Income StatementBalance SheetCash FlowSegments
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Target Cash Flow Statement

Operating, investing, and financing cash movements

Target generated $6.8B in operating cash flow over the trailing twelve months. After $3.8B in capital expenditures, free cash flow was $3.0B. Free cash flow decreased 0.3% year-over-year. Based on the Q3 2025 filing.

Net Cash From Operating (TTM)$6.8BNet Cash From Investing (TTM)-$3.7BNet Cash From Financing (TTM)-$2.7BCapital Expenditures (TTM)$3.8BDepreciation And Amortization (TTM)$3.1BNet Change In Cash (TTM)$389.0M
Latest FilingQ3 2025
Report Date2025-11-26
Market Cap$56.9B
P/E Ratio15.12
ROE25.1%

Investing

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Capital expenditures$639.0M$655.0M$923.0M$790.0M$1.1B$978.0M
Net cash from investing activities-$634.0M-$637.0M-$918.0M-$787.0M-$1.1B-$937.0M
Payment for (Proceeds from) Other Investing Activity-$4.0M-$18.0M-$4.0M-$3.0M-$8.0M-$41.0M

Operating

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Change in accounts payable$1.0B$1.8B—-$1.3B$219.0M$1.8B
Change in inventories$874.0M$2.6B—$308.0M-$167.0M$2.0B
Deferred income taxes-$48.0M-$74.0M-$122.0M$36.0M$76.0M-$133.0M
Depreciation and amortization$743.0M$754.0M$766.0M$787.0M$771.0M$773.0M
Net cash from operating activities$2.2B$739.0M$3.3B$275.0M$2.1B$1.1B
Net income$1.2B$854.0M$1.1B$1.0B$935.0M$689.0M
Stock-based compensation$77.0M$80.0M$75.0M$69.0M$64.0M$64.0M
Accrued liabilities$145.0M$81.0M$412.0M-$143.0M-$159.0M$404.0M
Increase (Decrease) in Other Current Assets$96.0M$212.0M$43.0M-$146.0M-$5.0M$445.0M
Other Noncash Income (Expense)-$53.0M$23.0M-$27.0M$4.0M-$5.0M-$7.0M

Financing

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Proceeds from issuance of debt$0.0——$991.0M$993.0M$0.0
Repayments of debt$1.0B$36.0M$27.0M$1.5B$37.0M$38.0M
Dividends paid$509.0M$516.0M$513.0M$510.0M$509.0M$518.0M
Net cash from financing activities-$1.7B-$166.0M-$1.0B-$1.4B$437.0M-$709.0M
Repurchases of common stock$155.0M$351.0M$501.0M$250.0M$8.0M$150.0M
Taxes paid for net share settlement$3.0M$4.0M$1.0M$60.0M$2.0M$3.0M

Free Cash Flow

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Free cash flow$1.6B$84.0M$2.4B-$515.0M$1.0B$149.0M

Supplemental

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
ROU Asset Obtained for Finance Lease Liability$182.0M$8.0M$7.0M$17.0M$24.0M$59.0M
ROU Asset Obtained for Lease Liability$148.0M$54.0M$342.0M$70.0M$49.0M$172.0M

Other

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Net increase (decrease) in cash-$107.0M-$64.0M$1.3B-$1.9B$1.5B-$519.0M