Filing Flows › Target (TGT) › Q2 FY26
Target (TGT) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Aug 29, 2025
Target (TGT) reported revenue of $25.2B for the second quarter fiscal 2026 (Q2 FY26), -0.9% from a year earlier and +6% from the quarter before. Operating margin was 5.2%, net earnings $935M (3.7% of revenue).
Target, Q2 FY26: revenue $25.2B (-0.9% year over year), operating margin 5.2%, net earnings $935M, operating cash flow $2.1B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $25.2B | +6% | -0.9% |
| Operating profit | $1.3B | -11% | -19% |
| Net earnings | $935M | -10% | -22% |
| Operating cash flow | $2.1B | +657% | -7% |
| Free cash flow | $1.0B | — | -37% |
What changed
Revenue was $25.2B in Q2 FY26, down 1% year over year and up 6% from the previous quarter. Food & beverage was the largest line at 22% of revenue. Home furnishings & décor lost $0.25B year over year (down 6%), 102% of the total change.
Operating profit was $1.3B, a 5.2% margin (down 1.2 points year over year). Total costs grew 0% against a revenue fall of 1%. Net earnings were $0.94B, down 22% year over year. The effective tax rate was 23.2%.
Operating cash flow was $2.1B (down 7% year over year), 223% of net earnings. Non-cash charges added back $0.77B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items added $0.31B. Capital expenditures of $1.1B left free cash flow of $1.0B.
Questions
What was Target's revenue in the second quarter fiscal 2026?
Target (TGT) reported revenue of $25.2B for the second quarter fiscal 2026 (Q2 FY26), -0.9% from a year earlier and +6% from the quarter before.
Was Target profitable in the second quarter fiscal 2026?
Operating profit was $1.3B (5.2% of revenue) and net earnings $935M.
Source: Target 10-Q on SEC EDGAR.