Target (TGT) Q3 FY2021 earnings: revenue $25.7 billion, up 13.3% on the year

Target Corp. (TGT) reported revenue of $25.7 billion for Q3 FY2021, the quarter ended 30 October 2021, up 13.3% on the same quarter a year earlier as this quarter's filing gives it. Net income was $1.5 billion, up 46.7% on the year as this quarter's filing gives it, and diluted earnings per share $3.04. The figures are the company's own, from the 10-Q it filed with the SEC on 24 November 2021.

Revenue

$25.7 billion

+13.3% on the year · +2.0% on the quarter

Q4 FY2019Q3 FY2021

Operating margin

7.8%

8.5% a year earlier

Q4 FY2019Q3 FY2021

Net income

$1.5 billion

+46.7% on the year · -18.1% on the quarter

Q4 FY2019Q3 FY2021

Diluted EPS

$3.04

+51.2% on the year · -16.7% on the quarter

Q4 FY2019Q3 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Revenue	25,652	25,160	22,632	+2.0%	+13.3%
Cost of revenue	18,206	n/a	n/a
Gross profit	7,446	n/a	n/a
Gross margin	29.0%	n/a	n/a
Selling, general and administrative	4,859	n/a	n/a
Operating income	2,010	2,467	1,935	-18.5%	+3.9%
Operating margin	7.8%	9.8%	8.5%
Interest expense	105	n/a	n/a
Pre-tax income	1,911	n/a	n/a
Income tax	423	n/a	n/a
Effective tax rate	22.1%	n/a	n/a
Net income	1,488	1,817	1,014	-18.1%	+46.7%
Net margin	5.8%	n/a	n/a
Diluted EPS	$3.04	$3.65	$2.01	-16.7%	+51.2%

$ million except per share.

Free 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	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Operating cash flow	2,175	n/a	n/a
Capital expenditure	1,145	n/a	n/a
Free cash flow	1,030	n/a	n/a
Free cash flow margin	4.0%	n/a	n/a
Cash from investing	-1,118	n/a	n/a
Cash from financing	-2,672	n/a	n/a
Depreciation and amortisation	577	564	541	+2.3%	+6.7%
Share-based compensation	49.0	n/a	n/a
Buybacks	2,192	n/a	n/a
Dividends paid	440	n/a	n/a
Dividend per share	$0.90	n/a	n/a
Diluted shares, weighted	489m	498m	505m	-1.6%	-3.2%
Shares outstanding at period end	481m	490m	501m	-1.8%	-4.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Shareholders' equity	13,803	14,860	13,319	-7.1%	+3.6%
Debt	12,762	12,779	12,490	-0.1%	+2.2%
Operating lease liabilities	2,494	n/a	n/a
Other liabilities	25,352	n/a	n/a
Total liabilities and equity	54,411	n/a	n/a
Fixed assets	27,915	n/a	n/a
Cash and equivalents	5,753	7,368	5,996	-21.9%	-4.1%
Inventory	14,958	n/a	n/a
Other assets	5,785	n/a	n/a
Total assets	54,411	n/a	n/a

Questions

What was Target's revenue in Q3 FY2021?

Target (TGT) reported revenue of $25.7 billion for Q3 FY2021, the quarter ended 30 October 2021, up 13.3% on the same quarter a year earlier as the company restated it.

How much did Target earn in Q3 FY2021?

Net income for Q3 FY2021 was $1.5 billion, up 46.7% on the year, and diluted earnings per share $3.04.

When did Target report Q3 FY2021 results?

Target filed its 10-Q for the quarter ended 30 October 2021 with the SEC on 24 November 2021.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	25,652	30,996	25,170	26,037	26,518	31,395	25,322	24,773	25,398	31,919	24,531	25,452	25,668	30,915	23,846	25,211	25,270	30,453	25,443	26,539
Cost of revenue	18,206	n/a	18,461	20,142	19,680	23,946	18,386	17,798	18,149	23,403	17,449	17,799	18,375	22,879	17,128	17,903	18,137	22,343	18,061	17,603
Gross profit	7,446	n/a	6,709	5,895	6,838	7,449	6,936	6,975	7,249	8,516	7,082	7,653	7,293	8,036	6,718	7,308	7,133	8,110	7,382	8,936
Gross margin	29%	n/a	27%	23%	26%	24%	27%	28%	29%	27%	29%	30%	28%	26%	28%	29%	28%	27%	29%	34%
SG&A	4,859	5,535	4,762	5,002	5,219	5,675	5,025	5,184	5,316	6,029	5,146	5,365	5,459	5,999	4,591	5,359	5,536	6,049	5,562	5,725
Operating income	2,010	2,095	1,346	321	1,022	1,159	1,328	1,197	1,317	1,865	1,296	1,635	1,168	1,467	1,472	1,317	948	1,380	1,135	2,560
Operating margin	8%	7%	5%	1%	4%	4%	5%	5%	5%	6%	5%	6%	5%	5%	6%	5%	4%	5%	4%	10%
Interest expense	105	104	112	112	125	129	147	141	107	107	106	110	105	90.0	116	116	115	98.0	117	98.0
Pre-tax income	1,911	2,017	1,249	217	909	1,043	1,204	1,072	1,235	1,786	1,219	1,545	1,091	1,406	1,382	1,218	859	1,308	1,033	2,459
Tax rate	22%	23%	19%	16%	22%	16%	21%	22%	21%	23%	23%	23%	22%	22%	25%	23%	20%	20%	24%	24%
Net income	1,488	1,544	1,009	183	712	876	950	835	971	1,382	942	1,192	854	1,103	1,036	935	689	1,046	781	1,877
Net margin	6%	5%	4%	1%	3%	3%	4%	3%	4%	4%	4%	5%	3%	4%	4%	4%	3%	3%	3%	7%
Diluted EPS	$3.04	$3.24	$2.16	$0.39	$1.54	$1.89	$2.05	$1.80	$2.10	$2.98	$2.03	$2.57	$1.85	$2.41	$2.27	$2.05	$1.51	$2.30	$1.71	$4.11
Operating cash flow	2,175	3,028	-1,394	1,347	599	3,466	1,265	2,133	1,934	3,289	1,101	2,238	739	3,289	275	2,083	1,127	3,077	716	3,803
Capital expenditure	1,145	1,061	952	1,571	1,800	1,205	1,605	1,220	1,127	854	674	639	655	923	790	1,074	978	885	1,035	1,369
Free cash flow	1,030	1,967	-2,346	-224	-1,201	2,261	-340	913	807	2,435	427	1,599	84.0	2,366	-515	1,009	149	2,192	-319	2,434
Buybacks	2,192	2,314	10.0	2,640	4.0	1.0	0.0	0.0	0.0	0.0	0.0	155	351	501	250	8.0	150	0.0	0.0	3.0
Dividends paid	440	432	424	418	497	497	497	499	507	508	508	509	516	513	510	509	518	516	516	518
Shares outstanding	481m	471m	464m	460m	460m	460m	462m	462m	462m	462m	463m	462m	459m	456m	454m	454m	453m	453m	454m	454m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 October 2021, filed 24 November 2021: the filing.