Target Corporation delivered a resilient QQ2 2025 performance, characterized by a modest topline decline year-over-year but meaningful improvements in gross margin and operating profitability. Revenue for QQ2 2025 stood at $25.21 billion, down 1.78% YoY and up 5.72% QoQ, while gross profit reached $7.31 billion, yielding a gross margin of approximately 28.99%. Operating income was $1.317 billion, with an operating margin of about 5.22%, signaling ongoing benefit from price/mix actions and disciplined cost management. Net income of $0.935 billion produced an EPS of $2.05, up roughly 10% YoY on a per-share basis and down about 10% QoQ, reflecting seasonality and base effects. Free cash flow (FCF) was robust at $0.913 billion, supported by operating cash flow of $2.134 billion and capital expenditures of about $1.225 billion. The balance sheet remains solid, with cash and cash equivalents of $1.617 billion and a total debt load of $18.83 billion, yielding a net debt position of roughly $17.21 billion and a debt-to-capitalization ratio of 0.611. Notably, cash flow generation and balance sheet strength provide ample flexibility to fund dividends and capital allocation priorities.