OpenNashEarnings

Retail · NYSE: TGT

Target earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends February · next results expected around 18 Nov 2026

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q2 FY2026

Target reported second quarter net sales of $26.5 billion, up 5.3 percent, with comparable sales growth of 3.8 percent and GAAP and Adjusted EPS of $4.11 versus $2.05 a year ago, including $1.65 of tariff refund benefits.

Target's second-quarter net sales were $26.5 billion, up 5.3 percent. Comparable sales rose 3.8 percent, driven by a 3.6 percent rise in traffic. Digital comparable sales grew 8.7 percent. Fun 101, Food & Beverage and Beauty led the gains. EPS was $4.11 versus $2.05, but that includes a $994 million tariff refund worth $1.65 per share. Excluding the refunds, EPS rose about 20 percent.

Read the Q2 FY2026 summary →

Quarters

KPI history

Revenue$26.5B+5.3% y/yQ2 FY26
Q3 FY24: $25.7BQ3 24$25.7BQ4 FY24: $30.9B (worked out from the annual figure)Q4 24$30.9BQ1 FY25: $23.8BQ1 25$23.8BQ2 FY25: $25.2BQ2 25$25.2BQ3 FY25: $25.3BQ3 25$25.3BQ4 FY25: $30.5B (worked out from the annual figure)Q4 25$30.5BQ1 FY26: $25.4BQ1 26$25.4BQ2 FY26: $26.5BQ2 26$26.5B

Fourth quarter worked out from the annual figure.

Data
Q3 FY24$25.7B
Q4 FY24$30.9B *
Q1 FY25$23.8B
Q2 FY25$25.2B
Q3 FY25$25.3B
Q4 FY25$30.5B *
Q1 FY26$25.4B
Q2 FY26$26.5B
Diluted EPS (GAAP)$4.11+100.5% y/yQ2 FY26
Q3 FY24: $1.85Q3 24$1.85Q1 FY25: $2.27Q1 25$2.27Q2 FY25: $2.05Q2 25$2.05Q3 FY25: $1.51Q3 25$1.51Q1 FY26: $1.71Q1 26$1.71Q2 FY26: $4.11Q2 26$4.11
Data
Q3 FY24$1.85
Q1 FY25$2.27
Q2 FY25$2.05
Q3 FY25$1.51
Q1 FY26$1.71
Q2 FY26$4.11

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin9.6%+4.4 pts y/yQ2 FY26
Q3 FY24: 4.6%Q3 244.6%Q4 FY24: 4.7%Q4 244.7%Q1 FY25: 6.2%Q1 256.2%Q2 FY25: 5.2%Q2 255.2%Q3 FY25: 3.8%Q3 253.8%Q4 FY25: 4.5%Q4 254.5%Q1 FY26: 4.5%Q1 264.5%Q2 FY26: 9.6%Q2 269.6%
Data
Q3 FY244.6%
Q4 FY244.7%
Q1 FY256.2%
Q2 FY255.2%
Q3 FY253.8%
Q4 FY254.5%
Q1 FY264.5%
Q2 FY269.6%
Free cash flow$2.4B+141.2% y/yQ2 FY26
Q3 FY24: $84.0MQ3 24$84.0MQ4 FY24: $2.4BQ4 24$2.4BQ1 FY25: -$515.0MQ1 25-$515.0MQ2 FY25: $1.0BQ2 25$1.0BQ3 FY25: $149.0MQ3 25$149.0MQ4 FY25: $2.2BQ4 25$2.2BQ1 FY26: -$319.0MQ1 26-$319.0MQ2 FY26: $2.4BQ2 26$2.4B
Data
Q3 FY24$84.0M
Q4 FY24$2.4B
Q1 FY25-$515.0M
Q2 FY25$1.0B
Q3 FY25$149.0M
Q4 FY25$2.2B
Q1 FY26-$319.0M
Q2 FY26$2.4B

Operating cash flow minus capital expenditure, from cash flow statements.

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Revenue$25.7B$30.9Bd$23.8B$25.2B$25.3B$30.5Bd$25.4B$26.5B
Operating income$1.2B$1.5Bd$1.5B$1.3B$948.0M$1.4Bd$1.1B$2.6B
Operating margin4.6%4.7%6.2%5.2%3.8%4.5%4.5%9.6%
Net income$854.0M$1.1B$1.0B$935.0M$689.0M$1.0B$781.0M$1.9B
Diluted EPS$1.85—$2.27$2.05$1.51—$1.71$4.11
Operating cash flow$739.0Md$3.3Bd$275.0M$2.1Bd$1.1Bd$3.1Bd$716.0M$3.8Bd
Capital expenditure$655.0Md$923.0Md$790.0M$1.1Bd$978.0Md$885.0Md$1.0B$1.4Bd
Free cash flow$84.0M$2.4B-$515.0M$1.0B$149.0M$2.2B-$319.0M$2.4B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings