| Leases |
LeasesThe lease-related assets and liabilities recorded on the balance sheet are summarized in the following table: | | | | | | | | | | | | | | |
(In millions) | Classification | January 30, 2026 | | January 31, 2025 | | Assets | | | | | | Operating lease assets | Operating lease right-of-use assets | $ | 4,303 | | | $ | 3,738 | | | Finance lease assets | Property, less accumulated depreciation1 | 319 | | | 395 | | | Total lease assets | | 4,622 | | | 4,133 | | | | | | | | Liabilities | | | | | | Current | | | | | | Operating | Current operating lease liabilities | 713 | | | 563 | | | Finance | Current maturities of long-term debt | 81 | | | 87 | | | Noncurrent | | | | | | Operating | Noncurrent operating lease liabilities | 4,043 | | | 3,628 | | | Finance | Long-term debt, excluding current maturities | 310 | | | 388 | | | Total lease liabilities | | $ | 5,147 | | | $ | 4,666 | |
1Finance lease assets are recorded net of accumulated amortization of $394 million as of January 30, 2026, and $373 million as of January 31, 2025.
The table below presents the lease costs for finance and operating leases: | | | | | | | | | | | | | | | | | |
(In millions) | Years Ended | | January 30, 2026 | | January 31, 2025 | | February 2, 2024 | | Finance lease cost | | | | | | | Amortization of leased assets | $ | 82 | | | $ | 92 | | | $ | 88 | | | Interest on lease liabilities | 20 | | | 23 | | | 24 | | Operating lease cost1 | 768 | | | 712 | | | 630 | | | Variable lease cost | 305 | | | 268 | | | 258 | | | Total lease cost | $ | 1,175 | | | $ | 1,095 | | | $ | 1,000 | |
1Includes short-term leases and sublease income, which are immaterial.
The future minimum rental payments required under operating and finance lease obligations as of January 30, 2026, having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows: | | | | | | | | | | | |
(In millions) | Operating Leases1 | Finance Leases2 | Total | | Fiscal 2026 | $ | 873 | | $ | 92 | | $ | 965 | | | Fiscal 2027 | 879 | | 64 | | 943 | | | Fiscal 2028 | 868 | | 59 | | 927 | | | Fiscal 2029 | 688 | | 47 | | 735 | | | Fiscal 2030 | 531 | | 37 | | 568 | | | Thereafter | 2,054 | | 178 | | 2,232 | | | Total lease payments | 5,893 | | 477 | | 6,370 | | Less: interest3 | (1,137) | | (86) | | (1,223) | | Present value of lease liabilities4 | $ | 4,756 | | $ | 391 | | $ | 5,147 | |
1Operating lease payments include $499 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $52 million of minimum lease payments for leases signed but not yet commenced. 2Finance lease payments exclude $16 million of minimum lease payments for leases signed but not yet commenced. 3Calculated using the lease-specific incremental borrowing rate. 4Includes the current portion of $713 million for operating leases and $81 million for finance leases.
| | | | | | | | | | | | | Lease Term and Discount Rate | January 30, 2026 | | January 31, 2025 | | Weighted-average remaining lease term (years) | | | | | Operating leases | 7.81 | | 8.97 | | Finance leases | 8.57 | | 8.68 | | Weighted-average discount rate | | | | | Operating leases | 4.43 | % | | 4.28 | % | | Finance leases | 4.85 | % | | 4.89 | % |
| | | | | | | | | | | | | | | | | | | Other Information | Years Ended | (In millions) | January 30, 2026 | | January 31, 2025 | | February 2, 2024 | | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | Operating cash flows used for operating leases | $ | 743 | | | $ | 743 | | | $ | 689 | | | Operating cash flows used for finance leases | 19 | | | 22 | | | 24 | | | Financing cash flows used for finance leases | 85 | | | 86 | | | 92 | | | Leased assets obtained in exchange for new finance lease liabilities | 5 | | | 47 | | | 50 | | Leased assets obtained in exchange for new operating lease liabilities1 | 398 | | | 545 | | | 696 | |
1Excludes $52 million of leases signed but not yet commenced as of January 30, 2026.
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| Leases |
LeasesThe lease-related assets and liabilities recorded on the balance sheet are summarized in the following table: | | | | | | | | | | | | | | |
(In millions) | Classification | January 30, 2026 | | January 31, 2025 | | Assets | | | | | | Operating lease assets | Operating lease right-of-use assets | $ | 4,303 | | | $ | 3,738 | | | Finance lease assets | Property, less accumulated depreciation1 | 319 | | | 395 | | | Total lease assets | | 4,622 | | | 4,133 | | | | | | | | Liabilities | | | | | | Current | | | | | | Operating | Current operating lease liabilities | 713 | | | 563 | | | Finance | Current maturities of long-term debt | 81 | | | 87 | | | Noncurrent | | | | | | Operating | Noncurrent operating lease liabilities | 4,043 | | | 3,628 | | | Finance | Long-term debt, excluding current maturities | 310 | | | 388 | | | Total lease liabilities | | $ | 5,147 | | | $ | 4,666 | |
1Finance lease assets are recorded net of accumulated amortization of $394 million as of January 30, 2026, and $373 million as of January 31, 2025.
The table below presents the lease costs for finance and operating leases: | | | | | | | | | | | | | | | | | |
(In millions) | Years Ended | | January 30, 2026 | | January 31, 2025 | | February 2, 2024 | | Finance lease cost | | | | | | | Amortization of leased assets | $ | 82 | | | $ | 92 | | | $ | 88 | | | Interest on lease liabilities | 20 | | | 23 | | | 24 | | Operating lease cost1 | 768 | | | 712 | | | 630 | | | Variable lease cost | 305 | | | 268 | | | 258 | | | Total lease cost | $ | 1,175 | | | $ | 1,095 | | | $ | 1,000 | |
1Includes short-term leases and sublease income, which are immaterial.
The future minimum rental payments required under operating and finance lease obligations as of January 30, 2026, having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows: | | | | | | | | | | | |
(In millions) | Operating Leases1 | Finance Leases2 | Total | | Fiscal 2026 | $ | 873 | | $ | 92 | | $ | 965 | | | Fiscal 2027 | 879 | | 64 | | 943 | | | Fiscal 2028 | 868 | | 59 | | 927 | | | Fiscal 2029 | 688 | | 47 | | 735 | | | Fiscal 2030 | 531 | | 37 | | 568 | | | Thereafter | 2,054 | | 178 | | 2,232 | | | Total lease payments | 5,893 | | 477 | | 6,370 | | Less: interest3 | (1,137) | | (86) | | (1,223) | | Present value of lease liabilities4 | $ | 4,756 | | $ | 391 | | $ | 5,147 | |
1Operating lease payments include $499 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $52 million of minimum lease payments for leases signed but not yet commenced. 2Finance lease payments exclude $16 million of minimum lease payments for leases signed but not yet commenced. 3Calculated using the lease-specific incremental borrowing rate. 4Includes the current portion of $713 million for operating leases and $81 million for finance leases.
| | | | | | | | | | | | | Lease Term and Discount Rate | January 30, 2026 | | January 31, 2025 | | Weighted-average remaining lease term (years) | | | | | Operating leases | 7.81 | | 8.97 | | Finance leases | 8.57 | | 8.68 | | Weighted-average discount rate | | | | | Operating leases | 4.43 | % | | 4.28 | % | | Finance leases | 4.85 | % | | 4.89 | % |
| | | | | | | | | | | | | | | | | | | Other Information | Years Ended | (In millions) | January 30, 2026 | | January 31, 2025 | | February 2, 2024 | | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | Operating cash flows used for operating leases | $ | 743 | | | $ | 743 | | | $ | 689 | | | Operating cash flows used for finance leases | 19 | | | 22 | | | 24 | | | Financing cash flows used for finance leases | 85 | | | 86 | | | 92 | | | Leased assets obtained in exchange for new finance lease liabilities | 5 | | | 47 | | | 50 | | Leased assets obtained in exchange for new operating lease liabilities1 | 398 | | | 545 | | | 696 | |
1Excludes $52 million of leases signed but not yet commenced as of January 30, 2026.
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