Target — Mar 4, 2025 release

Reconciliation of Non-GAAP Adjusted EPS (unaudited) Three Months Ended Twelve Months Ended February 1, 2025 February 3, 2024 (a) Change February 1, 2025 February 3, 2024 (a) Change GAAP and adjusted diluted earnings per share $ 2.41  $ 2.98  (19.3) % $ 8.86  $ 8.94  (0.9) % (a) The fourth quarter and full year 2023 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the comparable 2024 periods. Reconciliation of Non-GAAP Adjusted EPS Guidance Guidance Full Year 2025 (unaudited) Per Share GAAP diluted earnings per share guidance $8.80 - $9.80 Estimated adjustments Other (a) $ —  Adjusted diluted earnings per share guidance $8.80 - $9.80 (a) 2025 GAAP EPS may include the impact of certain discrete items, which will be excluded in calculating Adjusted EPS. The guidance does not currently reflect any such discrete items. In the past, these items have included losses on the early retirement of debt and certain other items that are discretely managed. Earnings before interest expense and income taxes (EBIT) and earnings before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures. Management believes these measures provide meaningful information about Target's operational efficiency compared with its competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment. These measures are not in accordance with, or an alternative to, GAAP. The most comparable GAAP measure is net earnings. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of