Target Corp (NYSE: TGT) is a general merchandise retailer that operates physical stores across the United States, selling apparel, home goods, food and beverage, beauty, and essentials to everyday consumers. The vast majority of revenue comes from transactional merchandise sales in stores, with stores fulfilling more than 97 percent of total merchandise sales in each of FY2023, FY2024, and FY2025. Net sales were $104.8B in FY2025, $106.6B in FY2024, and $107.4B in FY2023 (per the 10-K filed 2026-03-11). Additional revenue comes from advertising and credit card profit-sharing income. Owned and exclusive brand products represent approximately 30 percent of overall merchandise sales and carry higher margins than equivalent national brand products. As of January 31, 2026, Target operated stores across all 50 U.S. states and the District of Columbia, with California alone accounting for 321 stores. After-tax return on invested capital was 13.8 percent for the trailing twelve months ended January 31, 2026, down from 15.4 percent for the trailing twelve months ended February 1, 2025.

Revenue model

Transactional merchandise sales account for the vast majority of net sales ($104.8B in FY2025). Secondary revenue streams include advertising revenue and credit card profit-sharing income. Owned and exclusive brands represent approximately 30 percent of merchandise sales and generate higher margins than national brand equivalents.

Products and services

General merchandise including apparel, home goods, food and beverage, beauty, and essentials. Owned and exclusive brand products across categories. Digital fulfillment options including Order Pickup, Drive Up, and Same-Day Delivery. Advertising services sold to vendors and brand partners.

Customers and end markets

Individual consumers (referred to internally as guests) seeking everyday general merchandise. No disclosed customer concentration. End markets include household essentials, discretionary apparel, home furnishings, food and beverage, and beauty products.

Value-chain role

Retailer and merchandiser. Sources goods from vendors, distributes through a network of distribution centers to stores, and fulfills orders via in-store pickup, same-day delivery, and common carrier shipping. Stores serve as fulfillment hubs, handling more than 97 percent of total merchandise sales in each of the last three fiscal years.

Geographic exposure

U.S.-only retail footprint as of January 31, 2026. Stores present in all 50 states and the District of Columbia. Largest state presence: California (321 stores, 38.1M sq ft), Texas (159 stores, 21.9M sq ft), Florida (135 stores, 18.1M sq ft).

Source: SEC 10-K, filed 2026-03-11

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