v3.26.1
LEASES (Tables)
 12 Months Ended
May 31, 2026
Leases [Abstract]  
Schedule of Components of Lease Expenses and Cash Flow Information
The components of lease expense for continuing operations in the consolidated statements of earnings for the fiscal years ended May 31, 2026, May 25, 2025, and May 26, 2024 are as follows:
(in millions)May 31, 2026May 25, 2025May 26, 2024
Operating lease expense$445.8 $413.7 $404.6 
Finance lease expense
Amortization of leased assets64.7 57.2 48.1 
Interest on lease liabilities78.2 67.7 54.2 
Variable lease expense39.8 35.6 34.6 
Total lease expense$628.5 $574.2 $541.5 
Supplemental cash flow information related to leases for the fiscal years ended May 31, 2026, May 25, 2025, and May 26, 2024:
(in millions)May 31, 2026May 25, 2025May 26, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases (1)$434.4 $410.4 $397.2 
Operating cash flows from finance leases82.8 67.7 54.2 
Financing cash flows from finance leases (1) 25.4 22.8 22.0 
Right-of-use assets obtained in exchange for new operating lease liabilities (2)90.2 373.0 341.2 
Right-of-use assets obtained in exchange for new finance lease liabilities120.4 152.8 97.3 
Net change in right-of-use assets mainly due to lease modifications resulting in reclassification of leases from operating to finance91.6 81.549.8
(1) Excludes cash received for any lease incentives.
(2) Right-of-use assets obtained in fiscal 2025 and fiscal 2024 include $331.9 million from the acquisition of Chuy’s and $303.4 million from the acquisition of Ruth’s Chris, respectively.
Schedule of Components of Lease Assets and Liabilities
The components of lease assets and liabilities on the consolidated balance sheet as of May 31, 2026 and May 25, 2025 are as follows:
(in millions)Balance Sheet ClassificationMay 31, 2026May 25, 2025
Operating lease right-of-use assetsOperating lease right-of-use assets$3,433.1 $3,555.9 
Finance lease right-of-use assetsLand, buildings and equipment, net1,395.9 1,294.2 
Total lease assets, net$4,829.0 $4,850.1 
Operating lease liabilities - currentOther current liabilities$216.5 $220.1 
Finance lease liabilities - currentOther current liabilities18.7 23.8 
Operating lease liabilities - non-currentOperating lease liabilities - non-current3,722.3 3,816.9 
Finance lease liabilities - non-currentOther liabilities1,721.7 1,583.8 
Total lease liabilities$5,679.2 $5,644.6 
The weighted-average remaining lease terms and discount rates as of May 31, 2026 and May 25, 2025 are as follows:
(in millions)May 31, 2026May 25, 2025
Weighted-Average Remaining Lease Term (Years)
   Operating leases14.514.8
   Finance leases22.222.3
Weighted-Average Discount Rate (1)
   Operating leases4.7 %4.6 %
   Finance leases4.8 %4.7 %
(1)We cannot determine the interest rate implicit in our leases. Therefore, the weighted average discount rate represents our incremental borrowing rate and is determined based on the risk-free rate, adjusted for the risk premium attributed to our corporate credit rating for a secured or collateralized instrument.
Schedule of Maturities of Operating Lease Liabilities
The annual maturities of our lease liabilities as of May 31, 2026 are as follows:
(in millions)
Fiscal YearOperating LeasesFinance Leases
2027440.2 114.6
2028444.6 118.5
2029438.2 121.0
2030425.3 123.1
2031400.5 125.7
Thereafter3,523.3 2,395.3 
Total future lease commitments (1)$5,672.1 $2,998.2 
Less imputed interest(1,733.3)(1,257.8)
Present value of lease liabilities (2)$3,938.8 $1,740.4 
(1)Of the $5,672.1 million of total future operating lease commitments and $2,998.2 million of total future finance lease commitments, $2,041.5 million and $821.3 million, respectively, are non-cancelable.
(2)Excludes approximately $156.3 million of net present value of lease payments related to 42 real estate leases signed, but not yet commenced.
Schedule of Maturities of Financing Lease Liabilities
The annual maturities of our lease liabilities as of May 31, 2026 are as follows:
(in millions)
Fiscal YearOperating LeasesFinance Leases
2027440.2 114.6
2028444.6 118.5
2029438.2 121.0
2030425.3 123.1
2031400.5 125.7
Thereafter3,523.3 2,395.3 
Total future lease commitments (1)$5,672.1 $2,998.2 
Less imputed interest(1,733.3)(1,257.8)
Present value of lease liabilities (2)$3,938.8 $1,740.4 
(1)Of the $5,672.1 million of total future operating lease commitments and $2,998.2 million of total future finance lease commitments, $2,041.5 million and $821.3 million, respectively, are non-cancelable.
(2)Excludes approximately $156.3 million of net present value of lease payments related to 42 real estate leases signed, but not yet commenced.