Target is a predominantly U.S. general-merchandise retailer selling everyday essentials and discretionary products through stores and digital channels, supplemented by advertising, memberships, marketplace commissions and credit-card profit sharing.
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A snapshot of what TARGET CORP owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Feb 3, 20240000027419-24-000032 | Mar 13, 2024 | 10-K | Open 10-Ksec.gov |
| Feb 1, 20250000027419-25-000018 | Mar 12, 2025 | 10-K | Open 10-Ksec.gov |
| Jan 31, 20260000027419-26-000016 | Mar 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Target’s fiscal 2026 recovery includes stronger customer traffic and operating improvement, but its headline earnings overstate the recurring progress. Second-quarter sales rose 5.3% to $26.539 billion, while apparel and home furnishings remained nearly flat. Both GAAP and adjusted EPS included a substantial tariff refund; management reported approximately 20% EPS growth excluding that benefit. First-half operating cash flow improved, helped by accounts payable as well as earnings, while investment spending increased. An August refinancing replaced—not expanded—the existing $4 billion base revolving commitment. Management raised its full-year outlook, but that forecast includes the received refund and excludes potential future recoveries. Continuing tariff exposure, inventory execution, labor costs and legal risks remain important constraints on the recovery.
Sources: EX-99 · 2026-08-19 · 10-Q · 2026-08-01 · 8-K · 2026-08-14 · 10-K · 2026-01-31
Target operates one reportable segment, not separately disclosed store, digital or merchandise-category profit centers. At August 1, 2026, it had 2,019 stores. Those stores fulfilled 97.6% of second-quarter merchandise sales, including digitally ordered purchases: digital ordering and store fulfillment overlap rather than represent additive businesses. Owned and exclusive brands account for approximately 30% of annual merchandise sales and generally earn higher margins than equivalent national brands, but require longer sourcing lead times and earlier inventory ownership.
Advertising, memberships and marketplace commissions broaden the revenue mix. Second-quarter non-merchandise sales grew 20.1%, versus 5.0% for merchandise. Reported advertising revenue does not capture all Roundel activity because some arrangements reduce expenses instead. Target earns commissions on third-party marketplace sales, not their full merchandise value; TD Bank owns and funds the credit-card receivables underlying Target’s profit-sharing revenue. Individual channel and category profitability is not disclosed.
Sources: 10-K · 2026-01-31 · 10-Q · 2026-08-01 · EX-99 · 2026-08-19
Following fiscal 2025’s sales decline, first-quarter 2026 sales grew 6.7%. GAAP EPS nevertheless fell because the prior-year quarter contained settlement gains; adjusted EPS increased 31.6%. In the second quarter, ended August 1 and announced August 19, sales grew 5.3% to $26.539 billion. Comparable merchandise sales rose 3.8%, mainly from 3.6% traffic growth rather than the 0.2% increase in average transaction amount. Hardlines, food and beauty were stronger, while apparel and home furnishings were nearly flat. Average transaction amount does not separately identify price, mix or unit-volume effects.
Second-quarter operating income of $2.560 billion included $994 million of received IEEPA tariff refunds recorded as lower cost of sales, not revenue. The same refund added $752 million after tax and $1.65 per diluted share; these are different presentations of one benefit. GAAP and adjusted EPS both reached $4.11 versus $2.05 and both retained the refund. Target reported approximately 19% operating-income growth and 20% EPS growth excluding it. Management also attributed margin improvement to comparison with elevated prior-year markdowns and purchase-order cancellation costs, plus non-merchandise growth. Higher payroll, incentives and investment-related expenses partly offset those gains.
First-half net earnings were $2.658 billion. The 73.7% increase in adjusted EPS is not a comparison that removes unusual gains from both years: current earnings retain the tariff refund, whereas prior-year adjusted earnings exclude $441 million of after-tax interchange-settlement gains. Diluted shares were effectively unchanged, so a shrinking share count did not drive the EPS improvement.
Sources: EX-99 · 2026-05-20 · EX-99 · 2026-08-19 · 10-Q · 2026-08-01
For the six months ended August 1, operating cash flow increased to $4.519 billion from $2.358 billion. Accounts payable provided $612 million after absorbing $1.125 billion a year earlier, while inventory absorbed $945 million. The improvement therefore reflects working-capital timing as well as earnings; it is not additional profit. Refunds were received, but their net cash contribution after related taxes is not separately isolated.
First-half property-and-equipment spending was $2.404 billion, alongside $1.034 billion of dividends and $1.070 billion of debt-reduction payments. Cash ended at $5.411 billion, slightly below fiscal year-end. Management attributed higher investment primarily to new stores and remodels. The annual report’s approximately $5 billion fiscal 2026 capital-spending plan was a forecast at that filing date; the August release did not supply a newly quantified full-year commitment. Target reported no first-half share purchases, yet its cash-flow statement recorded a $3 million repurchase outflow without reconciliation. The remaining $8.3 billion authorization is permission, not committed spending.
Sources: 10-Q · 2026-08-01 · 10-K · 2026-01-31 · EX-99 · 2026-08-19
August 1 current and noncurrent debt and other borrowings totaled $15.357 billion, down from $16.456 billion at fiscal year-end. Finance leases are already included; operating leases and purchase and real-estate commitments are separate obligations. On August 14, Target executed a $4 billion unsecured revolver expiring August 14, 2031, replacing two facilities totaling the same amount. It is financing capacity, not cash. Up to $1 billion of additional commitments and two one-year extensions are conditional and not reported as exercised.
The August 28 10-Q reports no facility or commercial-paper balances during its disclosed periods and reports covenant compliance. It does not establish numerical covenant headroom, exact borrowing costs, unconditional draw rights or subsequent utilization. Uncured defaults can accelerate obligations. Separately, certain notes have repayment rights linked to both a change of control and qualifying credit deterioration—not a downgrade alone.
Sources: 10-K · 2026-01-31 · 10-Q · 2026-08-01 · 8-K · 2026-08-14
On August 19, management raised fiscal 2026 sales-growth guidance to around 5%, from around 4% in May. Expected operating margin of around 6% includes approximately 90 basis points from the received refund; excluding it, management expects around 50 basis points of improvement over fiscal 2025’s 4.6% adjusted margin. GAAP and adjusted EPS guidance of $9.90–$10.90 includes approximately $1.65 from that refund. Future refunds are excluded: outstanding claims remain unrecognized, with ultimate amounts and timing uncertain. These are conditional forecasts, not achieved full-year results.
Approximately half of merchandise offered is sourced outside the U.S., leaving tariffs, sourcing and pricing decisions important to margins and demand. Inventory markdowns, labor costs and transformation execution remain risks; future transformation charges and savings are unquantified. Advertising customers lack long-term commitments. Target also faces reputational and boycott exposure, securities litigation, Shipt worker-classification challenges and cyber and third-party dependencies. The 10-Q’s report of no material developments in previously reported proceedings does not mean those exposures disappeared. Boycott-related sales effects are not quantified.
Michael Fiddelke became CEO in February 2026, after fiscal year-end. Shareholders approved the incentive-plan restatement on June 10, reported June 12; that approval does not establish future dilution. The July 22 filing reported Joe DePinto’s July 18 election to the board, effective August 1, with Audit & Risk and Infrastructure & Finance committee assignments. Separately, the annual report described an agreed Ulta shop-in-shop expiration in August 2026, but the supplied disclosures do not establish completed termination or its financial effect.
Sources: EX-99 · 2026-05-20 · EX-99 · 2026-08-19 · 10-Q · 2026-08-01 · 10-K · 2026-01-31 · 8-K · 2026-06-10 · 8-K · 2026-07-18
USD 104.78 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 52
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 104.78 bn | -1.7% |
| 2024 | USD 106.566 bn | — |
Consolidated merchandise sales plus advertising, credit-card profit sharing and other revenue.
Sources: 10-K · 2026-01-31
USD 107.412 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 107.412 bn | — |
Consolidated merchandise sales plus advertising, credit-card profit sharing and other revenue; includes the 53rd week.
Sources: 10-K · 2026-01-31
USD 3.705 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 52
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.705 bn | -9.4% |
| 2024 | USD 4.091 bn | — |
Consolidated earnings after income taxes.
Sources: 10-K · 2026-01-31
USD 4.138 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 4.138 bn | — |
Consolidated earnings after income taxes.
Sources: 10-K · 2026-01-31
USD 6.562 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 52
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 6.562 bn | -10.9% |
| 2024 | USD 7.367 bn | — |
Net operating cash flow after noncash adjustments and changes in operating accounts.
Sources: 10-K · 2026-01-31
USD 8.621 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 8.621 bn | — |
Net operating cash flow after noncash adjustments and changes in operating accounts.
Sources: 10-K · 2026-01-31
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