Target Corporation cash flow statement

In fiscal 2026, Target Corporation's operations generated $6.56bn of cash; it spent $3.73bn on capital projects, leaving free cash flow of $2.83bn. It returned $2.05bn in dividends and $408m through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Target Corporation: cash flow statement, annual
Fiscal year	2010Jan 2010	2011Jan 2011	2012Jan 2012	2013Feb 2013	2014Feb 2014	2015Jan 2015	2016Jan 2016	2017Jan 2017	2018Feb 2018	2019Feb 2019	2020Feb 2020	2021Jan 2021	2022Jan 2022	2023Jan 2023	2024Feb 2024	2025Feb 2025	2026Jan 2026	LTMAug 2026
Cash from operations	5.9	5.3	5.4	5.3	6.5	4.5	6.0	5.4	6.9	6.0	7.1	10.5	8.6	4.0	8.6	7.4	6.6	8.7
Depreciation and amortisation	2.0	2.1	2.1	2.0	2.0	2.1	2.2	2.3	2.5	2.5	2.6	2.5	2.6	2.7	2.8	3.0	3.1	2.9
Stock-based pay	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.3
Capital spending	1.7	2.1	4.4	2.3	1.9	1.8	1.4	1.5	2.5	3.5	3.0	2.6	3.5	5.5	4.8	2.9	3.7	4.3
Free cash flow	4.2	3.1	1.1	3.0	4.6	2.7	4.5	3.9	4.4	2.5	4.1	7.9	5.1	−1.5	3.8	4.5	2.8	4.5
Free cash flow after stock pay	4.0	3.0	1.0	2.9	4.5	2.6	4.4	3.8	4.3	2.3	3.9	7.7	4.9	−1.7	3.6	4.2	2.6	4.2
Dividends paid	0.5	0.6	0.8	0.9	1.0	1.2	1.4	1.3	1.3	1.3	1.3	1.3	1.5	1.8	2.0	2.0	2.1	2.1
Share buybacks	0.4	2.5	1.8	1.9	1.5	0.0	3.5	3.7	1.0	2.1	1.6	0.7	7.2	2.6	0.0	1.0	0.4	0.2

US$ millions unless shown otherwise. Fiscal quarters.

Target Corporation: cash flow statement, quarterly
Quarter	2025 Q3Nov 2024	2025 Q4Feb 2025	2026 Q1May 2025	2026 Q2Aug 2025	2026 Q3Nov 2025	2026 Q4Jan 2026	2027 Q1May 2026	2027 Q2Aug 2026
Cash from operations	739	3,289	275	2,083	1,127	3,077	716	3,803
Depreciation and amortisation	639	766	787	632	649	803	813	651
Stock-based pay	80	75	69	64	64	84	54	100
Capital spending	655	923	790	1,074	978	885	1,035	1,369
Free cash flow	84	2,366	−515	1,009	149	2,192	−319	2,434
Free cash flow after stock pay	4	2,291	−584	945	85	2,108	−373	2,334

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Target Corporation's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Target Corporation.