Target Corporation
Financial Performance
Target Revenue & Financials
Revenue
$104.8B (FY2025)
Net Income
$3.7B
Employees
415,000
What is Target's revenue?
Target had $104.8B in revenue for fiscal year 2025, down 1.7% from 2024. Net income was $3.7B.
- Latest revenue
- $104.8B (FY2025)
- Year-over-year
- -1.7%
- Growth rate (CAGR)
- 4.5% over 9 years
- Peak revenue
- $109.1B (FY2022)
- Years of data
- 10
- Employees
- 415,000
Financial Analysis
Target's net sales fell from $109.120 billion in fiscal 2022 to $104.780 billion in fiscal 2025, while net earnings fell from $4.091 billion in fiscal 2024 to $3.705 billion in fiscal 2025. FY2025 operating income was $5.117 billion, a 4.9% margin; operating cash flow was $6.562 billion and capital expenditures were $3.727 billion. These are annual figures for the year ended January 31, 2026. The separate Q2 FY2026 release reports $26.539 billion of quarterly net sales, up 5.3%, with comparable sales up 3.8%. GAAP diluted EPS was $4.11, including $1.65 per share from $994 million of pretax tariff refunds. Target said EPS rose about 20% excluding those refunds. Its August outlook for FY2026 called for net-sales growth around 5% and EPS of $9.90 to $10.90, including the Q2 refund benefit; guidance is a company forecast, not a completed-year result.
Sources for this analysis
Revenue Trend Analysis
YoY Change
-1.7%
9-Year CAGR
+4.5%
Peak Year
2022
Trend
Mostly Growing
Target Corporation has 10 full fiscal year figures on this page, compounding at +4.5% annually over 9 years. The most recent year saw a 1.7% decline versus the prior year. Annual revenue peaked in fiscal year 2022 at $109.1B. Of 9 comparable year-over-year steps, 6 showed growth and 3 showed a decline.
Annual revenue history
Click any row to see year details.
Target Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Jan 31, 2026 | $6.6B | $3.7B | $59.5B | $16.2B | $2.8B | Form 10-K |
| FY2024ended Feb 1, 2025 | $7.4B | $2.9B | $57.8B | $14.7B | $4.5B | Form 10-K |
| FY2023ended Feb 3, 2024 | $8.6B | $4.8B | $55.4B | $13.4B | $3.8B | Form 10-K |
| FY2022ended Jan 28, 2023 | $4B | $5.5B | $53.3B | $11.2B | -$1.5B | Form 10-K |
| FY2021ended Jan 29, 2022 | $8.6B | $3.5B | $53.8B | $12.8B | $5.1B | Form 10-K |
| FY2020ended Jan 30, 2021 | $10.5B | $2.6B | $51.2B | $14.4B | $7.9B | Form 10-K |
| FY2019ended Feb 1, 2020 | $7.1B | $3B | $42.8B | $11.8B | $4.1B | Form 10-K |
| FY2018ended Feb 2, 2019 | $6B | $3.5B | $41.3B | $11.3B | $2.5B | Form 10-K |
| FY2017ended Feb 3, 2018 | $6.9B | $2.5B | $40.3B | $11.7B | $4.4B | Form 10-K |
| FY2016ended Jan 28, 2017 | $5.4B | $1.5B | $37.4B | $10.9B | $3.9B | Form 10-K |
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Target Revenue and Financial FAQ
How much revenue did Target report in fiscal 2025?
Target reported $104.780 billion in net sales for fiscal 2025, the year ended January 31, 2026, down 1.7% from $106.566 billion in fiscal 2024. The Form 10-K separates $102.717 billion of merchandise sales from advertising, credit-card profit sharing and other non-merchandise sales.
What were Target's operating income and net earnings in fiscal 2025?
Target reported $5.117 billion of operating income, a 4.9% operating margin on net sales, and $3.705 billion of net earnings in fiscal 2025. Each was lower than in fiscal 2024, when operating income was $5.566 billion and net earnings were $4.091 billion.
How much cash did Target generate and reinvest in fiscal 2025?
Operating activities generated $6.562 billion of cash in fiscal 2025. Target spent $3.727 billion on property and equipment, leaving $2.835 billion after those capital expenditures before other investing and financing cash flows. This subtraction is a simple cash-flow comparison, not a company-reported free-cash-flow measure.
What did Target report for Q2 fiscal 2026?
For the quarter ended August 1, 2026, Target reported $26.539 billion of net sales, up 5.3% year over year, and 3.8% comparable-sales growth. The quarterly figures are not a completed fiscal-year result.
How much of Target's Q2 fiscal 2026 earnings came from tariff refunds?
Target's $4.11 GAAP diluted EPS included $1.65 per share from $994 million of pretax tariff refunds. Target said EPS increased about 20% year over year when those refund benefits were excluded. The $4.11 figure should not be treated as a recurring quarterly run rate.
What was Target's debt position at fiscal 2025 year-end?
Target reported $16.456 billion of long-term debt and other borrowings, including the current portion, and $4.611 billion of short-term investments at January 31, 2026. Its company-defined net debt was $11.845 billion; that measure subtracts short-term investments and is not the same as total liabilities.
How did Target's dividend and buybacks compare in fiscal 2025?
The fiscal 2025 cash-flow statement reports $2.053 billion of dividends paid and $408 million spent on common-stock repurchases. Dividend yield and market capitalization depend on the share price and need a dated quote; they are not fixed annual-report figures.
What is Target's fiscal 2026 guidance as of the Q2 release?
On August 19, 2026, Target guided to full-year net-sales growth around 5% and GAAP and adjusted EPS of $9.90 to $10.90. The EPS range includes about $1.65 from Q2 tariff refunds and excludes potential future refunds. It is a forecast, not reported full-year revenue or earnings.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Target Revenue & Financials." CorpDigest, https://corpdigest.com/company/target/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Target reported $104.8B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/target/financials" target="_blank" rel="noopener">CorpDigest — Target financials</a></div>Related Financial Audits
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