Detailed financial statements for Kohl's Corporation (KSS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Kohl's Corporation functions as a prominent retail chain operating throughout the United States. It provides customers with a wide array of branded merchandise, including clothing, shoes, fashion accessories, beauty supplies, and home decor, which are sold both through its physical store locations and its comprehensive online portal. A significant portion of its product offerings comes from its own exclusive lines, such as Apt.
Analysis Summary
Kohl's Corporation reported revenue of $15.53B in the most recent fiscal year, growing at a 5-year CAGR of -0.5%.
Trailing-twelve-month margins: gross margin 38.9%, operating margin 3.9%, net margin 1.7%. Free cash flow grew at 1.9% CAGR over 5 years.
At $24.31 (closing price, October 30, 2026), KSS trades at a P/E of 10.48 and an ROE of 6.68%. Market capitalisation stands at $2.8B.
Balance sheet quality for KSS: current ratio of 1.5, net debt of $5.96B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.10B represents 406% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.68B | $20.08B | $20.23B | $19.97B | $15.96B | $19.43B | $18.10B | $17.48B | $16.22B | $15.53B |
| Cost of Revenue | $11.94B | $12.18B | $12.20B | $12.14B | $10.36B | $11.44B | $11.46B | $10.50B | $9.66B | $9.23B |
| Gross Profit | $7.74B | $7.91B | $8.03B | $7.83B | $5.59B | $8.00B | $6.64B | $6.98B | $6.56B | $6.30B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $5.43B | $5.50B | $5.60B | $5.71B | $5.02B | $5.48B | $5.59B | $5.51B | $5.31B | $5.09B |
| Operating Expenses | $6.55B | $6.49B | $6.67B | $6.74B | $5.86B | $6.32B | $6.39B | $6.26B | $6.05B | $5.79B |
| Operating Income | $1.18B | $1.42B | $1.36B | $1.10B | -$262.0M | $1.68B | $246.0M | $717.0M | $509.0M | $510.0M |
| EBITDA | $2.12B | $2.41B | $2.26B | $2.02B | $612.0M | $2.32B | $1.05B | $1.47B | $1.18B | $1.32B |
| Interest Expense | $308.0M | $299.0M | $256.0M | $207.0M | $284.0M | $260.0M | $304.0M | $344.0M | $319.0M | $288.0M |
| Pre-tax Income | $875.0M | $1.12B | $1.04B | $901.0M | -$546.0M | $1.22B | -$58.0M | $373.0M | $114.0M | $336.0M |
| Income Tax | $319.0M | $258.0M | $241.0M | $210.0M | -$383.0M | $281.0M | -$39.0M | $56.0M | $5.0M | $64.0M |
| Net Income | $556.0M | $859.0M | $801.0M | $691.0M | -$163.0M | $938.0M | -$19.0M | $317.0M | $109.0M | $272.0M |
| EPS | $3.12 | $5.14 | $4.88 | $4.40 | $-1.06 | $6.42 | $-0.16 | $2.88 | $0.98 | $2.43 |
| EPS (Diluted) | $3.11 | $5.12 | $4.85 | $4.37 | $-1.06 | $6.34 | $-0.16 | $2.86 | $0.97 | $2.37 |
| Shares Outstanding (Diluted) | 179.0 M | 168.0 M | 165.0 M | 158.0 M | 154.0 M | 148.0 M | 120.0 M | 111.0 M | 112.0 M | 115.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $3.58B | $5.17B | $3.17B | $3.52B |
| Gross Profit | $1.52B | $1.85B | $1.19B | $1.45B |
| Operating Income | $77.0M | $212.0M | $46.0M | $261.0M |
| EBITDA | $249.0M | $386.0M | $220.0M | $434.0M |
| Net Income | $8.0M | $125.0M | -$14.0M | $151.0M |
| EPS | $0.07 | $1.12 | $-0.12 | $1.34 |
| EPS (Diluted) | $0.07 | $1.09 | $-0.12 | $1.28 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.07B | $1.31B | $934.0M | $723.0M | $2.27B | $1.59B | $153.0M | $183.0M | $134.0M | $119.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $555.0M |
| Receivables | $27.0M | $62.0M | $29.0M | $15.0M | $789.0M | $190.0M | $210.0M | $167.0M | $159.0M | $125.0M |
| Inventory | $3.79B | $3.54B | $3.48B | $3.54B | $2.59B | $3.07B | $3.19B | $2.88B | $2.94B | $2.75B |
| Total Current Assets | $5.25B | $5.38B | $4.83B | $4.65B | $5.83B | $5.02B | $3.74B | $3.41B | $3.39B | $3.69B |
| Property, Plant & Equipment | $8.10B | $7.77B | $7.43B | $9.74B | $9.09B | $9.55B | $10.23B | $10.22B | $9.69B | $9.25B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $1.32B | $1.35B | 0 | 0 | 0 |
| Total Assets | $13.57B | $13.39B | $12.47B | $14.55B | $15.34B | $15.05B | $14.35B | $14.01B | $13.56B | $13.36B |
| Accounts Payable | $1.51B | $1.27B | $1.19B | $1.21B | $1.48B | $1.68B | $1.33B | $1.13B | $1.04B | $1.17B |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $263.0M | $360.0M | $92.0M | $643.0M | $179.0M |
| Total Current Liabilities | $2.97B | $2.71B | $2.73B | $2.77B | $3.02B | $3.29B | $3.12B | $2.61B | $3.13B | $2.53B |
| Long-term Debt | $2.79B | $2.80B | $1.86B | $1.86B | $2.45B | $1.91B | $1.64B | $1.64B | $1.17B | $1.44B |
| Total Liabilities | $8.40B | $7.97B | $6.94B | $9.11B | $10.14B | $10.39B | $10.58B | $10.12B | $9.76B | $9.31B |
| Retained Earnings | $12.52B | $13.00B | $13.39B | $13.74B | $13.47B | $14.26B | $13.99B | $2.93B | $1.01B | $1.22B |
| Total Equity | $5.18B | $5.42B | $5.53B | $5.45B | $5.20B | $4.66B | $3.76B | $3.89B | $3.80B | $4.05B |
| Total Debt | $4.61B | $4.51B | $3.50B | $6.12B | $6.74B | $6.79B | $7.57B | $7.38B | $7.16B | $6.63B |
| Net Debt | $3.54B | $3.21B | $2.56B | $5.40B | $4.47B | $5.20B | $7.41B | $7.19B | $7.03B | $5.96B |
| Working Capital | $2.27B | $2.67B | $2.10B | $1.88B | $2.81B | $1.74B | $621.0M | $798.0M | $257.0M | $1.16B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $144.0M | $119.0M | $429.0M | $821.0M |
| Total Assets | $14.14B | $13.36B | $13.16B | $13.41B |
| Total Liabilities | $10.21B | $9.31B | $9.14B | $9.24B |
| Total Equity | $3.93B | $4.05B | $4.02B | $4.17B |
| Total Debt | $6.80B | $6.63B | $6.53B | $6.42B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $556.0M | $859.0M | $801.0M | $691.0M | -$163.0M | $938.0M | -$19.0M | $317.0M | $109.0M | $272.0M |
| Depreciation & Amortization | $938.0M | $991.0M | $964.0M | $917.0M | $874.0M | $838.0M | $808.0M | $749.0M | $743.0M | $700.0M |
| Stock-based Compensation | $41.0M | $55.0M | $87.0M | $56.0M | $40.0M | $48.0M | $30.0M | $42.0M | $30.0M | $34.0M |
| Change in Working Capital | $518.0M | -$155.0M | $133.0M | -$274.0M | $274.0M | $187.0M | -$589.0M | -$30.0M | -$275.0M | $321.0M |
| Operating Cash Flow | $2.15B | $1.69B | $2.11B | $1.66B | $1.34B | $2.27B | $282.0M | $1.17B | $648.0M | $1.48B |
| Capital Expenditure | -$768.0M | -$672.0M | -$578.0M | -$855.0M | -$334.0M | -$605.0M | -$826.0M | -$577.0M | -$466.0M | -$372.0M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $54.0M |
| Stock Repurchased | -$574.0M | -$320.0M | -$430.0M | -$501.0M | -$30.0M | -$1.38B | -$679.0M | -$16.0M | -$10.0M | 0 |
| Dividends Paid | -$358.0M | -$368.0M | -$400.0M | -$423.0M | -$108.0M | -$147.0M | -$239.0M | -$220.0M | -$222.0M | -$56.0M |
| Free Cash Flow | $1.38B | $1.02B | $1.53B | $802.0M | $1.00B | $1.67B | -$544.0M | $591.0M | $182.0M | $1.10B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $124.0M | $750.0M | -$74.0M | $552.0M |
| Capital Expenditure | -$108.0M | -$110.0M | -$84.0M | -$62.0M |
| Free Cash Flow | $16.0M | $640.0M | -$158.0M | $490.0M |
| Dividends Paid | -$14.0M | -$14.0M | -$14.0M | -$14.0M |
| Stock-based Compensation | $9.0M | $8.0M | $9.0M | $10.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.0% | +0.7% | -1.3% | -20.1% | +21.8% | -6.9% | -3.4% | -7.2% | -4.3% | |
| Net Income Growth (YoY) | +54.5% | -6.8% | -13.7% | -123.6% | +675.5% | -102.0% | +1,768.4% | -65.6% | +149.5% | |
| EPS Growth (YoY) | +64.7% | -5.1% | -9.8% | -124.1% | +705.7% | -102.5% | +1,900.0% | -66.0% | +148.0% | |
| Shares Change (YoY) | -6.1% | -1.8% | -4.2% | -2.5% | -3.9% | -18.9% | -7.5% | +0.9% | +2.7% | |
| FCF Growth (YoY) | -26.2% | +50.0% | -47.5% | +25.2% | +65.9% | -132.7% | +208.6% | -69.2% | +506.6% | |
| Gross Margin | 39.3% | 39.4% | 39.7% | 39.2% | 35.1% | 41.1% | 36.7% | 39.9% | 40.4% | 40.6% |
| Operating Margin | 6.0% | 7.1% | 6.7% | 5.5% | -1.6% | 8.6% | 1.4% | 4.1% | 3.1% | 3.3% |
| EBITDA Margin | 10.8% | 12.0% | 11.2% | 10.1% | 3.8% | 11.9% | 5.8% | 8.4% | 7.2% | 8.5% |
| Net Margin | 2.8% | 4.3% | 4.0% | 3.5% | -1.0% | 4.8% | -0.1% | 1.8% | 0.7% | 1.8% |
| FCF Margin | 7.0% | 5.1% | 7.6% | 4.0% | 6.3% | 8.6% | -3.0% | 3.4% | 1.1% | 7.1% |
| Effective Tax Rate | 36.5% | 23.1% | 23.1% | 23.3% | 70.1% | 23.1% | 67.2% | 15.0% | 4.4% | 19.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $7.71 | $6.07 | $9.27 | $5.08 | $6.52 | $11.26 | $-4.53 | $5.32 | $1.62 | $9.60 |
| Dividends Per Share | $2.00 | $2.19 | $2.42 | $2.68 | $0.70 | $0.99 | $1.99 | $1.98 | $1.98 | $0.49 |
| Shares Outstanding (Basic) | 178.0 M | 167.0 M | 164.0 M | 157.0 M | 154.0 M | 146.0 M | 120.0 M | 110.0 M | 111.0 M | 112.0 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 6.68% |
| Return on Invested Capital | 4.45% |
| Return on Assets | 2.01% |
| Gross Margin | 38.92% |
| Operating Margin | 3.86% |
| Net Margin | 1.75% |
Financial Health
| Debt / Equity | 1.54 |
| Current Ratio | 1.49 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.65 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.50 | 12.35 | 13.67 | 9.72 | -41.57 | 9.37 | -196.81 | 9.17 | 13.48 | 7.19 |
| P/B | 1.34 | 1.96 | 1.98 | 1.23 | 1.31 | 1.88 | 1.00 | 0.75 | 0.39 | 0.48 |
| P/S | 0.35 | 0.53 | 0.54 | 0.34 | 0.43 | 0.45 | 0.21 | 0.17 | 0.09 | 0.13 |
| Gross Margin | 39.3% | 39.4% | 39.7% | 39.2% | 35.1% | 41.1% | 36.7% | 39.9% | 40.4% | 40.6% |
| Operating Margin | 6.0% | 7.1% | 6.7% | 5.5% | -1.6% | 8.6% | 1.4% | 4.1% | 3.1% | 3.3% |
| Net Margin | 2.8% | 4.3% | 4.0% | 3.5% | -1.0% | 4.8% | -0.1% | 1.8% | 0.7% | 1.8% |
Related companies: MKS.L · DDS · M · 0JXD.L · 0JRL.L
Explore sector: Consumer Cyclical · Department Stores
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