Target (TGT) 10-K Summary — Year Ended Jan 31, 2026
Target Corporation operates as a general merchandise retailer in the United States. The company reported a decline in revenue for the most recent period, while maintaining positive operating income, net income, and operating cash flow.
Key takeaway
Year ended Jan 31, 2026 · FY2025 10-K
Target Corporation operates as a general merchandise retailer in the United States. The company reported a decline in revenue for the most recent period, while maintaining positive operating income, net income, and operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$104.8B
Revenue reported for the fiscal year.
Operating income
$5.1B
Income from operations reported for the year.
Net income
$3.7B
Net income reported for the year.
Operating cash flow
$6.6B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jan 28, 2023 | $109.1B | +2.9% |
| Feb 3, 2024 | $107.4B | -1.6% |
| Feb 1, 2025 | $106.6B | -0.8% |
| Jan 31, 2026 | $104.8B | -1.7% |
Business overview
Target Corporation is a general merchandise retailer with a strong brand presence in the United States. The company competes with a broad range of omnichannel retailers, including department stores, off-price general merchandise stores, wholesale clubs, and online marketplaces. Its intellectual property, particularly the Target brand and "Expect More. Pay Less." promise, is central to its business strategy.
Financial performance
Revenue declined compared to the prior year. Operating income, net income, and operating cash flow remained positive during the period.
Material risks
The company faces intense competition from various retail formats, including omnichannel, off-price, wholesale, and online retailers. Its brand image and intellectual property are critical to maintaining a competitive position. Cybersecurity risks are also identified as a material factor.
Liquidity and capital
Operating cash flow provided sufficient liquidity to support ongoing operations and capital allocation activities. The company's liquidity and capital resources are discussed in the Management's Discussion and Analysis section.
What to watch
Monitor the company's revenue trend and its ability to navigate competitive pressures in the retail industry.