Q2 FY27 · Ended Aug 1, 2026 · View SEC filing
A tariff refund, more than sales, doubled profit
Sales grew 5.3% while cost of sales fell, so a one-time recovery of past tariffs did most of the lifting.
For investorsWhat the margin looks like once the tariff refund is gone
For foundersTurning a store network into a delivery network
Almost all comparable sales growth came from more transactions while spend per visit barely moved, the sturdier kind of growth.
Capital spending rose by more than a quarter, yet free cash more than doubled, helped by supplier credit as well as profit.
Stores fill nearly all merchandise sales, including most online orders, so digital growth rides on a network already paid for.
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Business Lens describes Target Corporation from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
