Company file · TGT
Target
Advertising Revenue was Target's fastest-growing product or service in FY2025, up 41.0%
Revenue fell 1.7% to $104.8B in FY2025, from $106.6B in FY2024. Net income fell 9.4% to $3.7B. Products was the largest product or service, at 98% of revenue.
Key facts
Target (NYSE: TGT) closed fiscal 2025 on Jan 31, 2026 with revenue of $104.8B, down 1.7% from a year before; net income came to $3.7B, down 9.4%. Its newest quarterly report covers the three months to Aug 1, 2026: revenue of $26.5B, up 5.3% on the same stretch of the prior year, and net income of $1.9B. Broken down by product or service, Products led with 98% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Mar 11, 2026) and 10-Q for the quarter ended Aug 1, 2026 (filed Aug 28, 2026).
Source: 10-K FY2025, filed Mar 11, 2026
How it makes money
By product or service, FY2025
- LineAmountSharevs FY2024
- Products$102.7B98%−2.0%
- Advertising Revenue$915M1%+41.0%
- Other, Other Revenue$626M1%+20.2%
- Credit Card Profit Sharing$522M0%−9.4%
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Products (98%), Advertising Revenue (1%), Other, Other Revenue (1%) and Credit Card Profit Sharing (0%), as shares of total revenue. Total revenue was $104.8B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q2 FY2026 (May to Jul 2026) compared with Q2 FY2025 (May to Jul 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 FY2026Q2 FY2025
Company
Source: Target 10-Q for the quarter ended Aug 1, 2026, filed Aug 28, 2026
By product or service
Source: Target 10-Q for the quarter ended Aug 1, 2026, filed Aug 28, 2026
The bull case and the bear case
The bull case
- Diluted shares fell 1.3% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Aug 1, 2026 was $26.5B, up 5.3% on a year earlier. 10-Q, quarter ended Aug 1, 2026
- Net income in the quarter ended Aug 1, 2026 was $1.9B, up 100.7% on a year earlier. 10-Q, quarter ended Aug 1, 2026
- Advertising Revenue revenue grew 41.0% in FY2025 to $915M. 10-K, FY2025
The bear case
- Revenue fell 1.7% in FY2025 to $104.8B, from $106.6B a year earlier. 10-K, FY2025
- Net income fell 9.4% in FY2025 to $3.7B, from $4.1B. 10-K, FY2025
- Operating cash flow fell 10.9% in FY2025 to $6.6B. 10-K, FY2025
- Total debt rose 3.2% in FY2025 to $16.5B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Target is in the consumer staples merchandise retail industry, part of the consumer staples sector. The SEC files it under Retail-Variety Stores.
The full description of Target's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service.
Its latest fiscal year, FY2025, ended Jan 31, 2026.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the consumer staples merchandise retail industry. They are not a summary of Target’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- CostsCommodity, packaging and freight costs can rise faster than prices.
- Consumer habitsShoppers can trade down to store brands or change what they buy.
- Retail customersA few large retailers account for much of its sales.
- Regulation and safetyFood and product safety rules and recalls can bring cost and reputational harm.
- CompetitionRivals and private-label products compete for shelf space and prices.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $107.4B | $106.6B | $104.8B |
| Net income | $4.1B | $4.1B | $3.7B |
| Operating cash flow | $8.6B | $7.4B | $6.6B |
| Cash & equivalents (year end) | $3.8B | $4.8B | $5.5B |
| Total debt (year end) | $16.0B | $15.9B | $16.5B |
| Diluted shares | 463M | 462M | 456M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
- Total debt: Current portion plus noncurrent long-term debt and other borrowings, including finance leases, as on the balance sheet, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Leases on the balance sheet
- Working capital and the current ratio
- Effective tax rate
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Target names its fiscal year by the calendar year in which it starts, so FY2025 is the year that ended Jan 31, 2026.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Aug 28, 2026 | Aug 1, 2026 |
| 10-Q | May 29, 2026 | May 2, 2026 |
| DEF 14A | Apr 27, 2026 | Jun 10, 2026 |
| 10-K | Mar 11, 2026 | Jan 31, 2026 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Target
How does Target make money?
Fiscal 2025 revenue: $104.8B. By product or service in FY2025: Products (98%), Advertising Revenue (1%), Other, Other Revenue (1%) and Credit Card Profit Sharing (0%), as shares of total revenue. Total revenue was $104.8B. Source: 10-K for fiscal 2025, filed Mar 11, 2026.
What was Target's revenue in fiscal 2025?
$104.8B, down 1.7% from fiscal 2024 ($106.6B). The year ended Jan 31, 2026; for fiscal 2023 the figure was $107.4B. Source: 10-K for fiscal 2025, filed Mar 11, 2026.
Is Target profitable?
Net income was $3.7B in fiscal 2025 (down 9.4%; fiscal 2024 was $4.1B). That counts as a GAAP profit. The latest quarter, ended Aug 1, 2026: net income was $1.9B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Mar 11, 2026.
What did Target report in its latest quarterly filing?
For the three months to Aug 1, 2026: revenue $26.5B (up 5.3% from $25.2B) and net income $1.9B (up 100.7% from $935M). Source: 10-Q for the quarter ended Aug 1, 2026, filed Aug 28, 2026.
How much cash and debt does Target have?
As of Aug 1, 2026: $5.4B of cash and cash equivalents, $15.4B of total debt. Total debt here is current portion plus noncurrent long-term debt and other borrowings, including finance leases, as on the balance sheet, at carrying value. Source: 10-Q filed Aug 28, 2026.
What are the main risks Target faces?
Target's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Mar 11, 2026. Risks that are common among companies in the consumer staples merchandise retail industry include Costs; consumer habits; retail customers; regulation and safety; competition. The first: Commodity, packaging and freight costs can rise faster than prices. Source: 10-K, Item 1A Risk Factors.
Where do these Target numbers come from?
The 10-K filed Mar 11, 2026 (fiscal 2025) and the 10-Q filed Aug 28, 2026 (quarter ended Aug 1, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Target
- Citadel Advisors: 1,262,470 shares, reported value $164.9M at Jun 30, 2026 (−54.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Renaissance Technologies: 725,600 shares, reported value $94.8M at Jun 30, 2026 (+76.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Millennium Management: 367,228 shares, reported value $48.0M at Jun 30, 2026 (−78.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 25,874 shares, reported value $3.4M at Jun 30, 2026 (−0.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 13,646 shares, reported value $1.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in TGT
- The editor holds no position in Target (TGT). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell TGT from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold TGT, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| TargetTGT | FY2025 | $104.8B | −1.7% | $3.7B |
| WalmartWMT | FY2026 | $713.2B | +4.7% | $21.9B |
| CostcoCOST | FY2026 | $303.2B | +10.1% | $9.2B |
| Dollar GeneralDG | FY2025 | $42.7B | +5.2% | $1.5B |
| Dollar TreeDLTR | FY2025 | $19.4B | +10.4% | $1.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.