Target Corporation (TGT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$2.34	$4.11	+75.6%	—	$26.5B	—
Q1 27	$1.46	$1.71	+17.1%	—	$25.4B	—
Q4 26	$2.16	$2.44	+13.0%	—	$30.5B	—
Q3 26	$1.71	$1.78	+4.1%	—	$25.3B	—
Q2 26	$2.03	$2.05	+1.0%	—	$25.2B	—
Q1 26	$1.65	$1.3	-21.2%	—	$23.8B	—
Q4 25	$2.25	$2.41	+7.1%	—	$30.9B	—
Q3 25	$2.3	$1.85	-19.6%	—	$25.7B	—
Q2 25	$2.18	$2.57	+17.9%	—	$25.5B	—
Q1 25	$2.06	$2.03	-1.5%	—	$24.5B	—
Q4 24	$2.41	$2.98	+23.7%	—	$31.9B	—
Q3 24	$1.48	$2.1	+41.9%	—	$25.4B	—
Q2 24	$1.42	$1.8	+26.8%	—	$24.8B	—
Q1 24	$1.79	$2.05	+14.5%	—	$25.3B	—
Q4 23	$1.4	$1.89	+35.0%	—	$31.4B	—
Q3 23	$2.18	$1.54	-29.4%	—	$26.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$8.16	—	—	$104.8B	—
FY25	—	$8.89	—	—	$106.6B	—
FY24	—	$8.96	—	—	$107.4B	—
FY23	—	$6.02	—	—	$109.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$70.3B	$72.7B	$75.4B	$78.1B	$93.6B	$106B	$109.1B	$107.4B	$106.6B	$104.8B
YoY change	-4.76%	+3.48%	+3.63%	+3.66%	+19.8%	+13.3%	+2.94%	-1.57%	-0.79%	-1.68%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	70.3B	72.7B	75.4B	78.1B	93.6B	106B	109.1B	107.4B	106.6B	104.8B
Cost of revenue	49.1B	51.1B	53.3B	54.9B	66.2B	75B	82.2B	77.7B	76.5B	75.5B
Gross profit	21.1B	21.6B	22.1B	23.2B	27.4B	31B	26.9B	29.7B	30.1B	29.3B
Gross margin	30.1%	29.7%	29.3%	29.8%	29.3%	29.3%	24.6%	27.6%	28.2%	27.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.2B	15.1B	15.7B	16.2B	18.6B	19.8B	20.7B	21.6B	22B	21.5B
Operating expenses	14.2B	15.1B	15.7B	16.2B	18.6B	19.8B	20.7B	21.6B	22B	21.5B
Operating income	4.9B	4.2B	4.1B	4.7B	6.5B	8.9B	3.8B	5.7B	5.6B	5.1B
Operating margin	6.92%	5.81%	5.45%	5.96%	6.99%	8.44%	3.53%	5.31%	5.22%	4.88%
Non-operating income, net	88M	59M	27M	9M	-16M	382M	48M	92M	106M	95M
Pretax income	4B	3.6B	3.7B	4.2B	5.5B	8.9B	3.4B	5.3B	5.3B	4.8B
Income tax	1.3B	722M	746M	921M	1.2B	2B	638M	1.2B	1.2B	1.1B
Net income	2.7B	2.9B	2.9B	3.3B	4.4B	6.9B	2.8B	4.1B	4.1B	3.7B
Net margin	3.89%	4.01%	3.9%	4.2%	4.67%	6.55%	2.55%	3.85%	3.84%	3.54%
EBITDA	7.3B	6.8B	6.6B	7.3B	9B	12B	6.6B	8.6B	8.7B	8.3B
EPS	4.74	5.32	5.55	6.42	8.72	14.2	6.02	8.96	8.89	8.16
Diluted EPS	4.7	5.29	5.51	6.36	8.64	14.1	5.98	8.94	8.86	8.13

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	25.4B	31.9B	24.5B	25.5B	25.7B	30.9B	23.8B	25.2B	25.3B	30.5B	25.4B	26.5B
Cost of revenue	18.1B	23.4B	17.4B	17.8B	18.4B	22.9B	17.1B	17.9B	18.1B	22.3B	18.1B	17.6B
Gross profit	7.2B	8.5B	7.1B	7.7B	7.3B	8B	6.7B	7.3B	7.1B	8.1B	7.4B	8.9B
Gross margin	28.5%	26.7%	28.9%	30.1%	28.4%	26%	28.2%	29%	28.2%	26.6%	29%	33.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.3B	6B	5.2B	5.4B	5.5B	5.9B	4.6B	5.4B	5.5B	6B	5.6B	5.7B
Operating expenses	5.3B	6B	5.2B	5.4B	5.5B	5.9B	4.6B	5.4B	5.5B	6B	5.6B	5.7B
Operating income	1.3B	1.9B	1.3B	1.6B	1.2B	1.5B	1.5B	1.3B	948M	1.4B	1.1B	2.6B
Operating margin	5.19%	5.84%	5.28%	6.42%	4.55%	4.75%	6.17%	5.22%	3.75%	4.53%	4.46%	9.65%
Non-operating income, net	25M	28M	29M	20M	28M	29M	26M	17M	26M	27M	15M	-3M
Pretax income	1.2B	1.8B	1.2B	1.5B	1.1B	1.4B	1.4B	1.2B	859M	1.3B	1B	2.5B
Income tax	264M	404M	277M	353M	237M	303M	346M	283M	170M	263M	252M	582M
Net income	971M	1.4B	942M	1.2B	854M	1.1B	1B	935M	689M	1B	781M	1.9B
Net margin	3.82%	4.33%	3.84%	4.68%	3.33%	3.57%	4.34%	3.71%	2.73%	3.43%	3.07%	7.07%
EBITDA	2.1B	2.6B	2B	2.4B	1.9B	2.3B	2.3B	2.1B	1.7B	2.2B	2B	3.3B
EPS	2.1	2.99	2.04	2.58	1.86	2.42	2.28	2.06	1.52	2.31	1.72	4.13
Diluted EPS	2.1	2.98	2.03	2.57	1.85	2.41	2.27	2.05	1.51	2.3	1.71	4.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	37.2B	41.2B	38.6B	56.6B	90.7B	107.6B	79.5B	64.2B	63.5B	47.9B	72B
Enterprise value	46.4B	50.1B	49.7B	66.2B	89.6B	113.2B	95B	80B	78.6B	62.7B	85.3B
Shares outstanding	577.6M	547.7M	528.6M	510.9M	500.6M	488.1M	462.1M	461.5M	460.4M	454.1M	454.1M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	13.6	14.1	13.1	17.2	20.8	15.5	28.6	15.5	15.5	12.9	16.5
P/S	0.53	0.57	0.51	0.72	0.97	1.01	0.73	0.6	0.6	0.46	0.67
P/B	3.4	3.54	3.42	4.78	6.28	8.39	7.08	4.78	4.33	2.96	4.04
EV/EBITDA	6.38	7.42	7.52	9.1	9.95	9.45	14.4	9.31	9.08	7.51	9.93
EV/Sales	0.66	0.69	0.66	0.85	0.96	1.07	0.87	0.75	0.74	0.6	0.79
Earnings yield	7.34%	7.07%	7.61%	5.8%	4.82%	6.46%	3.49%	6.45%	6.44%	7.74%	6.07%
FCF yield	10.5%	10.7%	6.37%	7.23%	8.68%	4.72%	-1.9%	5.94%	7.05%	5.92%	4.77%
PEG	—	—	—	—	—	—	—	—	—	—	0.16

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	30.1%	29.7%	29.3%	29.8%	29.3%	29.3%	24.6%	27.6%	28.2%	27.9%	33.7%
Operating margin	6.92%	5.81%	5.45%	5.96%	6.99%	8.44%	3.53%	5.31%	5.22%	4.88%	6.04%
Net margin	3.89%	4.01%	3.9%	4.2%	4.67%	6.55%	2.55%	3.85%	3.84%	3.54%	4.08%
ROE	25%	25%	26%	27.7%	30.2%	54.2%	24.8%	30.8%	27.9%	22.9%	26.4%
ROA	7.3%	7.23%	7.11%	7.67%	8.52%	12.9%	5.21%	7.48%	7.08%	6.23%	5.69%
ROIC	16.3%	16.4%	14.6%	17%	38.5%	37.9%	11.7%	15.2%	14.5%	12.8%	15%
Return on tangible assets	7.41%	7.49%	7.36%	7.92%	8.75%	13.2%	5.28%	7.56%	7.24%	6.36%	7.17%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	0.94	0.96	0.83	0.89	1.03	0.99	0.92	0.91	0.94	0.94	0.99
Quick ratio	0.29	0.3	0.2	0.27	0.5	0.35	0.22	0.29	0.32	0.36	0.36
Debt / equity	1.16	1.16	1.19	1.18	1.05	1.28	1.7	1.46	1.36	1.26	1.08
Debt / assets	0.34	0.33	0.33	0.33	0.29	0.31	0.36	0.35	0.34	0.34	0.31
Net debt / EBITDA	1.26	1.32	1.68	1.32	-0.12	0.47	2.35	1.84	1.75	1.77	1.43
Interest coverage	5	6.56	8.97	9.78	6.68	22.2	8.15	11.6	13.8	11.7	14.2
Effective tax rate	32.7%	19.9%	20.3%	22%	21.2%	22%	18.7%	21.9%	22.2%	22.3%	22.4%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	121.7	132.8	142.6	152.9	186.9	217.2	236.1	232.7	231.5	230.7	237.4
EPS (basic)	4.74	5.32	5.55	6.42	8.72	14.2	6.02	8.96	8.89	8.16	8.16
EPS (diluted)	4.7	5.29	5.51	6.36	8.64	14.1	5.98	8.94	8.86	8.13	9.64
Book value per share	19	21.3	21.4	23.2	28.8	26.3	24.3	29.1	31.9	35.6	39.3
FCF per share	6.75	8.04	4.65	8.01	15.7	10.4	-3.27	8.27	9.72	6.24	9.76
Cash per share	6.27	8.3	4.4	8.59	32.3	22.3	7.73	8.24	10.3	12.1	11.9
Capex per share	0.08	0.06	0.16	0.12	0.08	0.06	0.02	0.05	0.01	8.21	9.35

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	0.07%	0.04%	0.11%	0.08%	0.04%	0.03%	0.01%	0.02%	0%	3.56%	3.96%
Capex / operating cash flow	0.87%	0.49%	1.45%	0.91%	0.52%	0.28%	0.17%	0.3%	0.04%	56.8%	48.9%
Payout ratio	49.3%	45.9%	45.5%	40.5%	30.7%	22.3%	66%	48.6%	50%	55.4%	47.3%
Dividend yield	3.62%	3.25%	3.46%	2.35%	1.48%	1.44%	2.31%	3.13%	3.22%	4.29%	2.94%

Yield

2.94%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.16

ex-dividend Aug 12, 2026

Payout ratio

47%

of earnings

Dividend growth

19 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 12, 2026	$1.16
May 13, 2026	$1.14
Feb 11, 2026	$1.14

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$25.4B	$31.9B	$24.5B	$25.5B	$25.7B	$30.9B	$23.8B	$25.2B	$25.3B	$30.5B	$25.4B	$26.5B
YoY change	-4.22%	+1.67%	-3.12%	+2.74%	+1.06%	-3.15%	-2.79%	-0.95%	-1.55%	-1.49%	+6.7%	+5.27%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	3.6B	4.5B	2.3B	4.4B	16.2B	10.9B	3.6B	3.8B	4.8B	5.5B
Receivables	—	—	—	498M	631M	835M	1.2B	891M	998M	1.3B
Inventory	8.3B	8.6B	9.5B	9B	10.7B	13.9B	13.5B	11.9B	12.7B	12.3B
Total current assets	12B	12.5B	12.5B	12.9B	20.8B	21.6B	17.8B	17.5B	19.5B	20B
Property, plant & equipment	-3B	-1.7B	-1.7B	-2.1B	-2.5B	-2.2B	-577M	-608M	-2B	-3B
Goodwill & intangibles	518M	1.4B	1.4B	1.4B	1.3B	1.3B	645M	639M	1.3B	1.3B
Total assets	37.4B	40.3B	41.3B	42.8B	51.2B	53.8B	53.3B	55.4B	57.8B	59.5B
Accounts payable	7.3B	8.7B	9.8B	9.9B	12.9B	15.5B	13.5B	12.1B	13.1B	12.6B
Short-term debt	1.7B	429M	1.2B	361M	1.4B	425M	426M	1.4B	2B	2.5B
Total current liabilities	12.7B	13.1B	15B	14.5B	20.1B	21.7B	19.5B	19.3B	20.8B	21.2B
Long-term debt	11B	13B	12.2B	13.6B	13.8B	16B	18.6B	18.2B	17.9B	17.8B
Total liabilities	26.5B	28.7B	30B	30.9B	36.8B	41B	42.1B	41.9B	43.1B	43.3B
Shareholders' equity	11B	11.7B	11.3B	11.8B	14.4B	12.8B	11.2B	13.4B	14.7B	16.2B
Total debt	12.7B	13.5B	13.4B	14B	15.1B	16.5B	19.1B	19.6B	19.9B	20.3B
Net debt	10.2B	10.8B	11.9B	11.4B	6.6B	10.6B	16.8B	15.8B	15.1B	14.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	2.9B	3.8B	3.6B	3.5B	3.4B	4.8B	2.9B	4.3B	3.8B	5.5B	3.5B	5.4B
Receivables	—	891M	—	—	—	998M	—	—	—	1.3B	—	—
Inventory	14.7B	11.9B	11.7B	12.6B	15.2B	12.7B	13B	12.9B	14.9B	12.3B	12.3B	13.2B
Total current assets	18.6B	17.5B	17.1B	17.9B	20.6B	19.5B	17.8B	19B	20.7B	20B	18.1B	20.9B
Property, plant & equipment	-373M	-608M	-987M	-1.7B	-2.2B	-2B	36.9B	37.3B	37.4B	-3B	37.8B	38.4B
Goodwill & intangibles	—	639M	—	—	—	1.3B	—	—	—	1.3B	—	—
Total assets	56.2B	55.4B	55.1B	56B	58.5B	57.8B	56.2B	57.9B	60B	59.5B	58B	61.2B
Accounts payable	14.3B	12.1B	11.6B	12.6B	14.4B	13.1B	11.8B	12B	13.8B	12.6B	12.2B	13.3B
Short-term debt	1.1B	1.4B	2.6B	1.6B	1.6B	2B	1.1B	1.1B	1.1B	2.5B	1.1B	1.1B
Total current liabilities	21.5B	19.3B	19.9B	20B	21.8B	20.8B	19B	19.2B	21.2B	21.2B	19.4B	21.2B
Long-term debt	17.9B	18.2B	16.9B	17.1B	17.8B	17.9B	17.9B	18.8B	18.9B	17.8B	17.7B	17.6B
Total liabilities	43.7B	41.9B	41.3B	41.6B	44B	43.1B	41.2B	42.4B	44.5B	43.3B	41.6B	43.4B
Shareholders' equity	12.5B	13.4B	13.8B	14.4B	14.5B	14.7B	14.9B	15.4B	15.5B	16.2B	16.4B	17.8B
Total debt	19B	19.6B	19.5B	18.7B	19.4B	19.9B	19B	20B	20B	20.3B	18.8B	18.7B
Net debt	17.1B	15.8B	15.9B	15.2B	16B	15.1B	16.1B	15.6B	16.2B	14.8B	15.3B	13.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	2.7B	2.9B	2.9B	3.3B	4.4B	6.9B	2.8B	4.1B	4.1B	3.7B
Depreciation & amortization	2.3B	2.5B	2.5B	2.6B	2.5B	2.6B	2.7B	2.8B	3B	3.1B
Stock-based compensation	113M	112M	132M	147M	200M	228M	220M	251M	304M	281M
Change in working capital	183M	803M	-72M	663M	1.1B	-699M	-1.8B	312M	-154M	-559M
Operating cash flow	5.3B	6.3B	5.9B	6.9B	8.1B	9.7B	4.6B	7.9B	7.1B	6.6B
Capital expenditure	46M	31M	85M	63M	42M	27M	8M	24M	3M	-3.7B
Investing cash flow	46M	-487M	85M	63M	42M	383M	8M	24M	3M	-3.6B
Dividends paid	-1.3B	-1.3B	-1.3B	-1.3B	-1.3B	-1.5B	-1.8B	-2B	-2B	-2.1B
Share repurchases	-3.7B	-1B	-2.1B	-1.6B	-745M	-7.2B	-2.6B	0	-1B	-408M
Financing cash flow	-5.7B	-3.8B	-3.7B	-3.2B	-2B	-8.1B	-2.2B	-2.3B	-3.5B	-2.2B
Net change in cash	-371M	2B	2.2B	3.7B	6.1B	2B	2.5B	5.6B	3.5B	726M
Free cash flow	3.9B	4.4B	2.5B	4.1B	7.9B	5.1B	-1.5B	3.8B	4.5B	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	971M	1.4B	942M	1.2B	854M	1.1B	1B	935M	689M	1B	781M	1.9B
Depreciation & amortization	722M	729M	718M	743M	754M	766M	787M	771M	773M	803M	813M	784M
Stock-based compensation	69M	75M	72M	77M	80M	75M	69M	64M	64M	84M	54M	100M
Change in working capital	-293M	865M	-325M	76M	-933M	1B	-1.5B	391M	-677M	1.2B	-655M	344M
Operating cash flow	1.7B	3.1B	1.4B	2.1B	658M	2.9B	418M	2.1B	1.1B	3.1B	716M	3.8B
Capital expenditure	18M	0	1M	1M	0	1M	—	-1.1B	-978M	-885M	-1B	-1.4B
Investing cash flow	18M	0	1M	1M	0	1M	3M	-1.1B	-937M	-859M	-1B	-1.4B
Dividends paid	-507M	-508M	-508M	-509M	-516M	-513M	-510M	-509M	-518M	-516M	-516M	-518M
Share repurchases	0	0	—	—	-351M	-501M	-250M	-8M	-150M	0	0	-3M
Financing cash flow	-552M	-544M	-631M	-1.6B	-166M	-1B	-1.4B	437M	-709M	-552M	-1.6B	-562M
Net change in cash	1.1B	2.5B	810M	538M	492M	1.8B	-942M	1.5B	-519M	1.7B	-2B	1.9B
Free cash flow	807M	2.4B	427M	1.6B	84M	2.4B	-515M	1B	149M	2.2B	-319M	2.4B

Date	Ratio
Jul 20, 2000	2:1
May 1, 1998	2:1
Jul 18, 1996	3:1
Jul 25, 1983	2:1
Dec 1, 1981	2:1

Target Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history