| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 19, 2026 | 10/12 | 1 medium, 2 low flags | 1 | 0 | Call sheet → |
| Q1'26 | May 20, 2026 | 9/12 | 4 medium, 4 low flags | 4 | 0 | Call sheet → |
| Q4'25 | March 3, 2026 | 9/12 | 1 high, 3 medium, 2 low flags | 4 | 0 | Call sheet → |
| Q3'25 | November 19, 2025 | 8/12 | 1 high, 3 medium, 4 low flags | 4 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Significant edits to decorative accessories this quarter, changing out nearly 3/4 of this assortment Confirmed: management stated having just reset 75% of the decorative accessories assortment in home, matching the prior commitment. |
| Q2'26 | Pending | Preparing for this fall's launch of Target Beauty Studio in more than 600 stores Reaffirmed with a specific near-term date; not yet launched as of this call. |
| Q2'26 | Pending | Remain on track to open more than 30 new stores this year 24 opened year-to-date (17 in Q2); on pace but not yet complete. |
| Q2'26 | Pending | Should have some capacity to repurchase shares later in the year Back-half capacity remains conditional and pending. Absence of Q2 purchases does not miss a second-half window. |
| Q2'26 | Pending | Plan to request Board approval of another small dividend increase later this year No dividend increase announcement made on this call; unverified whether this has occurred. |
| Q2'26 | Pending | Annual EPS expected near the high end of $7.50-$8.50 Replaced by $9.90-$10.90 including a $1.65 refund. Annual outcome remains pending. |
| Q2'26 | Pending | Net sales increase in a range centered around 4% for the full year Revised upward to ~5%; a raise, not a resolution since fiscal year is not over. |
| Q2'26 | Pending | Expect approximately $5 billion of CapEx for the full year On track: $2.4B deployed through H1, full-year guide reiterated. |
| Q1'26 | Pending | Target Beauty Studio launch in 600+ stores Confirmed for fall launch, preparation work underway |
| Q1'26 | Pending | More than 30 new store openings 7 opened in Q1 including 2,000th store, on track for full year |
| Q1'26 | Delivered | EPS in $7.50 to $8.50 range Now expecting high end of range based on Q1 performance |
| Q1'26 | Delivered | Operating margin expansion of 20 basis points Q1 showed 80bps improvement on adjusted basis, tracking well |
| Q1'26 | Exceeded | Low single-digit net sales growth for 2026 Raised guidance to centered around 4% from prior 2% range |
| Q1'26 | Delivered | $5 billion CapEx investment for 2026 $1B deployed in Q1, on track for full-year commitment |
| Q1'26 | Pending | More change to what we sell and how we sell it in 2026 than in a decade Execution underway with grocery reset and beauty studio, but bulk of changes still ahead |
| Q4'25 | Pending | Beauty business expansion and new store concepts Target Beauty Studio coming to 600 stores this fall, beauty reset with 3,000 new items launched |
| Q4'25 | Exceeded | Improved on-shelf availability 150bp improvement in top 5,000 items in Q3, trajectory accelerating quarter over quarter |
| Q4'25 | Delivered | Continued growth in same-day services Same-day delivery up 30%+ with Target Circle 360 membership doubled |
| Q4'25 | Pending | More chain-wide merchandising changes than in past decade Confirmed 2,000 stores getting changes in 2026, described as most change in 10 years |
| Q4'25 | Delivered | $5 billion CapEx for 2026 Confirmed $5B investment, up $1B from 2025 as previously indicated |
| Q4'25 | Delivered | Meaningful expansion of next-day shipping reach in 2026 Now serving more than half of U.S. population with next-day shipping, up from previous levels |
| Q3'25 | Delivered | Expect more favorable comparisons in back half as inventory adjustments behind us Q3 performance better than H1 with inventory adjustments complete |
| Q3'25 | Pending | Low single-digit decline in comparable sales for full year Reaffirmed this guidance, Q3 -2.7% comp consistent with full year expectation |
| Q3'25 | Missed | Maintaining full year guidance of $7-9 adjusted EPS Narrowed range to $7-8, moving to bottom half of prior range - guidance cut |
| Q3'25 | Delivered | Should have capacity to repurchase shares in back half of year Deployed just over $150M in Q3 share repurchases after Q2 pause |
| Q3'25 | Delivered | Feel good about inventory position as we enter Q3 Inventory up appropriate 2%, positioned well in frequency categories, down in discretionary |
| Q3'25 | Delivered | Expect about 80 basis points of operating margin rate benefit from lower shrink for full year Confirmed shrink improvements accounting for 80-90bps of gross margin favorability and back to pre-pandemic levels |
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