Target Corporation (TGT) Q4 2025 Earnings Call

Investor webinar replay

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.916 Good morning, everyone, and welcome to our 2026 Financial Community Meeting. 00:00:04.916 -- 00:00:08.601 I'd like to thank everyone who's here with us in Minneapolis today and welcome everyone 00:00:08.601 -- 00:00:13.126 who's here with us online. Michael will kick off in a couple of minutes, but first I 00:00:13.126 -- 00:00:17.350 have a couple of important disclosures. First, any forward-looking statements that we 00:00:17.350 -- 00:00:21.355 make this morning are subject to risks and uncertainties, the most important of which 00:00:21.355 -- 00:00:26.279 are described in our SEC filings. And second, in today's remarks, we refer to non-GAAP 00:00:26.279 -- 00:00:31.107 financial measures, including adjusted earnings per share, adjusted operating income, 00:00:31.107 -- 00:00:36.216 and adjusted SG&A expenses. Reconciliations of all non-GAAP measures to the most directly 00:00:36.216 -- 00:00:41.544 comparable GAAP measure are included in our financial press releases, financial presentations, 00:00:41.544 -- 00:00:45.371 and SEC filings, which are posted on our Investor Relations website. 00:00:45.371 -- 00:00:48.530 With that, I'll turn it over to Michael. Thank you. 00:00:48.530 -- 00:00:50.530 Welcome, 00:00:58.286 -- 00:00:58.907 everyone. 00:00:58.907 -- 00:01:03.895 We're thrilled to be hosting our financial community meeting from our hometown of Minneapolis 00:01:03.895 -- 00:01:08.999 this year. And we're going to dive right in because we've got a lot to cover. 00:01:08.999 -- 00:01:14.165 It's a new chapter at Target. And today, Kara, Jim, and 00:01:14.165 -- 00:01:18.930 I will share our plans for what's next, starting with a clear definition of Target's 00:01:18.930 -- 00:01:23.916 place in retail, followed by the fo...