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Target Executive Compensation (FY25)

TGT · Executive and director compensation, fiscal 2022 to 2025
Median of the other named officers
$6,185,713
5 officers, excluding the chief executive
Latest say-on-pay support
=
June 10, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 1, 2026Latest filing (8-K): June 12, 2026
14 filings cited on this page
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Velarion Intel, one year, every company
348 figures on this page: 337 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

More on Target

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Michael Fiddelke: $6,741,443 → $9,598,071 (42.4% higher)
Say-on-pay support: 92.2% → 89.0% (3.2 points lower)
CEO pay ratio: 753:1 → 794:1 (5.4% higher)

Frequently asked questions

Answers drawn from the data on this page.
What was Target's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 89.0% of votes cast for or against in favor at the meeting held June 10, 2026.
Which companies are in Target's peer group?
The disclosed peer group includes 3M Company, Amazon.com, Inc., Archer-Daniels-Midland Company, Best Buy Co., Inc. and BJ’s Wholesale Club Holdings, Inc., among others. Companies named in the Retail Peer Group include Albertsons Companies, Inc. and The Home Depot, Inc.
What is Target's chief executive pay ratio?
The company reported a chief executive pay ratio of 794:1 for fiscal 2025, against median employee compensation of $27,506.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brian Cornell
Chair & Chief Executive Officer
◇◇◇—◇—◇◇
John Mulligan
Executive Vice President & Chief Operating Officer
◇◇◇—◇—◇◇
Michael Fiddelke
Executive Vice President & Chief Financial Officer
◇◇◇—◇◇◇◇
Don Liu
Executive Vice President and Chief Legal & Compliance Officer
◇◇◇—◇—◇◇
A. Christina Hennington
Executive Vice President & Chief Growth Officer
◇◇◇—◇◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brian Cornell
Chair & Chief Executive Officer
◇◇◇—◇—◇◇
John Mulligan
Executive Vice President & Chief Operating Officer
◇◇◇—◇◇◇◇
Michael Fiddelke
Executive Vice President & Chief Financial Officer
◇◇◇—◇◇◇◇
A. Christina Hennington
Executive Vice President & Chief Growth Officer
◇◇◇—◇◇◇◇
Don Liu
Executive Vice President and Chief Legal & Compliance Officer
Departed during or after this year
◇◇◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brian Cornell
Chair & Chief Executive Officer
◇◇◇—◇—◇◇
Jim Lee
EVP & Chief Financial Officer
◇◇◇—◇—◇◇
Amy Tu
Former EVP & Chief Legal & Compliance Officer
◇◇◇—◇—◇◇
Michael Fiddelke
EVP & Chief Operating Officer and Former Chief Financial Officer
◇◇◇—◇◇◇◇
A. Christina Hennington
EVP & Chief Strategy & Growth Officer
◇◇◇—◇◇◇◇
Richard Gomez
Former EVP & Chief Commercial Officer
◇◇◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brian Cornell
Chair & former Chief Executive Officer
Departed during or after this year
◇◇◇—◇—◇◇
Michael Fiddelke
Former EVP & Chief Operating Officer and current Chief Executive Officer
◇◇◇—◇◇◇◇
Jim Lee
EVP & Chief Financial Officer
◇◇◇—◇—◇◇
Richard Gomez
Former EVP & Chief Commercial Officer
Departed during or after this year
◇◇◇—◇—◇◇
Amy Tu
Former EVP & Chief Legal & Compliance Officer
Departed during or after this year
◇—◇———◇◇
Melissa Kremer
EVP & Chief HR Officer
◇◇◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Amy TuPSU◇◇◇—◇—◇
Amy TuPSU◇◇◇—◇—◇
Amy TuPSU◇◇◇—◇—◇
Brian C. CornellPSU◇◇◇—◇—◇
Brian C. CornellPSU◇◇◇—◇—◇
Jim LeePSU◇◇◇—◇—◇
Jim LeePSU◇◇◇—◇—◇
Jim LeePSU◇◇◇—◇—◇
Melissa K. KremerPSU◇◇◇—◇—◇
Melissa K. KremerPSU◇◇◇—◇—◇
Melissa K. KremerPSU◇◇◇—◇—◇
Michael J. FiddelkePSU◇◇◇—◇—◇
Michael J. FiddelkePSU◇◇◇—◇—◇
Michael J. FiddelkePSU◇◇◇—◇—◇
Richard H. GomezPSU◇◇◇—◇—◇
Richard H. GomezPSU◇◇◇—◇—◇
Richard H. GomezPSU◇◇◇—◇—◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Brian CornellPSU◇◇——
PSU◇◇——
Michael FiddelkePSU◇◇——
PSU◇◇——
Jim LeePSU◇◇——
RSU◇◇——
PSU◇◇——
Richard GomezPSU◇◇——
PSU◇◇——
Melissa KremerPSU◇◇——
PSU◇◇——
Amy TuPSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Amy Tu
Former EVP & Chief Legal & Compliance Officer · Terms as described in the company’s compensation discussion
Severance multiple◇
Severance cash amount◇
Brian Cornell
Chair & former Chief Executive Officer · Terms as described in the company’s compensation discussion
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Jim Lee
EVP & Chief Financial Officer · Terms as described in the company’s compensation discussion
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Michael Fiddelke
Former EVP & Chief Operating Officer and current Chief Executive Officer · Terms as described in the company’s compensation discussion
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Richard Gomez
Former EVP & Chief Commercial Officer · Terms as described in the company’s compensation discussion
Severance multiple◇
Severance cash amount◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
George S. Barrett
—◇————◇
Dmitri L. Stockton
◇◇————◇
Donald R. Knauss
◇◇————◇
Monica C. Lozano
◇◇————◇
Gail K. Boudreaux
—◇————◇
Derica W. Rice
—◇————◇
Douglas M. Baker Jr
◇◇————◇
Robert L. Edwards
◇◇————◇
Grace Puma
◇◇————◇
David P. Abney
◇◇————◇
Michael J. Fiddelke, Brian C. Cornell, Stephen B. Bratspies and John R. Hoke III served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • 3M Company MMM
  • Amazon.com, Inc. AMZN
  • Archer-Daniels-Midland Company ADM
  • Best Buy Co., Inc. BBY
  • BJ’s Wholesale Club Holdings, Inc. BJ
  • Costco Wholesale Corporation COST
  • CVS Health Corporation CVS
  • Dollar General Corporation DG
  • Dollar Tree, Inc. DLTR
  • Elevance Health, Inc. ELV
  • FedEx Corporation FDX
  • General Mills, Inc. GIS
  • Johnson & Johnson JNJ
  • Johnson Controls International plc JCI
  • Kohl’s Corporation KSS
  • Lowe’s Companies, Inc. LOW
  • Macy’s, Inc. M
  • Marriott International, Inc. MAR
  • McDonald’s Corporation MCD
  • MetLife, Inc. MET
  • Mondelez International, Inc. MDLZ
  • NIKE, Inc. NKE
  • PepsiCo, Inc. PEP
  • Publix Super Markets, Inc. PUSH
  • Ross Stores, Inc. ROST
  • RTX Corporation RTX
  • Starbucks Corporation SBUX
  • The Cigna Group CI
  • The Coca-Cola Company KO
  • The Gap, Inc. GAP
  • The Kroger Co. KR
  • The Procter & Gamble Company PG
  • The TJX Companies, Inc. TJX
  • United Parcel Service, Inc. UPS
  • UnitedHealth Group Incorporated UNH
  • Walmart Inc. WMT
Retail Peer Group
  • Albertsons Companies, Inc. ACI
  • The Home Depot, Inc. HD

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 10, 2026=◇◇◇
2024June 11, 2025=◇◇◇
2023June 12, 2024=◇◇◇
2022June 14, 2023=◇◇◇
2021June 8, 2022=◇◇◇
2020June 9, 2021=◇◇◇
2019June 10, 2020=◇◇◇
2018June 12, 2019=◇◇◇
2017June 13, 2018=◇◇◇
2016June 14, 2017=◇◇◇
2015June 8, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Michael Fiddelke (Former EVP & Chief Operating Officer and current Chief Executive Officer), FY2025 total compensation $9,598,071 (base salary $1,065,385) [exec_comp, SEC accession 0001628280-26-027508, filed 2026-04-27]

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What this page does not include

Everything above is a fact Target disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Target sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
348 figures on this page: 337 cited to the filing that reported them, 11 calculated from figures it prints.
337 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000027419-26-000026
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001628280-26-027508
    CEO Pay Ratio · Grants of plan-based awards in Fiscal 202 · Non-employee director compensation · Outstanding equity awards at Fiscal 2025 year-end · and 1 more section
  3. 0000027419-25-000110
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001628280-25-020275
    Summary compensation table
  5. 0000027419-24-000135
  6. 0001308179-24-000626
    Summary compensation table
  7. 0000027419-23-000029
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0000027419-22-000018
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0000027419-21-000020
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0000027419-20-000017
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0000027419-19-000015
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000027419-18-000021
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0000027419-17-000020
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001104659-16-126198
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Target executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/TGT (accessed 2026).
Short form: data: Velarion

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Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
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14 filings cited on this page
Method: intel.velarion.ai/methodology
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Peers Target discloses

The companies named in TGT's own disclosed peer group.

3M CompanyAmazon.com, Inc.Archer-Daniels-Midland CompanyBest Buy Co., Inc.BJ’s Wholesale Club Holdings, Inc.Costco Wholesale CorporationCVS Health CorporationDollar General CorporationDollar Tree, Inc.Elevance Health, Inc.FedEx CorporationGeneral Mills, Inc.Johnson & JohnsonJohnson Controls International plcKohl’s CorporationLowe’s Companies, Inc.Macy’s, Inc.Marriott International, Inc.McDonald’s CorporationMetLife, Inc.Mondelez International, Inc.NIKE, Inc.PepsiCo, Inc.Ross Stores, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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