Target (TGT) FY2020 results: revenue $93.6 billion, up 19.8% on the year
Target Corp. (TGT) reported revenue of $93.6 billion for fiscal 2020, the year ended 30 January 2021, up 19.8% on the year before. Net income was $4.4 billion, up 33.1%, and diluted earnings per share $8.64. The figures are the company's own, from the 10-K it filed with the SEC on 10 March 2021.
Revenue
$93.6 billion
+19.8% on the year
FY2013FY2020
Operating margin
7.0%
6.0% a year earlier
FY2013FY2020
Net income
$4.4 billion
+33.1% on the year
FY2013FY2020
Diluted EPS
$8.64
+35.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
93,561
78,112
75,356
+19.8%
Cost of revenue
66,177
54,864
53,299
+20.6%
Gross profit
27,384
23,248
22,057
+17.8%
Gross margin
29.3%
29.8%
29.3%
Selling, general and administrative
18,615
16,233
15,723
+14.7%
Operating income
6,539
4,658
4,110
+40.4%
Operating margin
7.0%
6.0%
5.5%
Interest expense
977
477
461
+104.8%
Pre-tax income
5,546
4,190
3,676
+32.4%
Income tax
1,178
921
746
+27.9%
Effective tax rate
21.2%
22.0%
20.3%
Net income
4,368
3,281
2,937
+33.1%
Net margin
4.7%
4.2%
3.9%
Diluted EPS
$8.64
$6.36
$5.51
+35.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
10,525
7,117
5,973
+47.9%
Capital expenditure
2,649
3,027
3,516
-12.5%
Free cash flow
7,876
4,090
2,457
+92.6%
Free cash flow margin
8.4%
5.2%
3.3%
Cash from investing
-2,591
-2,944
-3,416
Cash from financing
-2,000
-3,152
-3,644
Depreciation and amortisation
2,485
2,604
2,474
-4.6%
Share-based compensation
200
147
132
+36.1%
Buybacks
745
1,565
2,124
-52.4%
Dividends paid
1,343
1,330
1,335
+1.0%
Dividend per share
$2.70
$2.62
$2.54
+3.1%
Diluted shares, weighted
505m
516m
533m
-2.0%
Shares outstanding at period end
501m
504m
518m
-0.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
14,440
11,833
11,297
+22.0%
Debt
12,680
11,499
11,275
+10.3%
Operating lease liabilities
2,218
2,275
2,004
-2.5%
Finance lease liabilities
1,766
1,303
968
+35.5%
Other liabilities
20,144
15,869
15,746
+26.9%
Total liabilities and equity
51,248
42,779
41,290
+19.8%
Fixed assets
26,879
26,283
25,533
+2.3%
Goodwill
631
633
633
-0.3%
Intangible assets
37.0
53.0
66.0
-30.2%
Investments
7,644
1,810
769
+322.3%
Cash and equivalents
8,511
2,577
1,556
+230.3%
Inventory
10,653
8,992
9,497
+18.5%
Other assets
n/a
2,431
3,236
Total assets
51,248
42,779
41,290
+19.8%
10-K for the year ended 30 January 2021, filed 10 March 2021: the filing.