Filing Flows › Target (TGT) › Q1 FY26
Target (TGT) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed May 30, 2025
Target (TGT) reported revenue of $23.8B for the first quarter fiscal 2026 (Q1 FY26), -3% from a year earlier and -23% from the quarter before. Operating margin was 6.2%, net earnings $1.0B (4.3% of revenue).
Target, Q1 FY26: revenue $23.8B (-3% year over year), operating margin 6.2%, net earnings $1.0B, operating cash flow $275M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.8B | -23% | -3% |
| Operating profit | $1.5B | +0.3% | +14% |
| Net earnings | $1.0B | -6% | +10% |
| Operating cash flow | $275M | -92% | -75% |
What changed
Revenue was $23.8B in Q1 FY26, down 3% year over year and down 23% from the previous quarter. Food & beverage was the largest line at 25% of revenue. Home furnishings & décor lost $0.30B year over year (down 8%), 44% of the total change.
Operating profit was $1.5B, a 6.2% margin (up 0.9 points year over year). Total costs fell 4% while revenue fell 3%. Net earnings were $1.0B, up 10% year over year. The effective tax rate was 25.0%.
Operating cash flow was $0.28B (down 75% year over year), 27% of net earnings. Non-cash charges added back $0.79B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $1.6B. Capital expenditures of $0.79B exceeded it, leaving free cash flow of −$0.52B.
Questions
What was Target's revenue in the first quarter fiscal 2026?
Target (TGT) reported revenue of $23.8B for the first quarter fiscal 2026 (Q1 FY26), -3% from a year earlier and -23% from the quarter before.
Was Target profitable in the first quarter fiscal 2026?
Operating profit was $1.5B (6.2% of revenue) and net earnings $1.0B.
Source: Target 10-Q on SEC EDGAR.