General merchandise retailer Target (NYSE: TGT) will be announcing earnings results this Wednesday morning. Here’s what you need to know.

Target beat analysts’ revenue expectations by 1.3% last quarter, reporting revenues of $25.21 billion, flat year on year. It was a satisfactory quarter for the company, with full-year EPS guidance exceeding analysts’ expectations but a miss of analysts’ EBITDA estimates.

Is Target a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Target’s revenue to decline 1.3% year on year to $25.32 billion, a reversal from the 1.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.72 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Target has missed Wall Street’s revenue estimates three times over the last two years.

Looking at Target’s peers in the non-discretionary retail segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Sprouts delivered year-on-year revenue growth of 13.1%, missing analysts’ expectations by 1.1%, and Grocery Outlet reported revenues up 5.4%, falling short of estimates by 0.8%. Sprouts traded down 26.3% following the results while Grocery Outlet was also down 8%.

Read our full analysis of Sprouts’s results here and Grocery Outlet’s results here.

The euphoria surrounding Trump’s November win lit a fire under major indices, but potential tariffs have caused the market to do a 180 in 2025. While some of the non-discretionary retail stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 8.9% on average over the last month. Target is down 2.9% during the same time and is heading into earnings with an average analyst price target of $100.70 (compared to the current share price of $88.75).

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