

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 ~~May~~August 32, 2025

☐ 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 ~~May~~August 2322, 2025, were 454,~~365~~399,~~901~~148.


						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	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	2325
Item 4.	Controls and Procedures	2325
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	2426
Item 1A.	Risk Factors	2426
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2426
Item 3.	Defaults Upon Senior Securities	2426
Item 4.	Mine Safety Disclosures	2426
Item 5.	Other Information	2426
Item 6.	Exhibits	2527
Signatures		2628


			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Statements of Operations
	Three Months Ended				Six Months Ended
(millions, except per share data) (unaudited)	~~May~~August 32, 2025		~~May~~August 43, 2024		August 2, 2025		August 3, 2024
Net sales	$	2325,~~846~~211	$	2425,~~531~~452	$	49,057	$	49,983
Cost of sales	17,~~128~~903		17,~~471~~826		35,031		35,297
Selling, general, and administrative expenses	45,~~591~~359		5,~~146~~365		9,950		10,511
Depreciation and amortization (exclusive of depreciation included in cost of sales)	~~655~~632		~~618~~626		1,287		1,244
Operating income	1,~~472~~317		1,~~296~~635		2,789		2,931
Net interest expense	116		~~106~~110		232		216
Net other income	(2617)		(2920)		(43)		(49)
Earnings before income taxes	1,~~382~~218		1,~~219~~545		2,600		2,764
Provision for income taxes	~~346~~283		~~277~~353		629		630
Net earnings	$	~~1,036~~935	$	~~942~~1,192	$	1,971	$	2,134
Basic earnings per share	$	2.2806	$	2.0458	$	4.33	$	4.62
Diluted earnings per share	$	2.2705	$	2.0357	$	4.32	$	4.60
Weighted average common shares outstanding
Basic	~~455~~454.06		462.25		454.8		462.4
Diluted	~~456~~455.56		463.95		456.1		463.7
Antidilutive shares	25.40		12.63		2.3		1.8

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 1


			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Comprehensive Income
	Three Months Ended				Six Months Ended
(millions) (unaudited)	~~May~~August 32, 2025		~~May~~August 43, 2024		August 2, 2025		August 3, 2024
Net earnings	$	~~1,036~~935	$	~~942~~1,192	$	1,971	$	2,134
Other comprehensive (loss) / income, net of tax
Cash flow hedges and currency translation adjustment	(46)		(5)		(10)		(10)
Other comprehensive loss	(46)		(5)		(10)		(10)
Comprehensive income	$	~~1,032~~929	$	~~937~~1,187	$	1,961	$	2,124

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 2


			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Financial Position

(millions, except footnotes) (unaudited)

~~May~~August 32, 2025

February 1,2025

~~May~~August 43,2024

Assets

Cash and cash equivalents

24,~~887~~341

4,762

3,~~604~~497

Inventory

1312,~~048~~881

12,740

1112,~~730~~604

Other current assets

1,~~824~~812

1,952

1,~~744~~817

Total current assets

1719,~~759~~034

19,454

17,~~078~~918

Property and equipment, net

33,~~182~~568

33,022

33,~~114~~075

Operating lease assets

3,~~739~~694

3,763

3,~~486~~545

Other noncurrent assets

1,~~505~~555

1,530

1,~~439~~457

Total assets

5657,~~185~~851

57,769

55,~~117~~995

Liabilities and shareholders’ investment

Accounts payable

1112,~~823~~019

13,053

1112,~~561~~595

Accrued and other current liabilities

6,~~029~~068

6,110

5,~~684~~749

Current portion of long-term debt and other borrowings

1,~~139~~136

1,636

21,~~614~~640

Total current liabilities

1819,~~991~~223

20,799

19,~~859~~984

Long-term debt and other borrowings

1415,~~334~~320

14,304

13,~~487~~654

Noncurrent operating lease liabilities

3,~~564~~514

3,582

3,~~392~~444

Deferred income taxes

2,~~338~~413

2,303

2,~~543~~495

Other noncurrent liabilities

21,~~011~~961

2,115

1,~~996~~989

Total noncurrent liabilities

2223,~~247~~208

22,304

21,~~418~~582

Shareholders’ investment

Common stock

3938

Additional paid-in capital

7,~~011~~084

6,996

6,~~747~~831

Retained earnings

8,~~360~~766

8,090

78,~~519~~030

Accumulated other comprehensive loss

(~~462~~468)

(458)

(~~465~~470)

Total shareholders’ investment

1415,~~947~~420

14,666

1314,~~840~~429

Total liabilities and shareholders’ investment

5657,~~185~~851

57,769

55,~~117~~995

Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 454,~~364~~396,~~799~~092, 455,566,995, and ~~462~~461,~~635~~600,~~539~~215 shares issued and outstanding as of ~~May~~August 32, 2025, February 1, 2025, and ~~May~~August 43, 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 Q1Q2 2025 Form 10-Q 3


			FINANCIAL STATEMENTS			Table of Contents
						Index to Notes

Consolidated Statements of Cash Flows

Three Months Ended

Six Months Ended

(millions) (unaudited)

~~May~~August 32, 2025

~~May~~August 43, 2024

Operating activities

Net earnings

1,~~036~~971

~~942~~2,134

Adjustments to reconcile net earnings to cash provided by operating activities:

Depreciation and amortization

~~787~~1,558

~~718~~1,461

Share-based compensation expense

69133

72149

Deferred income taxes

36112

6416

Noncash (gains) / losses and other, net

~~(4)~~1

~~(31)~~22

Changes in operating accounts:

Inventory

(~~308~~141)

~~156~~(718)

Other assets

~~146~~151

43(53)

Accounts payable

(1,~~344~~125)

~~(524)~~522

Accrued and other liabilities

(~~143~~302)

(~~339~~194)

Cash provided by operating activities

~~275~~2,358

13,~~101~~339

Investing activities

Expenditures for property and equipment

(~~790~~1,864)

(~~674~~1,313)

Other

311

Cash required for investing activities

(~~787~~1,853)

(~~671~~1,305)

Financing activities

Additions to long-term debt

~~991~~1,984

—

Reductions of long-term debt

(1,~~534~~571)

(321,076)

Dividends paid

(~~510~~1,019)

(~~508~~1,017)

Repurchase of stock

(~~250~~258)

—(155)

Shares withheld for taxes on share-based compensation

(6062)

(9194)

Cash required for financing activities

(~~1,363~~926)

(~~631~~2,342)

Net decrease in cash and cash equivalents

(~~1,875~~421)

(~~201~~308)

Cash and cash equivalents at beginning of period

4,762

3,805

Cash and cash equivalents at end of period

24,~~887~~341

3,~~604~~497

Supplemental information

Leased assets obtained in exchange for new finance lease liabilities

1741

~~122~~304

Leased assets obtained in exchange for new operating lease liabilities

70119

~~214~~362

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION Q1Q2 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	—	—		—		(516)		—		(516)
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	—	—		—		(527)		—		(527)
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	—	—		—		(521)		—		(521)
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	—	—		—		(516)		—		(516)
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 Q1Q2 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	—	—		—		(515)		—		(515)
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

We declared $1.12 and $1.10 dividends per share for the three months ended May 3, 2025, and May 4, 2024, respectively, and $4.46 per share for the fiscal year ended February 1, 2025.

See accompanying Notes to Consolidated Financial Statements.

TARGET CORPORATION Q1Q2 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	Fair Value Measurements	10
Note 5	~~Supplier~~Property ~~Finance~~and ~~Programs~~Equipment	11
Note 6	~~Commercial~~Supplier ~~Paper~~Finance ~~and Long-Term Debt~~Programs	11
Note 7	~~Derivative~~Commercial ~~Financial~~Paper ~~Instruments~~and Long-Term Debt	11
Note 8	~~Share~~Derivative ~~Repurchase~~Financial Instruments	1211
Note 9	~~Pension~~Share ~~Benefits~~Repurchase	12
Note 10	~~Accumulated~~Pension ~~Other Comprehensive Loss~~Benefits	12
Note 11	~~Segment~~Accumulated ~~Reporting~~Other Comprehensive Loss	13
Note 12	Segment Reporting	13

TARGET CORPORATION Q1Q2 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 Q1Q2 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				Six Months Ended
(millions)	~~May~~August 32, 2025		~~May~~August 43, 2024		August 2, 2025		August 3, 2024
Apparel & accessories (a)	$	34,~~711~~086	$	34,~~897~~261	$	7,797	$	8,158
Beauty (b)	3,~~101~~396		3,~~119~~384		6,498		6,503
Food & beverage (c)	5,~~902~~588		5,~~853~~538		11,490		11,391
Hardlines (d)	3,~~074~~522		3,~~160~~322		6,597		6,482
Home furnishings & décor (e)	3,~~220~~662		3,~~519~~908		6,880		7,427
Household essentials (f)	4,~~357~~422		4,~~549~~564		8,779		9,113
Other merchandise sales	4043		4644		83		90
Merchandise sales	2324,~~405~~719		2425,~~143~~021		48,124		49,164
Advertising revenue	~~163~~217		~~130~~162		379		292
Credit card profit sharing	~~141~~134		~~142~~144		275		286
Other	~~137~~141		~~116~~125		279		241
Net sales	$	2325,~~846~~211	$	2425,~~531~~452	$	49,057	$	49,983

(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 ~~May~~August 32, 2025, February 1, 2025, and ~~May~~August 43, 2024, the accrual for estimated returns was $~~186~~179 million, $172 million, and $~~198~~193 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

~~May~~August 32,2025

(millions)

Gift card liability (a)

1,209

~~251~~427

(~~429~~631)

1,~~031~~005

(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) Expenses, depending on the nature of the advertising arrangement.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 9


			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

Credit card profit sharing — We receive payments under a credit card program agreement with TD Bank Group (TD). Under the agreement, we receive a percentage of the profits generated by the Target Circle credit card receivables in exchange for performing account servicing and primary marketing functions. TD underwrites, funds, and owns Target Circle credit card receivables, controls risk management policies, and oversees regulatory compliance.

Other — Includes commissions earned on third-party sales through our Target Plus third-party digital marketplace, Target Circle 360 membership revenue, Shipt membership and service revenues, rental income, ~~Target Circle 360 membership revenue,~~ and other miscellaneous revenues.

3. Interchange Fee Settlements

In March 2025, we entered into settlement agreements to resolve credit card interchange fee litigation matters in which we were a plaintiff. As a result of these lump-sum settlements, during the first quarter of 2025, we recorded gains within SG&A Expenses of $593 million, net of legal fees.

4. Fair Value Measurements

Fair value measurements are reported in one of three levels reflecting the significant inputs used to determine fair value.

Financial Instruments Measured On a Recurring Basis

Fair Value

(millions)

Classification

Measurement Level

~~May~~August 32, 2025

February 1, 2025

~~May~~August 43, 2024

Assets

Short-term investments

Cash and Cash Equivalents

Level 1

13,~~975~~348

3,893

2,~~726~~465

Prepaid forward contracts

Other Current Assets

Level 1

2724

Interest rate swaps

Other Noncurrent Assets

Level 2

—

Liabilities

Interest rate swaps

Other Current Liabilities

Level 2

—

3—

Interest rate swaps

Other Noncurrent Liabilities

Level 2

6560

125

~~154~~82

Significant Financial Instruments Not Measured at Fair Value (a)(millions)

~~May~~August 32, 2025

February 1, 2025

~~May~~August 43, 2024

CarryingAmount

FairValue

CarryingAmount

FairValue

CarryingAmount

FairValue

Long-term debt, including current portion (b)

1314,~~398~~393

1213,~~377~~643

13,904

12,953

1413,~~155~~157

1312,~~123~~578

(a)The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.

(b)The fair value of long-term debt is estimated using Level 2 inputs based on quoted prices for the instruments. Where quoted prices are not available, fair value is estimated using discounted cash flows and market-based expectations for interest rates. These amounts exclude commercial paper, fair value hedge adjustments, and lease liabilities.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 10


			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

5. ~~Supplier~~Property ~~Finance~~and ~~Programs~~Equipment

We ~~have~~review ~~arrangements~~long-lived ~~with~~assets ~~several~~for ~~financial~~impairment ~~institutions~~when tostore ~~act~~performance asexpectations, ~~our~~events, ~~paying~~or ~~agents~~changes toin ~~certain~~circumstances—such ~~vendors.~~as ~~The~~a ~~arrangements~~decision ~~also~~to ~~permit~~relocate ~~the~~or ~~financial~~close ~~institutions~~a tostore, ~~provide~~office, ~~vendors~~or ~~with~~distribution ~~an option~~center, atdiscontinue ~~our~~a ~~vendors' sole discretion~~project, toor ~~sell~~make ~~their~~significant ~~receivables~~software ~~from~~changes—indicate ~~Target~~that to the ~~financial~~asset’s ~~institutions.~~carrying Avalue ~~vendor’s~~may ~~election~~not tobe ~~receive~~recoverable. ~~early~~We ~~payment~~recognized atimpairment acharges ~~discounted~~of ~~amount~~$34 ~~from~~million for the ~~financial~~three ~~institutions~~and ~~does~~six ~~not~~months ~~change~~ended ~~the~~August 2, ~~amount~~2025, ~~that~~and we$36 ~~must~~million ~~remit~~for to the ~~financial~~three ~~institutions~~and orsix ~~our~~months ~~payment~~ended ~~date~~August 3, ~~which~~2024. isThese upimpairment tocharges ~~120~~are ~~days~~included ~~from~~in ~~the~~SG&A ~~invoice date~~Expenses.

6. Supplier Finance Programs

We have arrangements with several financial institutions to act as our paying agents to certain vendors. The arrangements also permit the financial institutions to provide vendors with an option, at our vendors' sole discretion, to elect to receive early payment of our payment obligations from the financial institutions at a discounted amount. A vendor’s election to receive early payment does not change the amount that we must remit to the financial institutions or our payment date, which is up to 120 days from the invoice date.

We do not pay any fees or pledge any security to these financial institutions under these arrangements. The arrangements can be terminated by either party with notice ranging up to 120 days.

Our outstanding vendor obligations eligible for early payment under these arrangements totaled $32.39 billion, ~~$3.7~~as of August ~~billion~~2, 2025, and $3.37 billion as of ~~May 3,~~both ~~2025,~~ February 1, 2025, and ~~May~~August 43, 2024, ~~respectively,~~ and are included within Accounts Payable on our Consolidated Statements of Financial Position. ~~Our~~These outstanding vendor obligations do not represent actual ~~receivables~~early ~~sold~~payments bymade ~~our~~under ~~vendors~~supplier tofinance ~~the financial institutions~~programs, which have historically been lower.

67. Commercial Paper and Long-Term Debt

InOur ~~March 2025, we issued $1.0 billion of~~ unsecured long-term debt ~~with~~issuances aduring ~~fixed~~the ~~rate~~six ofmonths ~~5.0~~ended ~~percent~~August 2, ~~that~~2025 ~~matures~~were inas ~~April 2035.~~ follows:

In April 2025, we repaid at maturity $1.5 billion of unsecured debt with a fixed rate of 2.25 percent.


Debt Issuances (dollars in millions)
Issuance Date	Maturity Date	Principal Amount		Interest Rate (Fixed)
March 2025	April 2035	$	1,000	5.00	%
June 2025	June 2028	500		4.35
June 2025	February 2036	500		5.25

WeOur ~~obtain~~unsecured ~~short~~long-term ~~financing~~debt ~~from~~repayments ~~time to time under our commercial paper program. There was no commercial paper outstanding at any time~~ during the ~~three~~six months ended ~~May~~August 32, 2025 orwere ~~May 4,~~as ~~2024.~~follows:

7. Derivative Financial Instruments

Debt Repayments

(dollars in millions)

Repayment Date

Maturity Date

Principal Amount

Interest Rate (Fixed)

April 2025

1,500

2.25

We obtain short-term financing from time to time under our commercial paper program. There was no commercial paper outstanding at any time during the three and six months ended August 2, 2025, or August 3, 2024.

8. Derivative Financial Instruments

Our derivative instruments consist of interest rate swaps used to mitigate interest rate risk. As a result, we have counterparty credit exposure to large global financial institutions, which we monitor on an ongoing basis. Note 4 to the Consolidated Financial Statements provides the fair value and classification of these instruments.

We were party to interest rate swaps with notional amounts totaling $2.20 billion as of ~~May~~August 32, 2025, ~~and~~ February 1, 2025, and ~~$2.45~~August ~~billion as of May 4~~3, 2024. We pay a floating rate and receive a fixed rate under each of these agreements. All of the agreements are designated as fair value hedges, and all were considered to be perfectly effective under the shortcut method during the three and six months ended ~~May~~August 32, 2025, and ~~May~~August 43, 2024.

Effect of Hedges on Debt(millions)	May 3, 2025		February 1, 2025		May 4, 2024
Long-term debt and other borrowings
Carrying amount of hedged debt	$	2,126	$	2,069	$	2,285
Cumulative hedging adjustments, included in carrying amount	(68)		(125)		(157)


TARGET CORPORATION						Q2 2025 Form 10-Q			11

Effect of Hedges on Net Interest Expense	Three Months Ended
(millions)	May 3, 2025		May 4, 2024
Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swaps designated as fair value hedges	$	57	$	(31)
Hedged debt	(57)		31
Gain on cash flow hedges recognized in Net Interest Expense	6		6
Total	$	6	$	6

TARGET CORPORATION Q1 2025 Form 10-Q 11


			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

8. Share Repurchase


Effect of Hedges on Debt (millions)	August 2, 2025		February 1, 2025		August 3, 2024



Long-term debt and other borrowings
Carrying amount of hedged debt	$	2,132	$	2,069	$	2,113
Cumulative hedging adjustments, included in carrying amount	(63)		(125)		(79)


Effect of Hedges on Net Interest Expense	Three Months Ended				Six Months Ended
(millions)	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024


Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swaps designated as fair value hedges	$	6	$	78	$	62	$	47
Hedged debt	(6)		(78)		(62)		(47)
Gain on cash flow hedges recognized in Net Interest Expense	6		6		12		12
Total	$	6	$	6	$	12	$	12

9. Share Repurchase

We periodically repurchase shares of our common stock under a board-authorized repurchase program through a combination of open market transactions, accelerated share repurchase arrangements, and other privately negotiated transactions with financial institutions.

Share Repurchase Activity	Three Months Ended				Six Months Ended
(millions, except per share data)	~~May~~August 32, 2025		~~May~~August 43, 2024		August 2, 2025		August 3, 2024
Number of shares purchased	~~2.2~~—		—1.1		2.2		1.1
Average price paid per share (a)	$	~~114.60~~—	$	—145.94	$	114.59	$	145.94
Total investment (a)	$	~~251~~—	$	—155	$	251	$	155

(a) Amounts include applicable excise tax and commissions.

910. Pension Benefits

We provide pension plan benefits to eligible team members.

Net Pension Benefits (Income) / Expense		Three Months Ended				Six Months Ended
(millions)	Classification	~~May~~August 32, 2025		~~May~~August 43, 2024		August 2, 2025		August 3, 2024
Service cost benefits earned	SG&A Expenses	$	1720	$	2019	$	37	$	39
Interest cost on projected benefit obligation	Net Other Income	42		4142		84		83
Expected return on assets	Net Other Income	(6768)		(70)		(135)		(140)
Total		$	(8)	$	(9)
Prior service cost	Net Other Income	7		8		7		8
Total		$	1	$	(1)	$	(7)	$	(10)

~~10.~~TARGET ~~Accumulated~~CORPORATION ~~Other~~Q2 ~~Comprehensive~~2025 ~~Loss~~Form 10-Q 12

Change in Accumulated Other Comprehensive Loss	Cash Flow Hedges		Currency Translation Adjustment		Pension		Total
(millions)
February 1, 2025	$	266	$	(27)	$	(697)	$	(458)
Other comprehensive (loss) income before reclassifications	(1)		1		—		—
Amounts reclassified	(4)		—		—		(4)
May 3, 2025	$	261	$	(26)	$	(697)	$	(462)

Note: Amounts are net of tax.

TARGET CORPORATION Q1 2025 Form 10-Q 12


			FINANCIAL STATEMENTS			Table of Contents
			NOTES			Index to Notes

11. ~~Segment~~Accumulated ~~Reporting~~Other Comprehensive Loss


Change in Accumulated Other Comprehensive Loss	Cash Flow Hedges		Currency Translation Adjustment		Pension		Total
(millions)
February 1, 2025	$	266	$	(27)	$	(697)	$	(458)
Other comprehensive (loss) income before reclassifications	(1)		—		—		(1)
Amounts reclassified	(9)		—		—		(9)
August 2, 2025	$	256	$	(27)	$	(697)	$	(468)

Note: Amounts are net of tax.

12. Segment Reporting

Our Chief Operating Decision Maker—our Chief Executive Officer—monitors our consolidated operating income and net earnings to evaluate performance and make operating decisions. 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. Virtually all of our consolidated revenues are generated in the United States. The vast majority of our properties and equipment are located within the United States.

Business Segment Results	Three Months Ended				Six Months Ended
(millions)	~~May~~August 32, 2025		~~May~~August 43, 2024		August 2, 2025		August 3, 2024
Net sales	$	2325,~~846~~211	$	2425,~~531~~452	$	49,057	$	49,983
Cost of sales
Merchandising cost of sales	1516,~~355~~177		1516,~~846~~093		31,531		31,939
Supply chain and digital fulfillment costs	1,~~773~~726		1,~~625~~733		3,500		3,358
Total cost of sales	17,~~128~~903		17,~~471~~826		35,031		35,297
Selling, general and administrative expenses (a)	45,~~591~~359		5,~~146~~365		9,950		10,511
Depreciation and amortization (exclusive of depreciation included in cost of sales)	~~655~~632		~~618~~626		1,287		1,244
Operating income	1,~~472~~317		1,~~296~~635		2,789		2,931
Net interest expense	116		~~106~~110		232		216
Net other income	(2617)		(2920)		(43)		(49)
Earnings before income taxes	1,~~382~~218		1,~~219~~545		2,600		2,764
Provision for income taxes	~~346~~283		~~277~~353		629		630
Net earnings	$	~~1,036~~935	$	~~942~~1,192	$	1,971	$	2,134

(a)For the ~~three~~six months ended ~~May~~August 32, 2025, includes $593 million of pretax net gains related to settlements of credit card interchange fee litigation matters. Note 3 provides additional information.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 13


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			FINANCIAL SUMMARY			Index to Notes

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Financial Summary

~~First~~Second quarter 2025 included the following notable items:

•GAAP diluted earnings per share ~~were $2.27~~ and Adjusted EPS1 were $12.3005.

•Net Sales were $2325.82 billion, a decrease of 20.89 percent from the comparable prior-year period.

•Comparable sales decreased 31.89 percent, reflecting a 21.43 percent decrease in traffic and a 10.46 percent decrease in average transaction amount.

◦Comparable stores-originated sales declined 53.72 percent.

◦Comparable digitally-originated sales increased 4.73 percent.

•Operating income of $1.53 billion, ~~including~~was ~~$593 million~~19.4 ofpercent ~~pretax~~lower ~~net~~than ~~gains related to interchange fee settlements further described in Note 3 to~~ the ~~Financial~~comparable ~~Statements~~prior-year period.

Earnings Per Share	Three Months Ended						Six Months Ended
	May 3, 2025		May 4, 2024		Change
	August 2, 2025		August 3, 2024		Change		August 2, 2025		August 3, 2024		Change
GAAP diluted earnings per share	$	2.2705	$	2.0357	11(20.72)	%	$	4.32	$	4.60	(6.1)	%
Adjustments	~~(0.97)~~—		—				(0.97)		—
Adjusted diluted earnings per share	$	12.3005	$	2.0357	(3520.92)	%	$	3.35	$	4.60	(27.1)	%

~~Note: Amounts~~1Adjusted ~~may~~diluted ~~not~~earnings ~~foot~~per ~~due~~share (Adjusted EPS), a non-GAAP metric, excludes the impact of certain items. Management believes that Adjusted EPS is useful in providing period-to-period ~~rounding~~comparisons of the results of our operations. A reconciliation of non-GAAP financial measures to GAAP measures is provided on page 21.

~~1Adjusted~~We ~~diluted~~report ~~earnings~~after-tax ~~per~~return ~~share~~on ~~(Adjusted~~invested ~~EPS~~capital (ROIC), abecause ~~non-GAAP~~we ~~metric,~~believe ~~excludes~~ROIC ~~the~~provides ~~impact~~a meaningful measure of ~~certain~~our ~~items.~~capital ~~Management~~allocation ~~believes~~effectiveness ~~that~~over ~~Adjusted~~time. ~~EPS~~For isthe ~~useful~~trailing intwelve ~~providing~~months ~~period~~ended August 2, 2025, after-~~to-period~~tax ~~comparisons~~ROIC ofwas ~~the~~14.3 ~~results~~percent, ofcompared ~~our~~with ~~operations~~16.6 Apercent ~~reconciliation~~for ofthe ~~non-GAAP~~trailing ~~financial~~twelve ~~measures~~months toended ~~GAAP~~August 3, ~~measures~~2024. The calculation of ROIC is provided on page 19 22.

We report after-tax return on invested capital (ROIC) because we believe ROIC provides a meaningful measure of our capital allocation effectiveness over time. For the trailing twelve months ended May 3, 2025, after-tax ROIC was 15.1 percent, compared with 15.4 percent for the trailing twelve months ended May 4, 2024. The calculation of ROIC is provided on page 20.

Business Environment

~~Our~~In ~~financial~~April ~~results~~2025, ~~for~~ the ~~quarter~~U.S. ~~ended~~imposed ~~May~~a 3,range ~~2025,~~of ~~reflected~~tariffs ~~several~~on ~~challenges,~~the ~~including~~vast ~~recent~~majority ~~declines~~of products manufactured in ~~consumer~~foreign ~~confidence,~~countries ~~uncertainty~~and ~~regarding~~jurisdictions, ~~the~~and ~~impact~~subsequently ofimposed ~~potential~~incremental tariffs, ~~the~~paused, ~~reaction~~modified, toor ~~updates~~issued wespecific ~~shared~~exceptions into ~~January~~recently onimposed ~~our~~tariffs, ~~approach~~and toindicated ~~belonging,~~that asthe ~~well~~U.S. asis ~~the~~actively ~~continued~~negotiating ~~trend~~country-specific ofagreements ~~reduced~~that ~~consumer~~it ~~spending~~expects will result in ~~discretionary~~changes ~~categories.~~to ~~While~~imposed wetariff ~~believe~~rates. ~~each~~Approximately one-half of ~~these~~the ~~factors~~merchandise ~~played~~we aoffer ~~meaningful~~is ~~role~~sourced infrom ~~our~~outside ~~first~~the ~~quarter~~U.S., ~~performance~~either directly or indirectly, wewith ~~can't~~China ~~reasonably~~as ~~estimate~~our ~~the~~single ~~impact~~largest source of ~~each~~merchandise ~~one~~we ~~separately~~import.

~~Recently,~~We ~~the~~are ~~United~~closely ~~States~~monitoring ~~(U.S.) imposed~~the aevolving ~~range~~consumer ofand ~~tariffs~~regulatory onlandscape ~~all products manufactured in foreign countries~~ and ~~jurisdictions,~~adjusting ~~and~~plans ~~subsequently~~as ~~imposed incremental tariffs~~needed, ~~paused~~including, ~~modified,~~but ornot ~~issued~~limited ~~specific exceptions~~ to, ~~recently~~vendor ~~imposed tariffs~~negotiations, ~~and~~assortment ~~indicated~~changes, ~~that~~movements ~~the~~in ~~U.S. is actively negotiating~~ country~~-specific~~ ~~agreements~~of ~~that~~production, itadjustments ~~expects~~in ~~will~~order ~~result~~unit inquantities ~~changes~~and totiming, ~~imposed~~and ~~tariff~~pricing ~~rates~~strategies. ~~Approximately~~The ~~one-half~~Gross ofMargin ~~the~~Rate ~~merchandise~~section webelow ~~offer~~provides isadditional ~~sourced~~information ~~from~~about ~~outside~~ the ~~U.S.,~~impact ~~either directly or indirectly, with China as our single largest source~~ of ~~merchandise~~such ~~we import~~actions.

We are closely monitoring the evolving consumer and regulatory landscape and adjusting plans as needed, including, but not limited to, vendor negotiations, assortment changes, movements in country of production, adjustments in order unit quantities and timing, and pricing strategies. Additionally, we are working closely with industry associations and government leaders, all with a goal to continue delivering the products our guests expect and minimizing the impact of tariffs on our guests. The collective interaction of tariffs, sourcing strategies, pricing actions, consumer response and behaviors, and other factors, could materially impact our sales and results of operations in future periods.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 14


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			ANALYSIS OF RESULTS OF OPERATIONS			Index to Notes

Analysis of Results of Operations

Summary of Operating Income	Three Months Ended						Six Months Ended
(dollars in millions)	~~May~~August 32, 2025		~~May~~August 43, 2024		Change		August 2, 2025		August 3, 2024		Change
Net sales	$	2325,~~846~~211	$	2425,~~531~~452	(20.89)	%	49,057		$	49,983	(1.9)	%
Cost of sales (a)	17,~~128~~903		17,~~471~~826		~~(2.~~0).4		35,031		35,297		(0.8)
SG&A expenses (a)	45,~~591~~359		5,~~146~~365		(100.81)		9,950		10,511		(5.3)
Depreciation and amortization (exclusive of depreciation included in cost of sales)	~~655~~632		~~618~~626		6.0.9		1,287		1,244		3.4
Operating income	$	1,~~472~~317	$	1,~~296~~635	13(19.64)	%	$	2,789	$	2,931	(4.8)	%

Rate Analysis	Three Months Ended				Six Months Ended
	May 3, 2025		May 4, 2024
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Gross margin rate (a)	2829.20	%	2830.80	%	28.6	%	29.4	%
SG&A expense rate (a)	1921.3		21.01		20.3		21.0
Depreciation and amortization expense rate (exclusive of depreciation included in cost of sales)	2.75		2.5		2.6		2.5
Operating income margin rate	65.2		56.34		5.7		5.9

(a)Reflects the impact of a reclassification of prior year amounts, which were not material, to conform with current year presentation.

Note: Gross margin (GM) is calculated as Net Sales less Cost of Sales. All rates are calculated by dividing the applicable amount by Net Sales. We updated the prior period gross margin rate to conform to the current year calculation, which resulted in an approximate 1 percentage point increase in our gross margin rate for the 2024 ~~period~~periods presented.

Net Sales

Net sales includes all Merchandise Sales and revenues from other sources, most notably advertising revenue and credit card profit-sharing income.

Merchandise Sales are net of expected returns, and our estimate of gift card breakage. Comparable sales include all Merchandise Sales, except sales from stores open less than 13 months or that have been closed. We use comparable sales to evaluate the performance of our stores and digital channels by measuring the change in sales for a period over the comparable, prior-year period of equivalent length. Comparable sales measures vary across the retail industry. As a result, our comparable sales calculation is not necessarily comparable to similarly titled measures reported by other companies. Digitally originated sales include all Merchandise Sales initiated through mobile applications and our websites. Our stores fulfill the majority of digitally originated sales, including shipment from stores to guests, store Order Pickup or Drive Up, and Same Day Delivery. Digitally originated sales may also be fulfilled through our distribution centers, our vendors, or other third parties.

Merchandise Sales growth—from both comparable sales and new stores—represents an important driver of our long-term profitability. We expect that comparable sales growth will drive a significant portion of our total sales growth. We believe that our ability to successfully differentiate our guests’ shopping experience through a careful combination of merchandise assortment, price, convenience, guest experience, and other factors will over the long-term drive both increasing shopping frequency (number of transactions, or "traffic") and the amount spent each visit (average transaction amount).

TARGET CORPORATION Q1Q2 2025 Form 10-Q 15


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			ANALYSIS OF RESULTS OF OPERATIONS			Index to Notes

Comparable Sales	Three Months Ended				Six Months Ended
	May 3, 2025		May 4, 2024
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Comparable sales change	(31.89)	%	(32.7)0	%	(2.8)	%	(0.9)	%
Drivers of change in comparable sales
Number of transactions (traffic)	(21.43)		(13.9)0		(1.8)		0.6
Average transaction amount	(10.46)		(10.9)		(1.0)		(1.4)

Comparable Sales by Channel	Three Months Ended				Six Months Ended
	May 3, 2025		May 4, 2024
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Stores originated comparable sales change	(53.72)	%	(40.8)7	%	(4.4)	%	(2.1)	%
Digitally originated comparable sales change	4.73		18.47		4.5		5.0

Merchandise Sales by Channel	Three Months Ended				Six Months Ended
	May 3, 2025		May 4, 2024
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Stores originated	8081.21	%	8182.71	%	80.7	%	81.9	%
Digitally originated	1918.89		1817.39		19.3		18.1
Total	100	%	100	%	100	%	100	%

Merchandise Sales by Fulfillment Channel	Three Months Ended				Six Months Ended
	May 3, 2025		May 4, 2024
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Stores	97.67	%	97.79	%	97.7	%	97.8	%
Other	2.43		2.31		2.3		2.2
Total	100	%	100	%	100	%	100	%

Note: Merchandise Sales fulfilled by stores include in-store purchases and digitally originated sales fulfilled by shipping merchandise from stores to guests, Order Pickup, Drive Up, and Same Day Delivery.

Merchandise Sales by Product Category	Three Months Ended				Six Months Ended
	May 3, 2025		May 4, 2024
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Apparel & accessories	16	%	1617	%	16	%	17	%
Beauty	1314		1314		14		13
Food & beverage	2523		2422		24		23
Hardlines	1314		13		14		13
Home furnishings & décor	1415		1516		14		15
Household essentials	1918		1918		18		19
Total	100	%	100	%	100	%	100	%

Note 2 to the Financial Statements provides additional product category sales information. The collective interaction of a broad array of macroeconomic, competitive, and consumer behavioral factors, as well as sales mix and the transfer of sales to new stores, makes further analysis of sales metrics infeasible.

WeTARGET ~~monitor~~CORPORATION ~~the~~Q2 percentage of purchases that are paid for using Target Circle Cards™ (Target Circle Card Penetration) because our internal analysis has indicated that a meaningful portion of the incremental purchases on our Target Circle Cards are also incremental sales for Target. Guests receive a 5 percent discount on virtually all purchases when they use a Target Circle Card at Target. For the three months ended May 3, 2025 ~~and~~Form ~~May 4,~~10-Q ~~2024, total Target Circle Card Penetration was 17.4 percent and 18.0 percent, respectively.~~16

TARGET CORPORATION Q1 2025 Form 10-Q 16


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			ANALYSIS OF RESULTS OF OPERATIONS			Index to Notes

We monitor the percentage of purchases that are paid for using Target Circle Cards™ (Target Circle Card Penetration) because our internal analysis has indicated that a meaningful portion of the incremental purchases on our Target Circle Cards are also incremental sales for Target. Guests receive a 5 percent discount on virtually all purchases when they use a Target Circle Card at Target. For the three months ended August 2, 2025, and August 3, 2024, total Target Circle Card Penetration was 16.9 percent and 17.7 percent, respectively. For the six months ended August 2, 2025, and August 3, 2024, total Target Circle Card Penetration was 17.1 percent and 17.9 percent, respectively.


TARGET CORPORATION						Q2 2025 Form 10-Q			17


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			ANALYSIS OF RESULTS OF OPERATIONS			Index to Notes

Gross Margin Rate

Quarter-to-Date

For the three months ended ~~May~~August 32, 2025, our gross margin rate was 2829.20 percent compared with 2830.80 percent in the comparable prior-year period. ~~For~~The ~~the~~decrease ~~three months ended May 3, 2025, the changes~~ reflected the net impact of

•merchandising ~~activities~~, including higher markdown rates and purchase order cancellation costs1, partially offset by growth in advertising and other revenues;

•~~higher~~changes ~~supply chain and digital fulfillment costs due to new supply chain facilities coming online and an increase~~ in ~~digital~~category ~~penetration~~sales mix; and

•lower inventory shrink.

Year-to-Date

For the six months ended August 2, 2025, our gross margin rate was 28.6 percent compared with 29.4 percent in the comparable prior-year period. The decrease reflected the net impact of

•merchandising activities, including higher markdown rates and purchase order cancellation costs1, partially offset by growth in advertising and other revenues;

•higher supply chain and digital fulfillment costs, partially due to to new supply chain facilities;

•changes in category sales mix; and

•lower inventory shrink.

1 The Business Environment section provides additional information.


TARGET CORPORATION						Q2 2025 Form 10-Q			18


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			ANALYSIS OF RESULTS OF OPERATIONS			Index to Notes

Selling, General, and Administrative Expense Rate

For the three months ended ~~May~~August 32, 2025, our SG&A expense rate was 1921.3 percent compared with 21.01 percent for the comparable prior-year period., ~~The~~reflecting ~~decrease~~the ~~reflected~~deleveraging ~~a favorable~~ impact of ~~interchange~~lower ~~fee~~Net ~~settlements~~Sales. ofHigher ~~approximately~~remodel-related ~~2.5~~expenses ~~percentage~~during ~~points,~~the asthree ~~further~~months ~~described~~ended inAugust ~~Note~~2, 32025, ~~partially~~were offset by the ~~deleveraging impact of lower Net Sales, and the~~ net impact of ~~other~~cost ~~costs~~savings.

For the six months ended August 2, 2025, our SG&A expense rate was 20.3 percent compared with 21.0 percent for the comparable prior-year period. The decrease reflected a favorable impact of interchange fee settlements during the first quarter of 2025 of approximately 1.2 percentage points, as further described in Note 3, partially offset by the deleveraging impact of lower Net Sales, and the net impact of other costs.

Store Data

Change in Number of Stores	Three Months Ended		Six Months Ended
	May 3, 2025	May 4, 2024
	August 2, 2025	August 3, 2024	August 2, 2025	August 3, 2024
Beginning store count	1,~~978~~981	1,~~956~~963	1,978	1,956
Opened	31	73	4	10
Closed	—	—	—	—
Ending store count	1,~~981~~982	1,~~963~~966	1,982	1,966

Number of Stores and

Number of Stores

Retail Square Feet (a)

Retail Square Feet

~~May~~August 32, 2025

February 1, 2025

~~May~~August 43, 2024

~~May~~August 32, 2025

February 1, 2025

~~May~~August 43, 2024

170,000 or more sq. ft.

273

48,824

50,000 to 169,999 sq. ft.

1,562

1,559

1,~~547~~549

195,436

195,050

193,~~529~~705

49,999 or less sq. ft.

~~146~~147

146

~~143~~144

4,~~404~~445

4,404

4,~~301~~334

Total

1,~~981~~982

1,978

1,~~963~~966

248,~~664~~705

248,278

246,~~654~~863

(a)In thousands; reflects total square feet less office, supply chain facility, and vacant space.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 1719


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			OTHER PERFORMANCE FACTORS			Index to Notes

Other Performance Factors

Net Interest Expense

~~For~~Net interest expense was $116 million and $232 million for the three and six months ended ~~May~~August 32, 2025, ~~net~~respectively, ~~interest~~compared ~~expense~~with ~~was~~ $~~116~~110 million ~~compared~~and ~~with~~ $~~106~~216 million in the comparable prior-year ~~period~~periods. The increase was primarily due to ahigher ~~decrease~~average indebt ~~interest income~~levels.

Provision for Income Taxes

Our effective income tax ~~rate~~rates for the three and six months ended ~~May~~August 32, 2025, ~~was~~were 2523.02 percent and 24.2 percent, respectively, compared with 22.79 percent and 22.8 percent in the comparable prior-year ~~period~~periods. ~~The~~For the three month period, the increase ~~primarily~~is driven by the impact of Pillar Two global minimum taxes. For the six month period, the increase reflects discrete tax expense in the current year, primarily related to share-based compensation, and the impact of Pillar Two global minimum taxes.

~~TARGET~~On ~~CORPORATION~~July Q14, 2025, ~~Form~~the ~~10-Q~~U.S. 18enacted new legislation that includes several U.S. corporate tax provisions, including restoring immediate deductibility of certain capital expenditures, restoring full expensing of domestic research and development costs, and changes in the computations of U.S. taxation on international earnings. We expect the provisions of the legislation to result in a favorable timing shift in our U.S. cash tax payments, with no material impact on our income tax expense.


TARGET CORPORATION						Q2 2025 Form 10-Q			20


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			RECONCILIATION OF NON-GAAP FINANCIAL MEASURES			Index to Notes

Reconciliation of Non-GAAP Financial Measures to GAAP Measures

To provide additional transparency, we disclose non-GAAP adjusted diluted earnings per share (Adjusted EPS). This metric excludes certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our operations. This measure is not in accordance with, or an alternative to, generally accepted accounting principles in the U.S. (GAAP). The most comparable GAAP measure is diluted earnings per share. Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies.

Reconciliation of Non-GAAP Adjusted EPS	Three Months Ended						Three Months Ended
	May 3, 2025						May 4, 2024
	August 2, 2025						August 3, 2024
(millions, except per share data)	Pretax		Net of Tax		Per Share		Pretax		Net of Tax		Per Share
GAAP diluted earnings per share					$	2.27					$	2.03
GAAP and Adjusted EPS					$	2.05					$	2.57
Adjustments
Interchange fee settlements (a)	$	(593)	$	(441)	$	(0.97)	$	—	$	—	$	—
Adjusted EPS					$	1.30					$	2.03

Note: Amounts may not foot due to rounding.


Reconciliation of Non-GAAP Adjusted EPS	Six Months Ended						Six Months Ended
	August 2, 2025						August 3, 2024
(millions, except per share data)	Pretax		Net of Tax		Per Share		Pretax		Net of Tax		Per Share
GAAP diluted earnings per share					$	4.32					$	4.60
Adjustments




Interchange fee settlements (a)	$	(593)	$	(441)	$	(0.97)	$	—	$	—	$	—
Adjusted EPS					$	3.35					$	4.60

(a)Note 3 to the Financial Statements provides additional information.

Earnings before interest expense and income taxes (EBIT) and earnings before interest expense, income taxes, depreciation, and amortization (EBITDA) are non-GAAP financial measures. We believe these measures provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment. These measures are not in accordance with, or an alternative to, GAAP. The most comparable GAAP measure is net earnings. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measures for comparisons with other companies.

EBIT and EBITDA	Three Months Ended						Six Months Ended
(dollars in millions)	~~May~~August 32, 2025		~~May~~August 43, 2024		Change		August 2, 2025		August 3, 2024		Change
Net earnings	$	~~1,036~~935	$	~~942~~1,192	10(21.05)	%	$	1,971	$	2,134	(7.6)	%
+ Provision for income taxes	~~346~~283		~~277~~353		25(19.19)		629		630		(0.2)
+ Net interest expense	116		~~106~~110		86.73		232		216		7.5
EBIT	$	1,~~498~~334	$	1,~~325~~655	13(19.03)	%	$	2,832	$	2,980	(5.0)	%
+ Total depreciation and amortization (a)	~~787~~770		~~718~~743		93.76		1,558		1,461		6.6
EBITDA	$	2,~~285~~104	$	2,~~043~~398	11(12.92)	%	$	4,390	$	4,441	(1.2)	%

(a)Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 1921


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			RECONCILIATION OF NON-GAAP FINANCIAL MEASURES			Index to Notes

We have also disclosed after-tax ROIC, which is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.

After-Tax Return on Invested Capital

(dollars in millions)

Trailing Twelve Months

Numerator

~~May~~August 32, 2025

~~May~~August 43, 2024 (a)

Operating income

5,~~742~~425

56,~~675~~113

+ Net other income

~~102~~99

99102

EBIT

5,~~844~~524

56,~~774~~215

+ Operating lease interest (b)

~~165~~166

~~133~~146

- Income taxes (c)

1,~~373~~305

1,~~314~~427

Net operating profit after taxes

4,~~636~~385

4,~~593~~934

Denominator

~~May~~August 32, 2025

~~May~~August 43, 2024

~~April~~July 29, 2023

Current portion of long-term debt and other borrowings

1,~~139~~136

21,~~614~~640

~~200~~1,106

+ Noncurrent portion of long-term debt

1415,~~334~~320

13,~~487~~654

1614,~~010~~926

+ Shareholders' investment

1415,~~947~~420

1314,~~840~~429

11,~~605~~990

+ Operating lease liabilities (d)

3,~~922~~883

3,~~723~~786

23,~~921~~104

- Cash and cash equivalents

24,~~887~~341

3,~~604~~497

1,~~321~~617

Invested capital

31,~~455~~418

30,~~060~~012

29,~~415~~509

Average invested capital (e)

30,~~757~~715

29,~~737~~760

After-tax return on invested capital (f)

1514.13

1516.46

(a)The trailing twelve months ended ~~May~~August 43, 2024, consisted of 53 weeks compared with 52 weeks in the current-year period.

(b)Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases was owned or accounted for under finance leases. Calculated using the discount rate for each lease and recorded as a component of rent expense within Operating Income. Operating lease interest is added back to Operating Income in the ROIC calculation to control for differences in capital structure between us and our competitors.

(c)Calculated using the effective tax rates, which were 22.89 percent and 22.24 percent for the trailing twelve months ended ~~May~~August 32, 2025, and ~~May~~August 43, 2024, respectively. For the trailing twelve months ended ~~May~~August 32, 2025, and ~~May~~August 43, 2024, includes tax effect of $1.3 billion and $1.4 billion, respectively, related to EBIT and $38 million and $3033 million, respectively, related to operating lease interest.

(d)Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities, respectively.

(e)Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period.

(f)For the trailing twelve months ended ~~May~~August 32, 2025, includes the impact of after-tax net gains on interchange fee settlements, which increased after-tax ROIC by 1.4 percentage points. Note 3 to the Financial Statements provides additional information.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 2022


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			ANALYSIS OF FINANCIAL CONDITION			Index to Notes

Analysis of Financial Condition

Liquidity and Capital Resources

Capital Allocation

We follow a disciplined and balanced approach to capital allocation based on the following priorities, ranked in order of importance: first, we fully invest in opportunities to profitably grow our business, create sustainable long-term value, and maintain our current operations and assets; second, we maintain a competitive quarterly dividend and seek to grow it annually; and finally, we return any excess cash to shareholders by repurchasing shares within the limits of our credit rating goals.

Our cash and cash equivalents balance was $24.93 billion, $4.8 billion, and $3.65 billion as of ~~May~~August 32, 2025, February 1, 2025, and ~~May~~August 43, 2024, respectively. Our cash and cash equivalents balance includes short-term investments of $23.03 billion, $3.9 billion, and $2.75 billion as of ~~May~~August 32, 2025, February 1, 2025, and ~~May~~August 43, 2024, respectively. Our investment policy is designed to preserve principal and liquidity of our short-term investments. This policy allows investments in large money market funds or in highly-rated direct short-term instruments that mature in 60 days or less. We also place dollar limits on our investments in individual funds or instruments.

Operating Cash Flows

Cash flows provided by operating activities were $02.34 billion and $13.13 billion for the ~~three~~six months ended ~~May~~August 32, 2025, and ~~May~~August 43, 2024, respectively. The ~~operating~~decrease ~~cash~~reflects ~~flows~~lower ~~reflect~~accounts payable leverage and the net earnings impact of ~~gains on interchange fee settlements, offset by~~ lower sales, aspartially ~~well~~offset asby ~~increased~~gains ~~inventory~~on ~~levels~~interchange ~~and~~fee ~~lower~~settlements ~~accounts~~discussed ~~payable~~in ~~leverage~~Note in3 to the ~~current~~Financial ~~year period~~Statements.

Inventory

Inventory was $1312.09 billion as of ~~May~~August 32, 2025, compared with $12.7 billion and $1112.76 billion as of February 1, 2025, and ~~May~~August 43, 2024, respectively. The ~~balance~~increase ascompared ofto ~~May~~August 3, ~~2025~~2024, reflects ~~the~~higher ~~impact of lower-than-expected sales across all core~~ merchandise ~~categories,~~costs ~~with the most significant impacts within Apparel & Accessories, Hardlines,~~ and ~~Home~~continued ~~Furnishings~~investment &in ~~Décor~~frequency categories.

Investing Cash Flows

Cash required for investing activities increased to $01.89 billion for the ~~three~~six months ended ~~May~~August 32, 2025, compared to $01.73 billion for the ~~three~~six months ended ~~May~~August 43, 2024, due to higher capital ~~investments~~expenditures.

Dividends

We paid dividends totaling $~~510~~509 million ($1.12 per share) and $1,019 million ($2.24 per share) for the three and six months ended ~~May~~August 32, 2025, respectively, and $~~508~~509 million ($1.10 per share) and $1,017 million ($2.20 per share) for the three and six months ended ~~May~~August 43, 2024, respectively, a per share increase of 1.8 percent. We declared dividends totaling $~~515~~529 million ($1.1214 per share) during the ~~first~~second quarter of 2025 and $~~516~~527 million ($1.1012 per share) during the ~~first~~second quarter of 2024, a per share increase of 1.8 percent. We have paid dividends every quarter since our 1967 initial public offering, and it is our intent to continue to do so in the future.

Share Repurchase

We deployed $251 million to repurchase shares during the ~~three~~six months ended ~~May~~August 32, 2025. See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds of this Quarterly Report on Form 10-Q and Note 89 to the Financial Statements for more information.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 2123


			MANAGEMENT'S DISCUSSION AND ANALYSIS			Table of Contents
			ANALYSIS OF FINANCIAL CONDITION			Index to Notes

Financing

Our financing strategy is to ensure liquidity and access to capital markets, to maintain a balanced spectrum of debt maturities, and to manage our net exposure to floating interest rate volatility. Within these parameters, we seek to minimize our borrowing costs. Our ability to access the long-term debt and commercial paper markets has provided us with ample sources of liquidity. Our continued access to these markets depends on multiple factors, including the condition of debt capital markets, our operating performance, and maintaining strong credit ratings. As of ~~May~~August 32, 2025, our credit ratings were as follows:


Credit Ratings	Moody’s	Standard and Poor’s	Fitch
Long-term debt	A2	A	A
Commercial paper	P-1	A-1	F1

If our credit ratings were lowered, our ability to access the debt markets, our cost of funds, and other terms for new debt issuances could be adversely impacted. Each of the credit rating agencies reviews its rating periodically, and there is no guarantee our current credit ratings will remain the same as described above.

InWe ~~March 2025, we~~ issued $1.0 billion of unsecured debt, ~~and~~ in ~~April~~both March and June 2025, weand repaid $1.5 billion of unsecured debt in April 2025. Note 67 to the Financial Statements provides additional information.

We have the ability to obtain short-term financing from time to time under our commercial paper program and credit facilities. Our committed $1.0 billion 364-day and $3.0 billion unsecured revolving credit facilities that will expire in October 2025 and October 2028, respectively, provide a liquidity backstop to our commercial paper program. No balances were outstanding under either credit facility at any time during 2025 or 2024. There was no commercial paper outstanding as of either ~~May~~August 32, 2025, or ~~May~~August 43, 2024. Note 67 to the Financial Statements provides additional information.

Most of our long-term debt obligations contain covenants related to secured debt levels. In addition to a secured debt level covenant, our credit facilities also contain a debt leverage covenant. We are, and expect to remain, in compliance with these covenants. Additionally, as of ~~May~~August 32, 2025, no notes or debentures contained provisions requiring acceleration of payment upon a credit rating downgrade, except that certain outstanding notes allow the note holders to put the notes to us if within a matter of months of each other we experience both (i) a change in control and (ii) our long-term credit ratings are either reduced and the resulting rating is non-investment grade, or our long-term credit ratings are placed on watch for possible reduction and those ratings are subsequently reduced and the resulting rating is non-investment grade.

We believe our sources of liquidity, namely operating cash flows, credit facility capacity, and access to capital markets, will continue to be adequate to meet our contractual obligations, working capital, and planned capital expenditures, finance anticipated expansion and strategic initiatives, fund debt maturities, pay dividends, and execute purchases under our share repurchase program for the foreseeable future.

New Accounting Pronouncements

We do not expect any recently issued accounting pronouncements to have a material effect on our financial statements.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 2224

MANAGEMENT'S DISCUSSION AND ANALYSIS & SUPPLEMENTAL INFORMATION Table of Contents FORWARD -LOOKING STATEMENTS & CONTROLS AND PROCEDURES Index to Notes

Forward-Looking Statements

This report contains forward-looking statements, which are based on our current assumptions and expectations. These statements are typically accompanied by the words "anticipate," "believe," "could," “expect,” “may,” “might,” “seek,” "will," “would,” or similar words. The principal forward-looking statements in this report include statements regarding: our future financial and operational performance, the adequacy of and costs associated with our sources of liquidity, the funding of debt maturities, the execution of our share repurchase program, our expected capital expenditures and new lease commitments, the expected compliance with debt covenants, the expected impact of new accounting pronouncements, our intentions regarding future dividends, the expected return on plan assets, the expected outcome of, and adequacy of our reserves for, claims, litigation, and the resolution of tax matters, and changes in our assumptions and expectations.

All such forward-looking statements are intended to enjoy the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. Although we believe there is a reasonable basis for the forward-looking statements, our actual results could be materially different. The most important factors which could cause our actual results to differ from our forward-looking statements are set forth in our description of risk factors included in Part I, Item 1A, Risk Factors of our Form 10-K for the fiscal year ended February 1, 2025, which should be read in conjunction with the forward-looking statements in this report. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update any forward-looking statement.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in our primary risk exposures or management of market risks from those disclosed in Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk of our Form 10-K for the fiscal year ended February 1, 2025.

Item 4. Controls and Procedures

Changes in Internal Control Over Financial Reporting

During the first quarter of 2025, we implemented a new technology platform that supports the transaction processing of our Target Circle Card program. In connection with this implementation, we modified the design of certain internal control processes and procedures. There were no ~~other~~ changes during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this quarterly report, we conducted an evaluation, under supervision and with the participation of management, including the chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934, as amended (Exchange Act). Based upon that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective at a reasonable assurance level. Disclosure controls and procedures are defined by Rules 13a-15(e) and 15d-15(e) of the Exchange Act as controls and other procedures that are designed to ensure that information required to be disclosed by us in reports filed with the SEC under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 2325


			SUPPLEMENTAL INFORMATION			Table of Contents
						Index to Notes

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

For the quarterly period ended ~~May~~August 32, 2025, no response is required under Item 103 of Regulation S-K, nor have there been any material developments for any previously reported legal proceedings.

Item 1A. Risk Factors

There have been no material changes to the risk factors described in Part I, Item 1A, Risk Factors of our Form 10-K for the fiscal year ended February 1, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On August 11, 2021, our Board of Directors authorized a $15 billion share repurchase program with no stated expiration. Under the program, we have repurchased 33.2 million shares of common stock for a total investment of $6.6 billion. ~~The~~As ~~table~~of ~~below~~August 2, ~~presents~~2025, ~~information~~the ~~with~~dollar ~~respect~~value toof shares that may yet be purchased under the program is $8.4 billion. There were no Target common stock purchases made during the three months ended ~~May~~August 32, 2025, by Target or any "affiliated purchaser" of Target, as defined in Rule 10b-18(a)(3) under the Exchange Act.

Share Repurchase Activity	Total Numberof SharesPurchased	AveragePricePaid perShare		Total Number ofShares Purchasedas Part of Publicly Announced Programs	Dollar Value ofShares that MayYet Be PurchasedUnder Publicly Announced Programs
Period
February 2, 2025 through March 1, 2025
Open market and privately negotiated purchases	—	$	—	—	$	8,665,663,899
March 2, 2025 through April 5, 2025
Open market and privately negotiated purchases	2,192,103	114.60		2,192,103	8,414,443,911
April 6, 2025 through May 3, 2025
Open market and privately negotiated purchases	—	—		—	8,414,443,911
Total	2,192,103	$	114.60	2,192,103	$	8,414,443,911

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 2426


			SUPPLEMENTAL INFORMATION			Table of Contents
						Index to Notes

Item 6. Exhibits

3.1		Amended and Restated Articles of Incorporation of Target Corporation (as amended through June 9, 2010) (filed as Exhibit (3)A to Target's Current Report on Form 8-K on June 10, 2010 and incorporated herein by reference).
3.2		Bylaws of Target Corporation (as amended and restated through January 15, 2025) (filed as Exhibit 3.2 to Target's Current Report on Form 8-K on January 17, 2025, and incorporated herein by reference).
10.23	**	Transition Agreement, dated as of May 20, 2025, among Target Corporation, Target Enterprise, Inc., and A. Christina Hennington
10.24	**	Transition Agreement, dated as of May 20, 2025, among Target Corporation, Target Enterprise, Inc., and Amy Tu
31.1	**	Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	**	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	***	Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	***	Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	**	Inline XBRL Instance Document
101.SCH	**	Inline XBRL Taxonomy Extension Schema Document
101.CAL	**	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	**	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	**	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	**	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	**	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)



**			Filed herewith.
***			Furnished herewith.

TARGET CORPORATION Q1Q2 2025 Form 10-Q 2527


			SUPPLEMENTAL INFORMATION			Table of Contents
						Index to Notes

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	TARGET CORPORATION
Dated: May 30, 2025	By:	/s/ Jim Lee
Dated: August 29, 2025	By:	/s/ Jim Lee
			Jim Lee
			Executive Vice President and
			Chief Financial Officer
			(Duly Authorized Officer and
			Principal Financial Officer)
		/s/ Matthew A. Liegel
			Matthew A. Liegel
			Senior Vice President, Chief Accounting Officer
			and Controller
			(Principal Accounting Officer)

TARGET CORPORATION Q1Q2 2025 Form 10-Q 2628

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