What is Target's earnings per share (EPS)?

Target (TGT) reported diluted earnings per share of $8.13 for fiscal year 2026. This represents a -8.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Target Financials

TGT

Source SEC Filings (10-K/10-Q) Updated Jan 31, 2026 Currency USD FYE January

This page shows Target (TGT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Earnings Quality Cash-Backed

1.77x

For every $1 of reported earnings, Target generates $1.77 in operating cash flow ($6.6B OCF vs $3.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

11.5x

Target earns $11.5 in operating income for every $1 of interest expense ($5.1B vs $445.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$104.8B

YoY-1.7%

5Y CAGR+2.3%

10Y CAGR+3.6%

Target generated $104.8B in revenue in fiscal year 2026. This represents a decrease of 1.7% from the prior year.

EBITDA

$8.3B

YoY-3.5%

5Y CAGR-1.8%

Target's EBITDA was $8.3B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.5% from the prior year.

Net Income

$3.7B

YoY-9.4%

5Y CAGR-3.2%

10Y CAGR+1.0%

Target reported $3.7B in net income in fiscal year 2026. This represents a decrease of 9.4% from the prior year.

EPS (Diluted)

$8.13

YoY-8.2%

5Y CAGR-1.2%

10Y CAGR+4.4%

Target earned $8.13 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 8.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$2.8B

YoY-36.7%

5Y CAGR-18.5%

10Y CAGR-4.6%

Target generated $2.8B in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 36.7% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$4.54

YoY+1.8%

5Y CAGR+11.0%

10Y CAGR+7.5%

Target paid $4.54 per share in dividends in fiscal year 2026. This represents an increase of 1.8% from the prior year.

Shares Outstanding

453M

YoY-0.6%

5Y CAGR-1.9%

10Y CAGR-2.8%

Target had 453M shares outstanding in fiscal year 2026. This represents a decrease of 0.6% from the prior year.

Margins & Returns

Gross Margin

27.9%

YoY-0.3pp

5Y CAGR-1.3pp

10Y CAGR-1.3pp

Target's gross margin was 27.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.

Operating Margin

4.9%

YoY-0.3pp

5Y CAGR-2.1pp

Target's operating margin was 4.9% in fiscal year 2026, reflecting core business profitability. This is down 0.3 percentage points from the prior year.

Net Margin

3.5%

YoY-0.3pp

5Y CAGR-1.1pp

10Y CAGR-1.0pp

Target's net profit margin was 3.5% in fiscal year 2026, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$408.0M

YoY-59.5%

5Y CAGR-11.3%

10Y CAGR-19.3%

Target spent $408.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 59.5% from the prior year.

Capital Expenditures

$3.7B

YoY+28.9%

5Y CAGR+7.1%

10Y CAGR+10.0%

Target invested $3.7B in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 28.9% from the prior year.

TGT Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$104.8B-1.7%	$106.6B-0.8%	$107.4B-1.6%	$109.1B+2.9%	$106.0B+13.3%	$93.6B
Cost of Revenue	$75.5B-1.3%	$76.5B-1.7%	$77.8B-5.4%	$82.3B+9.8%	$75.0B+13.3%	$66.2B
Gross Profit	$29.3B-2.6%	$30.1B+1.6%	$29.6B+10.3%	$26.8B-13.6%	$31.0B+13.4%	$27.4B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$21.5B-2.0%	$22.0B+2.4%	$21.5B+4.3%	$20.6B+4.2%	$19.8B+6.1%	$18.6B
Operating Income	$5.1B-8.1%	$5.6B-2.5%	$5.7B+48.3%	$3.8B-57.0%	$8.9B+36.8%	$6.5B
Interest Expense	$445.0M+8.3%	$411.0M-18.1%	$502.0M+5.0%	$478.0M+13.5%	$421.0M-56.9%	$977.0M
Income Tax	$1.1B-9.2%	$1.2B+0.9%	$1.2B+81.7%	$638.0M-67.5%	$2.0B+66.5%	$1.2B
Net Income	$3.7B-9.4%	$4.1B-1.1%	$4.1B+48.8%	$2.8B-60.0%	$6.9B+59.0%	$4.4B
EPS (Diluted)	$8.13-8.2%	$8.86-0.9%	$8.94+49.5%	$5.98-57.6%	$14.10+63.2%	$8.64

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$25.3B+0.2%	$25.2B+5.7%	$23.8B-24.5%	$31.6B+23.1%	$25.7B+0.8%	$25.5B+3.8%	$24.5B-25.0%	$32.7B
Cost of Revenue	$18.1B+1.3%	$17.9B+4.5%	$17.1B-26.0%	$23.1B+25.8%	$18.4B+3.2%	$17.8B+2.0%	$17.5B-28.4%	$24.4B
Gross Profit	$7.1B-2.4%	$7.3B+8.8%	$6.7B-20.5%	$8.5B+16.4%	$7.3B-4.7%	$7.6B+8.0%	$7.1B-14.9%	$8.3B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$5.5B+3.3%	$5.4B+16.7%	$4.6B-30.0%	$6.6B+20.1%	$5.5B+1.8%	$5.4B+4.3%	$5.1B-11.5%	$5.8B
Operating Income	$948.0M-28.0%	$1.3B-10.5%	$1.5B+14.0%	$1.3B+10.5%	$1.2B-28.6%	$1.6B+26.2%	$1.3B-31.7%	$1.9B
Interest Expense	$115.0M-0.9%	$116.0M0.0%	$116.0M+45.0%	$80.0M-23.8%	$105.0M-4.5%	$110.0M+3.8%	$106.0M-28.4%	$148.0M
Income Tax	$170.0M-39.9%	$283.0M-18.2%	$346.0M+47.9%	$234.0M-1.3%	$237.0M-32.9%	$353.0M+27.4%	$277.0M-27.3%	$381.0M
Net Income	$689.0M-26.3%	$935.0M-9.7%	$1.0B-6.1%	$1.1B+29.2%	$854.0M-28.4%	$1.2B+26.5%	$942.0M-31.8%	$1.4B
EPS (Diluted)	$1.51-26.3%	$2.05-9.7%	$2.27	N/A	$1.85-28.0%	$2.57+26.6%	$2.03	N/A

TGT Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	N/A	$56.2B+1.9%	$55.1B+5.7%	$52.1B+2.6%	$50.8B+0.7%	$50.5B
Current Assets	N/A	$17.8B+4.0%	$17.1B+8.3%	$15.8B-12.1%	$18.0B-9.9%	$19.9B
Cash & Equivalents	N/A	$2.9B-19.9%	$3.6B+172.8%	$1.3B+18.8%	$1.1B-85.8%	$7.8B
Inventory	N/A	$13.0B+11.2%	$11.7B-7.0%	$12.6B-16.4%	$15.1B+43.1%	$10.5B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	$41.2B-0.1%	$41.3B+1.8%	$40.5B+1.2%	$40.1B+12.8%	$35.5B
Current Liabilities	N/A	$19.0B-4.4%	$19.9B+11.1%	$17.9B-13.8%	$20.7B+11.4%	$18.6B
Long-Term Debt	N/A	$14.3B+6.3%	$13.5B-15.8%	$16.0B+19.7%	$13.4B+16.2%	$11.5B
Total Equity	N/A	$14.9B+8.0%	$13.8B+19.3%	$11.6B+7.7%	$10.8B-28.0%	$15.0B
Retained Earnings	N/A	$8.4B+11.2%	$7.5B+38.0%	$5.4B-0.9%	$5.5B-41.4%	$9.4B

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$60.0B+3.7%	$57.9B+3.0%	$56.2B-2.7%	$57.8B-1.3%	$58.5B+4.5%	$56.0B+1.6%	$55.1B-0.4%	$55.4B
Current Assets	$20.7B+8.8%	$19.0B+7.2%	$17.8B-8.7%	$19.5B-5.4%	$20.6B+14.7%	$17.9B+4.9%	$17.1B-2.4%	$17.5B
Cash & Equivalents	$3.8B-12.0%	$4.3B+50.4%	$2.9B-39.4%	$4.8B+38.7%	$3.4B-1.8%	$3.5B-3.0%	$3.6B-5.3%	$3.8B
Inventory	$14.9B+15.6%	$12.9B-1.3%	$13.0B+2.4%	$12.7B-16.0%	$15.2B+20.3%	$12.6B+7.5%	$11.7B-1.3%	$11.9B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	$631.0M	N/A	N/A	N/A	$631.0M
Total Liabilities	$44.5B+4.9%	$42.4B+2.9%	$41.2B-4.3%	$43.1B-2.1%	$44.0B+6.0%	$41.6B+0.7%	$41.3B-1.5%	$41.9B
Current Liabilities	$21.2B+10.5%	$19.2B+1.2%	$19.0B-8.7%	$20.8B-4.6%	$21.8B+9.0%	$20.0B+0.6%	$19.9B+2.9%	$19.3B
Long-Term Debt	$15.4B+0.3%	$15.3B+6.9%	$14.3B+3.1%	$13.9B-3.1%	$14.3B+5.1%	$13.7B+1.2%	$13.5B-4.7%	$14.2B
Total Equity	$15.5B+0.5%	$15.4B+3.2%	$14.9B+1.9%	$14.7B+1.2%	$14.5B+0.4%	$14.4B+4.3%	$13.8B+3.0%	$13.4B
Retained Earnings	$8.8B+0.1%	$8.8B+4.9%	$8.4B+3.3%	$8.1B+1.0%	$8.0B-0.3%	$8.0B+6.8%	$7.5B+6.0%	$7.1B

TGT Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$6.6B-10.9%	$7.4B-14.5%	$8.6B+114.6%	$4.0B-53.4%	$8.6B-18.1%	$10.5B
Capital Expenditures	$3.7B+28.9%	$2.9B-39.8%	$4.8B-13.1%	$5.5B+56.0%	$3.5B+33.8%	$2.6B
Free Cash Flow	$2.8B-36.7%	$4.5B+17.3%	$3.8B+352.6%	-$1.5B-129.7%	$5.1B-35.5%	$7.9B
Investing Cash Flow	-$3.6B-27.6%	-$2.9B+39.9%	-$4.8B+13.5%	-$5.5B-74.5%	-$3.2B-21.7%	-$2.6B
Financing Cash Flow	-$2.2B+38.4%	-$3.5B-55.4%	-$2.3B-4.1%	-$2.2B+72.8%	-$8.1B-303.6%	-$2.0B
Dividends Paid	$2.1B+0.3%	$2.0B+1.7%	$2.0B+9.5%	$1.8B+18.6%	$1.5B+15.3%	$1.3B
Share Buybacks	$408.0M-59.5%	$1.0B	$0-100.0%	$2.6B-63.2%	$7.2B+864.8%	$745.0M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$1.1B-45.9%	$2.1B+657.5%	$275.0M-91.6%	$3.3B+345.1%	$739.0M-67.0%	$2.2B+103.3%	$1.1B-66.5%	$3.3B
Capital Expenditures	$978.0M-8.9%	$1.1B+35.9%	$790.0M-14.4%	$923.0M+40.9%	$655.0M+2.5%	$639.0M-5.2%	$674.0M-21.1%	$854.0M
Free Cash Flow	$149.0M-85.2%	$1.0B+295.9%	-$515.0M-121.8%	$2.4B+2716.7%	$84.0M-94.7%	$1.6B+274.5%	$427.0M-82.5%	$2.4B
Investing Cash Flow	-$937.0M+12.1%	-$1.1B-35.5%	-$787.0M+14.3%	-$918.0M-44.1%	-$637.0M-0.5%	-$634.0M+5.5%	-$671.0M+21.1%	-$850.0M
Financing Cash Flow	-$709.0M-262.2%	$437.0M+132.1%	-$1.4B-30.8%	-$1.0B-527.7%	-$166.0M+90.3%	-$1.7B-171.2%	-$631.0M-16.0%	-$544.0M
Dividends Paid	$518.0M+1.8%	$509.0M-0.2%	$510.0M-0.6%	$513.0M-0.6%	$516.0M+1.4%	$509.0M+0.2%	$508.0M0.0%	$508.0M
Share Buybacks	$150.0M+1775.0%	$8.0M-96.8%	$250.0M-50.1%	$501.0M+42.7%	$351.0M+126.5%	$155.0M	$0	$0

TGT Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	27.9%-0.3pp	28.2%+0.7pp	27.5%+3.0pp	24.6%-4.7pp	29.3%0.0pp	29.3%
Operating Margin	4.9%-0.3pp	5.2%-0.1pp	5.3%+1.8pp	3.5%-4.9pp	8.4%+1.4pp	7.0%
Net Margin	3.5%-0.3pp	3.8%-0.0pp	3.9%+1.3pp	2.5%-4.0pp	6.6%+1.9pp	4.7%
Return on Equity	N/A	27.4%-2.5pp	29.9%+5.9pp	24.0%-40.5pp	64.5%+35.3pp	29.2%
Return on Assets	N/A	7.3%-0.2pp	7.5%+2.2pp	5.3%-8.3pp	13.7%+5.0pp	8.6%
Current Ratio	N/A	0.94+0.1	0.86-0.0	0.88+0.0	0.87-0.2	1.07
Debt-to-Equity	N/A	0.96-0.0	0.97-0.4	1.38+0.1	1.24+0.5	0.77
FCF Margin	2.7%-1.5pp	4.2%+0.7pp	3.5%+4.9pp	-1.4%-6.2pp	4.8%-3.6pp	8.4%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	28.2%-0.8pp	29.0%+0.8pp	28.2%+1.4pp	26.8%-1.6pp	28.3%-1.6pp	30.0%+1.2pp	28.8%+3.4pp	25.4%
Operating Margin	3.8%-1.5pp	5.2%-0.9pp	6.2%+2.1pp	4.1%-0.5pp	4.5%-1.9pp	6.4%+1.1pp	5.3%-0.5pp	5.8%
Net Margin	2.7%-1.0pp	3.7%-0.6pp	4.3%+0.9pp	3.5%+0.2pp	3.3%-1.3pp	4.7%+0.8pp	3.8%-0.4pp	4.2%
Return on Equity	4.4%-1.6pp	6.1%-0.9pp	6.9%-0.6pp	7.5%+1.6pp	5.9%-2.4pp	8.3%+1.5pp	6.8%-3.5pp	10.3%
Return on Assets	1.1%-0.5pp	1.6%-0.2pp	1.8%-0.1pp	1.9%+0.4pp	1.5%-0.7pp	2.1%+0.4pp	1.7%-0.8pp	2.5%
Current Ratio	0.97-0.0	0.99+0.1	0.940.0	0.940.0	0.94+0.0	0.90+0.0	0.86-0.0	0.91
Debt-to-Equity	0.990.0	0.99+0.0	0.96+0.0	0.95-0.0	0.99+0.0	0.95-0.0	0.97-0.1	1.05
FCF Margin	0.6%-3.4pp	4.0%+6.2pp	-2.2%-9.7pp	7.5%+7.2pp	0.3%-5.9pp	6.3%+4.5pp	1.7%-5.7pp	7.4%

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Frequently Asked Questions

What is Target's annual revenue?

Target (TGT) reported $104.8B in total revenue for fiscal year 2026. This represents a -1.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Target's revenue growing?

Target (TGT) revenue declined by 1.7% year-over-year, from $106.6B to $104.8B in fiscal year 2026.

Is Target profitable?

Yes, Target (TGT) reported a net income of $3.7B in fiscal year 2026, with a net profit margin of 3.5%.

What is Target's EBITDA?

Target (TGT) had EBITDA of $8.3B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Target's gross margin?

Target (TGT) had a gross margin of 27.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Target's operating margin?

Target (TGT) had an operating margin of 4.9% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Target's net profit margin?

Target (TGT) had a net profit margin of 3.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Does Target pay dividends?

Yes, Target (TGT) paid $4.54 per share in dividends during fiscal year 2026.

What is Target's free cash flow?

Target (TGT) generated $2.8B in free cash flow during fiscal year 2026. This represents a -36.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Target's operating cash flow?

Target (TGT) generated $6.6B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Target's capital expenditures?

Target (TGT) invested $3.7B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Does Target buy back shares?

Yes, Target (TGT) spent $408.0M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Target have outstanding?

Target (TGT) had 453M shares outstanding as of fiscal year 2026.

Are Target's earnings high quality?

Target (TGT) has an earnings quality ratio of 1.77x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Target cover its interest payments?

Target (TGT) has an interest coverage ratio of 11.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.