Data tracker
Target inventory tracker
Target ended the October 2022 quarter holding $17.1 billion of inventory, the highest point in this series, and cut it to $13.5 billion in a single quarter. Its subsequent pattern is the clearest seasonal sawtooth of any large US retailer.
Compiled by The Retail Ledger from company filings · Updated September 27, 2026
Reading the series
Target’s inventory rises into every holiday quarter and falls sharply afterwards, which is why a large January decline at Target tells you almost nothing on its own. The measure that separates a normal year from the glut year is the comparison against its own seasonal norm, in the five-retailer analysis.
The comparison across five retailers is in who cleared the 2022 glut, and the sector sequence is in the glut timeline.
The data
| Quarter ended | Inventory ($M) | Change |
|---|---|---|
| Oct 30, 2021 | 14,958 | — |
| Jan 29, 2022 | 13,902 | -7.1% |
| Apr 30, 2022 | 15,083 | +8.5% |
| Jul 30, 2022 | 15,320 | +1.6% |
| Oct 29, 2022 | 17,117 | +11.7% |
| Jan 28, 2023 | 13,499 | -21.1% |
| Apr 29, 2023 | 12,616 | -6.5% |
| Jul 29, 2023 | 12,684 | +0.5% |
| Oct 28, 2023 | 14,731 | +16.1% |
| Feb 3, 2024 | 11,886 | -19.3% |
| May 4, 2024 | 11,730 | -1.3% |
| Aug 3, 2024 | 12,604 | +7.5% |
| Nov 2, 2024 | 15,165 | +20.3% |
| Feb 1, 2025 | 12,740 | -16.0% |
| May 3, 2025 | 13,048 | +2.4% |
| Aug 2, 2025 | 12,881 | -1.3% |
| Nov 1, 2025 | 14,896 | +15.6% |
| Jan 31, 2026 | 12,304 | -17.4% |
| May 2, 2026 | 12,317 | +0.1% |
| Aug 1, 2026 | 13,249 | +7.6% |
Source: company quarterly and annual reports. Figures as reported. Free to reuse with attribution to The Retail Ledger.