Target Corporation Revenue & Financials

The most interesting number in Target's financials isn't revenue. It's the gap between fiscal 2022 peak revenue ($109.1 billion) and fiscal 2025 actual ($104.8 billion). That's a $4.3 billion decline over three years for a company that isn't closing stores, isn't losing market share in essentials, and isn't facing a structural demand collapse. The decline is almost entirely discretionary: apparel, home, and hardlines softening while beauty and essentials hold steady or grow. Net income tells a recovery story that revenue obscures. Target earned $3.7 billion in fiscal 2025, up from the $2.8 billion trough during the 2022 inventory crisis but still below the $6.9 billion peak in fiscal 2021 when pandemic-era goods spending was at its zenith. The margin trajectory matters more than the absolute number: gross margins have stabilized around 27.5%, operating margins are back above 5%, and inventory levels are disciplined after the painful 2022 correction. The market cap of $41 billion prices Target at roughly 11x trailing earnings — cheap by historical standards and dramatically cheaper than Costco (50x) or even Walmart (35x). That discount reflects genuine uncertainty about whether Target can reignite comparable-store sales growth or whether the company is settling into a lower-growth, steady-margin profile. The answer probably depends on whether the new CEO can make the value proposition sharper without sacrificing the brand premium that justifies Target's existence as a separate entity from Walmart.