Target annual gross margin
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Target Gross Margin Growth & History (TGT)
Target's gross margin was 27.93% for fiscal 2025.
View full Target company overviewTarget annual gross margin history
| Fiscal year | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2026-01-31 | 27.93% | −0.28 pp |
| 2024 | 2025-02-01 | 28.21% | +0.67 pp |
| 2023 | 2024-02-03 | 27.54% | +2.97 pp |
| 2022 | 2023-01-28 | 24.57% | −4.71 pp |
| 2021 | 2022-01-29 | 29.28% | +0.01 pp |
| 2020 | 2021-01-30 | 29.27% | −0.49 pp |
| 2019 | 2020-02-01 | 29.76% | +0.49 pp |
| 2018 | 2019-02-02 | 29.27% | +0.73 pp |
| 2017 | 2018-02-03 | 28.54% | −0.42 pp |
| 2016 | 2017-01-28 | 28.96% | −0.24 pp |
| 2015 | 2016-01-30 | 29.20% | −0.19 pp |
| 2014 | 2015-01-31 | 29.39% | −0.41 pp |
| 2013 | 2014-02-01 | 29.80% | −1.21 pp |
| 2012 | 2013-02-02 | 31.01% | −0.48 pp |
| 2011 | 2012-01-28 | 31.50% | −0.65 pp |
| 2010 | 2011-01-29 | 32.15% | −0.43 pp |
| 2009 | 2010-01-30 | 32.58% | +0.57 pp |
| 2008 | 2009-01-31 | 32.01% | −0.24 pp |
| 2007 | 2008-02-02 | 32.25% | — |
Target quarterly gross margin
Q2.08
Q3.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
Q4.13
Q1.14
Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q3.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Gross margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-08-01 | 33.67% | +4.68 pp |
| Q1 2026 | 2026-05-02 | 29.01% | +0.84 pp |
| Q4 2025 | 2026-01-31 | 26.63% | +0.39 pp |
| Q3 2025 | 2025-11-01 | 28.23% | −0.08 pp |
| Q2 2025 | 2025-08-02 | 28.99% | −0.97 pp |
| Q1 2025 | 2025-05-03 | 28.17% | −0.61 pp |
| Q4 2024 | 2025-02-01 | 26.24% | −0.15 pp |
| Q3 2024 | 2024-11-02 | 28.31% | −0.23 pp |
| Q2 2024 | 2024-08-03 | 29.96% | +1.81 pp |
| Q1 2024 | 2024-05-04 | 28.78% | +1.39 pp |
| Q4 2023 | 2024-02-03 | 26.39% | +2.91 pp |
| Q3 2023 | 2023-10-28 | 28.54% | +2.76 pp |
| Q2 2023 | 2023-07-29 | 28.16% | +5.51 pp |
| Q1 2023 | 2023-04-29 | 27.39% | +0.74 pp |
| Q4 2022 | 2023-01-28 | 23.48% | — |
| Q3 2022 | 2022-10-29 | 25.79% | −3.24 pp |
| Q2 2022 | 2022-07-30 | 22.64% | — |
| Q1 2022 | 2022-04-30 | 26.65% | — |
| Q3 2021 | 2021-10-30 | 29.03% | — |
| Q4 2019 | 2020-02-01 | 27.10% | +0.66 pp |
| Q3 2019 | 2019-11-02 | 30.70% | +1.04 pp |
| Q2 2019 | 2019-08-03 | 31.47% | +0.32 pp |
| Q1 2019 | 2019-05-04 | 30.52% | −0.21 pp |
| Q4 2018 | 2019-02-02 | 26.45% | +0.47 pp |
| Q3 2018 | 2018-11-03 | 29.66% | +0.30 pp |
| Q2 2018 | 2018-08-04 | 31.15% | +1.03 pp |
| Q1 2018 | 2018-05-05 | 30.73% | +1.03 pp |
| Q4 2017 | 2018-02-03 | 25.98% | −0.61 pp |
| Q3 2017 | 2017-10-28 | 29.36% | −0.47 pp |
| Q2 2017 | 2017-07-29 | 30.12% | −0.79 pp |
| Q1 2017 | 2017-04-29 | 29.70% | −0.84 pp |
| Q4 2016 | 2017-01-28 | 26.59% | −1.30 pp |
| Q3 2016 | 2016-10-29 | 29.83% | +0.46 pp |
| Q2 2016 | 2016-07-30 | 30.90% | +0.06 pp |
| Q1 2016 | 2016-04-30 | 30.54% | +0.12 pp |
| Q4 2015 | 2016-01-30 | 27.89% | −0.56 pp |
| Q3 2015 | 2015-10-31 | 29.37% | −0.09 pp |
| Q2 2015 | 2015-08-01 | 30.85% | +0.42 pp |
| Q1 2015 | 2015-05-02 | 30.42% | +0.95 pp |
| Q4 2014 | 2015-01-31 | 28.45% | −1.26 pp |
| Q3 2014 | 2014-11-01 | 29.46% | −0.24 pp |
| Q2 2014 | 2014-08-02 | 30.42% | −0.96 pp |
| Q1 2014 | 2014-05-03 | 29.47% | −1.31 pp |
| Q4 2013 | 2014-02-01 | 29.71% | +0.82 pp |
| Q3 2013 | 2013-11-02 | 29.70% | −1.97 pp |
| Q2 2013 | 2013-08-03 | 31.38% | −1.29 pp |
| Q1 2013 | 2013-05-04 | 30.79% | −0.79 pp |
| Q4 2012 | 2013-02-02 | 28.89% | −0.71 pp |
| Q3 2012 | 2012-10-27 | 31.66% | −0.27 pp |
| Q2 2012 | 2012-07-28 | 32.67% | −0.38 pp |
| Q1 2012 | 2012-04-28 | 31.58% | −0.41 pp |
| Q4 2011 | 2012-01-28 | 29.60% | −0.42 pp |
| Q3 2011 | 2011-10-29 | 31.93% | −0.39 pp |
| Q2 2011 | 2011-07-30 | 33.05% | −0.68 pp |
| Q1 2011 | 2011-04-30 | 31.99% | −1.24 pp |
| Q4 2010 | 2011-01-29 | 30.02% | −0.69 pp |
| Q3 2010 | 2010-10-30 | 32.32% | −0.72 pp |
| Q2 2010 | 2010-07-31 | 33.73% | −0.47 pp |
| Q1 2010 | 2010-05-01 | 33.23% | +0.21 pp |
| Q4 2009 | 2010-01-30 | 30.71% | — |
| Q3 2009 | 2009-10-31 | 33.04% | +0.06 pp |
| Q2 2009 | 2009-08-01 | 34.20% | +0.80 pp |
| Q1 2009 | 2009-05-02 | 33.01% | — |
| Q3 2008 | 2008-11-01 | 32.98% | — |
| Q2 2008 | 2008-08-02 | 33.40% | — |
Target gross margin trends
Over the last five fiscal years, Target's gross margin decreased from 29.27% to 27.93%, a change of −1.33 percentage points. The latest reported quarter, Q2 2026, shows 33.67%.
About the metric
What gross margin means
Gross margin measures the percentage of revenue remaining after the direct costs of producing goods or services. It helps show how efficiently a company turns sales into gross profit before operating expenses.
Calculation and source
How gross margin is calculated
TickerStat calculates gross margin as SEC-reported gross profit divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Target source filings ↗