Target (NYSE: TGT) names new executives as Q4 2025 outlook reaffirmed

Rhea-AI Filing Summary

Target Corporation reported that it expects fourth-quarter 2025 sales, full-year GAAP earnings per share, and full-year Adjusted earnings per share to be in line with its previously issued guidance. This indicates performance tracking to management’s earlier outlook rather than a major upside or downside surprise.

Under new CEO Michael Fiddelke, Target is also restructuring its senior leadership to support its growth strategy. Effective February 15, Cara Sylvester becomes chief merchandising officer, focusing on style, design, and merchandising capabilities, while Lisa Roath becomes chief operating officer, concentrating on operational speed, efficiency, and the shopping experience. At the same time, chief commercial officer Rick Gomez will depart and Jill Sando, chief merchandising officer for apparel and accessories, home and hardlines, will retire, both remaining briefly to support the transition. Target plans an external search for a new chief guest experience and marketing officer.

Insights

Retail sector and governance analyst

Target reaffirms guidance while realigning senior leadership under its new CEO.

Target indicates that fourth-quarter 2025 sales, full-year GAAP EPS, and full-year Adjusted EPS are expected to align with prior guidance. That suggests current performance is tracking to management’s earlier expectations, without signaling a notable positive or negative deviation.

Concurrently, new CEO Michael Fiddelke is reshaping the executive team. Elevating Cara Sylvester to chief merchandising officer and Lisa Roath to chief operating officer concentrates merchandising and operations under two experienced internal leaders, while an external search will fill a combined guest experience and marketing role.

The departures of chief commercial officer Rick Gomez and merchandising leader Jill Sando are framed as an orderly transition, with both staying briefly to assist. Subsequent disclosures in company filings may provide more detail on how these leadership moves translate into merchandising, operational, and financial outcomes over future reporting periods.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 10, 2026

Target Corporation

(Exact name of registrant as specified in its charter)

Minnesota

1-6049

41-0215170

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1000 Nicollet Mall,

Minneapolis,

Minnesota

55403

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (612) 304-6073

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.0833 per share

TGT

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02             Results of Operations and Financial Condition.

On February 10, 2026, Target Corporation announced that it expects to report fourth quarter 2025 sales, full-year GAAP earnings per share and full-year Adjusted earnings per share in line with its previously issued guidance. A copy of the press release including this announcement is furnished hereto as Exhibit 99.

Item 9.01             Financial Statements and Exhibits.

(d)                                 Exhibits.

99						Target Corporation News Release dated February 10, 2026.
104						Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

			TARGET CORPORATION
Date: February 11, 2026			By:			/s/ David L. Donlin
						Name: David L. Donlin
						Title: Interim General Counsel and Corporate Secretary

FOR IMMEDIATE RELEASE

Contacts: Target Media Hotline, (612) 696-3400, press@target.com

Target Announces Executive Leadership Changes to Accelerate Growth, Confirms Q4 Financial Guidance

MINNEAPOLIS, Feb. 10, 2026 /PRNewswire/ — Target Corporation (NYSE: TGT) announces a series of executive leadership changes under new CEO Michael Fiddelke aimed at accelerating the company’s growth plans. The appointments follow recent additions to the Board of Directors and directly support Fiddelke’s focus on strengthening merchandising authority and elevating the guest experience.

The company also confirms that it expects to report fourth quarter 2025 sales, full-year GAAP EPS and full-year Adjusted EPS in line with its prior guidance.

“It’s the start of a new chapter for Target and we’re moving quickly to take action against our priorities that will drive growth within our business,” said Fiddelke. “These leadership changes align the right talent and expertise with key roles, and simplify our structure so we can advance our strategy with greater speed, clarity and accountability.”

Effective Feb. 15, newly named executive vice presidents will oversee functions reporting directly to the CEO:

Cara Sylvester is named chief merchandising officer, having previously served as chief guest experience officer. Sylvester brings deep merchandising expertise, with experience across digital, loyalty and marketing, and a track record of growing revenue, profitability and market share across categories. As Target’s singular merchandising chief, she will strengthen and expand Target’s authority in style and design through its merchandising capabilities, product development, assortment design and partner collaborations.

Lisa Roath is named chief operating officer. Previously chief merchandising officer of food, essentials and beauty, Roath brings expertise leading an end-to-end retail operation, spanning merchandising, supply chain and stores. In her new role, she'll focus on scaling Target’s style and design focus across the full operation, improving speed, efficiency and execution that elevates the shopping experience.

“Cara and Lisa are proven leaders who deeply know our business and can drive change that delivers results,” said Fiddelke. “As they lead two of our most critical functions, we've got the right foundation to make bold, strategic moves and execute our plans for Target’s future.”

As part of these changes, Rick Gomez, chief commercial officer, will depart Target and Jill Sando, chief merchandising officer for apparel and accessories, home and hardlines, will retire. Both will stay on for brief periods to support a smooth transition.

“I’ve worked alongside Rick and Jill for many years, and I’ve seen firsthand the real impact they’ve made on Target during their tenures,” Fiddelke said. “I want to thank Rick for his leadership in service to our team and guests, and congratulate Jill on her retirement after a remarkable 29 years with the company.”

As these leaders transition, the company is conducting an external search for a chief guest experience and marketing officer.

About Target

Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center.

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FAQ

What financial outlook did Target (TGT) confirm in this 8-K filing?

Target confirmed it expects fourth-quarter 2025 sales, full-year GAAP EPS, and full-year Adjusted EPS to be in line with its previously issued guidance. This suggests current business performance is tracking close to management’s earlier expectations rather than signaling a major upside or downside shift.

What executive leadership changes did Target (TGT) announce?

Target announced several senior leadership changes under CEO Michael Fiddelke. Cara Sylvester becomes chief merchandising officer and Lisa Roath becomes chief operating officer. At the same time, chief commercial officer Rick Gomez will depart and merchandising leader Jill Sando will retire after supporting a short transition period.

Who is Target’s new chief merchandising officer and what is her focus?

Cara Sylvester was named Target’s chief merchandising officer, moving from her prior role as chief guest experience officer. She will lead merchandising capabilities, product development, assortment design, and partner collaborations, with an emphasis on strengthening Target’s authority in style and design across its categories.

What are the responsibilities of Target’s new chief operating officer?

Lisa Roath, previously chief merchandising officer of food, essentials and beauty, was appointed chief operating officer. She will oversee efforts to scale Target’s style and design focus across operations, improving speed, efficiency, and execution to enhance the overall shopping experience in stores and online.

Which Target executives are leaving the company as part of these changes?

Rick Gomez, Target’s chief commercial officer, will depart the company, and Jill Sando, chief merchandising officer for apparel and accessories, home and hardlines, will retire. Both executives are expected to remain for a brief period to help ensure a smooth leadership transition.

Is Target (TGT) planning any additional executive hires following these announcements?

Yes. As part of the leadership changes, Target plans an external search for a chief guest experience and marketing officer. This role is intended to focus on guest experience and marketing, complementing the newly defined merchandising and operating responsibilities within the updated executive leadership structure.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99 EX-99 8.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.3 KB