🔹 Revenue: $25.21B (Est. $24.90B) 🟢; -0.9% YoY
🔹 EPS: $2.05 (Est. $2.04) 🟢; -20% YoY
🔹 Comp Sales: -1.9% YoY
🔹 Michael Fiddelke (current COO) named CEO effective Feb 1, 2026
FY25 Guide
🔹 Adj EPS: ~$7.00–$9.00 (Est. $7.34) 😕
🔹 Sales: Low-single-digit decline (Est. -1.71%)
Segment:
🔹 Apparel & Accessories: $4.09B; DOWN -4% YoY
🔹 Beauty: $3.40B; FLAT YoY
🔹 Food & Beverage: $5.59B; UP +1% YoY
🔹 Hardlines: $3.52B; UP +6% YoY
🔹 Home Furnishings & Décor: $3.66B; DOWN -6% YoY
🔹 Household Essentials: $4.42B; DOWN -3% YoY
🔹 Non-Merchandise Sales: UP +14% YoY (Roundel, Membership, Marketplace)
Other Metrics
🔹 Stores comps: -3.2% YoY
🔹 Digital comps: +4.3% YoY
🔹 Operating Income: $1.3B; DOWN -19% YoY
🔹 Net Income: $935M; DOWN -21% YoY
🔹 Gross Margin: 29.0% (vs. 30.0% LY)
🔹 Operating Margin: 5.2% (vs. 6.4% LY)
🔹 Dividend Paid: $509M (+1.8% per share YoY)
🔹 Share Buybacks: None; $8.4B capacity remaining
🔹 After-Tax ROIC: 14.3% (vs. 16.6% LY)
CEO Transition
🔹 Michael Fiddelke (current COO) named CEO effective Feb 1, 2026
🔹 Brian Cornell to transition to Executive Chair
Commentary
🔸 CEO Brian Cornell: “Q2 showed encouraging signs of recovery, including improved traffic and sales trends — particularly in stores — and disciplined cost management in a challenging retail environment.”
🔸 Lead Independent Director Christine Leahy: “It is clear that Michael is the right leader to return Target to growth, refocus and accelerate the company’s strategy.”
