v3.26.1
Debt
 12 Months Ended
Jan. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Revolving Credit Facilities

On September 16, 2025, the Company entered into a $2.0 billion five-year unsecured credit agreement (2025 Credit Agreement) with a syndicate of banks, which has a maturity date of September 2030, replacing the Company’s $2.0 billion five-year unsecured revolving credit agreement entered into in December 2021, and as amended (Third Amended and Restated Credit Agreement).

On September 16, 2025, the Company also amended the five-year unsecured revolving credit agreement dated September 1, 2023 (the 2023 Credit Agreement) with a syndicate of banks, which has a maturity date of September 2028 and an aggregate availability of $2.0 billion. Under the amendment, borrowings under the 2023 Credit Agreement will no longer be subject to a SOFR credit spread adjustment.

The 2025 Credit Agreement and the 2023 Credit Agreement (collectively the Long-Term Credit Agreements) support the Company’s commercial paper program. The amounts available to be drawn under the Long-Term Credit Agreements are reduced by the amount of borrowings under the commercial paper program. As of January 30, 2026, and January 31, 2025, there were no outstanding borrowings under the Company’s commercial paper program or the Long-Term Credit Agreements.

On September 16, 2025, the Company also entered into a $1.0 billion 364-day unsecured revolving credit agreement (collectively with the Long-Term Credit Agreements the “Revolving Credit Facilities”) which has a maturity date of September 2026 and had no outstanding borrowings as of January 30, 2026.

Total combined availability under the Revolving Credit Facilities was $5.0 billion as of January 30, 2026.
Long-Term Debt
Debt Category
(In millions, except percentage data)
Weighted-Average Interest Rate as of January 30, 2026January 30, 2026January 31, 2025
Secured debt:
Mortgage notes due through fiscal 20271
6.24 %$1 $1 
Unsecured debt:
Notes due through fiscal 20303.29 %12,638 13,700 
Notes due fiscal 2031-20354.26 %9,140 5,565 
Notes due fiscal 2036-20405.74 %1,054 1,054 
Notes due fiscal 2041-20453.88 %2,456 2,454 
Notes due fiscal 2046-20503.78 %5,574 5,572 
Notes due fiscal 2051-20554.86 %3,954 3,953 
Notes due fiscal 2061-20655.19 %2,714 2,713 
2025 Term Loan4.88 %1,999 — 
Finance lease obligations due through fiscal 2043391 475 
Total long-term debt39,921 35,487 
Less: current maturities(2,431)(2,586)
Long-term debt, excluding current maturities$37,490 $32,901 
1    Real properties with an aggregate book value of $11 million as of January 30, 2026, were pledged as collateral for secured debt.

Principal amount of debt maturities, exclusive of unamortized original issue discounts, unamortized debt issuance costs, fair-value hedge adjustments, and finance lease obligations, for the next five fiscal years and thereafter are as follows:
(In millions)Principal
Fiscal 2026$2,350 
Fiscal 20273,018 
Fiscal 20285,005 
Fiscal 20291,811 
Fiscal 20302,500 
Thereafter25,135 
Total$39,819 

The Company’s unsecured notes are issued under indentures that generally have similar terms and, therefore, have been grouped by maturity date for presentation purposes in the table above.  The notes contain certain restrictive covenants, none of which are expected to impact the Company’s capital resources or liquidity.  The Company was in compliance with all financial covenants of these agreements as of January 30, 2026.
On September 16, 2025, the Company entered into a $2.0 billion unsecured term loan credit agreement (2025 Term Loan) which has a maturity date of October 2028. There was $2.0 billion in outstanding borrowings under the 2025 Term Loan as of January 30, 2026, with a weighted average interest rate of 4.880%.

In addition, on September 30, 2025, the Company issued $5.0 billion of unsecured fixed rate notes (collectively, the September 2025 Notes) as follows:
Principal Amount
(in millions)		Maturity DateInterest RateDiscount
(in millions)
$650 October 20273.950%$2 
$750 October 20284.000%$3 
$1,100 March 20314.250%$6 
$1,300 October 20324.500%$8 
$1,200 October 20354.850%$8 

Interest on the September 2025 Notes with October maturity dates is payable semiannually in arrears in April and October of each year until maturity. Interest on the September 2025 Notes with a March maturity date is payable semiannually in arrears in March and September of each year until maturity.

The indenture governing the September 2025 Notes contains a provision that allows the Company to redeem these notes at any time, in whole or in part, at specified redemption prices, plus accrued and unpaid interest. The indenture also contains a provision that allows the holders of the notes to require the Company to repurchase all or any part of their notes if a change of control triggering event occurs. If elected under the change of control provisions, the repurchase of the notes will occur at a purchase price of 101% of the principal amount, plus accrued and unpaid interest. The indenture governing the September 2025 Notes does not limit the aggregate principal amount of debt securities that the Company may issue and does not require the Company to maintain specified financial ratios or levels of net worth or liquidity.

The discounts associated with these issuances, which include the underwriting and issuance discounts, are recorded in long-term debt and are being amortized over the respective terms of the notes using the effective interest method.