Model Target's 10-K Financials

Build a sourced Excel model of Target's historical financial statements.

Introduction

30 Second Summary

A company report can stretch across hundreds of pages. The story behind its profit is easy to lose inside them.

In this project, you will build a source-traceable historical financial model for Target in Microsoft Excel from the company's Form 10-K on SEC EDGAR.

What You'll Build

Your finished workbook reveals Target's path from sales to profit to operating cash in one source-linked view.

By the end of this project, you'll have:

A three-year profitability view that lets you compare sales, revenue growth, and profit margins across Target's recent history.
A cash flow reconciliation that shows how net earnings become cash provided by operating activities.
Live model checks that let you confirm the balance sheet balances. Ending cash also agrees across statements.
Secret Mission: Diagnose Target's working capital contribution and explain why cash conversion weakened in 2025.

Are there any prerequisites?

You only need basic arithmetic and Microsoft Excel desktop on Windows. No accounting or valuation experience is required.

Before We Start

Forecasting and valuation depend on a historical model that traces reported profit through cash generation to the balance sheet. This checkpoint commits you to building that source-driven view of Target Corporation in Microsoft Excel before you touch the numbers.

Set Up the Workbook and Source Trail

A financial model earns trust when every hardcoded value leads back to a primary source. This step gives your workbook that audit trail before any numbers arrive.

You'll create the model in Microsoft Excel. You'll keep Target's official Form 10-K from SEC EDGAR available in Microsoft Edge for reference.

In this step, get ready to:

Open the official Target filing for reference.
Create the saved local model workbook.
Build the workbook's source trail.

Prepare the source workspace

Target's filing is the authority behind every reported figure you add later. Keeping it available beside Excel gives each hardcode a clear route back to the source.

Open Windows Search by pressing the Windows key.
Type Microsoft Edge into the search box.

✔️ Microsoft Edge appears

Your browser is ready to hold the source filing while you work.

Select Microsoft Edge from the search results.
Paste https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm into the address bar.
Press Enter.

You'll see Target Corporation's Form 10-K for the fiscal year ended January 31, 2026.

ⓧ Microsoft Edge is missing

The official Microsoft installer adds Edge to Windows. The installer may ask for permission before it makes changes to your computer.

Open the official Microsoft Edge download page.
Select Download Edge for Windows.
Run the downloaded installer.
Approve the Windows permission prompt if it appears.

When installation finishes, Microsoft Edge is available through Windows Search.

Press the Windows key.
Type Microsoft Edge into the search box.
Press Enter.
Paste https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm into the address bar.
Press Enter.

You'll see Target Corporation's Form 10-K for the fiscal year ended January 31, 2026.

Open Windows Search by pressing the Windows key.
Type Excel into the search box.
Select Microsoft Excel from the search results.
Create a new blank workbook from Excel's start screen.

You'll see an empty worksheet grid. This clean file becomes the single home for the historical model.

Create the local model workbook

Saving the workbook now gives every later edit a stable local file. The title identifies the company-specific model.

The units label establishes how readers should interpret the values. Future statement figures use millions unless the filing identifies per-share data.

Select the File tab.
Select Save As.
Select Browse.
Choose a local folder where you keep project files.
Enter Target_Historical_Model.xlsx in the File name box.
Select Save.

The save window closes. You'll see Target_Historical_Model.xlsx in Excel's title bar.

Double-click the first worksheet tab.
Type Historical Model.
Press Enter.

The first worksheet tab now reads Historical Model.

Select cell A1.
Enter Target Corporation Historical Model.
Select cell A2.
Enter $ in millions, except per-share data.
Save the workbook by pressing Ctrl+S.

You'll see the model title in A1. The units label sits directly beneath it in A2.

Complete the source trail

A source trail records where the evidence came from. It also records which reporting period the evidence covers.

Select cell A3.
Enter Source.
Select cell B3.
Paste https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm.
Press Enter.
Select cell B4.
Enter Filed March 11, 2026 | Fiscal year ended January 31, 2026.
Save the workbook by pressing Ctrl+S.

Why does the source trail matter?

The link lets a reviewer move from the model to Target's primary filing. That direct path makes each later hardcode auditable.

The date line separates the filing date from the fiscal year-end date. That distinction prevents reporting periods from becoming mixed together.

Before you test the link, predict which official page B3 opens.

Open the hyperlink in B3.

Microsoft Edge opens Target Corporation's official Form 10-K. The page identifies the fiscal period ending January 31, 2026.

Return to Excel by selecting it from the Windows taskbar.

Before the final check, predict which workbook labels should survive after Excel closes.

Save Target_Historical_Model.xlsx by pressing Ctrl+S.
Close Excel.
Open Windows Search by pressing the Windows key.
Type Target_Historical_Model.xlsx into the search box.
Select Target_Historical_Model.xlsx from the results.

What should I see?

The local workbook is named Target_Historical_Model.xlsx.
The active worksheet is named Historical Model.
Cell A1 contains Target Corporation Historical Model.
Cell A2 contains $ in millions, except per-share data.
Cell A3 contains Source.
Cell B3 contains the clickable link https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm.
Cell B4 contains Filed March 11, 2026 | Fiscal year ended January 31, 2026.

🙋‍♀️ Workbook or link missing?

Use File Explorer to reopen Target_Historical_Model.xlsx from the local folder you selected.
Select B3 if the URL appears as plain text.
Select the Insert tab.
Select Link.
Paste https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm into the Address box.
Select OK.
Save the workbook.
Open the link in B3 again.

Help me troubleshoot my Excel workbook setup and clickable SEC source link.

Strong start. Your workbook now preserves the filing source behind every number you add.

Next, you'll turn Target's reported income statement into linked profitability calculations.

Model the Income Statement

Your Microsoft Excel workbook already points to Target's official Form 10-K in SEC EDGAR. That source trail makes every reported figure auditable.

A useful income statement model shows how sales become profit. In this step, formulas replace selected reported subtotals so each result responds to the underlying figures.

In this step, get ready to:

Enter Target's reported income statement figures for 2023 through 2025.
Calculate the profitability rows with linked formulas.
Compare net earnings with operating cash flow to expose the profit-to-cash gap.

Enter the reported income statement

The filing separates reported figures from calculated relationships. Your worksheet follows that structure so a reviewer can distinguish source inputs from model formulas.

Return to the Historical Model worksheet.
Select cell A6.
Populate the three-year statement structure by pasting this tab-separated block:

	2023	2024	2025
Net sales	107412	106566	104780
Cost of sales	77828	76502	75511
Gross profit			
Gross margin			
SG&A expenses	21462	21969	21535
D&A excluding amounts in cost of sales	2415	2529	2617
Operating income			
Operating margin			
Net interest expense	502	411	445
Net other income	-92	-106	-95
Earnings before income taxes			
Provision for income taxes	1159	1170	1062
Net earnings			
Net margin

What does this data do?

The reported rows preserve Target's figures as hardcodes from the filing.
The blank rows reserve space for calculations based on those hardcodes.
The negative signs preserve the parenthesized Net other income amounts from the filing.
The D&A row matches the income statement definition that excludes amounts in cost of sales.

Save Target_Historical_Model.xlsx.
Compare cells B7:D7 with the Net sales row in the filing.

You should see 107,412, 106,566, and 104,780 for 2023 through 2025. Strong start. Your model now has an auditable set of source inputs.

Did the data land in one column?

Undo the paste if every value lands in column A.
Select cell A6 before pasting the tab-separated block again.
Confirm the first year appears in cell B6.

Help me fix income statement data that pasted into the wrong Excel columns.

Build the profitability formulas

Reported totals become more useful when the model calculates them from their drivers. This formula matrix turns sales into gross profit before carrying the result through to net earnings.

Select cell B9.
Build the profitability calculation matrix by pasting this block:

=B7-B8	=C7-C8	=D7-D8
=B9/B7	=C9/C7	=D9/D7
21462	21969	21535
2415	2529	2617
=B9-B11-B12	=C9-C11-C12	=D9-D11-D12
=B13/B7	=C13/C7	=D13/D7
502	411	445
-92	-106	-95
=B13-B15-B16	=C13-C15-C16	=D13-D15-D16
1159	1170	1062
=B17-B18	=C17-C18	=D17-D18
=B19/B7	=C19/C7	=D19/D7

How do the formulas connect?

Gross profit subtracts Cost of sales from Net sales.
Operating income subtracts SG&A expenses from Gross profit. It also subtracts the income statement D&A row.
Each margin divides its related profit measure by Net sales.
Earnings before income taxes adjusts Operating income for Net interest expense. It also incorporates Net other income using the source sign.
Net earnings subtracts Provision for income taxes from Earnings before income taxes.

Save Target_Historical_Model.xlsx.
Inspect cells B13:D13.

You should see operating income of 5,707, 5,566, and 5,117. That is the core model working from source inputs.

Seeing an incorrect operating income?

Confirm the formula block starts in cell B9.
Check that every formula begins with an equals sign.
Confirm Net other income remains negative in cells B16:D16.

Help me trace an incorrect operating income result in my Target Excel model.

Expose the profit-to-cash gap

Net earnings measures accounting profit for the period. The next rows place sales growth beside reported operating cash generation so you can test how closely profit tracks cash.

Select cell A21.
Add Revenue growth and Cash provided by operating activities by pasting this block:

Revenue growth		=C7/B7-1	=D7/C7-1
Cash provided by operating activities	8621	7367	6562

What do these rows measure?

The 2023 Revenue growth cell stays blank because the model has no prior-year sales column.
The 2024 formula divides current-year Net sales by prior-year Net sales before subtracting one.
The 2025 formula repeats the same comparison using the next pair of years.
The operating cash flow row preserves Target's reported cash amounts as hardcodes.

Save Target_Historical_Model.xlsx.
Confirm the Revenue growth row has a blank cell for 2023.

You should see formulas in C21 and D21. The cash flow row should show 8,621, 7,367, and 6,562.

Is 2023 growth showing a value?

Clear cell B21 if it contains a formula or value.
Confirm the growth formulas begin in cell C21.
Check that Cash provided by operating activities remains on row 22.

Help me fix the Revenue growth or operating cash flow rows in my Excel model.

✔️ Awesome, I've got everything!

Your three-year income statement structure is complete.

ⓧ I'd like to double check the full code

Target Corporation Historical Model
$ in millions, except per-share data
Source	https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm
	Filed March 11, 2026 | Fiscal year ended January 31, 2026

	2023	2024	2025
Net sales	107412	106566	104780
Cost of sales	77828	76502	75511
Gross profit	=B7-B8	=C7-C8	=D7-D8
Gross margin	=B9/B7	=C9/C7	=D9/D7
SG&A expenses	21462	21969	21535
D&A excluding amounts in cost of sales	2415	2529	2617
Operating income	=B9-B11-B12	=C9-C11-C12	=D9-D11-D12
Operating margin	=B13/B7	=C13/C7	=D13/D7
Net interest expense	502	411	445
Net other income	-92	-106	-95
Earnings before income taxes	=B13-B15-B16	=C13-C15-C16	=D13-D15-D16
Provision for income taxes	1159	1170	1062
Net earnings	=B17-B18	=C17-C18	=D17-D18
Net margin	=B19/B7	=C19/C7	=D19/D7
Revenue growth		=C7/B7-1	=D7/C7-1
Cash provided by operating activities	8621	7367	6562

Before you recalculate, make a quick prediction about whether formula-driven operating income agrees with Target's reported totals.

Press F9 to recalculate all open workbooks.
Inspect cells B13:D13.

You should see 5,707, 5,566, and 5,117 for operating income. Your linked calculations now reproduce the reported totals.

Before you compare profit with cash, make a quick prediction about whether the two measures match in every year.

Compare Net earnings in cells B19:D19 with Cash provided by operating activities in cells B22:D22.

Net earnings is 4,138, 4,091, and 3,705. Operating cash flow is 8,621, 7,367, and 6,562.

Operating cash flow exceeds net earnings in every year. This intended mismatch proves that the income statement exposes the profit-to-cash gap without explaining it.

Your income statement now turns Target's reported figures into linked profitability calculations. Next, you will build the cash flow bridge that explains the gap you just uncovered.

Explain the Profit-to-Cash Gap

Your income statement in Microsoft Excel already shows Target's profitability across three years. It also exposes a gap: operating cash flow exceeds net earnings in every year.

That gap needs a reconciliation before the workbook can support deeper analysis. In this step, you will build a cash flow bridge from net earnings to operating cash flow. You will then prove that ending cash rolls forward correctly.

In this step, get ready to:

Build a three-year cash flow bridge from linked net earnings.
Reconcile net earnings to cash provided by operating activities.
Roll cash forward to ending cash with zero checks.

Build the operating cash flow bridge

Operating cash flow starts with accounting profit. The bridge adjusts that profit for noncash expenses plus movements in operating accounts.

The signs are the fiddly part here. Parenthesized source amounts enter the workbook as negative values.

Return to Target's Form 10-K in Microsoft Edge from earlier.
Use the browser's page-search feature to locate Consolidated Statements of Cash Flows.
Switch back to the Historical Model worksheet in Excel.
Select cell A25.
Paste the block below into the selected cell:

Cash Flow Bridge
	2023	2024	2025
Net earnings	=B19	=C19	=D19
Depreciation and amortization	2801	2981	3134
Share-based compensation expense	251	304	281
Deferred income taxes	298	-180	-55
Noncash gains or losses and other	94	26	-100
Inventory	1613	-854	436
Other assets	-85	-308	-494
Accounts payable	-1216	1008	-501
Accrued and other liabilities	727	299	156

How does the bridge work?

The formulas in B27:D27 link Net earnings directly to the income statement.
Depreciation and amortization is a noncash adjustment that adds back expense recorded in earnings.
The cash flow adjustment includes depreciation recorded in cost of sales. This makes it larger than the income statement's D&A row.
The negative values preserve the signs presented with parentheses in Target's filing.

Save Target_Historical_Model.xlsx using the save icon in Excel's top-left toolbar.
Inspect the linked Net earnings values in B27:D27.

You should see 4,138, 4,091, and 3,705 across the Net earnings row. These values should match B19:D19 exactly.

Do the linked values look wrong?

Confirm that Net earnings appears in A27.
Check that each negative amount matches a parenthesized amount in the filing.

Help me fix the Cash Flow Bridge if the pasted rows or linked Net earnings values are incorrect.

Reconcile operating cash flow

A reconciliation proves that the bridge reaches Target's reported operating cash flow. The SUM formulas add net earnings plus every adjustment for each year.

Before you enter the row, do you expect the reconciliation to match the operating cash flow amounts already shown above?

Select cell A36.
Paste the calculated row below into the selected cell:

Cash provided by operating activities	=SUM(B27:B35)	=SUM(C27:C35)	=SUM(D27:D35)

What does this formula prove?

Each formula totals Net earnings plus the eight cash flow adjustments above it. A match with the reported operating cash flow row proves that the reconciliation is complete.

Save Target_Historical_Model.xlsx using Excel's save icon.
Compare B36:D36 with the reported amounts in B22:D22.

You should see 8,621, 7,367, and 6,562 in B36:D36.

You have closed the first accounting loop: the bridge now reaches Target's reported operating cash flow in all three years.

Does a total differ from the filing?

Confirm that each SUM range starts at row 27.
Confirm that each SUM range ends at row 35.
Compare the signs for Deferred income taxes, Inventory, Other assets, and Accounts payable with the filing.

Help me find why my operating cash flow reconciliation does not match Target's reported totals.

Roll cash forward to ending cash

Operating cash flow explains only one part of the change in cash. Investing activities plus financing activities complete the movement from beginning cash to ending cash.

Select cell A38.
Paste the reported cash movement rows below into the selected cell:

Cash used in investing activities	-4760	-2860	-3649
Cash used in financing activities	-2285	-3550	-2187
Net increase in cash and cash equivalents	1576	957	726
Beginning cash	2229	3805	4762
Ending cash	3805	4762	5488

How does cash move between periods?

The net increase row reports the combined effect of operating, investing, and financing activities.
Beginning cash plus the net increase should equal ending cash for each year.
The negative investing and financing amounts represent cash used during the period.

Save Target_Historical_Model.xlsx using Excel's save icon.
Compare the values in B38:D42 with the Consolidated Statements of Cash Flows.

The Ending cash row should display 3,805, 4,762, and 5,488 across B42:D42.

Do the cash movement rows look wrong?

Confirm that the block begins in A38.
Check that Cash used in investing activities contains negative values in all three years.
Check that Cash used in financing activities contains negative values in all three years.

Help me correct the cash movement rows in my Excel model.

Before you calculate the check, what result should appear if beginning cash plus the net increase equals ending cash?

Select cell A43.
Paste the cash roll-forward check below into the selected cell:

Cash roll-forward check	=B41+B40-B42	=C41+C40-C42	=D41+D40-D42

What does the check prove?

The formula adds beginning cash to the net increase. It subtracts ending cash from that total.

A result of 0 proves that the reported cash movement reconciles for that year.

Save Target_Historical_Model.xlsx using Excel's save icon.
Review the operating cash flow totals in B36:D36.
Review the cash roll-forward checks in B43:D43.

You should see operating cash flow of 8,621, 7,367, and 6,562 across B36:D36.

You should see 0 in every cash roll-forward check across B43:D43.

Is a roll-forward check above zero?

Confirm that the 2023 formula uses B41+B40-B42.
Confirm that the 2024 formula uses column C throughout.
Confirm that the 2025 formula uses column D throughout.

Help me diagnose a nonzero cash roll-forward check in my Excel model.

Your model now explains how profit becomes operating cash. Next up, you will test ending cash against a balanced two-period statement before building the historical snapshot.

Balance the Model and Build the Snapshot

Your cash flow bridge now reconciles Target's earnings to ending cash. The model still needs proof that Target's ending resources equal its obligations plus shareholders' investment.

A two-period balance sheet will test that equation with zero checks. A linked Historical Snapshot will surface the figures a reviewer needs first.

In this step, get ready to:

Add Target's 2024-2025 Balance Sheet from its Form 10-K.
Prove the balance sheet equation with two zero checks.
Build a linked Historical Snapshot of performance plus reconciliation results.

Add the two-period balance sheet

A balance sheet captures a company's resources at one date. It matches those resources against liabilities plus shareholders' investment.

Use Target's Form 10-K from earlier to confirm each value as you enter it.
Select cell F6 on the Historical Model worksheet.
Enter Balance Sheet in F6.
Enter 2024 in G6.
Enter 2025 in H6.
Populate F7:H7 with Cash, 4,762, 5,488.
Populate F8:H8 with Inventory, 12,740, 12,304.
Populate F9:H9 with Other current assets, 1,952, 2,213.

You should now see Target's three reported current-asset rows beside the two balance-sheet dates.

Create the Total current assets row in F10:H10. Use SUM vertically within each year over rows 7 through 9.
Populate F11:H11 with Property and equipment, net, 33,022, 33,749.
Populate F12:H12 with Operating lease assets, 3,763, 3,703.
Populate F13:H13 with Other noncurrent assets, 1,530, 2,033.
Create the Total assets row in F14:H14. Use SUM vertically within each year over rows 10 through 13.

Your Total assets row should display 57,769 for 2024. It should display 59,490 for 2025.

What do the asset totals show?

Current assets capture resources expected to move through normal operations sooner. Target's cash plus inventory plus other current assets form that subtotal.

Total assets then add the longer-lived resources. This gives the model one side of the balance sheet equation.

Populate F15:H15 with Accounts payable, 13,053, 12,622.
Populate F16:H16 with Accrued and other current liabilities, 6,110, 6,478.
Populate F17:H17 with Current debt and other borrowings, 1,636, 2,130.
Create the Total current liabilities row in F18:H18. Use SUM vertically within each year over rows 15 through 17.

The current-liability subtotal should now display 20,799 for 2024. The 2025 subtotal should display 21,230.

Populate F19:H19 with Long-term debt and other borrowings, 14,304, 14,326.
Populate F20:H20 with Noncurrent operating lease liabilities, 3,582, 3,462.
Populate F21:H21 with Deferred income taxes, 2,303, 2,265.
Populate F22:H22 with Other noncurrent liabilities, 2,115, 2,042.
Create the Total noncurrent liabilities row in F23:H23. Use SUM vertically within each year over rows 19 through 22.
Populate F24:H24 with Shareholders' investment, 14,666, 16,165.
Create the Total liabilities and shareholders' investment row in F25:H25. Use SUM on the three subtotal cells for each year.

The model now has both sides of the accounting equation. Two checks can test whether the statements connect.

Create the Balance sheet check row in F26:H26 as Total assets minus Total liabilities and shareholders' investment.
Create the Cash-link check row in F27:H27 as balance sheet Cash minus Cash Flow Bridge Ending cash.
Save Target_Historical_Model.xlsx.

Before you inspect the checks, predict whether both years will balance after the cash rows are linked across statements.

Inspect the values in G26:H27.

You should see 0 in all four cells. The balance sheet closes in both years while cash agrees with the Cash Flow Bridge.

Checks not showing zero?

A nonzero Balance sheet check usually points to a mistyped value or an incorrect subtotal range. Compare each hardcode with the Form 10-K before changing a formula.

A nonzero Cash-link check means the formula points to the wrong year or the wrong Cash Flow Bridge row.

Ask for help tracing the mismatch in your workbook.

Build the linked historical snapshot

The snapshot uses direct links to the statement sections. Each displayed value updates when its source changes.

Select cell J6 on the Historical Model worksheet.
Enter Historical Snapshot in J6.
Enter 2023 through 2025 across K6:M6.
Fill J7:J15 with these labels in order: Net sales, Revenue growth, Gross margin, Operating margin, Net margin, Net earnings, Cash provided by operating activities, Balance sheet check, Cash-link check.

You should see a compact snapshot frame in J6:M15. The metric cells remain ready for links to the model.

Why link the snapshot?

Direct links preserve source tracing through the workbook. A reviewer can follow each summary value back to its statement row.

Links also keep the snapshot synchronized with any corrected source value. The statement sections remain the single source for every figure.

Link K7:M7 to the 2023-2025 Net sales row in the income statement.
Link L8:M8 to the 2024-2025 Revenue growth row in the income statement.
Link K9:M9 to the 2023-2025 Gross margin row in the income statement.
Link K10:M10 to the 2023-2025 Operating margin row in the income statement.
Link K11:M11 to the 2023-2025 Net margin row in the income statement.
Link K12:M12 to the 2023-2025 Net earnings row in the income statement.
Link K13:M13 to the 2023-2025 Cash provided by operating activities row.

The first seven snapshot metrics should now populate from the model. The 2023 Revenue growth cell stays blank because there is no prior year in this workbook.

Link L14:M14 to the 2024-2025 Balance sheet check row.
Link L15:M15 to the 2024-2025 Cash-link check row.
Format K8:M11 as percentages with one decimal place.
Format K7:M7 with a thousands separator.
Format K12:M13 with a thousands separator.
Save Target_Historical_Model.xlsx.

Your Historical Snapshot now displays profitability, cash generation, and both accounting checks in one place.

Snapshot links showing the wrong year?

Check that the snapshot headers align with the source years before filling a link across. Keep the 2023 cells blank for metrics that begin in 2024.

Ask for help aligning the snapshot links.

Verify the completed model

A complete historical model must tie across statements. Its summary must also point back to the detailed calculations.

Before the final review, predict whether the two checks and four headline 2025 metrics will agree with their source sections.

Save Target_Historical_Model.xlsx.
Inspect the 2024-2025 Balance sheet check plus Cash-link check.

Both checks should display 0 for 2024. Both should also display 0 for 2025.

Review the 2025 column in the Historical Snapshot.

You should see Net sales of 104,780 plus an Operating margin of about 4.9%. Net earnings should display 3,705 while Cash provided by operating activities displays 6,562.

Inspect each 2025 snapshot cell to confirm that it contains a reference to a statement or check cell.

That is the accounting foundation complete. Your workbook now connects profit to cash. Its zero checks also close the balance sheet.

Secret mission

Diagnose the Working-Capital Story

Your model balances, but the checks cannot explain why Target generated less operating cash in 2025. In this mission, you will isolate the working-capital contribution, measure cash conversion, and write an evidence-based conclusion.

Clean Up Your Resources

This project uses one local workbook. It creates no ongoing cost or cloud resource.

Resources you used:

A local Microsoft Excel workbook named Target_Historical_Model.xlsx.

Keep everything running

No cleanup action is needed while you are still using the model. The workbook remains ready for the next forecasting project.

Save Target_Historical_Model.xlsx.
Keep Target_Historical_Model.xlsx in its current local folder for your next project.
Preserve the SEC filing link in B3 so every hardcoded value remains traceable.

Pause - I'll come back to this later

Pausing ends your current spreadsheet session. Your saved workbook remains ready to reopen.

Save Target_Historical_Model.xlsx.
Close Microsoft Excel.
Close the Target Form 10-K tab in Microsoft Edge.

Delete - I don't want to use this again

Deletion removes the workbook from its saved folder. The official SEC filing remains available online for future reference.

Close Microsoft Excel to release the workbook file.
Use Windows File Explorer to locate Target_Historical_Model.xlsx in the local folder where you saved it.
Select Target_Historical_Model.xlsx.
Press the Delete key to remove the workbook.

Your project workbook is now removed from its saved folder.

Search the same local folder for Target_Historical_Model.xlsx.

You should see no matching workbook in that folder.

Nice Work!

You did it! Your Target_Historical_Model.xlsx workbook now turns Target's official Form 10-K into a source-traceable historical model in Microsoft Excel.

You've learned how to:

Built a three-year income statement with formula-driven profitability calculations. Used linked formulas to show how sales became net earnings.
Reconciled net earnings to operating cash flow with a cash flow bridge. Rolled beginning cash forward to ending cash with a zero check for each year.
Built a two-period balance sheet that proves assets equal liabilities plus shareholders' investment. Created a linked Historical Snapshot that displays the key operating results beside both zero model checks.
Secret Mission: Calculated Target's working capital contribution across all three years. Added a cash conversion ratio. Used the shift from 145 in 2024 to -403 in 2025 to explain weaker cash conversion. Supported the conclusion with lower net earnings.

Ready to quiz yourself?