Target annual free cash flow
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Target Free Cash Flow (FCF) History (TGT)
Target reported $2.83B in free cash flow for fiscal 2025, a decrease of 36.66% from the previous fiscal year, with a free cash flow margin of 2.71%.
View full Target company overviewTarget free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2026-01-31 | $2.83B | −$1.64B | −36.66% | +2.71% |
| 2024 | 2025-02-01 | $4.48B | $661.0M | +17.33% | +4.20% |
| 2023 | 2024-02-03 | $3.81B | $5.33B | — | +3.55% |
| 2022 | 2023-01-28 | −$1.51B | −$6.59B | — | −1.38% |
| 2021 | 2022-01-29 | $5.08B | −$2.79B | −35.49% | +4.79% |
| 2020 | 2021-01-30 | $7.88B | $3.79B | +92.57% | +8.42% |
| 2019 | 2020-02-01 | $4.09B | $1.63B | +66.46% | +5.24% |
| 2018 | 2019-02-02 | $2.46B | −$1.95B | −44.18% | +3.26% |
| 2017 | 2018-02-03 | $4.40B | $505.0M | +12.96% | +6.05% |
| 2016 | 2017-01-28 | $3.90B | −$623.0M | −13.78% | +5.55% |
| 2015 | 2016-01-30 | $4.52B | $1.84B | +68.72% | +6.13% |
| 2014 | 2015-01-31 | $2.68B | −$1.96B | −42.19% | +3.69% |
| 2013 | 2014-02-01 | $4.63B | $1.66B | +55.56% | +6.50% |
| 2012 | 2013-02-02 | $2.98B | $1.91B | +179.46% | +4.06% |
| 2011 | 2012-01-28 | $1.07B | −$2.08B | −66.07% | +1.53% |
| 2010 | 2011-01-29 | $3.14B | −$1.01B | −24.33% | +4.66% |
| 2009 | 2010-01-30 | $4.15B | $3.27B | +370.22% | +6.35% |
| 2008 | 2009-01-31 | $883.0M | $1.13B | — | +1.36% |
| 2007 | 2008-02-02 | −$244.0M | — | — | −0.39% |
Target quarterly free cash flow
Q3.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
Q4.13
Q1.14
Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-08-01 | $2.43B | $1.43B | +141.23% | +9.17% |
| Q1 2026 | 2026-05-02 | −$319.0M | $196.0M | — | −1.25% |
| Q4 2025 | 2026-01-31 | $2.19B | −$174.0M | −7.35% | +7.20% |
| Q3 2025 | 2025-11-01 | $149.0M | $65.0M | +77.38% | +0.59% |
| Q2 2025 | 2025-08-02 | $1.01B | −$590.0M | −36.90% | +4.00% |
| Q1 2025 | 2025-05-03 | −$515.0M | −$942.0M | — | −2.16% |
| Q4 2024 | 2025-02-01 | $2.37B | −$69.0M | −2.83% | +7.65% |
| Q3 2024 | 2024-11-02 | $84.0M | −$723.0M | −89.59% | +0.33% |
| Q2 2024 | 2024-08-03 | $1.60B | $686.0M | +75.14% | +6.28% |
| Q1 2024 | 2024-05-04 | $427.0M | $767.0M | — | +1.74% |
| Q4 2023 | 2024-02-03 | $2.44B | $174.0M | +7.70% | +7.63% |
| Q3 2023 | 2023-10-28 | $807.0M | $2.01B | — | +3.18% |
| Q2 2023 | 2023-07-29 | $913.0M | $1.14B | — | +3.69% |
| Q1 2023 | 2023-04-29 | −$340.0M | $2.01B | — | −1.34% |
| Q4 2022 | 2023-01-28 | $2.26B | $294.0M | +14.95% | +7.20% |
| Q3 2022 | 2022-10-29 | −$1.20B | −$2.23B | — | −4.53% |
| Q2 2022 | 2022-07-30 | −$224.0M | −$1.71B | — | −0.86% |
| Q1 2022 | 2022-04-30 | −$2.35B | −$2.94B | — | −9.32% |
| Q4 2021 | 2022-01-29 | $1.97B | −$874.0M | −30.76% | +6.35% |
| Q3 2021 | 2021-10-30 | $1.03B | −$303.0M | −22.73% | +4.02% |
| Q2 2021 | 2021-07-31 | $1.49B | −$1.68B | −53.14% | +5.90% |
| Q1 2021 | 2021-05-01 | $599.0M | $66.0M | +12.38% | +2.48% |
| Q4 2020 | 2021-01-30 | $2.84B | $507.0M | +21.72% | +10.03% |
| Q3 2020 | 2020-10-31 | $1.33B | $995.0M | +294.38% | +5.89% |
| Q2 2020 | 2020-08-01 | $3.17B | $1.42B | +81.09% | +13.79% |
| Q1 2020 | 2020-05-02 | $533.0M | $865.0M | — | +2.72% |
| Q4 2019 | 2020-02-01 | $2.33B | $628.0M | +36.81% | +9.98% |
| Q3 2019 | 2019-11-02 | $338.0M | $455.0M | — | +1.81% |
| Q2 2019 | 2019-08-03 | $1.75B | $569.0M | +48.18% | +9.50% |
| Q1 2019 | 2019-05-04 | −$332.0M | −$19.0M | — | −1.88% |
| Q4 2018 | 2019-02-02 | $1.71B | −$250.0M | −12.78% | +7.42% |
| Q3 2018 | 2018-11-03 | −$117.0M | −$840.0M | — | −0.66% |
| Q2 2018 | 2018-08-04 | $1.18B | $277.0M | +30.64% | +6.64% |
| Q1 2018 | 2018-05-05 | −$313.0M | −$1.13B | — | −1.87% |
| Q4 2017 | 2018-02-03 | $1.96B | −$244.0M | −11.09% | +8.51% |
| Q3 2017 | 2017-10-28 | $723.0M | −$170.0M | −19.04% | +4.28% |
| Q2 2017 | 2017-07-29 | $904.0M | $62.0M | +7.36% | +5.43% |
| Q1 2017 | 2017-04-29 | $819.0M | $857.0M | — | +5.05% |
| Q4 2016 | 2017-01-28 | $2.20B | $390.0M | +21.55% | +10.63% |
| Q3 2016 | 2016-10-29 | $893.0M | $336.0M | +60.32% | +5.43% |
| Q2 2016 | 2016-07-30 | $842.0M | −$52.0M | −5.82% | +5.21% |
| Q1 2016 | 2016-04-30 | −$38.0M | −$1.30B | — | −0.23% |
| Q4 2015 | 2016-01-30 | $1.81B | −$181.0M | −9.09% | +8.37% |
| Q3 2015 | 2015-10-31 | $557.0M | $502.0M | +912.73% | +3.16% |
| Q2 2015 | 2015-08-01 | $894.0M | $310.0M | +53.08% | +5.13% |
| Q1 2015 | 2015-05-02 | $1.26B | $1.21B | +2469.39% | +7.35% |
| Q4 2014 | 2015-01-31 | $1.99B | $1.18B | +144.59% | +9.15% |
| Q3 2014 | 2014-11-01 | $55.0M | $333.0M | — | +0.32% |
| Q2 2014 | 2014-08-02 | $584.0M | $721.0M | — | +3.44% |
| Q1 2014 | 2014-05-03 | $49.0M | −$2.28B | −97.90% | +0.29% |
| Q4 2013 | 2014-02-01 | $814.0M | −$1.16B | −58.66% | +3.78% |
| Q3 2013 | 2013-11-02 | −$278.0M | −$420.0M | — | −1.61% |
| Q2 2013 | 2013-08-03 | −$137.0M | −$527.0M | — | −0.80% |
| Q1 2013 | 2013-05-04 | $2.33B | $1.85B | +387.24% | +13.94% |
| Q4 2012 | 2013-02-02 | $1.97B | $128.0M | +6.95% | +8.66% |
| Q3 2012 | 2012-10-27 | $142.0M | $874.0M | — | +0.84% |
| Q2 2012 | 2012-07-28 | $390.0M | $853.0M | — | +2.32% |
| Q1 2012 | 2012-04-28 | $478.0M | $58.0M | +13.81% | +2.83% |
| Q4 2011 | 2012-01-28 | $1.84B | −$56.0M | −2.95% | +8.65% |
| Q3 2011 | 2011-10-29 | −$732.0M | −$1.14B | — | −4.46% |
| Q2 2011 | 2011-07-30 | −$463.0M | −$549.0M | — | −2.85% |
| Q1 2011 | 2011-04-30 | $420.0M | −$331.0M | −44.07% | +2.64% |
| Q4 2010 | 2011-01-29 | $1.90B | −$668.0M | −26.04% | +9.18% |
| Q3 2010 | 2010-10-30 | $408.0M | −$170.0M | −29.41% | +2.61% |
| Q2 2010 | 2010-07-31 | $86.0M | −$464.0M | −84.36% | +0.55% |
| Q1 2010 | 2010-05-01 | $751.0M | $292.0M | +63.62% | +4.82% |
| Q4 2009 | 2010-01-30 | $2.56B | — | — | +12.71% |
| Q3 2009 | 2009-10-31 | $578.0M | $1.42B | — | +3.78% |
| Q2 2009 | 2009-08-01 | $550.0M | — | — | +3.65% |
| Q1 2009 | 2009-05-02 | $459.0M | — | — | +3.09% |
| Q3 2008 | 2008-11-01 | −$845.0M | — | — | −5.59% |
Target free cash flow growth trends
Over the last five reported fiscal years, free cash flow declined from $7.88B to $2.83B, a compound annual decline of 18.48%. Target's latest reported quarter, Q2 2026, generated $2.43B in free cash flow, an increase of 141.23% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Target source filings ↗