v3.26.1
Revenue
 3 Months Ended
May 02, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
We generate most of our revenue from contracts with customers from the sale of products and services. Contract balances primarily relate to unfulfilled membership benefits and services not yet completed, product merchandise not yet delivered to customers, unredeemed gift cards and deferred revenue from our private label and co-branded credit card arrangement. Contract balances were as follows ($ in millions):
May 2, 2026January 31, 2026May 3, 2025
Receivables, net(1)
$528 $538 $461 
Short-term contract liabilities included in:
Unredeemed gift card liabilities229 235 246 
Deferred revenue843 900 891 
Accrued liabilities64 57 59 
Long-term contract liabilities included in:
Long-term liabilities197 205 221 
(1)Receivables are recorded net of allowances for expected credit losses of $13 million, $17 million and $15 million as of May 2, 2026, January 31, 2026, and May 3, 2025, respectively.

During the first three months of fiscal 2027 and fiscal 2026, $569 million and $614 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods.

Estimated revenue from our contract liability balances expected to be recognized in future periods if the performance of the contract is expected to have an initial duration of more than one year is as follows ($ in millions):
Fiscal YearAmount
Remainder of fiscal 2027$27 
Fiscal 202833 
Fiscal 202929 
Fiscal 203028 
Fiscal 203127 
Fiscal 203226 
Thereafter63 

See Note 11, Segments, for information on our revenue by segment and category.