Target Income 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
Operating Revenue	105,242	106,566	107,412	109,120	104,611	92,400
Other Revenue	-	-	-	-	1,394	1,161
Revenue	105,242	106,566	107,412	109,120	106,005	93,561
Revenue Growth (YoY)	-2.16%	-0.79%	-1.57%	2.94%	13.30%	19.78%
Cost of Revenue	75,970	76,502	77,828	82,306	74,963	66,177
Gross Profit	29,272	30,064	29,584	26,814	31,042	27,384
Selling, General & Admin	21,721	21,796	21,269	20,469	19,636	18,546
Operating Expenses	24,303	24,325	23,684	22,854	21,980	20,776
Operating Income	4,969	5,739	5,900	3,960	9,062	6,608
Interest Expense	-436	-411	-502	-478	-421	-465
Other Non Operating Income (Expenses)	-	1	1	2	18	-23
EBT Excluding Unusual Items	4,533	5,329	5,399	3,484	8,659	6,120
Merger & Restructuring Charges	-161	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	335	-
Asset Writedown	-100	-68	-102	-66	-87	-62
Other Unusual Items	-	-	-	-	-	-512
Pretax Income	4,865	5,261	5,297	3,418	8,907	5,546
Income Tax Expense	1,102	1,170	1,159	638	1,961	1,178
Earnings From Continuing Operations	3,763	4,091	4,138	2,780	6,946	4,368
Net Income	3,763	4,091	4,138	2,780	6,946	4,368
Net Income to Common	3,763	4,091	4,138	2,780	6,946	4,368
Net Income Growth	-13.89%	-1.14%	48.85%	-59.98%	59.02%	33.13%
Shares Outstanding (Basic)	455	460	462	462	488	501
Shares Outstanding (Diluted)	456	462	463	465	493	505
Shares Change (YoY)	-1.42%	-0.22%	-0.41%	-5.68%	-2.51%	-1.98%
EPS (Basic)	8.27	8.89	8.97	6.02	14.23	8.73
EPS (Diluted)	8.25	8.86	8.94	5.98	14.10	8.64
EPS Growth	-12.47%	-0.90%	49.50%	-57.59%	63.19%	35.78%
Free Cash Flow	3,009	4,476	3,815	-1,510	5,081	7,876
Free Cash Flow Per Share	6.59	9.69	8.24	-3.25	10.31	15.58
Dividend Per Share	4.500	4.440	4.360	3.960	3.160	2.680
Dividend Growth	1.81%	1.84%	10.10%	25.32%	17.91%	3.08%
Gross Margin	27.81%	28.21%	27.54%	24.57%	29.28%	29.27%
Operating Margin	4.72%	5.38%	5.49%	3.63%	8.55%	7.06%
Profit Margin	3.58%	3.84%	3.85%	2.55%	6.55%	4.67%
Free Cash Flow Margin	2.86%	4.20%	3.55%	-1.38%	4.79%	8.42%
EBITDA	8,066	8,720	8,701	6,660	11,704	9,093
EBITDA Margin	7.66%	8.18%	8.10%	6.10%	11.04%	9.72%
D&A For EBITDA	3,097	2,981	2,801	2,700	2,642	2,485
EBIT	4,969	5,739	5,900	3,960	9,062	6,608
EBIT Margin	4.72%	5.38%	5.49%	3.63%	8.55%	7.06%
Effective Tax Rate	22.65%	22.24%	21.88%	18.67%	22.02%	21.24%
Revenue as Reported	-	-	-	-	106,005	93,561
Advertising Expenses	-	1,500	1,400	1,500	1,500	1,500

Updated Nov 19, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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