# Target Corporation (TGT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TGT/thesis · /stocks/TGT/memo

## Financial Snapshot

---
ticker: TGT
step: 04
generated: 2026-05-12
source: quick-research
---

### Target Corporation (TGT) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|--------|--------|--------|--------|--------|----------|
| Revenue | $109.1B | $107.4B | $106.6B | $106.6B | -0.8% |
| Comp Sales | +2.2% | -3.7% | +0.1% | -1.0% | |
| Operating Margin | 3.5% | 5.3% | 5.2% | 4.8% | |
| Operating Income | $3.85B | $5.71B | $5.57B | $5.13B | -8% |
| GAAP EPS | $5.98 | $8.94 | $8.86 | $8.13 | -8% |
| Adjusted EPS | $6.02 | $8.94 | $8.86 | $7.57 | -15% |

FY2025 (Fiscal Year ending Feb 2026) showed comparable sales decline -1.0% reflecting -2.5% in Q4. Discretionary categories pressuring overall comp. Operating margin -40 bps YoY.

#### Cash Flow & Balance Sheet (FY2024 = fiscal year ending Feb 2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$7.4B |
| Capex | ~$3.0B |
| Free Cash Flow | ~$4.4B |
| Cash & Equivalents | ~$4.4B |
| Total Debt | ~$15.7B |
| Dividend | $4.48/share (~3.9% yield) |

#### Key Ratios (approximate)
- P/E: ~13x | EV/EBITDA: ~8x | FCF Yield: ~9%
- Revenue Growth (TTM): -0.8% | Op Margin: ~4.8%
- Dividend Yield: ~3.9% | Buybacks: ~$1B annual

#### Growth Profile
Revenue declining for 2 years on weak discretionary + customer trade-down. Long-term plan: $15B+ sales growth by 2030 via Target Circle 360 + Target Plus marketplace + Roundel media + grocery + store remodels + ~20 new stores/yr. Trading at distressed valuation (~13x P/E, 9% FCF yield) reflecting market skepticism.

#### Forward Estimates
- **FY 2025 (ending Feb 2026)**: Comp sales -1% to flat; adj EPS $7.50-8.00
- **FY 2026 (ending Feb 2027)**: Initial guide flat to +1% comp; adj EPS ~$8.00-8.50
- Fiddelke's $5B investment in remodels/AI/supply chain to drive multi-year recovery
- 53rd consecutive year of dividend increases (Dividend King)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TGT/fundamental

## Navigation

- Overview: /stocks/TGT
- Financials (this page): /stocks/TGT/financials
- Thesis: /stocks/TGT/thesis
- Investment Memo: /stocks/TGT/memo
- Coverage universe: /stocks