Stockholders’ Equity |
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| Stockholders’ Equity | Stockholders’ Equity Preferred and Common Stock Under the terms of the Company’s Certificate of Incorporation, the Board of Directors may determine the rights, preferences, and terms of the Company’s authorized but unissued shares of preferred stock. As of January 31, 2026, the Company is authorized to issue 8.0 million shares of $0.002 par value preferred stock and 1.3 billion shares of $0.002 par value common stock. As of January 31, 2026 and February 1, 2025, no shares of preferred stock were outstanding. Restricted Stock Unit Withholdings For the years ended January 31, 2026, February 1, 2025, and February 3, 2024, the Company withheld approximately 3.3 million, 3.3 million and 4.3 million shares, or $240.7 million, $274.9 million and $223.7 million of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock. Cash Dividends on Shares of Common Stock During fiscal 2026, the Company declared and paid cash dividends of $0.24 per share of common stock, or $205.1 million, on the Company’s outstanding common stock. During fiscal 2025, the Company declared and paid cash dividends of $0.24 per share of common stock, or $207.5 million, on the Company’s outstanding common stock. During fiscal 2024, the Company declared and paid cash dividends of $0.24 per share of common stock, or $206.8 million, on the Company’s outstanding common stock. Any future dividends will be subject to the approval of the Company’s Board of Directors. Stock Repurchase Program On November 17, 2016, the Company announced that its Board of Directors authorized a $1.0 billion stock repurchase program with no fixed expiration. The stock repurchase program replaced in its entirety the prior $3.3 billion stock repurchase program. On October 16, 2018, the Company announced that its Board of Directors authorized a $700.0 million addition to the balance of its existing stock repurchase program. On March 7, 2024, the Company announced that its Board of Directors authorized a $3.0 billion addition to the balance of its existing stock repurchase program. On September 24, 2025, the Company announced that its Board of Directors authorized a $5.0 billion addition to the balance of its existing stock repurchase program. The Company intends to effect stock repurchases in accordance with the conditions of Rule 10b-18 under the Exchange Act, but may also make repurchases in the open market outside of Rule 10b-18 or in privately negotiated transactions. The stock repurchase program is subject to market conditions, legal rules and regulations, and other factors, and does not obligate the Company to repurchase any dollar amount or number of shares of its common stock and the repurchase program may be extended, modified, suspended or discontinued at any time. On September 24, 2025, the Company executed an accelerated share repurchase agreement (“ASR Agreement”) with a counterparty financial institution. Pursuant to the terms of the ASR Agreement, the Company made an upfront payment of $1.0 billion and received an initial delivery of approximately 10.7 million shares of its common stock, which represented a portion of the prepayment amount. During the fourth quarter of fiscal 2026, the ASR Agreement was settled, and the Company received an additional 1.0 million shares. The cumulative repurchases under this ASR Agreement totaled 11.7 million shares at an average price of $85.21 per share. The Company repurchased 26.6 million shares of its common stock for $2.0 billion during fiscal 2026, 9.0 million shares of its common stock for $725.0 million during fiscal 2025 and 2.5 million shares of its common stock for $150.0 million during fiscal 2024. The repurchased shares of common stock were retired immediately after the repurchases were completed. The Company records all open market repurchases based on their trade date. As of January 31, 2026, a total of 348.5 million shares of common stock have been repurchased to date under the Company’s stock repurchase program for a total $7.3 billion in cash and there was $5.5 billion remaining available for future stock repurchases. A summary of the stock repurchase activity under the stock repurchase program is summarized as follows (in millions, except per share amounts):
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