Target Corporation

Item 1.01 Entry into a Material Definitive Agreement . On August 14, 2026, Target Corporation (“Target”) entered into a Five-Year Credit Agreement with certain lenders, Bank of America, N.A., as administrative agent, Citibank, N.A., and Wells Fargo Bank, National Association, as co-syndication agents, and JPMorgan Chase Bank, N.A., and U.S. Bank National Association, as co-documentation agents, for a $4.0 billion unsecured revolving credit facility (the “Credit Agreement”). Target may increase the credit facility commitments up to an additional $1.0 billion, subject to the satisfaction of certain conditions. The Credit Agreement will expire on August 14, 2031, which may be extended pursuant to two extension options of one year each under the terms of the Credit Agreement. Borrowings under the Credit Agreement will bear interest at the rates specified in the Credit Agreement, which vary based on the type of loan and Target’s debt ratings. The Credit Agreement contains customary representations and warranties and affirmative and negative covenants, including a financial covenant regarding the leverage ratio of Target and its subsidiaries. The Credit Agreement also contains customary events of default for credit facilities of this type. Upon an event of default that is not cured or waived within any applicable cure periods, in addition to other remedies that may be available to the lenders, the obligations under the Credit Agreement may be accelerated. The foregoing description of the Credit Agreement is qualified in its entirety by reference to the full text of the Credit Agreement, a copy of which is filed herewith as an exhibit.

Item 1.02 Termination of a Material Definitive Agreement . In connection with entering into the Credit Agreement described above, on August 14, 2026, Target terminated its prior $3.0 billion Five-Year Credit Agreement, dated as of October 18, 2021, with certain lenders, Bank of America, N.A. as administrative agent, and the co-documentation agents and syndication agent listed therein, as previously amended on October 25, 2022 and September 20, 2023 (as amended, the “Prior Five-Year Credit Agreement”). The Prior Five-Year Credit Agreement was scheduled to expire on October 18, 2028. The other material terms and conditions of the Prior Five-Year Credit Agreement were substantially similar to the material terms and conditions of the Credit Agreement described above under Item 1.01. Also in connection with entering into the Credit Agreement described above, on August 14, 2026, Target terminated its $1.0 billion 364-Day Credit Agreement, dated as of October 9, 2025, with certain lenders, Bank of America, N.A., as administrative agent, and the co-documentation agents and syndication agent listed therein (the “364-Day Credit Agreement”). The 364-Day Credit Agreement was scheduled to expire on October 8, 2026 and did not have an option to extend the term. The other material terms and conditions of the 364-Day Credit Agreement were substantially similar to the material terms and conditions of the Credit Agreement described above under Item 1.01.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant . The information set forth under Item 1.01 is incorporated herein by reference.