Inferra AI / Company / TGT
Target Corporation
TGT · Consumer Staples
Last earnings Aug 19, 2026
Key results
Non-merchandise revenuequarter
14.2%
Non-merchandise sales grew 14.2% with Roundel, membership and marketplace revenues all growing double digits.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
EPSquarter
$2.05
The Company reported second quarter GAAP and Adjusted earnings per share 1 (EPS) of $2.05 compared with GAAP and Adjusted EPS of $2.57 in 2024.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
Operating incomequarter
$1.3 billion
Second quarter operating income of $1.3 billion was 19.4 percent lower than last year.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
more Target Corporation Reports Second Quarter Earnings Page 3 of 12 Second quarter operating income margin rate was 5.2 percent in 2025, compared with 6.4 percent in 2024.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
Gross marginquarter
29.0 percent
Second quarter gross margin rate was 29.0 percent, compared with 30.0 percent in 2024, reflecting the net impact of merchandising activities, including higher markdown rates, purchase order cancellation costs, and pressure from category mix, partially offset by lower inventory shrink and growth in advertising and non-merchandise sales.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
AI analysis
Q2 2025 · reported Aug 20, 2025
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
Headline figures
| Metric | Q2 2025 | Prior qtr | Year ago |
|---|---|---|---|
| Non-merchandise revenue | 14.2% | — | — |
| EPS | $2.05 | — | — |
| Operating income | $1.3 billion | — | — |
| Gross margin | 29.0 percent | — | — |
Guidance · company-stated
Direction: Reiterated
“Guidance For fiscal 2025, the Company is maintaining its expectation of a low-single digit decline in sales, and GAAP EPS of $8.00 to $10.00.”
Classified from the release's primary full-year outlook statement.
Margin
Capital allocation
Interest Expense and Taxes The Company s second quarter 2025 net interest expense was $116 million, compared with $110 million last year, reflecting higher average debt levels in the current year.
Event summary
The Company reported second quarter GAAP and Adjusted earnings per share 1 (EPS) of $2.05 compared with GAAP and Adjusted EPS of $2.57 in 2024
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
Guidance & outlook
Direction: Reiterated
Revenue: “Guidance For fiscal 2025, the Company is maintaining its expectation of a low-single digit decline in sales, and GAAP EPS of $8.00 to $10.00.”
Revenue — Reiterated (“maintaining”)
“Guidance For fiscal 2025, the Company is maintaining its expectation of a low-single digit decline in sales, and GAAP EPS of $8.00 to $10.00.”
Classified from the release's primary full-year outlook statement.
Capital allocation
Interest Expense and Taxes The Company s second quarter 2025 net interest expense was $116 million, compared with $110 million last year, reflecting higher average debt levels in the current year.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
Capital Deployment and Return on Invested Capital The Company paid dividends of $509 million in the second quarter, compared with $509 million last year, reflecting a 1.8 percent increase in the dividend per share, offset by the impact of a lower average share count.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
The Company did not repurchase any stock in the second quarter.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
As of the end of the quarter, the Company had approximately $8.4 billion of remaining capacity under the repurchase program approved by Target s Board of Directors in August 2021.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
In the past, these items have included losses on the early retirement of debt and certain other items that are discretely managed.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
We believe these measures provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
Strategy & priorities
Target Corporation Reports Second Quarter Earnings Page 2 of 12 With the board s unanimous decision to appoint Michael Fiddelke as Target s next CEO, I want to express my full confidence in his leadership and focus on driving improved results and sustainable growth.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
As we enter the critical back-to-school and holiday seasons, our team remains focused on consistent execution and building momentum as we look ahead to the new year.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
The collective interaction of tariffs, tariff refunds, sourcing strategies, pricing actions, consumer response and behaviors, and other factors could materially impact our sales, results of operations, and financial condition in future periods.
SEC original ↗Target Corporation — 10-Q Quarterly report10-QAug 28, 2026
TARGET CORPORATION Q2 2026 Form 10-Q 14 MANAGEMENT'S DISCUSSION AND ANALYSIS Table of Contents ANALYSIS OF RESULTS OF OPERATIONS Index to Notes Business Transformation Initiatives Our multi-year business transformation initiatives are discussed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026.
SEC original ↗Target Corporation — 10-Q Quarterly report10-QAug 28, 2026
We did not incur any significant non-recurring costs or charges related to these initiatives during the three and six months ended August 1, 2026, or the comparable prior-year periods.
SEC original ↗Target Corporation — 10-Q Quarterly report10-QAug 28, 2026
Risks & headwinds
Second quarter GAAP and Adjusted EPS 1 was $2.05, reflecting strong expense management and efficiency gains, helping to offset continued tariff-related and other cost pressures throughout the business.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
Adjusted EPS, which excludes the gains from litigation settlements in the first quarter, is expected to be approximately $7.00 to $9.00.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
Such statements are subject to risks and uncertainties which could cause the Company s results to differ materially.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
The most important risks and uncertainties are described in Item 1A of the Company s Form 10-K for the fiscal year ended February 1, 2025.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
(b) SG A Expenses and Operating Income for the six months ended August 2, 2025, includes gains, net of legal fees, related to settlements during the first quarter of 2025 of credit card interchange fee litigation matters in which the Company was a plaintiff.
SEC original ↗Target Corporation — Earnings release (8-K exhibit)EX-99Aug 20, 2025
Legal Proceedings 25 Item 1A.
SEC original ↗Target Corporation — 10-Q Quarterly report10-QAug 28, 2026
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
60 documents- Q2 2026
- 10-QTGT
Aug 28, 2026
- 8-KTGT
Aug 19, 2026
- 8-KTGT
Aug 14, 2026
- 8-KTGT
Jul 22, 2026
- Q1 2026
- 8-KTGT
Jun 12, 2026
- 10-QTGT
May 29, 2026
- 8-KTGT
May 20, 2026
- Q4 2025
- 10-KTGT
Mar 11, 2026
- 8-KTGT
Mar 3, 2026
- 8-KTGT
Feb 11, 2026
- 8-KTGT
Feb 10, 2026
- 8-KTGT
Feb 5, 2026
- 8-KTGT
Jan 22, 2026
- Q3 2025
- 10-QTGT
Nov 26, 2025
- 8-KTGT
Nov 19, 2025
- 8-KTGT
Oct 9, 2025
- Q2 2025
- 10-QTGT
Aug 29, 2025
- 8-KTGT
Aug 20, 2025
- 8-KTGT
Aug 20, 2025
- Q1 2025
- 8-KTGT
Jun 13, 2025
- 8-KTGT
Jun 10, 2025
- 10-QTGT
May 30, 2025
- 8-KTGT
May 21, 2025
- 8-KTGT
May 21, 2025
- 8-K/ATGT
Apr 10, 2025
- Q4 2024
- 8-KTGT
Mar 25, 2025
- 10-KTGT
Mar 12, 2025
- 8-KTGT
Mar 4, 2025
- 8-KTGT
Jan 17, 2025
- Q3 2024
- 10-QTGT
Nov 27, 2024
- 8-KTGT
Nov 20, 2024
- 8-KTGT
Oct 15, 2024
- Q2 2024
- 8-KTGT
Sep 19, 2024
- 8-KTGT
Sep 6, 2024
- 10-QTGT
Aug 30, 2024
- 8-KTGT
Aug 21, 2024
- 8-K/ATGT
Aug 13, 2024
- Q1 2024
- 8-KTGT
Jun 14, 2024
- 10-QTGT
May 31, 2024
- 8-KTGT
May 22, 2024
- Q4 2023
- 10-KTGT
Mar 13, 2024
- 8-KTGT
Mar 5, 2024
- 8-KTGT
Jan 18, 2024
- Q3 2023
- 10-QTGT
Nov 22, 2023
- 8-KTGT
Nov 15, 2023
- 8-K/ATGT
Nov 8, 2023
- 8-KTGT
Oct 18, 2023
- 8-KTGT
Oct 17, 2023
- Q2 2023
- 10-QTGT
Aug 25, 2023
- 8-KTGT
Aug 16, 2023
- Q1 2023
- 8-KTGT
Jun 15, 2023
- 10-QTGT
May 26, 2023
- 8-KTGT
May 17, 2023
- Q4 2022
- 10-KTGT
Mar 8, 2023
- 8-KTGT
Feb 28, 2023
- 8-KTGT
Feb 14, 2023
- 8-KTGT
Jan 24, 2023
- 8-KTGT
Jan 12, 2023
- Q3 2022
- 10-QTGT
Nov 23, 2022
- 8-KTGT
Nov 16, 2022
Earnings releases
18 documentsPresentations
0 documentsNo presentations for Target Corporation are held in this edition of the library.
Transcripts
0 documentsNo transcripts for Target Corporation are held in this edition of the library.
See also the earnings calendar for every tracked company’s next earnings date.