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Stock-Based Compensation (Tables) | 12 Months Ended
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Jan. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation | The following table provides total stock-based compensation recognized in the Consolidated Statements of Income for the fiscal years presented (in thousands):
| 2025 (1) |  | 2024 |  | 2023
Restricted stock expense | $ | 95,061 |  |  | $ | 43,130 |  |  | $ | 36,196 |
Performance-based restricted stock expense | 28,605 |  |  | 27,557 |  |  | 19,053 |
Stock option expense | 1 |  |  | 314 |  |  | 2,036 |
Total stock-based compensation expense | $ | 123,667 |  |  | $ | 71,001 |  |  | $ | 57,285 |
Total related tax benefit | $ | 18,243 |  |  | $ | 12,768 |  |  | $ | 10,616 |
(1)Includes $41.7 million of immediate expense from the acceleration of unvested equity awards following the termination of certain executives in connection with the Foot Locker acquisition, which was included within merger and integration costs on the Consolidated Statements of Income for the fiscal year ended January 31, 2026.
Schedule of nonvested restricted stock activity | Restricted stock activity for fiscal 2025 is presented in the following table:
| Restricted Stock |  |  |  |  |  |
| Shares |  | Weighted Average Grant Date Fair Value |  | Intrinsic Value (in millions) |  |  |  |  |  |
Nonvested, February 1, 2025 | 998,356 |  |  | $ | 139.05 |  |  | $ | 239.7 |  |  |  |  |  |  |
Foot Locker replacement equity (1) | 452,896 |  |  | 223.83 |  |  |  |  |  |  |  |  |
Granted | 345,579 |  |  | 210.87 |  |  |  |  |  |  |  |  |
Vested (1) | (619,017) |  |  | 156.31 |  |  |  |  |  |  |  |  |
Forfeited | (54,623) |  |  | 160.31 |  |  |  |  |  |  |  |  |
Nonvested, January 31, 2026 | 1,123,191 |  |  | $ | 184.79 |  |  | $ | 226.9 |  |  |  |  |  |  |
(1)The total fair value of restricted stock issued to Foot Locker employees as part of the acquisition was $101.4 million, which was apportioned between purchase consideration, or $29.0 million attributable to pre-combination vesting, $41.7 million of immediate expense from the acceleration of unvested equity awards following the termination of certain executives and post-combination expense of $30.7 million. Of the 0.5 million restricted stock units issued for Foot Locker replacement equity, approximately 0.3 million units vested during 2025, including those that accelerated for certain executives, and approximately 0.2 million units were outstanding as of January 31, 2026.
Schedule of nonvested performance-based restricted stock activity | Performance-based restricted stock activity for fiscal 2025 is presented in the following table:
| Performance-based Restricted Stock |  |  |  |  |  |
| Units |  | Weighted Average Grant Date Fair Value |  | Intrinsic Value (in millions) |  |  |  |  |  |
Nonvested, February 1, 2025 | 405,755 |  |  | $ | 147.82 |  |  | $ | 97.4 |  |  |  |  |  |  |
Granted (1) | 374,150 |  |  | 187.05 |  |  |  |  |  |  |  |  |
Vested | (244,657) |  |  | 129.42 |  |  |  |  |  |  |  |  |
Forfeited | (11,214) |  |  | 174.41 |  |  |  |  |  |  |  |  |
Nonvested, January 31, 2026 | 524,034 |  |  | $ | 183.85 |  |  | $ | 105.9 |  |  |  |  |  |  |
(1)Includes 40,562 awards with a weighted-average grant date fair value of $211.19 that were issued during fiscal 2025 based on the determination of actual performance criteria attainment of 157% for awards granted in fiscal 2024. These awards are expected to vest in fiscal 2027. Activity also includes 22,244 awards with a weighted-average grant date fair value of $148.70 that were issued during fiscal 2025 based on the determination of actual performance criteria attainment of 118% for awards granted in fiscal 2023. These awards vested in fiscal 2025.
Schedule of stock option activity | Fiscal 2025 stock option activity is presented in the following table:
| Shares Subject to Options |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (in millions)
Outstanding, February 1, 2025 | 1,343,213 |  |  | $ | 15.25 |  |  | 1.98 |  | $ | 302.0 |
Exercised | (90,535) |  |  | $ | 16.72 |  |  |  |  |
Outstanding, January 31, 2026 | 1,252,678 |  |  | $ | 15.14 |  |  | 0.98 |  | $ | 234.1 |
Exercisable, January 31, 2026 | 1,252,678 |  |  | $ | 15.14 |  |  | 0.98 |  | $ | 234.1 |
Vested or expected to vest, January 31, 2026 | 1,252,678 |  |  | $ | 15.14 |  |  | 0.98 |  | $ | 234.1 |
The following table presents stock option information for the last three fiscal years (in millions):
| 2025 |  | 2024 |  | 2023
Total intrinsic value of stock options exercised | $ | 17.3 |  |  | $ | 140.7 |  |  | $ | 69.2 |
Income tax benefit from the exercise of stock options | $ | 1.3 |  |  | $ | 16.7 |  |  | $ | 13.7 |
Total fair value of stock options vested | $ | — |  |  | $ | 1.8 |  |  | $ | 3.3 |

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