1 Adjusted EPS is a non-GAAP financial measure most directly comparable to GAAP EPS.
Adjusted EPS is reconciled to GAAP EPS in our Q2 2026 earnings release posted on our investor relations website.
GAAP and Adjusted EPS increased 100 percent year-over-year, including tariff refund impacts.
Note (a) to the Operating Metrics table in our Q2 2026 earnings release posted on our investor relations website provides more information about the impact of tariff refunds.
Please see our Q2 earnings release and our SEC filings for risks and uncertainties that could cause Target’s results to differ materially from what was expected as of the date of this document, August 19, 2026.
1 Adjusted EPS is a non-GAAP financial measure most directly comparable to GAAP EPS. Adjusted EPS is reconciled to GAAP EPS in our Q2 2026 earnings release posted on our investor relations website. GAAP and Adjusted EPS increased 100 percent year-over-year, including tariff refund impacts.
2 During the three and six months ended August 1, 2026, we recognized $994 million related to International Emergency Economic Powers Act (IEEPA) tariff refunds ("tariff refunds") received during the second quarter of 2026 as a reduction of Cost of Sales. Note (a) to the Operating Metrics table in our Q2 2026 earnings release posted on our investor relations website provides more information about the impact of tariff refunds.
3 The Company's guidance excludes any potential future tariff refunds.
Statements in this document about our future financial and operational performance, including our full-year financial guidance, and our strategy for growth are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please see our Q2 earnings release and our SEC filings for risks and uncertainties that could cause Target’s results to differ materially from what was expected as of the date of this document, August 19, 2026.
