Target Cash Flow Statement

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

Millions USD. Fiscal year is Feb - Jan.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jan '26 Jan 31, 2026	Feb '25 Feb 1, 2025	Feb '24 Feb 3, 2024	Jan '23 Jan 28, 2023	Jan '22 Jan 29, 2022
Net Income	3,705	4,091	4,138	2,780	6,946
Depreciation & Amortization	3,134	2,981	2,801	2,700	2,642
Stock-Based Compensation	281	304	251	220	228
Other Adjustments	-155	-154	392	754	254
Changes in Inventories	436	-854	1,613	403	-3,249
Changes in Accounts Payable	-501	1,008	-1,216	-2,237	2,628
Changes in Accrued Expenses	156	299	727	-624	-746
Changes in Other Operating Activities	-494	-308	-85	22	-78
Operating Cash Flow	6,562	7,367	8,621	4,018	8,625
Operating Cash Flow Growth	-10.93%	-14.55%	114.56%	-53.41%	-18.05%
Capital Expenditures	-3,727	-2,891	-4,806	-5,528	-3,544
Sale of Property, Plant & Equipment	-	3	24	8	27
Proceeds from Business Divestments	-	-	-	-	356
Other Investing Activities	78	28	22	16	7
Investing Cash Flow	-3,649	-2,860	-4,760	-5,504	-3,154
Long-Term Debt Issued	1,984	741	-	2,625	1,972
Long-Term Debt Repaid	-1,643	-1,139	-147	-163	-1,147
Net Long-Term Debt Issued (Repaid)	341	-398	-147	2,462	825
Issuance of Common Stock	-	-	-	4	8
Repurchase of Common Stock	-475	-1,106	-127	-2,826	-7,356
Net Common Stock Issued (Repurchased)	-475	-1,106	-127	-2,822	-7,348
Common Dividends Paid	-2,053	-2,046	-2,011	-1,836	-1,548
Financing Cash Flow	-2,187	-3,550	-2,285	-2,196	-8,071
Net Cash Flow	726	957	1,576	-3,682	-2,600
Free Cash Flow	2,835	4,476	3,815	-1,510	5,081
Free Cash Flow Growth	-36.66%	17.33%	-	-	-35.49%
FCF Margin	2.71%	4.20%	3.55%	-1.38%	4.79%
Free Cash Flow Per Share	6.22	9.69	8.24	-3.25	10.31
Levered Free Cash Flow	3,050	3,928	3,025	-22	5,424
Unlevered Free Cash Flow	2,981	4,563	3,492	-2,134	4,629

Updated Jan 31, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.