v3.26.1
Segment Reporting
 6 Months Ended
Aug. 01, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our Chief Operating Decision Maker (CODM)—our Chief Executive Officer—monitors our consolidated net earnings and operating income to evaluate performance and make operating decisions including whether to invest profits into capital projects, make equity or other investments, or return capital to shareholders. Consolidated assets as presented on our Consolidated Statements of Financial Position is the only view of assets regularly reviewed by our CODM. We operate as a single segment that includes all of our operations, which are designed to enable guests to purchase products seamlessly in stores or through our digital channels. Virtually all of our consolidated revenues are generated in the United States. The vast majority of our properties and equipment are located in the United States.

Business Segment ResultsThree Months EndedSix Months Ended
(millions)August 1, 2026August 2, 2025August 1, 2026August 2, 2025
Net sales$26,539 $25,211 $51,982 $49,057 
Cost of sales
Merchandising cost of sales (a)
15,775 16,177 32,053 31,531 
Supply chain and digital fulfillment costs1,828 1,726 3,611 3,500 
Total cost of sales (a)
17,603 17,903 35,664 35,031 
Selling, general, and administrative expenses (b)
5,725 5,359 11,286 9,950 
Depreciation and amortization (exclusive of depreciation included in cost of sales)
651 632 1,337 1,287 
Operating income (a)(b)
2,560 1,317 3,695 2,789 
Net interest expense98 116 215 232 
Net other expense / (income)3 (17)(13)(43)
Earnings before income taxes2,459 1,218 3,493 2,600 
Provision for income taxes582 283 835 629 
Net earnings$1,877 $935 $2,658 $1,971 
(a)For the three and six months ended August 1, 2026, includes $994 million of cost reductions related to tariff refunds. Note 3 provides additional information.
(b)For the six months ended August 2, 2025, includes $593 million of pretax net gains related to settlements of credit card interchange fee litigation matters. Note 4 provides additional information.