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Success Factors


We take a prudent approach to our capital structure to support the business and the long-term success of the Company. Over the course of our history, our strong financial returns and cash generation have allowed us to simultaneously invest in the growth of the business and return cash to shareholders for decades. Our “A” S&P Global rating is one of the strongest in retail, and we are committed to maintaining a strong rating. We believe this is an important metric for our vendors, landlords, and other business associates.

In fiscal 2022, we generated $3.1 billion in operating cash flow driven by record net income, and ended the year with $6.2 billion in cash. We have a very strong balance sheet and continue to generate a tremendous amount of cash flow.

Additionally, we returned $3.4 billion to shareholders through our buyback and dividend programs in fiscal 2022, which is the most we’ve returned to shareholders on an annual basis in our history. We are in a great position to continue investing to support the growth of our business while simultaneously returning significant cash to our shareholders.

As of January 29, 2022, which was the end of the Company’s fiscal year.