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Arphra AIPlain-English read on Target Corporation’s valuationIncome statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $106.01B | $109.12B | $107.41B | $106.57B | $104.78B | $108.86B | $112.2B | $115.74B | $118.97B |
| Cost of revenue | $74.96B | $82.31B | $77.83B | $76.5B | $75.51B | $80.68B | $82.47B | $81.35B | $84.9B |
| Gross profit | $31.04B | $26.81B | $29.58B | $30.06B | $29.27B | $30.76B | $30.52B | $32.24B | $33.76B |
| Gross margin | +29.28% | +24.57% | +27.54% | +28.21% | +27.93% | +28.26% | +27.21% | +27.86% | +28.38% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $19.75B | $20.58B | $21.46B | $21.97B | $21.54B | $22.69B | $22.64B | $24.27B | $23.78B |
| Total operating expenses | $22.1B | $22.97B | $23.88B | $24.5B | $24.15B | $25.23B | $25.4B | $26.71B | $27.5B |
| Operating income | $8.95B | $3.85B | $5.71B | $5.57B | $5.12B | $5.73B | $5.68B | $5.78B | $6.26B |
| Operating margin | +8.44% | +3.53% | +5.31% | +5.22% | +4.88% | +5.26% | +5.06% | +5.00% | +5.26% |
| EBITDA | $11.97B | $6.6B | $8.6B | $8.65B | $8.35B | $8.49B | $8.76B | $9.04B | $9.45B |
| EBIT | $9.33B | $3.9B | $5.8B | $5.67B | $5.21B | $5.82B | $5.77B | $6B | $6.29B |
| Below the line | |||||||||
| Interest expense | $421M | $478M | $502M | $411M | $445M | $475.46M | $490.07M | $498.07M | $515.65M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$39M | -$430M | -$410M | -$305M | -$350M | — | — | — | — |
| Pre-tax income | $8.91B | $3.42B | $5.3B | $5.26B | $4.77B | $5.26B | $5.37B | $5.68B | $5.84B |
| Income tax expense | $1.96B | $638M | $1.16B | $1.17B | $1.06B | $1.14B | $1.2B | $1.27B | $1.26B |
| Earnings | |||||||||
| Net income | $6.95B | $2.78B | $4.14B | $4.09B | $3.71B | $4.1B | $4.23B | $4.33B | $4.54B |
| Net income · continuing ops | $6.95B | $2.78B | $4.14B | $4.09B | $3.71B | $4.01B | $4.3B | $4.38B | $4.39B |
| Net margin | +6.55% | +2.55% | +3.85% | +3.84% | +3.54% | +3.77% | +3.77% | +3.74% | +3.81% |
| EPS · basic | $14.23 | $6.02 | $8.96 | $8.89 | $8.16 | $8.29 | $8.95 | $9.32 | $10.12 |
| EPS · diluted | $14.10 | $5.98 | $8.94 | $8.86 | $8.13 | $8.38 | $8.96 | $9.39 | $10.17 |
| EPS · low estimate | — | — | — | — | — | $8.03 | $8.28 | $6.56 | $9.83 |
| EPS · high estimate | — | — | — | — | — | $8.59 | $9.50 | $10.67 | $10.32 |
| Shares · basic | 488.1M | 462.1M | 461.5M | 460.4M | 454.1M | 451.4M | 454.99M | 452.02M | 451.05M |
| Shares · diluted | 492.7M | 464.7M | 462.8M | 461.8M | 455.6M | 458.95M | 452.44M | 456.56M | 458.6M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 26 | 27 | 17 | 8 |
| Analysts (EPS) | — | — | — | — | — | 24 | 24 | 11 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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