Target Corporation (TGT) financials
NYSE · Consumer Defensive · Discount Stores · 415,000 employees · CEO Michael J. Fiddelke
- Price
- $154.24 +1.59%
- Market cap
- $70.1B
- Enterprise value
- $83.4B
- Last report
- Q2 '26 filed 2026-08-28
- Next report
- 2026-11-18 EPS est. $2.05
Revenue (TTM)$108B+2.0% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)5.6%+0.5 pp vs a year agoOperating income $6.02B
Net income (TTM)$4.39B+11.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$4.55B+54.6% vs a year agoCapex $4.17B
Diluted EPS (TTM)$9.63+12.2% vs a year agoSum of the last 4 quarters
Net cash-$13.3B+15.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $70.1B EV $83.4B
- Revenue
- $108B Trailing 12 months
- Revenue growth
- +5% FY2027 consensus
- Profit margin
- 4.1% Net income / revenue, TTM
- P/E
- 15.9× Forward 15.1× (FY2027)
- P/S
- 0.7× Price / sales, TTM
- EV / EBITDA
- 9.0× TTM
- Free cash flow
- $4.55B Trailing 12 months
- Net income
- $4.39B Trailing 12 months
- Revenue estimate
- $110B FY2027 consensus
- Earnings
- 2026-11-18 Revenue est. $26.4B
- Dividend
- $4.58 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-19): revenue beat by 1.6%, EPS beat by 74.9%Revenue $26.5B vs $26.1B expected (+1.6%); EPS $4.11 vs $2.35 (+74.9%).
- Revenue growth accelerating: 5.3% year on yearQ2 '26 revenue $26.5B, against an average of 0.7% over the four quarters before.
- Operating margin 5.6% (TTM), +0.5 pp on a year agoOperating income grew 11.0% while revenue grew 2.0%.
- Capex 3.9% of revenue (a year ago 3.3%)$4.17B invested in the last 4 quarters (+21.2% on a year earlier). Free cash flow $4.55B = 103.6% of net income.
- Returned $2.56B to shareholders = 56.3% of free cash flowBuybacks $492M (a year earlier $1.11B), dividends $2.07B, stock-based pay $302M (TTM).
- Diluted share count up 0.2% in a year457M diluted shares in Q2 '26, 456M a year earlier.
- Net debt $13.3BCash + short-term investments $5.41B, debt incl. leases $18.7B; a year ago net debt $15.6B.
- Reportable Segment: revenue +5.3%, margin 9.6% (was 5.2%)Fastest-growing reported segment in Q2 '26: operating income $2.56B on revenue $26.5B (from the segment note of the filing).
Last quarter: Q2 '26
Quarter ended 2026-08-01. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $26.5B | $25.2B | +5.3% |
| Gross margin | 33.7% | 29.0% | +4.7 pp |
| Operating income | $2.56B | $1.32B | +94.4% |
| Operating margin | 9.6% | 5.2% | +4.4 pp |
| Net income | $1.88B | $935M | +100.7% |
| Diluted EPS | $4.11 | $2.05 | +100.5% |
| Operating cash flow | $3.8B | $2.08B | +82.6% |
| Capex | $1.37B | $1.07B | +27.5% |
| Free cash flow | $2.43B | $1.01B | +141.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $100M | $64M | +56.3% |
Reported vs consensus
2026-08-19| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $26.5B | $26.1B | +1.6% |
| EPS (as estimated) | $4.11 | $2.35 | +74.9% |
From the report of 2026-08-19 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Food and Beverage | $5.99B | +7.2% | 22.6% | – | – | |
| Beauty and Household Essentials | $4.62B | +4.4% | 17.4% | – | – | |
| Hardlines | $3.89B | +10.6% | 14.7% | – | – | |
| Home Furnishings and Decor | $3.67B | +0.2% | 13.8% | – | – | |
| Beauty | $3.64B | +7.2% | 13.7% | – | – | |
| Apparel and Accessories | $4.09B | +0.1% | 15.4% | – | – | |
| Advertising Revenue | $279M | +28.6% | 1.1% | – | – | |
| Other Product | $222M | +20.7% | 0.8% | – | – | |
| Credit Card Profit Sharing | $139M | +3.7% | 0.5% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Reportable Segment | $26.5B | +5.3% | $2.56B | +94.4% | 9.6% | 5.2% | – |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $8.72B
- Capex
- -$4.17B
- Buybacks
- -$492M
- Dividends
- -$2.07B
- Acquisitions
- $0
- Net debt issued
- -$1.14B
- Stock-based compensation
- $302M
- Free cash flow
- $4.55B
- Returned to shareholders / FCF
- 56.3%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 15.9× | 17.6× | 12.9× – 28.0× |
| EV / EBITDA | 9.0× | 10.1× | 7.5× – 14.4× |
| EV / Sales | 0.8× | 0.8× | 0.6× – 1.1× |
| Price / FCF | 15.4× | 17.4× 4 of 5 years | 14.2× – 20.9× |
| Price / Book | 3.9× | 5.5× | 3.0× – 8.3× |
| FCF yield | 6.5% | 4.3% | -1.9% – 7.0% |
| Return on invested capital | 11.3% | 12.7% | 9.1% – 21.5% |
| Return on equity | 26.7% | 32.1% | 22.9% – 54.2% |
Analysts
Consensus target $166.95 (+8.2%)
range $140.00 – $200.00 · rating Buy
Strong buy0
Buy28
Hold28
Sell4
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $110B | +5.1% | $10.20 | +25.4% | 15.1× | 24 |
| FY2028 | $114B | +3.3% | $9.64 | -5.5% | 16.0× | 25 |
| FY2029 | $118B | +3.6% | $10.50 | +8.9% | 14.7× | 13 |
| FY2030 | $120B | +2.0% | $10.70 | +2.0% | 14.4× | 5 |
| FY2031 | $125B | +3.5% | $11.72 | +9.5% | 13.2× | 9 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 244 figures Target Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Other Receivables, Net, Current | $1.27B2026-01-31 | $998M | +26.8% | $1.27B | $998M | +26.8% |
| Accounts Payable, Current | $13.3B | $12B | +10.7% | $12.6B | $13.1B | -3.3% |
| Accrual for Taxes Other than Income Taxes, Current | $704M2026-01-31 | $708M | -0.6% | $704M | $708M | -0.6% |
| Accrued Income Taxes, Current | $440M2026-01-31 | $334M | +31.7% | $440M | $334M | +31.7% |
| Accrued Income Taxes, Noncurrent | $340M2026-01-31 | $338M | +0.6% | $340M | $338M | +0.6% |
| Accrued Liabilities, Current | $6.74B | $6.07B | +11.0% | $6.48B | $6.11B | +6.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $28.4B2026-01-31 | $26.3B | +8.0% | $28.4B | $26.3B | +8.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$414M | -$468M | +11.5% | -$417M | -$458M | +9.0% |
| Additional Paid in Capital, Common Stock | $7.33B | $7.08B | +3.5% | $7.25B | $7B | +3.6% |
| Advertising Expense | – | – | – | $1.5B | $1.5B | 0.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 700K | 5M | -86.0% | 2.1M | 500K | +320.0% |
| Assets | $61.2B | $57.9B | +5.8% | $59.5B | $57.8B | +3.0% |
| Assets for Plan Benefits, Defined Benefit Plan | $231M2026-01-31 | $121M | +90.9% | $231M | $121M | +90.9% |
| Assets, Current | $20.9B | $19B | +10.0% | $20B | $19.5B | +2.8% |
| Business Exit Costs | – | – | – | $57M | – | – |
| Cash | $250M2026-01-31 | $276M | -9.4% | $250M | $276M | -9.4% |
| Cash, Cash Equivalents, and Short-term Investments | $5.41B | $4.34B | +24.6% | $5.49B | $4.76B | +15.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $5.41B | $4.34B | +24.6% | $5.49B | $4.76B | +15.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.88B | $1.45B | +29.1% | $726M | $957M | -24.1% |
| Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -$41M | $6M | -783.3% | $69M | $1M | +6,800.0% |
| Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $41M | -$6M | +783.3% | -$69M | -$1M | -6,800.0% |
| Common Stock, Dividends, Per Share, Declared | $1.16 | $1.14 | +1.8% | $4.54 | $4.46 | +1.8% |
| Common Stock, Par or Stated Value Per Share | $0.08 | $0.08 | 0.0% | $0.08 | $0.08 | 0.0% |
| Common Stock, Shares Authorized | 6B | 6B | 0.0% | 6B | 6B | 0.0% |
| Common Stock, Shares, Issued | 454M | 454M | 0.0% | 453M | 456M | -0.6% |
| Common Stock, Shares, Outstanding | 454M | 454M | 0.0% | 453M | 456M | -0.6% |
| Common Stock, Value, Issued | $38M | $38M | 0.0% | $38M | $38M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.88B | $929M | +102.2% | $3.75B | $4.09B | -8.5% |
| Contract with Customer, Liability | $959M | $1.01B | -4.6% | $1.2B | $1.21B | -1.0% |
| Contract with Customer, Liability, Revenue Recognized | $194M | $202M | -4.0% | $861M | $831M | +3.6% |
| Contract with Customer, Refund Liability | $178M | $179M | -0.6% | $155M | $172M | -9.9% |
| Cost of Goods and Services Sold | $17.6B | $17.9B | -1.7% | $75.5B | $76.5B | -1.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $819M | $1.01B | -19.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $96M | $101M | -5.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.12B | $1.35B | -17.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $202M | $236M | -14.4% |
| Deferred Compensation Liability, Classified, Noncurrent | $650M2026-01-31 | $628M | +3.5% | $650M | $628M | +3.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$72M | -$184M | +60.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $6M | $2M | +200.0% |
| Deferred Income Tax Expense (Benefit) | $65M | $76M | -14.5% | -$55M | -$180M | +69.4% |
| Deferred Income Tax Liabilities, Net | $2.5B | $2.41B | +3.8% | $2.27B | $2.3B | -1.7% |
| Deferred Revenue, Noncurrent | $358M2026-01-31 | $388M | -7.7% | $358M | $388M | -7.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $11M | $2M | +450.0% |
| Deferred Tax Assets, Gross | $2.61B2026-01-31 | $2.65B | -1.4% | $2.61B | $2.65B | -1.4% |
| Deferred Tax Assets, Other | $144M2026-01-31 | $159M | -9.4% | $144M | $159M | -9.4% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $449M2026-01-31 | $423M | +6.1% | $449M | $423M | +6.1% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $252M2026-01-31 | $260M | -3.1% | $252M | $260M | -3.1% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance | $234M2026-01-31 | $207M | +13.0% | $234M | $207M | +13.0% |
| Deferred Tax Liabilities, Gross | $4.87B2026-01-31 | $4.94B | -1.6% | $4.87B | $4.94B | -1.6% |
| Deferred Tax Liabilities, Inventory | $591M2026-01-31 | $484M | +22.1% | $591M | $484M | +22.1% |
| Deferred Tax Liabilities, Leasing Arrangements | $1.37B2026-01-31 | $1.43B | -3.6% | $1.37B | $1.43B | -3.6% |
| Deferred Tax Liabilities, Net | $2.25B2026-01-31 | $2.29B | -1.8% | $2.25B | $2.29B | -1.8% |
| Deferred Tax Liabilities, Other | $231M2026-01-31 | $203M | +13.8% | $231M | $203M | +13.8% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $2.67B2026-01-31 | $2.83B | -5.7% | $2.67B | $2.83B | -5.7% |
| Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | -$857M2026-01-31 | -$939M | +8.7% | -$857M | -$939M | +8.7% |
| Defined Benefit Plan, Amortization of Gain (Loss) | -$10M | $0 | – | -$1M | $0 | – |
| Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $9M | $7M | +28.6% | $7M | $8M | -12.5% |
| Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.6%2026-01-31 | 5.7% | -2.1% | 5.6% | 5.7% | -2.1% |
| Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.0%2026-01-31 | 3.0% | 0.0% | 3.0% | 3.0% | 0.0% |
| Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 4.6%2026-01-31 | 4.6% | 0.0% | 4.6% | 4.6% | 0.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-01, 10-Q 2026-05-02, 10-K 2026-01-31, 10-Q 2025-11-01, 10-Q 2025-08-02, 10-Q 2025-05-03, 10-K 2025-02-01, 10-Q 2024-11-02, 10-Q 2024-08-03
Data as of 2026-11-01