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Sankey diagram of Target Corporation. A complete text table follows the diagram.
The same footprint drives discovery, pickup, delivery, retail media and a growing digital channel
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All financial flows are reported amounts. Channel and demand annotations are filing metrics: stores originated 79.7% of merchandise sales, digital originated 20.3%, stores fulfilled 97.6%, comparable traffic rose 4.4%, and average transaction size rose 1.1%.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Food & beverage | 1 | $6.3B | 25% of merchandise sales; +6% |
| Household essentials | 1 | $4.6B | 18% of merchandise sales; +5% |
| Apparel & accessories | 1 | $3.8B | 16% of merchandise sales; +4% |
| Hardlines | 1 | $3.5B | Toys, electronics and entertainment; +15% |
| Beauty | 1 | $3.4B | 14% of merchandise sales; +10% |
| Home furnishings & decor | 1 | $3.2B | 13% of merchandise sales; +1% |
| Other merchandise | 1 | $56M | Remaining merchandise categories |
| Ads, credit card & other | 1 | $549M | Includes $246M advertising revenue |
| Net sales | 2 | $25.4B | +6.7% year over year |
| Gross margin | 3 | $7.4B | 29.0%, up 80 basis points |
| Merchandise cost | 3 | $16.3B | Product acquisition and shrink |
| Supply chain & digital fulfillment | 3 | $1.8B | Moving orders through the store network |
| Operating income | 4 | $1.1B | 4.5% operating margin |
| Store, team & corporate expense | 4 | $5.6B | SG&A; 21.9% of sales |
| Depreciation & amortization | 4 | $685M | Stores, equipment and technology |
| Pretax earnings | 5 | $1.0B | After net financing cost |
| Net interest & other | 5 | $102M | $117M interest less $15M other income |
| Net earnings | 6 | $781M | 3.1% of sales |
| Income tax | 6 | $252M | 24.4% effective rate |
| From | To | Value |
|---|---|---|
| Food & beverage | Net sales | $6.3B |
| Household essentials | Net sales | $4.6B |
| Apparel & accessories | Net sales | $3.8B |
| Hardlines | Net sales | $3.5B |
| Beauty | Net sales | $3.4B |
| Home furnishings & decor | Net sales | $3.2B |
| Other merchandise | Net sales | $56M |
| Ads, credit card & other | Net sales | $549M |
| Net sales | Gross margin | $7.4B |
| Net sales | Merchandise cost | $16.3B |
| Net sales | Supply chain & digital fulfillment | $1.8B |
| Gross margin | Operating income | $1.1B |
| Gross margin | Store, team & corporate expense | $5.6B |
| Gross margin | Depreciation & amortization | $685M |
| Operating income | Pretax earnings | $1.0B |
| Operating income | Net interest & other | $102M |
| Pretax earnings | Net earnings | $781M |
| Pretax earnings | Income tax | $252M |