Target Corporation (TGT) Cash Flow Statement
Where TGT’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $6.56B −10.9% vs FY2025
- Capital expenditures
- $3.73B 3.6% of revenue
- Free cash flow
- $2.83B 2.7% margin
- Returned to shareholders
- $2.46B 87% of free cash flow
- Change in cash
- $726.0M cash at year-end $5.49B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TGT operating cash flow, capex and free cash flow
TGT cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.44BFY2017 | $6.56BFY2026 | +2.1%/yr | |
| Capital expenditures | $1.55BFY2017 | $3.73BFY2026 | +10.3%/yr | |
| Free cash flow | $3.89BFY2017 | $2.83BFY2026 | −3.5%/yr | |
| Free cash flow margin | 5.5%FY2017 | 2.7%FY2026 | −2.8 pts | |
| Operating cash flow / net income | 2.04FY2017 | 1.77FY2026 | −0.27 | |
| Stock-based compensation | $113.0MFY2017 | $281.0MFY2026 | +10.7%/yr | |
| Dividends paid | $1.35BFY2017 | $2.05BFY2026 | +4.8%/yr | |
| Share buybacks (net) | $3.71BFY2017 | $408.0MFY2026 | −21.7%/yr | |
| Capex / revenue | 2.2%FY2017 | 3.6%FY2026 | +1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TGT cash flow by activity
TGT net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TGT cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.71B | $4.09B | $4.14B | $2.78B | $6.95B | $4.37B | $3.28B | $2.93B | $2.93B | $2.67B |
| Depreciation & amortization | $3.13B | $2.98B | $2.80B | $2.70B | $2.64B | $2.48B | $2.60B | $2.47B | $2.48B | $2.32B |
| Stock-based compensation | $281.0M | $304.0M | $251.0M | $220.0M | $228.0M | $200.0M | $147.0M | $132.0M | $112.0M | $113.0M |
| Change in working capital | −$403.0M | $145.0M | $1.04B | −$2.44B | −$1.45B | $3.06B | $862.0M | $17.0M | $1.24B | −$214.0M |
| Other non-cash items | −$155.0M | −$154.0M | $392.0M | $754.0M | $254.0M | $414.0M | $223.0M | $420.0M | $166.0M | $550.0M |
| Cash from operating activities | $6.56B | $7.37B | $8.62B | $4.02B | $8.62B | $10.53B | $7.12B | $5.97B | $6.92B | $5.44B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.73B | −$2.89B | −$4.81B | −$5.53B | −$3.54B | −$2.65B | −$3.03B | −$3.52B | −$2.53B | −$1.55B |
| Investments (net) | — | −$2.86B | −$4.76B | −$5.50B | $7.0M | $16.0M | $20.0M | $15.0M | −$55.0M | — |
| Acquisitions & other investing | $78.0M | $2.89B | $4.81B | $5.53B | $383.0M | $42.0M | $63.0M | $85.0M | −$487.0M | $74.0M |
| Cash from investing activities | −$3.65B | −$2.86B | −$4.76B | −$5.50B | −$3.15B | −$2.59B | −$2.94B | −$3.42B | −$3.08B | −$1.47B |
| Financing activities | ||||||||||
| Dividends paid | −$2.05B | −$2.05B | −$2.01B | −$1.84B | −$1.55B | −$1.34B | −$1.33B | −$1.33B | −$1.34B | −$1.35B |
| Share repurchases & issuance (net) | −$408.0M | −$1.01B | −$127.0M | −$2.83B | −$7.36B | −$745.0M | −$1.56B | −$2.12B | −$1.05B | −$3.71B |
| Net borrowing (repayment) | $341.0M | −$398.0M | −$147.0M | $2.46B | $825.0M | $65.0M | −$330.0M | −$281.0M | −$1.44B | −$664.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$67.0M | −$99.0M | $0 | $4.0M | $8.0M | $23.0M | $73.0M | $96.0M | $108.0M | $221.0M |
| Cash from financing activities | −$2.19B | −$3.55B | −$2.29B | −$2.20B | −$8.07B | −$2.00B | −$3.15B | −$3.64B | −$3.72B | −$5.50B |
| Summary | ||||||||||
| Net change in cash | $726.0M | $957.0M | $1.58B | −$3.68B | −$2.60B | $5.93B | $1.02B | −$1.09B | $131.0M | −$1.53B |
| Cash at end of period | $5.49B | $4.76B | $3.81B | $2.23B | $5.91B | $8.51B | $2.58B | $1.56B | $2.64B | $2.51B |
| Free cash flow | $2.83B | $4.48B | $3.81B | −$1.51B | $5.08B | $7.88B | $4.09B | $2.46B | $4.39B | $3.89B |
| Free cash flow margin | 2.7% | 4.2% | 3.6% | −1.4% | 4.8% | 8.4% | 5.2% | 3.3% | 6.0% | 5.5% |
| Capex / revenue | 3.6% | 2.7% | 4.5% | 5.1% | 3.3% | 2.8% | 3.9% | 4.7% | 3.5% | 2.2% |
| Operating cash flow / net income | 1.77 | 1.80 | 2.08 | 1.45 | 1.24 | 2.41 | 2.17 | 2.04 | 2.36 | 2.04 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.88B | $781.0M | $1.04B | $689.0M | $935.0M | $1.04B | $1.10B | $854.0M | $1.19B | $942.0M | $1.38B | $971.0M |
| Depreciation & amortization | $784.0M | $813.0M | $803.0M | $773.0M | $771.0M | $787.0M | $766.0M | $754.0M | $743.0M | $718.0M | $729.0M | $722.0M |
| Stock-based compensation | $100.0M | $54.0M | $84.0M | $64.0M | $64.0M | $69.0M | $75.0M | $80.0M | $77.0M | $72.0M | $75.0M | $69.0M |
| Change in working capital | $939.0M | −$1.06B | $1.29B | −$273.0M | $232.0M | −$1.65B | $1.44B | −$852.0M | $221.0M | −$664.0M | $1.06B | −$29.0M |
| Other non-cash items | $103.0M | $131.0M | −$142.0M | −$126.0M | $81.0M | $32.0M | −$95.0M | −$97.0M | $5.0M | $33.0M | $39.0M | $201.0M |
| Cash from operating activities | $3.80B | $716.0M | $3.08B | $1.13B | $2.08B | $275.0M | $3.29B | $739.0M | $2.24B | $1.10B | $3.29B | $1.93B |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.37B | −$1.03B | −$790.0M | −$978.0M | −$1.07B | −$790.0M | −$923.0M | −$655.0M | −$639.0M | −$674.0M | −$854.0M | −$1.13B |
| Investments (net) | — | — | — | −$937.0M | −$1.07B | −$787.0M | −$918.0M | −$637.0M | −$634.0M | −$671.0M | −$850.0M | −$1.09B |
| Acquisitions & other investing | $5.0M | $2.0M | −$69.0M | $978.0M | $1.07B | $790.0M | $923.0M | $655.0M | $639.0M | $674.0M | $854.0M | −$1.69B |
| Cash from investing activities | −$1.36B | −$1.03B | −$859.0M | −$937.0M | −$1.07B | −$787.0M | −$918.0M | −$637.0M | −$634.0M | −$671.0M | −$850.0M | −$3.91B |
| Financing activities | ||||||||||||
| Dividends paid | −$518.0M | −$516.0M | −$516.0M | −$518.0M | −$509.0M | −$510.0M | −$513.0M | −$516.0M | −$509.0M | −$508.0M | −$508.0M | −$507.0M |
| Share repurchases & issuance (net) | −$3.0M | −$89.0M | −$250.0M | −$150.0M | −$8.0M | −$250.0M | −$501.0M | −$351.0M | −$158.0M | −$91.0M | −$3.0M | −$3.0M |
| Net borrowing (repayment) | −$38.0M | −$1.03B | −$34.0M | −$38.0M | $956.0M | −$543.0M | −$27.0M | $705.0M | — | — | — | −$42.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.0M | $0 | $248.0M | −$3.0M | −$2.0M | −$60.0M | −$1.0M | −$4.0M | −$1.04B | −$32.0M | −$33.0M | $0 |
| Cash from financing activities | −$562.0M | −$1.64B | −$552.0M | −$709.0M | $437.0M | −$1.36B | −$1.04B | −$166.0M | −$1.71B | −$631.0M | −$544.0M | −$552.0M |
| Summary | ||||||||||||
| Net change in cash | $1.88B | −$1.95B | $1.67B | −$519.0M | $1.45B | −$1.88B | $1.33B | −$64.0M | −$107.0M | −$201.0M | −$1.00B | $293.0M |
| Cash at end of period | $5.41B | $3.53B | $5.49B | $3.82B | $4.34B | $2.89B | $4.76B | $3.43B | $3.50B | $3.60B | $908.0M | $1.91B |
| Free cash flow | $2.43B | −$319.0M | $2.29B | $149.0M | $1.01B | −$515.0M | $2.37B | $84.0M | $1.60B | $427.0M | $2.44B | $807.0M |
| Free cash flow margin | 9.2% | −1.3% | 7.5% | 0.6% | 4.0% | −2.2% | 7.7% | 0.3% | 6.3% | 1.7% | 7.6% | 3.2% |
| Capex / revenue | 5.2% | 4.1% | 2.6% | 3.9% | 4.3% | 3.3% | 3.0% | 2.6% | 2.5% | 2.7% | 2.7% | 4.4% |
| Operating cash flow / net income | 2.03 | 0.92 | 2.94 | 1.64 | 2.23 | 0.27 | 2.98 | 0.87 | 1.88 | 1.17 | 2.38 | 1.99 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TGT cash generation
In fiscal 2026 (ended January 31, 2026), Target generated $6.6 billion of cash from operations (down 10.9%) and spent $3.7 billion on capital expenditures, leaving free cash flow of $2.8 billion, 2.7% of revenue. It returned $2.5 billion to shareholders through dividends ($2.1 billion) and net share buybacks ($408.0 million). Cash and equivalents rose by $726.0 million over the year.
Related: TGT income statement, TGT balance sheet, TGT dividend history. See the TGT stock overview for the latest quote and news.
TGT cash flow FAQ
What is Target's free cash flow?
Target's free cash flow was $2.8 billion in fiscal 2026: $6.6 billion of operating cash flow minus $3.7 billion of capital expenditures It was $4.5 billion a year earlier..
How much cash does Target generate from operations?
Target generated $6.6 billion of cash from operating activities in fiscal 2026, 1.77 times its net income of $3.7 billion.
How much does Target spend on capital expenditures?
Target spent $3.7 billion on capital expenditures in fiscal 2026, 3.6% of revenue, compared with $2.9 billion the year before.
How much stock does Target buy back?
Target spent $408.0 million on net share repurchases in fiscal 2026.
How much does Target pay in dividends?
Target paid $2.1 billion in dividends in fiscal 2026, 72.4% of free cash flow.