Leases

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Leases

Leases

Supplemental balance sheet information related to our leases was as follows ($ in millions):

	Balance Sheet Location	January 31, 2026		February 1, 2025
Assets
Operating leases	Operating lease assets	$	2,869	$	2,833
Finance leases	Property under finance leases, net(1)	42		34
Total lease assets		$	2,911	$	2,867
Liabilities
Current:
Operating leases	Current portion of operating lease liabilities	$	623	$	617
Finance leases	Current portion of long-term debt	11		10
Non-current:
Operating leases	Long-term operating lease liabilities	2,334		2,282
Finance leases	Long-term debt	21		15
Total lease liabilities		$	2,989	$	2,924

(1)Finance leases were recorded net of accumulated depreciation of $38 million and $54 million as of January 31, 2026, and February 1, 2025, respectively.

Costs and cash flow impacts associated with our finance leases were immaterial in the periods presented. Components of our total operating lease cost were as follows ($ in millions):

	Statement of Earnings Location	2026		2025		2024
Operating lease cost(1)	Cost of sales and SG&A(2)	$	790	$	784	$	777
Variable lease cost	Cost of sales and SG&A(2)	241		236		239
Sublease income	SG&A	(14)		(13)		(11)
Total operating lease cost		$	1,017	$	1,007	$	1,005

(1)Includes short-term leases, which are immaterial.

(2)Supply chain-related amounts are included in Cost of sales.

Other information related to our operating leases was as follows ($ in millions):

	2026			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	794		$	781
Lease assets obtained in exchange for new lease liabilities	$	680		$	771
Weighted average remaining lease term (in years)	5.4			5.4
Weighted average discount rate	4.4		%	4.1		%

Future lease payments under our non-cancellable operating leases as of January 31, 2026, were as follows ($ in millions):

	Operating Leases(1)
Fiscal 2027	$	739
Fiscal 2028	719
Fiscal 2029	578
Fiscal 2030	457
Fiscal 2031	312
Thereafter	542
Total future undiscounted lease payments	3,347
Less imputed interest	390
Total reported lease liability	$	2,957

(1)Lease payments exclude $22 million of legally binding fixed costs for leases signed but not yet commenced.

Leases

Leases

Supplemental balance sheet information related to our leases was as follows ($ in millions):

	Balance Sheet Location	January 31, 2026		February 1, 2025
Assets
Operating leases	Operating lease assets	$	2,869	$	2,833
Finance leases	Property under finance leases, net(1)	42		34
Total lease assets		$	2,911	$	2,867
Liabilities
Current:
Operating leases	Current portion of operating lease liabilities	$	623	$	617
Finance leases	Current portion of long-term debt	11		10
Non-current:
Operating leases	Long-term operating lease liabilities	2,334		2,282
Finance leases	Long-term debt	21		15
Total lease liabilities		$	2,989	$	2,924

(1)Finance leases were recorded net of accumulated depreciation of $38 million and $54 million as of January 31, 2026, and February 1, 2025, respectively.

Costs and cash flow impacts associated with our finance leases were immaterial in the periods presented. Components of our total operating lease cost were as follows ($ in millions):

	Statement of Earnings Location	2026		2025		2024
Operating lease cost(1)	Cost of sales and SG&A(2)	$	790	$	784	$	777
Variable lease cost	Cost of sales and SG&A(2)	241		236		239
Sublease income	SG&A	(14)		(13)		(11)
Total operating lease cost		$	1,017	$	1,007	$	1,005

(1)Includes short-term leases, which are immaterial.

(2)Supply chain-related amounts are included in Cost of sales.

Other information related to our operating leases was as follows ($ in millions):

	2026			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows	$	794		$	781
Lease assets obtained in exchange for new lease liabilities	$	680		$	771
Weighted average remaining lease term (in years)	5.4			5.4
Weighted average discount rate	4.4		%	4.1		%

Future lease payments under our non-cancellable operating leases as of January 31, 2026, were as follows ($ in millions):

	Operating Leases(1)
Fiscal 2027	$	739
Fiscal 2028	719
Fiscal 2029	578
Fiscal 2030	457
Fiscal 2031	312
Thereafter	542
Total future undiscounted lease payments	3,347
Less imputed interest	390
Total reported lease liability	$	2,957

(1)Lease payments exclude $22 million of legally binding fixed costs for leases signed but not yet commenced.