TARGET (TGT) Company Report

$2 billion investment in 2026 to revive in-store experience, boost staffing and training, and accelerate technology and supply-chain work.
Investment split of > $1 billion in capital expenditures and ~ $1 billion in operating investments for store transformations, payroll increases, AI and tech enhancements.
Plans to open 30+ new stores, remodel about 130 locations, and mark the opening of its 2,000th store in March.
Rolling out Target Beauty Studio in 600 stores this fall, a Threshold home relaunch, expanded baby boutiques with partner brands, and a substantially increased food assortment.
Company is targeting approximately 2% sales growth for 2026.

2 hours ago

Morningstar

Target outlines strategic plan for growth in 2026

TGT

New Projects/Investments

Revenue Acceleration/Inflection

Target plans an incremental $2 billion investment in 2026—$1 billion in capital expenditures and $1 billion in operating investments—to transform stores, enhance the guest experience and accelerate technology.
The retailer expects to open over 30 new stores, invest in 130+ full-store remodels, and increase total capital spending to ~$5 billion to support expansion and supply chain upgrades.
Four strategic priorities—merchandising authority, elevated guest experience, technology acceleration (including AI), and team/community strengthening—will guide decisions and investments.
Target will refresh key categories (home, beauty, baby, food, wellness, women’s style, culture), evolve loyalty programs, and expand same-day and next-day fulfillment services.

11 hours ago

Press Release

Target reports Q4 2026 performance and 2026 outlook

TGT

Earnings

Guidance Update

New Projects/Investments

Guidance Update: FY26 net sales are expected to grow ~2%, including a modest comp-sales increase and over 1 pp contribution from new stores, Roundel, and Target Plus; adjusted operating margin is forecast to expand by ~20 bp to about 4.8%, with GAAP and adjusted EPS of $7.50–$8.50 (5–6% growth).
Q4 Performance: In Q4, adjusted operating income and EPS rose year-over-year despite a sales decline, driven by strong cost control, supply-chain and digital fulfillment productivity, with sales trends accelerating in December, January, and February.
Strategic Investments: Target plans more than $2 billion of incremental investments in 2026—$1 billion in new stores and remodels and $1 billion reinvested in store labor, merchandising transitions, marketing, and technology—to support long-term growth.
Digital & Loyalty Momentum: Same-day delivery grew >30% in 2025, Target Circle 360 membership doubled, and the AI-driven personalization engine generated billions in incremental sales, underpinning Target’s position as the fifth-largest digital grocer in the U.S..

12 hours ago

Transcript

Target outlines Q4 2026 results and 2026 growth strategy

TGT

Earnings

Guidance Update

New Projects/Investments

Target defined a new “chapter” focused on four strategic priorities—merchandising authority, elevating the guest experience, accelerating technology, and strengthening team & communities—backed by a broad-based assortment and store refresh across all 2,000 locations in 2026 to drive sustainable growth.
For full-year 2026, Target is guiding ~2% net sales growth with a small comparable-sales increase and expects GAAP and adjusted EPS of $7.50–8.50 (5%–6% growth); profit is projected to strengthen in H2 as investments ramp.
The company is committing a $2 billion incremental investment in 2026—$1 billion reinvested in the P&L (store labor, training, marketing, technology) and $1 billion in capital expenditures (30+ new stores and 130+ full remodels)—funded by tariff and inventory-adjustment savings plus productivity gains.
Gross margin is expected to expand in 2026 as the business laps favorable tariff and inventory adjustments, while long-term operating margin should surpass pre-pandemic levels driven by revenue leverage (Roundel and Target Plus) and productivity initiatives.

13 hours ago

Transcript

Target reports Q4 2026 earnings and issues 2026 guidance

TGT

Earnings

Guidance Update

New Projects/Investments

Adjusted operating income and EPS improved year-over-year in Q4 despite a sales decline; GAAP EPS fell slightly due to $90 million of non-recurring transformation costs.
Sales trends accelerated in December and January and further in February, resulting in healthy top-line growth at the start of fiscal 2027.
2026 guidance calls for ~2% net sales growth (including >1 pt from new stores, Roundel and Target Plus), a ~20 bp increase in adjusted operating margin to ~4.8%, and GAAP/adjusted EPS of $7.50–$8.50 (+5-6%) .
Planning over $2 billion in incremental 2026 investments: $1 billion in CapEx for new stores and remodels, and $1 billion to enhance guest experience (labor, training, marketing, technology/AI), funded by tariff cost lapping and productivity gains.
Long-term outlook envisions accelerating to low- to mid-single-digit sales growth and expanding operating margins toward pre-pandemic levels, leveraging Target’s store footprint, merchandising authority and digital/loyalty assets.

14 hours ago

Transcript

Target reports weak full-year 2025 results, names new CEO

TGT

Earnings

CEO Change

Guidance Update

Q4 comparable sales fell 2.5%, with total revenue of $30.45 billion, in-store sales down 3.9% and digital sales up 1.9%.
Full-year GAAP EPS was $8.13, with adjusted EPS of $7.57 for fiscal 2025.
Michael Fiddelke named new CEO, tasked with a turnaround amid weak traffic, consumer cutbacks and intensifying competition.
2026 guidance calls for ~2% net sales growth and GAAP EPS of $7.50–8.50, with sequential improvement expected each quarter.

20 hours ago

WSJ

Target reports fourth quarter and full-year 2025 earnings

TGT

Earnings

Guidance Update

Dividends

Target’s Q4 net sales were $30.5 billion, down 1.5% year-over-year, and full-year net sales were $104.8 billion, down 1.7%.
Q4 GAAP EPS was $2.30 and Adjusted EPS was $2.44; full-year GAAP EPS was $8.13 and Adjusted EPS was $7.57.
The company expects 2026 net sales growth of around 2%, a 20 bp increase in adjusted operating margin versus 2025, and GAAP and Adjusted EPS of $7.50–$8.50.
In Q4, Target paid $516 million in dividends (up 1.8%) and made no share repurchases, leaving $8.3 billion of remaining buyback capacity.

21 hours ago

8-K

Target reports fourth-quarter and full-year 2025 results

TGT

Earnings

Guidance Update

Q4 net sales of $30.5 billion with GAAP EPS of $2.30 and Adjusted EPS of $2.44, meeting company expectations.
Full-year net sales of $104.8 billion, with GAAP EPS of $8.13 and Adjusted EPS of $7.57, both below prior year levels.
Comparable sales declined 2.5% in Q4 (stores ‑3.9%, digital +1.9%) and 2.6% for the full year.
2026 guidance calls for net sales growth of ~2%, a ~20 bp increase in operating margin, and EPS of $7.50–$8.50.

21 hours ago

Press Release

Bouygues reports robust FY2025 results and record cash flow

TGT

Earnings

Dividends

Group sales were stable at €56.9 bn, up 0.7% like-for-like at constant exchange rates, despite a -€580 m FX headwind in 2025.
Current operating profit from activities (COPA) rose to €2,655 m (+€120 m year-on-year) and net profit attributable to the Group reached €1,138 m (+€80 m).
Free cash flow before working capital requirements hit a record €1,808 m, marking the third consecutive year of growth.
Net debt improved to €4,204 m at end-2025, down €1,862 m year-on-year, with net cash at an all-time high in the Construction Division.
The dividend was raised by 5% to €2.10 per share for FY2025.

6 days ago

Press Release

Target announces executive leadership changes and confirms Q4 2025 guidance

TGT

Management Change

Guidance Update

New CEO Michael Fiddelke appoints Cara Sylvester as Chief Merchandising Officer and Lisa Roath as Chief Operating Officer, effective Feb. 15, 2026.
Rick Gomez (Chief Commercial Officer) will depart and Jill Sando (Chief Merchandising Officer for apparel and accessories, home and hardlines) will retire, both remaining briefly to ensure a smooth transition.
The company is conducting an external search for a Chief Guest Experience and Marketing Officer to fill a new leadership role.
Target confirms it expects to report Q4 2025 sales, full-year GAAP EPS and full-year Adjusted EPS in line with its prior guidance.