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Target free cash flow TGT

Cash from operations less capital spending, by quarter and over the last twelve months, from 2008.

Last 12 months, to Aug 1, 2026
$4.5B
Latest quarter, Q2 FY26
$2.4B
+141% on a year earlier
Fiscal year 2025
$2.8B
−37% on the year before

Target's free cash flow was $4.5B over the twelve months to Aug 1, 2026, up 51% on a year earlier.

In its latest quarter, Q2 FY26, it was $2.4B, up 141% on the same quarter a year before.

Over the five fiscal years to FY2025 it shrank 18% a year on average.

Free cash flow over time

Open the interactive chart, with overlays and comparisons

Fiscal year by fiscal year

Fiscal yearFree cash flowChange
FY2025$2.8B−37%
FY2024$4.5B+17%
FY2023$3.8Bn/a
FY2022−$1.5B−130%
FY2021$5.1B−35%
FY2020$7.9B+93%
FY2019$4.1B+66%
FY2018$2.5B−44%
FY2017$4.4B+13%
FY2016$3.9B−14%
FY2015$4.5B+70%
FY2014$2.7B−13%
FY2013$3.1B+50%
FY2012$2B+92%
FY2011$1.1B−66%

Each fiscal year is the twelve months to its fourth quarter.

Quarter by quarter

QuarterEndedFree cash flowOn a year earlierLast 12 months
Q2 FY26$2.4B+141%$4.5B
Q1 FY26−$319Mn/a$3B
Q4 FY25$2.2B−7%$2.8B
Q3 FY25$149M+77%$3B
Q2 FY25$1B−37%$2.9B
Q1 FY25−$515M−221%$3.5B
Q4 FY24$2.4B−3%$4.5B
Q3 FY24$84M−90%$4.5B
Q2 FY24$1.6B+75%$5.3B
Q1 FY24$427Mn/a$4.6B
Q4 FY23$2.4B+8%$3.8B
Q3 FY23$807Mn/a$3.6B

Against its peers

Companies in Discount Stores nearest Target's size, closest first, today.

CompanyFree cash flow yield
TGTTarget6.4%
DGDollar General6.9%
DLTRDollar Tree8.4%
BJBJ's Wholesale Club2.7%
FIVEFive Below4.9%
COSTCostco Wholesale2.1%
Peer median4.9%

Where Target ranks

What the free cash flow tells you

Cash from operations minus capital spending. The cash the company could hand back or reinvest.

Seasonal and lumpy quarter to quarter. The TTM view is the one to trust.

More on Target

Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.