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Target (TGT) investor relations material
Target Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary19 Nov, 2025
Executive summary
Q3 2025 net sales were $25.3 billion, down 1.5% year-over-year, with comparable sales declining 2.7% due to softness in discretionary categories, partially offset by growth in Food & Beverage and Hardlines.
Digital comparable sales rose 2.4%, driven by over 35% growth in same-day delivery and nearly 50% growth in Target Plus GMV.
GAAP EPS was $1.51, down from $1.85 last year; Adjusted EPS was $1.78, about 4% lower year-over-year, excluding $161 million in business transformation costs.
Operating income was $948 million, down 18.9% year-over-year, with net earnings at $689 million.
Leadership is focused on transformation, including headquarters restructuring, technology investments, and a leadership transition.
Financial highlights
Gross margin rate was 28.2%, about 10 basis points lower than last year, reflecting higher markdowns and supply chain costs.
SG&A expense rate rose to 21.9%, driven by one-time transformation costs; excluding these, the rate was 21.3%.
EBITDA for Q3 2025 was $1.75 billion, down 10.5% year-over-year.
After-tax ROIC for the trailing twelve months was 13.4%, down from 15.9% a year ago.
Net interest expense increased to $115 million, and the effective tax rate was 19.8%.
Outlook and guidance
Q4 2025 sales expected to decline low-single digits, consistent with year-to-date trends.
Full-year 2025 Adjusted EPS guided at $7.00–$8.00; GAAP EPS expected at $7.70–$8.70, including litigation gains.
2026 CapEx planned to increase by $1 billion to $5 billion, supporting store remodels, technology, and new stores.
Management is monitoring tariffs, consumer trends, and regulatory changes, which could materially impact results.
Additional business transformation costs are expected in future periods, but amounts are not yet estimable.
Target Circle 360's role in digital growth
Supply chain efficiency and shrink reduction impact
Drivers of ROIC decline, excluding one-offs?
Gen AI's impact on merchandising decisions?
Store role reconfiguration strategy details?
Future plans for Home and Baby categories?
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Q4 20263 Mar, 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.
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