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Source document· May 20, 2026

Target Corporation Reports First Quarter Earnings

“First quarter operating income and Adjusted operating income³ were $1.1 billion”

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Full-year 2026 operating income margin rate expected to be more than 20 basis points higher than the 4.6% Adjusted operating income margin in 2025.
60% confidence
Target expects net sales growth of around 4% for full-year 2026, two percentage points higher than the prior guidance range, with growth in every quarter of the year.
60% confidence
Non-merchandise sales grew nearly 25%, reflecting strong growth in Roundel ad revenue, Target Circle 360 membership revenue, and the Target+ marketplace.
60% confidence
Q1 2026 GAAP EPS of $1.71 was 24% lower than prior-year GAAP EPS of $2.27, which included non-recurring legal settlement gains.
60% confidence
Target expects 2026 GAAP and Adjusted EPS near the high end of the prior guidance range of $7.50 to $8.50.
60% confidence
Digital comparable sales grew 8.9%, led by more than 27% growth in same-day delivery powered by Target Circle 360.
60% confidence
Net sales in all six core merchandising categories were higher than a year ago in Q1 2026.
60% confidence
Q1 2026 results were stronger than expected, with the company's clarified strategy showing early signs of resonating with guests and driving broad-based growth.
60% confidence
Target acknowledges significant remaining work and is focused on long-term consistent growth, disciplined flexibility in an uncertain environment, and bold investment in team, capabilities, and guest experience.
60% confidence

Target Corporation · comparable traffic growth	4.4 percent
Target Corporation · merchandise sales growth	6.4 percent
Target Corporation · operating income change vs prior adjusted	29.1 percent
Target Corporation · operating income	1.1 USD
Target Corporation · comparable store sales growth	4.7 percent
Target Corporation · eps guidance high	8.50 USD
Target Corporation · eps guidance low	7.50 USD
Target Corporation · non merchandise sales growth	24.6 percent
Target Corporation · operating income change vs prior gaap	-22.9 percent
Target Corporation · digital comparable sales growth	8.9 percent
Target Corporation · eps adjusted	1.30 USD