v3.25.4
Leases
 12 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Leases Leases
The Company leases certain retail locations, distribution and fulfillment centers, warehouses, office spaces, land and equipment throughout the U.S. and internationally. The Company's lease costs recognized in the Consolidated Statements of Income consist of the following:
Fiscal Years Ended January 31,
(Amounts in millions)202620252024
Operating lease cost$2,434 $2,347$2,277
Finance lease cost:
   Amortization of right-of-use assets888 891755
   Interest on lease obligations383 381326
Variable lease cost1,180 1,1451,082
Other lease information is as follows:
Fiscal Years Ended January 31,
(Amounts in millions)202620252024
Cash paid for amounts included in measurement of lease obligations:
Operating cash flows from operating leases$2,315 $2,390 $2,273 
Operating cash flows from finance leases377 375 315 
Financing cash flows from finance leases891 908 1,055 
Assets obtained in exchange for operating lease obligations2,303 1,974 1,514 
Assets obtained in exchange for finance lease obligations703 1,455 1,572 
As of January 31,
20262025
Weighted-average remaining lease term - operating leases11.3 years11.3 years
Weighted-average remaining lease term - finance leases11.5 years11.7 years
Weighted-average discount rate - operating leases6.7%6.5%
Weighted-average discount rate - finance leases7.0%6.7%
The aggregate annual lease obligations at January 31, 2026, are as follows:
(Amounts in millions)
Fiscal YearOperating LeasesFinance Leases
2027$2,453 $1,228 
20282,361 1,132 
20292,214 955 
20302,008 805 
20311,796 692 
Thereafter11,792 6,003 
Total undiscounted lease obligations22,624 10,815 
Less imputed interest(7,052)(4,054)
Net lease obligations$15,572 $6,761 
Leases Leases
The Company leases certain retail locations, distribution and fulfillment centers, warehouses, office spaces, land and equipment throughout the U.S. and internationally. The Company's lease costs recognized in the Consolidated Statements of Income consist of the following:
Fiscal Years Ended January 31,
(Amounts in millions)202620252024
Operating lease cost$2,434 $2,347$2,277
Finance lease cost:
   Amortization of right-of-use assets888 891755
   Interest on lease obligations383 381326
Variable lease cost1,180 1,1451,082
Other lease information is as follows:
Fiscal Years Ended January 31,
(Amounts in millions)202620252024
Cash paid for amounts included in measurement of lease obligations:
Operating cash flows from operating leases$2,315 $2,390 $2,273 
Operating cash flows from finance leases377 375 315 
Financing cash flows from finance leases891 908 1,055 
Assets obtained in exchange for operating lease obligations2,303 1,974 1,514 
Assets obtained in exchange for finance lease obligations703 1,455 1,572 
As of January 31,
20262025
Weighted-average remaining lease term - operating leases11.3 years11.3 years
Weighted-average remaining lease term - finance leases11.5 years11.7 years
Weighted-average discount rate - operating leases6.7%6.5%
Weighted-average discount rate - finance leases7.0%6.7%
The aggregate annual lease obligations at January 31, 2026, are as follows:
(Amounts in millions)
Fiscal YearOperating LeasesFinance Leases
2027$2,453 $1,228 
20282,361 1,132 
20292,214 955 
20302,008 805 
20311,796 692 
Thereafter11,792 6,003 
Total undiscounted lease obligations22,624 10,815 
Less imputed interest(7,052)(4,054)
Net lease obligations$15,572 $6,761