Filing Flows › Target (TGT) › Q1 FY27
Target (TGT) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed May 29, 2026
Target (TGT) reported revenue of $25.4B for the first quarter fiscal 2027 (Q1 FY27), +7% from a year earlier and -16% from the quarter before. Operating margin was 4.5%, net earnings $781M (3.1% of revenue).
Target, Q1 FY27: revenue $25.4B (+7% year over year), operating margin 4.5%, net earnings $781M, operating cash flow $716M. The chart follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $25.4B | -16% | +7% |
| Operating profit | $1.1B | -18% | -23% |
| Net earnings | $781M | -25% | -25% |
| Operating cash flow | $716M | -77% | +160% |
What changed
Revenue was $25.4B in Q1 FY27, up 7% year over year and down 16% from the previous quarter. Food & beverage was the largest line at 25% of revenue. Hardlines (Fun 101) added $0.45B year over year (up 15%), 28% of the total change. Credit card profit sharing declined 8%.
Operating profit was $1.1B, a 4.5% margin (down 1.7 points year over year). Operating profit fell $0.34B even though revenue rose $1.6B versus Q1 FY26, so costs grew faster than sales. Total costs grew 9% against revenue growth of 7%. The fastest-growing cost line was SG&A (+21%). Net earnings were $0.78B, down 25% year over year. The effective tax rate was 24.4%.
Operating cash flow was $0.72B (up 160% year over year), 92% of net earnings. Non-cash charges added back $0.81B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.93B. Capital expenditures of $1.0B exceeded it, leaving free cash flow of −$0.32B.
Questions
What was Target's revenue in the first quarter fiscal 2027?
Target (TGT) reported revenue of $25.4B for the first quarter fiscal 2027 (Q1 FY27), +7% from a year earlier and -16% from the quarter before.
Was Target profitable in the first quarter fiscal 2027?
Operating profit was $1.1B (4.5% of revenue) and net earnings $781M.
Source: Target 10-Q on SEC EDGAR.