Target Corporation (TGT) official guidance

Regarding the first priority, we deployed about $1 billion for capital expenditures in the first quarter and continue to expect about $5 billion of CapEx for the full year as we invest behind the growth priorities we outlined at our financial meeting in March.

Regarding our first priority, we continue to expect that full-year capital expenditures will be approximately $5 billion in 2026, up more than $1 billion from last year.

To support this change, we'll be increasing our CapEx plans for next fiscal year, spending about $5 billion, about $1 billion more than this year, to bring the latest and greatest of Target to new and existing markets.

Given the profit upside we saw in the first quarter, we are now expecting to end the year near the high end of that range.

Excluding tariff refunds, full-year operating income margin rate is expected to be in a range around 50 basis points higher than last year's Adjusted operating income margin rate of 4.6 percent.

Full-year 2026 operating income margin rate more than 20 basis points higher than the 4.6 percent Adjusted operating income margin rate in 2025.

On the operating income line, we're planning for a 2026 rate that's approximately 20 basis points higher than the 4.6% adjusted rate we earned in 2025, as the savings opportunities I outlined earlier are expected to fully fund our P&L investments.

•Full-year 2026 operating income margin rate approximately 20 basis points higher than the 4.6 percent Adjusted operating income margin rate in 2025.

•Full-year net sales growth in a range around 5 percent, one percentage point higher than the prior guidance range.

For the full year, we are now planning for a net sales increase in a range centered around 4%.

Net sales growth in a range around 4 percent compared with 2025 - two percentage points higher than the prior range.

For the full year, we're planning to grow net sales in a range around 2% versus last year, including a small increase in our comparable sales.

•Net sales growth in a range around 2 percent compared with 2025. This expectation reflects a small increase in comparable sales, with new store and non-merchandise sales contributing more than one percentage point of growth. The company expects to grow net sales in every quarter of the year.

| GAAP diluted earnings per share guidance | $7.50 - $8.50 |

Altogether, based on our expectations for the top line and operating margin, we're expecting to generate GAAP and adjusted EPS in a range from $7.50-$8.50 in 2026.

| GAAP diluted earnings per share guidance | $1.30+(a) | | $7.50 - $8.50 |

| Adjusted diluted earnings per share guidance | $7.50 - $8.50 |

Altogether, based on our expectations for the top line and operating margin, we're expecting to generate GAAP and adjusted EPS in a range from $7.50-$8.50 in 2026.

| Adjusted diluted earnings per share guidance | $1.30+(a) | | $7.50 - $8.50 |

This year, we're excited about our plans to open more than 30 new stores.

In addition, we are planning to leverage a continuous pipeline of productivity initiatives and approximately $180 million of expected annualized savings from our recent business transformation efforts to invest in key areas in support of our three strategic priorities.

| GAAP diluted earnings per share guidance | $1.30+(a) | | $7.50 - $8.50 |

| Adjusted diluted earnings per share guidance | $1.30+(a) | | $7.50 - $8.50 |

•Net sales growth in a range around 2 percent compared with 2025. This expectation reflects a small increase in comparable sales, with new store and non-merchandise sales contributing more than one percentage point of growth. The company expects to grow net sales in every quarter of the year.

Full-year GAAP EPS is now expected to be approximately $7.70 to $8.70.

On the adjusted EPS line, our updated range is from $7 to $8 for the full year.

Full-year Adjusted EPS, which excludes the gains from the litigation settlements in the first quarter and severance and asset-related charges in the third quarter, is now expected to be approximately $7.00 to $8.00.