Target
26 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Partners and platforms
Apple
depends onnamed as a riskAny termination of, or adverse change in, our relationship with any of these companies could decrease our sales, increase our costs, and negatively impact our reputation and results of operations.Risk factors (Item 1A)
Also named by ABNB, AMKR, BBY, BKNG, CDW, GLW, INTC, META and 5 more
Starbucks
earns fromnamed as a riskWe also sell merchandise through periodic exclusive design and creative partnerships, and shop-in-shop experiences, with partners such as Apple, Levi's, and Ulta Beauty, and generate revenue from in-store amenities such as Starbucks and Target Optical.Business (Item 1)
Disney
depends onnamed as a riskIn addition, we have consumer-facing relationships with a variety of other companies, including Apple, CVS, Disney, Levi’s, Starbucks, and Ulta Beauty.Risk factors (Item 1A)
Also named by BBW
CVS Pharmacy, Inc. (CVS)
earns fromnamed as a riskCVS Pharmacy, Inc. (CVS) operates pharmacies and clinics in our stores under a perpetual operating agreement from which we generate annual occupancy income.Business (Item 1)
Ulta Beauty
earns fromnamed as a riskIn 2025, we reached a mutual agreement with Ulta Beauty to terminate our commercial shop-in-shop operating agreement when it expires in August 2026.Business (Item 1)
Levi's
depends onnamed as a riskIn addition, we have consumer-facing relationships with a variety of other companies, including Apple, CVS, Disney, Levi’s, Starbucks, and Ulta Beauty.Risk factors (Item 1A)
Target Plus
earns fromnamed as a riskIn addition, providing multiple fulfillment options, expanding our digital channels, expanding our digital assortment through third-party sellers on our Target Plus marketplace, and implementing new technology is complex, costly, and may not meet our guests’ expectations.Risk factors (Item 1A)
Other companies
Roundel
earns fromnamed as a riskRoundel, our in-house retail media network, offers advertising services on a variety of digital platforms primarily to our merchandise vendors, either directly or via advertising agencies, and Target Plus third-party sellers to promote their products and services.Risk factors (Item 1A)
Shipt
depends onnamed as a riskIf, as a result of judicial decisions or legislation, Shipt is required to treat its network of independent contractors as employees, we may experience higher digital fulfillment costs, which could adversely affect our results of operations and financial condition.Risk factors (Item 1A)
Diversity, equity, and inclusion initiatives
named as a riskFor example, in 2025, we announced that we modified and concluded certain of our initiatives related to diversity, equity, and inclusion, which resulted in adverse reactions from some of our shareholders, guests, team members, and others, as well as consumer boycotts organized throughout 2025.Risk factors (Item 1A)
Places
China
depends on · Approximately one-half of the merchandise that we offer is sourced, directly or indirectly, from outside the U.S.named as a riskApproximately one-half of the merchandise that we offer is sourced, directly or indirectly, from outside the U.S., with China as our single largest source of merchandise we import.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
United States
concentrated in · Nearly all of our salesnamed as a riskNearly all of our sales are in the U.S., making our results highly dependent on the health of the U.S. economy and U.S. consumer behavior, confidence, and spending, which can be affected by a variety of factors, including inflation, interest rates, housing prices, unemployment rates, legal and regulatory actions, immigration policies and trends, household debt and wage levels, credit usage, and crime rates.Risk factors (Item 1A)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
India
operates innamed as a riskIn particular, we rely on our administrative functions in India for various business operations and any events that negatively impact the availability or effectiveness of our administrative functions in India, including political or economic uncertainty or instability, the outbreak of pandemics or other illnesses, labor shortages, labor unrest or strikes, weather conditions, natural disasters, geopolitical conflicts, social unrest, terrorist attacks, and armed conflicts, could adversely affect our results of operations and financial condition.Risk factors (Item 1A)
Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more
Vietnam
depends onnamed as a riskIn particular, U.S. tariffs imposed or threatened to be imposed on several countries in 2025, including China, India, Vietnam and Bangladesh, and any retaliatory actions taken by such countries have resulted, and could continue to result, in us incurring substantial additional costs to procure a large portion of the merchandise we offer and impact the margin rate for certain products, raising prices on certain products, and starting new vendor relationships in other countries.Risk factors (Item 1A)
Also named by AAPL, AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX and 16 more
U.S. ports
depends onnamed as a riskFor example, there have been periodic closings and ship diversions, armed conflicts, unrest, labor disputes, and congestion disrupting railways, trucking, waterways, and ports around the world, including at major U.S. ports where we receive a significant portion of the products we source from outside the U.S.Risk factors (Item 1A)
Bangladesh
depends onnamed as a riskIn particular, U.S. tariffs imposed or threatened to be imposed on several countries in 2025, including China, India, Vietnam and Bangladesh, and any retaliatory actions taken by such countries have resulted, and could continue to result, in us incurring substantial additional costs to procure a large portion of the merchandise we offer and impact the margin rate for certain products, raising prices on certain products, and starting new vendor relationships in other countries.Risk factors (Item 1A)
Hazards
Hurricanes
concentrated innamed as a riskIn addition, we have significant operations in certain states where natural disasters (including hurricanes, tropical storms, floods, fires, and earthquakes) are more prevalent.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Organized retail crime / inventory shrink
named as a riskIn addition, sustained high rates of inventory shrink at certain stores have contributed, and may continue to contribute, to the closure of certain stores and the impairment of long-term assets.Risk factors (Item 1A)
Commodities and inputs
Fuel
exposed to its pricenamed as a riskIn addition, prices of fuel and other commodities on which our supply chain depends are historically volatile and subject to fluctuations based on a variety of international and domestic factors.Risk factors (Item 1A)
Also named by ASO, CARR, COR, CPNG, CPRT, DDS, DKS, DY and 16 more
Credit and debit card interchange fees
exposed to its pricenamed as a riskAny increase in these fees over time could significantly increase our expenses and adversely affect our results of operations and financial condition.Risk factors (Item 1A)
Regulators
Internal Revenue Service (IRS)
subject tonamed as a riskFor example, the IRS is auditing certain aspects of our intercompany transfer pricing for fiscal years 2021 and 2022.Risk factors (Item 1A)
Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more
U.S. Customs and Border Protection first sale methodology
subject tonamed as a riskThe amount of duties and tariffs that we pay to import merchandise could rise substantially if the U.S. government eliminates the availability of the first sale declaration methodology, if the requirements to utilize this methodology change, or if our ability to rely on this methodology is limited or eliminated.Risk factors (Item 1A)
Laws and programs
Foreign Corrupt Practices Act
subject tonamed as a riskFurthermore, if we fail to comply with other applicable laws and regulations, including the Foreign Corrupt Practices Act and other anti-bribery laws, anti-money laundering laws, import restrictions, responsible sourcing laws, and sanctions programs, we could be subject to legal and reputational risks, including government enforcement actions and private litigation, which could adversely affect our results of operations and financial condition.Risk factors (Item 1A)
Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more
U.S. IEEPA tariffs
subject tonamed as a riskMany of these tariffs were imposed under IEEPA and were subsequently impacted by the February 2026 ruling, though the process, timing, and amount of any potential refund recovery for such tariffs remain uncertain.Risk factors (Item 1A)
U.S. Section 122 tariffs
subject tonamed as a riskThe U.S. government then imposed additional, non-IEEPA global Section 122 tariffs.Risk factors (Item 1A)
Also named by NXT
Target Circle Card
earns fromnamed as a riskWe generate revenue through a variety of other sources, including Roundel, which provides advertising services to vendors and other third parties, including marketplace sellers; credit card profit sharing related to our Target Circle Card program; our third-party digital marketplace, Target Plus; membership fees; and others.Business (Item 1)