v3.25.3
Segment Reporting
 9 Months Ended
Nov. 01, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our Chief Operating Decision Maker—our Chief Executive Officer—monitors our consolidated operating income and net earnings to evaluate performance and make operating decisions. We operate as a single segment that includes all of our operations, which are designed to enable guests to purchase products seamlessly in stores or through our digital channels. Virtually all of our consolidated revenues are generated in the United States. The vast majority of our properties and equipment are located within the United States.

Business Segment ResultsThree Months EndedNine Months Ended
(millions)November 1, 2025November 2, 2024November 1, 2025November 2, 2024
Net sales$25,270 $25,668 $74,327 $75,651 
Cost of sales
Merchandising cost of sales16,261 16,447 47,793 48,386 
Supply chain and digital fulfillment costs1,876 1,955 5,375 5,314 
Total cost of sales18,137 18,402 53,168 53,700 
Selling, general and administrative expenses (a)
5,536 5,459 15,486 15,969 
Depreciation and amortization (exclusive of depreciation included in cost of sales)
649 639 1,936 1,883 
Operating income (a)
948 1,168 3,737 4,099 
Net interest expense115 105 346 321 
Net other income(26)(28)(68)(77)
Earnings before income taxes859 1,091 3,459 3,855 
Provision for income taxes170 237 799 867 
Net earnings$689 $854 $2,660 $2,988 
(a)For the three and nine months ended November 1, 2025, includes $161 million related to business transformation costs described in Note 4. For the nine months ended November 1, 2025, includes $593 million of pretax net gains related to settlements of credit card interchange fee litigation matters. Note 3 provides additional information.