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Procter & Gamble vs Target: Revenue, Profit and Business Model

Procter & Gamble reported $87B of revenue in FY2026 and $16B of net income. Target reported $104.8B of revenue in FY2025 and $3.7B of net income.

Latest financial snapshot

Procter & Gamble

Latest revenue
$87B (FY2026)
Net income
$16B
Net margin
18.4%
Revenue growth
+3.3% a year, FY2017–FY2026

Target

Latest revenue
$104.8B (FY2025)
Net income
$3.7B
Net margin
3.5%
Revenue growth
+4.5% a year, FY2016–FY2025

Financial summary

Procter & Gamble

P&G's finances are defined by steady sales, high margins and large cash returns rather than fast growth. Net sales rose from $65.1 billion in fiscal 2017 to $87.0 billion in fiscal 2026. In fiscal 2026 diluted EPS was $6.62 (up 2%) and core EPS was $6.89 (up 1%), with core gross and operating margins slipping 40 and 70 basis points as costs rose. The company returned more than $15 billion to shareholders, about $10.2 billion in dividends and $5 billion in buybacks, and has raised its dividend for 70 consecutive years. For fiscal 2027 it guided to 1%-3% organic sales growth and core EPS of $6.89-$7.11.

Target

Target's revenue fell three years in a row, from $109.1 billion in fiscal 2022 to $104.8 billion in fiscal 2025, while FY2025 net income was $3.705 billion. Fiscal 2026 has reversed the trend so far. Q2 FY2026 net sales rose 5.3% to $26.5 billion, comparable sales grew 3.8% on a 3.6% traffic gain, and digital comparable sales rose 8.7% with same-day delivery up more than 25%. Q2 GAAP EPS was $4.11 versus $2.05 a year earlier, but $1.65 of that came from $994 million of pretax tariff refunds; excluding refunds, EPS grew about 20%. Management now guides to roughly 5% net sales growth for fiscal 2026 and EPS of $9.90 to $10.90.

Revenue and profit by year

Procter & Gamble

Procter & Gamble revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2026$87B$16B18.4%+3.3%Source
FY2025$84.3B$16B19.0%+0.3%Source
FY2024$84B$14.9B17.7%+2.5%Source
FY2023$82B$14.7B17.9%+2.3%Source
FY2022$80.2B$14.7B18.4%+5.3%Source
FY2021$76.1B$14.3B18.8%+7.3%Source
FY2020$71B$13B18.4%+4.8%Source
FY2019$67.7B$3.9B5.8%+1.3%Source
FY2018$66.8B$9.8B14.6%+2.7%Source
FY2017$65.1B$15.3B23.6%—Source
Full Procter & Gamble financials

Target

Target revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025$104.8B$3.7B3.5%-1.7%Source
FY2024$106.6B$4.1B3.8%-0.8%Source
FY2023$107.4B$4.1B3.9%-1.6%Source
FY2022$109.1B$2.8B2.5%+2.9%Source
FY2021$106B$6.9B6.6%+13.3%Source
FY2020$93.6B$4.4B4.7%+19.8%Source
FY2019$78.1B$3.3B4.2%+3.7%Source
FY2018$75.4B$2.9B3.9%+3.6%Source
FY2017$72.7B$2.9B4.0%+3.5%Source
FY2016$70.3B$2.7B3.9%—Source
Full Target financials

Where the revenue comes from

Procter & Gamble

  • Fabric and Home Care

    Largest segment

    Laundry, dish care, air care, and household cleaning brands including Tide, Ariel, Dawn, Febreze, and Swiffer.

  • Baby, Feminine and Family Care

    Major segment

    Pampers, Always, Bounty, Charmin, and related baby, feminine, and family-care products.

  • Beauty

    Major segment

    Hair care, skin care, and prestige beauty brands including Head & Shoulders, Pantene, Olay, and SK-II.

  • Health Care

    Major segment

    Oral care and personal health products such as Oral-B, Crest, Vicks, and Metamucil.

  • Grooming

    Focused segment

    Gillette, Venus, Braun, and shaving-related products.

Target

  • Stores and digital merchandise

    Primary revenue source

    Sales of food, essentials, apparel, beauty, home, electronics, toys and seasonal products through stores and digital channels.

  • Owned brands

    Strategic margin driver

    Target-owned and exclusive brands that support margin and differentiation.

  • Same-day services and Shipt

    Growth and retention stream

    Delivery, pickup, Drive Up and Target Circle 360 services that deepen loyalty.

  • Roundel retail media

    High-margin supplemental stream

    Advertising revenue from brands using Target's retail media network.

Business model and strategy

Procter & Gamble

How it makes money

P&G makes money by designing, manufacturing and marketing branded household and personal-care products that consumers buy every week, then selling them through retailers, club stores, pharmacies, distributors and e-commerce platforms. Revenue comes from five reportable segments: Fabric & Home Care (Tide, Ariel, Dawn, Downy, Febreze), the largest; Baby, Feminine & Family Care (Pampers, Always, Bounty, Charmin);

Growth strategy

P&G's integrated growth strategy has five parts: a portfolio focused on about ten daily-use categories, superiority across product, packaging, communication, retail execution and value, productivity savings to fund reinvestment, 'constructive disruption' of its own practices, and an agile, accountable organization.

Competitive advantage

P&G's edge is the combination of category leadership and scale. It concentrates on about ten daily-use categories where performance differences are visible to consumers (cleaning, absorbency, shaving, oral care), funds roughly $2 billion a year of R&D to keep those gaps, and uses its size to buy materials, media and logistics more cheaply than smaller rivals.

Procter & Gamble business model in full

Target

How it makes money

Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.

Growth strategy

Target is focusing on merchandising authority, guest experience, technology acceleration, team and community strength, stores-as-hubs, same-day fulfillment, retail media and owned-brand renewal.

Competitive advantage

Target's advantage is the mix of curated merchandise, owned brands, convenient stores, same-day fulfillment and a brand position between discount utility and design-led retail.

Target business model in full

Questions about Procter & Gamble vs Target

Which company has higher revenue — The Procter & Gamble Company or Target Corporation?

The Procter & Gamble Company reported $87.0B (FY2026), while Target Corporation reported $104.8B (FY2025). By last reported revenue, Target Corporation is the larger business, with The Procter & Gamble Company reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.

What is the market cap of The Procter & Gamble Company vs Target Corporation?

The Procter & Gamble Company's market capitalisation stands at $340.0B, while Target Corporation's is $72.0B. The Procter & Gamble Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Target Corporation.

Which is more financially efficient — The Procter & Gamble Company or Target Corporation?

The Procter & Gamble Company generates $798k / employee in revenue per employee, while Target Corporation generates $252k / employee. The Procter & Gamble Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.

How do The Procter & Gamble Company and Target Corporation make money?

The Procter & Gamble Company and Target Corporation generate revenue in fundamentally different ways. The Procter & Gamble Company: P&G makes money by designing, manufacturing and marketing branded household and personal-care products that consumers buy every week, then selling them through retailers, club stores, pharmacies, distributors and e-commerce platforms. Target Corporation: Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.

Which company is valued higher relative to revenue — The Procter & Gamble Company or Target Corporation?

On a price-to-sales (P/S) basis, The Procter & Gamble Company trades at 3.9x P/S and Target Corporation at 0.7x P/S. The Procter & Gamble Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Target Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.

Is The Procter & Gamble Company bigger than Target Corporation?

By last reported revenue, Target Corporation ($104.8B (FY2025)) is the larger company compared to The Procter & Gamble Company ($87.0B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.

Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Procter & Gamble vs Target overview

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.