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Financial, Retail

Target Corporation Reports Third Quarter Earnings

Target reported third quarter 2025 financial results with third quarter net sales down to $25.3 billion, 1.5 percent lower, than 2024.

11/19/2025
MINNEAPOLIS -- Target Corporation (NYSE: TGT) announced its third quarter 2025 financial results.

• Third quarter net sales were $25.3 billion, 1.5 percent lower than 2024.
• Digital comparable sales grew 2.4 percent, 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 in the quarter, offset by continued softness across the broader discretionary portfolio.
• Non-merchandise sales grew nearly 18 percent with Roundel, membership and marketplace revenues all growing double digits.

• Third quarter GAAP EPS was $1.51 compared with $1.85 last year. Adjusted EPS1, which excludes non-recurring severance and asset-related charges, was $1.78.

To deliver newness, convenience and value this holiday season, Target will offer:

•. Over 20,000 new items — twice as many as the prior year — with more than half exclusive to Target.
• Thanksgiving meals for 4 under $20, with turkey at just 79 cents per pound.
• Lower prices on thousands of food, beverage and essential items to help consumers save on the products they rely on most.
• Thousands of trend-right gifts starting at $5, plus thousands of toys under $20.
• A suite of easy-to-use fulfillment options, including an expanded reach of next-day shipping available to more than half of the U.S. population.

For additional media materials, please visit:
https://corporate.target.com/news-features/article/2025/11/q3-2025-earnings

The Company reported third quarter GAAP earnings per share (EPS) of $1.51 and Adjusted earnings per share1 of $1.78 compared with GAAP and Adjusted EPS of $1.85 in 2024. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

"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," said Michael Fiddelke, incoming Chief Executive Officer of Target. "As we head into the all-important holiday season, our team is well-prepared and ready to serve our guests with the great products, value, and inspiration they expect from Target. At the same time, we continue to focus on the important work to deliver on our three key priorities: solidifying our merchandising authority, elevating the shopping experience, and further harnessing the power of technology to move at greater pace and consistency, all in support of a return to sustainable growth."
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