Target Cash Flow Statement

Financials in millions USD. Fiscal year is March - February.

Millions USD. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 1, 2025	Feb '25 Feb 1, 2025	Feb '24 Feb 3, 2024	Jan '23 Jan 28, 2023	Jan '22 Jan 29, 2022	Jan '21 Jan 30, 2021
Net Income	3,763	4,091	4,138	2,780	6,946	4,368
Depreciation & Amortization	3,097	2,981	2,801	2,700	2,642	2,485
Loss (Gain) From Sale of Assets	35	26	94	172	-268	86
Stock-Based Compensation	272	304	251	220	228	200
Other Operating Activities	-143	-180	298	582	522	328
Change in Inventory	269	-854	1,613	403	-3,249	-1,661
Change in Accounts Payable	-696	1,008	-1,216	-2,237	2,628	2,925
Change in Other Net Operating Assets	177	-9	642	-602	-824	1,794
Operating Cash Flow	6,774	7,367	8,621	4,018	8,625	10,525
Operating Cash Flow Growth	-8.05%	-14.55%	114.56%	-53.41%	-18.05%	47.88%
Capital Expenditures	-3,765	-2,891	-4,806	-5,528	-3,544	-2,649
Sale of Property, Plant & Equipment	3	3	24	8	27	42
Divestitures	-	-	-	-	356	-
Investment in Securities	28	28	22	16	7	16
Other Investing Activities	26	-	-	-	-	-
Investing Cash Flow	-3,708	-2,860	-4,760	-5,504	-3,154	-2,591
Long-Term Debt Issued	-	741	-	2,625	1,972	2,480
Long-Term Debt Repaid	-	-1,139	-147	-163	-1,147	-2,415
Total Debt Repaid	-1,636	-1,139	-147	-163	-1,147	-2,415
Net Debt Issued (Repaid)	348	-398	-147	2,462	825	65
Issuance of Common Stock	-	-	-	4	8	23
Repurchase of Common Stock	-975	-1,106	-127	-2,826	-7,356	-745
Common Dividends Paid	-2,050	-2,046	-2,011	-1,836	-1,548	-1,343
Financing Cash Flow	-2,677	-3,550	-2,285	-2,196	-8,071	-2,000
Net Cash Flow	389	957	1,576	-3,682	-2,600	5,934
Free Cash Flow	3,009	4,476	3,815	-1,510	5,081	7,876
Free Cash Flow Growth	-33.79%	17.33%	-	-	-35.49%	92.57%
Free Cash Flow Margin	2.86%	4.20%	3.55%	-1.38%	4.79%	8.42%
Free Cash Flow Per Share	6.59	9.69	8.24	-3.25	10.31	15.58
Cash Interest Paid	615	615	605	449	414	939
Cash Income Tax Paid	1,055	1,055	374	213	2,063	1,031
Levered Free Cash Flow	2,597	3,679	2,333	-2,648	3,889	6,570
Unlevered Free Cash Flow	2,870	3,936	2,647	-2,349	4,152	6,861
Change in Working Capital	-250	145	1,039	-2,436	-1,445	3,058

Updated Nov 1, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.