Target — Nov 19, 2025 release

(b)     Includes gains, net of legal fees, related to settlements during the first quarter of 2025 of credit card interchange fee litigation matters in which the Company was a plaintiff. Reconciliation of Non-GAAP Adjusted EPS Guidance (per share) (unaudited) Full Year 2025 GAAP diluted earnings per share guidance $7.70 - $8.70 Estimated adjustments (a) Interchange fee settlements ($0.97) Business transformation costs 0.26  Adjusted diluted earnings per share guidance ~$7.00 - $8.00 (a) Full-year 2025 GAAP EPS may include the impact of additional discrete items, which will be excluded in calculating Adjusted EPS. The guidance does not currently reflect any such additional discrete items. In the past, these items have included both gains and losses, including certain asset impairments, severance, and other items that are discretely managed. Target Corporation Reports Third Quarter Earnings — Page 11 of 12 Earnings before interest expense and income taxes (EBIT) and earnings before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures. We believe these measures provide meaningful information about our operational efficiency compared with our 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 s