At a glance
Target Corporation is worth $71.95B, about 20 times its fiscal 2026 earnings. Revenue fell 1.7% to $104.78B in fiscal 2026, with 3.5% kept as profit; over 5 years it has grown 2.3% a year. It pays a 2.89% dividend yield, raised every year for at least 9 years, and returned $20.74B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +77.6% over the past year with dividends reinvested and −6.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 21.7% in the 2020 crash (S&P 500: 33.7%) and 43.9% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Target is a discount retailer that sells everyday essentials, groceries and fashionable general merchandise. It calls its shoppers guests and runs its stores and digital sales as one business segment. Net sales were $104.8 billion in the fiscal year ended January 31, 2026, down from $106.6 billion a year earlier. Its stores also act as fulfillment hubs. They filled more than 97% of merchandise sales, including most online orders through Order Pickup, Drive Up and Same-Day Delivery.
Selling merchandise brings in nearly all of Target's revenue. Food and beverage was the largest category at 23%. Household essentials made up 17%, and hardlines (the retail term for hard goods) 15%. Apparel and accessories and home furnishings and decor were each about 15%, and beauty was 13%. About 30% of merchandise sales come from Target's owned and exclusive brands, such as Good & Gather, Cat & Jack and up & up. About half of Target's merchandise comes from outside the US, and China is the largest country of origin.
Other sources of revenue are much smaller. Roundel, Target's advertising business, brought in $915 million, and profit sharing from the Target Circle Card program added $522 million. Target also earns money from its Target Plus online marketplace and from paid Target Circle 360 memberships. CVS, which runs pharmacies and clinics inside Target stores, pays it occupancy income.
Price history
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TGT +77.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Food & beverage | $24.14B | 23% |
| Household essentials | $18.02B | 17.2% |
| Hardlines | $15.80B | 15.1% |
| Apparel And Accessories | $15.74B | 15% |
| Home Furnishings and Decor | $15.61B | 14.9% |
| Beauty | $13.21B | 12.6% |
| Advertising revenue | $915.0M | 0.9% |
| Other | $626.0M | 0.6% |
| Credit card profit sharing | $522.0M | 0.5% |
| Other merchandise sales | $205.0M | 0.2% |
Latest results
- In Q2 FY2027 (ended Aug 1, 2026), revenue was $26.54B, up 5.3% from a year earlier, and net income was $1.88B (+100.7%).
- For fiscal 2026, revenue was $104.78B (-1.7% year over year; +2.3% a year from FY2021 to FY2026) with a 3.5% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +2.3% watch |
|---|---|
| Operating margin | 4.9% weak |
| Free cash flow margin | 2.7% watch |
| Return on equity (FY2026) | 22.9% good |
| Return on assets (FY2026) | 6.2% watch |
| Net cash (cash minus debt) | $-9.95B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $93.56B | $4.37B | $7.88B |
| FY2022 | $106.00B | $6.95B | $5.08B |
| FY2023 | $109.12B | $2.78B | $-1.51B |
| FY2024 | $107.41B | $4.14B | $3.81B |
| FY2025 | $106.57B | $4.09B | $4.48B |
| FY2026 | $104.78B | $3.71B | $2.83B |
Valuation snapshot
| Market value | $71.95B |
|---|---|
| P/E ratio | 19.5 |
| Dividend yield | 2.89% |
Rank among 1514 US companies
Market value at each year end
Target’s market value went from $40.57B at the end of 2016 to $71.95B on Nov 2, 2026, up 77%; since the end of 2025 it is up 63%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $71.95B | +62.6% |
| 2025 | $44.26B | -28.5% |
| 2024 | $61.94B | -5.8% |
| 2023 | $65.75B | -4.2% |
| 2022 | $68.60B | -38.1% |
| 2021 | $110.89B | +25.4% |
| 2020 | $88.40B | +36.1% |
| 2019 | $64.97B | +88.4% |
| 2018 | $34.49B | -2.8% |
| 2017 | $35.47B | -12.6% |
| 2016 | $40.57B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TGT price data to Nov 2, 2026 | +66.4% | +77.6% | +16.8% | -6.6% | +12.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +66.4% |
| 2025 | -24.5% |
| 2024 | -2.2% |
| 2023 | -1.4% |
| 2022 | -34.3% |
| 2021 | +32.9% |
| 2020 | +40.5% |
| 2019 | +100.2% |
| 2018 | +4.8% |
| 2017 | -5.8% |
| 2016 | +2.7% |
| 2015 | -1.6% |
| 2014 | +23.8% |
| 2013 | +9.5% |
| 2012 | +18.2% |
| 2011 | -13.0% |
| 2010 | +26.3% |
| 2009 | +42.4% |
| 2008 | -30.0% |
| 2007 | -11.6% |
| 2006 | +4.7% |
| 2005 | +6.6% |
| 2004 | +36.1% |
| 2003 | +29.0% |
| 2002 | -26.4% |
| 2001 | +28.1% |
| 2000 | -11.6% |
| 1999 | +36.2% |
| 1998 | +62.1% |
| 1997 | +74.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.6% over that stretch · deepest drop along the way 60.6%, back to its old high 40.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 17.6% over that stretch · deepest drop along the way 21.7%, back to its old high 2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.6% over that stretch · deepest drop along the way 43.9%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 8 sales ($19.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 25, 2026 | Brian C Cornell Executive Officer, Director | sell | $8.2M |
| May 27, 2026 | Brian C Cornell Executive Officer, Director | sell | $6.4M |
| Aug 24, 2026 | Melissa K Kremer Executive Officer | sell | $2.6M |
| May 29, 2026 | Cara A Sylvester Executive Officer | sell | $1.3M |
| Jun 29, 2026 | Lisa R Roath Executive Officer | sell | $966K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
| FMR LLC | 5.4% | Jun 30, 2026 |
ETFs with the most weight in TGT
| MDPL Monarch Dividend Plus ETF | 3.35% |
| XLP Consumer Staples Select Sector SPDR Fund | 2.79% |
| STNC Hennessy Stance ESG ETF | 2.68% |
| RTH VanEck Retail ETF | 2.58% |
| CAMX Cambiar Aggressive Value ETF | 2.39% |
| VFQY Vanguard U.S. Quality Factor ETF | 2.13% |
| NXTV Simplify Next Intangible Value Index ETF | 2.12% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 2.02% |
What could go wrong
- Tariffs and dependence on imported goods. About half of Target's merchandise is sourced abroad, with China the largest source. Target pays the import duties itself on most of its own brands, so higher tariffs raise its costs directly.
- Misjudging what shoppers want. Target says it has not always forecast demand accurately. Past misses left it with too much or too little inventory and forced markdowns (price cuts to clear stock). They also raised storage and transport costs.
- Losing its edge on style and value. Target relies on design, exclusive brands and convenience to stand out. Easy online price comparison, rivals' technology and AI shopping tools run by other companies could push shoppers to decide on price alone.
- Theft and inventory shrink. Shrink is inventory lost to theft, damage or errors. Target lists it as a separate risk because goods that disappear before they are sold come straight out of profit.
- Damage to Target's reputation. Target says its success depends on how guests, team members and vendors see the company. If that goodwill fades, Target could lose shoppers and strain its relationships with workers and suppliers.
- Reliance on US shoppers and the holidays. Earnings depend on US consumer confidence and spending. A larger share of sales comes in the November–December holiday quarter, so a weak economy or a soft holiday season can hurt results.
Recent events
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
For income and retirement investors
Target has raised its dividend in every fiscal year of the SEC data. That makes at least nine straight increases, and the true streak may be longer. Dividends per share reached $4.54 in the fiscal year ended January 31, 2026, up from $2.70 five years earlier. That year's dividend used 55% of earnings and 72% of free cash flow (cash left after running and investing in the business). The yield was 3.07% as of October 28, 2026. Buybacks totaled $11.2 billion over the five fiscal years through January 2026 and cut the share count by about 5%. They slowed to $408 million in the latest year.
Downturns have hit the shares hard. They fell 60.6% in the 2008 financial crisis and took about 40 months to recover. They fell 21.7% in the 2020 COVID crash and recovered in about two months. In the 2022 bear market they fell 43.9% from an April 2022 peak and had not regained it as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Target make money?
Mostly by selling merchandise in its stores and through its digital channels. Net sales were $104.8 billion in the fiscal year ended January 31, 2026. Food and beverage was the largest category at 23% of revenue, followed by household essentials at 17%. Owned and exclusive brands such as Good & Gather and Cat & Jack made up about 30% of merchandise sales. Target also earned $915 million from Roundel, its advertising business, and $522 million from credit card profit sharing.
Does Target raise its dividend every year?
Yes, in every fiscal year of the SEC data. That makes at least nine straight annual increases, and the true streak may be longer. Dividends per share reached $4.54 in the fiscal year ended January 31, 2026, up from $2.70 five years earlier. The dividend used about 55% of earnings and 72% of free cash flow, so future raises depend on profits and cash flow holding up. The yield was 3.07% as of October 28, 2026.
Is Target affected by tariffs?
Yes. About half of the merchandise Target offers comes from outside the US, with China the largest country of origin. Target is the importer of record, meaning the party legally responsible for customs, for most of its owned and exclusive brands. So it pays those duties itself. It tries to offset tariffs by negotiating with suppliers, sourcing from more places and changing what it stocks and charges. It also files first-sale claims to get some duties back, but many take more than a year to be paid.
How has Target stock performed?
It has lost ground over five years despite a strong rebound. As of October 28, 2026, the stock was down about 33% over five years but up 193% over ten years. It fell 34% in 2022 and 24% in 2025, then gained 56.5% in 2026 through October 28. Earnings per share peaked at $14.10 in the fiscal year ended January 2022. They were $8.13 in the fiscal year ended January 31, 2026.
Are Target's sales growing?
Not in the last full fiscal year, though the latest quarter improved. Net sales were $104.8 billion in the fiscal year ended January 31, 2026, down 1.7% from the year before. Net income fell 9.4% to $3.7 billion. In the quarter ended August 1, 2026, revenue rose 5.3% from a year earlier to $26.5 billion, and net income roughly doubled to $1.9 billion. Over five fiscal years, revenue grew about 2.3% a year.