tgt-20251101



UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 1, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number 1-6049

TARGET CORPORATION

(Exact name of registrant as specified in its charter)

Minnesota

(State or other jurisdiction of incorporation or organization)

1000 Nicollet Mall, Minneapolis, Minnesota

(Address of principal executive offices)

41-0215170

(I.R.S. Employer Identification No.)

55403

(Zip Code)

612-304-6073

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.0833 per share

TGT

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Total shares of common stock, par value $0.0833, outstanding at November 19, 2025, were 452,806,418.


						Table of Contents
						Index to Notes

TARGET CORPORATION

TABLE OF CONTENTS


PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Consolidated Statements of Operations	1
	Consolidated Statements of Comprehensive Income	2
	Consolidated Statements of Financial Position	3
	Consolidated Statements of Cash Flows	4
	Consolidated Statements of Shareholders’ Investment	5
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26

PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28

Signatures		29


			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements


Consolidated Statements of Operations
	Three Months Ended				Nine Months Ended
(millions, except per share data) (unaudited)	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Net sales	$	25,270	$	25,668	$	74,327	$	75,651
Cost of sales	18,137		18,402		53,168		53,700
Selling, general, and administrative expenses	5,536		5,459		15,486		15,969
Depreciation and amortization (exclusive of depreciation included in cost of sales)	649		639		1,936		1,883
Operating income	948		1,168		3,737		4,099
Net interest expense	115		105		346		321
Net other income	(26)		(28)		(68)		(77)
Earnings before income taxes	859		1,091		3,459		3,855
Provision for income taxes	170		237		799		867
Net earnings	$	689	$	854	$	2,660	$	2,988
Basic earnings per share	$	1.52	$	1.86	$	5.85	$	6.47
Diluted earnings per share	$	1.51	$	1.85	$	5.84	$	6.45
Weighted average common shares outstanding
Basic	453.7		460.1		454.4		461.6
Diluted	455.1		461.5		455.7		462.9
Antidilutive shares	2.3		0.5		2.3		0.5

See accompanying Notes to Consolidated Financial Statements.


TARGET CORPORATION						Q3 2025 Form 10-Q			1


			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes


Consolidated Statements of Comprehensive Income
	Three Months Ended				Nine Months Ended
(millions) (unaudited)	November 1, 2025		November 2, 2024		November 1, 2025		November 2, 2024
Net earnings	$	689	$	854	$	2,660	$	2,988
Other comprehensive (loss) / income, net of tax

Cash flow hedges and currency translation adjustment	(3)		(4)		(13)		(14)
Other comprehensive loss	(3)		(4)		(13)		(14)
Comprehensive income	$	686	$	850	$	2,647	$	2,974

See accompanying Notes to Consolidated Financial Statements.


TARGET CORPORATION						Q3 2025 Form 10-Q			2


			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes


Consolidated Statements of Financial Position
(millions, except footnotes) (unaudited)	November 1, 2025		February 1, 2025		November 2, 2024
Assets
Cash and cash equivalents	$	3,822	$	4,762	$	3,433
Inventory	14,896		12,740		15,165
Other current assets	1,984		1,952		1,956
Total current assets	20,702		19,454		20,554







Property and equipment, net	33,710		33,022		32,931
Operating lease assets	3,739		3,763		3,513
Other noncurrent assets	1,840		1,530		1,533
Total assets	$	59,991	$	57,769	$	58,531
Liabilities and shareholders’ investment
Accounts payable	$	13,792	$	13,053	$	14,419
Accrued and other current liabilities	6,317		6,110		5,738
Current portion of long-term debt and other borrowings	1,133		1,636		1,635
Total current liabilities	21,242		20,799		21,792
Long-term debt and other borrowings	15,366		14,304		14,346
Noncurrent operating lease liabilities	3,542		3,582		3,418
Deferred income taxes	2,279		2,303		2,419
Other noncurrent liabilities	2,061		2,115		2,067
Total noncurrent liabilities	23,248		22,304		22,250
Shareholders’ investment
Common stock	38		38		38
Additional paid-in capital	7,157		6,996		6,916
Retained earnings	8,777		8,090		8,009
Accumulated other comprehensive loss	(471)		(458)		(474)
Total shareholders’ investment	15,501		14,666		14,489
Total liabilities and shareholders’ investment	$	59,991	$	57,769	$	58,531

Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 452,796,520, 455,566,995, and 459,244,995 shares issued and outstanding as of November 1, 2025, February 1, 2025, and November 2, 2024, respectively.

Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented.

See accompanying Notes to Consolidated Financial Statements.


TARGET CORPORATION						Q3 2025 Form 10-Q			3


			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes


Consolidated Statements of Cash Flows
	Nine Months Ended
(millions) (unaudited)	November 1, 2025		November 2, 2024
Operating activities
Net earnings	$	2,660	$	2,988
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	2,331		2,215
Share-based compensation expense	197		229
Deferred income taxes	(21)		(58)

Noncash (gains) / losses and other, net	8		(1)
Changes in operating accounts:
Inventory	(2,156)		(3,279)
Other assets	(294)		(265)
Accounts payable	658		2,362
Accrued and other liabilities	102		(113)
Cash provided by operating activities	3,485		4,078
Investing activities
Expenditures for property and equipment	(2,842)		(1,968)


Other	52		26
Cash required for investing activities	(2,790)		(1,942)
Financing activities

Additions to long-term debt	1,984		741
Reductions of long-term debt	(1,609)		(1,112)
Dividends paid	(1,537)		(1,533)
Repurchase of stock	(408)		(506)

Shares withheld for taxes on share-based compensation	(65)		(98)

Cash required for financing activities	(1,635)		(2,508)
Net decrease in cash and cash equivalents	(940)		(372)
Cash and cash equivalents at beginning of period	4,762		3,805
Cash and cash equivalents at end of period	$

SEC Form 10-Q filed by Target Corporation