Target Corporation reported fiscal 2025 results in a challenging retail and tariff environment while advancing a broad business transformation. Net sales were $104.8 billion, down from $106.6 billion in 2024 and $107.4 billion in 2023, reflecting softer discretionary demand and cautious consumers. GAAP diluted EPS was $8.13 and Adjusted EPS was $7.57, as the company focused on efficiency, shrink reduction, and higher-margin categories.
Target continued to lean on its nearly 2,000-store network as fulfillment hubs, with more than 97 percent of merchandise sales fulfilled via stores and two-thirds of digital sales delivered through same-day options. Owned and exclusive brands contributed about 30 percent of merchandise sales, supporting margins, while the Roundel media network, Target Plus marketplace, and loyalty offerings, including Target Circle and Target Circle 360, added higher-margin revenue streams.
The company began a multi-year transformation to simplify its organization, leverage technology and artificial intelligence, and reduce costs, including workforce reductions and facility exits. Target also highlighted improved inventory shrink back to pre-pandemic levels, ongoing 5 percent profit giving to communities, and a large U.S. footprint of 1,995 stores and roughly 415,000 team members. Leadership evolved with Michael J. Fiddelke becoming Chief Executive Officer and Brian C. Cornell moving to Executive Chair, while a $15 billion share repurchase authorization remained in place with $8.3 billion capacity as of January 31, 2026.
Target Corporation’s Chief Accounting Officer Matthew A. Liegel reported routine tax-related share dispositions tied to restricted stock unit vesting. On March 9, 2026, a total of 338 shares of Target common stock were withheld at $117.95 per share to satisfy tax withholding obligations on prior equity awards under the Target Corporation 2020 Long-Term Incentive Plan. Following these transactions, Liegel directly holds 11,125 shares of Target common stock. These F-code transactions reflect tax withholding and are not open-market purchases or sales.
Target Corp executive Lisa R. Roath reported routine tax-related share dispositions tied to equity compensation. On an award vesting, a total of 364 shares of Target common stock were withheld on March 9, 2026 at $117.95 per share to satisfy tax obligations, rather than being sold in the open market. After these tax-withholding dispositions, she directly owned 15,897 Target shares. The footnotes explain these arose from restricted stock units granted under the Target Corporation 2020 Long-Term Incentive Plan.
Target Corporation executive Brian C. Cornell reported an open-market sale of 50,000 shares of Target common stock on March 10, 2026, executed indirectly through a trust. The shares were sold at a volume-weighted average price of $121.7605, with actual prices ranging from $121.3200 to $122.2500.
Following this sale, the trust held 196,453 Target shares. Separate from the trust, Cornell held 112,016 shares directly and 491.2567 shares through the Target Corporation 401(k) Plan based on the plan statement as of December 31, 2025. The filing shows a net reduction of 50,000 shares in his indirectly held position while maintaining a substantial overall stake in the company.
TGT: Notice of proposed sale of 50,000 common shares. The filing lists 50,000 common shares associated with Pershing Advisor Solutions and an aggregate dollar amount of $6,000,000.00, with a filing date of 03/10/2026. The excerpt also lists prior restricted stock vesting events of 7,725, 27,652, and 14,623 shares on 03/08/2023, 04/04/2023, and 03/13/2024 respectively.
Target Corp director John R. Hoke III filed an initial ownership report, showing indirect holdings of Target common stock. The filing lists 50 shares of common stock held indirectly "By Spouse," reflecting family-related beneficial ownership rather than a new market transaction.
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 executive Lisa R. Roath has filed an initial statement of beneficial ownership as an executive officer. The filing reports direct ownership of 16,156 shares of Target common stock, reflecting her current holdings rather than a new purchase or sale.
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.