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Leases (Tables) | 6 Months Ended
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Jun. 30, 2026
Leases [Abstract] |
Schedule of Liability for Operating and Finance Leases | The following table summarizes the amounts recognized within our condensed consolidated balance sheets related to leases (amounts in thousands):
|  | Condensed Consolidated Balance Sheet Classification |  | June 30, 2026 |  | December 31, 2025
Assets |  |  |  |  |  |
Operating lease assets |  | Operating right-of-use assets |  | $ | 415,884 |  |  | $ | 391,274 |
Finance lease assets |  | Financing right-of-use assets |  | 32,184 |  |  | 33,275 |
Total leased assets |  |  |  | $ | 448,068 |  |  | $ | 424,549 |
Liabilities |  |  |  |  |  |
Current operating leases |  | Current portion of operating lease liabilities |  | $ | 62,156 |  |  | $ | 60,115 |
Non-current operating leases |  | Operating lease liabilities, long-term |  | 494,179 |  |  | 467,226 |
Total operating lease liabilities |  |  |  | 556,335 |  |  | 527,341 |
Current finance leases |  | Current portion of financing lease liabilities |  | 970 |  |  | 862 |
Non-current finance leases |  | Financing lease liabilities, long-term |  | 51,931 |  |  | 52,374 |
Total finance lease liabilities |  |  |  | 52,901 |  |  | 53,236 |
Total lease liabilities |  |  |  | $ | 609,236 |  |  | $ | 580,577 |
Schedule of Components of Lease Expense | The components of lease cost recognized within our condensed consolidated statements of comprehensive income are as follows (amounts in thousands):
|  | Six months ended |  | Three months ended
|  | June 30, |  | June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Lease costs: |  |  |  |  |  |  |  |
Operating lease costs(1) |  | $ | 40,024 |  |  | $ | 33,430 |  |  | $ | 20,302 |  |  | $ | 16,986 |
Finance lease costs |  |  |  |  |  |  |  |
Amortization of right-of-use assets(1) |  | 1,101 |  |  | 1,140 |  |  | 551 |  |  | 538 |
Interest expense on lease liabilities(2) |  | 2,552 |  |  | 2,565 |  |  | 1,275 |  |  | 1,276 |
Variable lease costs(3) |  | 21,311 |  |  | 23,784 |  |  | 11,082 |  |  | 11,542 |
Short term lease costs(4) |  | 88 |  |  | 88 |  |  | 44 |  |  | 44 |
Total lease costs |  | $ | 65,076 |  |  | $ | 61,007 |  |  | $ | 33,254 |  |  | $ | 30,386 |
(1) Operating lease costs and amortization of finance lease right-of-use assets are included in cost of goods sold or selling, general and administrative expenses on the condensed consolidated statements of comprehensive income based on our accounting policy. (2) Included in interest income, net on the condensed consolidated statements of comprehensive income. (3) Represents variable lease payments under operating and finance lease agreements, primarily associated with contingent rent that is based on a percentage of retail sales over contractual levels as well as charges associated with common area maintenance, property taxes and insurance. These costs are included in cost of goods sold or selling, general and administrative expenses on the condensed consolidated statements of comprehensive income based on our accounting policy. (4) Represents leases with an initial term of 12 months or less which are not recorded on the balance sheet and instead expensed on a straight-line basis over the lease term, excluding expenses relating to leases with a lease term of one month or less. The weighted average remaining lease terms are as follows:
|  | Six months ended
|  | June 30,
Weighted Average Remaining Lease Term (In Years) |  | 2026 |  | 2025
Operating leases |  | 8.62 |  | 8.71
Finance leases |  | 19.14 |  | 19.98
The weighted average discount rates used to measure our lease liabilities are as follows:
|  | Six months ended
|  | June 30,
Weighted Average Discount Rate |  | 2026 |  | 2025
Operating leases |  | 6.03 | % |  | 6.05 | %
Finance leases |  | 9.69 | % |  | 9.67 | %
Schedule of Lessee, Operating Lease, Liability, Maturity | Future lease liabilities at June 30, 2026 are as follows (amounts in thousands):
Year Ending December 31, |  | Operating Lease Liabilities (1) |  | Finance Lease Liabilities |  | Total Lease Liabilities
Remainder of 2026 |  | $ | 44,279 |  |  | $ | 3,028 |  |  | $ | 47,307 |
2027 |  | 92,724 |  |  | 6,017 |  |  | 98,741 |
2028 |  | 86,567 |  |  | 5,711 |  |  | 92,278 |
2029 |  | 84,112 |  |  | 5,247 |  |  | 89,359 |
2030 |  | 79,064 |  |  | 5,233 |  |  | 84,297 |
2031 |  | 73,687 |  |  | 5,744 |  |  | 79,431 |
Thereafter |  | 262,561 |  |  | 93,750 |  |  | 356,311 |
Total lease payments |  | 722,994 |  |  | 124,730 |  |  | 847,724 |
Less: Amounts representing interest |  | (166,659) |  |  | (71,829) |  |  | (238,488) |
Total |  | $ | 556,335 |  |  | $ | 52,901 |  |  | $ | 609,236 |
(1) Includes leases with related parties. See Note 10 — Related Party Transactions for amounts leased from related parties.
Schedule of Finance Lease, Liability, Fiscal Year Maturity | Future lease liabilities at June 30, 2026 are as follows (amounts in thousands):
Year Ending December 31, |  | Operating Lease Liabilities (1) |  | Finance Lease Liabilities |  | Total Lease Liabilities
Remainder of 2026 |  | $ | 44,279 |  |  | $ | 3,028 |  |  | $ | 47,307 |
2027 |  | 92,724 |  |  | 6,017 |  |  | 98,741 |
2028 |  | 86,567 |  |  | 5,711 |  |  | 92,278 |
2029 |  | 84,112 |  |  | 5,247 |  |  | 89,359 |
2030 |  | 79,064 |  |  | 5,233 |  |  | 84,297 |
2031 |  | 73,687 |  |  | 5,744 |  |  | 79,431 |
Thereafter |  | 262,561 |  |  | 93,750 |  |  | 356,311 |
Total lease payments |  | 722,994 |  |  | 124,730 |  |  | 847,724 |
Less: Amounts representing interest |  | (166,659) |  |  | (71,829) |  |  | (238,488) |
Total |  | $ | 556,335 |  |  | $ | 52,901 |  |  | $ | 609,236 |
(1) Includes leases with related parties. See Note 10 — Related Party Transactions for amounts leased from related parties.
Schedule of Supplemental Cash Flow from Leases | Supplemental cash flow information related to leases is as follows (amounts in thousands):
|  | Six months ended
|  | June 30,
|  | 2026 |  | 2025
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows for operating leases |  | $ | 43,002 |  |  | $ | 39,215 |
Operating cash flows for finance leases |  | 2,555 |  |  | 2,494 |
Financing cash flows for finance leases |  | 425 |  |  | 365 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 48,302 |  |  | $ | 65,625 |
Finance leases |  | 52 |  |  | (844) |

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