v3.26.1
Revenue
 6 Months Ended
Aug. 01, 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):
August 1, 2026January 31, 2026August 2, 2025
Receivables, net(1)
$545 $538 $486 
Short-term contract liabilities included in:
Unredeemed gift card liabilities216 235 230 
Deferred revenue912 900 889 
Accrued liabilities75 57 60 
Long-term contract liabilities included in:
Long-term liabilities191 205 213 
(1)Receivables are recorded net of allowances for expected credit losses of $14 million, $17 million and $14 million as of August 1, 2026, January 31, 2026, and August 2, 2025, respectively.

During the first six months of fiscal 2027 and fiscal 2026, $802 million and $853 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$19 
Fiscal 202834 
Fiscal 202929 
Fiscal 203028 
Fiscal 203127 
Fiscal 203226 
Thereafter63 

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