Filing Flows › Target (TGT) › Q2 FY27
Target (TGT) Q2 FY27 earnings results (second quarter fiscal 2027)
10-Q filed Aug 28, 2026
Target (TGT) reported revenue of $26.5B for the second quarter fiscal 2027 (Q2 FY27), +5% from a year earlier and +4% from the quarter before. Operating margin was 9.6%, net earnings $1.9B (7.1% of revenue).
Target, Q2 FY27: revenue $26.5B (+5% year over year), operating margin 9.6%, net earnings $1.9B, operating cash flow $3.8B. The chart follows the revenue to costs, profit and cash.
| Q2 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.5B | +4% | +5% |
| Operating profit | $2.6B | +126% | +94% |
| Net earnings | $1.9B | +140% | +101% |
| Operating cash flow | $3.8B | +431% | +83% |
| Free cash flow | $2.4B | — | +141% |
What changed
Revenue was $26.5B in Q2 FY27, up 5% year over year and up 4% from the previous quarter. Food & beverage was the largest line at 23% of revenue. Food & beverage added $0.40B year over year (up 7%), 30% of the total change.
Operating profit was $2.6B, a 9.6% margin (up 4.4 points year over year). Of the extra revenue versus Q2 FY26, 94% reached operating profit, above the 5% margin then. Total costs grew 0% against revenue growth of 5%. Net earnings were $1.9B, up 101% year over year. The effective tax rate was 23.7%.
Operating cash flow was $3.8B (up 83% year over year), 203% of net earnings. Non-cash charges added back $0.78B of depreciation and amortization and $0.10B of share-based compensation. Working capital and other items added $1.0B. Capital expenditures of $1.4B left free cash flow of $2.4B.
Questions
What was Target's revenue in the second quarter fiscal 2027?
Target (TGT) reported revenue of $26.5B for the second quarter fiscal 2027 (Q2 FY27), +5% from a year earlier and +4% from the quarter before.
Was Target profitable in the second quarter fiscal 2027?
Operating profit was $2.6B (9.6% of revenue) and net earnings $1.9B.
Source: Target 10-Q on SEC EDGAR.