Target (TGT) FY2018 results: revenue $75.4 billion, up 3.6% on the year
Target Corp. (TGT) reported revenue of $75.4 billion for fiscal 2018, the year ended 2 February 2019, up 3.6% on the year before. Net income was $2.9 billion, up 0.8%, and diluted earnings per share $5.51. The figures are the company's own, from the 10-K it filed with the SEC on 13 March 2019.
Revenue
$75.4 billion
+3.6% on the year
FY2011FY2018
Operating margin
5.5%
5.8% a year earlier
FY2011FY2018
Net income
$2.9 billion
+0.8% on the year
FY2011FY2018
Diluted EPS
$5.51
+4.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
75,356
72,714
70,271
+3.6%
Cost of revenue
53,299
51,125
49,145
+4.3%
Gross profit
22,057
20,754
20,350
+6.3%
Gross margin
29.3%
28.5%
29.0%
Selling, general and administrative
15,723
15,140
14,217
+3.9%
Operating income
4,110
4,224
4,864
-2.7%
Operating margin
5.5%
5.8%
6.9%
Interest expense
461
653
991
-29.4%
Pre-tax income
3,676
3,630
3,965
+1.3%
Income tax
746
722
1,296
+3.3%
Effective tax rate
20.3%
19.9%
32.7%
Net income
2,937
2,914
2,737
+0.8%
Net margin
3.9%
4.0%
3.9%
Diluted EPS
$5.51
$5.29
$4.70
+4.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
5,973
6,923
5,436
-13.7%
Capital expenditure
3,516
2,533
1,547
+38.8%
Free cash flow
2,457
4,390
3,889
-44.0%
Free cash flow margin
3.3%
6.0%
5.5%
Cash from investing
-3,416
-3,075
-1,473
Cash from financing
-3,644
-3,729
-5,497
Depreciation and amortisation
2,474
2,476
2,318
-0.1%
Share-based compensation
132
112
113
+17.9%
Buybacks
2,124
1,046
3,706
+103.1%
Dividends paid
1,335
1,338
1,348
-0.2%
Dividend per share
$2.54
$2.46
$2.36
+3.3%
Diluted shares, weighted
533m
550m
582m
-3.1%
Shares outstanding at period end
518m
542m
556m
-4.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
11,297
11,651
10,915
-3.0%
Debt
11,275
10,440
11,715
+8.0%
Operating lease liabilities
2,004
1,924
n/a
+4.2%
Finance lease liabilities
968
885
n/a
+9.4%
Other liabilities
15,746
15,403
14,801
+2.2%
Total liabilities and equity
41,290
40,303
37,431
+2.4%
Fixed assets
25,533
24,536
24,658
+4.1%
Goodwill
633
630
133
+0.5%
Intangible assets
66.0
79.0
126
-16.5%
Investments
769
1,906
1,110
-59.7%
Cash and equivalents
1,556
2,643
2,512
-41.1%
Inventory
9,497
8,597
8,309
+10.5%
Other assets
3,236
1,912
583
+69.2%
Total assets
41,290
40,303
37,431
+2.4%
10-K for the year ended 2 February 2019, filed 13 March 2019: the filing.