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Target (TGT) investor relations material
Target Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary20 Aug, 2025
Executive summary
Net sales for Q2 2025 were $25.2 billion, down 0.9% year-over-year, but nearly 2 percentage points better than Q1 trends, with comparable sales down 1.9% and digital comparable sales up 4.3%.
Traffic and sales trends improved sequentially, especially in stores, with all six core merchandising categories showing improvement.
Michael Fiddelke was appointed as the next CEO, following a rigorous search process, signaling a leadership transition.
The enterprise acceleration office is driving organizational changes to improve speed, agility, and decision-making, including technology investments and over 10,000 new AI licenses.
Consumers responded positively to new seasonal assortments and key events like back-to-school and summer holidays.
Financial highlights
Q2 GAAP and Adjusted EPS were $2.05, down from $2.57 last year, a 20.2% decrease, mainly due to inventory adjustment, tariff-related costs, and higher markdowns.
Operating income for Q2 was $1.3 billion, down 19.4% year-over-year.
Gross margin rate was 29.0%, down from 30.0% last year, primarily due to inventory adjustments, tariffs, and higher markdowns.
After-tax ROIC for the trailing twelve months was 14.3%, down from 16.6% a year ago.
EBITDA for Q2 was $2.1 billion, down 12.2% year-over-year.
Outlook and guidance
Full-year guidance maintained: low single-digit comparable sales decline, GAAP EPS of $8–$10, and adjusted EPS of $7–$9.
Most one-time tariff and inventory adjustment costs are behind, supporting more favorable comparisons in the second half.
Management is closely monitoring tariffs and regulatory changes, adjusting sourcing, pricing, and vendor negotiations to mitigate impacts.
The company expects continued pressure from macroeconomic and competitive factors, with potential material impacts on future sales and results.
Cautious approach remains due to ongoing consumer, macroeconomic, and tariff uncertainty.
Why did Target's gross margin rate decline?
How will Fiddelke drive sustainable growth?
What drove the growth in digital sales?
How will the Enterprise Acceleration Office help?
What's driving growth in the FUN 101 category?
When will Target's shrink rate reach pre-pandemic levels?
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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.
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