v3.25.4
Leases (Tables)
 12 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Schedule of Leases
Leases
(millions)
ClassificationJanuary 31, 2026February 1, 2025
Assets
Operating Operating Lease Assets$3,703 $3,763 
Finance
Property and Equipment, Net (a)
1,399 1,557 
Total leased assets$5,102 $5,320 
Liabilities
Current
Operating
Accrued and Other Current Liabilities$372 $353 
Finance
Current Portion of Long-term Debt and Other Borrowings
131 136 
Noncurrent
Operating
Noncurrent Operating Lease Liabilities3,462 3,582 
Finance
Long-term Debt and Other Borrowings1,982 2,025 
Total lease liabilities$5,947 $6,096 
(a)Finance lease assets are recorded net of accumulated amortization of $963 million and $857 million as of January 31, 2026, and February 1, 2025, respectively.
Other Information
(millions)
202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases
$529 $490 $479 
Operating cash flows from finance leases
79 76 70 
Financing cash flows from finance leases
142 139 147 
Schedule of Lease Cost
Lease Cost
(millions)
Classification202520242023
Operating lease cost (a)
SG&A Expenses or Cost of Sales (b)
$691 $641 $550 
Finance lease cost
Amortization of leased assets
Depreciation and Amortization (b)
152 146 136 
Interest on lease liabilities
Net Interest Expense79 77 71 
Sublease income (c)
Net Sales
(24)(15)(20)
Net lease cost$898 $849 $737 
(a)2025, 2024, and 2023 include $143 million, $132 million, and $115 million, respectively, of short-term and variable lease costs.
(b)Supply chain-related amounts are included in Cost of Sales.
(c)Sublease income excludes rental income from owned properties of $54 million, $48 million, and $49 million for 2025, 2024, and 2023, respectively, which is also included in Net Sales.
Lease Term and Discount RateJanuary 31, 2026February 1, 2025
Weighted average remaining lease term (years)
Operating leases
11.811.8
Finance leases
13.613.9
Weighted average discount rate
Operating leases
4.61 %4.51 %
Finance leases
4.00 %3.88 %
Schedule of Maturity of Operating Lease Liabilities
Maturity of Lease Liabilities
Operating 
Finance
(millions)
Leases (a)
Leases (b)
Total
2026$529 $209 $738 
2027524 210 734 
2028496 212 708 
2029455 209 664 
2030403 211 614 
Thereafter2,642 1,758 4,400 
Total lease payments$5,049 $2,809 $7,858 
Less: Interest1,215 696  
Present value of lease liabilities
$3,834 $2,113  
(a)Operating lease payments include $719 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $39 million of legally binding minimum lease payments for leases signed but not yet commenced.
(b)Finance lease payments include $286 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $100 million of legally binding minimum lease payments for leases signed but not yet commenced.
Schedule of Maturity of Finance Lease Liabilities
Maturity of Lease Liabilities
Operating 
Finance
(millions)
Leases (a)
Leases (b)
Total
2026$529 $209 $738 
2027524 210 734 
2028496 212 708 
2029455 209 664 
2030403 211 614 
Thereafter2,642 1,758 4,400 
Total lease payments$5,049 $2,809 $7,858 
Less: Interest1,215 696  
Present value of lease liabilities
$3,834 $2,113  
(a)Operating lease payments include $719 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $39 million of legally binding minimum lease payments for leases signed but not yet commenced.
(b)Finance lease payments include $286 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $100 million of legally binding minimum lease payments for leases signed but not yet commenced.