Target Corporation (TGT) — Company Research

Last Updated: 4 August 2026

Target Corporation is a general-merchandise retailer operating 1,995 stores at the end of fiscal 2025 and generating net sales of $104,780m. It has spent four years in a slow grind: revenue has fallen in three consecutive fiscal years, operating income has dropped 43% from its fiscal 2021 peak, and comparable sales were negative in all four quarters of fiscal 2025. Then, on 20 May 2026, the first quarter under new Chief Executive Michael Fiddelke delivered comparable sales up 5.6% with traffic up 4.4%, and guidance was raised. The shares have risen more than 20% year to date and touched a 52-week high of $150.07 on 3 August 2026, after falling more than 50% between April 2024 and November 2025. The second-quarter print on 19 August 2026 is the first real test of whether that inflection is durable. This report contains no analyst opinions, ratings or price targets.

1. Company Snapshot

Field	Value
Company	Target Corporation
Ticker / Exchange	TGT, New York Stock Exchange
Share price	$149.35 (last trade 3 Aug 2026; prior settled close $144.49 on 31 Jul 2026)
Market cap	$67.83bn (454.19m shares outstanding at $149.35, 3 Aug 2026)
Revenue (fiscal 2025, year ended 31 Jan 2026)	$104,780m net sales, down 1.7% year on year
Net earnings (fiscal 2025)	$3,705m, with GAAP diluted EPS of $8.13 and adjusted diluted EPS of $7.57
Comparable sales (fiscal 2025)	Down 2.6%, with traffic down 2.2% and average transaction down 0.4%
CEO / Leadership	Michael J. Fiddelke, Chief Executive Officer since February 2026. Brian C. Cornell is Executive Chair, having been CEO from August 2014 to January 2026. Jim Lee is Executive Vice President and Chief Financial Officer; Lisa R. Roath is Chief Operating Officer
Employees	Approximately 415,000 full-time, part-time and seasonal team members at 31 Jan 2026
Stores	1,995 at 31 Jan 2026 across 250.5m retail square feet; the 2,000th store opened 15 Mar 2026
Headquarters	1000 Nicollet Mall, Minneapolis, Minnesota, United States
Incorporated	Minnesota, 1902
Dividend	$1.16 per quarter, $4.64 annualised, a yield of approximately 3.1% at $149.35. The 236th consecutive dividend since October 1967
Sector	Consumer and retail (SEC SIC 5331, Retail Variety Stores)

You can pull up an interactive price chart for Target and its peers on the ChartsView Live Charts page.

2. The Bull and Bear Case

Bull Case

• The first quarter broke a four-year pattern: first-quarter fiscal 2026 net sales rose 6.7% to $25,443m with comparable sales up 5.6%, comparable traffic up 4.4% and digital comparable sales up 8.9%. That followed eleven quarters in which comparable sales had been broadly negative, and it was enough for management to raise full-year sales guidance by two percentage points and point earnings to the high end of the $7.50 to $8.50 range.
• Roundel is changing the margin mix: advertising revenue reached $915m in fiscal 2025, up 41% from $649m, and now carries its own risk factor in the Form 10-K. Combined non-merchandise revenue of $2,063m grew 24.6% in the first quarter of fiscal 2026. This income is close to pure incremental margin and is doing much of the work offsetting merchandise gross margin pressure.
• The valuation is the cheapest in the peer set: Target trades on 0.64 times trailing sales against approximately 1.25 times for Walmart and 1.54 times for Costco, and on roughly 19.7 times trailing GAAP earnings after a period in which the stock halved. The dividend yields approximately 3.1% and is on track for a 55th consecutive annual increase.
• Balance sheet capacity is intact: credit ratings are A2 from Moody's and A from Standard and Poor's as at 2 May 2026, total debt was $15,415m against $3,534m of cash, and buybacks have been suspended entirely with $8.3bn of authorisation still outstanding, giving management an unused lever.

Bear Case

• One quarter against an unusually soft base: the 5.6% comparable-sales gain in the first quarter of fiscal 2026 lapped a quarter that fell 3.8% and was itself depressed by a consumer boycott. The second quarter, reporting 19 August 2026, laps a much harder minus 1.9% comparison, and the shares have already re-rated from roughly 11 times to 19.7 times trailing earnings on the strength of that single print.
• The earnings power has genuinely shrunk: operating income has fallen from $8,946m in fiscal 2021 to $5,117m in fiscal 2025, a 43% decline on essentially flat revenue. Adjusted operating margin is 4.6% against 8.4% in fiscal 2021, and after-tax return on invested capital has compressed from 33.1% to 13.8%.
• The new chief executive is spending heavily into a weak margin: Fiddelke has committed an incremental $2bn in fiscal 2026, taking capital expenditure to approximately $5bn from $3,727m and adding $1bn of operating investment. Fiscal 2025 free cash flow of $2,835m barely covered dividends of roughly $2,065m before that step-up.
• Insider selling is one-directional: there were no open-market purchases by any insider in the twelve months to August 2026, against roughly $15m of discretionary open-market selling, none of it under a Rule 10b5-1 plan. Executive Chair Brian Cornell sold 100,000 shares across March and May 2026 for approximately $12.6m, and the Chief Operating Officer and Chief Merchandising Officer both sold blocks in May and June 2026.

3. Business Segments

Target operates as a single reportable segment. The chief operating decision maker is the Chief Executive Officer, who reviews consolidated net earnings and operating income, and virtually all revenue is generated in the United States. The company does, however, disaggregate net sales by merchandise category, and from the fiscal 2025 Form 10-K it splits Beauty and Household essentials into separate lines, giving six merchandise categories rather than five.

Segment / category	% of revenue	What it is
Food and beverage	23.0% ($24,136m, fiscal 2025)	Dry and perishable grocery, snacks, candy, beverages, deli, bakery, meat and produce, plus in-store food service which is primarily Starbucks.
Household essentials	17.2% ($18,017m)	Household cleaning, paper products, over-the-counter healthcare, vitamins and supplements, baby gear and pet supplies.
Hardlines	15.1% ($15,800m)	Electronics including video games and consoles, toys, sporting goods, entertainment and luggage, currently being repositioned under the "Fun 101" banner.
Apparel and accessories	15.0% ($15,737m)	Apparel for women, men, young adults, children, toddlers and babies, plus jewellery, accessories and shoes.
Home furnishings and decor	14.9% ($15,608m)	Bed and bath, home decor, school and office supplies, storage, small appliances, kitchenware, furniture, lighting, home improvement and seasonal merchandise.
Beauty	12.6% ($13,214m)	Skin and bath care, cosmetics, hair care, oral care, deodorant and shaving products.
Advertising (Roundel)	0.9% ($915m)	Target's in-house retail media network selling advertising against its first-party shopper data; up 41% year on year.
Other revenue	1.1% ($1,148m)	Credit card profit sharing of $522m plus $626m of other income including Target Circle 360 membership fees, Target Plus marketplace commissions and Shipt.
Other merchandise	0.2% ($205m)	Residual merchandise sales not allocated to a named category.

The split that matters commercially is discretionary against frequency. Apparel, Hardlines and Home furnishings together account for approximately 45.0% of sales, a far higher discretionary share than Walmart or Costco carry, while Food and beverage, Beauty and Household essentials make up approximately 52.8%. Home furnishings and decor sales have fallen from $17,760m in fiscal 2023 to $15,608m in fiscal 2025, a 12% decline in two years.

4. Business Model and Moat

How it makes money. Target buys general merchandise and food and sells it at a mark-up through 1,995 large-format stores and a digital channel that is overwhelmingly fulfilled from those same stores. Roughly two-thirds of digital sales are filled by same-day options such as Drive Up, Order Pickup and Shipt, which means the store estate doubles as the distribution network and digital orders do not carry the standalone fulfilment cost that a pure e-commerce operator faces. Gross margin was 27.9% in fiscal 2025 against a selling, general and administrative rate of 20.6%, leaving a 4.6% adjusted operating margin.

The second profit engine. The more interesting economics sit outside merchandise. Roundel advertising, Target Circle 360 membership fees, Target Plus marketplace commissions and credit card profit sharing together produced $2,063m in fiscal 2025, or 2.0% of net sales, up from 1.6% the prior year. These streams carry far higher incremental margin than selling a T-shirt, and they grew 24.6% in the first quarter of fiscal 2026 while merchandise sales grew 6.4%.

Where the moat is real. Target's differentiation is design and owned brands rather than price. It runs a portfolio of exclusive labels alongside designer collaborations, which gives it products a shopper cannot price-check on Amazon. The store footprint within ten miles of most of the United States population is genuinely hard to replicate, and the 2,000th store opened in March 2026 with a plan for 300 more by 2035.

Where it is structurally disadvantaged. Scale. Walmart's revenue is $706bn and Amazon's $717bn against Target's $105bn, roughly seven times the buying power and logistics capacity. Target's own Form 10-K warns it "may be unable to match or surpass the advances in technologies and capabilities, including artificial intelligence, that our competitors implement", and that shoppers may increasingly initiate purchases through third-party AI agents whose ranking algorithms Target does not control.

5. Financial Health

All figures below are taken from Target's fiscal year earnings press releases, Forms 10-K and 10-Q, and SEC XBRL company facts. Target's fiscal year ends on the Saturday nearest 31 January and is labelled by the calendar year in which it begins, so fiscal 2025 ran from 2 February 2025 to 31 January 2026. Fiscal 2023 was a 53-week year, which inflates that year's revenue and earnings against its neighbours.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	106,005	+13.3%	$14.10	$13.56	$3.38	$13,549m
FY2022	109,120	+2.9%	$5.98	$6.02	$4.14	$16,009m
FY2023	107,412	-1.6%	$8.94	$8.94 †	$4.38	$14,922m
FY2024	106,566	-0.8%	$8.86	$8.86 †	$4.46	$14,304m
FY2025	104,780	-1.7%	$8.13	$7.57 ‡	$4.54	$14,326m

† Target reports an adjusted diluted EPS reconciliation in every Form 10-K, but there were no reconciling items in fiscal 2023 or fiscal 2024, so adjusted EPS equalled GAAP EPS in those years.
‡ Fiscal 2025 adjusted EPS is below GAAP because the GAAP figure includes $593m of pretax gains from credit card interchange fee litigation settlements, worth $0.97 per share, partly offset by $250m of pretax business transformation charges worth $0.41 per share.

Long-term debt is the non-current balance-sheet figure taken from the SEC XBRL tag LongTermDebtAndCapitalLeaseObligations. Adding the current portion gives total debt of $16,456m at 31 January 2026 and $15,415m at 2 May 2026. Revenue for fiscal 2023 onward is presented on the fiscal 2025 Form 10-K basis, where the previous "Sales" plus "Other revenue" presentation was renamed to a single "Net sales" line; the totals are unchanged and comparable across all five years.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q1 FY2026 (ended 2 May 2026)	25,443	$1.71	$1.71
Q4 FY2025 (ended 31 Jan 2026)	30,453	$2.44	$2.30
Q3 FY2025 (ended 1 Nov 2025)	25,270	$1.78	$1.51
Q2 FY2025 (ended 2 Aug 2025)	25,211	$2.05	$2.05
Q1 FY2025 (ended 3 May 2025)	23,846	$1.30	$2.27
FY2025 total	104,780	$7.57	$8.13

Comparable sales for those quarters ran plus 5.6%, minus 2.5%, minus 2.7%, minus 1.9% and minus 3.8% respectively, most recent first. The first quarter of fiscal 2026 is the only positive comparable quarter in the set.

Cash flow and balance sheet. Fiscal 2025 cash provided by operating activities was $6,562m, down from $7,367m in fiscal 2024 and $8,621m in fiscal 2023. Expenditures for property and equipment were $3,727m, leaving free cash flow of $2,835m. Depreciation and amortisation on the cash flow statement was $3,134m. Operating income was $5,117m, down 8.1%, with adjusted operating income of approximately $4.8bn, down 14.2%, at a 4.6% margin. Net interest expense rose to $445m from $411m on higher average debt.

At 2 May 2026, the most recent reported balance sheet, Target held cash and cash equivalents of $3,534m against a current portion of long-term debt and other borrowings of $1,133m and non-current long-term debt of $14,282m, for total debt of $15,415m and net debt of $11,881m. Inventory was $12,317m. First-quarter operating cash flow was $716m against capital expenditure of $1,035m. No shares were repurchased in either the fourth quarter of fiscal 2025 or the first quarter of fiscal 2026, despite approximately $8.3bn remaining under the August 2021 authorisation.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	$67.83bn (454.19m shares at $149.35, 3 Aug 2026)
Enterprise value	Approximately $79.7bn (market cap $67.83bn plus total debt $15,415m less cash and cash equivalents $3,534m, per the 2 May 2026 balance sheet)
Trailing P/E (GAAP)	19.7x on trailing twelve-month GAAP diluted EPS of $7.57 (fiscal 2025 $8.13 less Q1 FY2025 $2.27 plus Q1 FY2026 $1.71)
P/E (forward)	17.6x to 18.7x on management's own fiscal 2026 guidance of GAAP and adjusted EPS of $7.50 to $8.50, which was guided on 20 May 2026 to land near the high end of that range. At $8.50 the multiple is 17.6x; at the $8.00 midpoint it is 18.7x. This is company guidance, not an analyst estimate
P/S (TTM)	0.64x on trailing twelve-month net sales of $106,377m (fiscal 2025 $104,780m less Q1 FY2025 $23,846m plus Q1 FY2026 $25,443m)
EV/EBITDA (TTM)	Approximately 9.7x (enterprise value $79.71bn divided by EBITDA of $8,251m; EBITDA = fiscal 2025 operating income $5,117m plus depreciation and amortisation $3,134m). Note fiscal 2025 operating income includes $593m of interchange settlement gains and $250m of transformation charges
P/FCF	Approximately 23.9x (market cap $67.83bn divided by free cash flow $2,835m; FCF = fiscal 2025 operating cash flow $6,562m less capital expenditure $3,727m). Capital expenditure is guided to rise to approximately $5bn in fiscal 2026, which would compress free cash flow materially on unchanged operating cash flow
52-week high	$150.07, set 3 Aug 2026, a fresh high made in the current session
52-week low	$83.44, set 20 Nov 2025
Short interest (% of float)	4.43% (20,099,170 shares short, settlement date 15 Jul 2026). A second source reported 3.80% of float on an undated basis, so treat 3.8% to 4.4% as the plausible range
Days to cover	4.15 on the 15 Jul 2026 settlement data; a second undated source indicated 2.6
Dividend yield	Approximately 3.1% ($1.16 quarterly, $4.64 annualised)

7. What Are They Building

On 3 March 2026, alongside fourth-quarter results, Michael Fiddelke set out a multi-year plan built on an incremental $2bn of spending in fiscal 2026: more than $1bn of additional capital expenditure taking the total to approximately $5bn, plus $1bn of operating investment including hundreds of millions of dollars of extra store payroll and training. Management described it as producing more changes inside stores than any year in the last decade.

Roundel retail media. Target's in-house advertising network generated $915m in fiscal 2025, up 41% from $649m in fiscal 2024 and $522m in fiscal 2023. During fiscal 2025 Target launched Precision Plus by Roundel, which applies first-party data and machine learning to improve advertising outcomes. Roundel now carries a dedicated risk factor in the Form 10-K, an indication of how material management considers it.

Target Circle 360 and the membership flywheel. Same-day delivery powered by Circle 360 grew more than 30% in the fourth quarter of fiscal 2025 and more than 27% in the first quarter of fiscal 2026, with membership revenue more than doubling year on year in the fourth quarter. Management has stated an ambition to triple Circle 360 membership over three years. Target Plus, the third-party digital marketplace, grew revenue over 30% in the fourth quarter of fiscal 2025 and expands the digital assortment without inventory risk.

Stores and supply chain. The fiscal 2026 plan is 30 or more new stores and over 130 full-store remodels, building towards 300 new stores by 2035. Next-day delivery reach is being extended into 20 new metropolitan areas and already covers more than half the United States population. Fiscal 2025 saw inventory shrink rates return to pre-pandemic levels.

Merchandising and owned brands. The flagship home brand Threshold is being relaunched in summer 2026 with shop-in-shops in 200 stores. A new owned brand, Good Little Garden, covers fresh floral. Beauty is being rebuilt around a Target Beauty Studio format offering specialty-level service. Hardlines is being repositioned as "Fun 101" around sports, pop culture, toys and trading cards. Health and wellness assortment was expanded 30% from January 2026, with vitamins and nutrition up approximately 20% chainwide from April 2026. Recent collaborations include kate spade new york and partnerships with Taylor Swift and Tom Holland.

Technology. Target lists "accelerate technology" as one of four stated growth priorities, covering AI applied to merchandising, planning, inventory management and personalisation, expanded AI tooling to simplify work for store and headquarters teams, and generative AI in the guest experience.

8. Competitive Landscape

Peer	Market cap (Aug 2026)	Key 2025 metric
Amazon.com (NASDAQ: AMZN)	$3,055.23bn	Net sales of $716.9bn for the year ended 31 Dec 2025
Walmart (NYSE: WMT)	$881.04bn	Total revenue of $706.4bn for the fiscal year ended 31 Jan 2026, approximately seven times Target's
Costco Wholesale (NASDAQ: COST)	$423.11bn	Total revenue of $275.2bn for the fiscal year ended 31 Aug 2025
TJX Companies (NYSE: TJX)	$173.99bn	Revenue of $60.4bn for the fiscal year ended 31 Jan 2026, on a market cap roughly 2.6 times Target's despite 58% of the revenue
Kroger (NYSE: KR)	$35.67bn	Total revenue of $147.6bn for the fiscal year ended 31 Jan 2026
Dollar General (NYSE: DG)	$28.17bn	Net sales of $42.7bn for the fiscal year ended 30 Jan 2026

The comparison that frames the debate is price to sales. Target trades at 0.64 times trailing sales against approximately 1.25 times for Walmart and 1.54 times for Costco, the widest discount to Walmart in the peer set. That gap reflects the market pricing in Target's higher discretionary exposure, its four consecutive years of falling operating income and a 4.6% operating margin, rather than a simple mispricing. Peer revenue figures are drawn from SEC XBRL company facts; market capitalisations were checked live on 3 August 2026.

9. Leadership and Insider Activity

Michael J. Fiddelke became Chief Executive Officer in February 2026, having previously been Chief Operating Officer. His appointment was announced on 20 August 2025 and confirmed as effective in the fiscal 2025 Form 10-K. Brian C. Cornell, Chief Executive from August 2014 to January 2026, is now Executive Chair; he was re-elected as a director at the 10 June 2026 annual meeting with 87.2% support, the lowest of any nominee. Jim Lee has been Chief Financial Officer since September 2024. Lisa R. Roath became Chief Operating Officer in February 2026 and Cara A. Sylvester became Chief Merchandising Officer at the same time, replacing Rick Gomez who stepped down on 15 February 2026.

Across the twelve months to 4 August 2026 there were no open-market purchases by any Target insider. All open-market activity was selling, and none of it was made under a Rule 10b5-1 trading plan.

Name	Date	Type	Shares	Price	Value	Plan Type
Lisa R. Roath, EVP and Chief Operating Officer	29 Jun 2026	Sale	7,000	$138.07	$966,490	Not a 10b5-1 plan
Cara A. Sylvester, EVP and Chief Merchandising Officer	29 May 2026	Sale	10,000	$125.89	$1,258,905	Not a 10b5-1 plan
Brian C. Cornell, Executive Chair	27 May 2026	Sale	50,000	$129.85	$6,492,622	Not a 10b5-1 plan
Matthew A. Liegel, Chief Accounting Officer	17 Mar 2026	Sale	2,053	$117.19	$240,593	Not a 10b5-1 plan
Brian C. Cornell, Executive Chair	10 Mar 2026	Sale	50,000	$121.76	$6,088,025	Not a 10b5-1 plan

Cornell sold 100,000 shares in total across March and May 2026 for roughly $12.6m, into the stock's recovery, and that is the single most notable insider signal in the period. Chief Executive Michael Fiddelke has not sold any shares since taking the role; his only Form 4 activity has been the receipt of restricted and performance share units on 11 March and 7 April 2026, with shares withheld for tax on vesting. The same pattern of award and tax-withholding activity applies to Jim Lee, Melissa Kremer, Prat Vemana and the non-executive directors.

10. Key Risks

• Traffic and the discretionary consumer (Macro): fiscal 2025 comparable sales fell 2.6%, driven by a 2.2% decline in traffic rather than basket size, and were negative in all four quarters. Roughly 45% of sales sit in discretionary categories, a materially higher share than Walmart or Costco carry. Home furnishings and decor alone has fallen 12% in two years.
• Expectations risk after the re-rating (Financial): the shares have risen more than 20% year to date to a 52-week high on the strength of one strong quarter against a soft base. The second quarter reporting 19 August 2026 laps a harder comparison, and any deceleration would hit a multiple that has already expanded from roughly 11 times to 19.7 times trailing earnings.
• Tariffs and sourcing (Macro): approximately half of Target's merchandise is sourced outside the United States, with China the largest single source. The 20 February 2026 Supreme Court ruling struck down IEEPA tariffs but established no refund process, and new tariffs were announced in February 2026 in response. Target states it cannot estimate the financial effects and warns the ultimate resolution could materially affect its financial position, results and cash flows.
• Brand and reputational exposure (Operational): the Form 10-K carries an explicit risk factor noting Target has previously experienced negative perceptions of its business that adversely affected consumer behaviour and results. The year-long consumer boycott that followed the rollback of diversity programmes produced double-digit monthly traffic declines through 2025 and was only formally called off in March 2026.
• Competitive scale disadvantage (Operational): Walmart and Amazon each generate roughly seven times Target's revenue, with correspondingly deeper price investment and logistics capacity. Target's own filings warn it may be unable to match competitors' technology and AI capabilities, and that shoppers may increasingly transact through third-party AI agents whose algorithms Target does not control.
• Margin compression (Financial): operating income has fallen 43% from $8,946m in fiscal 2021 to $5,117m in fiscal 2025 on flat revenue, adjusted operating margin has halved from 8.4% to 4.6%, and after-tax return on invested capital has fallen from 33.1% to 13.8%.
• Execution risk on the investment programme (Operational): a chief executive six months into the role is committing an incremental $2bn in fiscal 2026 while operating margin sits at a multi-year low. The Form 10-K carries a specific risk factor stating that business transformation initiatives may not achieve their intended objectives.
• Cash flow cover and capital allocation (Financial): operating cash flow has fallen for three consecutive years from $8,621m to $6,562m. Fiscal 2025 free cash flow of $2,835m covered dividends of roughly $2,065m with limited headroom, and capital expenditure is guided to rise to approximately $5bn. Buybacks have been suspended entirely despite $8.3bn of remaining authorisation.
• Shrink tailwind exhausted (Operational): inventory shrink improved to pre-pandemic rates in fiscal 2025, which flattered the gross margin bridge. That benefit cannot repeat at the same magnitude, and shrink retains a dedicated risk factor in the Form 10-K.
• Roundel concentration (Financial): advertising revenue growth of 41% is carrying a disproportionate share of the margin-mix improvement. Target's own filings now warn that Roundel may not maintain or grow advertising revenue; a slowdown would expose the underlying merchandise margin.

11. Recent Developments

• 20 Aug 2025 — Michael Fiddelke appointed Chief Executive Officer. The board unanimously elected the then Chief Operating Officer to succeed Brian Cornell effective 1 February 2026, with Cornell becoming Executive Chair. Announced alongside second-quarter fiscal 2025 results showing net sales of $25,211m, down 0.9%, comparable sales down 1.9% and both GAAP and adjusted EPS of $2.05.
• 23 Oct 2025 — Approximately 1,800 corporate roles eliminated. Around 1,000 layoffs plus 800 unfilled positions, about 8% of a roughly 22,000-person global corporate workforce, concentrated at the Minneapolis headquarters with no store or supply chain roles affected. The related $250m pretax business transformation charge is disclosed in the Form 10-K; the headcount figure is press-reported.
• 19 Nov 2025 — Third-quarter fiscal 2025 results. Net sales of $25,270m, down 1.5%, comparable sales down 2.7%, GAAP EPS of $1.51 against adjusted EPS of $1.78 after severance and asset charges. Non-merchandise sales grew 17.7%.
• 01 Feb 2026 — Fiddelke takes over as Chief Executive. Confirmed in the fiscal 2025 Form 10-K. Lisa Roath was appointed Chief Operating Officer effective 15 February 2026 and Rick Gomez, Chief Commercial Officer, stepped down on the same date.
• 20 Feb 2026 — Supreme Court rules IEEPA tariffs were not statutorily authorised. Target disclosed that no refund process exists and it cannot estimate any recovery, and that new tariffs were announced in February 2026 in response.
• 03 Mar 2026 — Fourth-quarter and full-year fiscal 2025 results and Financial Community Meeting. Full-year net sales of $104,780m, down 1.7%, comparable sales down 2.6%, GAAP EPS $8.13 and adjusted EPS $7.57. Fiddelke unveiled an incremental $2bn investment for fiscal 2026, 30 or more new stores, 130 or more full-store remodels and 300 new stores by 2035. Initial fiscal 2026 guidance was sales growth of around 2% and EPS of $7.50 to $8.50.
• 12 Mar 2026 — The year-long consumer boycott is formally called off. The campaign, launched in early 2025 after Target rolled back diversity programmes and joined by more than 200,000 participants, ended after Fiddelke renewed commitments to Black-owned businesses, supplier diversity and historically Black colleges and universities.
• 15 Mar 2026 — Target opens its 2,000th store. A 148,000 square foot food-forward prototype in Fuquay-Varina, North Carolina, with a food and beverage department 30% larger than the chain average.
• 20 May 2026 — First-quarter fiscal 2026 results well ahead of the prior trend. Net sales of $25,443m, up 6.7%, comparable sales up 5.6%, comparable traffic up 4.4%, digital comparable sales up 8.9% and non-merchandise sales up 24.6%. GAAP and adjusted EPS of $1.71. Guidance was raised to sales growth of around 4% and EPS near the high end of $7.50 to $8.50.
• 11 Jun 2026 — Quarterly dividend raised 1.8% to $1.16. Declared the day after the annual meeting, keeping Target on track for a 55th consecutive annual increase and marking the 236th consecutive dividend since October 1967.
• 18 Jul 2026 — Joe DePinto elected to the board. The former President and Chief Executive of 7-Eleven joined effective 1 August 2026, sitting on the Audit and Risk and Infrastructure and Finance committees.

12. Key Dates to Watch

• 12 Aug 2026 — record date for the $1.16 quarterly dividend declared on 11 June 2026. Target publishes the record date but not an ex-dividend date; under T+1 settlement the ex-date would be expected on the same day.
• 19 Aug 2026 — second-quarter fiscal 2026 results, with a conference call from 8:00am to 9:00am Eastern time. Confirmed on Target's own investor events page. This laps a minus 1.9% comparable-sales quarter and is the first real test of the first-quarter inflection.
• 01 Sep 2026 — payment date for the $1.16 quarterly dividend.
• Expected November 2026 — third-quarter fiscal 2026 results. The exact date has not yet been published by Target.
• Expected March 2027 — fourth-quarter and full-year fiscal 2026 results together with the Financial Community Meeting. The pattern has been 3 March 2026, 4 March 2025 and 5 March 2024. Not yet announced.
• Expected June 2027 — annual meeting of shareholders. The 2026 meeting was held on 10 June 2026. Not yet announced.

Several strategic milestones carry published timing but no fixed date: the relaunch of the Threshold owned brand with shop-in-shops in 200 stores during summer 2026, the introduction of the Target Beauty Studio format later in 2026, and the delivery of 30 or more new stores and 130 or more full-store remodels across fiscal 2026. You can track the consumer and inflation data releases that drive discretionary retail demand on the ChartsView Economic Calendar, and discuss this name with other members in the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.