Target earnings date and guidance
Target's next results are expected on November 18, 2026. Watch whether store resets and Beauty Studio lift traffic and sales before markdowns.
What has Target guided for fiscal 2026?
Management guides to 5.0% net sales growth and a 6.0% operating margin for fiscal 2026. It forecasts diluted EPS of $9.90–$10.90, including $1.65 per share from Q2 tariff refunds. It plans $5,000 million of capital spending and $1,000 million of incremental operating investment. It also plans 30 new stores and 130 full remodels.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Full-year net sales growth | Fiscal 2026 | 5.0% | 5.0% | Aug 19, 2026 |
| Full-year 2026 operating income margin rate | Fiscal 2026 | 6.0% | 6.0% | Aug 19, 2026 |
| GAAP diluted earnings per share guidance | Fiscal 2026 | 9.90 | 10.90 | Aug 19, 2026 |
| Second quarter tariff refund benefits per share included in guidance | Fiscal 2026 | 1.65 | 1.65 | Aug 19, 2026 |
| CapEx | Fiscal 2026 | 5,000 | 5,000 | Aug 19, 2026 |
| New stores | Fiscal 2026 | 30 | 30 | Mar 11, 2026 |
What do Target's last eight quarters show?
The quarter ended August 1, 2026 shows a genuine sales rebound, but its profit surge was heavily assisted by a tariff refund.
| Aug 2026 | May 2026 | Jan 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26,539 | 25,443 | 30,453 | 25,270 | 25,211 | 23,846 | 30,915 | 25,668 |
| Gross margin | 33.7% | 29.0% | 26.6% | 28.2% | 29.0% | 28.2% | 26.2% | 28.3% |
| Operating income | 2,560 | 1,135 | 1,380 | 948 | 1,317 | 1,472 | 1,467 | 1,168 |
| Net income | 1,877 | 781 | 1,046 | 689 | 935 | 1,036 | 1,103 | 854 |
| EPS, diluted | 4.11 | 1.71 | 2.30 | 1.51 | 2.05 | 2.27 | 2.41 | 1.85 |
What this means. Free cash flow can be negative even when the company earns a profit because it subtracts cash spent on equipment and buildings.
What should I watch in Target's next results?
At the next Q3 call, investors should ask whether store resets and Beauty Studio are increasing traffic and turning visits into purchases. Home and apparel still need work, and a merchandise reset may take time to show up in sales. The sharper test is whether new products sell before markdowns and whether stores remain in stock.
Finally, shareholder litigation over ESG disclosures and an open federal tax audit covering 2021–2024 could affect cash or earnings, though no likely amount is established. The complete test is simple: can Target’s stores and digital channels produce enough recurring cash to fund investment, dividends and debt while the temporary refund disappears?