Every 8-K that Target Corporation (TGT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow TGT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TGT filings page.
Target Corporation (TGT) reported strong second quarter 2026 results, with net sales of $26.5 billion, up 5.3% year over year, driven by 3.8% comparable sales growth and a 3.6% increase in traffic. Both channels contributed, as store comparable sales rose 2.7% and digital comparable sales grew 8.7%, led by more than 25% growth in same-day delivery. All six core merchandising categories posted higher sales, including double-digit growth in Fun 101 and high single-digit growth in Food & Beverage and Beauty, while non‑merchandise sales grew over 20%.
Second quarter GAAP and Adjusted EPS were $4.11, up about 100% from $2.05 a year ago, aided by $994 million of pretax tariff refunds that added $752 million to net earnings and $1.65 to EPS; excluding these refunds, EPS increased about 20%. Operating income nearly doubled to $2.56 billion with a 9.6% margin versus 5.2% last year, and gross margin improved to 33.7%. Management raised full‑year 2026 guidance to around 5% net sales growth, an operating income margin rate around 6%, and GAAP and Adjusted EPS of $9.90–$10.90, including the $1.65 tariff benefit.
Target Corporation entered into a new Five-Year Credit Agreement providing a $4.0 billion unsecured revolving credit facility with a syndicate of banks led by Bank of America as administrative agent. Target may increase lender commitments by up to an additional $1.0 billion, subject to specified conditions. The facility currently expires on August 14, 2031, and can be extended twice for one year each under the agreement’s extension options. Borrowings will bear interest at rates that vary based on the type of loan and Target’s debt ratings, and the agreement includes customary representations, covenants, and a financial covenant on the leverage ratio of Target and its subsidiaries, along with standard events of default that can result in acceleration of obligations.
In connection with this facility, Target terminated its prior $3.0 billion five-year credit agreement dated October 18, 2021, and its $1.0 billion 364-day credit agreement dated October 9, 2025, both of which had terms and conditions substantially similar to the new facility.
Target Corporation elected Joe DePinto to its Board of Directors on July 18, 2026, with his service effective August 1, 2026. He will serve on the Audit & Risk Committee and the Infrastructure & Finance Committee, and will receive Target’s standard annual compensation for non-employee directors as described in its 2026 proxy statement.
DePinto, 63, is the former president and chief executive officer of 7‑Eleven, Inc., a role he held from 2005 to December 2025, and previously served as president of GameStop Corporation and in leadership roles at PepsiCo. He currently serves on the board of Brinker International. Target states there are no arrangements or understandings related to his selection and no related person transactions under Item 404(a) of Regulation S‑K. A company news release highlights his experience in operations, loyalty, fresh food and omnichannel capabilities as supporting Target’s next phase of growth under CEO Michael Fiddelke.
Target Corporation reported results from its June 10, 2026 Annual Meeting of Shareholders. Investors elected twelve directors to one-year terms, with most nominees receiving over 95% of votes cast in favor, based on shares voted "For" versus "Against."
Shareholders ratified Ernst & Young LLP as independent auditor for fiscal 2026 with 93.5% support, and approved, on an advisory basis, the company’s executive compensation with 89.0% support. They also approved the Amended and Restated Target Corporation 2020 Long-Term Incentive Plan, with 95.0% voting for the plan.
Three shareholder proposals were not approved: an independent board chair policy (38.1% for, 61.4% against), a report on pesticides in private-label brands (16.9% for), and a report on reducing plastic microfiber shedding (18.4% for). Under the SEC’s simple majority standard for resubmission, these items received 38.3%, 17.2%, and 18.6% support, respectively.
Target Corporation reported stronger-than-expected first quarter 2026 results, with clear signs of a demand recovery. Net sales rose 6.7% to $25.4 billion, driven by 5.6% comparable sales growth as traffic increased 4.4%. Digital comparable sales grew 8.9%, led by more than 27% growth in same-day delivery and nearly 25% growth in non-merchandise revenue such as advertising and memberships.
GAAP and Adjusted diluted EPS were both $1.71. GAAP EPS declined 24.5% from $2.27 a year ago, which included large interchange fee settlement gains, while Adjusted EPS rose 31.6% from $1.30. Gross margin improved to 29.0%, and Adjusted operating margin increased to 4.5%. Management raised 2026 guidance, now targeting net sales growth around 4%, full-year operating margin more than 20 basis points above the 2025 Adjusted level of 4.6%, and GAAP and Adjusted EPS near the high end of the prior $7.50 to $8.50 range.
Target Corporation reported softer results for fourth quarter and full-year 2025 but outlined plans for a return to growth in 2026. Fourth quarter net sales were $30.5 billion, down 1.5%, with comparable sales down 2.5% as store traffic declined but digital comparable sales grew 1.9%.
Fourth quarter GAAP EPS was $2.30, including $0.15 of business transformation costs, and Adjusted EPS was $2.44 versus $2.41 last year. For 2025, net sales fell 1.7% to $104.8 billion, GAAP EPS declined to $8.13 from $8.86, and Adjusted EPS was $7.57, lower than $8.86 in 2024, reflecting prior-year interchange fee settlement gains and current-year transformation costs.
Gross margin improved modestly in Q4 to 26.6% on lower inventory shrink and fulfillment costs, while full-year gross margin eased to 27.9%. Operating income for 2025 fell 8.1% to $5.1 billion, and after-tax ROIC was 13.8% versus 15.4% a year earlier. Operating cash flow remained strong at $6.6 billion, funding $3.7 billion of capital spending and $2.1 billion in dividends; the company did not repurchase shares in Q4 and has $8.3 billion remaining under its authorization.
For 2026, Target expects net sales growth around 2%, an operating income margin about 20 basis points above the 4.6% Adjusted operating income margin rate in 2025, and GAAP and Adjusted EPS of $7.50–$8.50, with first-quarter EPS expected to be flat to slightly above last year’s Adjusted EPS of $1.30.
Target Corporation reported that it expects fourth-quarter 2025 sales, full-year GAAP earnings per share, and full-year Adjusted earnings per share to be in line with its previously issued guidance. This indicates performance tracking to management’s earlier outlook rather than a major upside or downside surprise.
Under new CEO Michael Fiddelke, Target is also restructuring its senior leadership to support its growth strategy. Effective February 15, Cara Sylvester becomes chief merchandising officer, focusing on style, design, and merchandising capabilities, while Lisa Roath becomes chief operating officer, concentrating on operational speed, efficiency, and the shopping experience. At the same time, chief commercial officer Rick Gomez will depart and Jill Sando, chief merchandising officer for apparel and accessories, home and hardlines, will retire, both remaining briefly to support the transition. Target plans an external search for a new chief guest experience and marketing officer.
Target Corporation announced senior leadership changes. Effective February 15, 2026, longtime executive Lisa Roath will become Executive Vice President and Chief Operating Officer, with an annual base salary of $775,000. She will remain eligible for leadership-level bonuses, stock-based awards under the 2020 Long-Term Incentive Plan, and standard executive benefits.
Also effective February 15, 2026, Rick Gomez will step down as Executive Vice President and Chief Commercial Officer and move into an advisor role as a non-executive officer until April 17, 2026. During this transition, he will keep his current base salary and target bonus opportunity. He is expected to depart on April 17, 2026 under circumstances that qualify him for severance under Target’s Income Continuation Plan and partial vesting of his long-term incentive awards.
Target Corporation detailed compensation changes tied to its leadership transition. Michael J. Fiddelke became Chief Executive Officer and a Board member effective February 1, 2026. His package includes a $1.30 million annual base salary, a cash incentive target of 200% of base salary, and stock-based awards under the 2020 Long-Term Incentive Plan with a target payout value of $12.1 million, expected to be granted in March 2026. He remains an at-will employee and eligible for leadership benefits, including the Income Continuation Plan.
Brian C. Cornell stepped down as Chief Executive Officer and continues as Executive Chair of the Board. Under a February 2, 2026 letter agreement, he will receive a $1.12 million base salary, be eligible for a fiscal 2026 cash incentive with a 200% target, and receive $6.0 million in restricted stock units in March 2026. His prior equity awards continue to vest, he is no longer entitled to severance under the Income Continuation Plan, and he is anticipated to serve as executive chair or special advisor until March 13, 2027.
Target Corporation is adding two seasoned retail and design leaders to its board of directors. The board elected John R. Hoke III, age 61, as a director effective March 1, 2026, and appointed him to the Compensation & Human Capital Management Committee and the Governance & Sustainability Committee. Hoke is the former Chief Innovation Officer and earlier Chief Design Officer at NIKE, Inc. and also serves on the board of MillerKnoll, Inc.
The board also elected Stephen B. Bratspies, age 58, as a director effective April 1, 2026, and appointed him to the Audit & Risk Committee and the Infrastructure & Finance Committee. Bratspies is the former Chief Executive Officer and director of HanesBrands Inc. and previously served as Chief Merchandising Officer and in other leadership roles at Walmart Inc. Both new directors will receive Target’s standard compensation for non‑employee directors, and the filing states there are no selection arrangements or related person transactions with either individual.
Target Corporation filed a Form 8-K to announce that it has released its financial results for the three months ended November 1, 2025. On November 19, 2025, the company issued a news release describing its results and overall financial condition for this period. The full news release is included as Exhibit 99 to this report, and the cover page data is provided in inline XBRL format as Exhibit 104.
Target Corporation entered into a new 364-day revolving credit agreement providing up to $1.0 billion in committed borrowing capacity, replacing its prior 364-day facility. The new agreement, dated October 9, 2025, runs until October 8, 2026 and includes an option to increase the total commitments by up to an additional $500 million.
Borrowings will bear interest at either a base rate or term SOFR, in each case plus a margin that depends on the type of loan and Target’s debt ratings. Target may elect to convert any outstanding borrowings at the October 8, 2026 termination date into term loans due one year later. The facility includes customary representations, covenants such as a leverage ratio test for Target and its subsidiaries, and standard events of default under which the lenders can terminate commitments and demand immediate repayment.
Target Corporation filed a Form 8-K to report that it has released its latest quarterly financial results. On August 20, 2025, the company issued a news release covering its financial performance for the three months ended August 2, 2025, and furnished that release as Exhibit 99 to this report. The filing also includes an Inline XBRL cover page data file as Exhibit 104.
Target Corporation has announced a planned leadership transition. The Board has appointed Michael J. Fiddelke, currently Executive Vice President and Chief Operating Officer, to become the company’s next Chief Executive Officer and a member of the Board, effective February 1, 2026.
On that date, current CEO Brian C. Cornell will step down from the CEO role and continue as Chair of the Board in an Executive Chair capacity, helping provide continuity. Fiddelke has been with Target since 2004 and has held senior roles including Executive Vice President and Chief Financial Officer and, more recently, Chief Operating Officer. The company plans to disclose the material terms of compensation arrangements related to these transitions after they are approved.