Share-Based Compensation (Tables)

12 Months Ended

Dec. 28, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes stock option activity during 2025:

	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Outstanding at December 29, 2024	9,133	$	19.42
Granted	5,208	10.11
Exercised	(357)	9.95
Forfeited and/or expired	(1,955)	20.00
Outstanding at December 28, 2025	12,029	$	15.57	6.48	$	—
Vested or expected to vest at December 28, 2025	11,828	$	15.65	6.43	$	—
Exercisable at December 28, 2025	5,937	$	20.04	3.51	$	—

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted average grant date fair value of stock options was determined using the following assumptions:

	2025		2024		2023
Risk-free interest rate	3.85	%	3.62	%	4.31	%
Expected option life in years	5.25		5.25		5.01
Expected volatility	23.26	%	36.25	%	36.79	%
Expected dividend yield	5.54	%	5.99	%	4.64	%

Schedule of Non-vested Restricted Stock Units Activity

The following table summarizes activity of Restricted Shares during 2025:

	Number of Restricted Shares	Weighted Average Grant Date Fair Value
Non-vested at December 29, 2024	1,714	$	18.81
Granted	1,828	10.64
Vested	(751)	19.33
Forfeited	(439)	17.99
Non-vested at December 28, 2025	2,352	$	12.44

Schedule of Share-based Payment Award, Performance Share Awards, Valuation Assumptions

The input variables are noted in the table below:

	2025		2024		2023
Risk-free interest rate	4.25	%	4.38	%	4.31	%
Expected life in years	3.00		3.00		3.00
Expected volatility	26.39	%	29.60	%	34.95	%
Expected dividend yield (a)	0.00	%	0.00	%	0.00	%

_______________

(a)The Monte Carlo method assumes a reinvestment of dividends.

Schedule of Non-vested Performance-based Units Activity

The following table summarizes activity of performance shares at Target during 2025:

	Shares	Weighted Average Grant Date Fair Value
Non-vested at December 29, 2024	1,236	$	21.87
Granted	771	15.45
Dividend equivalent units issued (a)	75	—
Vested	(68)	21.97
Forfeited	(1,049)	19.97
Non-vested at December 28, 2025	965	$	18.55

_______________

(a)Dividend equivalent units are issued in lieu of cash dividends for non-vested performance shares. There is no weighted average fair value associated with dividend equivalent units.

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total share-based compensation and the related income tax benefit recognized in the Company’s consolidated statements of operations were as follows:

	Year Ended
	2025		2024		2023
Stock options	$	3,914	$	4,829	$	7,687
Restricted shares	10,223		13,857		9,503
Performance shares	436		4,333		6,557
Share-based compensation	14,573		23,019		23,747
Less: Income tax benefit	(3,717)		(3,300)		(3,207)
Share-based compensation, net of income tax benefit	$	10,856	$	19,719	$	20,540