v3.25.4
Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Tax Rate Reconciliation
Tax Rate Reconciliation2025
(dollars in millions)
Amount
Percent
U.S. federal statutory rate$1,001 21.0 %
State and local income taxes, net of federal income tax effects (a)
168 3.5 
Foreign tax effects
Hong Kong(72)(1.5)
Other foreign jurisdictions15 0.3 
Effect of cross-border tax laws25 0.5 
Tax credits(77)(1.6)
Nontaxable or nondeductible Items (b)
(16)(0.3)
Changes in unrecognized tax benefits19 0.4 
Other adjustments(1)— 
Effective tax rate$1,062 22.3 %
(a)    State taxes in California, New York, Illinois, and Minnesota contributed to the majority of the tax effect in this category.
(b)    The tax effects of share based compensation are classified within nontaxable or nondeductible items in the effective tax rate reconciliation for 2025.

Tax Rate Reconciliation for years prior to the adoption of ASU 2023-09
20242023
Percent
Percent
U.S. federal statutory rate
21.0 %21.0 %
State and local income taxes, net of federal income tax effects
3.7 3.8 
International(1.1)(1.3)
Excess tax benefit related to share-based payments(0.1)(0.3)
Federal tax credits(0.8)(0.8)
Other(0.5)(0.5)
Effective tax rate22.2 %21.9 %
Schedule of Provision for Income Taxes
Provision for Income Taxes
(millions)
202520242023
Current:   
Federal$819 $1,013 $556 
State202 236 208 
International96 101 97 
Total current1,117 1,350 861 
Deferred:   
Federal(72)(184)256 
State11 2 43 
International6 2 (1)
Total deferred(55)(180)298 
Total provision$1,062 $1,170 $1,159 
Schedule of Cash Taxes Paid, Net of Refunds
Income Taxes Paid, Net of Refunds
(millions)
2025
Federal taxes (a)
$781 
State taxes 
California74 
Other197 
International taxes 39 
Total income taxes paid$1,091 
(a)    Includes amounts paid for the purchase of federal transferable tax credits.
Schedule of Net Deferred Tax Asset/(Liability)
Net Deferred Tax Asset / (Liability)
(millions)
January 31, 2026February 1, 2025
Gross deferred tax assets:  
Accrued and deferred compensation$449 $423 
Accruals and reserves not currently deductible252 260 
Self-insured benefits234 207 
Lease liabilities1,534 1,600 
Other144 159 
Total gross deferred tax assets2,613 2,649 
Gross deferred tax liabilities:  
Property and equipment(2,669)(2,830)
Leased assets(1,374)(1,425)
Inventory(591)(484)
Other(231)(203)
Total gross deferred tax liabilities(4,865)(4,942)
Total net deferred tax liability (a)
$(2,252)$(2,293)
(a)$13 million and $10 million of the balances as of January 31, 2026, and February 1, 2025, respectively, is included in Other Noncurrent Assets.
Schedule of Reconciliation of Liability for Unrecognized Tax Benefits
Reconciliation of Gross Unrecognized Tax Benefits
(millions)
202520242023
Balance at beginning of period$433 $352 $233 
Additions based on tax positions related to the current year36 118 128 
Additions for tax positions of prior years4 22 8 
Reductions for tax positions of prior years(36)(36)(13)
Settlements(1)(23)(4)
Balance at end of period$436 $433 $352