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How Target Corporation (TGT) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 08/19/2026
Target Corporation is an American retail corporation headquartered in Minneapolis, Minnesota, United States. · Wikipedia
More about the company
Target operates small-format and large-format retail stores and hypermarkets. It is the eighth-largest retailer in the U.S. and a component of the S&P 500 Index.
Key growth driver: Food & Beverage — the fastest-growing revenue line: $5,991, +7% y/y. · by the Q2 2026 report
How does Target make money?
Target brought in $26.5 billion of revenue in Q2 2026, up 5.3% year over year. The largest source was Food & Beverage: $5.99 billion, or 23% of the total, followed by Household Essentials ($4.62B, 17%) and Apparel & Accessories ($4.09B, 15%); other lines add the remaining 45%. Net income for the quarter was $1.88 billion, up 100.8% year over year.
Revenue by source, Q2 2026
- Food & Beverage$5.99B · 23% · +7.2%
- Household Essentials$4.62B · 17% · +4.4%
- Apparel & Accessories$4.09B · 15% · +0.1%
- Hardlines (Fun 101)$3.89B · 15% · +10.6%
- Home Furnishings & Décor$3.67B · 14% · +0.2%
- Beauty$3.64B · 14% · +7.2%
- Non-Merchandise (Ad, Credit Card, Other)$592M · 2% · +20.7%
- Other Merchandise$48.0M · 0.2% · +11.6%
Shares of $26.5B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is TGT’s next earnings date?
Wednesday, November 18, 2026estimated
Target Corporation (TGT) has not confirmed the date yet; Nov 18, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $2.08 (12 analysts), vs $1.78 in the same quarter last year.
What time does TGT report? Usually before market open: the last 4 results releases reached the SEC at 7:51 am, 7:57 am, 7:12 am, 6:30 am ET.
Last report: Aug 19, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$26,539
+5.3%
Gross profit
$8,936
+22.3%
33.7% margin
Operating income
$2,560
+94.4%
9.6% margin
Net income
$1,877
+100.8%
Diluted EPS $4.11
Verdict: a strong topline quarter (comparable sales +3.8%, traffic +3.6%) was supercharged by a one-time $994M IEEPA tariff refund that flowed through cost of sales, doubling GAAP EPS to $4.11 and masking that underlying operating income growth was a more modest ~20% ex-refund.
6-month OCF $4,519M; Q2 dividends paid $518M; no buybacks in Q2 ($8.3B capacity remains); FY26 guidance: net sales growth ~5%, operating margin ~6% (incl. ~90bps tariff-refund benefit), GAAP/Adjusted EPS $9.90-$10.90.
Source and notation
* marks non-cash / ≈ estimated. Source: Target Corporation press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
TGT earnings history: past report dates
| Aug 19, 2026 Wed | 7:51 ambefore market open | Aug 1, 2026 | $26.5B+5% y/y | $4.11+100% y/y |
| May 20, 2026 Wed | 7:57 ambefore market open | May 2, 2026 | $25.4B+7% y/y | $1.71−25% y/y |
| Feb 11, 2026 Wed | 6:30 ambefore market open | Jan 31, 2026 | ≈$30.5B−1% y/y | ≈$2.30−5% y/y |
| Nov 19, 2025 Wed | 7:58 ambefore market open | Nov 1, 2025 | $25.3B−2% y/y | $1.51−18% y/y |
| Aug 20, 2025 Wed | 6:45 ambefore market open | Aug 2, 2025 | $25.2B−1% y/y | $2.05−20% y/y |
| May 21, 2025 Wed | 7:02 ambefore market open | May 3, 2025 | $23.8B−3% y/y | $2.27+12% y/y |
| Mar 4, 2025 Tue | 6:49 ambefore market open | Feb 1, 2025 | ≈$30.9B−3% y/y | ≈$2.41−19% y/y |
| Nov 20, 2024 Wed | 7:02 ambefore market open | Nov 2, 2024 | $25.7B+1% y/y | $1.85−12% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Target Corporation: 5-year financials
| FY2025 | 104,780 | 5,117 | 3,705 | 2,835 | 2,053 |
| FY2024 | 106,566 | 5,566 | 4,091 | 4,476 | 2,046 |
| FY2023 | 107,412 | 5,707 | 4,138 | 3,815 | 2,011 |
| FY2022 | 109,120 | 3,848 | 2,780 | −1,510 | 1,836 |
| FY2021 | 106,005 | 8,946 | 6,946 | 5,081 | 1,548 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP); the company’s fiscal year doesn’t match the calendar year so years follow the company’s own labels.
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Mar 2026Cover of the FY2025 10-K: one class of Common stock (NYSE: TGT); 452.9M shares as of March 4, 2026; no preferreds issued. sec.gov ↗
- Mar 2026Diluted weighted average shares −9.9% over FY2020–FY2025; declared dividend rose from $2.70 to $4.54 per share. data.sec.gov ↗
- Mar 2026Item 3 of the 10-K: 2025 shareholder class actions (ESG/DEI, Pride 2023) were consolidated and transferred to a Minnesota court; not settled. sec.gov ↗
Scoring: 2.0 with no deductions = 2.0 (single share class, diluted shares −9.9% over 5 years, dividend rising, 2025 class actions not settled, no SEC cases)
- Share classes
- 10-K cover: one class — Common stock $0.0833 (NYSE: TGT); no preferreds outstanding.
- Dilution
- Diluted shares −9.9% over FY2020–FY2025; SBC 0.3% of revenue.
- Disclosure
- Full reporting, no violations.
- Dividends
- Policy: a “competitive dividend that grows annually”; declared $2.70 (FY2020) → $4.54 (FY2025), no cuts.
- Lawsuits & regulators
- Two class actions (January–February 2025, over disclosure of ESG/DEI risks and the 2023 Pride collection) consolidated and transferred to D. Minn. — not settled, no deduction; no SEC cases.
- Related parties
- No material related-party transactions.
How the score works · checked as of Sep 2026
Target Corporation (TGT) earnings: FAQ
How does Target make money?
Target brought in $26.5 billion of revenue in Q2 2026, up 5.3% year over year. The largest source was Food & Beverage: $5.99 billion, or 23% of the total, followed by Household Essentials ($4.62B, 17%) and Apparel & Accessories ($4.09B, 15%); other lines add the remaining 45%. Net income for the quarter was $1.88 billion, up 100.8% year over year.
When is TGT's next earnings date?
Target Corporation (TGT) has not confirmed the date yet; Nov 18, 2026 is an estimate based on its past reporting schedule.
What time does TGT report earnings?
Target Corporation usually reports before market open: its latest results release was filed with the SEC at 7:51 am ET on Aug 19, 2026.
When did TGT last report earnings?
Target Corporation reported Q2 2026 results on Aug 19, 2026.
What is the EPS estimate for TGT's next earnings?
The consensus EPS forecast is $2.08 (12 analysts), vs $1.78 in the same quarter last year.
Where can I find Target Corporation's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to TGT's filings; this page breaks the latest report down in a Sankey chart.
What was TGT's net income in Q2 2026?
Target Corporation reported net income of $1,877M for Q2 2026 (+100.8% year over year), under US GAAP.
Does Target Corporation pay dividends?
Yes. In fiscal 2025, Target Corporation paid $2,053M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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