Groowe Groowe BETA / Newsroom
⏱ News is delayed by 15 minutes. Sign in for real-time access. Sign in

Form 8-K

sec.gov

8-K — TARGET CORP

Accession: 0000027419-26-000020

Filed: 2026-05-20

Period: 2026-05-20

CIK: 0000027419

SIC: 5331 (RETAIL-VARIETY STORES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tgt-20260520.htm (Primary)

EX-99 (a2026q1ex-99.htm)

GRAPHIC (releasebullseyeq419.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: tgt-20260520.htm · Sequence: 1

tgt-20260520

0000027419false00000274192026-05-202026-05-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 20, 2026

Target Corporation

(Exact name of registrant as specified in its charter)

Minnesota   1-6049   41-0215170

(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)

1000 Nicollet Mall, Minneapolis, Minnesota 55403

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (612) 304-6073

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, par value $0.0833 per share TGT New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02             Results of Operations and Financial Condition.

On May 20, 2026, Target Corporation issued a News Release containing its financial results for the three months ended May 2, 2026. The News Release is attached hereto as Exhibit 99.

Item 9.01             Financial Statements and Exhibits.

(d)                                 Exhibits.

99

Target Corporation’s News Release dated May 20, 2026, containing its financial results for the three months ended May 2, 2026.

104 Cover Page Interactive Data File (formatted as inline XBRL).

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TARGET CORPORATION

Date: May 20, 2026 By: /s/ Jim Lee

Name: Jim Lee

Title: Executive Vice President and Chief Financial Officer

3

EX-99

EX-99

Filename: a2026q1ex-99.htm · Sequence: 2

Document

Exhibit 99

FOR IMMEDIATE RELEASE

Contacts: John Hulbert, Investors, (612) 761-6627

Joe Poulos, Media, (612) 696-3400

Target Corporation Reports First Quarter Earnings

•First quarter net sales grew 6.7 percent over last year, well above expectations.

◦Topline strength was broad-based across merchandise categories, sales channels and across the quarter.

▪Comparable traffic grew 4.4 percent compared with Q1 2025.

▪Net sales in all six core merchandising categories were higher than a year ago.

▪Digital comparable sales grew 8.9 percent, led by more than 27% growth in same-day delivery powered by Target Circle 360.

◦Non-merchandise sales grew nearly 25 percent, reflecting strong growth in Roundel ad revenue, Target Circle 360 membership revenue, and the Target+ marketplace.

•First quarter GAAP and Adjusted EPS1 was $1.71, 24 percent lower than prior-year GAAP EPS (which included non-recurring legal settlement gains), and 32 percent higher than prior-year Adjusted EPS.

For additional media materials, please visit:

https://corporate.target.com/news-features/article/2026/05/q1-2026-earnings

MINNEAPOLIS (May 20, 2026) – Target Corporation (NYSE: TGT) today announced its first quarter 2026 financial results.

The Company reported first quarter GAAP and Adjusted earnings per share (EPS) of $1.71, compared with prior-year GAAP EPS2 of $2.27 and Adjusted EPS of $1.30. The attached tables provide reconciliations of non-GAAP to GAAP measures. All earnings per share figures are calculated on a diluted basis.

“First quarter financial results were stronger than expected, providing encouraging early signs that our clarified strategy is resonating with our guests and driving broad-based growth across our business,” said Michael Fiddelke, Chief Executive Officer of Target. “While we’re pleased with our Q1 performance, our focus remains on building consistent, long-term growth, and we recognize there is much more work in

– more –

1 Adjusted EPS, Adjusted selling, general and administrative (SG&A) expenses, Adjusted SG&A expense rate, Adjusted operating income, and Adjusted operating income margin rate, non-GAAP financial measures, exclude the impact of certain discretely managed items, when applicable. See the tables of this release for additional information.

2 Q1 2025 GAAP EPS included $441 million of after-tax net gains on interchange fee settlements, which were excluded from Adjusted EPS. Note (a) to the Operating Metrics table provides additional information about interchange fee settlements.

Target Corporation Reports First Quarter Earnings — Page 2 of 12

front of us. As we look ahead, we’re focused on staying disciplined and flexible in an uncertain operating environment and continuing to invest boldly in our team, capabilities, and an elevated guest experience to unlock our full potential over time.”

Guidance

The Company has the following updated expectations for 2026:

•Net sales growth in a range around 4 percent compared with 2025 - two percentage points higher than the prior range. The Company continues to expect to grow net sales in every quarter of the year.

•Full-year 2026 operating income margin rate more than 20 basis points higher than the 4.6 percent Adjusted operating income margin rate in 2025.

•GAAP and Adjusted EPS near the high end of the prior guidance range of $7.50 to $8.50.

Operating Results

Net Sales of $25.4 billion in the first quarter were 6.7 percent higher than last year, reflecting a 6.4 percent increase in merchandise sales and a 24.6 percent increase in non-merchandise sales. Comparable sales grew 5.6 percent in the first quarter, reflecting a comparable store sales increase of 4.7 percent and comparable digital sales growth of 8.9 percent. First quarter operating income and Adjusted operating income3 were $1.1 billion, a 22.9 percent decrease from prior-year GAAP operating income and a 29.1 percent increase from prior-year Adjusted operating income.

First quarter operating income margin rate and Adjusted operating income margin rate3 were 4.5 percent in 2026, compared with the prior-year GAAP operating income margin rate of 6.2 percent and an Adjusted operating income rate of 3.7 percent. First quarter gross margin rate was 29.0 percent, compared with 28.2 percent in 2025, reflecting improved productivity in supply chain facilities, growth in advertising and other non-merchandise revenues, and lower markdown rates, partially offset by higher product costs. First quarter SG&A expense rate and Adjusted SG&A expense rate3 was 21.9 percent, compared to 2025 GAAP SG&A expense rate of 19.3 percent and Adjusted SG&A expense rate of 21.7 percent. This increase reflects the impact of higher compensation costs, including additional hours and training for field teams along with higher incentive compensation, planned spending related to capital projects, and higher marketing expense, partially offset by the leverage benefit of strong topline growth.

– more –

3 Q1 2025 GAAP SG&A expenses, GAAP SG&A expense rate, GAAP operating income, and GAAP operating income margin rate included $593 million of pretax gains on interchange fee settlements, which was excluded from Adjusted SG&A expenses, Adjusted SG&A expense rate, Adjusted operating income, and Adjusted operating income margin rate, non-GAAP financial measures. See the tables of this release for additional information.

Target Corporation Reports First Quarter Earnings — Page 3 of 12

Interest Expense and Taxes

The Company’s first quarter 2026 net interest expense was $117 million, in line with $116 million last year.

First quarter 2026 effective income tax rate was 24.4 percent, compared with the prior-year rate of 25.0 percent, reflecting lower discrete tax expenses in the current year.

Capital Deployment and Return on Invested Capital

First quarter capital expenditures of $1.0 billion were 31 percent higher than last year, driven primarily by increased investments in new stores and store remodels.

The Company paid dividends of $516 million in the first quarter, compared with $510 million last year, reflecting a 1.8 percent increase in the dividend per share, partially offset by the impact of a lower share count.

The Company did not repurchase any stock in the first quarter. As of the end of the quarter, the Company had approximately $8.3 billion of remaining capacity under the repurchase program approved by Target’s Board of Directors in August 2021.

For the trailing twelve months through first quarter 2026, after-tax return on invested capital (ROIC) was 12.4 percent, compared with 15.1 percent for the trailing twelve months through first quarter 2025. The tables in this release provide additional information about the Company’s ROIC calculation.

Webcast Details

Target will webcast its first quarter earnings conference call at 7:00 a.m. CT today. Investors and the media are invited to listen to the meeting at Corporate.Target.com/Investors (click on “Q1 2026 Target Corporation Earnings Conference Call” under “Events & Presentations”). A replay of the webcast will be provided when available. The replay number is 1-866-491-2847.

– more –

Target Corporation Reports First Quarter Earnings — Page 4 of 12

Miscellaneous

Statements in this release regarding the Company’s future financial performance, including its fiscal 2026 full-year guidance, which excludes, among others, impacts from any tariff refunds, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company’s results to differ materially. The most important risks and uncertainties are described in Item 1A of the Company’s Form 10-K for the fiscal year ended January 31, 2026. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement.

About Target

Target Corporation (NYSE: TGT) brings together style, design and value to offer a distinct assortment and elevated shopping experience across more than 2,000 U.S. stores and online. Powered by more than 400,000 team members, Target serves millions of families each week and invests in the communities where they live and work to support growth and opportunity for all.

# # #

Target Corporation Reports First Quarter Earnings — Page 5 of 12

TARGET CORPORATION

Consolidated Statements of Operations

Three Months Ended

(millions, except per share data) (unaudited) May 2, 2026 May 3, 2025 Change

Net sales $ 25,443  $ 23,846  6.7  %

Cost of sales 18,061  17,128  5.4

Selling, general and administrative expenses

5,562  4,591  21.1

Depreciation and amortization (exclusive of depreciation included in cost of sales)

685  655  4.6

Operating income

1,135  1,472  (22.9)

Net interest expense 117  116  1.3

Net other income (15) (26) (43.0)

Earnings before income taxes

1,033  1,382  (25.2)

Provision for income taxes 252  346  (27.2)

Net earnings $ 781  $ 1,036  (24.6) %

Basic earnings per share

$ 1.72  $ 2.28  (24.4) %

Diluted earnings per share

$ 1.71  $ 2.27  (24.5) %

Weighted average common shares outstanding

Basic 453.8  455.0  (0.3) %

Diluted 455.8  456.5  (0.2) %

Antidilutive shares 1.0  2.4

Dividends declared per share $ 1.14  $ 1.12  1.8  %

Target Corporation Reports First Quarter Earnings — Page 6 of 12

TARGET CORPORATION

Consolidated Statements of Financial Position

(millions, except footnotes) (unaudited) May 2, 2026 January 31, 2026 May 3, 2025

Assets

Cash and cash equivalents $ 3,534  $ 5,488  $ 2,887

Inventory 12,317  12,304  13,048

Other current assets 2,214  2,213  1,824

Total current assets 18,065  20,005  17,759

Property and equipment, net 34,175  33,749  33,182

Operating lease assets 3,652  3,703  3,739

Other noncurrent assets 2,118  2,033  1,505

Total assets $ 58,010  $ 59,490  $ 56,185

Liabilities and shareholders’ investment

Accounts payable $ 12,188  $ 12,622  $ 11,823

Accrued and other current liabilities 6,063  6,478  6,029

Current portion of long-term debt and other borrowings 1,133  2,130  1,139

Total current liabilities 19,384  21,230  18,991

Long-term debt and other borrowings 14,282  14,326  14,334

Noncurrent operating lease liabilities 3,416  3,462  3,564

Deferred income taxes 2,438  2,265  2,338

Other noncurrent liabilities 2,095  2,042  2,011

Total noncurrent liabilities 22,231  22,095  22,247

Shareholders’ investment

Common stock 38  38  38

Additional paid-in capital 7,220  7,247  7,011

Retained earnings 9,552  9,297  8,360

Accumulated other comprehensive loss (415) (417) (462)

Total shareholders’ investment 16,395  16,165  14,947

Total liabilities and shareholders’ investment $ 58,010  $ 59,490  $ 56,185

Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 454,177,135, 452,840,187, and 454,364,799 shares issued and outstanding as of May 2, 2026, January 31, 2026, and May 3, 2025, respectively.

Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented.

Target Corporation Reports First Quarter Earnings — Page 7 of 12

TARGET CORPORATION

Consolidated Statements of Cash Flows

Three Months Ended

(millions) (unaudited) May 2, 2026 May 3, 2025

Operating activities

Net earnings $ 781  $ 1,036

Adjustments to reconcile net earnings to cash provided by operating activities:

Depreciation and amortization 813  787

Share-based compensation expense 54  69

Deferred income taxes 173  36

Noncash (gains) / losses and other, net (42) (4)

Changes in operating accounts:

Inventory (13) (308)

Other assets (85) 146

Accounts payable (557) (1,344)

Accrued and other liabilities (408) (143)

Cash provided by operating activities 716  275

Investing activities

Expenditures for property and equipment (1,035) (790)

Other 2  3

Cash used in investing activities (1,033) (787)

Financing activities

Additions to long-term debt —  991

Reductions of long-term debt (1,032) (1,534)

Dividends paid (516) (510)

Repurchase of stock —  (250)

Shares withheld for taxes on share-based compensation (89) (60)

Cash used in financing activities (1,637) (1,363)

Net decrease in cash and cash equivalents (1,954) (1,875)

Cash and cash equivalents at beginning of period 5,488  4,762

Cash and cash equivalents at end of period $ 3,534  $ 2,887

Target Corporation Reports First Quarter Earnings — Page 8 of 12

TARGET CORPORATION

Operating Results

Net Sales Three Months Ended

(millions) (unaudited)

May 2, 2026 May 3, 2025

Apparel & accessories $ 3,846  $ 3,711

Beauty 3,398  3,101

Food & beverage 6,263  5,902

Hardlines (Fun 101) 3,522  3,074

Home furnishings & décor 3,239  3,220

Household essentials 4,570  4,357

Other merchandise sales 56  40

Merchandise sales 24,894  23,405

Advertising revenue (a)

246  163

Credit card profit sharing 130  141

Other 173  137

Net sales $ 25,443  $ 23,846

(a)Primarily represents revenue related to advertising services provided via the Company's Roundel digital advertising business offering. Roundel services are classified as either Net Sales or as a reduction of Cost of Sales or Selling, General, and Administrative (SG&A) Expenses, depending on the nature of the advertising arrangement.

Operating Metrics Three Months Ended

(dollars in millions) (unaudited) May 2, 2026 May 3, 2025

Dollars Rate Dollars Rate

Gross margin $ 7,382  29.0  % $ 6,718  28.2  %

SG&A expenses 5,562  21.9  4,591  19.3

Adjusted SG&A expenses (a)

5,562  21.9  5,183  21.7

Depreciation and amortization (exclusive of depreciation included in cost of sales)

685  2.7  655  2.7

Operating income 1,135  4.5  1,472  6.2

Adjusted operating income (a)

1,135  4.5  879  3.7

Note: Gross margin is calculated as Net Sales less Cost of Sales. All rates are calculated by dividing the applicable amount by Net Sales.

(a)    Adjusted SG&A expenses, Adjusted SG&A expense rate, Adjusted operating income, and Adjusted operating income margin rate, which are non-GAAP measures, exclude the impact of certain items. Management believes that these measures are useful in providing period-to-period comparisons of the results of our operations. The Reconciliation of Non-GAAP Financial Measures tables provide additional information.

Target Corporation Reports First Quarter Earnings — Page 9 of 12

Sales Metrics

Comparable sales include all Merchandise Sales, except sales from stores open less than 13 months or that have been closed. Digitally originated sales include all Merchandise Sales initiated through mobile applications and the Company's websites.

Comparable Sales Three Months Ended

(unaudited) May 2, 2026 May 3, 2025

Comparable sales change 5.6  % (3.8) %

Drivers of change in comparable sales

Number of transactions (traffic) 4.4  (2.4)

Average transaction amount 1.1  (1.4)

Comparable Sales by Channel Three Months Ended

(unaudited) May 2, 2026 May 3, 2025

Stores originated comparable sales change 4.7  % (5.7) %

Digitally originated comparable sales change 8.9  4.7

Merchandise Sales by Channel Three Months Ended

(unaudited) May 2, 2026 May 3, 2025

Stores originated 79.7  % 80.2  %

Digitally originated 20.3  19.8

Total 100  % 100  %

Merchandise Sales by Fulfillment Channel Three Months Ended

(unaudited) May 2, 2026 May 3, 2025

Stores 97.6  % 97.6  %

Other 2.4  2.4

Total 100  % 100  %

Note: Merchandise Sales fulfilled by stores include in-store purchases and digitally originated sales fulfilled by shipping merchandise from stores to guests, Order Pickup, Drive Up, and Same Day Delivery.

Number of Stores and Retail Square Feet Number of Stores

Retail Square Feet (a)

(unaudited) May 2,

2026 January 31,

2026 May 3,

2025 May 2,

2026 January 31,

2026 May 3,

2025

170,000 or more sq. ft. 274  273  273  49,045  48,824  48,824

50,000 to 169,999 sq. ft. 1,581  1,576  1,562  197,978  197,274  195,436

49,999 or less sq. ft. 147  146  146  4,460  4,420  4,404

Total 2,002  1,995  1,981  251,483  250,518  248,664

(a)In thousands; reflects total square feet less office, supply chain facility, and vacant space.

Target Corporation Reports First Quarter Earnings — Page 10 of 12

TARGET CORPORATION

Reconciliation of Non-GAAP Financial Measures

To provide additional transparency, the Company has disclosed non-GAAP adjusted diluted earnings per share (Adjusted EPS), adjusted SG&A expenses, adjusted SG&A expense rate, adjusted operating income, and adjusted operating income margin rate. When applicable, these measures exclude certain discretely managed items. Management believes this information is useful in providing period-to-period comparisons of the results of Target's operations. These measures are not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). The most comparable GAAP measures are diluted earnings per share, SG&A expenses, SG&A expense rate, operating income, and operating income margin rate. Adjusted EPS, Adjusted SG&A expenses, Adjusted SG&A expense rate, Adjusted operating income, and Adjusted operating income margin rate should not be considered in isolation or as a substitution for analysis of Target's results as reported in accordance with GAAP. Other companies may calculate these measures differently, or not provide similar measures, limiting the usefulness of the measures for comparisons with other companies.

Reconciliation of Non-GAAP

Adjusted EPS Three Months Ended

May 2, 2026 May 3, 2025

(millions, except per share data) (unaudited) Pretax Net of Tax Per Share Pretax Net of Tax Per Share Change

GAAP diluted EPS

$ 1.71  $ 2.27  (24.5) %

Adjustments

Interchange fee settlements (a)

$ —  $ —  $ —  $ (593) $ (441) $ (0.97)

Adjusted EPS

$ 1.71  $ 1.30  31.6  %

Reconciliation of Non-GAAP Adjusted SG&A Expenses and Adjusted Operating Income Three Months Ended

May 2, 2026 May 3, 2025

SG&A Expenses Operating Income SG&A Expenses Operating Income

(dollars in millions) (unaudited) Dollars Rate Dollars Rate Dollars Rate Dollars Rate

Reported, GAAP measure $ 5,562  21.9  % $ 1,135  4.5  % $ 4,591  19.3  % $ 1,472  6.2  %

Adjustments

Interchange fee settlements (a)

—  —  —  —  593  2.5  (593) (2.5)

Adjusted, Non-GAAP measure $ 5,562  21.9  % $ 1,135  4.5  % $ 5,183  21.7  % $ 879  3.7  %

Note: Amounts may not foot due to rounding.

(a)    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. The adjustment removes the favorable impact of the settlement gains from prior-year EPS, SG&A Expenses and Operating Income.

Target Corporation Reports First Quarter Earnings — Page 11 of 12

We have also disclosed after-tax ROIC, which is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.

After-Tax Return on Invested Capital

(dollars in millions) (unaudited)

Trailing Twelve Months

Numerator

May 2, 2026 May 3, 2025

Operating income

$ 4,781  $ 5,742

+ Net other income

84  102

EBIT

4,865  5,844

+ Operating lease interest (a)

173  165

- Income taxes (b)

1,103  1,373

Net operating profit after taxes $ 3,935  $ 4,636

Denominator

May 2, 2026 May 3, 2025 May 4, 2024

Current portion of long-term debt and other borrowings $ 1,133  $ 1,139  $ 2,614

+ Noncurrent portion of long-term debt 14,282  14,334  13,487

+ Shareholders' investment 16,395  14,947  13,840

+ Operating lease liabilities (c)

3,792  3,922  3,723

- Cash and cash equivalents

3,534  2,887  3,604

Invested capital $ 32,068  $ 31,455  $ 30,060

Average invested capital (d)

$ 31,761  $ 30,757

After-tax return on invested capital (e)

12.4  % 15.1  %

(a)Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases was owned or accounted for under finance leases. Calculated using the discount rate for each lease and recorded as a component of rent expense within Operating Income. Operating lease interest is added back to Operating Income in the ROIC calculation to control for differences in capital structure between us and our competitors.

(b)Calculated using the effective tax rates, which were 21.9 percent and 22.8 percent for the trailing twelve months ended May 2, 2026, and May 3, 2025, respectively. For the twelve months ended May 2, 2026, and May 3, 2025, includes tax effect of $1.1 billion and $1.3 billion, respectively, related to EBIT, and $38 million related to operating lease interest.

(c)Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities, respectively.

(d)Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period.

(e)For the trailing twelve months ended May 2, 2026, includes the impact of business transformation costs incurred within the trailing twelve-month period, which decreased after-tax ROIC by 0.6 percentage points. For the trailing twelve months ended May 3, 2025, includes the impact of after-tax net gains on interchange fee settlements, which increased after-tax ROIC by 1.4 percentage points. Business transformation costs are described in our Annual Report on Form 10-K for the year ended January 31, 2026. Note (a) to the Operating Metrics table provides additional information about interchange fee settlements.

Target Corporation Reports First Quarter Earnings — Page 12 of 12

2026 GAAP EPS, SG&A expenses, SG&A expense rate, operating income, and operating (income) margin rate may include the impact of certain discrete items, which may be excluded in calculating Adjusted EPS, Adjusted SG&A expenses, Adjusted SG&A expense rate, Adjusted operating income, and Adjusted operating income margin rate. The guidance does not currently reflect any such discrete items, which are subject to variability and therefore cannot be reconciled without unreasonable efforts. In the past, these items have included both gains and losses, including certain asset impairments, severance, and other items that are discretely managed.

Reconciliation of Non-GAAP

Adjusted EPS Guidance

(per share) (unaudited)

Full Year 2026

GAAP diluted earnings per share guidance

$7.50 - $8.50

Estimated adjustments

Other (a)

Adjusted diluted earnings per share guidance

$7.50 - $8.50

(a)The guidance does not currently reflect any discrete items.

GRAPHIC

GRAPHIC

Filename: releasebullseyeq419.gif · Sequence: 6

Binary file (6165 bytes)

Download releasebullseyeq419.gif

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover Page

May 20, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

May 20, 2026

Entity Registrant Name

Target Corporation

Entity Incorporation, State or Country Code

MN

Entity File Number

1-6049

Entity Tax Identification Number

41-0215170

Entity Address, Address Line One

1000 Nicollet Mall,

Entity Address, City or Town

Minneapolis,

Entity Address, State or Province

MN

Entity Address, Postal Zip Code

55403

City Area Code

(612)

Local Phone Number

304-6073

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common stock, par value $0.0833 per share

Trading Symbol

TGT

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

Entity Central Index Key

0000027419

Amendment Flag

false

X

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

na

Period Type:

duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

na

Period Type:

duration

X

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

na

Period Type:

duration