Earned & PaidTarget
Target spent $1.50B on advertising and marketing in fiscal 2026, up 0.0% on the year before and 0% since 2019. That's 1.4% of revenue, less than in 2019: the business outgrew its marketing.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
What they told investors
“The result: these ad sales alone have grown more than 35% last year.”Cara Sylvester · 2024 Q4 · transcript
Say vs do
We found no statement about the size of Target's marketing budget on its earnings calls or in its 10-Ks, so here is its record against its peers.
What they said
No statement about the size of its marketing budget.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2026 | $1.50B | 0.0% | 1.4% |
| FY2025 | $1.50B | +7.1% | 1.4% |
| FY2024 | $1.40B | -6.7% | 1.3% |
| FY2023 | $1.50B | 0.0% | 1.4% |
| FY2022 | $1.50B | 0.0% | 1.4% |
| FY2021 | $1.50B | -6.2% | 1.6% |
Against its peers. Compared with the 7 other Retail advertisers we track (Walmart, Home Depot, Lowe's, Best Buy, TJX Companies and 2 more): since 2019 its marketing spend went 0% (peer median +11%); its share of revenue moved -0.6 pts (median -0.1); last year 0.0% (median +5.9%).
In interviews, its leaders made 40 statements about marketing: 2 argued for investing in brand and 0 for cutting.
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
What they say about media
The marketing channels it talks about using for itself on earnings calls and in its 10-Ks and 10-Qs, since 2019; counts are statements, not spending.
- Sponsorships & athletes “And for fans of all ages, our only at target cross-category Pokemon collaboration helped to position Target at the center of one of the most powerful global franchises.” Cara Sylvester on the earnings call · May 20, 2026 · source
- Creative campaigns “From the iconic Target Lady to our easy-on-the-eyes holiday team member Kris, who is lovingly referred to as Hot Santa on social, these campaigns, they're more than entertaining.” Cara Sylvester on the earnings call · Mar 4, 2025 · source
- CRM, loyalty & first-party data “But why don't you give a group an example of some of the investments we've been making from a marketing and loyalty and capability standpoint?” Brian C. Cornell on the earnings call · Mar 4, 2025 · source
- Retail media “And I would just comment on how we leverage, again, the consistent investments in technology and AI to really power our digital platform, to power loyalty as well and our ad business, Roundel.” Cara Sylvester on the earnings call · Mar 4, 2025 · source
- AI in marketing “And because we know where consumers are starting their shopping journey, we can use AI to identify emerging trends from these social platforms to more quickly amplify relevant products we carry.” Cara Sylvester on the earnings call · Mar 4, 2025 · source
What they see in the market
What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.
- Retail media “• Non-merchandise sales growth of 20.1 percent, primarily driven by growth in our Roundel digital advertising business offering.” 10-Q · Aug 28, 2026 · source
- Programmatic & display “Roundel, 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.” 10-K · Mar 11, 2026 · source
- AI in marketing “• Launched Precision Plus by Roundel™, a retail media capability that improves advertising outcomes by leveraging data and AI-learning, and expanded our Target Plus third-party digital marketplace;” 10-K · Mar 11, 2026 · source
- Experiential & events “• Continued to enhance our Roundel digital media products and services, including through a new self-service buying tool, Roundel Media Studio, and experiential events integrated with marketing activities;” 10-K · Mar 12, 2025 · source
- CRM, loyalty & first-party data “For example, with Target product ads by Roundel, think sponsored ads on our website and app, we help partners place ads where guests are already browsing and with shoppers who are likely to purchase based on our rich data and insights.” Cara Sylvester on the earnings call · Mar 4, 2025 · source
In the news
- Target's Retail Media Growth Highlights an Expanding Profit Lever TradingView · Sep 23, 2026 · retail media