TGTTarget Corporation
Target Corporation was incorporated in Minnesota in 1902. 10-K, Item 1
- Headquarters
- Minneapolis, MN
- CEO
- Brian C. Cornell
- Next results
- around Nov 18, 2026
13 paragraphs in Risk Factors of the 10-K filed Mar 11, 2026 with nothing like them in the 10-K filed Mar 12, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 31 Consumer staples companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
Beginning in 2025, we began a company-wide business transformation effort to increase speed and agility across the organization in support of our strategic priorities. This initiative is intended to simplify cross-functional ways of working, increase role clarity, leverage technology (including artificial intelligence) and data to enhance decision-making, and reduce costs. These efforts have required, and may continue to require, significant changes to the day-to-day ways of working of our team members.
The success of this initiative is subject to the related risks discussed throughout this Item 1A, Risk Factors, as it is interconnected with our broader strategy and further depends on, among other things, effective execution and change management. If our execution is ineffective, if adoption by our team members is slower or more limited than expected, or if the initiative otherwise fails to adequately support our strategy, our competitive position, results of
operations, and financial condition could be adversely affected. We cannot assure that we will achieve all of the intended benefits of this initiative, including anticipated efficiencies, cost savings, or operational improvements, or that such benefits will be realized within expected timeframes.
In addition, the execution of our business transformation efforts has resulted, and may continue to result, in additional costs, including impairment of long-lived assets and costs associated with exiting certain activities or terminating commercial relationships. For example, in 2025, we recognized costs and charges related to reductions in our workforce, facility exits, and the termination of a commercial partnership. Such costs and charges could adversely affect our results of operations and financial condition.
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Our Roundel retail media network may not maintain or grow advertising revenue, which could adversely affect our results of operations.
Similar paragraph at 1 of 31 other Consumer staples companies: GISRoundel, our in-house retail media network, offers advertising services on a variety of digital platforms primarily to our merchandise vendors, either directly or via advertising agencies, and Target Plus third-party sellers to promote their products and services. The digital advertising environment is highly competitive, and our advertisers do not have long-term commitments with us.
The performance of Roundel depends on a number of factors, including the size and composition of our merchandise vendor and seller base, levels of consumer engagement with Target-branded digital platforms, and our ability to maintain effective relationships with key search and social media platforms and third-party technology providers. If our vendor or seller base shrinks, consumer traffic to our digital platforms decreases, or we are unable maintain key relationships, our advertising revenue may fail to meet expectations or may decline.
In addition, changes in data privacy laws and regulations (as discussed elsewhere in this Item 1A, Risk Factors), as well as new or modified policies of third-party platforms through which Roundel’s offerings are delivered, could negatively affect Roundel’s business model. Increased competition, including from new or enhanced technology offerings such as artificial intelligence-enabled advertising solutions, may further pressure demand for our services. If advertisers reduce or discontinue their use of Roundel’s offerings, our competitive position and results of operations could be adversely affected.
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We rely extensively on technology systems throughout our business, including systems that we develop internally. We also rely on continued and unimpeded access to the Internet to use our technology systems. These systems are
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We also utilize a first sale declaration program, which is subject to rigorous requirements, to pay duties and tariffs to U.S. Customs for merchandise on the basis of the price paid by our vendors rather than the price paid by the importer of record. Our program may be subject to inquiries, investigations, or regulatory proceedings by U.S. Customs. The amount of duties and tariffs that we pay to import merchandise could rise substantially if the U.S. government eliminates the availability of the first sale declaration methodology, if the requirements to utilize this methodology change, or if our ability to rely on this methodology is limited or eliminated. Any of these outcomes could adversely affect our reputation, results of operations, and financial condition.
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Shareholder activism could adversely affect our business, strategic execution, and stock price.
We regularly engage with shareholders with a goal of strengthening our business. From time to time, shareholders may pursue public or private campaigns to influence our corporate strategy, capital allocation, or environmental, political, social, and governance matters. Any such activist campaigns, including rumors of such campaigns, could result in increased costs, including legal expenses, and diversion of management and board attention. Public activism campaigns may also create actual or perceived uncertainty regarding our strategic direction, which could impair relationships with guests, suppliers, team members, and others, or cause volatility in our stock price that is not reflective of our underlying business fundamentals. These risks could adversely impact our reputation, ability to execute on strategic objectives, results of operations, and financial condition.
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Our business is subject to a wide variety of complex foreign, national, state, and local laws and regulations.
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New in the latest 10-Q
8 paragraphs in the 10-Q filed Aug 28, 2026 with nothing like them in the 10-Q filed May 29, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Beginning in 2025, we paid tariffs imposed under the International Emergency Economic Powers Act (IEEPA) on certain imported merchandise. Following the February 2026 Supreme Court ruling that the tariffs imposed under IEEPA were not authorized by the statute and subsequent actions establishing a refund process, we began submitting refund claims.
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During the three and six months ended August 1, 2026, we recognized $ 994 million related to IEEPA tariff refunds ("tariff refunds") received during the second quarter of 2026 as a reduction of Cost of Sales. We continue to pursue additional refund claims. Refund claims outstanding as of August 1, 2026, have not been recognized in the financial statements.
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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. We recognized impairment charges of $ 33 million for the three and six months ended August 1, 2026, and $ 34 million for the three and six months ended August 2, 2025. These impairment charges are included in SG&A Expenses.
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• Operating Income of $2.6 billion, an increase of $1.3 billion, or 94.4 percent, compared to the prior year, including $994 million related to tariff refunds received during the period. Excluding the impact of tariff refunds, Operating Income growth was approximately 19 percent.
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• GAAP and Adjusted EPS1 of $4.11, an increase of 100.3 percent compared to the prior year, including $1.65 related to after-tax benefits of tariff refunds received during the period.
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During the second quarter of 2026, we received refunds of certain IEEPA tariffs previously paid and recognized $994 million related to these refunds as a reduction of Cost of Sales. Refer to Note 3 and the Gross Margin Rate section for additional information.
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(a) Includes $994 million related to tariff refunds for the three and six months ended August 1, 2026, which provided a benefit to Gross margin rate, Operating income rate, and Adjusted operating income rate of 3.7 percentage points and 1.9 percentage points for the three and six month periods, respectively. Note 3 to the Financial Statements provides additional information.
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(b) Note (a) to the Summary of Operating Income and Rate Analysis tables provides information about the impact of tariff refunds on Operating Income and Operating Income margin rate.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Aug 28, 2026 against Item 1A of the 10-K filed Mar 11, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in in Part I, Item 1A, Risk Factors of our Form 10-K for the fiscal year ended January 31, 2026.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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