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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of components of the provision for income taxes

The components of the provision for income taxes are as follows for the fiscal years presented (in thousands):

			2025						2024						2023
Current:
Federal			$	124,523					$	292,197					$	212,369
State			62,067						76,366						55,920
International			6,328						—						—
Total current provision			192,918						368,563						268,289
Deferred:
Federal			94,068						(13,255)						4,301
State			4,265						(1,583)						(958)
International			1,483						—						—
Total deferred provision			99,816						(14,838)						3,343
Total provision			$	292,734					$	353,725					$	271,632

Reconciliation of the federal statutory income tax rate to the effective income tax rate

In accordance with the adoption of ASU 2023-09 on a prospective basis, the following table reflects the reconciliation of the federal statutory rate to the Company’s effective income tax rate for the current fiscal year (dollar amounts in thousands):

			2025
			Amount						Percent
U.S. federal statutory tax rate			$	239,814					21.00		%
Domestic state and local income taxes, net of federal income tax effect (1)			47,689						4.17		%
Foreign tax effects			10,959						0.96		%
Effect of changes in tax laws or rates enacted in the current period			—						—		%
Effect of cross-border tax laws			3,957						0.35		%
Tax credits			(17,290)						(1.51)		%
Changes in valuation allowances			(2,565)						(0.22)		%
Nontaxable or nondeductible items:
Transaction costs			13,674						1.20		%
Other (2)			(7,905)						(0.70)		%
Changes in unrecognized tax benefits			4,389						0.38		%
Other adjustments			12						—		%
Effective income tax rate			$	292,734					25.63		%

(1)State taxes in New York, California, Pennsylvania, Illinois, New Jersey and Massachusetts represent the majority (greater than 50%) of the tax effect in this category.

(2)Includes $9.1 million of excess tax benefits from stock-based compensation, net of non-deductible amounts.

For fiscal years prior to the adoption of ASU 2023-09, the following table is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the periods presented:

			2024						2023
Federal statutory rate			21.0		%				21.0		%
State tax, net of federal benefit			4.2		%				4.2		%
Excess tax benefit related to stock-based compensation			(1.8)		%				(4.9)		%
Eliminated bond hedge deduction following Convertible Senior Notes exchanges			—		%				0.2		%
Other permanent items			(0.1)		%				0.1		%
Effective income tax rate			23.3		%				20.6		%

Schedule of the components of deferred tax assets (liabilities)

Components of deferred tax assets (liabilities) consist of the following as of the end of the fiscal years presented (in thousands):

			2025						2024
Operating lease liabilities			$	1,521,547					$	782,953
Inventory			62,267						57,793
Employee benefits and withholdings			75,456						49,653
Stock-based compensation			22,780						18,395
Gift cards			27,240						24,946
Other accrued expenses not currently deductible for tax purposes			69,753						16,338
Net operating loss carryforward			237,242						—
Capital loss, credits and other carryforwards			72,882						—
Other			33,789						13,973
Total deferred tax assets			2,122,956						964,051
Valuation allowance			(315,687)						—
Total deferred tax assets, net			1,807,269						964,051
Operating lease assets			(1,191,771)						(605,401)
Property and equipment			(407,708)						(274,823)
Inventory valuation			(132,249)						(27,849)
Intangibles			(189,325)						—
Other			(7,635)						(3,294)
Total deferred tax liabilities			(1,928,688)						(911,367)
Net deferred tax (liability) asset			$	(121,419)					$	52,684

Schedule of reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties

The following table provides a reconciliation of the Company’s total balance of unrecognized tax benefits, excluding interest and penalties (in thousands):

			2025						2024						2023
Beginning of fiscal year			$	6,250					$	2,851					$	1,058
Increase as a result of Foot Locker acquisition (1)			29,863						—						—
Increases as a result of tax positions taken in a prior period			1,961						3,201						1,463
Decreases as a result of tax positions taken in a prior period			(54)						(1,058)						—
Increases as a result of tax positions taken in the current period			5,424						1,364						—
Increases as a result of settlements during the current period			—						—						364
Decreases as a result of settlements during the current period			(1,632)						(108)						(34)
Reductions as a result of a lapse of statute of limitations during the current period			(1,578)						—						—
End of fiscal year			$	40,234					$	6,250					$	2,851

(1)Fiscal 2025 includes foreign currency translation adjustments of $1.0 million.

Schedule of Income before Income Tax, Domestic and Foreign

In accordance with the adoption of ASU 2023-09 on a prospective basis, the following table reflects the domestic and international components of income before income taxes are as follows (in thousands):

			2025
Domestic			$	1,145,517
International			(3,544)
Total income before income taxes			$	1,141,973

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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