Revenue

9 Months Ended

Nov. 01, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

We generate substantially all of our revenue from contracts with customers from the sale of products and services. Contract balances primarily relate to unfulfilled membership benefits and services not yet completed, product merchandise not yet delivered to customers, unredeemed gift cards and deferred revenue from our private label and co-branded credit card arrangement. Contract balances were as follows ($ in millions):

	November 1, 2025		February 1, 2025		November 2, 2024
Receivables, net(1)	$	605	$	504	$	471
Short-term contract liabilities included in:
Unredeemed gift card liabilities	231		253		246
Deferred revenue	853		951		878
Accrued liabilities	67		50		58
Long-term contract liabilities included in:
Long-term liabilities	209		229		237

(1)Receivables are recorded net of allowances for expected credit losses of $15 million, $20 million and $16 million as of November 1, 2025, February 1, 2025, and November 2, 2024, respectively.

During the first nine months of fiscal 2026 and fiscal 2025, $1,003 million and $1,054 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods.

Estimated revenue from our contract liability balances expected to be recognized in future periods if the performance of the contract is expected to have an initial duration of more than one year is as follows ($ in millions):

Fiscal Year	Amount
Remainder of fiscal 2026	$	9
Fiscal 2027	35
Fiscal 2028	31
Fiscal 2029	27
Fiscal 2030	27
Fiscal 2031	27
Thereafter	89

See Note 11, Segments, for information on our revenue by reportable segment and product category.