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Side-by-side financial comparison of Target Corporation (TGT) and Walgreens Boots Alliance (WBA). Click either name above to swap in a different company.
Walgreens Boots Alliance is the larger business by last-quarter revenue ($39.0B vs $25.3B, roughly 1.5× Target Corporation). Target Corporation runs the higher net margin — 2.7% vs -0.4%, a 3.2% gap on every dollar of revenue. On growth, Walgreens Boots Alliance posted the faster year-over-year revenue change (7.2% vs -1.6%). Walgreens Boots Alliance produced more free cash flow last quarter ($336.0M vs $149.0M). Over the past eight quarters, Walgreens Boots Alliance's revenue compounded faster (4.9% CAGR vs -11.0%).
Target Corporation, doing business as Target, is an American retail corporation headquartered in Minneapolis, Minnesota, United States. Target operates retail stores. It is the eighth-largest retailer in the United States and is a component of the S&P 500 Index.
Walgreens Boots Alliance, Inc. (WBA) was an American multinational holding company headquartered in Deerfield, Illinois. The company was formed on December 31, 2014, after Walgreens bought the 55% stake in Alliance Boots that it did not already own. The total price of the acquisition was $4.9 billion in cash and 144.3 million common shares with fair value of $10.7 billion. Walgreens had previously purchased 45% of the company for $4.0 billion and 83.
TGT vs WBA — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.3B | $39.0B |
| Net Profit | $689.0M | $-175.0M |
| Gross Margin | 28.2% | 16.7% |
| Operating Margin | 3.8% | 0.1% |
| Net Margin | 2.7% | -0.4% |
| Revenue YoY | -1.6% | 7.2% |
| Net Profit YoY | -19.3% | -150.9% |
| EPS (diluted) | $1.51 | $-0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $25.3B | — | ||
| Q3 25 | $25.2B | — | ||
| Q2 25 | $23.8B | $39.0B | ||
| Q1 25 | $30.9B | $38.6B | ||
| Q4 24 | $25.7B | $39.5B | ||
| Q3 24 | $25.5B | $37.5B | ||
| Q2 24 | $24.5B | $36.4B | ||
| Q1 24 | $31.9B | $37.1B |
| Q4 25 | $689.0M | — | ||
| Q3 25 | $935.0M | — | ||
| Q2 25 | $1.0B | $-175.0M | ||
| Q1 25 | $1.1B | $-2.9B | ||
| Q4 24 | $854.0M | $-265.0M | ||
| Q3 24 | $1.2B | $-3.0B | ||
| Q2 24 | $942.0M | $344.0M | ||
| Q1 24 | $1.4B | $-5.9B |
| Q4 25 | 28.2% | — | ||
| Q3 25 | 29.0% | — | ||
| Q2 25 | 28.2% | 16.7% | ||
| Q1 25 | 26.0% | 18.0% | ||
| Q4 24 | 28.4% | 17.2% | ||
| Q3 24 | 30.1% | 16.7% | ||
| Q2 24 | 28.9% | 17.8% | ||
| Q1 24 | 26.7% | 19.0% |
| Q4 25 | 3.8% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 6.2% | 0.1% | ||
| Q1 25 | 4.7% | -14.4% | ||
| Q4 24 | 4.6% | -0.6% | ||
| Q3 24 | 6.4% | -2.6% | ||
| Q2 24 | 5.3% | 0.3% | ||
| Q1 24 | 5.8% | -35.5% |
| Q4 25 | 2.7% | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | 4.3% | -0.4% | ||
| Q1 25 | 3.6% | -7.4% | ||
| Q4 24 | 3.3% | -0.7% | ||
| Q3 24 | 4.7% | -8.0% | ||
| Q2 24 | 3.8% | 0.9% | ||
| Q1 24 | 4.3% | -15.9% |
| Q4 25 | $1.51 | — | ||
| Q3 25 | $2.05 | — | ||
| Q2 25 | $2.27 | $-0.20 | ||
| Q1 25 | $2.41 | $-3.30 | ||
| Q4 24 | $1.85 | $-0.31 | ||
| Q3 24 | $2.57 | $-3.48 | ||
| Q2 24 | $2.03 | $0.40 | ||
| Q1 24 | $2.99 | $-6.85 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.8B | $830.0M |
| Total DebtLower is stronger | $15.4B | $7.4B |
| Stockholders' EquityBook value | $15.5B | $7.2B |
| Total Assets | $60.0B | $69.4B |
| Debt / EquityLower = less leverage | 0.99× | 1.03× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8B | — | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | $2.9B | $830.0M | ||
| Q1 25 | $8.7B | $1.1B | ||
| Q4 24 | $3.4B | $1.2B | ||
| Q3 24 | $3.5B | $3.1B | ||
| Q2 24 | $3.6B | $703.0M | ||
| Q1 24 | $6.7B | $668.0M |
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.3B | — | ||
| Q2 25 | $14.3B | $7.4B | ||
| Q1 25 | $14.3B | $8.0B | ||
| Q4 24 | $14.3B | $8.1B | ||
| Q3 24 | $13.7B | $9.6B | ||
| Q2 24 | $13.5B | — | ||
| Q1 24 | $14.9B | — |
| Q4 25 | $15.5B | — | ||
| Q3 25 | $15.4B | — | ||
| Q2 25 | $14.9B | $7.2B | ||
| Q1 25 | $14.7B | $7.1B | ||
| Q4 24 | $14.5B | $9.9B | ||
| Q3 24 | $14.4B | $10.4B | ||
| Q2 24 | $13.8B | $13.6B | ||
| Q1 24 | $13.4B | $13.5B |
| Q4 25 | $60.0B | — | ||
| Q3 25 | $57.9B | — | ||
| Q2 25 | $56.2B | $69.4B | ||
| Q1 25 | $57.8B | $70.2B | ||
| Q4 24 | $58.5B | $78.5B | ||
| Q3 24 | $56.0B | $81.0B | ||
| Q2 24 | $55.1B | $83.0B | ||
| Q1 24 | $55.4B | $84.2B |
| Q4 25 | 0.99× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 0.96× | 1.03× | ||
| Q1 25 | 0.98× | 1.13× | ||
| Q4 24 | 0.99× | 0.81× | ||
| Q3 24 | 0.95× | 0.92× | ||
| Q2 24 | 0.97× | — | ||
| Q1 24 | 1.11× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.1B | $584.0M |
| Free Cash FlowOCF − Capex | $149.0M | $336.0M |
| FCF MarginFCF / Revenue | 0.6% | 0.9% |
| Capex IntensityCapex / Revenue | 3.9% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.64× | — |
| TTM Free Cash FlowTrailing 4 quarters | $3.0B | $580.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $275.0M | $584.0M | ||
| Q1 25 | $3.3B | $-199.0M | ||
| Q4 24 | $739.0M | $-140.0M | ||
| Q3 24 | $2.2B | $1.3B | ||
| Q2 24 | $1.1B | $604.0M | ||
| Q1 24 | $3.3B | $-637.0M |
| Q4 25 | $149.0M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $-515.0M | $336.0M | ||
| Q1 25 | $2.4B | $-418.0M | ||
| Q4 24 | $84.0M | $-424.0M | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $427.0M | $327.0M | ||
| Q1 24 | $2.4B | $-989.0M |
| Q4 25 | 0.6% | — | ||
| Q3 25 | 4.0% | — | ||
| Q2 25 | -2.2% | 0.9% | ||
| Q1 25 | 7.7% | -1.1% | ||
| Q4 24 | 0.3% | -1.1% | ||
| Q3 24 | 6.3% | 2.9% | ||
| Q2 24 | 1.7% | 0.9% | ||
| Q1 24 | 7.6% | -2.7% |
| Q4 25 | 3.9% | — | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | 3.3% | 0.6% | ||
| Q1 25 | 3.0% | 0.6% | ||
| Q4 24 | 2.6% | 0.7% | ||
| Q3 24 | 2.5% | 0.7% | ||
| Q2 24 | 2.7% | 0.8% | ||
| Q1 24 | 2.7% | 1.0% |
| Q4 25 | 1.64× | — | ||
| Q3 25 | 2.23× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 0.87× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.17× | 1.76× | ||
| Q1 24 | 2.38× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TGT
| Food And Beverage | $6.0B | 24% |
| Household Essentials | $4.5B | 18% |
| Home Furnishings And Decor | $3.9B | 15% |
| Apparel And Accessories | $3.8B | 15% |
| Beauty | $3.2B | 13% |
| Hardlines | $3.2B | 13% |
| Advertising Revenue | $241.0M | 1% |
| Other Other Revenue | $158.0M | 1% |
| Credit Card Profit Sharing | $119.0M | 0% |
| Other Product | $34.0M | 0% |
WBA
| Pharmacy | $24.4B | 63% |
| Retail | $6.3B | 16% |
| International Reportable Segment | $6.2B | 16% |
| US Healthcare | $2.1B | 5% |
