Annual report [Section 13 and 15(d), not S-K Item 405]

Leases

v3.26.1
Leases
 12 Months Ended
Jan. 31, 2026
Leases [Abstract]  
Leases Leases
Our lease portfolio primarily consists of leases for our retail store locations, vehicles and trailers, as well as distribution center space and equipment.
The lease cost for operating leases that was recognized in the accompanying Consolidated Statements of Operations was as follows:
Year Ended
(in millions) January 31, 2026 February 1, 2025 February 3, 2024
Fixed lease cost
 $ 1,131.9  $ 1,041.6  $ 948.1 
Variable lease cost 367.0  328.9  296.0 
Short-term lease cost 11.1  21.5  15.6 
Total lease cost* $ 1,510.0  $ 1,392.0  $ 1,259.7 
*Excludes sublease income, which is immaterial
There are no residual value guarantees that exist, and there are no restrictions or covenants imposed by leases.
As of January 31, 2026, maturities of lease liabilities were as follows:
Fiscal Year
 (in millions)
2026 $ 1,098.9 
2027 1,071.1 
2028 888.4 
2029 715.9 
2030 523.3 
Thereafter 1,045.2 
Total undiscounted lease payments 5,342.8 
Less interest 718.9 
Present value of lease liabilities $ 4,623.9 
The future lease payments above exclude $57.4 million of legally binding minimum lease payments for leases signed but not yet commenced as of January 31, 2026.
Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating leases is as follows:
January 31, 2026 February 1, 2025 February 3, 2024
Weighted-average remaining lease term (years) 5.7 5.6 5.4
Weighted-average discount rate 4.9  % 4.6  % 4.0  %

The following represents supplemental information pertaining to our operating lease arrangements:
Year Ended
(in millions) January 31, 2026 February 1, 2025 February 3, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 1,176.9  $ 1,047.6  $ 1,038.6 
Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,207.0  $ 1,378.5  $ 1,113.0