TARGET CORP
For the period ended Jan 31, 2026. Filed Mar 11, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Mar 11, 2026
TGT$161.78-2.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| FINANCIAL STATEMENTS | Table of Contents |
| Index to Financial Statements |
Consolidated Statements of Cash Flows
| (millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating activities | |||
| Net earnings | $3,705 | $4,091 | $4,138 |
| Adjustments to reconcile net earnings to cash provided by operations: | |||
| Depreciation and amortization | 3,134 | 2,981 | 2,801 |
| Share-based compensation expense | 281 | 304 | 251 |
| Deferred income taxes | (55) | (180) | 298 |
| Noncash (gains) / losses and other, net | (100) | 26 | 94 |
| Changes in operating accounts: | |||
| Inventory | 436 | (854) | 1,613 |
| Other assets | (494) | (308) | (85) |
| Accounts payable | (501) | 1,008 | (1,216) |
| Accrued and other liabilities | 156 | 299 | 727 |
| Cash provided by operating activities | 6,562 | 7,367 | 8,621 |
| Investing activities | |||
| Expenditures for property and equipment | (3,727) | (2,891) | (4,806) |
| Other | 78 | 31 | 46 |
| Cash used in investing activities | (3,649) | (2,860) | (4,760) |
| Financing activities | |||
| Additions to long-term debt | 1,984 | 741 | — |
| Reductions of long-term debt | (1,643) | (1,139) | (147) |
| Dividends paid | (2,053) | (2,046) | (2,011) |
| Repurchase of stock | (408) | (1,007) | — |
| Shares withheld for taxes on share-based compensation | (67) | (99) | (127) |
| Cash used in financing activities | (2,187) | (3,550) | (2,285) |
| Net increase in cash and cash equivalents | 726 | 957 | 1,576 |
| Cash and cash equivalents at beginning of period | 4,762 | 3,805 | 2,229 |
| Cash and cash equivalents at end of period | $5,488 | $4,762 | $3,805 |
| Supplemental information | |||
| Interest paid, net of capitalized interest | $629 | $615 | $605 |
| Leased assets obtained in exchange for new finance lease liabilities | 104 | 319 | 104 |
| Leased assets obtained in exchange for new operating lease liabilities | 381 | 758 | 1,027 |
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