Filing Flows › Target (TGT) › Q3 FY26
Target (TGT) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed Nov 26, 2025
Target (TGT) reported revenue of $25.3B for the third quarter fiscal 2026 (Q3 FY26), -2% from a year earlier and +0.2% from the quarter before. Operating margin was 3.8%, net earnings $689M (2.7% of revenue).
Target, Q3 FY26: revenue $25.3B (-2% year over year), operating margin 3.8%, net earnings $689M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $25.3B | +0.2% | -2% |
| Operating profit | $948M | -28% | -19% |
| Net earnings | $689M | -26% | -19% |
| Operating cash flow | $1.1B | -46% | +53% |
| Free cash flow | $149M | -85% | +77% |
What changed
Revenue was $25.3B in Q3 FY26, down 2% year over year and roughly flat from the previous quarter. Food & beverage was the largest line at 24% of revenue. Home furnishings & décor lost $0.28B year over year (down 7%), 70% of the total change.
Operating profit was $0.95B, a 3.8% margin (down 0.8 points year over year). Total costs fell 1% while revenue fell 2%. Net earnings were $0.69B, down 19% year over year. The effective tax rate was 19.8%.
Operating cash flow was $1.1B (up 53% year over year), 164% 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 used $0.40B. Capital expenditures of $1.0B left free cash flow of $0.15B.
Questions
What was Target's revenue in the third quarter fiscal 2026?
Target (TGT) reported revenue of $25.3B for the third quarter fiscal 2026 (Q3 FY26), -2% from a year earlier and +0.2% from the quarter before.
Was Target profitable in the third quarter fiscal 2026?
Operating profit was $948M (3.8% of revenue) and net earnings $689M.
Source: Target 10-Q on SEC EDGAR.