TGT 10-Q report for 2025-11-01

TGT 10-Q report for 2025-11-01 tgt-20251101 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM  10-Q (Mark One)  ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 1, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number 1-6049 TARGET CORPORATION (Exact name of registrant as specified in its charter) Minnesota (State or other jurisdiction of incorporation or organization) 1000 Nicollet Mall , Minneapolis , Minnesota (Address of principal executive offices) 41-0215170 (I.R.S. Employer Identification No.) 55403 (Zip Code) 612 - 304-6073 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, par value $0.0833 per share TGT New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐      Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No ☒ Total shares of common stock, par value $0.0833, outstanding at November 19, 2025 , were 452,806,418 . Table of Contents Index to Notes TARGET CORPORATION TABLE OF CONTENTS PART I FINANCIAL INFORMATION Item 1. Financial Statements (unaudited) Consolidated Statements of Operations 1 Consolidated Statements of Comprehensive Income 2 Consolidated Statements of Financial Position 3 Consolidated Statements of Cash Flows 4 Consolidated Statements of Shareholders’ Investment 5 Notes to Consolidated Financial Statements 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3. Quantitative and Qualitative Disclosures About Market Risk 26 Item 4. Controls and Procedures 26 PART II OTHER INFORMATION Item 1. Legal Proceedings 27 Item 1A. Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28 Signature s 29 FINANCIAL STATEMENTS Table of Contents Index to Notes PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Operations Three Months Ended Nine Months Ended (millions, except per share data) (unaudited) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024 Net sales $ 25,270 $ 25,668 $ 74,327 $ 75,651 Cost of sales 18,137 18,402 53,168 53,700 Selling, general, and administrative expenses 5,536 5,459 15,486 15,969 Depreciation and amortization (exclusive of depreciation included in cost of sales) 649 639 1,936 1,883 Operating income 948 1,168 3,737 4,099 Net interest expense 115 105 346 321 Net other income ( 26 ) ( 28 ) ( 68 ) ( 77 ) Earnings before income taxes 859 1,091 3,459 3,855 Provision for income taxes 170 237 799 867 Net earnings $ 689 $ 854 $ 2,660 $ 2,988 Basic earnings per share $ 1.52 $ 1.86 $ 5.85 $ 6.47 Diluted earnings per share $ 1.51 $ 1.85 $ 5.84 $ 6.45 Weighted average common shares outstanding Basic 453.7 460.1 454.4 461.6 Diluted 455.1 461.5 455.7 462.9 Antidilutive shares 2.3 0.5 2.3 0.5 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 1 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Comprehensive Income Three Months Ended Nine Months Ended (millions) (unaudited) November 1, 2025 November 2, 2024 No Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3. Quantitative and Qualitative Disclosures About Market Risk 26 Item 4. Controls and Procedures 26 PART II OTHER INFORMATION Item 1. Legal Proceedings 27 Item 1A. Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28 Signature s 29 FINANCIAL STATEMENTS Table of Contents Index to Notes PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Operations Three Months Ended Nine Months Ended (millions, except per share data) (unaudited) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024 Net sales $ 25,270 $ 25,668 $ 74,327 $ 75,651 Cost of sales 18,137 18,402 53,168 53,700 Selling, general, and administrative expenses 5,536 5,459 15,486 15,969 Depreciation and amortization (exclusive of depreciation included in cost of sales) 649 639 1,936 1,883 Operating income 948 1,168 3,737 4,099 Net interest expense 115 105 346 321 Net other income ( 26 ) ( 28 ) ( 68 ) ( 77 ) Earnings before income taxes 859 1,091 3,459 3,855 Provision for income taxes 170 237 799 867 Net earnings $ 689 $ 854 $ 2,660 $ 2,988 Basic earnings per share $ 1.52 $ 1.86 $ 5.85 $ 6.47 Diluted earnings per share $ 1.51 $ 1.85 $ 5.84 $ 6.45 Weighted average common shares outstanding Basic 453.7 460.1 454.4 461.6 Diluted 455.1 461.5 455.7 462.9 Antidilutive shares 2.3 0.5 2.3 0.5 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 1 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Comprehensive Income Three Months Ended Nine Months Ended (millions) (unaudited) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024 Net earnings $ 689 $ 854 $ 2,660 $ 2,988 Other comprehensive (loss) / income, net of tax Cash flow hedges and currency translation adjustment ( 3 ) ( 4 ) ( 13 ) ( 14 ) Other comprehensive loss ( 3 ) ( 4 ) ( 13 ) ( 14 ) Comprehensive income $ 686 $ 850 $ 2,647 $ 2,974 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 2 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Financial Position (millions, except footnotes) (unaudited) November 1, 2025 February 1, 2025 November 2, 2024 Assets Cash and cash equivalents $ 3,822 $ 4,762 $ 3,433 Inventory 14,896 12,740 15,165 Other current assets 1,984 1,952 1,956 Total current assets 20,702 19,454 20,554 Property and equipment, net 33,710 33,022 32,931 Operating lease assets 3,739 3,763 3,513 Other noncurrent assets 1,840 1,530 1,533 Total assets $ 59,991 $ 57,769 $ 58,531 Liabilities and shareholders’ investment Accounts payable $ 13,792 $ 13,053 $ 14,419 Accrued and other current liabilities 6,317 6,110 5,738 Current portion of long-term debt and other borrowings 1,133 1,636 1,635 Total current liabilities 21,242 20,799 21,792 Long-term debt and other borrowings 15,366 14,304 14,346 Noncurrent operating lease liabilities 3,542 3,582 3,418 Deferred income taxes 2,279 2,303 2,419 Other noncurrent liabilities 2,061 2,115 2,067 Total noncurrent liabilities 23,248 22,304 22,250 Shareholders’ investment Common stock 38 38 38 Additional paid-in capital 7,157 6,996 6,916 Retained earnings 8,777 8,090 8,009 Accumulated other comprehensive loss ( 471 ) ( 458 ) ( 474 ) Total shareholders’ investment 15,501 14,666 14,489 Total liabilities and shareholders’ investment $ 59,991 $ 57,769 $ 58,531 Common Stock Authorized 6,000,000,000 shares, $ 0.0833 par value; 452,796,520 , 455,566,995 , and 459,244,995 shares issued and outstanding as of November 1, 2025, February 1, 2025, and November 2, 2024, respectively. Preferred Stock Authorized 5,000,000 shares, $ 0.01 par value; no shares were issued or outstanding during any period presented. See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 3 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Cash Flows Nine Months Ended (millions) (unaudited) November 1, 2025 November 2, 2024 Operating activities Net earnings $ 2,660 $ 2,988 Adjustments to reconcile net earnings to cash provided by operating activities: Depreciation and amortization 2,331 2,215 Share-based compensation expense 197 229 Deferred income taxes ( 21 ) ( 58 ) Noncash (gains) / losses and other, net 8 ( 1 ) Changes in operating accounts: Inventory ( 2,156 ) ( 3,279 ) Other assets ( 294 ) ( 265 ) Accounts payable 658 2,362 Accrued and other liabilities 102 ( 113 ) Cash provided by operating activities 3,485 4,078 Investing activities Expenditures for property and equipment ( 2,842 ) ( 1,968 ) Other 52 26 Cash required for investing activities ( 2,790 ) ( 1,942 ) Financing activities Additions to long-term debt 1,984 741 Reductions of long-term debt ( 1,609 ) ( 1,112 ) Dividends paid ( 1,537 ) ( 1,533 ) Repurchase of stock ( 408 ) ( 506 ) Shares withheld for taxes on share-based compensation ( 65 ) ( 98 ) Cash required for financing activities ( 1,635 ) ( 2,508 ) Net decrease in cash and cash equivalents ( 940 ) ( 372 ) Cash and cash equivalents at beginning of period 4,762 3,805 Cash and cash equivalents at end of period $ 3,822 $ 3,433 Supplemental information Leased assets obtained in exchange for new finance lease liabilities $ 100 $ 312 Leased assets obtained in exchange for new operating lease liabilities 291 416 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 4 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Shareholders’ Investment Common Stock Additional Accumulated Other Stock Par Paid-in Retained Comprehensive (millions) (unaudited) Shares Value Capital Earnings Loss Total February 3, 2024 461.7 $ 38 $ 6,761 $ 7,093 $ ( 460 ) $ 13,432 Net earnings —  —  —  942 —  942 Other comprehensive loss —  —  —  —  ( 5 ) ( 5 ) Dividends declared, $ 1.10 per share —  —  —  ( 516 ) —  ( 516 ) Share-based compensation 0.9 1 ( 14 ) —  —  ( 13 ) May 4, 2024 462.6 $ 39 $ 6,747 $ 7,519 $ ( 465 ) $ 13,840 Net earnings —  —  —  1,192 —  1,192 Other comprehensive loss —  —  —  —  ( 5 ) ( 5 ) Dividends declared, $ 1.12 per share —  —  —  ( 527 ) —  ( 527 ) Repurchase of stock ( 1.1 ) ( 1 ) —  ( 154 ) —  ( 155 ) Share-based compensation 0.1 —  84 —  —  84 August 3, 2024 461.6 $ 38 $ 6,831 $ 8,030 $ ( 470 ) $ 14,429 Net earnings —  —  —  854 —  854 Other comprehensive loss —  —  —  —  ( 4 ) ( 4 ) Dividends declared, $ 1.12 per share —  —  —  ( 521 ) —  ( 521 ) Repurchase of stock ( 2.4 ) —  —  ( 354 ) —  ( 354 ) Share-based compensation —  —  85 —  —  85 November 2, 2024 459.2 $ 38 $ 6,916 $ 8,009 $ ( 474 ) $ 14,489 Net earnings —  —  —  1,103 —  1,103 Other comprehensive income —  —  —  —  16 16 Dividends declared, $ 1.12 per share —  —  —  ( 516 ) —  ( 516 ) Repurchase of stock ( 3.7 ) —  —  ( 506 ) —  ( 506 ) Share-based compensation 0.1 —  80 —  —  80 February 1, 2025 455.6 $ 38 $ 6,996 $ 8,090 $ ( 458 ) $ 14,666 TARGET CORPORATION Q3 2025 Form 10-Q 5 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Shareholders’ Investment Common Stock Additional Accumulated Other Stock Par Paid-in Retained Comprehensive (millions) (unaudited) Shares Value Capital Earnings Loss Total February 1, 2025 455.6 $ 38 $ 6,996 $ 8,090 $ ( 458 ) $ 14,666 Net earnings —  —  —  1,036 —  1,036 Other comprehensive loss —  —  —  —  ( 4 ) ( 4 ) Dividends declared, $ 1.12 per share —  —  —  ( 515 ) —  ( 515 ) Repurchase of stock ( 2.2 ) —  —  ( 251 ) —  ( 251 ) Share-based compensation 1.0 —  15 —  —  15 May 3, 2025 454.4 $ 38 $ 7,011 $ 8,360 $ ( 462 ) $ 14,947 Net earnings —  —  —  935 —  935 Other comprehensive loss —  —  —  —  ( 6 ) ( 6 ) Dividends declared, $ 1.14 per share —  —  —  ( 529 ) —  ( 529 ) Share-based compensation —  —  73 —  —  73 August 2, 2025 454.4 $ 38 $ 7,084 $ 8,766 $ ( 468 ) $ 15,420 Net earnings —  —  —  689 —  689 Other comprehensive loss —  —  —  —  ( 3 ) ( 3 ) Dividends declared, $ 1.14 per share —  —  —  ( 526 ) —  ( 526 ) Repurchase of stock ( 1.7 ) —  —  ( 152 ) —  ( 152 ) Share-based compensation 0.1 —  73 —  —  73 November 1, 2025 452.8 $ 38 $ 7,157 $ 8,777 $ ( 471 ) $ 15,501 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 6 FINANCIAL STATEMENTS Table of Contents INDEX Index to Notes INDEX TO NOTES Notes to Consolidated Financial Statements 8 Note 1 Accounting Policies 8 Note 2 Net Sales 9 Note 3 Interchange Fee Settlements 10 Note 4 Business Transformation Costs 10 Note 5 Fair Value Measurements 11 Note 6 Property and Equipment 11 Note 7 Supplier Finance Programs 11 Note 8 Commercial Paper and Long-Term Debt 12 Note 9 Derivative Financial Instruments 12 Note 10 Share Repurchase 13 Note 11 Pension Benefits 13 Note 12 Accumulated Other Comprehensive Loss 13 Note 13 Segment Reporting 14 TARGET CORPORATION Q3 2025 Form 10-Q 7 FINANCIAL STATEMENTS Table of Contents NOTES Index to Notes Notes to Consolidated Financial Statements (unaudited) 1. Accounting Policies These unaudited condensed consolidated financial statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by United States (U.S.) generally accepted accounting principles (GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the financial statement disclosures in our most recent Form 10-K. We use the same accounting policies in preparing quarterly and annual financial statements. Certain prior-year amounts have been reclassified to conform to the current-year presentation. We operate as a single segment that includes all of our operations, which are designed to enable guests to purchase products seamlessly in stores or through our digital channels. Nearly all of our revenues are generated in the U.S. The vast majority of our long-lived assets are located within the U.S. Due to the seasonal nature of our business, quarterly revenues, expenses, earnings, and cash flows are not necessarily indicative of the results that may be expected for the full year. TARGET CORPORATION Q3 2025 Form 10-Q 8 FINANCIAL STATEMENTS Table of Contents NOTES Index to Notes 2. Net Sales Merchandise sales represent the vast majority of our revenues. We also earn revenues from a variety of other sources, most notably advertising revenue and credit card profit-sharing income. Net Sales Three Months Ended Nine Months Ended (millions) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024 Apparel & accessories (a) $ 3,838 $ 4,003 $ 11,635 $ 12,161 Beauty (b) 3,232 3,226 9,729 9,729 Food & beverage (c) 6,008 5,917 17,499 17,308 Hardlines (d) 3,190 3,152 9,786 9,634 Home furnishings & décor (e) 3,908 4,185 10,789 11,612 Household essentials (f) 4,542 4,715 13,321 13,828 Other merchandise sales 34 30 117 120 Merchandise sales 24,752 25,228 72,876 74,392 Advertising revenue 241 167 621 459 Credit card profit sharing 119 148 395 433 Other 158 125 435 367 Net sales $ 25,270 $ 25,668 $ 74,327 $ 75,651 (a) Includes apparel for women, men, young adults, kids, toddlers, and babies, as well as jewelry, accessories, and shoes. (b) Includes skin and bath care, cosmetics, hair care, oral care, deodorant, and shaving products. (c) Includes dry and perishable grocery, including snacks, candy, beverages, deli, bakery, meat, produce , and food service (primarily Starbucks) in our stores. (d) Includes electronics, including video games and consoles, toys, sporting goods, entertainment, and luggage. (e) Includes bed and bath, home décor, school/office supplies, storage, small appliances, kitchenware, greeting cards, party supplies, furniture, lighting, home improvement, and seasonal merchandise. (f) Includes household cleaning, paper products, over-the-counter healthcare, vitamins and supplements, baby gear, and pet supplies. Merchandise sales — We record almost all retail store revenues at the point of sale. Digitally originated sales may include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store. Sales are recognized net of expected returns, which we estimate using historical return patterns and our expectation of future returns. As of November 1, 2025, February 1, 2025, and November 2, 2024, the accrual for estimated returns was $ 187 million, $ 172 million, and $ 204 million, respectively. Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. Gift Card Liability Activity February 1, 2025 Gift Cards Issued During Current Period But Not Redeemed (b) Revenue Recognized From Beginning Liability November 1, 2025 (millions) Gift card liability (a) $ 1,209 $ 461 $ ( 746 ) $ 924 (a) Included in Accrued and Other Current Liabilities. (b) Net of estimated breakage. Advertising revenue — Primarily represents revenue related to certain advertising services provided via our Roundel digital advertising business offering. Roundel services are classified as either Net Sales or as a reduction of Cost of Sales or Selling, General, and Administrative (SG&A) Expens Item 1A. Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28 Signature s 29 FINANCIAL STATEMENTS Table of Contents Index to Notes PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Operations Three Months Ended Nine Months Ended (millions, except per share data) (unaudited) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024 Net sales $ 25,270 $ 25,668 $ 74,327 $ 75,651 Cost of sales 18,137 18,402 53,168 53,700 Selling, general, and administrative expenses 5,536 5,459 15,486 15,969 Depreciation and amortization (exclusive of depreciation included in cost of sales) 649 639 1,936 1,883 Operating income 948 1,168 3,737 4,099 Net interest expense 115 105 346 321 Net other income ( 26 ) ( 28 ) ( 68 ) ( 77 ) Earnings before income taxes 859 1,091 3,459 3,855 Provision for income taxes 170 237 799 867 Net earnings $ 689 $ 854 $ 2,660 $ 2,988 Basic earnings per share $ 1.52 $ 1.86 $ 5.85 $ 6.47 Diluted earnings per share $ 1.51 $ 1.85 $ 5.84 $ 6.45 Weighted average common shares outstanding Basic 453.7 460.1 454.4 461.6 Diluted 455.1 461.5 455.7 462.9 Antidilutive shares 2.3 0.5 2.3 0.5 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 1 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Comprehensive Income Three Months Ended Nine Months Ended (millions) (unaudited) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024 Net earnings $ 689 $ 854 $ 2,660 $ 2,988 Other comprehensive (loss) / income, net of tax Cash flow hedges and currency translation adjustment ( 3 ) ( 4 ) ( 13 ) ( 14 ) Other comprehensive loss ( 3 ) ( 4 ) ( 13 ) ( 14 ) Comprehensive income $ 686 $ 850 $ 2,647 $ 2,974 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 2 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Financial Position (millions, except footnotes) (unaudited) November 1, 2025 February 1, 2025 November 2, 2024 Assets Cash and cash equivalents $ 3,822 $ 4,762 $ 3,433 Inventory 14,896 12,740 15,165 Other current assets 1,984 1,952 1,956 Total current assets 20,702 19,454 20,554 Property and equipment, net 33,710 33,022 32,931 Operating lease assets 3,739 3,763 3,513 Other noncurrent assets 1,840 1,530 1,533 Total assets $ 59,991 $ 57,769 $ 58,531 Liabilities and shareholders’ investment Accounts payable $ 13,792 $ 13,053 $ 14,419 Accrued and other current liabilities 6,317 6,110 5,738 Current portion of long-term debt and other borrowings 1,133 1,636 1,635 Total current liabilities 21,242 20,799 21,792 Long-term debt and other borrowings 15,366 14,304 14,346 Noncurrent operating lease liabilities 3,542 3,582 3,418 Deferred income taxes 2,279 2,303 2,419 Other noncurrent liabilities 2,061 2,115 2,067 Total noncurrent liabilities 23,248 22,304 22,250 Shareholders’ investment Common stock 38 38 38 Additional paid-in capital 7,157 6,996 6,916 Retained earnings 8,777 8,090 8,009 Accumulated other comprehensive loss ( 471 ) ( 458 ) ( 474 ) Total shareholders’ investment 15,501 14,666 14,489 Total liabilities and shareholders’ investment $ 59,991 $ 57,769 $ 58,531 Common Stock Authorized 6,000,000,000 shares, $ 0.0833 par value; 452,796,520 , 455,566,995 , and 459,244,995 shares issued and outstanding as of November 1, 2025, February 1, 2025, and November 2, 2024, respectively. Preferred Stock Authorized 5,000,000 shares, $ 0.01 par value; no shares were issued or outstanding during any period presented. See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 3 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Cash Flows Nine Months Ended (millions) (unaudited) November 1, 2025 November 2, 2024 Operating activities Net earnings $ 2,660 $ 2,988 Adjustments to reconcile net earnings to cash provided by operating activities: Depreciation and amortization 2,331 2,215 Share-based compensation expense 197 229 Deferred income taxes ( 21 ) ( 58 ) Noncash (gains) / losses and other, net 8 ( 1 ) Changes in operating accounts: Inventory ( 2,156 ) ( 3,279 ) Other assets ( 294 ) ( 265 ) Accounts payable 658 2,362 Accrued and other liabilities 102 ( 113 ) Cash provided by operating activities 3,485 4,078 Investing activities Expenditures for property and equipment ( 2,842 ) ( 1,968 ) Other 52 26 Cash required for investing activities ( 2,790 ) ( 1,942 ) Financing activities Additions to long-term debt 1,984 741 Reductions of long-term debt ( 1,609 ) ( 1,112 ) Dividends paid ( 1,537 ) ( 1,533 ) Repurchase of stock ( 408 ) ( 506 ) Shares withheld for taxes on share-based compensation ( 65 ) ( 98 ) Cash required for financing activities ( 1,635 ) ( 2,508 ) Net decrease in cash and cash equivalents ( 940 ) ( 372 ) Cash and cash equivalents at beginning of period 4,762 3,805 Cash and cash equivalents at end of period $ 3,822 $ 3,433 Supplemental information Leased assets obtained in exchange for new finance lease liabilities $ 100 $ 312 Leased assets obtained in exchange for new operating lease liabilities 291 416 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 4 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Shareholders’ Investment Common Stock Additional Accumulated Other Stock Par Paid-in Retained Comprehensive (millions) (unaudited) Shares Value Capital Earnings Loss Total February 3, 2024 461.7 $ 38 $ 6,761 $ 7,093 $ ( 460 ) $ 13,432 Net earnings —  —  —  942 —  942 Other comprehensive loss —  —  —  —  ( 5 ) ( 5 ) Dividends declared, $ 1.10 per share —  —  —  ( 516 ) —  ( 516 ) Share-based compensation 0.9 1 ( 14 ) —  —  ( 13 ) May 4, 2024 462.6 $ 39 $ 6,747 $ 7,519 $ ( 465 ) $ 13,840 Net earnings —  —  —  1,192 —  1,192 Other comprehensive loss —  —  —  —  ( 5 ) ( 5 ) Dividends declared, $ 1.12 per share —  —  —  ( 527 ) —  ( 527 ) Repurchase of stock ( 1.1 ) ( 1 ) —  ( 154 ) —  ( 155 ) Share-based compensation 0.1 —  84 —  —  84 August 3, 2024 461.6 $ 38 $ 6,831 $ 8,030 $ ( 470 ) $ 14,429 Net earnings —  —  —  854 —  854 Other comprehensive loss —  —  —  —  ( 4 ) ( 4 ) Dividends declared, $ 1.12 per share —  —  —  ( 521 ) —  ( 521 ) Repurchase of stock ( 2.4 ) —  —  ( 354 ) —  ( 354 ) Share-based compensation —  —  85 —  —  85 November 2, 2024 459.2 $ 38 $ 6,916 $ 8,009 $ ( 474 ) $ 14,489 Net earnings —  —  —  1,103 —  1,103 Other comprehensive income —  —  —  —  16 16 Dividends declared, $ 1.12 per share —  —  —  ( 516 ) —  ( 516 ) Repurchase of stock ( 3.7 ) —  —  ( 506 ) —  ( 506 ) Share-based compensation 0.1 —  80 —  —  80 February 1, 2025 455.6 $ 38 $ 6,996 $ 8,090 $ ( 458 ) $ 14,666 TARGET CORPORATION Q3 2025 Form 10-Q 5 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Shareholders’ Investment Common Stock Additional Accumulated Other Stock Par Paid-in Retained Comprehensive (millions) (unaudited) Shares Value Capital Earnings Loss Total February 1, 2025 455.6 $ 38 $ 6,996 $ 8,090 $ ( 458 ) $ 14,666 Net earnings —  —  —  1,036 —  1,036 Other comprehensive loss —  —  —  —  ( 4 ) ( 4 ) Dividends declared, $ 1.12 per share —  —  —  ( 515 ) —  ( 515 ) Repurchase of stock ( 2.2 ) —  —  ( 251 ) —  ( 251 ) Share-based compensation 1.0 —  15 —  —  15 May 3, 2025 454.4 $ 38 $ 7,011 $ 8,360 $ ( 462 ) $ 14,947 Net earnings —  —  —  935 —  935 Other comprehensive loss —  —  —  —  ( 6 ) ( 6 ) Dividends declared, $ 1.14 per share —  —  —  ( 529 ) —  ( 529 ) Share-based compen Results of Operations 15 Item 3. Quantitative and Qualitative Disclosures About Market Risk 26 Item 4. Controls and Procedures 26 PART II OTHER INFORMATION Item 1. Legal Proceedings 27 Item 1A. Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28 Signature s 29 FINANCIAL STATEMENTS Table of Contents Index to Notes PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Operations Three Months Ended Nine Months Ended (millions, except per share data) (unaudited) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024 Net sales $ 25,270 $ 25,668 $ 74,327 $ 75,651 Cost of sales 18,137 18,402 53,168 53,700 Selling, general, and administrative expenses 5,536 5,459 15,486 15,969 Depreciation and amortization (exclusive of depreciation included in cost of sales) 649 639 1,936 1,883 Operating income 948 1,168 3,737 4,099 Net interest expense 115 105 346 321 Net other income ( 26 ) ( 28 ) ( 68 ) ( 77 ) Earnings before income taxes 859 1,091 3,459 3,855 Provision for income taxes 170 237 799 867 Net earnings $ 689 $ 854 $ 2,660 $ 2,988 Basic earnings per share $ 1.52 $ 1.86 $ 5.85 $ 6.47 Diluted earnings per share $ 1.51 $ 1.85 $ 5.84 $ 6.45 Weighted average common shares outstanding Basic 453.7 460.1 454.4 461.6 Diluted 455.1 461.5 455.7 462.9 Antidilutive shares 2.3 0.5 2.3 0.5 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 1 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Comprehensive Income Three Months Ended Nine Months Ended (millions) (unaudited) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024 Net earnings $ 689 $ 854 $ 2,660 $ 2,988 Other comprehensive (loss) / income, net of tax Cash flow hedges and currency translation adjustment ( 3 ) ( 4 ) ( 13 ) ( 14 ) Other comprehensive loss ( 3 ) ( 4 ) ( 13 ) ( 14 ) Comprehensive income $ 686 $ 850 $ 2,647 $ 2,974 See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 2 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Financial Position (millions, except footnotes) (unaudited) November 1, 2025 February 1, 2025 November 2, 2024 Assets Cash and cash equivalents $ 3,822 $ 4,762 $ 3,433 Inventory 14,896 12,740 15,165 Other current assets 1,984 1,952 1,956 Total current assets 20,702 19,454 20,554 Property and equipment, net 33,710 33,022 32,931 Operating lease assets 3,739 3,763 3,513 Other noncurrent assets 1,840 1,530 1,533 Total assets $ 59,991 $ 57,769 $ 58,531 Liabilities and shareholders’ investment Accounts payable $ 13,792 $ 13,053 $ 14,419 Accrued and other current liabilities 6,317 6,110 5,738 Current portion of long-term debt and other borrowings 1,133 1,636 1,635 Total current liabilities 21,242 20,799 21,792 Long-term debt and other borrowings 15,366 14,304 14,346 Noncurrent operating lease liabilities 3,542 3,582 3,418 Deferred income taxes 2,279 2,303 2,419 Other noncurrent liabilities 2,061 2,115 2,067 Total noncurrent liabilities 23,248 22,304 22,250 Shareholders’ investment Common stock 38 38 38 Additional paid-in capital 7,157 6,996 6,916 Retained earnings 8,777 8,090 8,009 Accumulated other comprehensive loss ( 471 ) ( 458 ) ( 474 ) Total shareholders’ investment 15,501 14,666 14,489 Total liabilities and shareholders’ investment $ 59,991 $ 57,769 $ 58,531 Common Stock Authorized 6,000,000,000 shares, $ 0.0833 par value; 452,796,520 , 455,566,995 , and 459,244,995 shares issued and outstanding as of November 1, 2025, February 1, 2025, and November 2, 2024, respectively. Preferred Stock Authorized 5,000,000 shares, $ 0.01 par value; no shares were issued or outstanding during any period presented. See accompanying Notes to Consolidated Financial Statements . TARGET CORPORATION Q3 2025 Form 10-Q 3 FINANCIAL STATEMENTS Table of Contents Index to Notes Consolidated Statements of Cash Flows Nine Months Ended (millions) (unaudited) November 1, 2025 November 2, 2024 Operating activities Net earnings $ 2,660 $ 2,988 Adjustments to reconcile net earnings to cash provided by operating activities: Depreciation and amortization 2,331 2,215 Share-based compensation expense 197 229 Deferred income taxes ( 21 ) ( 58 ) Noncash (gains) / losses and other, net 8 ( 1 ) Changes in operating accounts: Inventory ( 2,156 ) ( 3,279 ) Other assets ( 294 ) ( 265 ) Accounts payable 658 2,362 Accrued and other liabilities 102 ( 113 ) Cash provided by operating activities 3,485 4,078 Investing activities Expenditures for property and equipment ( 2,842 ) ( 1,968 ) Other 52 26 Cash required for investing activities ( 2,790 )

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.

The provided text is only the cover/header portion of AbCellera Biologics Inc.’s Form 10‑Q for the quarter ended March 31, 2026 (identifying info, exchange listing, filing status). It contains no financial statements, guidance, risk updates, material events, MD&A, cash runway, pipeline/program updates, or disclosures that would support a differentiated trading view.