Companies /Consumer Defensive

Target Corp

NYSE: TGT Discount Stores
$163.75
▲ $2.87 (+1.78%) today
Markets closed · 8:49pm ET

Q3 2026 Earnings

Reported Nov 19, 2025, 7:58am ET · SEC source
$1.78
Beat +4.21%
EPS · est. $1.71
$25.3B
Miss −0.07%
Revenue · est. $25.3B
+7.2%
Beating market
TGT vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%+4%Nov 19Nov 20report 7:58am ETearnings−1.3%−2.4%
−2%0+2%+4%Nov 19Nov 20earnings−1.3%−2.4%
TGT −2.4%S&P 500 −1.3%
−2%0+2%+4%Nov 19Nov 20report 7:58am ETearnings−1.8%−2.4%
−2%0+2%+4%Nov 19Nov 20earnings−1.8%−2.4%
TGT −2.4%NASDAQ −1.8%
−3%0+3%Nov 18Nov 26report 7:58am ETearnings+2.7%+4.2%
−3%0+3%Nov 18Nov 26earnings+2.7%+4.2%
TGT +4.2%S&P 500 +2.7%
−3%0+3%Nov 18Nov 26report 7:58am ETearnings+2.7%+4.2%
−3%0+3%Nov 18Nov 26earnings+2.7%+4.2%
TGT +4.2%NASDAQ +2.7%
−2.77%
Day of report
−2.79%
Next session
+4.32%
One week
+10.59%
30 days

S&P 500 over the same 30 days: +3.35%.

Did TGT Beat Earnings? Q3 2026 Results

Target posted a mixed but ultimately resilient set of Q3 fiscal 2025 results, beating on the bottom line while falling just short on revenue in a quarter that underscored the persistent pressure weighing on the retailer. Adjusted EPS came in at $1.78, clearing the $1.71 consensus estimate by 4.21%, though the figure still represented a 3.9% decline from a year ago. Revenue of $25.27 billion missed the $25.29 billion consensus by a slim 0.07% and slipped 1.6% year-over-year, with a 2.7% drop in comparable sales reflecting continued softness in discretionary categories like apparel and home furnishings. The earnings beat was clouded by $161 million in pretax transformation charges tied to severance and asset impairments, which dragged GAAP diluted EPS to $1.51. Incoming CEO Michael Fiddelke struck a measured tone, noting performance was in line with expectations, while the company heads into a holiday season with over 20,000 new items on shelves. Target maintained its Q4 outlook for a low-single-digit sales decline, with full-year adjusted EPS expected between $7.00 and $8.00.

Key Takeaways
  • Digital comparable sales grew 2.4%, led by more than 35% growth in same-day delivery powered by Target Circle 360
  • Food & Beverage and Hardlines ('Fun 101') delivered comparable sales growth
  • Non-merchandise sales grew nearly 18% with Roundel, membership, and marketplace revenues all growing double digits
  • Lower inventory shrink and efficiency gains in supply chain and digital fulfillment
  • Additional tax credits reduced effective income tax rate to 19.8% from 21.7%

“Thanks to the incredible work and dedication of the Target team, our third quarter performance was in line with our expectations, despite multiple challenges continuing to face our business.”

Target CEO, on the earnings call

Forward Guidance & Outlook

For Q4 fiscal 2025, Target maintains its expectation of a low-single-digit decline in sales. Full-year GAAP EPS is now expected to be approximately $7.70 to $8.70. Full-year Adjusted EPS, excluding gains from Q1 litigation settlements and Q3 severance/asset-related charges, is now expected to be approximately $7.00 to $8.00. The company is investing in holiday newness with over 20,000 new items (twice the prior year), expanded next-day shipping to more than half the U.S. population, and value-focused pricing on food, beverage, and essentials.

TGT YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$8.0B$16.0B$24.0B$25.7B$25.3BRevenue$7.3B$7.1BGross Profit$1.2B$948.0MOperating Income$854.0M$689.0MNet Income
$0$8.0B$16.0B$24.0BRevenueGross ProfitOperating IncomeNet Income

TGT Revenue by Segment

Food & Beverage$6.0B
Hardlines$3.2B
Home Furnishings & Décor$3.9B
Household Essentials$4.5B
Apparel & Accessories$3.8B
Beauty$3.2B
Advertising Revenue (Roundel)$241.0M
Credit Card Profit Sharing$119.0M

Figures from SEC filings and company reports. Not investment advice.