TGT — what changed in the latest 10-Q
A section-by-section comparison of TGT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-29 vs the prior 10-Q · 2025-11-26
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +35 | −50 | ~13 | 13 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Legal proceedings | Text added/removed | +1 | −1 | 0 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-29
•Net Sales of $25.4 billion, an increase of 6.7 percent from the comparable prior-year period, driven by:
•A comparable sales increase of 5.6 percent, reflecting a 4.4 percent increase in traffic and a 1.1 percent increase in average transaction amount;
•Non-merchandise sales growth of 24.6 percent, primarily driven by growth in our Roundel digital advertising business offering.
•GAAP and Adjusted operating income1 of $1.1 billion was 22.9 percent lower than prior year GAAP operating income, which included $593 million of pretax net gains on interchange fee settlements. Excluding the settlement gains, Adjusted operating income was 29.1 percent higher than $0.9 billion in th…
1Adjusted diluted earnings per share (Adjusted EPS) and Adjusted operating income, non-GAAP metrics, exclude the impact of certain items. Management believes that Adjusted EPS and Adjusted operating income are useful in providing period-to-period comparisons of the results of our operations. A recon…
Text removed vs the prior filing · source: 10-Q · 2025-11-26
•GAAP diluted earnings per share were $1.51 and Adjusted EPS1 were $1.78.
•Net Sales were $25.3 billion, a decrease of 1.5 percent from the comparable prior-year period.
•Comparable sales decreased 2.7 percent, reflecting a 2.2 percent decrease in traffic and a 0.5 percent decrease in average transaction amount.
◦Comparable digitally-originated sales increased 2.4 percent.
•Operating income of $0.9 billion was 18.9 percent lower than the comparable prior-year period.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-05-29
For the quarterly period ended May 2, 2026, no response is required under Item 103 of Regulation S-K, nor have there been any material developments for any previously reported legal proceedings.
Text removed vs the prior filing · source: 10-Q · 2025-11-26
On November 14, 2025, the United States District Court for the Middle District of Florida transferred the purported federal securities law class actions naming Target Corporation and current and former members of its Board of Directors to the United States District Court for the District of Minnesot…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice