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Target TGT Operating margin

Other financials

Income statement

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Revenue$25.4B+6.7%
Gross profit$7.4B+9.9%
Operating income$1.1B-22.9%
Net income$781.0M-24.6%
EPS (diluted)$1.71-24.7%

Balance sheet

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Cash & equivalents$3.5B+22.4%
Total debt$18.8B-1.1%
Total equity$16.4B+9.7%
Total assets$58.0B+3.3%

Cash flow

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Operating cash flow$716.0M+160%
CapEx$1.0B+31.0%
Free cash flow-$319.0M+38.1%

Valuation

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Market cap$58.05B+31.0%
Enterprise value$73.35B+21.2%
P/E16.8×+6.2×
P/S0.6×+0.1×

Profitability

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Gross margin28.1%+0.1pp
Net margin3.2%-0.7pp

Returns & leverage

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Return on equity22%-7.1pp
Debt / equity1.1×-0.1×
Current ratio0.9×0.0×

Where this comes from

Calculated from Target’s reported figures.

operating income/total revenue=4.5%

Based on trailing twelve months.

The official record: Target’s 10-Q, filed May 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Target's operating margin?
Target (TGT) reported operating margin of 4.5% in Q1 2026.
How has Target's operating margin changed year-over-year?
Target's operating margin decreased by 17.1% year-over-year, from 5.4% to 4.5%.
What is the long-term trend for Target's operating margin?
Over 4 years (2021 to 2025), Target's operating margin has grown at a -12.0% compound annual growth rate (CAGR), from 34% to 20.4%.
What does operating margin mean?
The profit left from core operations for every dollar of sales, before interest and taxes.
How do you interpret operating margin?
Expanding operating margin shows operating leverage — revenue growing faster than the cost base. Compression points to rising overhead, pricing pressure, or investment ahead of revenue.
How does operating margin compare across companies?
Strong cross-company signal within a sector. Capital-light businesses sustain higher operating margins than capital-intensive ones.