TGT Q3 2026 Earnings
Reported Nov 19, 2025 at 7:58 AM ET · SEC Source
Q3 26 EPS
$1.78
BEAT +4.21%
Est. $1.71
Q3 26 Revenue
$25.27B
MISS 0.07%
Est. $25.29B
vs S&P Since Q3 26
+40.8%
BEATING MARKET
TGT +51.2% vs S&P +10.4%
Market Reaction
Did TGT Beat Earnings? Q3 2026 Results
Target posted a mixed but ultimately resilient set of Q3 fiscal 2025 results, beating on the bottom line while falling just short on revenue in a quarter that underscored the persistent pressure weighing on the retailer. Adjusted EPS came in at $1.78… Read more Target posted a mixed but ultimately resilient set of Q3 fiscal 2025 results, beating on the bottom line while falling just short on revenue in a quarter that underscored the persistent pressure weighing on the retailer. Adjusted EPS came in at $1.78, clearing the $1.71 consensus estimate by 4.21%, though the figure still represented a 3.9% decline from a year ago. Revenue of $25.27 billion missed the $25.29 billion consensus by a slim 0.07% and slipped 1.6% year-over-year, with a 2.7% drop in comparable sales reflecting continued softness in discretionary categories like apparel and home furnishings. The earnings beat was clouded by $161 million in pretax transformation charges tied to severance and asset impairments, which dragged GAAP diluted EPS to $1.51. Incoming CEO Michael Fiddelke struck a measured tone, noting performance was in line with expectations, while the company heads into a holiday season with over 20,000 new items on shelves. Target maintained its Q4 outlook for a low-single-digit sales decline, with full-year adjusted EPS expected between $7.00 and $8.00.
Key Takeaways
- • Digital comparable sales grew 2.4%, led by more than 35% growth in same-day delivery powered by Target Circle 360
- • Food & Beverage and Hardlines ('Fun 101') delivered comparable sales growth
- • Non-merchandise sales grew nearly 18% with Roundel, membership, and marketplace revenues all growing double digits
- • Lower inventory shrink and efficiency gains in supply chain and digital fulfillment
- • Additional tax credits reduced effective income tax rate to 19.8% from 21.7%
TGT YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
TGT Revenue by Segment
With YoY comparisons, source: SEC Filings
“Thanks to the incredible work and dedication of the Target team, our third quarter performance was in line with our expectations, despite multiple challenges continuing to face our business.”
— Michael Fiddelke, Q3 2026 Earnings Press Release
TGT Earnings Trends
TGT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TGT EPS Trend
Earnings per share: estimate vs actual
TGT Revenue Trend
Quarterly revenue: estimate vs actual
TGT Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $2.16 | $2.44 | +12.96% | $30.45B | +0.00% |
| FY Full Year | $7.31 | $7.57 | +3.56% | $104.78B | +0.00% |
| Q3 26 BEAT | $1.71 | $1.78 | +4.21% | $25.27B | -0.07% |
| Q2 26 BEAT | $2.04 | $2.05 | +0.72% | $25.21B | +1.23% |
| Q1 26 MISS | $1.65 | $1.30 | -21.27% | $23.85B | -2.06% |