Target (TGT) Earnings: Q2 Fiscal 2026 Results and Next Report Date

The quarter ended August 1, 2026 and Target published the results on August 19, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Target reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Target's fiscal 2026 ends in January 2027, so Q2 fiscal 2026 is the three months ended August 1, 2026. Target calls it its second quarter 2026.
• Q2 fiscal 2026 includes $994 million of pretax IEEPA tariff refunds, recorded as a reduction of cost of sales. They added $752 million to net earnings and $1.65 to GAAP and Adjusted EPS.
• Target had no adjustments in either second quarter, so GAAP and Adjusted EPS are the same figure.

Source: Target Q2 2026 results, August 19, 2026. Also in the Form 10-Q for the quarter ended August 1, 2026. Figures as reported; checked against the release on November 10, 2026.

How Target splits revenue in its own release, under its own labels, for Q2 fiscal 2026 against Q2 fiscal 2025. Indented lines are parts of the line above them.

• Target's Merchandise sales revenue was $25.9 billion in Q2 fiscal 2026, up 5% from $24.7 billion in Q2 fiscal 2025, 98% of total revenue.
• Target's Advertising revenue revenue was $279 million in Q2 fiscal 2026, up 29% from $217 million in Q2 fiscal 2025, 1% of total revenue.
• Target's Credit card profit sharing revenue was $139 million in Q2 fiscal 2026, up 4% from $134 million in Q2 fiscal 2025, under 1% of total revenue.
• Target's Other revenue was $174 million in Q2 fiscal 2026, up 23% from $141 million in Q2 fiscal 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2026 release, Target said:

“Full-year net sales growth in a range around 5 percent, one percentage point higher than the prior guidance range.”

“Full-year 2026 operating income margin rate in a range around 6 percent, including approximately 90 basis points of benefit from Q2 tariff refunds.”

“An updated GAAP and Adjusted EPS guidance range of $9.90 to $10.90, which includes second quarter tariff refund benefits of approximately $1.65.”

“The Company's guidance excludes any potential future tariff refunds.”

Source: Target Q2 2026 release, Aug 19, 2026.

This is the company's own guidance as of Aug 19, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TGT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS, each as first reported in that quarter's release. Target reports the fourth quarter in its own release, so no quarter here is derived. Q2 fiscal 2026 EPS includes $1.65 of tariff refund benefits.

Target's next report is scheduled for November 18, 2026. This page will show Q2 fiscal 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2026 (this page), reported Aug 19, 2026

Target had net sales of $26,539 million in Q2 fiscal 2026, up 5.3% from $25,211 million. Merchandise sales were $25,947 million, up 5.0%, and the largest categories were Food & beverage ($5,991 million), Household essentials ($4,617 million) and Apparel & accessories ($4,090 million). Target said net sales grew in all six core merchandising categories, with double-digit growth in Hardlines, which it calls Fun 101 ($3,894 million against $3,522 million). (Target Q2 2026 release, Aug 19, 2026)

Non-merchandise sales rose 20.1%. Advertising revenue, mostly from Target's Roundel digital advertising business, was $279 million against $217 million; credit card profit sharing from the TD Bank Group program was $139 million; and Other, which includes Target Plus marketplace commissions, Target Circle 360 membership revenue and Shipt, was $174 million. (Target Q2 2026 release, Aug 19, 2026; Target Form 10-Q, Q2 2026, Aug 28, 2026)

Comparable sales grew 3.8%, driven by a 3.6% increase in traffic and a 0.2% increase in average transaction amount, after a 1.9% decline a year earlier. Store comparable sales grew 2.7% and digital comparable sales grew 8.7%, led by more than 25 percent growth in same-day delivery. Target said it had lowered prices on more than 10,000 items over the past year. (Target Q2 2026 release, Aug 19, 2026)

Stores still fulfill almost everything: 97.6% of merchandise sales, including Order Pickup, Drive Up and Same Day Delivery, while digitally originated sales were 19.6% of merchandise sales against 18.9%. Target had 2,019 stores at August 1, 2026, against 1,982 a year earlier. (Target Q2 2026 release, Aug 19, 2026)

Target operates as a single segment and nearly all of its revenue is generated in the United States. About thirty percent of merchandise sales come from its owned and exclusive brands, and approximately one-half of the merchandise it offers is sourced from outside the United States, with China the largest country of origin. (Target Form 10-K, fiscal 2025, Mar 11, 2026)

Target's GAAP and Adjusted EPS were both $4.11 in Q2 fiscal 2026, against $2.05, because neither quarter had an adjustment. The quarter included $994 million of pretax IEEPA tariff refunds, recorded as a reduction of cost of sales after the February 2026 Supreme Court ruling, which added $752 million to net earnings and $1.65 to EPS. Excluding the refunds, Target said EPS rose 20 percent. (Target Q2 2026 release, Aug 19, 2026; Target Form 10-Q, Q2 2026, Aug 28, 2026)

Gross margin rate was 33.7%, including 3.7 percentage points from the refunds; excluding them it was approximately 100 basis points above last year's 29.0%, which Target tied to last year's elevated markdowns and purchase order cancellation costs and to growth in advertising and non-merchandise sales. SG&A rose to 21.6% of sales from 21.3% on higher compensation costs. Operating income was $2,560 million, a 9.6% margin, against $1,317 million and 5.2%. (Target Q2 2026 release, Aug 19, 2026)

Target did not repurchase any stock in the quarter and had approximately $8.3 billion of capacity left under its August 2021 program. Diluted shares were 456.6 million, against 455.6 million. The effective income tax rate was 23.7 percent, against 23.2 percent, and net interest expense fell to $98 million from $116 million on higher interest income. (Target Q2 2026 release, Aug 19, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Target gives full-year guidance in its release. After Q2 fiscal 2026 it raised its expectations to net sales growth in a range around 5 percent, an operating income margin rate in a range around 6 percent (including approximately 90 basis points from the Q2 tariff refunds) and GAAP and Adjusted EPS of $9.90 to $10.90, which includes about $1.65 of refund benefits. (Target Q2 2026 release, Aug 19, 2026)

Excluding the refunds, the midpoint of the EPS range is $0.75 above the prior guidance of $7.50 to $8.50, and Target expects its operating margin rate to be in a range around 50 basis points above last year's Adjusted 4.6 percent. The guidance excludes any potential future tariff refunds; Target said it continues to pursue additional refund claims that it has not recognized. (Target Q2 2026 release, Aug 19, 2026; Target Form 10-Q, Q2 2026, Aug 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Target, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Target's own release and filings put weight on for Q2 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TGT is on is TGT a buy or a sell?, what analysts expect next is on the TGT forecast, and what the company does is on the Target (TGT) stock page.

Every number on this page can be traced to a document Target published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.