Q1 26 EPS
$1.71
BEAT +17.03%
Est. $1.46
Q1 26 Revenue
$25.44B
BEAT +3.19%
Est. $24.66B
vs S&P Since Q1 26
+2.8%
BEATING MARKET
TGT +3.5% vs S&P +0.7%
Market Reaction
Did TGT Beat Earnings? Q1 2026 Results
Target Corporation delivered a standout first quarter of fiscal 2026, posting earnings per share of $1.71 against a consensus estimate of $1.46, a beat of 17.03%, while net sales of $25.44 billion grew 6.7% year-over-year and cleared expectations by … Read more Target Corporation delivered a standout first quarter of fiscal 2026, posting earnings per share of $1.71 against a consensus estimate of $1.46, a beat of 17.03%, while net sales of $25.44 billion grew 6.7% year-over-year and cleared expectations by 3.19%. The headline numbers were powered by a broad-based comparable sales gain of 5.6%, itself driven by a 4.4% increase in customer traffic, a sharp reversal from the 3.8% comparable sales decline recorded a year ago. Gross margin widened to 29.0% from 28.2%, supported by improved supply chain productivity, lower markdown rates, and nearly 25% growth in non-merchandise revenue streams including Roundel advertising and Target Circle 360 memberships. The company's digital comparable sales climbed 8.9%, with same-day delivery growing more than 27%. The strong execution has lifted management's confidence heading into the rest of the year; Target raised its full-year 2026 net sales growth outlook to approximately 4% and now expects GAAP and adjusted EPS near the high end of its $7.50 to $8.50 guidance range.
Key Takeaways
- • Comparable sales grew 5.6%, driven by 4.4% traffic growth and 1.1% average transaction amount increase
- • Digital comparable sales grew 8.9%, led by more than 27% growth in same-day delivery via Target Circle 360
- • Non-merchandise sales grew nearly 25%, driven by Roundel ad revenue, Target Circle 360 membership, and Target+ marketplace
- • All six core merchandising categories posted year-over-year sales growth
- • Gross margin rate expanded to 29.0% from 28.2% due to improved supply chain productivity, advertising revenue growth, and lower markdowns
- • Stores originated comparable sales grew 4.7%
TGT YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
TGT Revenue by Segment
With YoY comparisons, source: SEC Filings
“First quarter financial results were stronger than expected, providing encouraging early signs that our clarified strategy is resonating with our guests and driving broad-based growth across our business.”
— Michael Fiddelke, Q1 2026 Earnings Press Release
TGT Earnings Trends
TGT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TGT EPS Trend
Earnings per share: estimate vs actual
TGT Revenue Trend
Quarterly revenue: estimate vs actual
TGT Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 | — | — | — | — | — |
| Q4 26 BEAT FY | $2.16 | $2.44 | +12.97% | $30.45B | -0.07% |
| FY Full Year | $7.31 | $7.57 | +3.56% | $104.78B | +0.00% |
| Q3 26 BEAT | $1.71 | $1.78 | +4.21% | $25.27B | -0.07% |
| Q2 26 BEAT | $2.04 | $2.05 | +0.72% | $25.21B | +1.23% |
| Q1 26 BEAT | $1.46 | $1.71 | +17.03% | $25.44B | +3.19% |