STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jan. 31, 2026

STOCK-BASED COMPENSATION

Summary of Stock Option Activity

		WEIGHTED-AVERAGE
	OPTIONS	EXERCISE PRICE
Outstanding—February 1, 2025	3,652,114	$	212.65
Granted	369,750		178.08
Exercised	(82,896)		62.12
Cancelled	(200,495)		249.76
Outstanding—January 31, 2026	3,738,473	$	210.58

Schedule of Assumptions Used to Estimate Fair Value of Stock Options Issued

	​ ​ ​ ​ ​YEAR ENDED
	JANUARY 31,		FEBRUARY 1,		FEBRUARY 3,
	2026		2025		2024
Expected volatility	70.7	%	56.8	%	54.3	%
Expected life (years)	6.9		7.2		7.3
Risk-free interest rate	4.3	%	4.5	%	3.9	%
Dividend yield	—		—		—

Summary of Additional Information about Stock Options

	​ ​ ​ ​ ​YEAR ENDED
	JANUARY 31,		FEBRUARY 1,		FEBRUARY 3,
	2026		2025		2024
	(in thousands, except per share amounts)
Weighted-average fair value per share of stock options granted	$	123.25	$	172.87	$	160.57
Aggregate intrinsic value of stock options exercised		12,735		90,058		34,556
Fair value of stock options vested		34,155		27,063		19,113

Stock options outstanding, vested or expected to vest, and exercisable

	OPTIONS OUTSTANDING				OPTIONS EXERCISABLE
		WEIGHTED-
		AVERAGE	WEIGHTED-			WEIGHTED-
		REMAINING	AVERAGE			AVERAGE
	NUMBER OF	CONTRACTUAL LIFE	EXERCISE		NUMBER OF	EXERCISE
RANGE OF EXERCISE PRICES	OPTIONS	(in years)	PRICE		OPTIONS	PRICE
$25.39 — $44.52	87,943	0.3	$	35.34	87,943	$	35.34
$50.00 — $50.00	1,000,000	1.3		50.00	1,000,000		50.00
$90.50 — $154.82	546,215	3.5		134.34	380,975		130.14
$157.77 — $264.27	632,040	8.0		212.33	96,136		230.95
$265.83 — $331.54	624,075	7.2		286.20	154,821		305.96
$339.50 — $352.66	29,000	7.4		346.39	6,900		348.34
$385.30 — $713.52	819,200	4.9		412.48	745,303		398.95
Total	3,738,473		$	210.58	2,472,078	$	190.93
Vested or expected to vest	3,496,800		$	207.60

Schedule of options outstanding, vested or expected to vest, and exercisable

		WEIGHTED-		WEIGHTED-		AGGREGATE
		AVERAGE		AVERAGE		INTRINSIC
		EXERCISE		REMAINING TERM		VALUE
	SHARES	PRICE		(in years)		(in thousands)
Options outstanding	3,738,473	$	210.58		4.5	$	208,324
Options vested or expected to vest	3,496,800		207.60		4.3		205,991
Options exercisable	2,472,078		190.93		3.0		190,232

Schedule of stock-based compensation expense

	YEAR ENDED
	JANUARY 31,		FEBRUARY 1,		FEBRUARY 3,
	2026		2025		2024
	(in thousands)
Stock-based compensation expense(1)	$	38,263	$	40,516	$	36,509

(1) On October 18, 2020, our Board of Directors granted our Chairman and Chief Executive Officer, Gary Friedman, an option to purchase 700,000 shares of our common stock with an exercise price equal to $385.30 per share under the Stock Incentive Plan. The option resulted in aggregate non-cash stock compensation expense of $174 million, of which, $0.9 million, $4.5 million and $9.6 million was recognized in fiscal 2025, fiscal 2024 and fiscal 2023, respectively, related to Mr. Friedman’s option. Compensation expense for this award was fully recognized as of fiscal 2025.

Schedule of total unrecognized compensation expense and weighted average remaining term

	UNRECOGNIZED		WEIGHTED-
	STOCK BASED		AVERAGE
	COMPENSATION		REMAINING TERM
	(in thousands)		(in years)
Unvested options	$	119,524		4.4
Unvested restricted stock and restricted stock units		6,026		1.7
Total	$	125,550

Summary of Restricted Stock Award Activity

		WEIGHTED-
		AVERAGE		INTRINSIC
		GRANT DATE FAIR		VALUE
	AWARDS	VALUE		(in thousands)
Outstanding—February 1, 2025	11,220	$	433.56
Granted	24,690		183.38
Released	(14,110)		262.85
Cancelled	(1,200)		401.25
Outstanding—January 31, 2026	20,600	$	252.51	$	4,096

Summary of Additional Information about Restricted Stock Awards

	YEAR ENDED
	JANUARY 31,		FEBRUARY 1,		FEBRUARY 3,
	2026		2025		2024
Weighted-average fair value per share of awards granted	$	183.38	$	301.31	$	322.24
Grant date fair value of awards released (in thousands)		3,709		6,630		2,846

Summary of stock-based compensation expense related to restricted stock awards

	YEAR ENDED
	JANUARY 31,		FEBRUARY 1,		FEBRUARY 3,
	2026		2025		2024
	(in thousands)
Stock-based compensation expense	$	5,619	$	3,669	$	2,874