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Shareholders' Equity
 12 Months Ended
Jan. 31, 2026
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Stock Compensation Plans

The Best Buy Co., Inc. 2020 Omnibus Incentive Plan (the “2020 Plan”) authorizes us to grant or issue non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and other equity awards to our employees, officers, advisers, consultants and directors. In addition, shares subject to any outstanding awards under our prior stock incentive plans that are forfeited, cancelled or reacquired by the company are available for issuance under the 2020 Plan. Awards issued under the 2020 Plan vest as determined by the Compensation and Human Resources Committee of our Board of Directors (“Board”) at the time of grant. Dividend equivalents accrue on restricted stock and restricted stock units during the vesting period, are forfeitable prior to the vesting date and are settled in shares of our common stock at the vesting or distribution date. As of January 31, 2026, a total of 17.6 million shares were available for future grants under the 2020 Plan. We have not granted incentive stock options.

Stock-based compensation expense was as follows ($ in millions):
202620252024
Share awards
Time-based$119 $122 $126 
Market-based16 17 19 
Performance-based4 - - 
Stock-based compensation expense139 139 145 
Income tax benefits26 25 27 
Stock-based compensation expense, net of tax$113 $114 $118 
Time-Based Share Awards

Time-based share awards vest solely upon continued employment, generally 33% on each of the three annual anniversary dates following the grant date. Time-based share awards to directors vest one year from the date of grant. Information on our time-based share awards was as follows (shares in thousands):
Time-Based Share AwardsSharesWeighted-Average Grant Date Fair Value
Outstanding as of February 1, 20253,478$79.43 
Granted2,292$72.92 
Vested and distributed(1,569)$82.46 
Forfeited(432)$76.46 
Outstanding as of January 31, 20263,769$74.72 
Information regarding the vesting and distribution of time-based share awards was as follows ($ in millions):
Time-Based Share Awards202620252024
Fair value of awards vested and distributed(1)
$115 $113 $114 
Tax benefits realized for tax deductions related to vesting$22 $23 $24 
(1)Based on market value on the date of vesting.

As of January 31, 2026, there was $135 million of unrecognized compensation expense related to non-vested time-based share awards that we expect to recognize over a weighted-average period of 1.8 years.
Market-Based Share Awards

Market-based share awards vest at the end of a three-year incentive period based upon our total shareholder return ("TSR") compared to the TSR of companies that comprise Standard & Poor's 500 Index. The number of shares of common stock that could be distributed at the end of the three-year TSR-incentive period may range from 0% to 150% of each share granted (“target”). Shares are granted at 100% of target. Information on our market-based share awards was as follows (shares in thousands):
Market-Based Share AwardsSharesWeighted-Average Fair Value per Share
Outstanding as of February 1, 2025692$92.95 
Granted183$76.71 
Adjustment for performance achievement(189)$112.62 
Forfeited(44)$82.20 
Outstanding as of January 31, 2026642$83.64 
Distributions of market-based share awards in fiscal 2026, fiscal 2025, and fiscal 2024 were not significant. As of January 31, 2026, there was $13 million of unrecognized compensation expense related to non-vested market-based share awards that we expect to recognize over a weighted-average period of 1.6 years.

Performance-Based Share Awards

Performance-based share awards vest upon the achievement of company performance goals based upon certain profitability measures. The number of shares of common stock that could be distributed at the end of the incentive period may range from 0% to 150% of each share granted (“target”). Shares are granted at 100% of target. Awards vest after the performance period, if the profitability measure has been met. Information on our performance-based share awards was as follows (shares in thousands):
Performance-Based Share AwardsSharesWeighted-Average Fair Value per Share
Outstanding as of February 1, 2025-$- 
Granted202$72.54 
Forfeited(15)$73.48 
Outstanding as of January 31, 2026187$72.47 

As of January 31, 2026, there was $8 million of unrecognized compensation expense related to non-vested performance-based share awards that we expect to recognize over a weighted-average period of 2.0 years.

Earnings per Share

Reconciliations of the numerators and denominators of basic and diluted earnings per share were as follows ($ and shares in millions, except per share amounts):
202620252024
Numerator
Net earnings$1,069 $927 $1,241 
Denominator
Weighted-average common shares outstanding211.0 215.2 217.7 
Dilutive effect of stock compensation plan awards1.1 1.4 0.8 
Weighted-average common shares outstanding, assuming dilution212.1 216.6 218.5 
Potential shares which were anti-dilutive and excluded from weighted-average share computations0.1 - - 
Basic earnings per share$5.06 $4.31 $5.70 
Diluted earnings per share$5.04 $4.28 $5.68 
Repurchase of Common Stock

On February 28, 2022, our Board approved a $5.0 billion share repurchase program. The program had $3.0 billion remaining available for repurchases as of January 31, 2026. There is no expiration date governing the period over which we can repurchase shares under this authorization.

Information regarding the shares we repurchased and retired was as follows ($ and shares in millions, except per share amounts):
202620252024
Total cost of shares repurchased$273 $500 $340 
Average price per share$69.18 $86.42 $72.52 
Number of shares repurchased and retired4.05.84.7