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Target cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$2.4B in Q2 FY27 · $4.5B over twelve months

Operating cash flow$3.8B
Capital spending−$1.4B
Free cash flow+$2.4B
Cash / net income2.0×

Analysis

In Q2 FY27, Target generated $3.8B of operating cash flow and spent $1.4B on capital projects, leaving free cash flow of $2.4B.

Over the twelve months to Aug 1, 2026, operating cash flow was $8.7B; the largest uses were capital spending ($4.3B), dividends ($2.1B), net borrowing (+) / repaid (−) ($1.1B); besides operations, cash came from other investing ($74.0M); the cash balance rose by $1.1B.

Operating cash flow was $3.8B against net income of $1.9B — 2.0× profit, cash ran ahead of reported earnings. The largest differences: payables +$1.2B, inventory −$932M, depreciation & amortization +$784M.

Free cash flow

Target: free cash flow by quarterTarget: free cash flow by quarter$84.0MQ3 FY25$2.4BQ4 FY25−$515MQ1 FY26$1.0BQ2 FY26$149MQ3 FY26$2.2BQ4 FY26−$319MQ1 FY27$2.4BQ2 FY27
Operating cash flow less capital spending.
Target: operating cash flow against capital spendingTarget: operating cash flow against capital spendingOperating cash flowCapital spending$739M$655MQ3 FY25$3.3B$923MQ4 FY25$275M$790MQ1 FY26$2.1B$1.1BQ2 FY26$1.1B$978MQ3 FY26$3.1B$885MQ4 FY26$716M$1.0BQ1 FY27$3.8B$1.4BQ2 FY27
Latest (Q2 FY27): Operating cash flow $3.8B, Capital spending $1.4B.

Capital allocation, year by year

Target: where the cash came from (up) and went (down), by fiscal yearTarget: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow $8.6BFY22: Net borrowing $825MFY22: Shares issued $8.0MFY22: Asset sales $383MFY22: Capital spending −$3.5BFY22: Buybacks −$7.2BFY22: Dividends −$1.5B$9.8BFY22FY23: Operating cash flow $4.0BFY23: Net borrowing $2.5BFY23: Shares issued $4.0MFY23: Asset sales $8.0MFY23: Capital spending −$5.5BFY23: Buybacks −$2.6BFY23: Dividends −$1.8B$6.5BFY23FY24: Operating cash flow $8.6BFY24: Net borrowing −$147MFY24: Asset sales $24.0MFY24: Capital spending −$4.8BFY24: Dividends −$2.0B$8.6BFY24FY25: Operating cash flow $7.4BFY25: Net borrowing −$398MFY25: Asset sales $3.0MFY25: Capital spending −$2.9BFY25: Buybacks −$1.0BFY25: Dividends −$2.0B$7.4BFY25FY26: Operating cash flow $6.6BFY26: Net borrowing $341MFY26: Capital spending −$3.7BFY26: Buybacks −$408MFY26: Dividends −$2.1B$6.9BFY26
Over these 5 years operating cash flow totalled $35.2B; the largest uses were capital spending ($20.5B) and buybacks ($11.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.0B
Debt$14.4B
Net debt$4.4B
Due within a year$2.0B

Target funds itself: free cash flow was $4.5B over the last twelve months, and $10.0B of cash and investments stands against $14.4B of debt ($2.0B due within a year, 5.0× covered by cash).

Target: debt maturities by year (FY26)Target: debt maturities by year (FY26)$2.0BYear 1$97.0MYear 2$581MYear 3$1.0BYear 4$1.2BYear 5$9.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $10.0B of cash and investments now.

Where the cash came from and went

Target: sources (+) and uses (−) of cash, Q2 FY27Target: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$3.8BCash drawn (+) / kept (−)−$1.9BCapital spending−$1.4BDividends−$518MNet borrowing (+) / repaid (−)−$38.0MOther investing$5.0MBuybacks−$3.0MTaxes on employees’ shares−$3.0M
Target: sources (+) and uses (−) of cash, TTM to Q2 FY27Target: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$8.7BCapital spending−$4.3BDividends−$2.1BNet borrowing (+) / repaid (−)−$1.1BCash drawn (+) / kept (−)−$1.1BBuybacks−$153MTaxes on employees’ shares−$97.0MOther investing$74.0M

From profit to cash

Target: net income to operating cash flow, Q2 FY27Target: net income to operating cash flow, Q2 FY27Net income$1.9BDepreciation & amortization$784MStock-based pay$100MDeferred taxes$65.0MOther non-cash$38.0MInventory−$932MPayables$1.2BAccrued liabilities$595MPrepaid and other assets$107MOperating cash flow$3.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$3.8B−$1.4B−$3.0M−$518M−$38.0M−$1.9B$2.4B
Q1 FY27$716M−$1.0B—−$516M−$1.0B$2.0B−$319M
Q4 FY26$3.1B−$885M—−$516M−$34.0M−$1.7B$2.2B
Q3 FY26$1.1B−$978M−$150M−$518M−$38.0M$519M$149M
Q2 FY26$2.1B−$1.1B−$8.0M−$509M$956M−$1.5B$1.0B
Q1 FY26$275M−$790M−$250M−$510M−$543M$1.9B−$515M
Q4 FY25$3.3B−$923M−$501M−$513M−$27.0M−$1.3B$2.4B
Q3 FY25$739M−$655M−$351M−$516M$705M$64.0M$84.0M

Target: income statement and cash flow

Target, Q2 FY27: revenue $26.5B (+5% year over year), operating margin 9.6%. The chart follows the revenue to costs, profit and cash.

Target: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.