TARGET CORPTGT

TARGET CORP Debt Disclosure

10-KFiled Mar 11, 20262 min read
Commercial Paper and Long-Term Debt
Debt Maturities
(dollars in millions)Weighted-Average Interest Rate at January 31, 2026January 31, 2026February 1, 2025
Due 2025— %$— $1,500 
Due 2026-20302.9 4,898 4,396 
Due 2031-20354.9 3,734 2,740 
Due 2036-20406.3 1,434 938 
Due 2041-20454.0 1,090 1,089 
Due 2046-20503.8 1,120 1,120 
Due 2051-20523.9 2,122 2,121 
Total notes and debentures14,398 13,904 
Swap valuation adjustments (55)(125)
Finance lease liabilities 2,113 2,161 
Less: Amounts due within one year (2,130)(1,636)
Long-term debt and other borrowings $14,326 $14,304 

Required Principal Payments
(millions)
20262027202820292030Thereafter
Total required principal payments$2,000 $97 $581 $1,000 $1,230 $9,593 

Our unsecured long-term debt issuances during the year ended January 31, 2026 were as follows:

Debt Issuances
(dollars in millions)
Issuance DateMaturity DatePrincipal Amount Interest Rate (Fixed)
March 2025April 2035$1,0005.00 %
June 2025June 20285004.35 
June 2025February 20365005.25 

We obtain short-term financing from time to time under our commercial paper program. There was no commercial paper outstanding at any time during the years ended January 31, 2026, or February 1, 2025.

In October 2025, we obtained a new committed $1.0 billion 364-day unsecured revolving credit facility that will expire in October 2026 and terminated our prior 364-day facility. We also have a committed $3.0 billion unsecured revolving credit facility that will expire in October 2028. No balances were outstanding under our credit facilities at any time during 2025 or 2024.

Substantially all of our outstanding borrowings are senior, unsecured obligations. Most of our long-term debt obligations contain covenants related to secured debt levels. In addition to a secured debt level covenant, our credit facilities also contain a debt leverage covenant. We are, and expect to remain, in compliance with these covenants, which have no practical effect on our ability to pay dividends.

Historical Timeline

Fiscal YearFiled
2026Mar 11, 2026Showing above
2025Mar 12, 2025
2024Mar 13, 2024
2023Mar 8, 2023
2022Mar 9, 2022
2021Mar 10, 2021
2020Mar 11, 2020
2019Mar 13, 2019
2018Mar 14, 2018
2017Mar 8, 2017
2016Mar 11, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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