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Business philosophy21 May 2026
Target's New CEO: Michael Fiddelke
After more than 20 years at Target, Michael Fiddelke now carries the responsibility of reviving the retailer's growth.
Target
Target (TGT) investor relations material
Target Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary19 Aug, 2026
Executive summary
Net sales for Q2 reached $26.5 billion, up 5.3% year-over-year, with comparable sales up 3.8% and traffic up 3.6%.
Digital comparable sales grew 8.7%, led by over 25% growth in same-day delivery.
All six core merchandising categories posted year-over-year net sales growth, with double-digit gains in Fun 101 and high single-digit growth in Food & Beverage and Beauty.
Operating income doubled to $2.6 billion, including a $994 million benefit from tariff refunds; excluding this, operating income grew about 19%.
GAAP and adjusted EPS were $4.11, up 100% year-over-year, with $1.65 per share attributable to after-tax tariff refunds.
Financial highlights
Gross margin rate was 33.7%, up from 29.0% last year, with 3.7 percentage points from $994 million in tariff refunds.
Operating margin rate was 9.6% (up from 5.2% last year), including 3.7 points from tariff refunds.
SG&A expense rate increased slightly to 21.6% from 21.3%, reflecting higher compensation and capital project spending.
Net earnings for Q2 were $1.88 billion, up from $935 million last year.
After-tax ROIC for the trailing twelve months was 15.4%, up from 14.3% a year ago.
Outlook and guidance
Full-year net sales growth is expected to be around 5%, one point higher than prior guidance.
Full-year operating margin rate (excluding tariff refunds) expected to be about 0.5 percentage point higher than last year’s 4.6%.
Updated full-year EPS guidance is $9.90–$10.90, including $1.65 from tariff refunds.
Management continues to pursue additional tariff refunds but cannot estimate timing or amount due to regulatory uncertainties.
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Latest events from Target
- Sales up 6.7% with strong digital growth; Adjusted EPS up 32%; 2026 guidance raised.TGT
Q1 2027 - Proxy covers CEO transition, board refreshment, and key votes on governance and compensation.TGTProxy filing
- 2026 targets $2B+ investment, 2% sales growth, and $7.50–$8.50 EPS amid store upgrades.TGTQ4 2026
- Board recommends all management proposals and opposes the shareholder proposal on affirmative action.TGTProxy Filing
- Net sales fell 1.5% and operating income dropped 18.9%, but digital sales rose 2.4%.TGTQ3 2026
- Q2 2025 net sales fell 0.9%, but digital sales rose 4.3% and EPS dropped to $2.05.TGTQ2 2026
- Q3 2024 saw revenue and digital growth, but EPS fell 11.9% amid ongoing cost pressures.TGTQ3 2025
- Q2 EPS rose 42% on 2.7% revenue growth, strong traffic, and a raised full-year outlook.TGTQ2 2025
- Q4 comp sales up 1.5%, digital sales rose 8.7%, and EPS reached $2.41 amid ongoing volatility.TGTQ4 2025
Next Target earnings date
Q3 202718 Nov, 2026
Target
Next Target earnings date
Q3 202718 Nov, 2026
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Frequently asked questions
A convenient one-stop shop
Target was founded in 1962 by the Dayton Company as a discount retail store, and has since then become a powerhouse in the retail industry. With a vision to offer trendy and affordable products, they pioneered the concept of upscale discount retailing. Target quickly gained popularity by providing stylish merchandise at competitive prices, attracting a broad customer base. Over the years, the company has expanded its offerings, developed a strong brand identity, and established a reputation for quality and value. Target's strategic marketing, focus on customer experience, and consistent delivery of exceptional products have propelled it to become the second largest department store in the US, with their main competitor Walmart holding the number one spot.
A wide array of offerings
Target is a popular retail destination offering a wide range of products in their stores. Customers can find an extensive selection of merchandise, including clothing, accessories, and footwear for men, women, and children. In addition to apparel, Target stores also feature a diverse array of household items such as furniture, home decor, kitchenware, and appliances. Another notable aspect of Target's offerings is their grocery section, where customers can find a variety of food and beverage items, including fresh produce, pantry staples, snacks, and beverages. This combination of clothing, groceries, and household items makes Target a convenient one-stop-shop for customers looking for a diverse range of products all under one roof.
A powerhouse in the retail industry
Target's popularity can be attributed to several key factors. One of the primary reasons for its success is its commitment to providing a unique and enjoyable shopping experience. Target stores are known for their inviting and well-designed layouts, creating a welcoming environment for customers. The company's focus on affordable yet stylish merchandise appeals to a wide range of shoppers, striking a balance between quality and price. Target's extensive product selection, spanning various categories, ensures that customers can find everything they need in one convenient location. The department store industry, especially in North America, is one of fierce competition. Some of the most notable competitors to Target aside from Walmart are Costco, and Kohl's.
Moving into the online space
Target's foray into the online space has been pivotal in catering to the evolving needs of modern consumers. Their online retail offerings encompass a wide range of products, mirroring their in-store selection. With a user-friendly website and mobile app, Target provides a seamless online shopping experience, featuring detailed product descriptions, customer reviews, and personalized recommendations.