in Cash	-$3.7B

Balance Sheet

Item	Amount
Cash & Equivalents	$2.2B
Short-Term Investments	$0
Net Receivables	$1.7B
Inventory	$13.5B
Other Current Assets	$235M
TOTAL CURRENT ASSETS	$17.8B
PP&E (Net)	$34.2B
Goodwill	$631M
Intangible Assets	$14M
Long-Term Investments	$440M
Tax Assets	$0
Other Non-Current Assets	$235M
TOTAL NON-CURRENT ASSETS	$35.5B
TOTAL ASSETS	$53.3B
Account Payables	$13.5B
Short-Term Debt	$130M
Deferred Revenue	$1.2B
Other Current Liabilities	$1.7B
TOTAL CURRENT LIABILITIES	$19.5B
Long-Term Debt	$16.0B
Deferred Revenue NC	$449M
Deferred Tax Liabilities	$2.2B
Other Non-Current Liabilities	$1.3B
TOTAL NON-CURRENT LIABILITIES	$22.6B
TOTAL LIABILITIES	$42.1B
Common Stock	$38M
Additional Paid-In Capital	$6.6B
Retained Earnings	$5.0B
Treasury Stock	$0
Accum. Other Comp. Income	-$419M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$11.2B
Minority Interest	$0
TOTAL EQUITY	$11.2B
TOTAL LIABILITIES & EQUITY	$53.3B
Total Debt	$19.1B
Net Debt	$16.8B