Target Corporation
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $3.71B | $4.09B | $4.14B | $2.78B | $6.95B | $4.37B | $3.28B | $2.94B |
| Depreciation & Amortization | $3.13B | $2.98B | $2.80B | $2.70B | $2.64B | $2.49B | $2.60B | $2.47B |
| Depreciation | $3.10B | $3.00B | $2.80B | $2.70B | $2.60B | $2.50B | $2.60B | $2.50B |
| Amortization | — | — | — | — | — | $15.0M | $13.0M | $14.0M |
| Stock-Based Compensation | $281.0M | $304.0M | $251.0M | $220.0M | $228.0M | $200.0M | $147.0M | $132.0M |
| Net Cash from Operating Activities | $6.56B | $7.37B | $8.62B | $4.02B | $8.63B | $10.53B | $7.12B | $5.97B |
| Investing Activities | ||||||||
| Capital Expenditures | $3.73B | $2.89B | $4.81B | $5.53B | $3.54B | $2.65B | $3.03B | $3.52B |
| Business Acquisitions | — | — | — | — | — | — | $0 | $0 |
| Net Cash from Investing Activities | $-3.65B | $-2.86B | $-4.76B | $-5.50B | $-3.15B | $-2.59B | $-2.94B | $-3.42B |
| Financing Activities | ||||||||
| Dividends Paid | $2.05B | $2.05B | $2.01B | $1.84B | $1.55B | $1.34B | $1.33B | $1.34B |
| Stock Repurchases | $408.0M | $1.01B | $0 | $2.65B | $7.19B | $745.0M | $1.57B | $2.12B |
| Net Cash from Financing Activities | $-2.19B | $-3.55B | $-2.29B | $-2.20B | $-8.07B | $-2.00B | $-3.15B | $-3.64B |
| Net Change in Cash | $726.0M | $957.0M | $1.58B | $-3.68B | $-2.60B | $5.93B | $1.02B | $-1.09B |
| Free Cash Flow | $2.84B | $4.48B | $3.82B | $-1.51B | $5.08B | $7.88B | $4.09B | $2.46B |