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Nov 01, 2025
Target Q3 2025 Earnings Report
Target reported its Q3 2025 earnings with revenue slightly down and earnings in line with expectations.
Key Takeaways
Target saw a modest decline in revenue and earnings for Q3 2025, while digital sales and non-merchandise revenue showed growth. The company is leaning into its holiday strategy with value pricing and expanded product offerings.
Net sales were $25.27 billion, down 1.5% from last year.
GAAP EPS was $1.51, while adjusted EPS came in at $1.78.
Net income totaled $689 million for the quarter.
Digital comparable sales grew 2.4%, driven by over 35% growth in same-day delivery.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Target expects a low-single digit decline in Q4 sales and has updated full-year EPS guidance.
Positive Outlook
- Maintains expectation of low-single digit sales decline for Q4 2025.
- Adjusted EPS guidance range reaffirmed at $7.00 to $8.00.
- Over 20,000 new items for holiday season, more than double last year.
- Expanded next-day shipping to more than half of U.S. population.
- Holiday pricing strategy includes Thanksgiving meals under $20 and thousands of gifts under $20.
Challenges Ahead
- Overall comparable sales declined 2.7% in Q3.
- Store traffic dropped 2.2% from last year.
- Merchandise sales fell 1.9% year-over-year.
- Operating income dropped 18.9% to $948 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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