A discount retailer selling groceries, clothing, home goods, and everyday essentials across the U.S., with its own brands like Good & Gather and Cat & Jack. Target began in 1962 when the Dayton Company, a Minneapolis department-store family, opened its first discount store — the name and red bullseye logo came from the idea of being a 'target' for shoppers. Its stores also serve as fulfillment hubs, and it runs an advertising business called Roundel.
On August 14, 2026, Target Corporation entered into a $4.0 billion unsecured revolving credit facility with Bank of America as administrative agent and other lenders.
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The credit facility may be increased by up to an additional $1.0 billion, subject to conditions, and expires on August 14, 2031, with two one-year extension options.
Borrowings under the facility bear interest at rates that vary based on loan type and Target's debt ratings.
Target terminated its prior $3.0 billion Five-Year Credit Agreement (dated October 18, 2021) and its $1.0 billion 364-Day Credit Agreement (dated October 9, 2025) in connection with the new facility.
The new credit agreement includes customary covenants, including a financial covenant on leverage ratio, and customary events of default.
1.01 Entry into a Material Definitive Agreement · 1.02 Termination of a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
Target elects former 7-Eleven CEO Joe DePinto to its Board, effective Aug. 1, 2026.
DePinto will also serve on the Audit & Risk Committee and the Infrastructure & Finance Committee, effective the same date.
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On July 18, 2026, Target's Board elected Joe DePinto as a director, effective August 1, 2026.
DePinto, 63, is the former President & CEO of 7-Eleven, Inc. (2005–Dec 2025) and previously led GameStop and held roles at PepsiCo.
He will receive Target's standard annual non-employee director compensation as described in the 2026 proxy statement.
No arrangements or related-person transactions were disclosed in connection with his selection.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits
Target shareholders elect 12 directors and approve 2026 LTIP restatement at annual meeting.
At the June 10, 2026 annual meeting, Target shareholders elected 12 director nominees for one-year terms, with each receiving majority support.
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Shareholders ratified Ernst & Young LLP as independent auditor for fiscal 2026 with 93.5% of votes cast.
Advisory vote on executive compensation passed with 89.0% support.
Amended and Restated 2020 Long-Term Incentive Plan approved with 95.0% of votes cast.
Three shareholder proposals (independent board chair, pesticide report, microfiber report) were not approved.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits
Target reports Q1 2026 EPS of $1.71, net sales up 6.7% to $25.4 billion
First quarter net sales grew 6.7 percent to $25.4 billion, with comparable sales up 5.6 percent.
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GAAP and Adjusted EPS were $1.71, down 24 percent from prior-year GAAP EPS of $2.27 but up 32 percent from prior-year Adjusted EPS of $1.30.
Operating income was $1.1 billion, down 22.9 percent from prior-year GAAP operating income but up 29.1 percent from prior-year Adjusted operating income.
The company updated 2026 guidance: net sales growth around 4 percent, operating income margin rate more than 20 basis points higher than 2025's 4.6 percent, and EPS near the high end of the $7.50 to $8.50 range.
First quarter gross margin rate was 29.0 percent, up from 28.2 percent in 2025.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Target reports Q4 and full-year 2025 earnings, with Q4 GAAP EPS of $2.30 and Adjusted EPS of $2.44.
Fourth quarter net sales were $30.5 billion, down 1.5% from Q4 2024, with comparable sales down 2.5%.
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Full-year net sales decreased 1.7% to $104.8 billion, with comparable sales down 2.6%.
Fourth quarter GAAP EPS was $2.30, including 15 cents of non-recurring business transformation costs; Adjusted EPS was $2.44.
Full-year GAAP EPS was $8.13, down from $8.86 last year; Adjusted EPS was $7.57.
For 2026, Target expects net sales growth around 2%, operating income margin rate about 20 basis points higher than 2025's 4.6% adjusted rate, and GAAP and Adjusted EPS of $7.50 to $8.50.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits