Target (TGT) FY2019 results: revenue $78.1 billion, up 3.7% on the year
Target Corp. (TGT) reported revenue of $78.1 billion for fiscal 2019, the year ended 1 February 2020, up 3.7% on the year before. Net income was $3.3 billion, up 11.7%, and diluted earnings per share $6.36. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2020.
Revenue
$78.1 billion
+3.7% on the year
FY2012FY2019
Operating margin
6.0%
5.5% a year earlier
FY2012FY2019
Net income
$3.3 billion
+11.7% on the year
FY2012FY2019
Diluted EPS
$6.36
+15.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
78,112
75,356
72,714
+3.7%
Cost of revenue
54,864
53,299
51,125
+2.9%
Gross profit
23,248
22,057
20,754
+5.4%
Gross margin
29.8%
29.3%
28.5%
Selling, general and administrative
16,233
15,723
15,140
+3.2%
Operating income
4,658
4,110
4,224
+13.3%
Operating margin
6.0%
5.5%
5.8%
Interest expense
477
461
653
+3.5%
Pre-tax income
4,190
3,676
3,630
+14.0%
Income tax
921
746
722
+23.5%
Effective tax rate
22.0%
20.3%
19.9%
Net income
3,281
2,937
2,914
+11.7%
Net margin
4.2%
3.9%
4.0%
Diluted EPS
$6.36
$5.51
$5.29
+15.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
7,117
5,973
6,923
+19.2%
Capital expenditure
3,027
3,516
2,533
-13.9%
Free cash flow
4,090
2,457
4,390
+66.5%
Free cash flow margin
5.2%
3.3%
6.0%
Cash from investing
-2,944
-3,416
-3,075
Cash from financing
-3,152
-3,644
-3,729
Depreciation and amortisation
2,604
2,474
2,476
+5.3%
Share-based compensation
147
132
112
+11.4%
Buybacks
1,565
2,124
1,046
-26.3%
Dividends paid
1,330
1,335
1,338
-0.4%
Dividend per share
$2.62
$2.54
$2.46
+3.1%
Diluted shares, weighted
516m
533m
550m
-3.3%
Shares outstanding at period end
504m
518m
542m
-2.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
11,833
11,297
11,651
+4.7%
Debt
11,499
11,275
10,440
+2.0%
Operating lease liabilities
2,275
2,004
1,924
+13.5%
Finance lease liabilities
1,303
968
885
+34.6%
Other liabilities
15,869
15,746
15,403
+0.8%
Total liabilities and equity
42,779
41,290
40,303
+3.6%
Fixed assets
26,283
25,533
24,536
+2.9%
Goodwill
633
633
630
0.0%
Intangible assets
53.0
66.0
79.0
-19.7%
Investments
1,810
769
1,906
+135.4%
Cash and equivalents
2,577
1,556
2,643
+65.6%
Inventory
8,992
9,497
8,597
-5.3%
Other assets
2,431
3,236
1,912
-24.9%
Total assets
42,779
41,290
40,303
+3.6%
10-K for the year ended 1 February 2020, filed 11 March 2020: the filing.