Overview
TARGET CORP
Latest 10-K: FY2026, filed Mar 11, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $104.78B
- 1.7%YoYdown from FY2025
- TotalRevenue
- Gross profit
- $29.27B
- 2.6%YoYdown from FY2025
- GrossProfit
- Operating income
- $5.12B
- 8.1%YoYdown from FY2025
- OperatingIncome
- Net income
- $3.71B
- 9.4%YoYdown from FY2025
- NetIncome
- Diluted EPS
- $8.13
- 8.2%YoYdown from FY2025
- EPSDiluted
- Diluted shares
- 455.6M
- 1.3%YoYdown from FY2025
- WeightedAvgSharesDiluted
At a glance
Growth
- TARGET CORP reported revenue of $104.78B for fiscal 2026, down 1.7% from fiscal 2025.
- Revenue grew faster than the median S&P 500 member in 1 of the last 4 fiscal years.
Profitability
- Operating margin was 4.9% and net margin was 3.5%.
Per share
- Diluted EPS was $8.13, down 8.2% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $104.78B1.7%down | $106.57B0.8%down Benchmark median 6.4% | $107.41B1.6%down Benchmark median 4.5% | $109.12B2.9%up Benchmark median 4.8% | $106.00B13.3%up Benchmark median 10.3% | -0.3% |
| Gross Profit Median of 315 / 498 | $29.27B2.6%down | $30.06B1.6%up Benchmark median 6.8% | $29.58B10.3%up Benchmark median 5.5% | $26.81B13.6%down Benchmark median 5.2% | $31.04B13.4%up Benchmark median 8.3% | -1.5% |
| Operating Income Median of 373 / 498 | $5.12B8.1%down | $5.57B2.5%down Benchmark median 7.3% | $5.71B48.3%up Benchmark median 7.4% | $3.85B57.0%down Benchmark median 4.9% | $8.95B36.8%up Benchmark median 7.5% | -13.0% |
| Net Income | $3.71B9.4%down | $4.09B1.1%down Benchmark median 4.8% | $4.14B48.8%up Benchmark median 5.7% | $2.78B60.0%down Benchmark median 1.9% | $6.95B59.0%up Benchmark median 1.3% | -14.5% |
| EPS (Diluted) | $8.138.2%down | $8.860.9%down Benchmark median 6.2% | $8.9449.5%up Benchmark median 7.9% | $5.9857.6%down Benchmark median 1.9% | $14.1063.2%up Benchmark median 1.5% | -12.9% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $59.49B3.0%up | $57.77B4.4%up Benchmark median 5.6% | $55.36B3.8%up Benchmark median 3.4% | $53.34B0.9%down Benchmark median 4.1% | $53.81B5.0%up Benchmark median 2.2% | 2.5% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — |
| Stockholders' Equity | $16.16B10.2%up | $14.67B9.2%up Benchmark median 6.8% | $13.43B19.6%up Benchmark median 5.4% | $11.23B12.4%down Benchmark median 7.3% | $12.83B11.2%down Benchmark median 2.5% | 6.0% |
| Cash & Equivalents | — | — | — | — | — | — |
| Total Debt | $16.46B3.2%up | $15.94B0.6%down Benchmark median 2.1% | $16.04B0.6%down Benchmark median 0.2% | $16.14B17.6%up Benchmark median 0.3% | $13.72B8.2%up Benchmark median 0.1% | 4.7% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.56B10.9%down | $7.37B14.5%down Benchmark median 6.3% | $8.62B114.6%up Benchmark median 4.8% | $4.02B53.4%down Benchmark median 9.9% | $8.63B18.1%down Benchmark median -0.7% | -6.6% |
| Capital Expenditures | $3.73B28.9%up | $2.89B39.8%down Benchmark median 5.4% | $4.81B13.1%down Benchmark median 2.8% | $5.53B56.0%up Benchmark median 11.3% | $3.54B33.8%up Benchmark median 14.0% | 1.3% |
| Free Cash Flow Median of 378 / 498 | $2.83B36.7%down | $4.48B17.3%up Benchmark median 7.3% | $3.81Bn/m Benchmark median 6.1% | negative: -$1.51B129.7%down Benchmark median 8.8% | $5.08B35.5%down Benchmark median -11.3% | -13.6% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2026Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
7.7%
Wall Street
on net earnings
FY2025 6.4%
5.9%
Value investor
on free cash flow
FY2025 7.0%
Gap −1.8 pts: Value-investor figure 1.8 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 13.0×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
14.3%
Wall Street
on EBITDA
FY2025 11.6%
8.8%
Value investor
on EBIT
FY2025 7.6%
Gap −5.5 pts: Value-investor figure 5.5 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 7.0×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
33.6%
Wall Street
on book equity
FY2025 23.0%
32.3%
Value investor
on tangible book
FY2025 22.0%
Gap −1.3 pts: Value-investor figure 1.3 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 3.0×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
24.0%
Wall Street
ROE: net income ÷ equity
FY2025 29.1%
11.2%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2025 12.5%
Gap −12.8 pts: Value-investor figure 12.8 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
7.9%
Wall Street
EBITDA margin
FY2025 8.0%
2.7%
Value investor
Free-cash-flow margin
FY2025 4.2%
Gap −5.2 pts: Value-investor figure 5.2 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.94×
Wall Street
Current ratio
FY2025 0.94×
0.36×
Value investor
Quick ratio, inventory excluded
FY2025 0.32×
Gap −0.58×: Value-investor figure 0.58 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.50×
Wall Street
EBITDA ÷ total debt
FY2025 0.54×
0.17×
Value investor
FCF ÷ total debt
FY2025 0.28×
Gap −0.33×: Value-investor figure 0.33 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 1.19×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
18.5×
Wall Street
EBITDA ÷ interest
FY2025 20.8×
11.5×
Value investor
EBIT ÷ interest
FY2025 13.5×
Gap −7.0×: Value-investor figure 7.0 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on TGT yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on TGT and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/TGT
Valuein. (2026, October 31). TARGET CORP (TGT) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/TGT
@misc{valuein_tgt_2026,
author = {{Valuein}},
title = {TARGET CORP (TGT) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/TGT}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Mar 11, 2026 · accession 0000027419-26-000016
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point-in-time · survivorship-free · every number traceable to its SEC filing
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