Target : 2025 digital annual report (2025 Annual Report Target Corporation)

About this update from Target Corporation

2025 Annual Report Target Corporation Welcome to our 2025 Annual Report To explore key stories of the past year and find out what's ahead, visit corporate.target.com.You can view our Annual Report online at target.com/annualreport. Financial Highlights (Note: 2023 was a 53-week year.) Net Sales In Millions Operating Income In Millions Net Earnings In Millions Diluted EPS $93,561 $106,005 $109,120 $107,412 $106,566 $104,780 $6,539 $8,946 $3,848 $5,707 $5,566 $5,117 $4,368 $6,946 $2,780 $4,138 $4,091 $3,705 $8.64 $14.10 $5.98 $8.94 $8.86 $8.13 '20 '21 '22 '23 '24 '25 '20 '21 '22 '23 '24 '25 '20 '21 '22 '23 '24 '25 '20 '21 '22 '23 '24 '25 2025 Performance: -1.7% Five-year CAGR: 2.3% 2025 Performance: -8.1% Five-year CAGR: -4.8% 2025 Performance: -9.4% Five-year CAGR: -3.2% 2025 Performance: -8.2% Five-year CAGR: -1.2% Total 2025 Merchandise Sales: $102,717 Million 15% 13% 24% 15% 15% 18% Apparel & Accessories Beauty Food & Beverage Hardlines Home Furnishings & Décor Household Essentials To my fellow shareholders, I'm grateful for the opportunity to lead this team and this company, as we work together to write a new chapter at Target. In my first year as CEO, my focus is on getting Target back to growth by playing our own game and making big changes to delight our guests. Over the last few years, our results have been far from what we expect to deliver over time. However, in 2025, I'm proud of how our team performed in the face of multiple challenges and positioned our business for profitable growth beginning this year. We know we have work to do, and that work is already underway. In recent months, we've engaged in a comprehensive review of our business, which reinforced our understanding of the distinct role Target plays in consumers' lives and the categories where we have the right to win. That clarity is driving a refreshed strategy. We know we're at our best when we deliver the style, design, experience and value busy families crave, and when we do it with consistency. Our standard is to delight guests every time they shop with us. Delight begins with sharp pricing, strong in-stocks and fast fulfillment. It's also the joy of finding something new and the confidence that the experience will be easy to shop, inspiring and friendly, every time. That's the bar we're setting for ourselves, and it's the filter guiding the choices we're making. And ...

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