Leases (Tables)

12 Months Ended

Jan. 31, 2026

The Company's lease costs recognized in the Consolidated Statements of Income consist of the following:


	Fiscal Years Ended January 31,
(Amounts in millions)	2026		2025		2024
Operating lease cost	$	2,434	$	2,347	$	2,277
Finance lease cost:
Amortization of right-of-use assets	888		891		755
Interest on lease obligations	383		381		326
Variable lease cost	1,180		1,145		1,082

Other lease information is as follows:


	Fiscal Years Ended January 31,
(Amounts in millions)	2026		2025		2024
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 leases	377		375		315
Financing cash flows from finance leases	891		908		1,055
Assets obtained in exchange for operating lease obligations	2,303		1,974		1,514
Assets obtained in exchange for finance lease obligations	703		1,455		1,572


	As of January 31,
	2026	2025
Weighted-average remaining lease term - operating leases	11.3 years	11.3 years
Weighted-average remaining lease term - finance leases	11.5 years	11.7 years
Weighted-average discount rate - operating leases	6.7%	6.5%
Weighted-average discount rate - finance leases	7.0%	6.7%

The aggregate annual lease obligations at January 31, 2026, are as follows:


(Amounts in millions)
Fiscal Year	Operating Leases		Finance Leases
2027	$	2,453	$	1,228
2028	2,361		1,132
2029	2,214		955
2030	2,008		805
2031	1,796		692
Thereafter	11,792		6,003
Total undiscounted lease obligations	22,624		10,815
Less imputed interest	(7,052)		(4,054)
Net lease obligations	$	15,572	$	6,761

The aggregate annual lease obligations at January 31, 2026, are as follows:


(Amounts in millions)
Fiscal Year	Operating Leases		Finance Leases
2027	$	2,453	$	1,228
2028	2,361		1,132
2029	2,214		955
2030	2,008		805
2031	1,796		692
Thereafter	11,792		6,003
Total undiscounted lease obligations	22,624		10,815
Less imputed interest	(7,052)		(4,054)
Net lease obligations	$	15,572	$	6,761