TARGET CORPTGT
TARGET CORP Financial Overview 2022–2026
Updated Jul 10, 2026Target's operating income plunged 57.0% during a severe inventory reset, exposing the fragility of its margin structure in a rapidly shifting consumer landscape. The retailer is now grinding through a multi-year profitability recovery, forced to prioritize supply chain efficiency and cost control over top-line expansion.
Total revenue drifted from $106.0 billion in FY2022 down to $104.8 billion in FY2026, as cautious shoppers pulled back on higher-margin discretionary categories. Comparable sales steadily weakened across this timeline, culminating in a 2.6% decline during FY2026 driven by lower foot traffic. To defend the bottom line, management aggressively rightsized inventory and successfully wrestled shrink back down to pre-pandemic levels. The company also leaned heavily on its 'stores-as-hubs' omnichannel model, which consistently fulfilled over 96% of all merchandise sales despite broader macroeconomic headwinds. The market priced this slower-growth reality accordingly: by the close of FY2026, the stock traded at $105.47 with a compressed 13.0x earnings multiple, a noticeable discount from the 15.6x multiple and $137.91 share price it commanded at the end of FY2025.
Recent Developments (Q3 2026 and Q1 2027)
Target showed strong top-line momentum in Q1 2026, with net sales rising 6.7% to $25.4 billion on the back of a 5.6% increase in comparable sales. Underlying operational efficiency improved noticeably, driving gross margins up to 29.0% and pushing adjusted operating income 29.1% higher year-over-year. This quarter coincided with a major leadership transition, as Michael J. Fiddelke finalized his CEO compensation and Brian C. Cornell shifted to Executive Chair, while Lisa Roath was appointed Chief Operating Officer.
Bulls will argue that expanding digital advertising revenue and recovering comparable sales signal a successful turnaround for the retailer. Conversely, bears will note that rising SG&A expenses from new store openings and higher compensation are actively absorbing some of those margin gains. Priced at $127.07 and trading at a 15.6x earnings multiple as of May 29, 2026, the stock appears reasonably valued assuming management maintains its newfound operational discipline.
What to watch: SG&A expense trends amid new store rollouts; sustained growth in digital advertising revenue.
Rev
$104.78B
FY2026
NI
$3.71B
FY2026
EPS
$8.16
FY2026
OCF
$6.56B
FY2026
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All TGT Financial Metrics(59)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
TARGET CORP 8-K Report, Financial Results (Aug 19, 2026)
Target Corporation (TGT) has filed an 8-K report on August 19, 2026, announcing its financial results for the second quarter ended August 1, 2026. The primary purpose of this filing is to disseminate the company's performance during the period, as detailed in the accompanying News Release, which is attached as an exhibit. Investors should refer to this News Release for specific details on revenue, profitability, and any forward-looking statements or guidance provided by management. This filing serves as the official notification of these results to the market. While the 8-K itself is a procedural document, the attached News Release (Exhibit 99) is the critical component for investors seeking actionable insights. It will contain the detailed financial metrics, key performance indicators, and management's commentary on the factors influencing the results. Investors are encouraged to review the full News Release to understand the underlying trends, growth drivers, and potential challenges facing Target in the current retail environment. The filing also includes the interactive data file for enhanced analysis.
TARGET CORP 8-K Report, Material Agreement (Aug 14, 2026)
Target Corporation has executed a new $4.0 billion unsecured revolving credit facility, replacing its previous credit agreements. This new facility has a five-year term, expiring in August 2031, with options for one-year extensions. It offers flexibility with the potential to increase commitments by an additional $1.0 billion under certain conditions. The credit agreement includes standard covenants and financial conditions, such as a leverage ratio requirement, and customary default clauses that could lead to acceleration of obligations. This refinancing effectively consolidates and enhances Target's borrowing capacity. The termination of the prior $3.0 billion five-year agreement and the $1.0 billion 364-day agreement in favor of this larger, extended facility suggests a strategic move to optimize liquidity management and potentially secure more favorable terms. Investors should note the increased facility size and the extended maturity profile, indicating management's focus on maintaining robust financial flexibility.
TARGET CORP 8-K Report, Executive Changes (Jul 22, 2026)
Target Corporation (TGT) announced a significant change to its Board of Directors with the election of Joe DePinto, effective August 1, 2026. Mr. DePinto, a seasoned executive with extensive experience as the former President & CEO of 7-Eleven, Inc. and prior leadership roles at GameStop Corporation and PepsiCo, Inc., brings a wealth of retail and operational expertise to Target's board. His appointment to the Audit & Risk Committee and the Infrastructure & Finance Committee underscores his valuable contributions expected in areas critical to corporate governance and strategic development.
TARGET CORP 8-K Report, Executive Changes (Jun 12, 2026)
This 8-K filing from Target Corporation details the outcomes of its 2026 Annual Meeting of Shareholders held on June 10, 2026. The primary focus for investors is the strong shareholder approval of key governance and compensation matters. Notably, shareholders overwhelmingly re-elected all twelve director nominees and ratified the appointment of Ernst & Young LLP as the independent auditor for fiscal year 2026. The Amended and Restated Target Corporation 2020 Long-Term Incentive Plan was also approved by a significant majority, indicating shareholder confidence in the company's incentive structures.
TARGET CORP 8-K Report, Financial Results (May 20, 2026)
Target Corporation (TGT) filed an 8-K on May 20, 2026, to report its financial results for the first quarter ended May 2, 2026. The primary purpose of this filing is to furnish investors with the official financial performance data, as detailed in the accompanying news release. Investors should review the attached news release for specific metrics and commentary regarding sales, profitability, and overall financial condition for the period.
View all 8-K filings →