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塔吉特公司Target Corp.(TGT)2025财年第三季度财报(10-Q)(英文版)(112页).pdf

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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-Q(Mark One)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended November 1,2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT

2、 OF 1934For the transition period from _ to _Commission File Number 1-6049 TARGET CORPORATION(Exact name of registrant as specified in its charter)Minnesota(State or other jurisdiction of incorporation or organization)1000 Nicollet Mall,Minneapolis,Minnesota(Address of principal executive offices)41

3、-0215170(I.R.S.Employer Identification No.)55403(Zip Code)612-304-6073(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon stock,par value$0.0833 per shareTGTNew

4、 York Stock Exchange Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)has been

5、subject to such filing requirements for thepast 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T(232.405 of this chapter)during the preceding 12 months(or for such shor

6、ter period that the registrant was required to submit such files).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerginggrowth company.See the definitions of large accelerated filer,acc

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1. **财务表现**:2025财年第三季度(截至11月1日)净销售额252.7亿美元,同比下降1.5%;GAAP稀释每股收益1.51美元,同比下降18.2%。 2. **业务调整**:2025年5月启动业务转型,第三季度确认1.61亿美元转型成本(包括裁员费用),影响SG&A费用率上升0.6个百分点。 3. **债务与融资**:2025年3月和6月分别发行10亿美元和5亿美元长期债务,4月偿还15亿美元;10月新增10亿美元364天循环信贷额度。 4. **库存与现金流**:期末库存148.96亿美元,较年初增长17.1%;前三季度经营现金流34.85亿美元,同比减少14.6%。 5. **股东回报**:前三季度回购股票380万股,投资4.03亿美元;股息支付15.37亿美元(每股1.14美元)。
**业绩下滑原因?** **转型成本影响?** **现金流变化?**
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