The earnings call reflected a company in transition, with strategic initiatives showing early signs of success, particularly in digital growth and category-specific achievements like FUN 101 and trading cards. However, overall comparable sales decline and tariff-related margin pressures indicate ongoing challenges. The succession announcement aims to address these issues with a focus on style, technology, and guest experience.

Company Guidance -

Q3 2025

During the Target Corporation Second Quarter Earnings Release Conference Call for fiscal year 2025, several guidance metrics were discussed. The company maintained its full-year guidance, anticipating a low single-digit decline in comparable sales and projecting GAAP EPS between $8 to $10 and adjusted EPS of approximately $7 to $9. Despite a 0.9% decline in net sales, Target saw a 4.3% increase in digital comparable sales and a notable 25% growth in same-day delivery services. The gross margin rate was 1 percentage point lower year-over-year, influenced by inventory adjustment and tariff-related costs, although improvements in inventory shrink provided a 130 basis point benefit. The call highlighted the company's strategic focus on style and design, with specific efforts to reestablish merchandising authority and enhance guest experience, supported by technology investments. Additionally, Target's after-tax return on invested capital stood at 14.3%, reflecting a robust absolute return, yet with room for improvement. The guidance emphasized cautious optimism, given the uncertain consumer and tariff landscape, while underscoring the company's commitment to driving growth through strategic investments and operational adjustments.

CEO Succession Plan Announced

Michael Fiddelke to become Target's next CEO, reflecting a deliberate succession planning process.

Digital Sales Growth

Digital channel comparable sales grew 4.3%, with notable strength in same-day delivery powered by Target Circle 360, which grew more than 25%.

FUN 101 Initiative Success

Hardlines category, rebranded as FUN 101, saw growth of more than 5% in Q2, the strongest quarterly comp in this category since 2021.

Trading Cards Sales Surge

Trading card sales are up nearly 70% year-to-date, with projections to deliver more than $1 billion in sales this year.

Improved On-Shelf Availability

Q2 achieved the best on-shelf availability metrics in years, with greater consistency in inventory reliability.

Target (TGT) Earnings, Revenues Date & History

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TGT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 12, 2025	2025 (Q3)	1.77 / -	1.85	―	―	―
Aug 20, 2025	2025 (Q2)	2.04 / 2.05	2.57	-20.23% (-0.52)
May 21, 2025	2025 (Q1)	1.56 / 1.30	2.03	-35.96% (-0.73)
Mar 04, 2025	2024 (Q4)	2.27 / 2.41	2.98	-19.13% (-0.57)
Nov 20, 2024	2024 (Q3)	2.30 / 1.85	2.1	-11.90% (-0.25)
Aug 21, 2024	2024 (Q2)	2.18 / 2.57	1.8	42.78% (+0.77)
May 22, 2024	2024 (Q1)	2.05 / 2.03	2.05	-0.98% (-0.02)
Mar 05, 2024	2023 (Q4)	2.43 / 2.98	1.89	57.67% (+1.09)
Nov 15, 2023	2023 (Q3)	1.47 / 2.10	1.54	36.36% (+0.56)
Aug 16, 2023	2023 (Q2)	1.43 / 1.80	0.39	361.54% (+1.41)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TGT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 20, 2025	$105.36	$98.69	-6.33%
May 21, 2025	$97.07	$92.01	-5.21%
Mar 04, 2025	$118.11	$114.57	-3.00%
Nov 20, 2024	$150.20	$118.05	-21.40%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.