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Target TGT Merchandising cost of sales — Cost of Sales

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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+3.2%

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$67.08B+40.1%
Enterprise value$82.38B+28.6%
P/E19.4×+8.0×
P/S0.6×+0.2×

Profitability

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Gross margin28.1%+0.1pp
Operating margin4.5%-0.9pp
Net margin3.2%-0.7pp
FCF margin2.8%-0.5pp

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

Reported directly by Target in its filing.

Tagged under the XBRL concept us-gaap:CostOfGoodsAndServicesSold.

The source filing: Target’s 10-Q, filed May 29, 2026.

Filed
May 29, 2026, 3:56 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q2 2026
Accession
0000027419-26-000022
Business Segment Results / (millions)Three Months Ended / May 2, 2026Three Months Ended / May 3, 2025
Net sales$25,443$23,846
Cost of sales
Merchandising cost of sales16,27815,355
Supply chain and digital fulfillment costs1,7831,773
Total cost of sales18,06117,128
Selling, general and administrative expenses (a)5,5624,591
Depreciation and amortization (exclusive of depreciation included in cost of sales)685655
Operating income (a)1,1351,472

Item 1. Financial Statements (unaudited)

FAQ

What is Target's merchandising cost of sales — cost of sales?
Target (TGT) reported merchandising cost of sales — cost of sales of $16.28B in Q1 2026.
How has Target's merchandising cost of sales — cost of sales changed year-over-year?
Target's merchandising cost of sales — cost of sales increased by 6.0% year-over-year, from $15.36B to $16.28B.
What does merchandising cost of sales — cost of sales mean?
This metric represents the direct costs attributable to the production and procurement of goods sold within the company's core merchandising segment. It encompasses the purchase price of inventory, inbound freight, and other direct expenses required to bring products to a sellable state. Monitoring this figure provides insight into the company's ability to manage supply chain costs and vendor pricing relative to its retail revenue.

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