Published
# Target Corporation (TGT) - Recent Events ## Filings that contain financial statements - Form 8-K dated August 19, 2026 (accession 0000027419-26-000034): Exhibit 99 news release for the second quarter ended August 1, 2026. It holds the consolidated statements of operations (three and six months ended August 1, 2026 and August 2, 2025), the statements of financial position (August 1, 2026, January 31, 2026 and August 2, 2025), and the statements of cash flows (six months). - Form 8-K dated May 20, 2026 (accession 0000027419-26-000020): Exhibit 99 release for the first quarter ended May 2, 2026, with statements of operations, financial position and cash flows. - Form 8-K dated March 3, 2026 (accession 0000027419-26-000012): Exhibit 99 release for the fourth quarter and fiscal year ended January 31, 2026, with statements of operations, financial position and cash flows. - Form 8-K dated November 19, 2025 (accession 0000027419-25-000123): Exhibit 99 release for the third quarter ended November 1, 2025. - Form 8-K dated August 20, 2025 (accession 0000027419-25-000115): Exhibit 99 release for the second quarter ended August 2, 2025. ## Earnings and guidance - **August 19, 2026, second quarter 2026 results (0000027419-26-000034).** Net sales were $26.5 billion, up 5.3 percent, with comparable sales up 3.8 percent (traffic up 3.6 percent; stores up 2.7 percent, digital up 8.7 percent). Operating income was $2.56 billion versus $1.32 billion a year earlier. Diluted EPS, both GAAP and Adjusted, was $4.11 versus $2.05. The quarter includes a $994 million pretax benefit from refunds of tariffs imposed under the International Emergency Economic Powers Act, recorded as a reduction of cost of sales. That benefit added $752 million to net earnings and $1.65 to EPS, and 3.7 percentage points to the gross and operating margin rates. Excluding the refunds, GAAP and Adjusted EPS rose 20 percent. Net sales rose 5.3 percent on a 5.0 percent rise in merchandise sales and a 20.1 percent rise in non-merchandise sales. - **Guidance raised (same release).** Full-year 2026 net sales growth in a range around 5 percent, one point above the prior range. Operating income margin rate around 6 percent, including about 90 basis points from the second quarter tariff refunds. GAAP and Adjusted EPS of $9.90 to $10.90, including about $1.65 of tariff refund benefit; excluding the refunds the midpoint is $0.75 above the prior $7.50 to $8.50 range. The guidance excludes any future tariff refunds. - **May 20, 2026, first quarter 2026 results (0000027419-26-000020).** Net sales were $25.4 billion, up 6.7 percent; comparable sales rose 5.6 percent. GAAP and Adjusted EPS was $1.71, against prior-year GAAP EPS of $2.27 (which included $441 million after tax of interchange fee settlement gains) and Adjusted EPS of $1.30. Guidance was raised: net sales growth around 4 percent (two points higher), operating margin rate more than 20 basis points above the 4.6 percent 2025 Adjusted rate, and EPS near the high end of the prior $7.50 to $8.50 range. - **March 3, 2026, fourth quarter and fiscal 2025 results (0000027419-26-000012).** Fourth quarter net sales were $30.5 billion, down 1.5 percent; GAAP EPS $2.30 and Adjusted EPS $2.44. Fiscal 2025 net sales were $104.8 billion, down 1.7 percent; GAAP EPS $8.13 and Adjusted EPS $7.57. Initial 2026 guidance: net sales growth around 2 percent, operating margin rate about 20 basis points above 4.6 percent, and EPS of $7.50 to $8.50. - **February 10-11, 2026, fourth quarter pre-announcement (0000027419-26-000009).** Target said it expected fourth quarter 2025 sales and full-year GAAP and Adjusted EPS in line with prior guidance. - **November 19, 2025, third quarter 2025 results (0000027419-25-000123).** Net sales were $25.3 billion, down 1.5 percent; GAAP EPS $1.51 and Adjusted EPS $1.78 (excluding severance and asset-related charges). Full-year GAAP EPS guidance was set at about $7.70 to $8.70 and Adjusted EPS at about $7.00 to $8.00. ## Capital actions and financing - **August 14, 2026, new $4.0 billion revolving credit facility (0000027419-26-000032).** Target entered a Five-Year Credit Agreement for a $4.0 billion unsecured revolver, expandable by up to $1.0 billion, expiring August 14, 2031 with two one-year extension options. The agreement is signed and in effect. It carries a leverage ratio covenant. On the same day Target terminated its prior $3.0 billion Five-Year Credit Agreement (dated October 18, 2021, due to expire October 18, 2028) and its $1.0 billion 364-Day Credit Agreement (dated October 9, 2025, due to expire October 8, 2026). - **October 9, 2025, 364-day credit agreement (0000027419-25-000121).** Target entered a $1.0 billion 364-Day Credit Agreement expiring October 8, 2026, expandable by up to $500 million, replacing its prior 364-day agreement. It was terminated on August 14, 2026 as described above. - **Share repurchases and dividends (0000027419-26-000034).** Target did not repurchase stock in the second quarter and about $8.3 billion remained under the program approved in August 2021. Dividends paid in the quarter were $518 million, with dividends declared of $1.16 per share against $1.14 a year earlier, up 1.8 percent. The first quarter and fourth quarter releases likewise report no repurchases (0000027419-26-000020, 0000027419-26-000012). - **June 10, 2026 annual meeting (0000027419-26-000026).** Shareholders elected twelve directors, ratified Ernst & Young LLP for fiscal 2026, approved executive compensation on an advisory basis (89.0 percent in favor), and approved the Amended and Restated 2020 Long-Term Incentive Plan (95.0 percent in favor of votes cast on the proposal). ## Management and board changes - **August 15-20, 2025, CEO succession (0000027419-25-000114).** The board named Michael J. Fiddelke, then Executive Vice President and Chief Operating Officer and previously Chief Financial Officer, as Chief Executive Officer effective February 1, 2026. Brian C. Cornell became Executive Chair. - **February 5, 2026, compensation (0000027419-26-000004).** Fiddelke's base salary is $1.30 million with a 200 percent target annual incentive and a $12.1 million target long-term award. Cornell's letter agreement sets a base salary of $1.12 million with a 200 percent target incentive. - **February 10, 2026, executive team changes (0000027419-26-000006, 0000027419-26-000009).** Lisa Roath became Chief Operating Officer and Cara Sylvester Chief Merchandising Officer, both effective February 15. Chief Commercial Officer Rick Gomez stepped down, with a transition to April 17, 2026, and apparel and home merchandising chief Jill Sando is retiring. Target is searching externally for a chief guest experience and marketing officer. - **Board additions.** John R. Hoke III (former NIKE Chief Innovation Officer), effective March 1, 2026, and Stephen B. Bratspies (former HanesBrands CEO), effective April 1, 2026 (0000027419-26-000002). Joe DePinto (former 7-Eleven CEO), effective August 1, 2026, joining the Audit & Risk and Infrastructure & Finance committees (0000027419-26-000028). ## Not reflected No acquisitions, divestitures, stock splits, impairments, or legal or going-concern items appear in the Form 8-K filings reviewed for this period.