Brian Cornell's Last Hurrah: Previewing Target's Earnings

2Q'25 Consensus Expectations and Valuation Context

Aug 19, 2025

∙ Paid

We’ve long chirped that Target needed leadership turnover given just how poorly the company has performed alongside tech-growth-multiple peer Walmart, and we finally saw this teased by the WSJ a little over a week ago (story here). Will tomorrow be Brian Cornell’s last earnings before we have a new name in the CEO seat? Investors should hope so.

Here are Consensus expectations for tomorrow’s 2Q and FY’25 - literally everything in decline except for merchandise inventories:

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