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, 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.
TARGET CORP 8-K Report, Financial Results (Mar 3, 2026)
Target Corporation (TGT) has filed an 8-K report on March 3, 2026, to announce its financial results for the fourth quarter and full fiscal year ended January 31, 2026. This report primarily references a press release issued on the same date, which contains the detailed financial performance information. Investors should refer to this press release for specifics on revenue, profitability, comparable store sales, and any forward-looking guidance provided by the company. The 8-K itself serves as the official notification of these results being made public.
TARGET CORP 8-K Report, Financial Results (Feb 11, 2026)
Target Corporation (TGT) has filed a 8-K report on February 10, 2026, confirming that its preliminary expectations for the fourth quarter of fiscal year 2025 are in line with previously issued guidance. This includes expectations for sales figures, as well as both Generally Accepted Accounting Principles (GAAP) and Adjusted Earnings Per Share (EPS) for the full fiscal year. This announcement should provide investors with a degree of confidence in the company's near-term financial performance, indicating no significant deviations from anticipated results as the fiscal year concludes.
TARGET CORP 8-K Report, Executive Changes (Feb 10, 2026)
Target Corporation (TGT) has announced a key executive leadership change, appointing Lisa Roath as the new Executive Vice President and Chief Operating Officer, effective February 15, 2026. Ms. Roath, a long-tenured employee with extensive experience across merchandising, marketing, and food/beverage categories, will receive a base salary of $775,000 and remain eligible for existing bonus and long-term incentive plans. This appointment signifies a promotion for Ms. Roath and suggests a strategic move leveraging her internal expertise to lead operational functions. Concurrently, Rick Gomez, the current Executive Vice President and Chief Commercial Officer, will step down from his role on February 15, 2026. Mr. Gomez will transition to an advisor role until April 17, 2026, and subsequently depart Target under circumstances qualifying for severance benefits, including continued salary and bonus, receipt of severance under the Income Continuation Plan due to an involuntary termination without cause, and vesting of a portion of his long-term incentives. This dual announcement indicates a planned transition at the senior executive level, with Target retaining Mr. Gomez in a transitional capacity.
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