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TARGET CORPTGT

Sector
Consumer
Industry
Retail-Variety Stores
Exchange
NYSE

Stock Price $TGT

Latest filings

You are here#11 of 17 in Consumer Staples by market cap

Filing record · 2016–202610-K1110-Q328-K125

TGT filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 125 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · Mar ’17Mar ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Material agreement8-K · Oct ’21Oct ’21
  4. Material agreement8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $104.78B
YoY changeLargest recent move+19.8%in FY21Latest −1.7%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All TGT Financial Metrics59 metrics

Income Statement14

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

TARGET CORP Financial Overview 2022–2026

Updated Jul 10, 2026

Target'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 billiona 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 billionb 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 $127.07c 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.

03—Filings

Recent SEC Filings

  1. 8-KTARGET CORP 8-K Report, Financial Results (Aug 19, 2026)Target reported second quarter 2026 results (quarter ended August 1, 2026) that were heavily inflated by a one-time benefit. Net sales rose 5.3% to $26.5 billion, with comparable sales up 3.8% on a 3.6% traffic increase, and growth was broad across categories and channels. Digital comparable sales grew 8.7%, and non-merchandise revenue (Roundel advertising, Target Circle 360 membership, and Target+ marketplace) grew over 20%. GAAP and Adjusted EPS were $4.11 versus $2.05 a year ago, but this includes $1.65 per share from $994 million of IEEPA tariff refunds recorded as a reduction of cost of sales. Excluding the refunds, EPS grew about 20%, and the underlying gross margin rate still expanded roughly 100 basis points. Management raised full-year 2026 guidance. Net sales growth is now expected to be around 5%, one point above prior guidance. GAAP and Adjusted EPS guidance is $9.90 to $10.90, including the roughly $1.65 Q2 refund benefit, and the midpoint excluding refunds rose $0.75 to a range of $8.50 to $9.50 (the prior range was $7.50 to $8.50). Operating margin is guided to around 6%, including about 90 basis points from tariff refunds. Guidance excludes any future refunds. Quality-of-earnings considerations remain important. SG&A expense rate rose to 21.6% from 21.3%, reflecting higher compensation and capital project spending. Capital expenditures rose 27% to $1.4 billion. Target repurchased no stock in the quarter and has about $8.3 billion of authorization remaining, while the dividend was raised 1.8%. Trailing ROIC improved to 15.4% from 14.3%, though that figure also includes a 2.4-point benefit from the tariff refunds. Investors should focus on the underlying operating trends and the sustainability of the topline momentum rather than the headline EPS figure.
  2. 8-KTARGET 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.
  3. 8-KTARGET CORP 8-K Report, Executive Changes (Jul 22, 2026)Target Corporation (NYSE: TGT) disclosed in an 8-K filed July 22, 2026 that its Board of Directors elected Joe DePinto as a director, effective August 1, 2026. DePinto, the former President and CEO of 7-Eleven, Inc. (2005 to December 2025), will also join the Audit & Risk Committee and the Infrastructure & Finance Committee. The filing describes no arrangements under which he was selected and no related person transactions under Item 404(a) of Regulation S-K. He will receive the standard non-employee director compensation described in Target's 2026 proxy statement. The appointment is primarily a governance and strategy signal rather than a financial event. The filing contains no financial results, guidance changes, or material financial impacts. Target's press release frames DePinto's addition as support for CEO Michael Fiddelke's enterprise strategy, citing his experience in operations, loyalty programs, fresh food, and omnichannel commerce. His background at 7-Eleven, which expanded omnichannel capabilities, loyalty offerings, and fresh food while growing its store footprint, maps onto areas Target has identified as priorities. For investors, the key takeaways are that Target is adding retail operating depth to its board and placing him on two committees with oversight roles relevant to audit, risk, and capital allocation. The disclosure is routine in form, with no governance red flags noted in the filing. Its significance will depend on whether DePinto's experience translates into measurable improvements in guest engagement, digital sales, and margins over time.
  4. 8-KTARGET 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.
  5. 8-KTARGET CORP 8-K Report, Financial Results (May 20, 2026)Target Corporation (TGT) reported first quarter 2026 results for the three months ended May 2, 2026, that beat management's expectations on the top line. Net sales rose 6.7% year over year to $25.4 billion, with merchandise sales up 6.4%, comparable sales up 5.6% (traffic +4.4%), and digital comparable sales up 8.9%. Non-merchandise revenue grew about 25%, driven by Roundel advertising, Target Circle 360 membership, and the Target+ marketplace. Management raised its 2026 net sales growth outlook to around 4%, two points above the prior range. Profitability is the weaker part of the story. GAAP and Adjusted EPS were $1.71, down 24% from the prior-year GAAP EPS of $2.27. That comparison is distorted by $441 million of after-tax interchange fee settlement gains in Q1 2025, so against the prior-year Adjusted EPS of $1.30 the figure is up 32%. Operating margin was 4.5%, versus 6.2% GAAP and 3.7% adjusted a year ago. SG&A expense rate rose to 21.9% from 21.7% on an adjusted basis, reflecting higher compensation, incentive pay, marketing, and capital-project spending. Trailing-twelve-month after-tax ROIC fell to 12.4% from 15.1%. Balance sheet and capital allocation shifted toward investment and debt reduction. Capital expenditures rose 31% to $1.0 billion, cash fell to $3.5 billion from $5.5 billion at fiscal year-end, and the company repaid $1.0 billion of long-term debt. No shares were repurchased in the quarter, leaving about $8.3 billion of authorization. Dividends were $516 million. Full-year 2026 EPS guidance of $7.50 to $8.50 was reiterated, with the company now expecting EPS near the high end of that range, and operating margin is expected to exceed 4.6% adjusted 2025 levels by more than 20 basis points.
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04—See also

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