On this page of StockholderLetter.com we present the latest annual shareholder letter from TARGET CORP — ticker symbol TGT. Reading current and past TGT letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report Target Corporation

To explore key stories of the past year and find out what s ahead, visit corporate.target.com. You can view our Annual Report online at target.com/annualreport. Welcome to our 2025 Annual Report Financial Highlights (Note: 2023 was a 53-week year.) $6,539 $8,946 $3,848 $5,707 $5,566 $5,117 $4,368 $6,946 $2,780 $4,138 $4,091 $3,705 $8.64 $14.10 $5.98 $8.94 $8.86 $8.13 22 $104,780 21 23 24 25 20 21 22 23 24 25 20 21 22 23 24 25 20 21 22 23 24 25 $107,412 20 Diluted EPS $106,566 In Millions $109,120 Net Earnings In Millions $106,005 Operating Income In Millions $93,561 Net Sales 2025 Performance: -1.7% Five-year CAGR: 2.3% 2025 Performance: -8.1% Five-year CAGR: -4.8% 2025 Performance: -9.4% Five-year CAGR: -3.2% 2025 Performance: -8.2% Five-year CAGR: -1.2% Total 2025 Merchandise Sales: $102,717 Million 15% 13% 24% 15% 15% 18% Apparel & Accessories Beauty Food & Beverage Hardlines Home Furnishings & D cor Household Essentials
Letter to Shareholders Elevate the guest experience. Product is the start, but experience is what turns a trip into a relationship. We re raising our standards in stores by strengthening end-to-end reliability, investing in training and support for our teams, and continuing to improve product availability and presentation. At the same time, we re building an even more welcoming digital front door, so discovery is more personal, more relevant and more connected to the moments that matter for busy families. Accelerate technology. We re investing in technology and leveraging AI to make shopping more joyful and support our teams. That includes enhancing search, powering personalization through our loyalty ecosystem, strengthening our media and marketplace businesses and reducing friction for our store teams so they can spend more time serving guests. Strengthen our team and communities. To my fellow shareholders, I m grateful for the opportunity to lead this team and this company, as we work together to write a new chapter at Target. In my first year as CEO, my focus is on getting Target back to growth by playing our own game and making big changes to delight our guests. Over the last few years, our results have been far from what we expect to deliver over time. However, in 2025, I m proud of how our team performed in the face of multiple challenges and positioned our business for profitable growth beginning this year. We know we have work to do, and that work is already underway. In recent months, we ve engaged in a comprehensive review of our business, which reinforced our understanding of the distinct role Target plays in consumers lives and the categories where we have the right to win. That clarity is driving a refreshed strategy. We know we re at our best when we deliver the style, design, experience and value busy families crave, and when we do it with consistency. Our standard is to delight guests every time they shop with us. Delight begins with sharp pricing, strong in-stocks and fast fulfillment. It s also the joy of finding something new and the confidence that the experience will be easy to shop, inspiring and friendly, every time. That s the bar we re setting for ourselves, and it s the filter guiding the choices we re making. And we re moving with urgency. In 2026, guests will see and feel more change in what we sell and how we sell it than they have in a decade. This is our path to growth, and it is anchored in four priorities we re advancing in parallel: Lead with merchandising authority. We re doubling down on curation that blends style with value and offers a trend-forward point of view guests can trust. That means accelerating momentum in categories where we ve had success, leaning into categories where we have a clear right to win and bringing even more newness to our full assortment. This is how we earn more trips, build bigger baskets and strengthen loyalty over time. Team and community will always sit at the heart of Target. We will continue to invest in our team through pay, benefits and training, so that every team member can grow their career with us. And we remain committed to showing up in communities through meaningful action, including the more than one million hours our team volunteered last year and the 5% in profits we give back to communities in products, cash and through the Target Foundation every year. A clear strategy also means clear choices about where we will invest. This year, we re planning more than $2 billion in incremental investments across the business, including more than a $1 billion increase in capital expenditures from 2025 and another $1 billion in additional operating investments, all in service of accelerating growth. I m confident in the road ahead because Target has something rare in retail: a powerful brand, a differentiated strategy and an exceptional team. We re excited to get to work, execute our plans and deliver results. And we ll keep listening, learning and adjusting as we go. Thank you for your continued investment in Target. We re focused, we re moving with urgency and we re committed to delivering the next chapter of growth for Target and creating value for you, our shareholders. Michael Fiddelke, Chief Executive Officer
 • shareholder letter icon 4/27/2026 Letter Continued (Full PDF)
 • stockholder letter icon 5/1/2023 TGT Stockholder Letter
 • stockholder letter icon 4/29/2024 TGT Stockholder Letter
 • stockholder letter icon 4/28/2025 TGT Stockholder Letter
 • stockholder letter icon More "Department Stores" Category Stockholder Letters
 • Benford's Law Stocks icon TGT Benford's Law Stock Score = 90


TGT Shareholder/Stockholder Letter Transcript:

2025
Annual Report
Target
Corporation


To explore key stories of the past
year and find out what   s ahead,
visit corporate.target.com. You can
view our Annual Report online
at target.com/annualreport.
Welcome to our
2025 Annual Report
Financial Highlights
(Note: 2023 was a 53-week year.)
$6,539
$8,946
$3,848
$5,707
$5,566
$5,117
$4,368
$6,946
$2,780
$4,138
$4,091
$3,705
$8.64
$14.10
$5.98
$8.94
$8.86
$8.13
   22
$104,780
   21
   23    24
   25
   20
   21
   22
   23
   24
   25
   20
   21
   22
   23
   24
   25
   20
   21
   22
   23
   24
   25
$107,412
   20
Diluted EPS
$106,566
In Millions
$109,120
Net Earnings
In Millions
$106,005
Operating Income
In Millions
$93,561
Net Sales
2025 Performance: -1.7%
Five-year CAGR: 2.3%
2025 Performance: -8.1%
Five-year CAGR: -4.8%
2025 Performance: -9.4%
Five-year CAGR: -3.2%
2025 Performance: -8.2%
Five-year CAGR: -1.2%
Total 2025 Merchandise Sales: $102,717 Million
15%
13%
24%
15%
15%
18%
Apparel &
Accessories
Beauty
Food & Beverage
Hardlines
Home Furnishings
& D  cor
Household
Essentials


Letter to Shareholders
Elevate the guest experience.
Product is the start, but experience is what turns a trip
into a relationship. We   re raising our standards in stores by
strengthening end-to-end reliability, investing in training and
support for our teams, and continuing to improve product
availability and presentation. At the same time, we   re building
an even more welcoming digital front door, so discovery is
more personal, more relevant and more connected to the
moments that matter for busy families.
Accelerate technology.
We   re investing in technology and leveraging AI to make
shopping more joyful and support our teams. That includes
enhancing search, powering personalization through our
loyalty ecosystem, strengthening our media and marketplace
businesses and reducing friction for our store teams so they
can spend more time serving guests.
Strengthen our team and communities.
To my fellow shareholders,
I   m grateful for the opportunity to lead this team and this
company, as we work together to write a new chapter at
Target. In my first year as CEO, my focus is on getting Target
back to growth by playing our own game and making big
changes to delight our guests.
Over the last few years, our results have been far from what
we expect to deliver over time. However, in 2025, I   m proud
of how our team performed in the face of multiple challenges
and positioned our business for profitable growth beginning
this year. We know we have work to do, and that work is
already underway. In recent months, we   ve engaged in a
comprehensive review of our business, which reinforced our
understanding of the distinct role Target plays in consumers   
lives and the categories where we have the right to win.
That clarity is driving a refreshed strategy. We know we   re at
our best when we deliver the style, design, experience and
value busy families crave, and when we do it with consistency.
Our standard is to delight guests every time they shop with us.
Delight begins with sharp pricing, strong in-stocks and fast
fulfillment. It   s also the joy of finding something new and the
confidence that the experience will be easy to shop, inspiring
and friendly, every time. That   s the bar we   re setting for
ourselves, and it   s the filter guiding the choices we   re making.
And we   re moving with urgency. In 2026, guests will see and
feel more change in what we sell and how we sell it than they
have in a decade. This is our path to growth, and it is anchored
in four priorities we   re advancing in parallel:
Lead with merchandising authority.
We   re doubling down on curation that blends style with value
and offers a trend-forward point of view guests can trust. That
means accelerating momentum in categories where we   ve had
success, leaning into categories where we have a clear right
to win and bringing even more newness to our full assortment.
This is how we earn more trips, build bigger baskets and
strengthen loyalty over time.
Team and community will always sit at the heart of Target.
We will continue to invest in our team through pay, benefits
and training, so that every team member can grow their
career with us. And we remain committed to showing up in
communities through meaningful action, including the more
than one million hours our team volunteered last year and the
5% in profits we give back to communities in products, cash
and through the Target Foundation every year.
A clear strategy also means clear choices about where we
will invest. This year, we   re planning more than $2 billion in
incremental investments across the business, including more
than a $1 billion increase in capital expenditures from 2025
and another $1 billion in additional operating investments,
all in service of accelerating growth.
I   m confident in the road ahead because Target has
something rare in retail: a powerful brand, a differentiated
strategy and an exceptional team. We   re excited to get to
work, execute our plans and deliver results. And we   ll keep
listening, learning and adjusting as we go.
Thank you for your continued investment in Target. We   re
focused, we   re moving with urgency and we   re committed to
delivering the next chapter of growth for Target and creating
value for you, our shareholders.
Michael Fiddelke, Chief Executive Officer


shareholder letter icon 4/27/2026 Letter Continued (Full PDF)
 

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