Revenue

12 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

We generate most 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):

	January 31, 2026		February 1, 2025
Receivables, net(1)	$	538	$	504
Short-term contract liabilities included in:
Unredeemed gift card liabilities	235		253
Deferred revenue	900		951
Accrued liabilities	57		50
Long-term contract liabilities included in:
Long-term liabilities	205		229

(1)Receivables are recorded net of allowances for expected credit losses of $17 million and $20 million as of January 31, 2026, and February 1, 2025, respectively.

During fiscal 2026 and fiscal 2025, $1.1 billion and $1.1 billion of revenue was recognized, respectively, that was included in 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
Fiscal 2027	$	36
Fiscal 2028	33
Fiscal 2029	28
Fiscal 2030	28
Fiscal 2031	27
Thereafter	89

See Note 13, Segment and Geographic Information, for information on our revenue by segment and category.