Five-Year Financial Summary
| 2024 | 2023(a) | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
Financial Results (in millions) | |||||
| Net Sales | $106,566 | $107,412 | $109,120 | $106,005 | $93,561 |
Cost of sales (b) | 76,502 | 77,828 | 82,306 | 74,963 | 66,177 |
Selling, general and administrative expenses (SG&A) (b) | 21,969 | 21,462 | 20,581 | 19,752 | 18,615 |
Depreciation and amortization (exclusive of depreciation included in cost of sales) | 2,529 | 2,415 | 2,385 | 2,344 | 2,230 |
| Operating income | 5,566 | 5,707 | 3,848 | 8,946 | 6,539 |
| Net interest expense (c) | 411 | 502 | 478 | 421 | 977 |
| Net other (income) / expense | (106) | (92) | (48) | (382) | 16 |
| Earnings before income taxes | 5,261 | 5,297 | 3,418 | 8,907 | 5,546 |
| Provision for income taxes | 1,170 | 1,159 | 638 | 1,961 | 1,178 |
| Net earnings | $4,091 | $4,138 | $2,780 | $6,946 | $4,368 |
Per Share | |||||
| Basic earnings per share | $8.89 | $8.96 | $6.02 | $14.23 | $8.72 |
| Diluted earnings per share | $8.86 | $8.94 | $5.98 | $14.10 | $8.64 |
| Cash dividends declared | $4.46 | $4.38 | $4.14 | $3.38 | $2.70 |
| FINANCIAL POSITION (in millions) | |||||
| Total assets | $57,769 | $55,356 | $53,335 | $53,811 | $51,248 |
| Long-term debt and other borrowings, including current portion | $15,940 | $16,038 | $16,139 | $13,720 | $12,680 |
Less: Short-term investments | 3,893 | 2,897 | 1,343 | 4,985 | 7,644 |
| Net debt (d) | $12,047 | $13,141 | $14,796 | $8,735 | $5,036 |
| Shareholders’ investment | $14,666 | $13,432 | $11,232 | $12,827 | $14,440 |
| FINANCIAL RATIOS | |||||
| Comparable sales change (e) | 0.1% | (3.7)% | 2.2% | 12.7% | 19.3% |
| Gross margin (% of net sales) (f) | 28.2% | 27.5% | 24.6% | 29.3% | 29.3% |
| SG&A expenses (% of net sales) | 20.6% | 20.0% | 18.9% | 18.6% | 19.9% |
| Operating income margin (% of net sales) | 5.2% | 5.3% | 3.5% | 8.4% | 7.0% |
| OTHER | |||||
| Common shares outstanding (in millions) | 455.6 | 461.7 | 460.3 | 471.3 | 500.9 |
| Operating cash flow (in millions) | $7,367 | $8,621 | $4,018 | $8,625 | $10,525 |
| Capital expenditures (in millions) | $2,891 | $4,806 | $5,528 | $3,544 | $2,649 |
| Net sales per square foot (g) | $431 | $438 | $447 | $437 | $388 |
| Retail square feet (in thousands) | 248,278 | 245,939 | 244,584 | 243,284 | 241,648 |
| Square footage growth | 1.0% | 0.6% | 0.5% | 0.7% | 0.5% |
| Total number of stores | 1,978 | 1,956 | 1,948 | 1,926 | 1,897 |
| Total number of supply chain facilities (h) | 66 | 59 | 56 | 49 | 45 |
(a) 2023 consisted of 53 weeks compared with 52 weeks in all other periods presented. The extra week in 2023 contributed $1.7 billion to Net Sales.
(b) In 2024, we reclassified certain expenses related to our advertising and third-party digital marketplace business offerings from SG&A to Cost of Sales and updated prior-period amounts to conform to the current year presentation.
(c) Includes losses on early retirement of debt of $512 million for 2020.
(d) We calculate Net Debt, a non-GAAP measure, as Long-Term Debt and Other Borrowings, Including Current Portion, net of Short-Term Investments. We believe Net Debt is a useful indicator of our level of financial leverage because short-term investments are available to pay debt maturity obligations. A reconciliation to the most comparable GAAP measure, Long-Term Debt and Other Borrowings, Including Current Portion, is provided above. Other companies may calculate Net Debt differently than we do, limiting the usefulness of the measure for comparisons with other companies.
(e) See definition of comparable sales in Form 10-K, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.
(f) Beginning with 2024, Gross Margin is calculated as Net Sales less Cost of Sales, and our Gross Margin Rate is calculated as Gross Margin divided by Net Sales. Previously Gross Margin and our Gross Margin Rate were calculated based only on Merchandise Sales. The calculation change aligns with our 2024 transition to a single-line revenue presentation on our Consolidated Statements of Operations, with prior period amounts updated to conform to the current year presentation. We also updated prior period Gross Margin Rates to conform to the current year calculations.
(g) Represents Net Sales per retail square foot which is calculated using rolling four quarters average retail square feet.
(h) Prior-year counts have been updated to reflect our definition of "supply chain facilities" as of 2024.