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Target Corporation (TGT) stock

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NYSE: TGT NYSE Consumer Staples Merchandise Retail Next results ~November 18, 2026

C+ Fundamentals grade

Target Corporation is a US-listed company in the consumer staples merchandise retail industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$140

Cash-flow model

Base case. Range ~$99–$190 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 10% above our base value.

Price used: $153.53, November 3, 2026

Target Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 9 sales by directors and officers, last 12 monthsInsider trades
  • Funds896 adding, 806 cuttingOf 91 active managers that changed their stake, 44 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Target files

Where Target stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $107.7bn, up 2.0% on a year earlier, faster than 0.5% a quarter earlier. Free-cash-flow margin rose to 4.1% from 2.8% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $124 a share, against a share price of $154. At that price, our model says the market is pricing in about 5.3% a year of cash-flow growth for five years, faster than the 0.3% a year revenue growth it has delivered.

Source: 10-Q filed August 28, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 18, 2026 (estimated)

Target Corporation's trailing-twelve-month revenue grew 2.0% year on year, with a free-cash-flow margin of 4.1%. Where it lags: revenue growth of 2.0% ranks 9 of 9 consumer staples merchandise retail companies we cover.

Our discounted-cash-flow model values the business at ~$140 per share in the base case (~$99–$190 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 51.4% while net income grew 11.8%: a 40pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.9% over 90 days.

Things to watch

  • Results due soon. Results are expected around 15 November; the share price can move sharply on the day.
  • Insiders selling. 5 insiders sold $26M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: revenue growth. Revenue growth of 2.0% ranks 9 of 9 consumer staples merchandise retail companies we cover (median 9.1%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 23.2% ranks 8 of 8 consumer staples merchandise retail companies we cover (median 12.4%).
  • Earnings expected to fall. The consensus expects earnings per share to fall 7% next year.

Latest results: FY2027 Q2

Filed August 28, 2026
Earnings per share
$4.11 against an average estimate of $2.34: beat by 75.8%
Revenue
$26.54bn, up 5.3% on a year earlier
Share reaction
+3.8% in the first session after the results on August 19, 2026, against -0.6% for the S&P 500
Guidance given
net sales growth growth 5% (2026); operating income margin rate 6% (2026)
Next report
November 18, 2026; average EPS estimate $2.05

Target's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.1%
  • 1 week+3.7%
  • 1 month-1.6%
  • This year+66.5%
  • 1 year+74.7%
  • 5 years-31.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$108B
Operating margin
5.6%
Net margin
4.1%
EPS (TTM, diluted)
$9.64

Growth

Revenue growth
+2.0%
Change in growth rate
+1.5 pts
Share count change
−0.5%

Cash

Free cash flow (TTM)
$4.5B
FCF margin
4.1%
Stock pay % of revenue
0.3%

Earnings

Last results
August 19, 2026
Next results (est.)
November 15, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Results
  4. Guidance
  5. Agreement
  6. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Target Corporation valuation models and calculator

What the price is pricing in

The share price implies about 3.9% a year of cash-flow growth for five years.That is close to the 0.3% a year revenue growth Target has delivered.

  • Priced in3.9%
  • Last 12 months2.0%
  • 3 years a year-0.1%
  • 5 years a year0.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($153.63, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$140
Price used
$153.63close November 3, 2026
Implied change
▼ 10%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Target Corporation's free cash flow after stock-based pay with after-tax interest added back ($4.3B, FY2027 Q2 TTM), growing 3.5% and 2.5% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$99–~$190 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Target Corporation's free cash flow after stock-based pay ( $4.3B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Target Corporation as an operating company, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.66 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$140 ~$99–$190 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$170–$340 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$230 ~$170–$320 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$220 ~$180–$270 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$190 ~$140–$230 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Target Corporation with Consumer Staples Merchandise Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +38%
  • Free-cash-flow margin 1 point lower ▼ −26%
  • Last year's free-cash-flow margin change, if it persists ▲ +53%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $115$164$228$314$425$569
8.5% $83$118$165$226$305$407
10% $63$91$127$173$234$311

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$52.38$47.58$56.80$57.27$91.94$153.46$186.91$147.76$131.70$128.54$102.64$158.38
Market value$33.2bn$27.7bn$31.3bn$30.5bn$47.4bn$77.6bn$92.1bn$68.7bn$61.0bn$59.4bn$46.8bn$72.2bn
+ Net debt (− = net cash)−$4.0bn−$2.5bn−$2.6bn−$1.6bn−$2.6bn−$8.5bn−$5.9bn−$2.2bn−$3.8bn−$4.8bn−$5.5bn$9.9bn
Enterprise value$29.1bn$25.2bn$28.6bn$29.0bn$44.8bn$69.0bn$86.2bn$66.4bn$57.1bn$54.6bn$41.3bn$82.1bn
Multiples
Price / sales 0.4x0.4x0.4x0.4x0.6x0.8x0.9x0.6x0.6x0.6x0.4x0.7x
Price / earnings 9.9x10.1x10.7x10.4x14.4x17.8x13.3x24.7x14.7x14.5x12.6x16.4x
Price / free cash flow 7.3x7.1x7.1x12.4x11.6x9.8x18.1x—16.0x13.3x16.5x16.2x
EV / EBITDA —3.5x4.3x4.4x6.2x7.7x7.4x10.1x6.7x6.4x5.0x9.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

59 /100

Moderate moat

How hard Target's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.5% of total assets over 10 years.

  • Pricing power 11 / 20

    Gross margin has been a median 29.2%, moving by 1.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 5.6%; its worst year was 4.4%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.4% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (64 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 18, 2026, before the open. Analysts expect revenue of $26.4bn and EPS of $2.05 (range $1.91 to $2.25) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.24 +35% $110.2bn +5%
Next $9.55 −7% $113.8bn +3%

Next year's EPS estimate has moved +6.9% in 90 days, across 36 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +22.5% on 90 days ago. In the last 30 days, 36 analysts raised Target Corporation's forecast and 0 cut it.

Consensus EPS forecast Target Corporation, last 90 days
$8.00 $8.50 $9.00 $9.50 $10.00 $10.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.36 Current fiscal year, 60 days ago: $9.98 Current fiscal year, 30 days ago: $10.24 Current fiscal year, 7 days ago: $10.24 Current fiscal year, Now: $10.24 $10.24 Next fiscal year, 90 days ago: $8.93 Next fiscal year, 60 days ago: $9.47 Next fiscal year, 30 days ago: $9.55 Next fiscal year, 7 days ago: $9.55 Next fiscal year, Now: $9.55 $9.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.36$8.93
60 days ago $9.98$9.47
30 days ago $10.24$9.55
7 days ago $10.24$9.55
Now $10.24$9.55

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $2.34 $4.11 +75.8%
Apr 2026 $1.46 $1.71 +17.3%
Jan 2026 $2.16 $2.44 +13.0%
Oct 2025 $1.71 $1.78 +4.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 19, 2026
  • net sales growth 2026 about 5% growth Raised
    “Full-year net sales growth in a range around 5 percent, one percentage point higher than the prior guidance range.” source
  • GAAP diluted earnings per share guidance Full Year 2026 $9.90 to $10.90 GAAP Raised
    “GAAP diluted earnings per share guidance $9.90 - $10.90” source
  • Adjusted diluted earnings per share guidance Full Year 2026 $9.90 to $10.90 Non-GAAP Raised
    “Adjusted diluted earnings per share guidance $9.90 - $10.90” source
  • operating income margin rate 2026 about 6%
    “Full-year 2026 operating income margin rate in a range around 6 percent, including approximately 90 basis points of benefit from Q2 tariff refunds.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Target Corporation's revenue by +3.5% next year and +2.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.1%, weight 58%) , management guidance (+3.9%, weight 18%) and the company's own record (+2.0%, weight 24%) . How the weights are set.

Analyst recommendations

38 analysts, Oct 2026
Buy1334%
Hold2155%
Sell411%

Monthly trend

  1. Oct 20261121438
  2. Sep 20261121438
  3. Aug 20261022438
  4. Jul 20261023338

Counts of recommendations published by analysts covering Target Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.7%
of tradable shares
Days to cover
4.48
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
0.3%
of shares
Employees
400,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +77.7%

$89.11 on October 31, 2025 to $158.38

ThenNowEffect
Revenue (last 12 months) $105.6bn $107.7bn +2.0%
Net margin 3.7% 4.1% +9.7%
P/E multiple 10.4x 16.4x +58.1%
Share count 458m 456m +0.5%

Biggest factor: p/e multiple.

Last 3 years +56.6%

$101.11 on November 3, 2023 to $158.38

ThenNowEffect
Revenue (last 12 months) $108.0bn $107.7bn −0.3%
Net margin 3.1% 4.1% +30.6%
P/E multiple 13.9x 16.4x +18.3%
Share count 463m 456m +1.7%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TGT+33%−34%−1%−2%−25%+67%
Industry peers (median)+22%−1%+7%+34%+25%+21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TGT67%42%50%50%42%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TGT−18%−44%−41%−30%−39%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 64% from November 16, 2021 to November 20, 2025. Getting back needed a 181% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$81.44 – $169.89
From 52-week high
−6.8%
vs 50-day average
+0.9%
vs 200-day average
+19.0%
Volatility (1 year)
31%
Beta vs S&P 500
0.25

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±7.1%
After a week
7 up, 5 down
typical move ±6.5%
After a month
7 up, 5 down
typical move ±8.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 19, 2026 +3.8% −0.6% +7.6% +3.7%
May 20, 2026 −0.9% +1.2% +1.1% +2.0%
March 3, 2026 +6.1% −0.2% +6.7% +6.4%
February 11, 2026 +0.5% −1.6% +3.2% +4.7%
November 19, 2025 −5.5% −1.1% +1.4% +10.7%
August 20, 2025 −7.9% −0.7% −7.0% −16.4%
May 21, 2025 −3.1% −1.6% −3.3% −1.6%
March 4, 2025 −3.5% −0.1% −6.6% −12.4%
November 20, 2024 −21.5% +0.6% −16.0% −15.1%
August 21, 2024 +9.5% −0.4% +9.5% +8.1%
May 22, 2024 −7.3% −1.0% −3.8% −3.9%
March 5, 2024 +15.3% −0.5% +11.3% +14.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Target Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.59× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TGT Target Corporation Grade C+ $157.99

Own 100 shares, sell the $175 call expiring November 27, 2026 (25 days) for $2.29 a share — $229 per contract.

Previous session · Bid $2.29, ask $2.60, quoted Mon 2 Nov, 17:37 New York time with TGT at $157.99. Option prices move with the shares: check the live chain at your broker before trading.

  • If TGT ends below $175: you keep your shares and the $229 — 1.4% extra on the position, 21.2% a year at that pace.
  • If it ends above $175: your shares are sold at $175, a total return of 12.2% including the premium — at or above our value of ~$140.
$1.9k $0 −$3.1k Our value $140 Break-even $155.7 Price $157.99
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$229
Annualised
21.2%
Break-even
$155.7
Max gain
$1,930
Chance of selling
~23%

Results are expected around November 15, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $150 put and sell the $175 call, both expiring November 27, 2026 (25 days).

  • Net cost of $2.51 a share ($251 per contract of 100 shares).
  • Worst case at expiry: -6.6%, if the shares fall below $150 (-5.1% from today).
  • Best case at expiry: +9.2%, if the shares rise above $175 (+10.8%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $140: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Target Corporation in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Target Corporation
$104B $105B $106B $107B $108B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $106.9B Revenue (TTM), FY24 Q4: $107.4B Revenue (TTM), FY25 Q1: $106.6B Revenue (TTM), FY25 Q2: $107.3B Revenue (TTM), FY25 Q3: $107.6B Revenue (TTM), FY25 Q4: $106.6B Revenue (TTM), FY26 Q1: $105.9B Revenue (TTM), FY26 Q2: $105.6B Revenue (TTM), FY26 Q3: $105.2B Revenue (TTM), FY26 Q4: $104.8B Revenue (TTM), FY27 Q1: $106.4B Revenue (TTM), FY27 Q2: $107.7B $107.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $106.9B
FY24 Q4 $107.4B
FY25 Q1 $106.6B
FY25 Q2 $107.3B
FY25 Q3 $107.6B
FY25 Q4 $106.6B
FY26 Q1 $105.9B
FY26 Q2 $105.6B
FY26 Q3 $105.2B
FY26 Q4 $104.8B
FY27 Q1 $106.4B
FY27 Q2 $107.7B
Revenue growth, TTM YoY Target Corporation
-4% -2% 0% 2% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -1.7% Revenue growth, TTM YoY, FY24 Q4: -1.6% Revenue growth, TTM YoY, FY25 Q1: -2.4% Revenue growth, TTM YoY, FY25 Q2: -0.7% Revenue growth, TTM YoY, FY25 Q3: 0.6% Revenue growth, TTM YoY, FY25 Q4: -0.8% Revenue growth, TTM YoY, FY26 Q1: -0.7% Revenue growth, TTM YoY, FY26 Q2: -1.5% Revenue growth, TTM YoY, FY26 Q3: -2.2% Revenue growth, TTM YoY, FY26 Q4: -1.7% Revenue growth, TTM YoY, FY27 Q1: 0.5% Revenue growth, TTM YoY, FY27 Q2: 2.0% 2.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -1.7%
FY24 Q4 -1.6%
FY25 Q1 -2.4%
FY25 Q2 -0.7%
FY25 Q3 0.6%
FY25 Q4 -0.8%
FY26 Q1 -0.7%
FY26 Q2 -1.5%
FY26 Q3 -2.2%
FY26 Q4 -1.7%
FY27 Q1 0.5%
FY27 Q2 2.0%
Operating margin (TTM) Target Corporation
4% 4.5% 5% 5.5% 6% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 4.7% Operating margin (TTM), FY24 Q4: 5.3% Operating margin (TTM), FY25 Q1: 5.3% Operating margin (TTM), FY25 Q2: 5.7% Operating margin (TTM), FY25 Q3: 5.5% Operating margin (TTM), FY25 Q4: 5.2% Operating margin (TTM), FY26 Q1: 5.4% Operating margin (TTM), FY26 Q2: 5.1% Operating margin (TTM), FY26 Q3: 4.9% Operating margin (TTM), FY26 Q4: 4.9% Operating margin (TTM), FY27 Q1: 4.5% Operating margin (TTM), FY27 Q2: 5.6% 5.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 4.7%
FY24 Q4 5.3%
FY25 Q1 5.3%
FY25 Q2 5.7%
FY25 Q3 5.5%
FY25 Q4 5.2%
FY26 Q1 5.4%
FY26 Q2 5.1%
FY26 Q3 4.9%
FY26 Q4 4.9%
FY27 Q1 4.5%
FY27 Q2 5.6%
FCF margin (TTM) Target Corporation
2% 3% 4% 5% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 3.4% FCF margin (TTM), FY24 Q4: 3.6% FCF margin (TTM), FY25 Q1: 4.3% FCF margin (TTM), FY25 Q2: 4.9% FCF margin (TTM), FY25 Q3: 4.2% FCF margin (TTM), FY25 Q4: 4.2% FCF margin (TTM), FY26 Q1: 3.3% FCF margin (TTM), FY26 Q2: 2.8% FCF margin (TTM), FY26 Q3: 2.9% FCF margin (TTM), FY26 Q4: 2.7% FCF margin (TTM), FY27 Q1: 2.8% FCF margin (TTM), FY27 Q2: 4.1% 4.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 3.4%
FY24 Q4 3.6%
FY25 Q1 4.3%
FY25 Q2 4.9%
FY25 Q3 4.2%
FY25 Q4 4.2%
FY26 Q1 3.3%
FY26 Q2 2.8%
FY26 Q3 2.9%
FY26 Q4 2.7%
FY27 Q1 2.8%
FY27 Q2 4.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Target took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $105B
  2. Cost of revenue $75.5B · 72.1%
  3. Gross profit $29.3B · 27.9%
  4. Selling, general and admin $21.5B · 20.6%
  5. Other operating costs $2.6B · 2.5%
  6. Operating income $5.1B · 4.9%
  7. Income tax $1.1B · 1.0%
  8. Net income $3.7B · 3.5%

Shares of revenue. Source: Target's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Feb 2013 2014 Feb 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Feb 2018 2019 Feb 2019 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Feb 2024 2025 Feb 2025 2026 Jan 2026 LTM Aug 2026
Income
Revenue 65.4 67.4 69.9 73.3 71.3 72.6 73.8 70.3 72.7 75.4 78.1 93.6 106.0 109.1 107.4 106.6 104.8 107.7
Gross profit 21.3 21.7 22.0 22.7 21.2 21.3 21.5 20.4 20.8 22.1 23.2 27.4 31.0 26.8 29.6 30.1 29.3 31.6
EBITDA 6.6 7.3 7.4 7.3 — — — 7.2 6.7 6.6 7.3 9.0 11.6 6.5 8.5 8.5 8.3 8.9
Operating income 4.6 5.2 5.3 5.2 — — — 4.9 4.2 4.1 4.7 6.5 8.9 3.8 5.7 5.6 5.1 6.0
Net income 2.5 2.9 2.9 3.0 2.0 −1.6 3.4 2.7 2.9 2.9 3.3 4.4 6.9 2.8 4.1 4.1 3.7 4.4
Diluted EPS $3.30 $4.00 $4.28 $4.52 $3.07 −$2.56 $5.31 $4.69 $5.29 $5.51 $6.36 $8.64 $14.10 $5.98 $8.94 $8.86 $8.13 $9.64
Growth (year on year)
Revenue +0.6% +3.1% +3.7% +4.9% −2.8% +1.9% +1.6% −4.8% +3.5% +3.6% +3.7% +19.8% +13.3% +2.9% −1.6% −0.8% −1.7% +2.0%
EBITDA — +9.9% +1.8% −1.8% — — — — −6.7% −1.7% +10.3% +24.3% +28.4% −43.5% +29.9% +0.5% −3.5% +8.4%
Operating income — +13.0% +1.6% −0.8% — — — — −13.2% −2.7% +13.3% +40.4% +36.8% −57.0% +48.3% −2.5% −8.1% +11.0%
Net income +12.4% +17.4% +0.3% +2.4% −34.3% −183.0% — −18.7% +6.6% +0.8% +11.7% +33.1% +59.0% −60.0% +48.8% −1.1% −9.4% +11.8%
Diluted EPS +15.4% +21.2% +7.0% +5.6% −32.1% −183.4% — −11.7% +12.8% +4.2% +15.4% +35.8% +63.2% −57.6% +49.5% −0.9% −8.2% +12.4%
Margins
Gross margin 32.6% 32.1% 31.5% 31.0% 29.8% 29.4% 29.2% 29.0% 28.5% 29.3% 29.8% 29.3% 29.3% 24.6% 27.5% 28.2% 27.9% 29.3%
EBITDA margin 10.1% 10.8% 10.6% 9.9% — — — 10.2% 9.2% 8.7% 9.3% 9.6% 10.9% 6.0% 7.9% 8.0% 7.9% 8.3%
Operating margin 7.0% 7.7% 7.5% 7.1% — — — 6.9% 5.8% 5.5% 6.0% 7.0% 8.4% 3.5% 5.3% 5.2% 4.9% 5.6%
Net margin 3.8% 4.3% 4.2% 4.1% 2.8% −2.3% 4.6% 3.9% 4.0% 3.9% 4.2% 4.7% 6.6% 2.5% 3.9% 3.8% 3.5% 4.1%
Free-cash-flow margin 6.4% 4.7% 1.5% 4.1% 6.5% 3.7% 6.1% 5.5% 6.1% 3.3% 5.2% 8.4% 4.8% −1.4% 3.6% 4.2% 2.7% 4.1%
Cash flow
Cash from operations 5.9 5.3 5.4 5.3 6.5 4.5 6.0 5.4 6.9 6.0 7.1 10.5 8.6 4.0 8.6 7.4 6.6 8.7
Capital spending 1.7 2.1 4.4 2.3 1.9 1.8 1.4 1.5 2.5 3.5 3.0 2.6 3.5 5.5 4.8 2.9 3.7 4.3
Free cash flow 4.2 3.1 1.1 3.0 4.6 2.7 4.5 3.9 4.4 2.5 4.1 7.9 5.1 −1.5 3.8 4.5 2.8 4.5
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.3
Free cash flow after stock pay 4.0 3.0 1.0 2.9 4.5 2.6 4.4 3.8 4.3 2.3 3.9 7.7 4.9 −1.7 3.6 4.2 2.6 4.2
Balance sheet
Cash — — — — — — 4.0 2.5 2.6 1.6 2.6 8.5 5.9 2.2 3.8 4.8 5.5 5.4
Total debt — — — — — — — — — — — — — — — — — 15.4
Net debt (negative = net cash) — — — — — — −4.0 −2.5 −2.6 −1.6 −2.6 −8.5 −5.9 −2.2 −3.8 −4.8 −5.5 9.9
Diluted shares 755m 729m 684m 663m 642m 640m 633m 583m 550m 533m 516m 505m 493m 465m 463m 462m 456m 456m
Returned to shareholders
Dividends 0.5 0.6 0.8 0.9 1.0 1.2 1.4 1.3 1.3 1.3 1.3 1.3 1.5 1.8 2.0 2.0 2.1 2.1
Buybacks 0.4 2.5 1.8 1.9 1.5 0.0 3.5 3.7 1.0 2.1 1.6 0.7 7.2 2.6 0.0 1.0 0.4 0.2
Total returned 0.9 3.1 2.6 2.7 2.5 1.2 4.8 5.1 2.4 3.5 2.9 2.1 8.7 4.5 2.0 3.1 2.5 2.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · August 1, 2026
What it owns · $61.2bn
Short-term assets $20.9bnLonger-term assets $40.3bn
What it owes, and who funded it · $39.0bn
Short-term liabilities $21.2bnShareholders' equity $17.8bn
  • Short-term assets cover short-term liabilities $20.9bn of assets due within a year against $21.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $5.4bn of cash against $14.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 80% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 90% to 80% over five years.
  • A year's operating cash flow covers at least 20% of debt $8.7bn of operating cash flow against $14.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $6.0bn against $429m of interest.

From Target Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$153M
Dividends (TTM)
$2.1B
Returned to shareholders
50%
of free cash flow
Buybacks, last 3 fiscal years
$1.4B
Diluted share count
−0.5%
year over year
Total shareholder yield
3.1%
dividends 2.9% + buybacks 0.2% of market value
Dividend payout ratio
47%
of net income paid out
Sales & admin spending
21.2%
of revenue

Competitors: side by side with peers

Closest by revenue in consumer staples merchandise retail
Last 12 months unless stated TGT DG COST BJ DLTR WMT Median
Revenue, last 12 months $107.7bn $43.6bn $303.2bn $22.8bn $20.1bn $735.8bn $22.8bn
Revenue growth, last 12 months 2.0% 4.8% 10.1% 9.1% 8.2% 6.2% 9.1%
Revenue growth, 3-year average −0.1% 4.0% 7.8% 5.5% 7.0% 5.3% 6.3%
Revenue growth, latest quarter 5.3% 5.2% 11.1% 15.7% 7.0% 5.9% 9.1%
Gross margin 29.3% 31.2% 12.8% 18.2% 38.7% 25.2% 25.2%
Operating margin 5.6% 5.6% 3.9% 3.8% 11.0% 4.4% 4.4%
Operating margin, 3-year average 5.5% 5.1% 3.8% 3.8% 9.0% 4.3% 4.4%
Net margin 4.1% 3.9% 3.0% 2.6% 8.0% 3.0% 3.0%
Cash from operations / revenue 8.1% 7.6% 5.2% 4.9% 15.5% 5.8% 6.0%
Free-cash-flow margin 4.1% 4.6% 3.1% 1.6% 9.9% 1.8% 3.1%
Free-cash-flow margin, 3-year average 3.9% 4.4% 2.8% 1.6% 7.3% 1.9% 3.4%
Stock pay / revenue 0.3% 0.2% 0.3% 0.2% 0.3% — 0.3%
Change in share count −0.5% 0.5% −0.1% −2.2% −7.1% −0.7% −0.5%

Median of all 9 companies we cover in consumer staples merchandise retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

9 consumer staples merchandise retail companies
Measure Company Peer median Rank
Revenue growth Growth 2.0% 9.1% 9 of 9
Change in growth rate Growth +1.5pp +0.9pp 3 of 9
Gross margin Profitability 29.3% 25.2% 4 of 9
Operating margin Profitability 5.6% 4.4% 3 of 9
Net margin Profitability 4.1% 3.0% 3 of 9
Free-cash-flow margin Cash generation 4.1% 3.1% 4 of 9
Stock pay as % of revenue Cash generation 0.3% 0.3% 3 of 8
Long-term debt as % of assets Balance sheet 23.2% 12.4% 8 of 8
Change in share count Balance sheet -0.5% -0.5% 5 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue Share YoY
Products $103B 97.8% ▼ 2.0%
Food and Beverage $24.1B 23.5% ▲ 1.3%
Household Essentials $18B 17.5% ▼ 3.2%
Hardlines $15.8B 15.4% ▲ 0.1%
Apparel and Accessories $15.7B 15.3% ▼ 4.7%
Home Furnishings and Decor $15.6B 15.2% ▼ 6.5%
Beauty $13.2B 12.9% ▲ 0.3%
Advertising Revenue $915M 0.9% ▲ 41.0%
Other Other Revenue $626M 0.6% ▲ 20.2%
Credit Card Profit Sharing $522M 0.5% ▼ 9.4%
Other Product $205M 0.2% ▼ 5.5%

From Target Corporation's 10-K filed March 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$51.3B
Institutions reporting
1,863
Shares held vs prior quarter
▲ 2.8%
Positions opened / closed
180 / 140

Top buyers and sellers, Q2 2026: 896 institutions bought and 806 sold ; the biggest buyer was FMR LLC (+4.7M shares) and the biggest seller D. E. Shaw & Co., Inc (−4.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.1B 38.7M 9.9% ▲ 2.1%
State Street Corp $4.7B 36.0M 9.2% ▼ 3.8%
Vanguard Capital Management LLC $3.9B 29.6M 7.6% ▲ 0.8%
FMR LLC $3.2B 24.6M 6.3% ▲ 23.8%
Vanguard Portfolio Management LLC $2.9B 22.1M 5.6% ▲ 0.9%
Charles Schwab Investment Management Inc $2B 15.4M 3.9% ▲ 10.3%
Geode Capital Management, LLC $1.4B 10.8M 2.7% ▲ 2.3%
Morgan Stanley $896M 6.9M 1.7% ▼ 2.6%
Bank Of New York Mellon Corp $831M 6.4M 1.6% ▲ 112.2%
Goldman Sachs Group Inc $817M 6.3M 1.6% ▲ 20.4%
Norges Bank $800M 6.1M 1.6% —
Dimensional Fund Advisors LP $765M 5.9M 1.5% ▲ 8.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Target Corporation's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $26M 9 trades by 5 insiders · 0% under pre-set plans
Net ▼ $26M net selling
Insider Date Trade Shares Price Value
Cornell Brian C Executive Officer August 25, 2026 Sell 50,000 $163.56 $8.2M
Kremer Melissa K Executive Officer August 24, 2026 Sell 15,500 $169.96 $2.6M
Liegel Matthew A Chief Accounting Officer August 21, 2026 Sell 926 $163.51 $151,410
Roath Lisa R Executive Officer June 29, 2026 Sell 7,000 $138.07 $966,490
Sylvester Cara A Executive Officer May 29, 2026 Sell 10,000 $125.89 $1.3M
Cornell Brian C Executive Officer May 27, 2026 Sell 1,000 $130.55 $130,546
Cornell Brian C Executive Officer May 27, 2026 Sell 49,000 $129.84 $6.4M
Liegel Matthew A Chief Accounting Officer March 17, 2026 Sell 2,053 $117.19 $240,593
Cornell Brian C Executive Officer March 10, 2026 Sell 50,000 $121.76 $6.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 76 trades and filings

No trades in Target Corporation disclosed in the last 12 months; 76 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Dan Newhouse(R-WA 4):Purchase, $1,001 - $15,000, traded August 18, 2025, filed September 17, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed April 28, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 15, 2026 estimated from the company's past filing pattern, not announced

  • August 19, 2026
  • May 20, 2026
  • March 3, 2026
  • February 11, 2026
  • November 19, 2025
  • August 20, 2025

Recent SEC filings

Data status

When each part of this page on Target Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Target Corporation in brief

What does Target Corporation do?
Target Corporation is a US-listed company in the consumer staples merchandise retail industry. Its financial year ends in January.
What is Target Corporation's stock ticker?
Target Corporation trades under the ticker TGT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Target Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Target Corporation reported revenue of $108B, 2.0% higher than a year earlier, according to its SEC filings.
What is Target Corporation's free cash flow?
Target Corporation's free-cash-flow margin is 4.1% of revenue over the trailing twelve months, ranking 4 of the 9 consumer staples merchandise retail companies we cover.
What is Target Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Target Corporation's free cash flow after stock-based pay gives ~$140 per share in the base case, and ~$99–$190 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Target Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Target Corporation buying back stock, and does it pay a dividend?
Target Corporation spent $153M on share repurchases over the trailing twelve months, and its diluted share count fell 0.5% over the year.
What is Target Corporation's market cap?
On November 2, 2026, Target Corporation's market capitalisation was about $72.2B, with a price-to-earnings ratio of 16.4 and net debt of $9.9B. Market figures come from third-party market data and may be delayed.
Does Target Corporation pay a dividend?
Yes: Target Corporation paid $2.1B in dividends over the trailing twelve months, a dividend yield of 2.87% and a payout ratio of 47.1%.
How much debt does Target Corporation have?
Target Corporation's debt-to-equity ratio is 79.7%, from its latest balance sheet (90.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Target Corporation's competitors?
In our Consumer Staples Merchandise Retail peer group, the companies closest to Target Corporation are Dollar General, Costco, Bj's Wholesale Club Holdings, Inc., Dollar Tree and Walmart. The side-by-side comparison below sets their revenue, margins and growth against Target Corporation's.
Are insiders buying or selling Target Corporation stock?
Over the last 12 months, Target Corporation's directors and officers reported 0 open-market purchases and 9 sales on Form 4. The insider trading page charts every trade.
When is Target Corporation's next earnings date?
Around November 18, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Target Corporation announces its own schedule.