Target Corporation

08/28/2026 | Press release | Distributed by Public on 08/28/2026 11:54

Quarterly Report for Quarter Ending August 1, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
Financial Summary
Second quarter 2026 included the following:
•Net Sales of $26.5 billion, an increase of 5.3 percent from the comparable prior-year period, driven by:
•A comparable sales increase of 3.8 percent, reflecting a 3.6 percent increase in traffic and a 0.2 percent increase in average transaction amount;
•The sales contribution from new stores; and
•Non-merchandise sales growth of 20.1 percent, primarily driven by growth in our Roundel digital advertising business offering.
•Operating Income of $2.6 billion, an increase of $1.3 billion, or 94.4 percent, compared to the prior year, including $994 million related to tariff refunds received during the period. Excluding the impact of tariff refunds, Operating Income growth was approximately 19 percent.
•GAAP and Adjusted EPS1 of $4.11, an increase of 100.3 percent compared to the prior year, including $1.65 related to after-tax benefits of tariff refunds received during the period.
Earnings Per Share Three Months Ended Six Months Ended
August 1, 2026 August 2, 2025 Change August 1, 2026 August 2, 2025 Change
GAAP diluted earnings per share $ 4.11
(a)
$ 2.05 100.3 % $ 5.83
(a)
$ 4.32 34.8 %
Adjustments - - - (0.97)
Adjusted diluted earnings per share1
$ 4.11
(a)
$ 2.05 100.3 % $ 5.83
(a)
$ 3.35 73.7 %
1Adjusted diluted earnings per share (Adjusted EPS), a non-GAAP metric, excludes the impact of certain items. Management believes that Adjusted EPS is useful in providing period-to-period comparisons of the results of our operations. A reconciliation of non-GAAP financial measures to GAAP measures is provided on page 19.
We report after-tax return on invested capital (ROIC) because we believe ROIC provides a meaningful measure of our capital allocation effectiveness over time. For the trailing twelve months ended August 1, 2026, after-tax ROIC was 15.4 percent, compared with 14.3 percent for the trailing twelve months ended August 2, 2025. The calculation of ROIC is provided on page 21.
Business Environment
During the second quarter of 2026, we received refunds of certain IEEPA tariffs previously paid and recognized $994 million related to these refunds as a reduction of Cost of Sales. Refer to Note 3 and the Gross Margin Rate section for additional information.
We continue to pursue additional refund claims in accordance with the established refund filing and validation process, along with other importers seeking tariff refunds. However, due to uncertainties related to the refund process, timing, and amount of potential refunds, as well as ongoing legal and regulatory developments, we are unable to estimate the ultimate financial effects of any potential additional tariff refunds.
The U.S. administration has instituted new tariffs against most major trading partners. We continue to assess and respond to the evolving consumer, legal and regulatory environment. The collective interaction of tariffs, tariff refunds, sourcing strategies, pricing actions, consumer response and behaviors, and other factors could materially impact our sales, results of operations, and financial condition in future periods.
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
ANALYSIS OF RESULTS OF OPERATIONS
Index to Notes
Business Transformation Initiatives
Our multi-year business transformation initiatives are discussed in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026. We did not incur any significant non-recurring costs or charges related to these initiatives during the three and six months ended August 1, 2026, or the comparable prior-year periods.
We may incur additional costs and charges related to these initiatives in future periods, which may adversely affect our results of operations and financial condition; however, we cannot reasonably estimate the amount or timing of such costs and charges.
Analysis of Results of Operations
Summary of Operating Income Three Months Ended Six Months Ended
(dollars in millions) August 1, 2026 August 2, 2025 Change August 1, 2026 August 2, 2025 Change
Net sales $ 26,539 $ 25,211 5.3 % $ 51,982 $ 49,057 6.0 %
Cost of sales (a)
17,603 17,903 (1.7) 35,664 35,031 1.8
SG&A expenses 5,725 5,359 6.8 11,286 9,950 13.4
Depreciation and amortization (exclusive of depreciation included in cost of sales) 651 632 3.2 1,337 1,287 3.9
Operating income (a)
$ 2,560 $ 1,317 94.4 % $ 3,695 $ 2,789 32.5 %
Adjusted SG&A expenses (b)
$ 5,725 $ 5,359 6.8 % $ 11,286 $ 10,543 7.1 %
Adjusted operating income (a)(b)
2,560 1,317 94.4 3,695 2,196 68.3
Rate Analysis Three Months Ended Six Months Ended
August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Gross margin rate (a)
33.7 % 29.0 % 31.4 % 28.6 %
SG&A expense rate 21.6 21.3 21.7 20.3
Adjusted SG&A expense rate (b)
21.6 21.3 21.7 21.5
Depreciation and amortization expense rate (exclusive of depreciation included in cost of sales) 2.5 2.5 2.6 2.6
Operating income margin rate (a)
9.6 5.2 7.1 5.7
Adjusted operating income margin rate (a)(b)
9.6 5.2 7.1 4.5
Note: Gross margin (GM) is calculated as Net Sales less Cost of Sales. All rates are calculated by dividing the applicable amount by Net Sales.
(a)Includes $994 million related to tariff refunds for the three and six months ended August 1, 2026, which provided a benefit to Gross margin rate, Operating income rate, and Adjusted operating income rate of 3.7 percentage points and 1.9 percentage points for the three and six month periods, respectively. Note 3 to the Financial Statements provides additional information.
(b)Adjusted SG&A expenses, Adjusted SG&A expense rate, Adjusted operating income, and Adjusted operating income margin rate, which are non-GAAP measures, exclude the impact of certain items. Management believes that these measures are useful in providing period-to-period comparisons of the results of our operations. A reconciliation of non-GAAP financial measures to GAAP measures is provided on page 19.
Net Sales
Net sales includes all Merchandise Sales and revenues from other sources, most notably advertising revenue and credit card profit-sharing income.
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
ANALYSIS OF RESULTS OF OPERATIONS
Index to Notes
Merchandise Sales are net of expected returns and our estimate of gift card breakage. Comparable sales include all Merchandise Sales, except sales from stores open less than 13 months or that have been closed. We use comparable sales to evaluate the performance of our stores and digital channels by measuring the change in sales for a period over the comparable, prior-year period of equivalent length. Comparable sales measures vary across the retail industry. As a result, our comparable sales calculation is not necessarily comparable to similarly titled measures reported by other companies. Digitally originated sales include all Merchandise Sales initiated through mobile/computer applications and our websites. Our stores fulfill the majority of digitally originated sales, including shipment from stores to guests, store Order Pickup or Drive Up, and Same Day Delivery. Digitally originated sales may also be fulfilled through our distribution centers, our vendors, or other third parties.
Merchandise Sales growth-from both comparable sales and new stores-represents an important driver of our long-term profitability. We expect that comparable sales growth will drive a significant portion of our total sales growth. We believe that our ability to successfully differentiate our guests' shopping experience through a careful combination of merchandise assortment, price, convenience, guest experience, and other factors will over the long-term drive both increasing shopping frequency (number of transactions, or "traffic") and the amount spent each visit (average transaction amount).
Comparable Sales Three Months Ended Six Months Ended
August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Comparable sales change 3.8 % (1.9) % 4.7 % (2.8) %
Drivers of change in comparable sales
Number of transactions (traffic) 3.6 (1.3) 4.0 (1.8)
Average transaction amount 0.2 (0.6) 0.7 (1.0)
Comparable Sales by Channel Three Months Ended Six Months Ended
August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Stores originated comparable sales change 2.7 % (3.2) % 3.7 % (4.4) %
Digitally originated comparable sales change 8.7 4.3 8.8 4.5
Merchandise Sales by Channel Three Months Ended Six Months Ended
August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Stores originated 80.4 % 81.1 % 80.1 % 80.7 %
Digitally originated 19.6 18.9 19.9 19.3
Total 100 % 100 % 100 % 100 %
Merchandise Sales by Fulfillment Channel Three Months Ended Six Months Ended
August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Stores 97.6 % 97.7 % 97.6 % 97.7 %
Other 2.4 2.3 2.4 2.3
Total 100 % 100 % 100 % 100 %
Note: Merchandise Sales fulfilled by stores include in-store purchases and digitally originated sales fulfilled by shipping merchandise from stores to guests, Order Pickup, Drive Up, and Same Day Delivery.
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
ANALYSIS OF RESULTS OF OPERATIONS
Index to Notes
Merchandise Sales by Product Category Three Months Ended Six Months Ended
August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Apparel & accessories 16 % 16 % 16 % 16 %
Beauty 14 14 14 14
Food & beverage 23 23 24 24
Hardlines (Fun 101) 15 14 15 14
Home furnishings & décor 14 15 13 14
Household essentials 18 18 18 18
Total 100 % 100 % 100 % 100 %
Note 2 to the Financial Statements provides additional product category sales information. The collective interaction of a broad array of macroeconomic, competitive, and consumer behavioral factors, as well as sales mix and the transfer of sales to new stores, makes further analysis of sales metrics infeasible.
Store Data
Change in Number of Stores Three Months Ended Six Months Ended
August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025
Beginning store count 2,002 1,981 1,995 1,978
Opened 17 1 24 4
Ending store count 2,019 1,982 2,019 1,982
Number of Stores and Number of Stores
Retail Square Feet (a)
Retail Square Feet August 1, 2026 January 31, 2026 August 2, 2025 August 1, 2026 January 31, 2026 August 2, 2025
170,000 or more sq. ft. 274 273 273 49,045 48,824 48,824
50,000 to 169,999 sq. ft. 1,598 1,576 1,562 200,321 197,274 195,436
49,999 or less sq. ft. 147 146 147 4,460 4,420 4,445
Total 2,019 1,995 1,982 253,826 250,518 248,705
(a)In thousands; reflects total square feet less office, supply chain facility, and vacant space.
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
ANALYSIS OF RESULTS OF OPERATIONS
Index to Notes
Gross Margin Rate
Quarter-to-Date
For the three months ended August 1, 2026, our gross margin rate was 33.7 percent compared with 29.0 percent in the comparable prior-year period. The increase reflected benefits from tariff refunds and net merchandising impacts, including lower purchase order cancellation costs compared to the prior year, as well as growth in advertising and other revenues. The Business Environment section provides additional information about tariff refunds.
Year-to-Date
For the six months ended August 1, 2026, our gross margin rate was 31.4 percent compared with 28.6 percent in the comparable prior-year period. The increase reflected benefits from:
•tariff refunds;
•merchandising, including lower purchase order cancellation costs and markdown rates compared to the prior year and growth in advertising and other revenues; and
•supply chain and digital fulfillment, including productivity improvements in supply chain facilities, and the leveraging impact of higher sales.
Selling, General, and Administrative Expense Rate
For the three months ended August 1, 2026, our SG&A expense rate was 21.6 percent compared with 21.3 percent for the comparable prior-year period. The increase reflected higher compensation expense, including stores payroll and incentive compensation, new store and remodel-related expenses, and the net impact of other cost increases. These cost increases were partially offset by the leverage benefit of higher sales.
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
ANALYSIS OF RESULTS OF OPERATIONS
Index to Notes
For the six months ended August 1, 2026, our SG&A expense rate was 21.7 percent compared with 20.3 percent for the comparable prior-year period. The comparable prior-period rate included a 1.2 percentage point benefit from interchange fee settlements, which are further described in Note 4 to the Financial Statements. Excluding this item, our Adjusted SG&A expense rate for the six months ended August 2, 2025, was 21.5 percent. The remaining 0.2 percentage point increase in 2026 reflected higher compensation expense, including stores payroll and incentive compensation, new store and remodel-related expenses, and the net impact of other cost increases. These cost increases were partially offset by the leverage benefit of higher sales.
Other Performance Factors
Net Interest Expense
Net interest expense was $98 million and $215 million for the three and six months ended August 1, 2026, respectively, compared with $116 million and $232 million in the comparable prior-year periods. The decrease in net interest expense was primarily due to an increase in interest income.
Provision for Income Taxes
Our effective income tax rates for the three and six months ended August 1, 2026, were 23.7 percent and 23.9 percent, respectively, compared with 23.2 percent and 24.2 percent in the comparable prior-year periods. For the three month period, the increase was driven by higher pretax earnings, partially offset by additional tax credit benefits. For the six month period, the decrease reflects additional tax credit benefits and lower discrete tax expenses related to share-based compensation, partially offset by higher pretax earnings.
Reconciliation of Non-GAAP Financial Measures to GAAP Measures
To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share (Adjusted EPS), adjusted SG&A expenses, adjusted SG&A expense rate, adjusted operating income, and adjusted operating income margin rate. These measures exclude certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our operations. These measures are not in accordance with, or an alternative to, generally accepted accounting principles in the U.S. (GAAP). The most comparable GAAP measures are diluted earnings per share, SG&A expenses, SG&A expense rate, operating income, and operating income margin rate. Adjusted EPS, adjusted SG&A expenses, adjusted SG&A expense rate, adjusted operating income, and adjusted operating income margin rate should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate these measures differently, or not provide similar measures, limiting the usefulness of the measures for comparisons with other companies.
Reconciliation of Non-GAAP Adjusted EPS Three Months Ended
August 1, 2026 August 2, 2025
(millions, except per share data) Pretax Net of Tax Per Share Pretax Net of Tax Per Share
GAAP and Adjusted EPS $ 4.11 $ 2.05
Reconciliation of Non-GAAP Adjusted EPS Six Months Ended
August 1, 2026 August 2, 2025
(millions, except per share data) Pretax Net of Tax Per Share Pretax Net of Tax Per Share
GAAP diluted earnings per share $ 5.83 $ 4.32
Adjustments
Interchange fee settlements (a)
$ - $ - $ - $ (593) $ (441) $ (0.97)
Adjusted EPS $ 5.83 $ 3.35
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Index to Notes
Reconciliation of Non-GAAP Adjusted SG&A Expenses and Adjusted Operating Income Three Months Ended
August 1, 2026 August 2, 2025
SG&A Expenses
Operating Income (b)
SG&A Expenses Operating Income
(dollars in millions) Dollars Rate Dollars Rate Dollars Rate Dollars Rate
GAAP and Adjusted measures $ 5,725 21.6 % $ 2,560 9.6 % $ 5,359 21.3 % $ 1,317 5.2 %
Reconciliation of Non-GAAP Adjusted SG&A Expenses and Adjusted Operating Income Six Months Ended
August 1, 2026 August 2, 2025
SG&A Expenses
Operating Income (b)
SG&A Expenses Operating Income
(dollars in millions) Dollars Rate Dollars Rate Dollars Rate Dollars Rate
Reported, GAAP measure $ 11,286 21.7 % $ 3,695 7.1 % $ 9,950 20.3 % $ 2,789 5.7 %
Adjustments
Interchange fee settlements (a)
- - - - $ 593 1.2 % $ (593) (1.2) %
Adjusted, Non-GAAP measure $ 11,286 21.7 % $ 3,695 7.1 % $ 10,543 21.5 % $ 2,196 4.5 %
Note: Amounts may not foot due to rounding. Rates are calculated by dividing the applicable amount by Net Sales.
(a)The adjustment removes the favorable impact of the settlement gains from prior-year SG&A Expenses and Operating Income. Note 4 to the Financial Statements provides additional information.
(b)Note (a) to the Summary of Operating Income and Rate Analysis tables provides information about the impact of tariff refunds on Operating Income and Operating Income margin rate.
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Index to Notes
We have also disclosed after-tax ROIC, which is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.
After-Tax Return on Invested Capital
(dollars in millions)
Trailing Twelve Months
Numerator August 1, 2026 August 2, 2025
Operating income $ 6,024 $ 5,425
+ Net other income 64 99
EBIT 6,088 5,524
+ Operating lease interest (a)
172 166
- Income taxes (b)
1,402 1,305
Net operating profit after taxes $ 4,858 $ 4,385
Denominator August 1, 2026 August 2, 2025 August 3, 2024
Current portion of long-term debt and other borrowings $ 1,136 $ 1,136 $ 1,640
+ Noncurrent portion of long-term debt 14,221 15,320 13,654
+ Shareholders' investment 17,843 15,420 14,429
+ Operating lease liabilities (c)
3,733 3,883 3,786
- Cash and cash equivalents 5,411 4,341 3,497
Invested capital $ 31,522 $ 31,418 $ 30,012
Average invested capital (d)
$ 31,470 $ 30,715
After-tax return on invested capital (e)
15.4 % 14.3 %
(a)Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases were owned or accounted for as finance leases. Calculated using the discount rate for each lease and recorded as a component of rent expense within Operating Income. Operating lease interest is added back to Operating Income in the ROIC calculation to control for differences in capital structure between us and our competitors.
(b)Calculated using the effective tax rates, which were 22.4 percent and 22.9 percent for the trailing twelve months ended August 1, 2026, and August 2, 2025, respectively. For the trailing twelve months ended August 1, 2026, and August 2, 2025, includes tax effect of $1.4 billion and $1.3 billion, respectively, related to EBIT, and $39 million and $38 million, respectively, related to operating lease interest.
(c)Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities, respectively.
(d)Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period.
(e)For the trailing twelve months ended August 1, 2026, includes the impact of tariff refunds, which increased after-tax ROIC by 2.4 percentage points, and business transformation costs recognized in the trailing twelve-month period, which decreased after-tax ROIC by 0.6 percentage points. For the trailing twelve months ended August 2, 2025, includes the impact of after-tax net gains on interchange fee settlements, which increased after-tax ROIC by 1.4 percentage points.
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
ANALYSIS OF FINANCIAL CONDITION
Index to Notes
Analysis of Financial Condition
Liquidity and Capital Resources
Capital Allocation
We follow a disciplined and balanced approach to capital allocation based on the following priorities, ranked in order of importance: first, we fully invest in opportunities to profitably grow our business, create sustainable long-term value, and maintain our current operations and assets; second, we maintain a competitive quarterly dividend and seek to grow it annually; and finally, we return any excess cash to shareholders by repurchasing shares within the limits of our credit rating goals.
Our cash and cash equivalents balance was $5.4 billion, $5.5 billion, and $4.3 billion as of August 1, 2026, January 31, 2026, and August 2, 2025, respectively. Our cash and cash equivalents balance includes short-term investments of $4.3 billion, $4.6 billion, and $3.3 billion as of August 1, 2026, January 31, 2026, and August 2, 2025, respectively. Our investment policy is designed to preserve principal and liquidity of our short-term investments. This policy allows investments in large money market funds or in highly-rated direct short-term instruments that mature in three months or less. We also place dollar limits on our investments in individual funds or instruments.
Operating Cash Flows
Cash flows provided by operating activities were $4.5 billion and $2.4 billion for the six months ended August 1, 2026, and August 2, 2025, respectively. The increase was primarily due to higher accounts payable leverage that more than offset increased inventory purchases to support sales growth, as well as higher net earnings.
Inventory
Inventory increased to $13.2 billion as of August 1, 2026, compared with $12.3 billion and $12.9 billion as of January 31, 2026, and August 2, 2025, in support of sales growth.
Investing Cash Flows
Cash used in investing activities increased to $2.4 billion for the six months ended August 1, 2026, compared to $1.9 billion for the six months ended August 2, 2025, due to higher capital expenditures.
Dividends
We paid dividends totaling $518 million ($1.14 per share) and $1,034 million ($2.28 per share) for the three and six months ended August 1, 2026, and $509 million ($1.12 per share) and $1,019 million ($2.24 per share) for the three and six months ended August 2, 2025, a per share increase of 1.8 percent. We declared dividends totaling $539 million ($1.16 per share) during the second quarter of 2026 and $529 million ($1.14 per share) during the second quarter of 2025, a per share increase of 1.8 percent. We have paid dividends every quarter since our 1967 initial public offering, and it is our intent to continue to do so in the future.
Share Repurchase
We did not repurchase any shares during the six months ended August 1, 2026. See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds of this Quarterly Report on Form 10-Q and Note 10 to the Financial Statements for more information.
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS
ANALYSIS OF FINANCIAL CONDITION
Index to Notes
Financing
Our financing strategy is to ensure liquidity and access to capital markets, to maintain a balanced spectrum of debt maturities, and to manage our net exposure to floating interest rate volatility. Within these parameters, we seek to minimize our borrowing costs. Our ability to access the long-term debt and commercial paper markets has provided us with ample sources of liquidity. Our continued access to these markets depends on multiple factors, including the condition of debt capital markets, our operating performance, and maintaining strong credit ratings. As of August 1, 2026, our credit ratings were as follows:
Credit Ratings Moody's
S&P
Long-term debt A2 A
Commercial paper P-1 A-1
If our credit ratings were lowered, our ability to access the debt markets, our cost of funds, and other terms for new debt issuances could be adversely impacted. Each of the credit rating agencies reviews its rating periodically, and there is no guarantee our current credit ratings will remain the same as described above.
We repaid $1.0 billion of unsecured debt in April 2026. Note 8 to the Financial Statements provides additional information.
We have the ability to obtain short-term financing from time to time under our commercial paper program and credit facilities. In August 2026, we obtained a committed $4.0 billion unsecured revolving credit facility that will expire in August 2031. This new facility replaced our $1.0 billion and $3.0 billion unsecured revolving credit facilities that were set to expire in October 2026 and October 2028, respectively. These credit facilities provide a liquidity backstop to our commercial paper program. No balances were outstanding under any credit facility or our commercial paper program at any time during 2026 or 2025. Note 8 to the Financial Statements provides additional information.
Most of our long-term debt obligations contain covenants related to secured debt levels. In addition to a secured debt level covenant, our credit facilities also contain a debt leverage covenant. We are, and expect to remain, in compliance with these covenants. Additionally, as of August 1, 2026, no notes or debentures contained provisions requiring acceleration of payment upon a credit rating downgrade, except that certain outstanding notes allow the note holders to put the notes to us if within a matter of months of each other we experience both (i) a change in control and (ii) our long-term credit ratings are either reduced and the resulting rating is non-investment grade, or our long-term credit ratings are placed on watch for possible reduction and those ratings are subsequently reduced and the resulting rating is non-investment grade.
We believe our sources of liquidity, namely operating cash flows, credit facility capacity, and access to capital markets, will continue to be adequate to meet our contractual obligations, working capital, and planned capital expenditures, finance anticipated expansion and strategic initiatives, fund debt maturities, pay dividends, and execute purchases under our share repurchase program for the foreseeable future.
New Accounting Pronouncements
We do not expect any recently issued accounting pronouncements to have a material effect on our financial statements.
TARGET CORPORATION Q2 2026 Form 10-Q
MANAGEMENT'S DISCUSSION AND ANALYSIS & SUPPLEMENTAL INFORMATION
FORWARD-LOOKING STATEMENTS & CONTROLS AND PROCEDURES
Index to Notes
Forward-Looking Statements
This report contains forward-looking statements, which are based on our current assumptions and expectations. These statements are typically accompanied by the words "anticipate," "believe," "could," "expect," "may," "might," "seek," "will," "would," or similar words. The principal forward-looking statements in this report include statements regarding: our future financial and operational performance, changes in the consumer landscape, evolution in tariffs and global trade policy, the availability, timing, and amount of any tariff refunds, the impacts of business transformation efforts, the adequacy of and costs associated with our sources of liquidity, the funding of debt maturities, the execution of our share repurchase program, our expected capital expenditures and new lease commitments, the expected compliance with debt covenants, the expected impact of new accounting pronouncements, our intentions regarding future dividends, the expected return on plan assets, the expected outcome of, and adequacy of our reserves for, claims, litigation, and the resolution of tax matters, and changes in our assumptions and expectations.
All such forward-looking statements are intended to enjoy the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. Although we believe there is a reasonable basis for the forward-looking statements, our actual results could be materially different. The most important factors which could cause our actual results to differ from our forward-looking statements are set forth in our description of risk factors included in Part I, Item 1A, Risk Factors of our Form 10-K for the fiscal year ended January 31, 2026, which should be read in conjunction with the forward-looking statements in this report. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update any forward-looking statement.
Target Corporation published this content on August 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 28, 2026 at 17:54 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]