TGT FY 2023 Earnings Report — Target Corporation Revenue & Financial Results | Market Cap Arena

Target CorporationTGT

FY 2023 Earnings

Reported March 13, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$107.4B	—	$109.1B	—	-1.6%
Op. Income	$5.7B	—	$3.8B	—	48.3%
Gross Margin	27.5%	—	24.6%	—	3.0pp
Net Margin	3.9%	—	2.5%	—	1.3pp
EPS (Diluted)	$8.94	—	$5.98	—	49.5%
Free Cash Flow	$3.8B	—	-$1.5B	—	352.6%

Revenue Flow

Item	Amount
REVENUE	$107.4B
Cost of Revenue	$77.8B
GROSS PROFIT	$29.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$21.5B
Other Expenses	$2.4B
Operating Expenses	$23.9B
Cost & Expenses	$101.7B
OPERATING INCOME	$5.7B
Interest Income	$0
Interest Expense	$502M
Other Income/Expenses	-$410M
INCOME BEFORE TAX	$5.3B
Income Tax Expense	$1.2B
Net Income from Continuing Ops	$4.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$4.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$4.1B
D&A	$2.8B
EBIT	$5.8B
EBITDA	$8.6B
EPS	$9
EPS Diluted	$9

Income Statement

Item	Amount
REVENUE	$107.4B
Cost of Revenue	$77.8B
GROSS PROFIT	$29.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$21.5B
Other Expenses	$2.4B
Operating Expenses	$23.9B
Cost & Expenses	$101.7B
OPERATING INCOME	$5.7B
Interest Income	$0
Interest Expense	$502M
Other Income/Expenses	-$410M
INCOME BEFORE TAX	$5.3B
Income Tax Expense	$1.2B
Net Income from Continuing Ops	$4.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$4.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$4.1B
D&A	$2.8B
EBIT	$5.8B
EBITDA	$8.6B
EPS	$9
EPS Diluted	$9

Cash Flow Statement

Item	Amount
Net Income	$4.1B
Depreciation & Amortization	$2.8B
Stock-Based Compensation	$251M
Deferred Income Tax	$298M
Other Non-Cash Items	$94M
Change in Working Capital	$1.0B
OPERATING CASH FLOW	$8.6B
Capital Expenditure	-$4.8B
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$46M
NET CASH FROM INVESTING	-$4.8B
Net Debt Issuance	-$147M
Common Stock Repurchased	-$127M
Common Dividends Paid	-$2.0B
Other Financing Activities	$0
NET CASH FROM FINANCING	-$2.3B
FREE CASH FLOW	$3.8B
Net Change in Cash	$1.6B

Balance Sheet

Item	Amount
Cash & Equivalents	$3.8B
Short-Term Investments	$0
Net Receivables	$1.4B
Inventory	$11.9B
Other Current Assets	$202M
TOTAL CURRENT ASSETS	$17.5B
PP&E (Net)	$36.5B
Goodwill	$631M
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$769M
TOTAL NON-CURRENT ASSETS	$37.9B
TOTAL ASSETS	$55.4B
Account Payables	$12.1B
Short-Term Debt	$1.1B
Deferred Revenue	$1.2B
Other Current Liabilities	$1.5B
TOTAL CURRENT LIABILITIES	$19.3B
Long-Term Debt	$14.9B
Deferred Revenue NC	$419M
Deferred Tax Liabilities	$2.5B
Other Non-Current Liabilities	$1.5B
TOTAL NON-CURRENT LIABILITIES	$22.6B
TOTAL LIABILITIES	$41.9B
Common Stock	$38M
Additional Paid-In Capital	$6.8B
Retained Earnings	$7.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$460M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$13.4B
Minority Interest	$0
TOTAL EQUITY	$13.4B
TOTAL LIABILITIES & EQUITY	$55.4B
Total Debt	$19.6B
Net Debt	$15.8B