The Company leases all of its fulfillment and customer service centers, corporate offices, and veterinary clinics under non-cancelable operating lease agreements. The terms of the Company’s real estate leases generally range from 5 to 15 years and typically allow for the leases to be renewed for up to three additional five-year terms. Fulfillment and customer service center, veterinary clinic, and corporate office leases expire at various dates through 2038, excluding renewal options. The Company also leases certain equipment under operating and finance leases. The terms of equipment leases generally range from 3 to 5 years and do not contain renewal options. These leases matured at various dates through 2025.

The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets (in millions):


		As of
Leases	Balance Sheet Classification	May 3, 2026		February 1, 2026
Assets
Operating	Operating lease right-of-use assets	$	436.8	$	467.9
Total operating lease assets		$	436.8	$	467.9

Liabilities
Current
Operating	Accrued expenses and other current liabilities	$	39.3	$	38.1
Non-current
Operating	Operating lease liabilities	484.1		518.7
Total operating lease liabilities		$	523.4	$	556.8

For the thirteen weeks ended May 3, 2026, assets acquired in exchange for new operating lease liabilities were $5.1 million. Lease expense primarily relates to operating lease costs and were included within selling, general and administrative expenses in the condensed consolidated statements of operations. Lease expense for the thirteen weeks ended May 3, 2026 and May 4, 2025 was $27.3 million and $27.2 million, respectively.

Cash flows used in operating activities related to operating leases were approximately $27.2 million and $27.0 million for the thirteen weeks ended May 3, 2026 and May 4, 2025, respectively.