1 unchanged sentence
Consolidated Statements of Operations
−Removed: Three Months Ended Six Months Ended
−Removed: (millions, except per share data) (unaudited) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (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
20 unchanged sentences
Consolidated Statements of Comprehensive Income
−Removed: Three Months Ended Six Months Ended
−Removed: (millions) (unaudited) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (millions) (unaudited) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Net earnings $ 689 $ 854 $ 2,660 $ 2,988
9 unchanged sentences
Consolidated Statements of Financial Position
−Removed: (millions, except footnotes) (unaudited) August 2, 2025 February 1,
−Removed: 2025 August 3,
+Added: (millions, except footnotes) (unaudited) November 1, 2025 February 1,
+Added: 2025 November 2,
Cash and cash equivalents $ 3,822 $ 4,762 $ 3,433
24 unchanged sentences
Common Stock Authorized 6,000,000,000 shares, $ 0.0833 par value;
−Removed: 454,396,092 , 455,566,995 , and 461,600,215 shares issued and outstanding as of August 2, 2025, February 1, 2025, and August 3, 2024, respectively.
+Added: 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;
6 unchanged sentences
Consolidated Statements of Cash Flows
−Removed: Six Months Ended
−Removed: (millions) (unaudited) August 2, 2025 August 3, 2024
+Added: Nine Months Ended
+Added: (millions) (unaudited) November 1, 2025 November 2, 2024
Operating activities
86 unchanged sentences
August 2, 2025 454.4 $ 38 $ 7,084 $ 8,766 $ ( 468 ) $ 15,420
+Added: Net earnings — — — 689 — 689
+Added: Other comprehensive loss
+Added: — — — — ( 3 ) ( 3 )
+Added: Dividends declared, $ 1.14 per share
+Added: — — — ( 526 ) — ( 526 )
+Added: Repurchase of stock ( 1.7 ) — — ( 152 ) — ( 152 )
+Added: Share-based compensation 0.1 — 73 — — 73
+Added: November 1, 2025 452.8 $ 38 $ 7,157 $ 8,777 $ ( 471 ) $ 15,501
See accompanying Notes to Consolidated Financial Statements .
7 unchanged sentences
Interchange Fee Settlements
+Added: Business Transformation Costs
Fair Value Measurements
28 unchanged sentences
We also earn revenues from a variety of other sources, most notably advertising revenue and credit card profit-sharing income.
−Removed: Net Sales Three Months Ended Six Months Ended
−Removed: (millions) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Net Sales Three Months Ended Nine Months Ended
+Added: (millions) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Apparel & accessories (a)
24 unchanged sentences
Sales are recognized net of expected returns, which we estimate using historical return patterns and our expectation of future returns.
−Removed: As of August 2, 2025, February 1, 2025, and August 3, 2024, the accrual for estimated returns was $ 179 million, $ 172 million, and $ 193 million, respectively.
+Added: 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.
1 unchanged sentence
2025 Gift Cards Issued During Current Period But Not Redeemed (b)
−Removed: Revenue Recognized From Beginning Liability August 2,
+Added: Revenue Recognized From Beginning Liability November 1,
Gift card liability (a)
15 unchanged sentences
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.
+Added: Business Transformation Costs
+Added: In May 2025, we announced a multi-year initiative to transform various aspects of our business—including our organizational structure, processes, and technology—to enable greater agility and optimize the use of the Company's assets.
+Added: Costs incurred in connection with our business transformation initiative include the following:
+Added: • Severance and Related Costs — In October 2025, we reduced our headquarters workforce.
+Added: As a result, we recognized $ 115 million of severance and related costs within SG&A during the three and nine months ended November 1, 2025.
+Added: The majority of these costs are expected to be paid during the fourth quarter of 2025.
+Added: • Asset-Related Charges — For the three and nine months ended November 1, 2025, we recognized $ 46 million of impairments and other charges associated with the termination of a commercial partnership.
+Added: N ote 6 provides additional information regarding impairment charges.
+Added: TARGET CORPORATION
+Added: Q3 2025 Form 10-Q 10
+Added: FINANCIAL STATEMENTS Table of Contents
+Added: NOTES Index to Notes
Fair Value Measurements
1 unchanged sentence
Financial Instruments Measured On a Recurring Basis Fair Value
−Removed: (millions) Classification Measurement Level August 2, 2025 February 1, 2025 August 3, 2024
+Added: (millions) Classification Measurement Level November 1, 2025 February 1, 2025 November 2, 2024
Short-term investments Cash and Cash Equivalents Level 1 $ 2,894 $ 3,893 $ 2,456
4 unchanged sentences
Significant Financial Instruments Not Measured at Fair Value (a)
−Removed: August 2, 2025 February 1, 2025 August 3, 2024
+Added: November 1, 2025 February 1, 2025 November 2, 2024
Value Carrying
6 unchanged sentences
These amounts exclude commercial paper, fair value hedge adjustments, and lease liabilities.
−Removed: TARGET CORPORATION
−Removed: Q2 2025 Form 10-Q 10
−Removed: FINANCIAL STATEMENTS Table of Contents
−Removed: NOTES Index to Notes
Property and Equipment
We review long-lived assets for impairment when store performance expectations, events, or changes in circumstances—such as a decision to relocate or close a store, office, or distribution center, discontinue a project, or make significant software changes—indicate that the asset’s carrying value may not be recoverable.
−Removed: We recognized impairment charges of $ 34 million for the three and six months ended August 2, 2025, and $ 36 million for the three and six months ended August 3, 2024.
+Added: We recognized impairment charges of $ 35 million and $ 69 million for the three and nine months ended November 1, 2025, and $ 1 million and $ 37 million for the three and nine months ended November 2, 2024.
These impairment charges are included in SG&A Expenses.
5 unchanged sentences
The arrangements can be terminated by either party with notice ranging up to 120 days.
−Removed: Our outstanding vendor obligations eligible for early payment under these arrangements totaled $ 2.9 billion as of August 2, 2025, and $ 3.7 billion as of both February 1, 2025, and August 3, 2024, and are included within Accounts Payable on our Consolidated Statements of Financial Position.
+Added: Our outstanding vendor obligations eligible for early payment under these arrangements totaled $ 3.4 billion, $ 3.7 billion, and $ 4.7 billion as of November 1, 2025, February 1, 2025, and November 2, 2024, respectively, and are included within Accounts Payable on our Consolidated Statements of Financial Position.
These outstanding vendor obligations do not represent actual early payments made under supplier finance programs, which have historically been lower.
+Added: TARGET CORPORATION
+Added: Q3 2025 Form 10-Q 11
+Added: FINANCIAL STATEMENTS Table of Contents
+Added: NOTES Index to Notes
Commercial Paper and Long-Term Debt
−Removed: Our unsecured long-term debt issuances during the six months ended August 2, 2025 were as follows:
+Added: Our unsecured long-term debt issuances during the nine months ended November 1, 2025 were as follows:
Debt Issuances
4 unchanged sentences
June 2025 February 2036 500 5.25
−Removed: Our unsecured long-term debt repayments during the six months ended August 2, 2025 were as follows:
+Added: Our unsecured long-term debt repayments during the nine months ended November 1, 2025 were as follows:
Debt Repayments
3 unchanged sentences
We obtain short-term financing from time to time under our commercial paper program.
−Removed: There was no commercial paper outstanding at any time during the three and six months ended August 2, 2025, or August 3, 2024.
+Added: There was no commercial paper outstanding at any time during the three and nine months ended November 1, 2025, or November 2, 2024.
+Added: In October 2025, we obtained a new committed $ 1.0 billion 364-day unsecured revolving credit facility that will expire in October 2026 and terminated our prior 364-day facility.
+Added: No balances were outstanding under our credit facilities at any time during 2025 or 2024.
Derivative Financial Instruments
2 unchanged sentences
Note 5 to the Consolidated Financial Statements provides the fair value and classification of these instruments.
−Removed: We were party to interest rate swaps with notional amounts totaling $ 2.20 billion as of August 2, 2025, February 1, 2025, and August 3, 2024.
+Added: We were party to interest rate swaps with notional amounts totaling $ 2.20 billion as of November 1, 2025, February 1, 2025, and November 2, 2024.
We pay a floating rate and receive a fixed rate under each of these agreements.
−Removed: 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 August 2, 2025, and August 3, 2024.
−Removed: TARGET CORPORATION
−Removed: Q2 2025 Form 10-Q 11
−Removed: FINANCIAL STATEMENTS Table of Contents
−Removed: NOTES Index to Notes
+Added: 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 nine months ended November 1, 2025, and November 2, 2024.
Effect of Hedges on Debt
−Removed: August 2, 2025 February 1, 2025 August 3, 2024
+Added: November 1, 2025 February 1, 2025 November 2, 2024
Long-term debt and other borrowings
1 unchanged sentence
Cumulative hedging adjustments, included in carrying amount ( 46 ) ( 125 ) ( 105 )
−Removed: Effect of Hedges on Net Interest Expense Three Months Ended Six Months Ended
−Removed: (millions) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: TARGET CORPORATION
+Added: Q3 2025 Form 10-Q 12
+Added: FINANCIAL STATEMENTS Table of Contents
+Added: NOTES Index to Notes
+Added: Effect of Hedges on Net Interest Expense Three Months Ended Nine Months Ended
+Added: (millions) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Gain (loss) on fair value hedges recognized in Net Interest Expense
5 unchanged sentences
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.
−Removed: Share Repurchase Activity Three Months Ended Six Months Ended
−Removed: (millions, except per share data) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Share Repurchase Activity Three Months Ended Nine Months Ended
+Added: (millions, except per share data) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Number of shares purchased 1.7 2.4 3.8 3.5
6 unchanged sentences
We provide pension plan benefits to eligible team members.
−Removed: Net Pension Benefits (Income) / Expense Three Months Ended Six Months Ended
−Removed: (millions) Classification August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Net Pension Benefits (Income) / Expense Three Months Ended Nine Months Ended
+Added: (millions) Classification November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Service cost benefits earned SG&A Expenses $ 18 $ 19 $ 55 $ 58
1 unchanged sentence
Expected return on assets Net Other Income ( 68 ) ( 69 ) ( 203 ) ( 209 )
+Added: Amortization of losses Net Other Income 1 — 1 —
Prior service cost Net Other Income — — 7 8
Total $ ( 7 ) $ ( 9 ) $ ( 14 ) $ ( 19 )
−Removed: TARGET CORPORATION
−Removed: Q2 2025 Form 10-Q 12
−Removed: FINANCIAL STATEMENTS Table of Contents
−Removed: NOTES Index to Notes
Accumulated Other Comprehensive Loss
3 unchanged sentences
Amounts reclassified ( 13 ) — — ( 13 )
−Removed: August 2, 2025 $ 256 $ ( 27 ) $ ( 697 ) $ ( 468 )
+Added: November 1, 2025 $ 252 $ ( 26 ) $ ( 697 ) $ ( 471 )
Amounts are net of tax.
+Added: TARGET CORPORATION
+Added: Q3 2025 Form 10-Q 13
+Added: FINANCIAL STATEMENTS Table of Contents
+Added: NOTES Index to Notes
Segment Reporting
3 unchanged sentences
The vast majority of our properties and equipment are located within the United States.
−Removed: Business Segment Results Three Months Ended Six Months Ended
−Removed: (millions) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024
+Added: Business Segment Results Three Months Ended Nine Months Ended
+Added: (millions) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024
Net sales $ 25,270 $ 25,668 $ 74,327 $ 75,651
7 unchanged sentences
649 639 1,936 1,883
−Removed: Operating income 1,317 1,635 2,789 2,931
+Added: Operating income (a)
+Added: 948 1,168 3,737 4,099
Net interest expense 115 105 346 321
3 unchanged sentences
Net earnings $ 689 $ 854 $ 2,660 $ 2,988
−Removed: (a) For the six months ended August 2, 2025, includes $ 593 million of pretax net gains related to settlements of credit card interchange fee litigation matters.
+Added: (a) For the three and nine months ended November 1, 2025, includes $ 161 million related to business transformation costs described in Note 4 .
+Added: For the nine months ended November 1, 2025, includes $ 593 million of pretax net gains related to settlements of credit card interchange fee litigation matters.
Note 3 provides additional information.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.