Target Corporation (TGT) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to our 2026 Financial Community Meeting. I'd like to thank everyone who's here with us in Minneapolis today and welcome everyone who's here with us online. Michael will kick off in a couple of minutes, but first I have a couple of important disclosures. First, any forward-looking statements that we make this morning are subject to risks and uncertainties, the most important of which are described in our SEC filings. And second, in today's remarks, we refer to non-GAAP financial measures, including adjusted earnings per share, adjusted operating income, and adjusted SG&A expenses. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measure are included in our financial press releases, financial presentations, and SEC filings, which are posted on our Investor Relations website. With that, I'll turn it over to Michael. Thank you. Welcome, everyone. We're thrilled to be hosting our financial community meeting from our hometown of Minneapolis this year. And we're going to dive right in because we've got a lot to cover. It's a new chapter at Target. And today, Kara, Jim, and I will share our plans for what's next, starting with a clear definition of Target's place in retail, followed by the four priorities that will guide our path forward and the choices that underlie each. And finally, how those choices translate to growth. Our plans build on what's always been true about Target when we're at our best. But let me be clear, that doesn't mean dwelling on the past. Instead, we're moving forward with urgency and a firm focus on Target's unique place in American retail. That means delivering the style, design, experience and value consumers crave and delivering the consistent performance we all expect. And we've alr...