0001193125-26-106114 | 10-K | XBRL Viewer | Petco Health Wellness Company INC

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Income Taxes - Reconciliation of Income Tax (Benefit) Expense at Federal Statutory Rate With Provision For Income Taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Jan. 31, 2026

Feb. 01, 2025

Feb. 03, 2024

Effective Income Tax Rate Reconciliation, Amount [Abstract]

Statutory federal income tax rate

$ 3,220

$ (23,258)

$ (274,642)

Non-deductible expenses

1,524

(26)

Impairment

^[1]

242,819

State and local income taxes

$ (2,601)

^[2]

(1,880)

(11,228)

Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]

CALIFORNIA

Foreign tax effects

$ 1,352

1,836

Effect of cross border tax law

341

Work opportunity tax credits

(1,600)

RTP R&D credits

1,624

Dividends received deduction

(3,834)

Employee share-based payments

5,252

13,982

16,493

Other

240

Changes in unrecognized tax benefits

2,272

Tax credits

(3,800)

Uncertain tax positions

1,808

1,829

Other, net

2,261

942

Income tax expense (benefit)

$ 6,266

$ (7,481)

$ (27,613)

Effective Income Tax Rate Reconciliation, Percent [Abstract]

Statutory federal income tax rate

21.00%

Non-deductible expenses

(1.40%)

0.00%

Impairment

^[1]

(0.10%)

(18.60%)

State and local income taxes

(17.00%)

^[2]

1.70%

0.90%

Foreign tax effects

8.80%

(1.60%)

0.00%

Effect of cross border tax law

2.20%

Work opportunity tax credits

(10.40%)

RTP R&D credits

10.60%

Dividends received deduction

(25.00%)

Employee share-based payments

34.30%

(12.60%)

(1.30%)

Other

1.60%

Changes in unrecognized tax benefits

14.80%

Tax credits

3.40%

0.30%

Uncertain tax positions

(1.60%)

(0.10%)

Other, net

(2.00%)

(0.10%)

Reported effective tax rate, percent

40.90%

6.80%

2.10%

[1]	Impairment represents adjustments for the non-deductible component of goodwill impairment.
[2]	State taxes in California made up the majority (greater than 50%) of the tax effect in this category.

Composition of Balance Sheet Accounts - Schedule of Fixed Assets, Net (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Property Plant And Equipment [Line Items]
Fixed assets	$ 2,378,208	$ 2,265,915
Less accumulated depreciation	(1,722,060)	(1,540,477)
Fixed assets, net	656,148	725,438
Equipment
Property Plant And Equipment [Line Items]
Fixed assets	1,116,016	1,046,993
Leasehold improvements
Property Plant And Equipment [Line Items]
Fixed assets	813,911	779,757
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Fixed assets	437,500	426,113
Buildings and related improvements
Property Plant And Equipment [Line Items]
Fixed assets	10,663	12,816
Land
Property Plant And Equipment [Line Items]
Fixed assets	$ 118	$ 236

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Jan. 31, 2026
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy Our executive team and board of directors recognize that effective cybersecurity risk management is critical to the safety and security of our customer and enterprise data, systems, and products and, ultimately, the long-term success of the Company. We have a comprehensive multi-layered cybersecurity risk assessment program, which covers the identification, analysis, evaluation, and management of cybersecurity risks. The program is cross-functional involving the participation and input of internal stakeholders, third-party consultants, and board oversight. The program is reviewed and updated on a semi-annual basis, or sooner if needed. We engage in frequent and comprehensive monitoring of our systems, including network, systems, and application security monitoring integrated into a Security Information and Event Monitoring (SIEM) system. In addition, should a cybersecurity incident occur, our response plan is based on the NIST Special Publication 800-61 Revision 2 Computer Security Incident Handling Guide, and requires the following steps: Discovery. Occurs when a potential security incident is reported. Discovery can be initiated in several ways, including by customer support, employees, business partners, as a result of IT logging and monitoring, or in response to customer or vendor correspondence. Containment is the priority in the Discovery phase. Investigation. Occurs when the Discovery phase establishes a likelihood that the event is an actionable security incident that warrants further research and analysis. In the Investigation phase, the priority is to swiftly complete an accurate, thorough investigation of the security incident. Response. Occurs when: a security incident is a confirmed data breach; a security incident requires the Company to take further action to protect the organization and/or affected parties whose impacted personal information is at risk or has been compromised; or additional administrative, physical, or technical controls are needed after a security incident. In the Response phase, the priority is to swiftly complete required notifications and other procedures according to applicable law. Closure. Occurs when the Company's incident response steering committee can review the security incident and actions taken to evaluate whether proper investigation and documentation have occurred, and the matter requires no further notice or containment. Root causes and steps to prevent future incidents have been identified. In the Closure phase, the priority is to confirm that all necessary containment, investigation, and response tasks have been completed. Review. Occurs after the event has been resolved. The priority in this phase is to review the investigation/response process and update the above steps based on the lessons learned. In addition, throughout the response plan, we continually evaluate the potential materiality, and possible need for public disclosure, of any particular incident. We also have processes in place to oversee and identify risks from cybersecurity threats associated with our use of third party service providers. We classify third parties engaged by us based on risk and impact to our business. Classification is broken into tiers as follows: Tier 1. Access to critical infrastructure, data, or services affecting critical infrastructure. Administrative or privileged access to production systems, including hosting or developing systems, applications, websites, software, or SaaS solutions. Tier 2. Non-privileged access to Company applications. Tier 3. No direct system access but may be associated through a partnership or have links hosted or embedded within Company marketing material or websites. Third party risk scores are weighted based on the classification tier and monitored over the course of the year. A change in risk score may trigger an audit for the third party as well as a remediation plan to address any identified gaps, which our information security team oversees in conjunction with the relevant business owner for the third party relationship. While we face a variety of cybersecurity risks, such as phishing attempts, ransomware attacks, account takeovers, fraudulent orders, and unauthorized access attempts, such risks have not materially affected us to date, including our business strategy, results of operations or financial condition, and as of the date of this Annual Report on Form 10-K, the Company is not aware of any material risks from cybersecurity threats that are reasonably likely to do so. For more information about the cybersecurity risks we face, see “Item 1A – Risk Factors - Our reputation and business may be harmed if our or our vendors’ computer network security or any of the databases containing customer, employee, or other personal information maintained by us or our third-party providers is compromised, which could materially adversely affect our results of operations.” Cybersecurity Governance Our board of directors has ultimate oversight of our risk management policies and strategies. Our executive leadership team, which is responsible for our day-to-day overall risk management practices, presents to the board of directors on the various material risks to our Company, including risks related to information technology and cybersecurity. The audit committee has formal oversight responsibility for cybersecurity, as delegated by our board of directors, and is responsible for reviewing our policies and procedures with respect to cybersecurity risk assessment and risk management. As part of the board of directors and audit committee’s oversight, our Chief Technology Officer (“CTO”), and/or Chief Information Security Officer (“CISO”) provide semi-annual updates to the audit committee with respect to cybersecurity incidents, mitigation, threats, risks, and management, which are also communicated to the full board. In addition, a cross-functional committee comprised of key stakeholders throughout the Company meets regularly to review cybersecurity incidents, mitigation, threats, risks, and management. Our CISO, who has extensive cybersecurity knowledge and skills gained from over 25 years of work experience at the Company and elsewhere, is responsible for developing and overseeing matters related to cybersecurity and reports directly to our CTO, who is accountable for the overall information technology and security strategy of the Company. The CISO receives reports on cybersecurity threats from several experienced information security professionals responsible for various parts of the business on an ongoing basis and, in conjunction with our enterprise risk steering committee, regularly reviews risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. Our CISO works closely with our legal department to oversee compliance with legal, regulatory and contractual security requirements. Our enterprise risk steering committee is comprised of key stakeholders throughout the Company and works with management and our CISO to (i) identify and review certain cybersecurity risks that we face, including the probability and impact of such risks, and (ii) identify steps needed to eliminate or mitigate such risks. In addition, we have a well-defined cybersecurity incident response plan, as described above. Finally, we have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported in a timely manner to law enforcement, our outside auditors, the audit committee and/or the board of directors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have a comprehensive multi-layered cybersecurity risk assessment program, which covers the identification, analysis, evaluation, and management of cybersecurity risks. The program is cross-functional involving the participation and input of internal stakeholders, third-party consultants, and board oversight. The program is reviewed and updated on a semi-annual basis, or sooner if needed.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance Our board of directors has ultimate oversight of our risk management policies and strategies. Our executive leadership team, which is responsible for our day-to-day overall risk management practices, presents to the board of directors on the various material risks to our Company, including risks related to information technology and cybersecurity. The audit committee has formal oversight responsibility for cybersecurity, as delegated by our board of directors, and is responsible for reviewing our policies and procedures with respect to cybersecurity risk assessment and risk management. As part of the board of directors and audit committee’s oversight, our Chief Technology Officer (“CTO”), and/or Chief Information Security Officer (“CISO”) provide semi-annual updates to the audit committee with respect to cybersecurity incidents, mitigation, threats, risks, and management, which are also communicated to the full board. In addition, a cross-functional committee comprised of key stakeholders throughout the Company meets regularly to review cybersecurity incidents, mitigation, threats, risks, and management. Our CISO, who has extensive cybersecurity knowledge and skills gained from over 25 years of work experience at the Company and elsewhere, is responsible for developing and overseeing matters related to cybersecurity and reports directly to our CTO, who is accountable for the overall information technology and security strategy of the Company. The CISO receives reports on cybersecurity threats from several experienced information security professionals responsible for various parts of the business on an ongoing basis and, in conjunction with our enterprise risk steering committee, regularly reviews risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. Our CISO works closely with our legal department to oversee compliance with legal, regulatory and contractual security requirements. Our enterprise risk steering committee is comprised of key stakeholders throughout the Company and works with management and our CISO to (i) identify and review certain cybersecurity risks that we face, including the probability and impact of such risks, and (ii) identify steps needed to eliminate or mitigate such risks. In addition, we have a well-defined cybersecurity incident response plan, as described above. Finally, we have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported in a timely manner to law enforcement, our outside auditors, the audit committee and/or the board of directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee has formal oversight responsibility for cybersecurity, as delegated by our board of directors, and is responsible for reviewing our policies and procedures with respect to cybersecurity risk assessment and risk management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	As part of the board of directors and audit committee’s oversight, our Chief Technology Officer (“CTO”), and/or Chief Information Security Officer (“CISO”) provide semi-annual updates to the audit committee with respect to cybersecurity incidents, mitigation, threats, risks, and management, which are also communicated to the full board. In addition, a cross-functional committee comprised of key stakeholders throughout the Company meets regularly to review cybersecurity incidents, mitigation, threats, risks, and management.
Cybersecurity Risk Role of Management [Text Block]	Our board of directors has ultimate oversight of our risk management policies and strategies. Our executive leadership team, which is responsible for our day-to-day overall risk management practices, presents to the board of directors on the various material risks to our Company, including risks related to information technology and cybersecurity. The audit committee has formal oversight responsibility for cybersecurity, as delegated by our board of directors, and is responsible for reviewing our policies and procedures with respect to cybersecurity risk assessment and risk management. As part of the board of directors and audit committee’s oversight, our Chief Technology Officer (“CTO”), and/or Chief Information Security Officer (“CISO”) provide semi-annual updates to the audit committee with respect to cybersecurity incidents, mitigation, threats, risks, and management, which are also communicated to the full board. In addition, a cross-functional committee comprised of key stakeholders throughout the Company meets regularly to review cybersecurity incidents, mitigation, threats, risks, and management. Our CISO, who has extensive cybersecurity knowledge and skills gained from over 25 years of work experience at the Company and elsewhere, is responsible for developing and overseeing matters related to cybersecurity and reports directly to our CTO, who is accountable for the overall information technology and security strategy of the Company. The CISO receives reports on cybersecurity threats from several experienced information security professionals responsible for various parts of the business on an ongoing basis and, in conjunction with our enterprise risk steering committee, regularly reviews risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. Our CISO works closely with our legal department to oversee compliance with legal, regulatory and contractual security requirements. Our enterprise risk steering committee is comprised of key stakeholders throughout the Company and works with management and our CISO to (i) identify and review certain cybersecurity risks that we face, including the probability and impact of such risks, and (ii) identify steps needed to eliminate or mitigate such risks. In addition, we have a well-defined cybersecurity incident response plan, as described above. Finally, we have protocols by which certain cybersecurity incidents are escalated within the Company and, where appropriate, reported in a timely manner to law enforcement, our outside auditors, the audit committee and/or the board of directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our CISO, who has extensive cybersecurity knowledge and skills gained from over 25 years of work experience at the Company and elsewhere, is responsible for developing and overseeing matters related to cybersecurity and reports directly to our CTO, who is accountable for the overall information technology and security strategy of the Company. The CISO receives reports on cybersecurity threats from several experienced information security professionals responsible for various parts of the business on an ongoing basis and, in conjunction with our enterprise risk steering committee, regularly reviews risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO, who has extensive cybersecurity knowledge and skills gained from over 25 years of work experience at the Company and elsewhere, is responsible for developing and overseeing matters related to cybersecurity and reports directly to our CTO, who is accountable for the overall information technology and security strategy of the Company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO receives reports on cybersecurity threats from several experienced information security professionals responsible for various parts of the business on an ongoing basis and, in conjunction with our enterprise risk steering committee, regularly reviews risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. Our CISO works closely with our legal department to oversee compliance with legal, regulatory and contractual security requirements. Our enterprise risk steering committee is comprised of key stakeholders throughout the Company and works with management and our CISO to (i) identify and review certain cybersecurity risks that we face, including the probability and impact of such risks, and (ii) identify steps needed to eliminate or mitigate such risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Cash flows from operating activities:
Net income (loss)	$ 9,066	$ (101,816)	$ (1,280,210)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	196,710	208,517	203,615
Amortization of debt discounts and issuance costs	5,022	4,896	4,972
Provision for deferred taxes	17,050	(30,492)	(53,549)
Equity-based compensation expense	32,650	50,212	81,859
Loss on partial extinguishment of debt	565		920
Income from equity method investees	(20,358)	(18,669)	(16,188)
Amounts reclassified out of accumulated other comprehensive loss (Note 8)	(556)	(3,146)	(488)
Goodwill impairment	0		1,222,524
Non-cash operating lease costs	411,812	414,396	429,056
Other non-operating income	0	(4,800)	(4,727)
Changes in assets and liabilities:
Receivables	(5,621)	4,178	5,211
Merchandise inventories	63,119	30,767	(32,072)
Prepaid expenses and other assets	818	(3,960)	(8,009)
Accounts payable and book overdrafts	(42,992)	8,484	103,919
Accrued salaries and employee benefits	(3,271)	56,981	11,347
Accrued expenses and other liabilities	24,987	(12,455)	(8,495)
Operating lease liabilities	(371,134)	(418,219)	(446,981)
Other long-term liabilities	(3,817)	(7,201)	3,015
Net cash provided by operating activities	314,050	177,673	215,719
Cash flows from investing activities:
Cash paid for fixed assets	(127,097)	(127,990)	(225,598)
Cash paid for acquisitions, net of cash acquired (Note 3)		(629)	(6,725)
Cash paid for investment		(457)
Proceeds from investments		998	24,878
Proceeds from sale of assets	2,541	1,369
Cash received from partial surrender of officers' life insurance		2,806
Net cash used in investing activities	(124,556)	(123,903)	(207,445)
Cash flows from financing activities:
Borrowings under long-term debt agreements		201,000	273,000
Repayments of long-term debt	(95,250)	(201,000)	(348,000)
Debt refinancing costs		(3,028)
Payments for finance lease liabilities	(5,614)	(5,707)	(5,925)
Proceeds from employee stock purchase plan and stock option exercises	3,677	3,770	4,223
Tax withholdings on stock-based awards	(4,560)	(6,289)	(8,650)
Proceeds from issuance of common stock		2,500
Net cash used in financing activities	(101,747)	(8,754)	(85,352)
Net increase (decrease) in cash, cash equivalents and restricted cash	87,747	45,016	(77,078)
Cash, cash equivalents and restricted cash at beginning of year	181,665	136,649	213,727
Cash, cash equivalents and restricted cash at end of year	269,412	181,665	136,649
Supplemental cash flow disclosures:
Interest paid, net	124,669	138,618	142,114
Capitalized interest	844	729	1,260
Supplemental non-cash investing and financing activities disclosures:
Accounts payable and accrued expenses for capital expenditures	$ 15,714	$ 13,005	$ 18,888

Fair Value Measurements - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
	May 04, 2024 USD ($)	Oct. 28, 2023 USD ($)	Jan. 31, 2026 USD ($)	Feb. 01, 2025 USD ($)	Feb. 03, 2024 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment of fixed asset and right-of-use asset			$ 1,900	$ 8,400	$ 2,700
Trade Names
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charge of indefinite-lived intangible assets	$ 0	$ 0
Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of revenue projections	13.2	17.4
Discount Rate \| Trade Names
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of revenue projections	14.2
Terminal Growth Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of revenue projections	3	3
Terminal Growth Rate \| Trade Names
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Percentage of revenue projections	3
Cash and Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market mutual funds			204,000	111,500
Restricted Cash \| Other Current Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market mutual funds			$ 12,700	$ 15,600

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Current:
Federal	$ (10,762)	$ 15,971	$ 23,321
State	(2,341)	5,204	2,615
Foreign	2,319	1,836	0
Current, Total	(10,784)	23,011	25,936
Deferred:
Federal	16,205	(26,094)	(41,684)
State	845	(4,398)	(11,865)
Foreign	0	0	0
Deferred, Total	17,050	(30,492)	(53,549)
Income tax expense (benefit)	$ 6,266	$ (7,481)	$ (27,613)

Income Taxes - Schedule of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025
Income Tax Disclosure [Abstract]
Beginning balance	$ 16,421	$ 16,421
Additions for tax positions taken in prior years	3,305	0
Decreases related to lapse of statute limitation	0	0
Ending balance	$ 19,726	$ 16,421

Composition of Balance Sheet Accounts - Schedule of Accrued Salaries and Employee Benefits (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Accrued Salaries And Employee Benefits [Line Items]
Accrued compensation and related taxes	$ 90,821	$ 101,548
Self-insurance reserves	47,538	40,463
Accrued paid time-off	23,693	22,348
Accrued salaries and employee benefits	154,148	157,460
Accrued Salaries and Employee Benefits \| Workers’ Compensation and Employee-related Health Care Benefits
Accrued Salaries And Employee Benefits [Line Items]
Self-insurance reserves	$ 39,634	$ 33,564

Acquisitions

12 Months Ended

Jan. 31, 2026

Business Combination [Abstract]

Acquisitions

3. Acquisitions

During fiscal 2023, the Company completed acquisitions of small, regional veterinary businesses for total consideration of approximately $10.0 million. Noncash consideration was not material. Net tangible and identifiable

intangible assets acquired and liabilities assumed were not material. The acquisitions resulted in the recognition of $10.0 million of goodwill. The tax-deductible portion of goodwill in these acquisitions was $10.0 million. There were no acquisitions of veterinary businesses during fiscal 2024 and fiscal 2025.

Pro forma results of operations for the acquisitions have not been presented because they are not material to the consolidated results of operations.

- Definition

The entire disclosure for business combination.

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-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

12 Months Ended

Jan. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Baseball Stadium Naming Rights Commitment

In March 2003, the Company entered into an agreement with San Diego Ballpark Funding LLC and Padres L.P. to name the San Diego Padres’ new stadium Petco Park. The naming rights include signage, advertising and other promotional benefits. Pursuant to the agreement, the Company pays an annual contract fee. Fees for fiscal 2025, 2024, and 2023 were $5.1 million, $5.0 million, and $4.6 million, respectively. These fees are included in selling, general and administrative expenses in the consolidated statements of operations and will be adjusted by the

maximum annual change related to the San Diego consumer price index per year through the 2030 Major League Baseball season.

Litigation

The Company is involved in legal proceedings and is subject to other claims and litigation arising in the ordinary course of its business. The Company has made accruals with respect to certain of these matters, where appropriate, which are reflected in the Company’s consolidated financial statements but are not, individually or in the aggregate, considered material. For other matters, the Company has not made accruals because management has not yet determined that a loss is probable or because the amount of loss cannot be reasonably estimated. While the ultimate outcome of the matters cannot be determined, the Company currently does not expect that these matters will have a material adverse effect on its consolidated financial statements. The outcome of any litigation is inherently uncertain, however, and if decided adversely to the Company, or if the Company determines that settlement of particular litigation is appropriate, the Company may be subject to liability that could have a material adverse effect on its consolidated financial statements.

Composition of Balance Sheet Accounts (Tables)

12 Months Ended

Jan. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Fixed Assets, Net

Fixed assets, net, consisted of the following (in thousands):


	January 31, 2026			February 1, 2025
Equipment	$	1,116,016		$	1,046,993
Leasehold improvements		813,911			779,757
Furniture and fixtures		437,500			426,113
Buildings and related improvements		10,663			12,816
Land		118			236
		2,378,208			2,265,915
Less accumulated depreciation		(1,722,060	)		(1,540,477	)
	$	656,148		$	725,438

Schedule of Accrued Salaries and Employee Benefits

Accrued salaries and employee benefits consisted of the following (in thousands):


	January 31, 2026		February 1, 2025
Accrued compensation and related taxes	$	90,821	$	101,548
Self-insurance reserves		39,634		33,564
Accrued paid time-off		23,693		22,348
	$	154,148	$	157,460

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	January 31, 2026		February 1, 2025
Deferred revenue	$	31,446	$	29,564
Accrued real estate taxes		28,059		28,079
Sales taxes payable		19,969		15,883
Accrued advertising		19,230		12,844
Accrued capital expenditures		15,714		12,268
Other accrued expenses and liabilities		90,333		78,441
	$	204,751	$	177,079

Schedule of Other Long-Term Liabilities

Other long-term liabilities consisted of the following (in thousands):


	January 31, 2026		February 1, 2025
Self-insurance reserves	$	48,280	$	50,803
Other liabilities		56,127		57,825
	$	104,407	$	108,628

Summary of Significant Accounting Policies - Summary of Self-insurance Reserves (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Summary Of Significant Accounting Policies [Line Items]
Self-insurance reserves, current	$ 47,538	$ 40,463
Self-insurance reserves, non-current	48,280	50,803
Accrued Salaries and Employee Benefits \| Workers' Compensation and Employee-related Health Care Benefits Reserves
Summary Of Significant Accounting Policies [Line Items]
Self-insurance reserves, current	39,634	33,564
Accrued Expenses And Other Liabilities \| General and Auto Liability Reserves
Summary Of Significant Accounting Policies [Line Items]
Self-insurance reserves, current	7,904	6,899
Other Long-term Liabilities \| Workers' Compensation and Employee-related Health Care Benefits Reserves
Summary Of Significant Accounting Policies [Line Items]
Self-insurance reserves, non-current	30,368	32,253
Other Long-term Liabilities \| General and Auto Liability Reserves
Summary Of Significant Accounting Policies [Line Items]
Self-insurance reserves, non-current	$ 17,912	$ 18,550

Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Information About Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about assets and liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value (in thousands):


	January 31, 2026
	Level 1		Level 2			Level 3
Assets (liabilities):
Money market mutual funds	$	216,676	$	—		$	—
Investments of officers' life insurance	$	—	$	16,109		$	—
Non-qualified deferred compensation plan	$	—	$	(13,447	)	$	—


	February 1, 2025
	Level 1		Level 2			Level 3
Assets (liabilities):
Money market mutual funds	$	127,109	$	—		$	—
Investments of officers' life insurance	$	—	$	14,630		$	—
Non-qualified deferred compensation plan	$	—	$	(13,996	)	$	—

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	12 Months Ended
	Jan. 31, 2026 USD ($) State Segment	Feb. 01, 2025 USD ($)	Feb. 03, 2024 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of states in which the entity operates \| State	50
Credit and debit card receivables from banks included in cash and cash equivalents	$ 39.4	$ 39.6
Number of operating segment \| Segment	1
Number of reporting units \| Segment	1
Advertising expenses	$ 157.8	156.1	$ 194.4
Segment reporting, CODM description	The Company's CODM is its chief executive officer ("CEO"), who assesses performance and decides how to allocate resources based on consolidated net income (loss) that is reported on the consolidated statement of operations.
Segment reporting, CODM measure description	The CODM uses consolidated net income (loss) in deciding how to reinvest profits into the Company, including to its people, technology, and infrastructure.The measure of segment assets is reported on the consolidated balance sheet as total assets.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Mexico Joint Venture
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage	50.00%
Accounts Payable And Book Overdrafts
Summary Of Significant Accounting Policies [Line Items]
Book overdrafts	$ 20.7	23.2
Other Current Assets
Summary Of Significant Accounting Policies [Line Items]
Self-insurance reserves	6.5	6.1
Other Long-term Assets
Summary Of Significant Accounting Policies [Line Items]
Self-insurance reserves	12.6	13.2
Other Noncurrent Liabilities
Summary Of Significant Accounting Policies [Line Items]
Asset retirement obligations	$ 6.7	$ 6.4

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following (in thousands):


	Fiscal years ended
	January 31, 2026			February 1, 2025			February 3, 2024
	(52 weeks)			(52 weeks)			(53 weeks)
Current:
Federal	$	(10,762	)	$	15,971		$	23,321
State		(2,341	)		5,204			2,615
Foreign		2,319			1,836			—
	$	(10,784	)	$	23,011		$	25,936
Deferred:
Federal	$	16,205		$	(26,094	)	$	(41,684	)
State		845			(4,398	)		(11,865	)
Foreign		—			—			—
	$	17,050		$	(30,492	)	$	(53,549	)
Income tax expense (benefit)	$	6,266		$	(7,481	)	$	(27,613	)

Schedule of Income Before Income Taxes

Significant components of income before income taxes as used for income tax purposes, were as follows (in thousands):


	Fiscal years ended
	January 31, 2026		February 1, 2025			February 3, 2024
	(52 weeks)		(52 weeks)			(53 weeks)
Domestic	$	12,570	$	(110,754	)	$	(1,296,819	)
Foreign		2,762		1,457			(11,004	)
Income (loss) before income taxes	$	15,332	$	(109,297	)	$	(1,307,823	)

Schedule of Income Taxes Paid, Net of Refunds

A summary of total income taxes paid, net of refunds, in accordance with the adoption of ASU 2023-09 for the fiscal year 2025 is as follows (in thousands):


	Fiscal year ended
	January 31, 2026
	(52 weeks)
Federal	$	196
State and local		3,318
Foreign		2,319
Total	$	5,833

Reconciliation of Income Tax (Benefit) Expense at Federal Statutory Rate With Provision For Income Taxes

A reconciliation of income tax expense at the federal statutory rate with the provision for income taxes in accordance with the adoption of ASU 2023-09 is as follows (in thousands):


	Fiscal years ended
	January 31, 2026
	(52 weeks)
Statutory federal income tax rate		3,220		21.0	%
Effect of:
State and local income taxes (1)		(2,601	)	(17.0	)
Foreign tax effects		1,352		8.8
Effect of cross border tax law		341		2.2
Tax credits
Work opportunity tax credits		(1,600	)	(10.4	)
RTP R&D credits		1,624		10.6
Nontaxable or nondeductible items:
Dividends received deduction		(3,834	)	(25.0	)
Employee share-based payments		5,252		34.3
Other		240		1.6
Changes in unrecognized tax benefits		2,272		14.8
Reported effective tax rate	$	6,266		40.9	%

(1)

State taxes in California made up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of income tax benefit at the federal statutory rate for years prior to the adoption of ASU 2023-09 is as follows (in thousands):


	Fiscal years ended
	February 1, 2025					February 3, 2024
	(52 weeks)					(53 weeks)
Income benefit at federal statutory rate		(23,258	)	21.0	%	$	(274,642	)	21.0	%
Non-deductible expenses		1,524		(1.4	)		(26	)	0.0
Impairment (1)		46		(0.1	)		242,819		(18.6	)
Equity compensation		13,982		(12.6	)		16,493		(1.3	)
State taxes, net of federal tax benefit		(1,880	)	1.7			(11,228	)	0.9
Foreign tax		1,836		(1.6	)		—		—
Tax credits		(3,800	)	3.4			(3,800	)	0.3
Uncertain tax positions		1,808		(1.6	)		1,829		(0.1	)
Other, net		2,261		(2.0	)		942		(0.1	)
	$	(7,481	)	6.8	%	$	(27,613	)	2.1	%

(1)

Impairment represents adjustments for the non-deductible component of goodwill impairment.

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	January 31, 2026			February 1, 2025
Deferred tax assets:
Inventory	$	20,605		$	26,215
Accrued employee benefits		33,984			34,917
Net operating losses, state tax credit carryforwards		11,829			11,156
Interest expense limitation carry-forward under IRC §163(j)		61,185			71,098
Capitalized research and experimental costs		12,038			25,397
Lease-related items		351,296			346,120
Other		3,791			7,580
Total deferred tax assets		494,728			522,483
Valuation allowance		(1,904	)		(1,920	)
Net deferred tax assets		492,824			520,563
Deferred tax liabilities:
Fixed assets		(101,707	)		(113,955	)
Intangible assets		(257,613	)		(253,749	)
Debt restructuring		(1,089	)		(1,238	)
Lease-related items		(332,421	)		(336,050	)
Investments in joint ventures		(34,020	)		(31,308	)
Other		(885	)		(1,975	)
Total deferred tax liabilities		(727,735	)		(738,275	)
	$	(234,911	)	$	(217,712	)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, is as follows (in thousands):


	January 31, 2026		February 1, 2025
Beginning balance	$	16,421	$	16,421
Additions for tax positions taken in prior years		3,305		—
Decreases related to lapse of statute limitation		—		—
Ending balance	$	19,726	$	16,421

Stockholders' Equity (Tables)

12 Months Ended

Jan. 31, 2026

Summary of Equity-based Compensation Expense by Award Type

The following table summarizes the Company’s equity-based compensation expense by award type (in thousands):


	Fiscal years ended
	January 31, 2026		February 1, 2025		February 3, 2024
	(52 weeks)		(52 weeks)		(53 weeks)
RSUs and RSAs	$	25,548	$	34,726	$	57,619
Options		5,565		12,231		16,586
ESPP		1,529		1,838		1,474
Other awards		8		1,417		6,180
Total equity-based compensation expense	$	32,650	$	50,212	$	81,859
Total related tax benefit	$	5,695	$	7,341	$	11,473

Schedule of RSU Activity

RSU activity under the 2021 Equity Incentive Plan was as follows (in thousands, except per share and contractual life amounts):


	Shares			Weighted average grant date fair value per share		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Nonvested, February 1, 2025		12,180		$	3.94		1.4	$	41,656
Granted		15,713			2.45
Vested and delivered		(4,645	)	4.67
Forfeited/expired		(3,403	)		2.81
Nonvested, January 31, 2026		19,845		$	2.59		1.2	$	53,383

Schedule of Stock Option Activity

Stock option activity under the 2021 Equity Incentive Plan was as follows (in thousands, except per share and contractual life amounts):


	Shares subject to options			Weighted average exercise price per share		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Outstanding, February 1, 2025		11,685		$	6.99		8.8	$	-
Granted		3,050			2.46
Exercised		—			—
Forfeited/expired		(1,173	)		11.51
Outstanding, January 31, 2026		13,562		$	5.58		8.3	$	644
Exercisable, January 31, 2026		7,491		$	6.37	8.0		$	-

Share-based Payment Arrangement, Option

Black-Scholes Assumptions for Options

The fair value of stock option awards granted in fiscal 2025 and 2024 was estimated at the grant dates using the Black-Scholes option pricing model with the following assumptions:


	Fiscal year ended	Fiscal year ended
	January 31, 2026	February 1, 2025
	(52 weeks)	(52 weeks)
Dividend yield	0.0%	0.0%
Expected volatility (1)	69.3%	59.1% - 66.1%
Risk-free interest rate (2)	4.0%	4.1% - 4.5%
Expected term (3)	5.9 years	5.1 to 7.5 years
Grant date fair value per share	$2.46	$2.11 - $3.58
Estimated fair value per option granted	$1.59	$0.72 - $2.20

(1)

The expected volatility was estimated based on the historical volatility of the Company for a term consistent with the expected term of the stock options.

(2)

The risk-free interest rates were based on the U.S. Treasury constant maturity interest rate for a term consistent with the expected term of the stock options.

(3)

The expected term of the stock options represents the estimated period of time until exercise and was calculated using the simplified method.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Commitments and Contingencies Disclosure [Abstract]
Annual contract fees	$ 5.1	$ 5.0	$ 4.6

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,066	$ (101,816)	$ (1,280,210)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Goodwill (Tables)

12 Months Ended

Jan. 31, 2026

Goodwill, Impaired, Accumulated Impairment Loss [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of the Company’s goodwill were as follows (in thousands):


	January 31, 2026		February 1, 2025
Beginning balance	$	980,064	$	980,297
Activity from divestiture		—		(233	)
Ending balance	$	980,064	$	980,064

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Accounting Policies [Abstract]
Cash and cash equivalents	$ 256,736	$ 165,756
Restricted cash included in other current assets	$ 12,676	$ 15,909
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Total cash, cash equivalents and restricted cash in the statement of cash flows	$ 269,412	$ 181,665

Acquisitions - Additional Information (Details) - USD ($)	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Business Acquisition [Line Items]
Goodwill	$ 980,064,000	$ 980,064,000	$ 980,297,000
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Business acquisition, consideration	$ 0	$ 0	10,000,000.0
Goodwill			10,000,000.0
Business acquisition, goodwill, tax deductible amount			$ 10,000,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Revenue Recognition (Tables)

12 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

Summary of Net Sales by Product Type and Services

Net sales by product type and services were as follows (in thousands):


	Fiscal years ended
	January 31, 2026		February 1, 2025		February 3, 2024
	(52 weeks)		(52 weeks)		(53 weeks)
Consumables	$	2,968,321	$	3,043,178	$	3,063,845
Supplies and companion animals		1,968,002		2,073,713		2,209,865
Services and other		1,025,144		999,571		981,574
Net sales	$	5,961,467	$	6,116,462	$	6,255,284

Fair Value Measurements - Schedule of Information About Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Level 1 \| Money Market Mutual Funds
Assets (liabilities):
Asset fair value	$ 216,676	$ 127,109
Level 1 \| Investments of Officers' Life Insurance
Assets (liabilities):
Asset fair value	0	0
Level 2 \| Money Market Mutual Funds
Assets (liabilities):
Asset fair value	0	0
Level 2 \| Investments of Officers' Life Insurance
Assets (liabilities):
Asset fair value	16,109	14,630
Level 3 \| Money Market Mutual Funds
Assets (liabilities):
Asset fair value	0	0
Level 3 \| Investments of Officers' Life Insurance
Assets (liabilities):
Asset fair value	0	0
Non-qualified Deferred Compensation Plan \| Level 1
Assets (liabilities):
Liabilities fair value	0	0
Non-qualified Deferred Compensation Plan \| Level 2
Assets (liabilities):
Liabilities fair value	(13,447)	(13,996)
Non-qualified Deferred Compensation Plan \| Level 3
Assets (liabilities):
Liabilities fair value	$ 0	$ 0

Stockholders' Equity - Summary of Equity-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense	$ 32,650	$ 50,212	$ 81,859
Total related tax benefit	5,695	7,341	11,473
RSUs and RSAs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense	25,548	34,726	57,619
Employee Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense	5,565	12,231	16,586
ESPP
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense	1,529	1,838	1,474
Other Awards
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation expense	$ 8	$ 1,417	$ 6,180

Accumulated Other Comprehensive (Loss) Income

12 Months Ended

Jan. 31, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive (Loss) Income

13. Accumulated Other Comprehensive (Loss) Income

Changes in the balances of each component included in AOCI are presented below (net of tax, in thousands):


	Derivatives			Foreign currency translation adjustment			Total
Balance at January 28, 2023	$	(2,054	)	$	(2,044	)	$	(4,098	)
Other comprehensive income before reclassifications		752			5,534			6,286
Amounts reclassified from AOCI		(367	)	—				(367	)
Other comprehensive income		385			5,534			5,919
Balance at February 3, 2024	$	(1,669	)	$	3,490		$	1,821
Other comprehensive income (loss) before reclassifications		4,303			(21,836	)		(17,533	)
Amounts reclassified from AOCI		(2,371	)	—				(2,371	)
Other comprehensive income (loss)		1,932			(21,836	)		(19,904	)
Balance at February 1, 2025	$	263		$	(18,346	)	$	(18,083	)
Other comprehensive (loss) income before reclassifications		(587	)		10,699			10,112
Amounts reclassified from AOCI		(418	)	—				(418	)
Other comprehensive (loss) income		(1,005	)		10,699			9,694
Balance at January 31, 2026	$	(742	)	$	(7,647	)	$	(8,389	)

Reportable Segment (Tables)

12 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

Summary of Segment Information for Company's Operating Segment

The following represents segment information for the Company’s single operating segment, for the periods presented (in thousands):


	Fiscal years ended
	January 31, 2026			February 1, 2025			February 3, 2024
	(52 weeks)			(52 weeks)			(53 weeks)
Revenue	$	5,961,467		$	6,116,462		$	6,255,284
Add (deduct):
Cost of sales		(3,656,395	)		(3,792,060	)		(3,901,449	)
Advertising and marketing expenses		(157,766	)		(156,086	)		(194,429	)
Equity-based compensation - general and administrative		(32,188	)		(50,212	)		(81,859	)
Other general and administrative expenses (1)		(1,994,685	)		(2,111,053	)		(2,035,337	)
Goodwill impairment		—			—			(1,222,524	)
Interest income		6,305			3,714			3,405
Interest expense		(131,199	)		(143,531	)		(150,909	)
Loss on partial extinguishment of debt		(565	)		—			(920	)
Other non-operating income		—			4,800			4,727
Income tax (expense) benefit		(6,266	)		7,481			27,613
Income from equity method investees		20,358			18,669			16,188
Consolidated net income (loss)	$	9,066		$	(101,816	)	$	(1,280,210	)

(1)

Other general & administrative expenses include pet care center expenses, support center labor and occupancy costs, legal, accounting, information technology, and consulting costs, and depreciation and amortization.

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Defined Contribution Plan Disclosure [Line Items]
Contributions to plans, amount	$ 13.6	$ 11.9	$ 12.1

Composition of Balance Sheet Accounts - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Balance Sheet Related Disclosures [Abstract]
Self-insurance reserves, non-current	$ 48,280	$ 50,803
Other liabilities	56,127	57,825
Other long-term liabilities	$ 104,407	$ 108,628

Goodwill

12 Months Ended

Jan. 31, 2026

Goodwill, Impaired, Accumulated Impairment Loss [Abstract]

Goodwill

6. Goodwill

The changes in the carrying amount of the Company’s goodwill were as follows (in thousands):


	January 31, 2026		February 1, 2025
Beginning balance	$	980,064	$	980,297
Activity from divestiture		—		(233	)
Ending balance	$	980,064	$	980,064

The Company has one reporting unit. The Company performs its annual impairment test during the fourth quarter of each fiscal year or more frequently when warranted by events or changes in circumstances.

During the third quarter of fiscal 2023, the Company concluded that indicators of impairment existed due to declines in the Company's share price, as well as macroeconomic conditions, and performed an interim quantitative impairment test. The fair value of the Company’s reporting unit was estimated by management with the assistance of a third-party valuation specialist. Fair value estimates used in the quantitative impairment test were calculated using a combination of discounted cash flow analysis and a public company analysis. The discounted cash flow analysis measures the value of an asset by the present value of its future estimated cash flows. The Company makes estimates and assumptions about sales, gross margins, selling, general and administrative percentages and profit margins, based on budgets and forecasts, business plans, economic projections, anticipated future cash flows, and marketplace data. The public company analysis analyzes transactional and financial data of publicly traded companies to develop valuation multiples. These multiples are then applied to the Company to develop an indication of fair value.

Significant assumptions used in the determination of fair value of the reporting unit generally include prospective financial information, discount rates, terminal growth rates and earnings multiples. The discounted cash flow model used to determine the fair value of the reporting unit during the third quarter of fiscal 2023 reflected the Company's most recent cash flow projections, a discount rate of 16.4% and a terminal growth rate of 3%.

As a result of the impairment test, the Company concluded that it was more likely than not that carrying value of the Company’s reporting unit exceeded its fair value and recorded a pre-tax goodwill impairment charge of $1,222.5 million during the third quarter of fiscal 2023. This charge was recorded in goodwill impairment in the consolidated statements of operations.

During the first quarter of fiscal 2024, due to declines in the Company’s share price, the Company performed an interim impairment test. As the estimated fair value of the Company's reporting unit was in excess of its carrying value, the Company concluded that goodwill was not impaired during the first quarter of fiscal 2024. The fair value of the Company's reporting unit was based upon an equal weighting of the income and market approaches, utilizing estimated cash flows and a terminal value, discounted at a rate of return that reflects the relative risk of the cash flows, as well as valuation multiples derived from comparable publicly traded companies that are applied to operating performance of the reporting unit. The discounted cash flow model used to determine the fair value of the reporting unit during the first quarter of fiscal 2024 reflected the Company's most recent cash flow projections, a discount rate of 13.2%, and a terminal growth rate of 3%.

During the fourth quarter of fiscal years 2025, 2024, and 2023, the Company concluded that it was more likely than not that the fair value of its reporting unit was greater than its carrying amount, and therefore no goodwill impairment charge was recorded. The reporting unit fair value measurement is classified as Level 3 in the fair value hierarchy because it involves significant unobservable inputs.

- Definition

The entire disclosure for goodwill.

+ References + Details

Revenue Recognition - Summary of Net Sales by Product Type and Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Disaggregation Of Revenue [Line Items]
Net sales	$ 5,961,467	$ 6,116,462	$ 6,255,284
Consumables
Disaggregation Of Revenue [Line Items]
Net sales	2,968,321	3,043,178	3,063,845
Supplies and companion animals
Disaggregation Of Revenue [Line Items]
Net sales	1,968,002	2,073,713	2,209,865
Services and other
Disaggregation Of Revenue [Line Items]
Net sales	$ 1,025,144	$ 999,571	$ 981,574

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Senior Secured Credit Facilities - Applicable Margin for Term SOFR Loans and Base Rate Loans based on Average Historical Excess Availability (Parenthetical) (Details) - Amended Revolving Credit Facility	12 Months Ended
	Jan. 31, 2026
Less than 33.3% of the Line Cap \| Applicable Margin for Term SOFR Loans \| Maximum
Line Of Credit Facility [Line Items]
Percentage of average historical excess availability of loans	33.30%
Less than 33.3% of the Line Cap \| Applicable Margin for Base Rate Loans \| Maximum
Line Of Credit Facility [Line Items]
Percentage of average historical excess availability of loans	33.30%
Less than 66.7% but Greater than or Equal to 33.3% of the Line Cap \| Applicable Margin for Term SOFR Loans \| Maximum
Line Of Credit Facility [Line Items]
Percentage of average historical excess availability of loans	66.70%
Less than 66.7% but Greater than or Equal to 33.3% of the Line Cap \| Applicable Margin for Term SOFR Loans \| Minimum
Line Of Credit Facility [Line Items]
Percentage of average historical excess availability of loans	33.30%
Less than 66.7% but Greater than or Equal to 33.3% of the Line Cap \| Applicable Margin for Base Rate Loans \| Maximum
Line Of Credit Facility [Line Items]
Percentage of average historical excess availability of loans	66.70%
Less than 66.7% but Greater than or Equal to 33.3% of the Line Cap \| Applicable Margin for Base Rate Loans \| Minimum
Line Of Credit Facility [Line Items]
Percentage of average historical excess availability of loans	33.30%
Greater than or Equal to 66.7% of the Line Cap \| Applicable Margin for Term SOFR Loans \| Minimum
Line Of Credit Facility [Line Items]
Percentage of average historical excess availability of loans	66.70%
Greater than or Equal to 66.7% of the Line Cap \| Applicable Margin for Base Rate Loans \| Minimum
Line Of Credit Facility [Line Items]
Percentage of average historical excess availability of loans	66.70%

Leases - Schedule of Other Information of Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 371,134	$ 418,219	$ 446,981
Operating cash flows from finance leases	851	788	1,267
Financing cash flows from finance leases	5,614	5,707	5,925
Lease assets obtained in exchange for lease liabilities:
Operating leases	290,555	223,541	298,672
Finance leases	$ 1,541	$ 7,516	$ 712
Weighted average remaining lease term:
Operating leases	5 years 4 months 24 days	5 years 8 months 12 days
Finance leases	2 years 8 months 12 days	2 years 4 months 24 days
Weighted average discount rate:
Operating leases	8.10%	8.10%
Finance leases	6.30%	6.00%

Senior Secured Credit Facilities - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 02, 2026	Mar. 04, 2021	Mar. 31, 2024	Jan. 31, 2026	Jan. 31, 2026	Feb. 03, 2024	Feb. 01, 2025
Line Of Credit Facility [Line Items]
Credit facility, covenant compliance					the Company was in compliance with its covenants on the agreements.
Loss on extinguishment and modification of debt					$ (565,000)	$ (920,000)
Letter of credit sub facility				$ 150,000,000	$ 150,000,000
Maximum borrowing capacity of eligible accounts receivable in percentage					90.00%
Borrowing capacity of net orderly liquidation value of eligible inventory in percentage					90.00%
Qualified cash				50,000,000	$ 50,000,000
Senior Notes \| Subsequent Event
Line Of Credit Facility [Line Items]
Applicable annual rate	8.25%
Maturity date	Feb. 01, 2031
Outstanding principal balance, gross	$ 600,000,000
Amended Revolving Credit Facility
Line Of Credit Facility [Line Items]
Outstanding principal balance, net of unamortized discount and debt issuance costs				0	$ 0		$ 0
First Lien Term Loan
Line Of Credit Facility [Line Items]
Borrowings under credit facility		$ 1,700,000,000
Credit facility, maturity date		Mar. 04, 2028
Credit facility principal repaid				95,300,000		$ 75,000,000
Debt instrument floor rate					0.75%
Quarterly principal payments					$ 4,250,000
Outstanding principal balance, gross				1,500,000,000	1,500,000,000		1,595,300,000
Outstanding principal balance, net of unamortized discount and debt issuance costs				$ 1,491,800,000	$ 1,491,800,000		$ 1,582,500,000
Weighted average interest rate				7.30%	7.30%		7.90%
First Lien Term Loan \| Level 2
Line Of Credit Facility [Line Items]
Estimated fair value of credit facility				$ 1,496,300,000	$ 1,496,300,000		$ 1,529,500,000
First Lien Term Loan \| Base Rate
Line Of Credit Facility [Line Items]
Debt instrument basis spread on variable rate					0.50%
Applicable annual rate				2.25%	2.25%
First Lien Term Loan \| Applicable Margin for Term SOFR Loans
Line Of Credit Facility [Line Items]
Debt instrument basis spread on variable rate					1.00%
Applicable annual rate				3.25%	3.25%
Amended First Lien Term Loan \| Subsequent Event
Line Of Credit Facility [Line Items]
Credit facility, maturity date	Feb. 02, 2031
Quarterly principal payments	$ 2,250,000
Outstanding principal balance, gross	$ 900,000,000
Amended First Lien Term Loan \| Base Rate \| Subsequent Event
Line Of Credit Facility [Line Items]
Debt instrument basis spread on variable rate	0.50%
Applicable annual rate	3.25%
Amended First Lien Term Loan \| SOFR \| Subsequent Event
Line Of Credit Facility [Line Items]
Debt instrument basis spread on variable rate	1.00%
Applicable annual rate	4.25%
ABL Revolving Credit Facility
Line Of Credit Facility [Line Items]
Credit facility, initiation date		Mar. 04, 2021
Borrowings under credit facility		$ 500,000,000
Credit facility, maturity date		Mar. 04, 2026
Arranger fees and other third party expenses capitalized as debt issuance costs			$ 3,000,000
Unamortized debt issuance costs				$ 3,200,000	$ 3,200,000		$ 4,400,000
Borrowings available under credit facility				467,500,000	467,500,000
Outstanding letters of credit				58,400,000	58,400,000
Borrowings base reduction				$ 55,100,000	55,100,000
Maximum borrowing capacity					$ 581,000,000
Amended Revolving Credit Facility
Line Of Credit Facility [Line Items]
Borrowings under credit facility			581,000,000
Debt instrument floor rate						0.00%
Line of credit facility, unused commitment fee percentage					0.375%
Amended Revolving Credit Facility \| Actual Daily Utilized Portion Exceeds 50%
Line Of Credit Facility [Line Items]
Line of credit facility, unused commitment fee percentage					0.25%
Amended Revolving Credit Facility \| Tranche One
Line Of Credit Facility [Line Items]
Borrowings under credit facility			$ 35,000,000
Credit facility, maturity date			Mar. 04, 2026
Amended Revolving Credit Facility \| Tranche Two
Line Of Credit Facility [Line Items]
Borrowings under credit facility			$ 546,000,000
Credit facility, maturity date			Mar. 29, 2029
Amended Revolving Credit Facility \| Base Rate
Line Of Credit Facility [Line Items]
Debt instrument floor rate			1.00%
Debt instrument basis spread on variable rate					0.25%
Amended Revolving Credit Facility \| SOFR
Line Of Credit Facility [Line Items]
Debt instrument floor rate			0.00%
Debt instrument basis spread on variable rate					1.25%

Leases - Schedule of Lease Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	Jan. 31, 2026	Feb. 01, 2025
Leases [Abstract]
Accumulated amortization of finance lease right-of-use assets	$ 30.1	$ 26.1

Leases

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Leases

5. Leases

Lease assets and liabilities are reflected in the Company’s consolidated balance sheets as follows (in thousands):


Leases	Balance sheet location	January 31, 2026		February 1, 2025
Assets
Operating leases	Operating lease right-of-use assets	$	1,288,593	$	1,302,346
Finance leases	Fixed assets, net(1)		6,931		10,131
Total lease assets		$	1,295,524	$	1,312,477
Liabilities
Current
Operating leases	Current portion of operating lease liabilities	$	320,082	$	306,400
Finance leases	Current portion of long-term debt and other lease liabilities		4,608		5,346
Non-current
Operating leases	Operating lease liabilities, excluding current portion		1,047,185		1,037,206
Finance leases	Other long-term liabilities		5,075		8,447
Total lease liabilities		$	1,376,950	$	1,357,399

(1)

Finance lease right-of-use assets are recorded net of accumulated amortization of $30.1 million and $26.1 million as of January 31, 2026 and February 1, 2025, respectively.

The components of total lease cost are as follows (in thousands):


	Fiscal years ended
	January 31, 2026			February 1, 2025			February 3, 2024
	(52 weeks)			(52 weeks)			(53 weeks)
Operating lease cost	$	411,812		$	414,396		$	429,056
Finance lease cost:
Amortization of right-of-use lease assets		4,709			4,524			5,838
Interest on lease liabilities		799			884			1,250
Variable lease cost		126,290			128,716			119,361
Sublease income		(1,060	)		(1,508	)		(2,241	)
Total lease cost	$	542,550		$	547,012		$	553,264

Other information for the Company’s leases is as follows (in thousands):


	Fiscal years ended
	January 31, 2026		February 1, 2025		February 3, 2024
	(52 weeks)		(52 weeks)		(53 weeks)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	371,134	$	418,219	$	446,981
Operating cash flows from finance leases	$	851	$	788	$	1,267
Financing cash flows from finance leases	$	5,614	$	5,707	$	5,925
Lease assets obtained in exchange for lease liabilities:
Operating leases	$	290,555	$	223,541	$	298,672
Finance leases	$	1,541	$	7,516	$	712


	January 31, 2026			February 1, 2025
Weighted average remaining lease term:
Operating leases	5.4 years			5.7 years
Finance leases	2.7 years			2.4 years
Weighted average discount rate:
Operating leases		8.1	%		8.1	%
Finance leases		6.3	%		6.0	%

At January 31, 2026, the maturities of the Company’s operating and finance lease liabilities were as follows (in thousands):


Fiscal years	Operating leases			Finance leases
2026		414,719			5,139
2027		346,852			2,930
2028		292,219			1,444
2029		209,608			627
2030		141,853			493
Thereafter		285,991			—
Total lease payments	$	1,691,242		$	10,633
Less imputed interest		(323,975	)		(950	)
Present value of lease payments		1,367,267			9,683
Less current portion		(320,082	)		(4,608	)
Lease liabilities, excluding current portion	$	1,047,185		$	5,075

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Jan. 31, 2026	Mar. 11, 2026	Aug. 01, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jan. 31, 2026
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Registrant Name	Petco Health and Wellness Company, Inc
Entity Central Index Key	0001826470
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--01-31
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 262
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	WOOF
Security Exchange Name	NASDAQ
Entity File Number	001-39878
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1005932
Entity Address, Address Line One	10850 Via Frontera
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92127
City Area Code	858
Local Phone Number	453-7845
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Annual Report	true
Document Transition Report	false
Auditor Name	Ernst & Young LLP
Auditor Location	San Diego, California
Auditor Firm ID	42
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Petco Health and Wellness Company, Inc. (the Company) as of January 31, 2026 and February 1, 2025, the related consolidated statements of operations, comprehensive income (loss), equity and cash flows for each of the three years in the period ended January 31, 2026, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at January 31, 2026 and February 1, 2025, and the results of its operations and its cash flows for each of the three years in the period ended January 31, 2026, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated March 13, 2026 expressed an unqualified opinion thereon.
Documents Incorporated by Reference	The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement to be filed pursuant to Regulation 14A in connection with the registrant’s 2026 annual meeting of stockholders within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		246,564,864
Class B-1 Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		37,790,781
Class B-2 Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		37,790,781

Composition of Balance Sheet Accounts - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Balance Sheet Related Disclosures [Abstract]
Deferred revenue	$ 31,446	$ 29,564
Accrued real estate taxes	28,059	28,079
Sales taxes payable	19,969	15,883
Accrued advertising	19,230	12,844
Accrued capital expenditures	15,714	12,268
Other accrued expenses and liabilities	90,333	78,441
Accrued expenses and other liabilities, current	$ 204,751	$ 177,079

Derivative Instruments

12 Months Ended

Jan. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

8. Derivative Instruments

The Company's interest rate swap, caps and collars are accounted for as cash flow hedges because they are expected to be highly effective in hedging variable rate interest payments. Changes in the fair value of the cash flow hedges are reported as a component of AOCI. As of January 31, 2026, AOCI included unrealized losses of $1.0 million ($0.8 million, net of tax). As of February 1, 2025, AOCI included unrealized gains of $0.4 million ($0.3 million, net of tax). Approximately $0.6 million, $3.1 million, and $0.5 million of pre-tax gains deferred in AOCI were reclassified to interest expense during fiscal 2025, fiscal 2024, and fiscal 2023, respectively. The

Company currently estimates that $0.1 million of losses related to trade date costs on its cash flow hedges that are currently deferred in AOCI will be reclassified to interest expense in the consolidated statement of operations within the next twelve months. This estimate could vary based on actual amounts as a result of changes in market conditions. The estimated fair value of the cash flow hedges are based upon Level 2 fair value hierarchy inputs (Note 1).

The cash flow hedges are reflected in the Company’s consolidated balance sheets as follows (in thousands):


Assets (Liabilities)	Balance sheet location	January 31, 2026			February 1, 2025
Current asset portion of cash flow hedges	Other current assets	$	—		$	1,194
Non-current asset portion of cash flow hedges	Other long-term assets		—			746
Current liability portion of cash flow hedges	Accrued expenses and other liabilities		(853	)		(107	)
Non-current liability portion of cash flow hedges	Other long-term liabilities		—			(554	)
Total cash flow hedges		$	(853	)	$	1,279

Although the Company is exposed to credit loss in the event of nonperformance by its counterparties, credit risk is considered limited due to the credit ratings of the counterparties and the use of a master netting agreement, which permits the netting of derivative payables and receivables. The Company has not historically incurred and does not expect to incur in the future any losses as a result of counterparty default. The notional amount of the Company’s outstanding derivatives is not an indicator of the magnitude of potential exposure.

The cash flow hedge agreements contain provisions that would be triggered in the event the Company defaults on its debt agreements (Note 7), which in turn could impact the assessment of hedge effectiveness or cause termination of the underlying cash flow hedge agreements. As of January 31, 2026, no events of default have occurred. There is no collateral posting requirement outside the provisions in the debt agreements.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands

Jan. 31, 2026

Feb. 01, 2025

Assets

Operating lease right-of-use assets

$ 1,288,593

$ 1,302,346

Finance leases

^[1]

$ 6,931

$ 10,131

Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]

Other Assets, Noncurrent

Total lease assets

$ 1,295,524

$ 1,312,477

Current liabilities:

Current portion of operating lease liabilities

320,082

306,400

Finance leases

$ 4,608

$ 5,346

Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]

Current portion of long-term debt and other lease liabilities

Non-current

Operating lease liabilities, excluding current portion

$ 1,047,185

$ 1,037,206

Finance leases

$ 5,075

$ 8,447

Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]

Other long-term liabilities

Total lease liabilities

$ 1,376,950

$ 1,357,399

[1]	Finance lease right-of-use assets are recorded net of accumulated amortization of $30.1 million and $26.1 million as of January 31, 2026 and February 1, 2025, respectively.

Income Taxes

12 Months Ended

Jan. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

Income tax expense (benefit) consisted of the following (in thousands):


	Fiscal years ended
	January 31, 2026			February 1, 2025			February 3, 2024
	(52 weeks)			(52 weeks)			(53 weeks)
Current:
Federal	$	(10,762	)	$	15,971		$	23,321
State		(2,341	)		5,204			2,615
Foreign		2,319			1,836			—
	$	(10,784	)	$	23,011		$	25,936
Deferred:
Federal	$	16,205		$	(26,094	)	$	(41,684	)
State		845			(4,398	)		(11,865	)
Foreign		—			—			—
	$	17,050		$	(30,492	)	$	(53,549	)
Income tax expense (benefit)	$	6,266		$	(7,481	)	$	(27,613	)

Significant components of income before income taxes as used for income tax purposes, were as follows (in thousands):


	Fiscal years ended
	January 31, 2026		February 1, 2025			February 3, 2024
	(52 weeks)		(52 weeks)			(53 weeks)
Domestic	$	12,570	$	(110,754	)	$	(1,296,819	)
Foreign		2,762		1,457			(11,004	)
Income (loss) before income taxes	$	15,332	$	(109,297	)	$	(1,307,823	)

A summary of total income taxes paid, net of refunds, in accordance with the adoption of ASU 2023-09 for the fiscal year 2025 is as follows (in thousands):


	Fiscal year ended
	January 31, 2026
	(52 weeks)
Federal	$	196
State and local		3,318
Foreign		2,319
Total	$	5,833

Individual jurisdictions comprising greater than 5% of total income taxes paid, net of refunds, for the fiscal year 2025 include Mexico, Puerto Rico, Texas and Oregon, for $2.1 million, $1.4 million, $0.9 million and $0.7 million, respectively. Cash paid for income taxes was $34.8 million and $32.2 million in fiscal 2024 and fiscal 2023, respectively.

A reconciliation of income tax expense at the federal statutory rate with the provision for income taxes in accordance with the adoption of ASU 2023-09 is as follows (in thousands):


	Fiscal years ended
	January 31, 2026
	(52 weeks)
Statutory federal income tax rate		3,220		21.0	%
Effect of:
State and local income taxes (1)		(2,601	)	(17.0	)
Foreign tax effects		1,352		8.8
Effect of cross border tax law		341		2.2
Tax credits
Work opportunity tax credits		(1,600	)	(10.4	)
RTP R&D credits		1,624		10.6
Nontaxable or nondeductible items:
Dividends received deduction		(3,834	)	(25.0	)
Employee share-based payments		5,252		34.3
Other		240		1.6
Changes in unrecognized tax benefits		2,272		14.8
Reported effective tax rate	$	6,266		40.9	%

(1)

State taxes in California made up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of income tax benefit at the federal statutory rate for years prior to the adoption of ASU 2023-09 is as follows (in thousands):


	Fiscal years ended
	February 1, 2025					February 3, 2024
	(52 weeks)					(53 weeks)
Income benefit at federal statutory rate		(23,258	)	21.0	%	$	(274,642	)	21.0	%
Non-deductible expenses		1,524		(1.4	)		(26	)	0.0
Impairment (1)		46		(0.1	)		242,819		(18.6	)
Equity compensation		13,982		(12.6	)		16,493		(1.3	)
State taxes, net of federal tax benefit		(1,880	)	1.7			(11,228	)	0.9
Foreign tax		1,836		(1.6	)		—		—
Tax credits		(3,800	)	3.4			(3,800	)	0.3
Uncertain tax positions		1,808		(1.6	)		1,829		(0.1	)
Other, net		2,261		(2.0	)		942		(0.1	)
	$	(7,481	)	6.8	%	$	(27,613	)	2.1	%

(1)

Impairment represents adjustments for the non-deductible component of goodwill impairment.

The effective tax rate is driven by income earned in various taxing jurisdictions, including U.S. states, and the statutory tax rates imposed by those jurisdictions, as well as permanent differences including nondeductible equity compensation, goodwill impairment charges, dividends received, and tax credits.

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):


	January 31, 2026			February 1, 2025
Deferred tax assets:
Inventory	$	20,605		$	26,215
Accrued employee benefits		33,984			34,917
Net operating losses, state tax credit carryforwards		11,829			11,156
Interest expense limitation carry-forward under IRC §163(j)		61,185			71,098
Capitalized research and experimental costs		12,038			25,397
Lease-related items		351,296			346,120
Other		3,791			7,580
Total deferred tax assets		494,728			522,483
Valuation allowance		(1,904	)		(1,920	)
Net deferred tax assets		492,824			520,563
Deferred tax liabilities:
Fixed assets		(101,707	)		(113,955	)
Intangible assets		(257,613	)		(253,749	)
Debt restructuring		(1,089	)		(1,238	)
Lease-related items		(332,421	)		(336,050	)
Investments in joint ventures		(34,020	)		(31,308	)
Other		(885	)		(1,975	)
Total deferred tax liabilities		(727,735	)		(738,275	)
	$	(234,911	)	$	(217,712	)

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. With the exception to certain state net operating losses discussed below, management believes that it is more likely than not that the Company will realize the benefits of these deductible differences. This is based upon future reversals of existing taxable temporary differences over the periods in which the deferred tax assets are deductible.

As of January 31, 2026, the Company has recorded a deferred tax asset of $5.7 million reflecting the benefit of $101.4 million in state income tax net operating loss carryforwards, which will begin to expire in fiscal 2026. The Company believes that it is more likely than not that a portion of the state net operating loss carryforward will not be realized and recorded a valuation allowance of $1.9 million on the deferred tax asset related to these state net operating loss carryforwards as of January 31, 2026. If or when recognized, the tax benefits related to any reversal of the valuation allowance on deferred tax assets is accounted for as a reduction of income tax expense.

The Company has recorded a net deferred tax asset of $6.1 million reflecting the gross benefit of state income tax credits totaling $0.3 million and $7.4 million in Georgia and California, respectively. The Georgia credits will begin to expire in 2026. The California credits have an unlimited carryforward period.

The Company's interest expense carryforward of $189.3 million has an unlimited carryforward period.

Reserves are established when positions are “more likely than not” to not be sustained if challenged. Reserves are adjusted at each reporting period to reflect the impact of audit settlements, expiration of statutes of limitation, developments in the tax law and ongoing discussions with the tax authorities. Accrued interest and penalties associated with uncertain tax positions are recognized as part of the income tax provision.

The Company has approximately $19.7 million of unrecognized tax benefits as of January 31, 2026, of which $4.2 million, if recognized, would impact the effective tax rate and $15.5 million would result in an adjustment to the net deferred tax liability.

A reconciliation of the beginning and ending amount of unrecognized tax benefits, is as follows (in thousands):


	January 31, 2026		February 1, 2025
Beginning balance	$	16,421	$	16,421
Additions for tax positions taken in prior years		3,305		—
Decreases related to lapse of statute limitation		—		—
Ending balance	$	19,726	$	16,421

The Company has approximately $9.2 million accrued for interest and penalties as of January 31, 2026 in the consolidated balance sheets and recorded $2.5 million in interest during fiscal 2025 in the consolidated statements of operations. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company does not anticipate that unrecognized tax benefits will significantly increase or decrease over the next 12 months.

The Company is no longer subject to examination for U.S. federal income tax for periods prior to fiscal 2019. The Company is no longer subject to examination by state tax authorities for tax periods prior to fiscal 2020. The Company has no material foreign operations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Fixed Assets (Details)	Jan. 31, 2026
Buildings
Property Plant And Equipment [Line Items]
Estimated useful lives	30 years
Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	7 years
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	4 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	7 years
Leasehold and Building Improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Leasehold and Building Improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	10 years

Revenue Recognition - Additional Information (Details) - USD ($)	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025
Revenue Recognition and Deferred Revenue [Abstract]
Material contract asset	$ 0	$ 0
Material contract liability	$ 0	$ 0
Points earned on purchase redeemed period on future purchase	45 days

Fair Value Measurements

12 Months Ended

Jan. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

9. Fair Value Measurements

Assets and Liabilities Measured on a Recurring Basis


	January 31, 2026
	Level 1		Level 2			Level 3
Assets (liabilities):
Money market mutual funds	$	216,676	$	—		$	—
Investments of officers' life insurance	$	—	$	16,109		$	—
Non-qualified deferred compensation plan	$	—	$	(13,447	)	$	—


	February 1, 2025
	Level 1		Level 2			Level 3
Assets (liabilities):
Money market mutual funds	$	127,109	$	—		$	—
Investments of officers' life insurance	$	—	$	14,630		$	—
Non-qualified deferred compensation plan	$	—	$	(13,996	)	$	—

The fair value of money market mutual funds is based on quoted market prices, such as quoted net asset values published by the fund as supported in an active market. Money market mutual funds included in the Company’s cash and cash equivalents were $204.0 million and $111.5 million as of January 31, 2026 and

February 1, 2025, respectively. Also included in the Company’s money market mutual funds balances were $12.7 million and $15.6 million as of January 31, 2026 and February 1, 2025, respectively, which relate to the Company’s restricted cash, and are included in other current assets in the consolidated balance sheets.

The Company maintains a deferred compensation plan for key executives and other members of management, which is funded by investments in officers’ life insurance. The fair value of this obligation is based on participants’ elected investments, which reflect the closing market prices of similar assets.

The Company previously held shares of Rover Group, Inc. (“Rover”) Class A common stock. The Company remeasured the fair value of its investment on a quarterly basis, and the resulting gains or losses were included in other non-operating income in the consolidated statements of operations. In April 2023, the Company sold its interest in Rover Class A common stock to a buyer at a price determined based on the daily volume weighted average price, in addition to a premium, over an agreed upon period. The Company's interest in the unsettled cash proceeds were remeasured at fair value at each reporting period, and the resulting gains or losses were included in other non-operating income in the consolidated statements of operations.

In February 2022, the Company amended a collaboration agreement with a vendor, and as part of the amendment the Company was granted a right to receive equity and warrants for common shares of the vendor that is subject to certain performance conditions and other contingencies. The warrants were exercised in July 2024, following the satisfaction of the related performance conditions and contingencies. Cash consideration for the exercise of the warrants was de minimis. The Company's interest is accounted for as an investment in an equity security without a readily determinable fair value. When an upward or downward adjustment occurs, the resulting gains or losses are included in other non-operating income in the consolidated statements of operations.

Assets Measured on a Non-Recurring Basis

The Company’s non-financial assets, which primarily consist of goodwill, other intangible assets, fixed assets and equity and other investments, are reported at carrying value, or at fair value as of the date of the Company’s acquisition of Petco Holdings, Inc. LLC on January 26, 2016, and are not required to be measured at fair value on a recurring basis. However, on a periodic basis (at least annually for goodwill and indefinite-lived intangibles or whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable), non-financial assets are assessed for impairment. If impaired, the carrying values of the assets are written down to fair value using Level 3 inputs.

The Company’s trade name has an indefinite life. The Company performs its annual impairment test during the fourth quarter of each fiscal year, or more frequently when warranted by events or changes in circumstances. During the third quarter of fiscal 2023 and the first quarter of fiscal 2024, the Company performed interim impairment tests of its goodwill and indefinite-lived trade name due to declines in the Company's share price. Refer to Note 6 for further discussion of the results of interim impairment testing performed on the Company’s goodwill.

During the third quarter of fiscal 2023, the Company concluded that the fair value of its trade name exceeded its carrying value, and therefore no trade name impairment charge was recorded. The fair value of the Company’s trade name was estimated by management with the assistance of a third-party valuation specialist using the relief from royalty valuation method, which estimates the hypothetical royalties that would have to be paid if the trade name was not owned. The fair value of the Company's trade name reflected the Company's most recent revenue projections at the time of the analysis, a discount rate of 17.4% and a terminal growth rate of 3%.

During the first quarter of fiscal 2024, the Company concluded that the fair value of its trade name exceeded its carrying value, and therefore no trade name impairment charge was recorded. The fair value of the Company’s trade name was estimated by management using the relief from royalty valuation method. The fair value of the Company's trade name reflected the Company's most recent revenue projections at the time of the analysis, a discount rate of 14.2% and a terminal growth rate of 3%.

In fiscal years 2025, 2024, and 2023, the Company concluded that it was more likely than not that the fair value of its trade name was greater than its carrying amount, and therefore no tradename impairment charge was recorded. There were no indications of impairment of the Company’s other intangible assets or equity and other investments in fiscal years 2025, 2024, and 2023.

The Company recorded fixed asset and right-of-use asset impairment charges of $1.9 million, $8.4 million $2.7 million in fiscal years 2025, 2024, and 2023, respectively. Impairment charges are primarily related to pet care center locations and are recorded in selling, general and administrative expense in the accompanying consolidated statements of operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases (Tables)

12 Months Ended

Jan. 31, 2026

Leases [Abstract]

Schedule of Lease Assets and Liabilities

Lease assets and liabilities are reflected in the Company’s consolidated balance sheets as follows (in thousands):


Leases	Balance sheet location	January 31, 2026		February 1, 2025
Assets
Operating leases	Operating lease right-of-use assets	$	1,288,593	$	1,302,346
Finance leases	Fixed assets, net(1)		6,931		10,131
Total lease assets		$	1,295,524	$	1,312,477
Liabilities
Current
Operating leases	Current portion of operating lease liabilities	$	320,082	$	306,400
Finance leases	Current portion of long-term debt and other lease liabilities		4,608		5,346
Non-current
Operating leases	Operating lease liabilities, excluding current portion		1,047,185		1,037,206
Finance leases	Other long-term liabilities		5,075		8,447
Total lease liabilities		$	1,376,950	$	1,357,399

(1)

Finance lease right-of-use assets are recorded net of accumulated amortization of $30.1 million and $26.1 million as of January 31, 2026 and February 1, 2025, respectively.

Components of Total Lease Cost

The components of total lease cost are as follows (in thousands):


	Fiscal years ended
	January 31, 2026			February 1, 2025			February 3, 2024
	(52 weeks)			(52 weeks)			(53 weeks)
Operating lease cost	$	411,812		$	414,396		$	429,056
Finance lease cost:
Amortization of right-of-use lease assets		4,709			4,524			5,838
Interest on lease liabilities		799			884			1,250
Variable lease cost		126,290			128,716			119,361
Sublease income		(1,060	)		(1,508	)		(2,241	)
Total lease cost	$	542,550		$	547,012		$	553,264

Schedule of Other Information of Leases

Other information for the Company’s leases is as follows (in thousands):


	Fiscal years ended
	January 31, 2026		February 1, 2025		February 3, 2024
	(52 weeks)		(52 weeks)		(53 weeks)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	371,134	$	418,219	$	446,981
Operating cash flows from finance leases	$	851	$	788	$	1,267
Financing cash flows from finance leases	$	5,614	$	5,707	$	5,925
Lease assets obtained in exchange for lease liabilities:
Operating leases	$	290,555	$	223,541	$	298,672
Finance leases	$	1,541	$	7,516	$	712


	January 31, 2026			February 1, 2025
Weighted average remaining lease term:
Operating leases	5.4 years			5.7 years
Finance leases	2.7 years			2.4 years
Weighted average discount rate:
Operating leases		8.1	%		8.1	%
Finance leases		6.3	%		6.0	%

Schedule of Maturities of Operating and Finance Lease Liabilities

At January 31, 2026, the maturities of the Company’s operating and finance lease liabilities were as follows (in thousands):


Fiscal years	Operating leases			Finance leases
2026		414,719			5,139
2027		346,852			2,930
2028		292,219			1,444
2029		209,608			627
2030		141,853			493
Thereafter		285,991			—
Total lease payments	$	1,691,242		$	10,633
Less imputed interest		(323,975	)		(950	)
Present value of lease payments		1,367,267			9,683
Less current portion		(320,082	)		(4,608	)
Lease liabilities, excluding current portion	$	1,047,185		$	5,075

Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Description of Business and Basis of Presentation

Petco Health and Wellness Company, Inc. (together with its consolidated subsidiaries, the “Company”) is a leading pet specialty retailer focused on improving the lives of pets, pet parents, and its own partners with pet care centers in 50 states, the District of Columbia and Puerto Rico. The Company also offers an expanded range of consumables, supplies, and services through its petco.com website and mobile app.

The Company was formed as a Delaware limited liability company under the name PET Acquisition LLC on November 19, 2015 as an acquisition entity controlled by Scooby LP, which was indirectly owned by funds affiliated with CVC Capital Partners, Canada Pension Plan Investment Board, a Canadian company (together with CVC Capital Partners, the “Sponsors”), and certain co-investors. On January 26, 2016, the Company completed a merger (the “Acquisition”) whereby Petco Holdings, Inc. converted from a Delaware corporation to a Delaware limited liability company and became a wholly owned subsidiary of the Company. Under this ownership structure, the Company had four classes of membership units: (i) Common Series A Units; (ii) Common Series B Units; (iii) Common Series C Units; and (iv) Voting Common Units.

Common Stock

In January 2021, all of the Company’s Common Series A Units, Common Series B Units, and Common Series C Units were contributed from Scooby LP to a newly formed and wholly owned subsidiary, Scooby Aggregator, LP. The Company then converted to a Delaware corporation pursuant to a statutory conversion and changed its name to Petco Health and Wellness Company, Inc.

In connection with the conversion and immediately prior to the Company’s initial public offering, all outstanding membership units were converted into shares of newly-issued Class A common stock, Class B-1 common stock, and Class B-2 common stock.

The rights of the holders of Class A common stock and Class B-1 common stock are identical in all respects, except that Class B-1 common stock does not vote on the election or removal of the Company’s directors. The rights of the holders of Class B-2 common stock differ from the rights of the holders of Class A common stock and Class B-1 common stock in that holders of Class B-2 common stock only possess the right to vote on the election or removal of the Company’s directors.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Petco Health and Wellness Company, Inc., its wholly owned subsidiaries, and a variable interest entity for which it was the primary beneficiary prior to the transaction described below. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates are based on information that is currently available and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could vary from those estimates under different assumptions or conditions.

Fiscal Year

The Company’s fiscal year ends on the Saturday closest to January 31, resulting in years of either 52 or 53 weeks. All references to a fiscal year refer to the fiscal year ending on the Saturday closest to January 31 of the following year. For example, references to fiscal 2025 refer to the fiscal year that began on February 2, 2025 and ended on January 31, 2026. Fiscal 2025 and fiscal 2024 included 52 weeks, and fiscal 2023 included 53 weeks.

Segment Reporting

Operating segments are components of an enterprise about which separate financial information is available and is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Petco derives substantially all of its revenue in North America and manages its business activities on a consolidated basis, resulting in a single operating and reportable segment. The Company operates as an omnichannel retailer designed to sell pet food, supplies and companion animals, and services to pet parents across pet care center and online channels.

The Company's CODM is its chief executive officer ("CEO"), who assesses performance and decides how to allocate resources based on consolidated net income (loss) that is reported on the consolidated statement of operations. The CODM uses consolidated net income (loss) in deciding how to reinvest profits into the Company, including to its people, technology, and infrastructure.

The measure of segment assets is reported on the consolidated balance sheet as total assets.

Cash and Cash Equivalents

Cash equivalents represent all liquid investments with original maturities of three months or less and include money market mutual funds. The Company maintains cash and cash equivalent balances with financial institutions that exceed federally insured limits. The Company has not experienced any losses related to these balances. Included in the Company’s cash and cash equivalents are credit and debit card receivables from banks, which typically settle within five business days, of $39.4 million and $39.6 million at January 31, 2026 and February 1, 2025, respectively. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total amounts reported in the consolidated statements of cash flows. Restricted cash is held in a trust used for certain employee benefit costs.


	January 31, 2026		February 1, 2025
Cash and cash equivalents	$	256,736	$	165,756
Restricted cash included in other current assets		12,676		15,909
Total cash, cash equivalents and restricted cash in the statement of cash flows	$	269,412	$	181,665

Outstanding checks in excess of funds on deposit (book overdrafts) totaled $20.7 million and $23.2 million at January 31, 2026 and February 1, 2025, respectively, and are reflected in accounts payable and book overdrafts in the consolidated balance sheets.

Vendor Rebates and Allowances

Most of the Company’s receivables are due from vendors. Receivables are stated net of an allowance for estimated credit losses, which is determined by continually evaluating individual receivables, the vendor’s financial condition and current and expected economic conditions. The additions and deductions to the allowance for estimated credit losses were not material for all periods presented.

The Company receives vendor allowances, primarily in the form of cooperative advertising reimbursements, rebate incentives, prompt purchase discounts, and vendor compliance charges pursuant to agreements with certain vendors. Substantially all vendor allowances are initially deferred as a reduction of the cost of inventory purchased and recorded as a reduction to cost of sales in the consolidated statements of operations as the inventory is sold. Vendor rebates and allowances that are identified as specific, incremental and identifiable costs incurred by the Company in selling the vendors’ products are classified as a reduction of selling, general and administrative expenses in the consolidated statements of operations as the costs are incurred, as the related costs are also classified as selling, general and administrative expenses.

Merchandise Inventories

Merchandise inventories represent finished goods and are stated at the lower of cost or net realizable value. Cost is determined by the average-cost method and includes inbound freight charges. Physical inventories are performed on a regular basis at pet care center locations and cycle counts are performed for inventory at distribution centers. During the period between counts at pet care center locations, the Company accrues for estimated losses related to inventory shrinkage based on historical inventory shrinkage results and current trends in the business. Inventory shrinkage may occur due to theft, loss, or the deterioration of goods, among other reasons. The Company assesses its inventory for estimated obsolescence or unmarketable inventory and writes down the difference between the cost of inventory and the estimated market value based upon historical mark-downs, supply on-hand and assumptions about future sales.

Fixed Assets

Fixed assets are stated at cost or fair value as of the date of the Acquisition less accumulated depreciation and amortization. Pet care center facilities and equipment under finance leases are recorded at the present value of lease payments at the inception of the lease. Maintenance and minor repairs are expensed as incurred.

Buildings, equipment, furniture and fixtures are depreciated using the straight-line method over the estimated useful life of the asset. Leasehold and building improvements are amortized using the straight-line method over the term of the lease or the estimated useful life of the improvement, whichever is shorter. Land is not depreciated. Amortization of fixed assets financed through finance leases is included in depreciation and amortization expense.

The Company’s fixed assets are generally depreciated or amortized using the following estimated useful lives:


Buildings		30 years
Equipment		3 to 7 years
Furniture and fixtures		4 to 7 years
Leasehold and building improvements		5 to 10 years

Costs incurred to develop internal-use software during the application development stage, which include costs to design the software configuration and interfaces, coding, installation and testing, are capitalized and reported at cost, less accumulated amortization. Costs of significant upgrades and enhancements that result in additional functionality are also capitalized, whereas costs incurred for maintenance and minor upgrades and enhancements are expensed as incurred. Software and capitalized development costs are included in the Company’s equipment fixed asset category and are amortized using the straight-line method over the estimated useful life of the asset.

The Company assesses its fixed assets, including internal-use software, for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The review of recoverability is based on estimates of the undiscounted future cash flows expected to be generated by an asset (or group of assets) at a pet care center level. If impairment exists due to the inability to recover the asset’s carrying value, impairment losses are measured as the amount by which the asset’s carrying value exceeds its fair value using the income approach and are recorded as a reduction of the related asset and charged to the consolidated statements of operations.

Goodwill

Goodwill represents the excess of the cost of acquired businesses over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill is not amortized. The Company performs its annual impairment test during the fourth quarter of each fiscal year, or more frequently when warranted by events or changes in circumstances. The Company has the option to first perform a qualitative assessment of its goodwill to determine whether it is necessary to perform a quantitative impairment test. If the Company concludes it is more likely than not that its goodwill is impaired, management evaluates the recoverability of goodwill by comparing the carrying value of the Company’s reporting unit to the fair value. An impairment charge is recorded for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the loss recognized not exceeding the total amount of goodwill allocated to that reporting unit. The Company has one reporting unit. In cases where the quantitative test is performed, the fair value of the Company’s reporting unit is estimated by management with the assistance of a third party valuation firm. Significant assumptions used in the determination of fair value of the reporting unit generally include prospective financial information, discount rates, terminal growth rates and earnings multiples.

Trade Name

The Company’s trade name has an indefinite life. The Company performs its annual impairment test during the fourth quarter of each fiscal year, or more frequently when warranted by events or changes in circumstances. The Company also has the option to first perform a qualitative assessment of its trade name to determine whether it is necessary to perform a quantitative impairment test. In cases where the quantitative test is performed, the fair value of the Company’s trade name is estimated by management with the assistance of a third party valuation firm. Significant assumptions used in the determination of fair value of the trade name generally include prospective financial information, growth rates, discount rates and comparable multiples from publicly traded companies in similar industries. An impairment charge is recorded for the amount by which the carrying amount of the trade name exceeds its fair value.

Joint Ventures, Equity Method Investments, and Variable Interest Entities

Investments for which the Company exercises significant influence but does not have control are accounted for under the equity method. Equity method investment activity is primarily related to a 50% joint venture with Grupo Gigante, S.A.B. de C.V. (the “Mexico joint venture”) to establish Petco locations in Mexico. The Company’s share of the investee’s results is presented as either income or loss from equity method investees in the accompanying consolidated statements of operations.

The equity method of accounting is applicable for the Mexico joint venture as the Company does not own more than 50% of voting power or exercise control, but has significant influence over the operation and financial policies of the investee. The joint venture is not material to the Company’s consolidated financial statements.

The Mexico joint venture purchases certain inventory items and pet care center assets from the Company. The Company also receives royalties from the Mexico joint venture for the use of its trademarks. Revenues generated from these transactions were not material in fiscal 2025, 2024, and 2023. The cumulative unrealized foreign currency adjustment on the translation of the Company’s investment in the joint venture is recorded in accumulated other comprehensive income (“AOCI”), net of tax in the consolidated balance sheets.

Fair Value Measurements

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which the Company would conduct a transaction, in addition to the assumptions that market participants would use when pricing the related assets or liabilities, including non-performance risk.

A three-level hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements).

The three levels of the fair value hierarchy are as follows:


Level 1 —	Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 —	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 —	Unobservable inputs for the asset or liability.

The carrying amounts of the Company’s cash and cash equivalents, accounts receivable, trade accounts payable, and accrued expenses and other current liabilities approximate fair value based on the short-term maturities of these instruments.

Refer to Notes 7, 8 and 9 for fair value disclosures for the senior secured term credit facilities, derivatives, and other types of assets and liabilities measured at fair value, respectively.

Self-Insurance Reserves

The Company is self-insured for workers’ compensation, general, auto liability and employee-related health care benefits, a portion of which is paid by the Company’s employees. Additionally, the Company has insurance coverage to limit its exposure above a per occurrence retention limit. These insurance policies have stated maximum coverage limits after which the Company bears the risk of loss. The Company determines the related liabilities using a number of factors including historical experience and trends related to claims and payments, information provided by the Company’s insurance brokers and actuaries, an estimate of incurred but not reported claims and industry experience and trends. Estimates of future claim costs for workers’ compensation, general, auto liability and employee-related health care benefits are recorded on an undiscounted basis. All estimates of ultimate loss and loss adjustment expense and resulting reserves are subject to inherent variability caused by the nature of the insurance process. The potentially long period of time between the reporting of an occurrence of an incident and the final resolution of a claim and the possible effects of changes in the legal, social and economic environments contribute to this variability. The Company reports self-insurance liabilities gross of insurance recoveries. As of January 31, 2026, insurance recoveries of $6.5 million and $12.6 million were recorded in other current assets and other long-term assets, respectively. As of February 1, 2025, insurance recoveries of $6.1 million and $13.2 million were recorded in other current assets and other long-term assets, respectively.

Self-insurance reserves are reflected in the consolidated balance sheets as follows (in thousands):


	January 31, 2026		February 1, 2025
Current:
Workers’ compensation and employee-related health care benefits reserves	$	39,634	$	33,564
General and auto liability reserves		7,904		6,899
	$	47,538	$	40,463
Non-current:
Workers’ compensation reserve	$	30,368	$	32,253
General and auto liability reserves		17,912		18,550
	$	48,280	$	50,803

The current portion and non-current portion of self-insurance reserves for workers’ compensation and employee-related health care benefits are included in accrued salaries and employee benefits and other long-term liabilities, respectively, in the consolidated balance sheets. The current portion and non-current portion of self-insurance reserves for general and auto liability costs are included in accrued expenses and other liabilities and other long-term liabilities, respectively, in the consolidated balance sheets.

Revenue Recognition

The Company recognizes revenue when control of promised goods or services is transferred to customers, in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services.

See Note 2 for further discussion on revenue recognition.

Cost of Sales

Cost of sales includes the following types of expenses:

•

Direct costs (net of vendor rebates, allowances and discounts for products sold) including inbound freight charges;

•

Shipping and handling costs associated with sales to customers;

•

Freight costs associated with moving merchandise inventories;

•

Inventory shrinkage costs and write-downs;

•

Payroll and benefit costs of pet groomers, trainers, veterinarians and other direct costs of services; and

•

Costs associated with operating the Company’s distribution centers including payroll and benefits, occupancy costs, and depreciation

Selling, General and Administrative Expenses

Selling, general and administrative expenses include the following types of expenses:

•

Payroll and benefit costs of pet care center and corporate employees;

•

Occupancy and operating costs of pet care center and corporate facilities;

•

Depreciation and amortization related to pet care center and corporate assets;

•

Credit card fees;

•

Store pre-opening and remodeling costs;

•

Advertising costs; and

•

Other selling and administrative costs

Advertising Expenses

The Company records advertising expense as incurred and classifies advertising costs within selling, general and administrative expenses in the consolidated statements of operations. The Company’s advertising expenses were $157.8 million, $156.1 million, and $194.4 million for fiscal 2025, 2024, and 2023, respectively.

Leases

The majority of the Company’s lease liabilities are real estate operating leases from which pet care center, corporate support, and distribution operations are conducted. The Company also leases equipment, vehicles, and certain pet care center locations under finance leases. Lease terms generally do not include options to terminate the lease and only include options to extend the lease, if it is reasonably certain that the option will be exercised. For any lease with an initial term in excess of 12 months, the related lease assets and liabilities are recognized on the consolidated balance sheet as an operating or finance lease at the commencement of the lease agreement. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term.

Operating lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized based on the present value of future payments over the lease term at the commencement date. The Company uses a collateralized incremental borrowing rate based on the information available at the commencement date to determine the present value of future payments. Operating leases typically require payment of certain non-lease costs, such as real estate taxes, common area maintenance and insurance. These components comprise the majority of the Company’s variable lease costs and are excluded from the present value of lease liabilities unless an event occurs that results in the payments becoming fixed for the remaining term. The remaining lease and non-lease components are accounted for together as a single lease component for all underlying classes of assets. Operating lease assets are adjusted for lease incentives, initial direct costs, impairments, and exit or disposal costs.

Operating lease costs are recognized on a straight-line basis from the commencement date to the end of the lease term. Operating lease costs relating to distribution centers are included in cost of sales, and operating lease costs relating to pet care center and corporate support locations are included in selling, general and administrative expenses in the consolidated statements of operations. Amortization on finance lease right-of-use assets relating to distribution centers are included in cost of sales, and amortization on finance lease right-of-use assets relating to pet care center and corporate support locations are included in selling, general and administrative expenses in the consolidated statements of operations. Interest on finance lease right-of-use assets is included in interest expense in the consolidated statements of operations. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company records contractual obligations associated with the retirement of long-lived assets at their fair value at the time the obligations are incurred. These obligations arise from certain leases and primarily relate to the cost of removing leasehold improvements and certain fixtures from such lease sites and restoring the sites to their original condition. Upon initial recognition of the liability, that cost is capitalized as part of the related long-lived asset and depreciated on a straight-line basis over the estimated useful life of the asset. Activity related to these obligations in fiscal 2025, 2024, and 2023 was not material. The Company’s asset retirement obligation was $6.7 million and $6.4 million at January 31, 2026 and February 1, 2025, respectively, and is included in other long-term liabilities in the consolidated balance sheets.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that includes the enactment date. Valuation allowances, if any, are recorded against net deferred tax assets when it is considered more likely than not that some portion or all of a deferred tax asset may not be recoverable. Refer to Note 12 for further disclosures of the Company’s income taxes.

Management regularly evaluates the likelihood of recognizing the benefit for income tax positions it has taken in various federal and state filings by considering relevant facts, circumstances and information available. The authoritative guidance clarifies the accounting for income taxes by prescribing a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold for recognizing the benefit of a tax position is that such position is more likely than not to be sustained upon examination by the taxing authority, including resolution of any related appeals or litigation processes, and is based on the technical merits of the position.

Equity-Based Compensation

Equity-based compensation cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense on a straight-line basis over the vesting period of the award, which is also the requisite service period, based upon the corresponding vesting method and probability of vesting (Note 11). The Company recognizes the effect of pre-vesting forfeitures as they occur.

Derivative Instruments

In November 2022, the Company entered into a series of interest rate cap agreements to limit the maximum interest on a portion of the Company’s variable-rate debt and decrease its exposure to interest rate variability relating to the three-month Secured Overnight Financing Rate as published by CME Group ("Term SOFR"). The interest rate caps became effective December 30, 2022 and expired on December 31, 2024. The interest rate caps were accounted for as cash flow hedges, and changes in the fair value of the interest rate caps are reported as a component of accumulated other comprehensive income (loss) ("AOCI").

The Company has also entered into interest rate collar and interest rate swap agreements to limit the maximum interest on a portion of the Company’s variable-rate debt and decrease its exposure to interest rate variability relating to three-month Term SOFR. The interest rate collars and swap are accounted for as cash flow hedges, and changes in the fair value are reported as a component of AOCI.

Refer to Note 8 for further disclosures of the Company’s derivative instruments and hedging activities.

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency of income tax matters within financial statements. The ASU requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. The Company adopted this ASU effective January 31, 2026. The adoption did not have any impact on the Company’s consolidated financial statements, outside of the enhanced disclosures in Note 12, "Income Taxes."

In November 2024, the FASB issued ASU No. 2024-03 – Income Statement (Subtopic 220-40): Expense Disaggregation Disclosures, which is intended to improve disclosures on the nature of expenses included in the income statement. The ASU requires additional disclosures about specific expense categories in the notes to financial statements at interim and annual reporting periods, including purchases of inventory, employee

compensation, depreciation, amortization, and depletion. ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of this accounting standard on the Company's consolidated financial statements and related disclosures.

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Jan. 31, 2026	Feb. 03, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Anti-dilutive shares excluded from computation of diluted shares outstanding		16,100,000
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense		$ 33.2
Unrecognized compensation expense, expected to be recognized over weighted average period		2 years
Share-based Payment Arrangement, Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense		$ 8.7
Unrecognized compensation expense, expected to be recognized over weighted average period		1 year 8 months 12 days
Expire period		10 years
Anniversaries of Grant Date \| RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of restricted shares vested		34.00%
Anniversaries of Grant Date \| Share-based Payment Arrangement, Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of restricted shares vested		34.00%
Four Equal Semi-Annual Installments \| RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of restricted shares vested		16.50%
Four Equal Semi-Annual Installments \| Share-based Payment Arrangement, Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of restricted shares vested		16.50%
2021 Equity Incentive Plan \| Share-based Payment Arrangement, Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option awards were granted		3,050,000	0
2016 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of additional shares awarded		0
Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employee stock purchase plan maximum percentage of earnings to purchase shares by eligible participants		15.00%
Purchase price as a percentage of the lesser of the market value of such shares at either the lookback date or last day of related purchase period		85.00%
Class A Common Stock \| Executive
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years
Class A Common Stock \| Equity Based Employment Inducement Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, available for issuance future equity based compensation		23,200,000
Class A Common Stock \| ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, available for issuance future equity based compensation		2,900,000
Class A Common Stock \| Anniversaries of Grant Date \| Executive
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of restricted shares vested	50.00%
Class A Common Stock \| 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, available for issuance future equity based compensation		34,500,000

Leases - Schedule of Components of Total Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Leases [Abstract]
Operating lease cost	$ 411,812	$ 414,396	$ 429,056
Finance lease cost:
Amortization of right-of-use lease assets	4,709	4,524	5,838
Interest on lease liabilities	799	884	1,250
Variable lease cost	126,290	128,716	119,361
Sublease income	(1,060)	(1,508)	(2,241)
Total lease cost	$ 542,550	$ 547,012	$ 553,264

Stockholders' Equity - Schedule of RSUs (Details) - RSUs - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Nonvested	12,180
Shares Granted	15,713
Shares Vested and delivered	(4,645)
Shares Forfeited/expired	(3,403)
Shares Nonvested	19,845	12,180
Weighted average grant date fair value per share, Nonvested	$ 3.94
Weighted average grant date fair value per Share, Granted	2.45
Weighted average grant date fair value per Share, Vested and delivered	4.67
Weighted average grant date fair value per Share, Forfeited/expired	2.81
Weighted average grant date fair value per share, Nonvested	$ 2.59	$ 3.94
Weighted average remaining contractual life (years), Nonvested	1 year 2 months 12 days	1 year 4 months 24 days
Aggregate intrinsic value, Nonvested	$ 53,383	$ 41,656

Leases - Schedule of Maturities of Operating and Finance Lease Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Operating leases
2026	$ 414,719
2027	346,852
2028	292,219
2029	209,608
2030	141,853
Thereafter	285,991
Total lease payments	1,691,242
Less imputed interest	(323,975)
Present value of lease payments	1,367,267
Less current portion	(320,082)	$ (306,400)
Lease liabilities, excluding current portion	1,047,185	1,037,206
Total lease payments	1,691,242
Finance leases
2026	5,139
2027	2,930
2028	1,444
2029	627
2030	493
Thereafter	0
Total lease payments	10,633
Less imputed interest	(950)
Present value of lease payments	9,683
Less current portion	(4,608)	(5,346)
Lease liabilities, excluding current portion	5,075	$ 8,447
Total lease payments	$ 10,633

Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025
Goodwill, Impaired, Accumulated Impairment Loss [Abstract]
Goodwill, beginning balance	$ 980,064	$ 980,297
Activity from divestiture	0	(233)
Goodwill, ending balance	$ 980,064	$ 980,064

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
-Section 55
-Paragraph 41
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-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 49
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 45
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Current assets:
Cash and cash equivalents	$ 256,736	$ 165,756
Receivables, less allowance for credit losses ($779 and $1,594, respectively)	45,812	40,425
Merchandise inventories, net	590,210	653,329
Prepaid expenses	51,747	53,515
Other current assets	75,281	60,594
Total current assets	1,019,786	973,619
Fixed assets, net	656,148	725,438
Operating lease right-of-use assets	1,288,593	1,302,346
Goodwill	980,064	980,064
Trade name	1,025,000	1,025,000
Other long-term assets	203,834	187,963
Total assets	5,173,425	5,194,430
Current liabilities:
Accounts payable and book overdrafts	450,552	492,878
Accrued salaries and employee benefits	154,148	157,460
Accrued expenses and other liabilities	204,751	177,079
Current portion of operating lease liabilities	320,082	306,400
Current portion of long-term debt and other lease liabilities	4,608	5,346
Total current liabilities	1,134,141	1,139,163
Senior secured credit facilities, net, excluding current portion	1,488,527	1,578,091
Operating lease liabilities, excluding current portion	1,047,185	1,037,206
Deferred taxes, net	234,911	217,712
Other long-term liabilities	104,407	108,628
Total liabilities	4,009,171	4,080,800
Commitments and contingencies (Notes 7 and 14)
Stockholders' equity:
Preferred stock, $0.001 par value: Authorized - 25.0 million shares; Issued and outstanding - none
Additional paid-in-capital	2,312,354	2,280,495
Accumulated deficit	(1,139,993)	(1,149,059)
Accumulated other comprehensive loss	(8,389)	(18,083)
Total stockholders’ equity	1,164,254	1,113,630
Total liabilities and stockholders' equity	5,173,425	5,194,430
Class A Common Stock
Stockholders' equity:
Common stock value	244	239
Class B-1 Common Stock
Stockholders' equity:
Common stock value	38	38
Class B-2 Common Stock
Stockholders' equity:
Common stock value

Senior Secured Credit Facilities - Applicable Margin for Term SOFR Loans and Base Rate Loans based on Average Historical Excess Availability (Details) - Amended Revolving Credit Facility	12 Months Ended
	Jan. 31, 2026
Applicable Margin for Term SOFR Loans \| Less than 33.3% of the Line Cap
Line Of Credit Facility [Line Items]
Applicable Margin Rate for Loans based on Average Historical Excess Availability	1.75%
Applicable Margin for Term SOFR Loans \| Less than 66.7% but Greater than or Equal to 33.3% of the Line Cap
Line Of Credit Facility [Line Items]
Applicable Margin Rate for Loans based on Average Historical Excess Availability	1.50%
Applicable Margin for Term SOFR Loans \| Greater than or Equal to 66.7% of the Line Cap
Line Of Credit Facility [Line Items]
Applicable Margin Rate for Loans based on Average Historical Excess Availability	1.25%
Applicable Margin for Base Rate Loans
Line Of Credit Facility [Line Items]
Applicable Margin Rate for Loans based on Average Historical Excess Availability	0.25%
Applicable Margin for Base Rate Loans \| Less than 33.3% of the Line Cap
Line Of Credit Facility [Line Items]
Applicable Margin Rate for Loans based on Average Historical Excess Availability	0.75%
Applicable Margin for Base Rate Loans \| Less than 66.7% but Greater than or Equal to 33.3% of the Line Cap
Line Of Credit Facility [Line Items]
Applicable Margin Rate for Loans based on Average Historical Excess Availability	0.50%
Applicable Margin for Base Rate Loans \| Greater than or Equal to 66.7% of the Line Cap
Line Of Credit Facility [Line Items]
Applicable Margin Rate for Loans based on Average Historical Excess Availability	0.25%

Stockholders' Equity - Black-Scholes Assumptions for Options (Details) - Share-based Payment Arrangement, Option - $ / shares	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility	69.30%
Expected volatility, minimum		59.10%
Expected volatility, maximum		66.10%
Risk-free interest rate	4.00%
Risk-free interest rate, minimum		4.10%
Risk-free interest rate, maximum		4.50%
Expected term	5 years 10 months 24 days
Grant date fair value per share	$ 2.46
Estimated fair value per option granted	$ 1.59
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term		5 years 1 month 6 days
Grant date fair value per share		$ 2.11
Estimated fair value per option granted		$ 0.72
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term		7 years 6 months
Grant date fair value per share		$ 3.58
Estimated fair value per option granted		$ 2.2

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Total net sales	$ 5,961,467	$ 6,116,462	$ 6,255,284
Total cost of sales	3,656,395	3,792,060	3,901,449
Gross profit	2,305,072	2,324,402	2,353,835
Selling, general and administrative expenses	2,184,639	2,317,351	2,311,625
Goodwill impairment	0		1,222,524
Operating income (loss)	120,433	7,051	(1,180,314)
Interest income	(6,305)	(3,714)	(3,405)
Interest expense	131,199	143,531	150,909
Loss on partial extinguishment of debt	565		920
Other non-operating income	0	(4,800)	(4,727)
Loss before income taxes and income from equity method investees	(5,026)	(127,966)	(1,324,011)
Income tax expense (benefit)	6,266	(7,481)	(27,613)
Income from equity method investees	(20,358)	(18,669)	(16,188)
Consolidated net income (loss)	9,066	(101,816)	(1,280,210)
Net income (loss) attributable to Class A and B-1 common stockholders	$ 9,066	$ (101,816)	$ (1,280,210)
Net income (loss) per Class A and B-1 common share:
Basic	$ 0.03	$ (0.37)	$ (4.78)
Diluted	$ 0.03	$ (0.37)	$ (4.78)
Weighted average shares used in computing net income (loss) per Class A and B-1 common share:
Basic	279,555	273,410	267,549
Diluted	286,148	273,410	267,549
Products
Total net sales	$ 4,936,323	$ 5,116,891	$ 5,273,710
Total cost of sales	3,028,909	3,173,269	3,269,628
Services and other
Total net sales	1,025,144	999,571	981,574
Total cost of sales	$ 627,486	$ 618,791	$ 631,821

Composition of Balance Sheet Accounts

12 Months Ended

Jan. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Composition of Balance Sheet Accounts

4. Composition of Balance Sheet Accounts

Fixed Assets, Net

Fixed assets, net, consisted of the following (in thousands):


	January 31, 2026			February 1, 2025
Equipment	$	1,116,016		$	1,046,993
Leasehold improvements		813,911			779,757
Furniture and fixtures		437,500			426,113
Buildings and related improvements		10,663			12,816
Land		118			236
		2,378,208			2,265,915
Less accumulated depreciation		(1,722,060	)		(1,540,477	)
	$	656,148		$	725,438

Accrued Salaries and Employee Benefits

Accrued salaries and employee benefits consisted of the following (in thousands):


	January 31, 2026		February 1, 2025
Accrued compensation and related taxes	$	90,821	$	101,548
Self-insurance reserves		39,634		33,564
Accrued paid time-off		23,693		22,348
	$	154,148	$	157,460

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	January 31, 2026		February 1, 2025
Deferred revenue	$	31,446	$	29,564
Accrued real estate taxes		28,059		28,079
Sales taxes payable		19,969		15,883
Accrued advertising		19,230		12,844
Accrued capital expenditures		15,714		12,268
Other accrued expenses and liabilities		90,333		78,441
	$	204,751	$	177,079

Other Long-Term Liabilities

Other long-term liabilities consisted of the following (in thousands):


	January 31, 2026		February 1, 2025
Self-insurance reserves	$	48,280	$	50,803
Other liabilities		56,127		57,825
	$	104,407	$	108,628

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Income Tax Disclosure [Line Items]
Income taxes paid, net of refunds	$ 5,833	$ 34,800	$ 32,200
Operating loss carryforwards	5,700
Net interest expense carryforward	189,300
Unrecognized tax benefits	19,726	16,421	$ 16,421
Unrecognized tax benefits that would impact effective tax rate	4,200
Unrecognized tax benefits to net deferred tax liability	15,500
Unrecognized tax benefits, accrued for interest and penalties	9,200
Unrecognized tax benefits, interest and penalties		$ 2,500
Mexico
Income Tax Disclosure [Line Items]
Income taxes paid, net of refunds	2,100
Puerto Rico
Income Tax Disclosure [Line Items]
Income taxes paid, net of refunds	1,400
State
Income Tax Disclosure [Line Items]
Operating loss carryforwards	1,900
Deferred tax asset, operating loss carryforwards	101,400
Deferred tax asset, tax credit carryforwards	6,100
State \| Georgia
Income Tax Disclosure [Line Items]
Tax credits carryforward	$ 300
Tax credit carryforward expiration year	2026
State \| California
Income Tax Disclosure [Line Items]
Tax credit unlimited carryforward	$ 7,400
Texas
Income Tax Disclosure [Line Items]
Income taxes paid, net of refunds	900
Oregon
Income Tax Disclosure [Line Items]
Income taxes paid, net of refunds	$ 700

Reportable Segment - Additional Information (Details)	12 Months Ended
Reportable Segment - Additional Information (Details)	Jan. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segment	1

Revenue Recognition

12 Months Ended

Jan. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

2. Revenue Recognition

The Company generates revenue primarily from the sale of products and services. Revenue is recognized when the control of promised goods or services is transferred to customers, in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. Control refers to the ability of the customer to direct the use of, and obtain substantially all of, the remaining benefits from the goods or services.

Net sales by product type and services were as follows (in thousands):


	Fiscal years ended
	January 31, 2026		February 1, 2025		February 3, 2024
	(52 weeks)		(52 weeks)		(53 weeks)
Consumables	$	2,968,321	$	3,043,178	$	3,063,845
Supplies and companion animals		1,968,002		2,073,713		2,209,865
Services and other		1,025,144		999,571		981,574
Net sales	$	5,961,467	$	6,116,462	$	6,255,284

For all contracts with customers, the Company evaluates whether it is the principal (i.e., to report revenue on a gross basis) or agent (i.e., to report revenue on a net basis). Generally, the Company is the principal in its contracts with customers as it controls the related goods or services before they are transferred to the customer.

Revenue from product sales and services is reported net of sales refunds, which includes an estimate of future returns based on historical refund rates, with a corresponding reduction to cost of sales. The Company records a refund liability for sales returns, which is included in accrued expenses and other liabilities, and a corresponding asset for anticipated cost recoveries, which is included in other current assets. The Company’s refund liability and expected cost recoveries were not material as of January 31, 2026 and February 1, 2025. There is inherent judgment in estimating future refunds as they are susceptible to factors outside of the Company’s influence. The Company has significant experience in estimating the amount of refunds based primarily on historical data.

Revenue is recognized net of applicable sales tax in the consolidated statements of operations. Sales tax liability is included in accrued expenses and other liabilities in the consolidated balance sheets.

The Company’s contract liabilities primarily relate to product merchandise not yet delivered to customers, unredeemed gift cards, services not yet completed, and options that provide a material right to customers, such as its customer loyalty program. Substantially all of the Company’s remaining performance obligations have an original expected duration of one year or less. The Company did not have any material contract assets as of January 31, 2026 and February 1, 2025.

Product Revenue

Product revenue is recognized when control passes, which generally occurs at a point in time when the customer completes a transaction in a pet care center and receives the merchandise. The Company’s payment terms are typically at the point of sale.

For transactions initiated online, customers choose whether to have it delivered to them (using third-party parcel delivery companies) or to collect their merchandise from one of the Company’s pet care centers (“buy online, pick up in store,” or “BOPUS”). For items delivered directly to the customer, control passes and revenue is recognized when delivery has been completed to the customer, as title has passed and possession has transferred to

the customer. For BOPUS sales, control passes and revenue is recognized once the customer has taken possession of the merchandise. Any fees charged to customers for delivery (such as shipping and handling) are a component of the transaction price and are recognized when delivery has been completed. The Company uses delivery information to determine when to recognize revenue for products and any related delivery fee revenue.

Service Revenue

The Company recognizes service revenue from pet grooming, veterinary care, and certain other in-store services once the service is completed, as this is when the customer has the ability to direct the use of and obtain the benefits of the service. Payment terms are typically at the point of sale, but may also occur upon completion of the service. The Company’s service contracts are primarily with retail and veterinary customers.

The Company recognizes service revenue from dog training packages ratably over the life of the contract, as this pattern best depicts when customers use the services provided and, accordingly, when delivery of the performance obligation occurs.

Gift Cards

The Company sells its own gift cards to customers in its pet care centers, online, and through select third parties. The Company recognizes revenue from gift cards when gift cards are redeemed by the customer. The Company also recognizes revenue for the portion of gift card values that is not expected to be redeemed (“breakage”). Breakage is estimated based upon historical redemption patterns and other factors, such as laws and regulations applicable to each jurisdiction. There is judgment in assessing redemption patterns and the ultimate value of gift cards that is not expected to be redeemed.

Sales Incentives and Customer Loyalty Program

The Company has a customer loyalty program that allows members to earn points for each qualifying purchase. Points earned enable members to receive a certificate that may be redeemed on future purchases generally within 45 days of the issuance date. The loyalty program points represent customer options that provide a material right and, accordingly, are performance obligations for each applicable contract. The relative standalone selling price of points earned by loyalty program members is deferred and included as part of accrued expenses and other liabilities in the consolidated balance sheets based on the amount of points that are projected to be redeemed, subject to breakage. The Company’s contract liabilities for its customer loyalty program were not material as of January 31, 2026 and February 1, 2025. Revenue is recognized for these performance obligations as actual redemptions occur and the Company updates its estimate of the amount of points that are projected to be redeemed. There is judgment in assessing redemption patterns and the ultimate value of points that is not expected to be redeemed.

The Company issues coupons that are not earned in conjunction with a purchase of a product or service, typically as part of targeted marketing activities. Additionally, the Company issues coupons in conjunction with the purchase of products or services. However, these coupons typically do not materially exceed the range of discounts given to similar customers and do not confer a material right. In both of these cases, these are not performance obligations and are instead recognized as a reduction of the transaction price when redeemed by the customer.

The Company sells annual membership plans that include access to benefits such as vet exams, percentage discounts on certain products and services and additional loyalty program points. The Company allocates the transaction price to all performance obligations identified in the contract based on their relative fair values. Performance obligations provided over the term of the contract are recognized as revenue on a usage basis. This involves the estimation of expected usage patterns, primarily derived from historical information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders' Equity

12 Months Ended

Jan. 31, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity

11. Stockholders’ Equity

Equity-based compensation awards under the Company’s current equity incentive plan (as amended, the “2021 Equity Incentive Plan”) include restricted stock units (“RSUs,” which include performance-based stock units), restricted stock awards (“RSAs”), non-qualified stock options, and other equity compensation awards. In addition, the Company has made equity-based compensation awards of RSUs and non-qualified stock options outside of the 2021 Equity Incentive Plan as employment inducement awards (collectively, the “Inducement Awards”). The Company also has an employee stock purchase plan (“ESPP”).

The Company issues new shares of Class A common stock upon exercise of stock options and the vesting of restricted stock units. As of January 31, 2026, there were 34.5 million shares of Class A common stock available for issuance pursuant to future equity-based compensation awards under the 2021 Equity Incentive Plan and 23.2 million shares of Class A common stock available for issuance pursuant to future equity-based employment inducement awards.

The Company’s controlling parent, Scooby LP, also maintains an incentive plan (the “2016 Incentive Plan”) under which it has awarded partnership unit awards to certain current and former employees, consultants, and non-employee directors of the Company that are restricted profit interests in Scooby LP subject to a distribution threshold (“Series C Units”). No additional Series C Units have been or will be awarded following the Company’s initial public offering. As of January 31, 2026, substantially all Series C Units are fully vested.

The following table summarizes the Company’s equity-based compensation expense by award type (in thousands):


	Fiscal years ended
	January 31, 2026		February 1, 2025		February 3, 2024
	(52 weeks)		(52 weeks)		(53 weeks)
RSUs and RSAs	$	25,548	$	34,726	$	57,619
Options		5,565		12,231		16,586
ESPP		1,529		1,838		1,474
Other awards		8		1,417		6,180
Total equity-based compensation expense	$	32,650	$	50,212	$	81,859
Total related tax benefit	$	5,695	$	7,341	$	11,473

RSUs and RSAs

The Company has time-vested RSUs, performance-based RSUs, and market-based RSUs. Time-vested RSUs are awarded to eligible employees and non-employee directors and entitle the grantee to receive shares of Class A

common stock at the end of a vesting period, subject solely to the individual’s continued employment or service as a director. In most cases, 34% of the units becomes vested on the anniversary of the grant date, followed by 16.5% of the units in four equal semi-annual installments thereafter. Performance-based RSUs are awarded to eligible employees and entitle the grantee to receive shares of Class A common stock if the Company achieves specified performance goals during the performance period and the grantee remains employed through the vesting period. Market-based RSUs are awarded to eligible employees and entitle the grantee to receive shares of Class A common stock if the total shareholder return goals are achieved and the grantee remains employed through the vesting period.

RSU activity under the 2021 Equity Incentive Plan was as follows (in thousands, except per share and contractual life amounts):


	Shares			Weighted average grant date fair value per share		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Nonvested, February 1, 2025		12,180		$	3.94		1.4	$	41,656
Granted		15,713			2.45
Vested and delivered		(4,645	)	4.67
Forfeited/expired		(3,403	)		2.81
Nonvested, January 31, 2026		19,845		$	2.59		1.2	$	53,383

As of January 31, 2026, unrecognized compensation expense related to unvested RSUs was $33.2 million, which is expected to be recognized over a weighted average period of approximately 2.0 years.

RSA activity has not been material and relates to an RSA of Class A common stock granted to an executive in March 2021. For this grant, 50% of the RSA vested on each of the first two anniversaries of the grant date.

Options

The Company provides stock option grants, which are time-vested, as a form of employee compensation. In most cases, 34% of the options generally becomes vested on the anniversary of the grant date, followed by 16.5% of the options in four equal semi-annual installments thereafter. Stock options generally expire 10 years from the grant date.

Stock option activity under the 2021 Equity Incentive Plan was as follows (in thousands, except per share and contractual life amounts):


	Shares subject to options			Weighted average exercise price per share		Weighted average remaining contractual life (years)		Aggregate intrinsic value
Outstanding, February 1, 2025		11,685		$	6.99		8.8	$	-
Granted		3,050			2.46
Exercised		—			—
Forfeited/expired		(1,173	)		11.51
Outstanding, January 31, 2026		13,562		$	5.58		8.3	$	644
Exercisable, January 31, 2026		7,491		$	6.37	8.0		$	-

No stock option awards were granted in fiscal 2023. The fair value of stock option awards granted in fiscal 2025 and 2024 was estimated at the grant dates using the Black-Scholes option pricing model with the following assumptions:


	Fiscal year ended	Fiscal year ended
	January 31, 2026	February 1, 2025
	(52 weeks)	(52 weeks)
Dividend yield	0.0%	0.0%
Expected volatility (1)	69.3%	59.1% - 66.1%
Risk-free interest rate (2)	4.0%	4.1% - 4.5%
Expected term (3)	5.9 years	5.1 to 7.5 years
Grant date fair value per share	$2.46	$2.11 - $3.58
Estimated fair value per option granted	$1.59	$0.72 - $2.20

(1)

The expected volatility was estimated based on the historical volatility of the Company for a term consistent with the expected term of the stock options.

(2)

The risk-free interest rates were based on the U.S. Treasury constant maturity interest rate for a term consistent with the expected term of the stock options.

(3)

The expected term of the stock options represents the estimated period of time until exercise and was calculated using the simplified method.

As of January 31, 2026, unrecognized compensation expense related to unvested options was $8.7 million, which is expected to be recognized over a weighted average period of approximately 1.7 years.

ESPP

The ESPP allows eligible employees to contribute up to 15% of their base earnings towards purchases of Class A common stock, subject to an annual maximum. The purchase price will be 85% of the lower of (i) the fair market value of the stock on the associated lookback date and (ii) the fair market value of the stock on the last day of the related purchase period. As of January 31, 2026, 2.9 million shares of Class A common stock were available for issuance under the ESPP.

Earnings (Loss) Per Share

Shares of Class A common stock and Class B-1 common stock participate equally in the earnings and losses of the Company and have identical rights in distribution. Basic net income (loss) per Class A and B-1 common share is based on the weighted-average Class A and B-1 common shares outstanding during the relevant period. Diluted net income (loss) per Class A and B-1 common share is based on the weighted-average Class A and B-1 common shares outstanding during the relevant period adjusted for the effect of potentially dilutive securities.

Potentially dilutive securities include potential Class A common shares related to outstanding stock options and unvested RSUs, calculated using the treasury stock method. The calculation of diluted shares outstanding excludes options and RSUs where the combination of the exercise price (in the case of options) and the associated unrecognized compensation expense is greater than the average market price of Class A common shares because the inclusion of these securities would be antidilutive.

In fiscal 2025, there were approximately 16.1 million potential shares that were anti-dilutive and excluded from the computation of diluted shares outstanding. In fiscal 2024 and 2023, all outstanding stock options and unvested RSUs were excluded from the calculation of diluted loss per Class A and B-1 common share, as their effect would be antidilutive in a net loss period.

Shares of Class B-2 common stock are not included in the calculation of net income (loss) per share as they only possess voting rights. Unvested RSUs contain forfeitable rights to dividend equivalent units if dividends are paid to holders of Class A and B-1 common stock. Because the dividend equivalent units are forfeitable, unvested RSUs are not considered participating securities.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Derivative Instruments - Summary of Interest Rate Caps Reflected in Consolidated Balance Sheets (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Derivative [Line Items]
Current asset portion of cash flow hedges	$ 0	$ 1,194
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Non-current asset portion of cash flow hedges	$ 0	$ 746
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current liability portion of cash flow hedges	$ (853)	$ (107)
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Non-current liability portion of cash flow hedges	$ 0	$ (554)
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total cash flow hedges	$ (853)	$ 1,279

Accumulated Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Jan. 31, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes In Balances of Each Component in Accumulated Other Comprehensive Income (Loss)

Changes in the balances of each component included in AOCI are presented below (net of tax, in thousands):


	Derivatives			Foreign currency translation adjustment			Total
Balance at January 28, 2023	$	(2,054	)	$	(2,044	)	$	(4,098	)
Other comprehensive income before reclassifications		752			5,534			6,286
Amounts reclassified from AOCI		(367	)	—				(367	)
Other comprehensive income		385			5,534			5,919
Balance at February 3, 2024	$	(1,669	)	$	3,490		$	1,821
Other comprehensive income (loss) before reclassifications		4,303			(21,836	)		(17,533	)
Amounts reclassified from AOCI		(2,371	)	—				(2,371	)
Other comprehensive income (loss)		1,932			(21,836	)		(19,904	)
Balance at February 1, 2025	$	263		$	(18,346	)	$	(18,083	)
Other comprehensive (loss) income before reclassifications		(587	)		10,699			10,112
Amounts reclassified from AOCI		(418	)	—				(418	)
Other comprehensive (loss) income		(1,005	)		10,699			9,694
Balance at January 31, 2026	$	(742	)	$	(7,647	)	$	(8,389	)

Derivative Instruments (Tables)

12 Months Ended

Jan. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedges Reflected in Consolidated Balance Sheets

The cash flow hedges are reflected in the Company’s consolidated balance sheets as follows (in thousands):


Assets (Liabilities)	Balance sheet location	January 31, 2026			February 1, 2025
Current asset portion of cash flow hedges	Other current assets	$	—		$	1,194
Non-current asset portion of cash flow hedges	Other long-term assets		—			746
Current liability portion of cash flow hedges	Accrued expenses and other liabilities		(853	)		(107	)
Non-current liability portion of cash flow hedges	Other long-term liabilities		—			(554	)
Total cash flow hedges		$	(853	)	$	1,279

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Deferred tax assets:
Inventory	$ 20,605	$ 26,215
Accrued employee benefits	33,984	34,917
Net operating losses, state tax credit carryforwards	11,829	11,156
Interest expense limitation carry-forward under IRC §163(j)	61,185	71,098
Capitalized research and experimental costs	12,038	25,397
Lease-related items	351,296	346,120
Other	3,791	7,580
Total deferred tax assets	494,728	522,483
Valuation allowance	(1,904)	(1,920)
Net deferred tax assets	492,824	520,563
Deferred tax liabilities:
Fixed assets	(101,707)	(113,955)
Intangible assets	(257,613)	(253,749)
Debt restructuring	(1,089)	(1,238)
Lease-related items	(332,421)	(336,050)
Investments in joint ventures	(34,020)	(31,308)
Other	(885)	(1,975)
Total deferred tax liabilities	(727,735)	(738,275)
Net deferred tax liability	$ (234,911)	$ (217,712)

Derivative Instruments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Derivative [Line Items]
Unrealized (loss) gain on derivatives	$ (587)	$ 4,303	$ 752
Cash Flow Hedging
Derivative [Line Items]
Pre-tax gain (loss) deferred in reclassified to interest expense	600	3,100	$ 500
Unrealized gains (losses) included in AOCI, before tax	(1,000)	400
Unrealized (loss) gain on derivatives	(800)	$ 300
Estimated losses on interest rate caps deferred in AOCI reclassified to interest expense	$ (100)

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

Reportable Segment - Summary of Segment Information for Company's Operating Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Jan. 31, 2026

Feb. 01, 2025

Feb. 03, 2024

Segment Reporting Information [Line Items]

Revenue

$ 5,961,467

$ 6,116,462

$ 6,255,284

Add (deduct):

Cost of sales

(3,656,395)

(3,792,060)

(3,901,449)

Advertising and marketing expenses

(157,766)

(156,086)

(194,429)

Equity-based compensation

(32,650)

(50,212)

(81,859)

Other general and administrative expenses

^[1]

(1,994,685)

(2,111,053)

(2,035,337)

Goodwill impairment

(1,222,524)

Interest income

6,305

3,714

3,405

Interest expense

(131,199)

(143,531)

(150,909)

Loss on partial extinguishment of debt

(565)

(920)

Other non-operating income

(0)

4,800

4,727

Income tax (expense) benefit

(6,266)

7,481

27,613

Income from equity method investees

20,358

18,669

16,188

Consolidated net income (loss)

9,066

(101,816)

(1,280,210)

General and Administrative

Add (deduct):

Equity-based compensation

$ (32,188)

$ (50,212)

$ (81,859)

[1]	Other general & administrative expenses include pet care center expenses, support center labor and occupancy costs, legal, accounting, information technology, and consulting costs, and depreciation and amortization.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 31, 2026 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 9B. Other Information. On November 28, 2025, our Chief Financial Officer, Sabrina Simmons, adopted a Rule 10b5-1 trading arrangement providing for the potential sale of up to 957,398 shares of Class A common stock through November 2026, subject to specified price conditions. No other director or executive officer adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as such terms are defined in Item 408 of Regulation S-K) during the quarter ended January 31, 2026.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Sabrina Simmons [Member]
Trading Arrangements, by Individual
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 28, 2025
Aggregate Available	957,398

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Statement of Stockholders' Equity [Abstract]
Foreign currency translation adjustment, net of tax	$ 3,726	$ (7,605)	$ 1,932
Unrealized gain (loss) on derivatives, net of tax	(192)	1,418	246
Gains on derivatives reclassified to income, net of tax	$ (137)	$ (776)	$ (120)

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Common Stock Class A Common Stock	Common Stock Class B-1 Common Stock	Common Stock Class B-2 Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive (Loss) Income
Beginning Balance at Jan. 28, 2023	$ 2,381,477	$ 266				$ 2,152,342	$ 232,967	$ (4,098)
Beginning Balance (in shares) at Jan. 28, 2023			228,338	37,791	37,791
Equity-based compensation expense (Note 11)	82,680					82,680
Net income (loss)	(1,280,210)						(1,280,210)
Foreign currency translation adjustment, net of tax	5,534							5,534
Unrealized gain (loss) on derivatives, net of tax (Note 8)	752							752
Gains on derivatives reclassified to income, net of tax (Note 8)	(367)							(367)
Issuance of common stock, net of tax withholdings	(5,437)	3				(5,440)
Issuance of common stock, net of tax withholdings (in shares)			2,818
Ending Balance at Feb. 03, 2024	1,184,429	269				2,229,582	(1,047,243)	1,821
Ending Balance (in shares) at Feb. 03, 2024			231,156	37,791	37,791
Equity-based compensation expense (Note 11)	50,188					50,188
Net income (loss)	(101,816)						(101,816)
Foreign currency translation adjustment, net of tax	(21,836)							(21,836)
Unrealized gain (loss) on derivatives, net of tax (Note 8)	4,303							4,303
Gains on derivatives reclassified to income, net of tax (Note 8)	(2,371)							(2,371)
Issuance of common stock, net of tax withholdings	733	8				725
Issuance of common stock, net of tax withholdings (in shares)			7,910
Ending Balance at Feb. 01, 2025	1,113,630	277				2,280,495	(1,149,059)	(18,083)
Ending Balance (in shares) at Feb. 01, 2025			239,066	37,791	37,791
Equity-based compensation expense (Note 11)	32,694					32,694
Net income (loss)	9,066						9,066
Foreign currency translation adjustment, net of tax	10,699							10,699
Unrealized gain (loss) on derivatives, net of tax (Note 8)	(587)							(587)
Gains on derivatives reclassified to income, net of tax (Note 8)	(418)							(418)
Issuance of common stock, net of tax withholdings	(830)	5				(835)
Issuance of common stock, net of tax withholdings (in shares)			4,653
Ending Balance at Jan. 31, 2026	$ 1,164,254	$ 282				$ 2,312,354	$ (1,139,993)	$ (8,389)
Ending Balance (in shares) at Jan. 31, 2026			243,719	37,791	37,791

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
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+ Details

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Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Income Taxes - Schedule of Income Taxes Paid, Net of Refunds (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Income Tax Disclosure [Abstract]
Federal	$ 196
State and local	3,318
Foreign	2,319
Total	$ 5,833	$ 34,800	$ 32,200

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2026	Feb. 01, 2025
Allowance for credit loss, current	$ 779	$ 1,594
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000.0	25,000,000.0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000.0	1,000,000,000.0
Common stock, shares, issued	243,700,000	239,100,000
Common stock, shares, outstanding	243,700,000	239,100,000
Class B-1 Common Stock
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000.0	75,000,000.0
Common stock, shares, issued	37,800,000	37,800,000
Common stock, shares, outstanding	37,800,000	37,800,000
Class B-2 Common Stock
Common stock, par value per share	$ 0.000001	$ 0.000001
Common stock, shares authorized	75,000,000.0	75,000,000.0
Common stock, shares, issued	37,800,000	37,800,000
Common stock, shares, outstanding	37,800,000	37,800,000

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total amounts reported in the consolidated statements of cash flows. Restricted cash is held in a trust used for certain employee benefit costs.


	January 31, 2026		February 1, 2025
Cash and cash equivalents	$	256,736	$	165,756
Restricted cash included in other current assets		12,676		15,909
Total cash, cash equivalents and restricted cash in the statement of cash flows	$	269,412	$	181,665

Summary of Estimated Useful Lives of Fixed Assets

The Company’s fixed assets are generally depreciated or amortized using the following estimated useful lives:


Buildings		30 years
Equipment		3 to 7 years
Furniture and fixtures		4 to 7 years
Leasehold and building improvements		5 to 10 years

Summary of Self-insurance Reserves

Self-insurance reserves are reflected in the consolidated balance sheets as follows (in thousands):


	January 31, 2026		February 1, 2025
Current:
Workers’ compensation and employee-related health care benefits reserves	$	39,634	$	33,564
General and auto liability reserves		7,904		6,899
	$	47,538	$	40,463
Non-current:
Workers’ compensation reserve	$	30,368	$	32,253
General and auto liability reserves		17,912		18,550
	$	48,280	$	50,803

Reportable Segment

12 Months Ended

Jan. 31, 2026

Segment Reporting [Abstract]

Reportable Segment

15. Reportable Segment

The following represents segment information for the Company’s single operating segment, for the periods presented (in thousands):


	Fiscal years ended
	January 31, 2026			February 1, 2025			February 3, 2024
	(52 weeks)			(52 weeks)			(53 weeks)
Revenue	$	5,961,467		$	6,116,462		$	6,255,284
Add (deduct):
Cost of sales		(3,656,395	)		(3,792,060	)		(3,901,449	)
Advertising and marketing expenses		(157,766	)		(156,086	)		(194,429	)
Equity-based compensation - general and administrative		(32,188	)		(50,212	)		(81,859	)
Other general and administrative expenses (1)		(1,994,685	)		(2,111,053	)		(2,035,337	)
Goodwill impairment		—			—			(1,222,524	)
Interest income		6,305			3,714			3,405
Interest expense		(131,199	)		(143,531	)		(150,909	)
Loss on partial extinguishment of debt		(565	)		—			(920	)
Other non-operating income		—			4,800			4,727
Income tax (expense) benefit		(6,266	)		7,481			27,613
Income from equity method investees		20,358			18,669			16,188
Consolidated net income (loss)	$	9,066		$	(101,816	)	$	(1,280,210	)

(1)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Senior Secured Credit Facilities

12 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

Senior Secured Credit Facilities

7. Senior Secured Credit Facilities

On March 4, 2021, the Company entered into a $1,700.0 million secured term loan facility originally maturing on March 4, 2028 (the “First Lien Term Loan”) and a secured asset-based revolving credit facility with availability of up to $500.0 million, subject to a borrowing base, originally maturing on March 4, 2026 (as amended from time to time, the “ABL Revolving Credit Facility”). In March 2024, the Company amended the ABL Revolving Credit Facility, which now consists of two tranches, to increase its total availability from $500.0 million to $581.0 million and extend the maturity on a portion of this availability. The first tranche has availability of up to $35.0 million, subject to a borrowing base, maturing on March 4, 2026. The second tranche has availability of up to $546.0 million, subject to a borrowing base, maturing on March 29, 2029. Interest on the ABL Revolving Credit Facility is based on, at the Company's option, either the base rate subject to a 1% floor, or Term SOFR subject to a floor of 0%, plus an applicable margin. All other key terms of the ABL Revolving Credit Facility remained unchanged.

The Company’s obligations under the First Lien Term Loan and ABL Revolving Credit Facility are secured by substantially all of the personal property assets of the Company with differing priority rights to the various personal property assets ascribed to each facility. The credit facility agreements, while not identical, contain certain affirmative and negative covenants related to indebtedness, liens, fundamental changes in the business, investments, restricted payments and agreements and a fixed charge coverage ratio, among other things. As of January 31, 2026, the Company was in compliance with its covenants on the agreements.

The credit agreements governing the First Lien Term Loan and ABL Revolving Credit Facility contain customary default provisions including, among others, the failure to make payments when due, defaults under other material indebtedness, non-compliance with covenants, change of control and bankruptcy, the occurrence of any of which would limit the Company’s ability to draw on the ABL Revolving Credit Facility and could result in the applicable lenders under the First Lien Term Loan and ABL Revolving Credit Facility accelerating the maturity of such indebtedness and foreclosing upon the collateral pledged thereunder.

Term Loan Facilities

Interest on the First Lien Term Loan was based on, at the Company’s option, either a base rate or Term SOFR plus the credit spread adjustment recommended by the Alternative Reference Rates Committee ("Adjusted Term SOFR"), subject to a 0.75% floor, payable upon maturity of the SOFR contract, in either case plus the applicable rate. The base rate was the greater of the bank prime rate, federal funds effective rate plus 0.5% or Adjusted Term SOFR plus 1.0%. The applicable rate was 2.25% per annum for a base rate loan or 3.25% per annum for an Adjusted Term SOFR loan. Principal and interest payments commenced on June 30, 2021. Principal payments were normally $4.25 million quarterly.

During the fourth quarter of fiscal 2025, the Company voluntarily repaid $95.3 million of the principal of the First Lien Term Loan using existing cash on hand. During fiscal 2023, the Company voluntarily repaid $75.0 million of the principal of the First Lien Term Loan using existing cash on hand. The repayments were applied to the remaining principal payments in order of scheduled payment date and, as a result, the entire remaining balance was included in senior secured credit facilities, net, excluding current portion in the consolidated balance sheets as of January 31, 2026 and February 1, 2025. The Company accounted for the repayments as partial extinguishments and recognized losses on debt extinguishment of $0.6 million and $0.9 million during fiscal 2025 and fiscal 2023, respectively.

As of January 31, 2026, the outstanding principal balance of the First Lien Term Loan was $1,500.0 million ($1,491.8 million, net of the unamortized discount and debt issuance costs). As of February 1, 2025, the outstanding principal balance of the First Lien Term Loan was $1,595.3 million ($1,582.5 million, net of the unamortized discount and debt issuance costs). The weighted average interest rate on the borrowings outstanding was 7.3% and 7.9% as of January 31, 2026 and February 1, 2025, respectively. Debt issuance costs are being amortized over the contractual term to interest expense using the effective interest rate in effect at issuance. As of January 31, 2026 and February 1, 2025, the estimated fair value of the First Lien Term Loan was approximately $1,496.3 million and $1,529.5 million, respectively, based upon Level 2 fair value hierarchy inputs (Note 1).

On February 2, 2026, the Company entered into a refinancing amendment to the credit agreement governing the First Lien Term Loan and issued $600.0 million in aggregate principal amount of senior secured notes (the “Senior Secured Notes”). Among other changes, the amendment provided that certain lenders would provide new term loans to the Company in an aggregate principal amount of $900.0 million (the “Amended First Lien Term Loan”), the proceeds of which, together with cash on hand and the proceeds from the Company's issuance of the Senior Secured Notes, would be used to repay the then outstanding principal on the First Lien Term Loan.

Interest under the Amended First Lien Term Loan is, at the Company’s option, either a base rate plus 3.25% or Term SOFR plus 4.25%. The base rate is the greater of the bank prime rate, federal funds effective rate plus 0.5% or one month Term SOFR plus 1.0%. The Amended First Lien Term Loan matures on February 2, 2031. The Senior Secured Notes bear interest at 8.25% per annum and mature on February 1, 2031. Principal payments on the Amended First Lien Term Loan are $2.25 million quarterly and commence on June 30, 2026.

Revolving Credit Facilities

In March 2024, the Company amended the ABL Revolving Credit Facility to increase its total availability and extend the maturity on a portion of the availability. Fees of $3.0 million relating to the Company’s entry into the amendment were capitalized as debt issuance costs. These fees consisted of arranger fees and other third-party expenses. The unamortized portion of the debt issuance costs of the ABL Revolving Credit Facility previously capitalized is being amortized over the amended contractual term.

As of January 31, 2026 and February 1, 2025, no amounts were outstanding under the ABL Revolving Credit Facility. At January 31, 2026, $467.5 million was available under the ABL Revolving Credit Facility, which is net of $58.4 million of outstanding letters of credit issued in the normal course of business and a $55.1 million borrowing base reduction for a shortfall in qualifying assets. Unamortized debt issuance costs of $3.2 million and $4.4 million relating to the ABL Revolving Credit Facility were outstanding and were being amortized using the straight-line method over the remaining term of the agreement as of January 31, 2026 and February 1, 2025, respectively.

The ABL Revolving Credit Facility has availability up to $581.0 million, and a $150.0 million letter of credit sub-facility. The availability is limited to a borrowing base, which allows borrowings of up to 90% of eligible accounts receivable plus 90% of the net orderly liquidation value of eligible inventory plus up to $50.0 million of qualified cash of the Company to which the Company and guarantors have no access, less reserves as determined by the administrative agent. Letters of credit reduce the amount available to borrow under the ABL Revolving Credit Facility by their face value.

Prior to the March 2024 amendment, interest on the ABL Revolving Credit Facility was based on, at the Company’s option, either the base rate or Adjusted Term SOFR subject to a floor of 0%, in either case, plus an applicable margin. Following the March 2024 amendment, interest on the ABL Revolving Credit Facility is based on, at the Company's option, either the base rate subject to a 1% floor, or Term SOFR subject to a floor of 0%, plus an applicable margin. The applicable margin is currently equal to 25 basis points in the case of base rate loans and 125 basis points in the case of Term SOFR loans.

The applicable margin is adjusted quarterly based on the average historical excess availability as a percentage of the Line Cap, which represents the lesser of the aggregate ABL Revolving Credit Facility and the borrowing base, as follows:


Average Historical Excess Availability	Applicable Margin for Term SOFR Loans			Applicable Margin for Base Rate Loans
Less than 33.3% of the Line Cap		1.75	%		0.75	%
Less than 66.7% but greater than or equal to 33.3% of the Line Cap		1.50	%		0.50	%
Greater than or equal to 66.7% of the Line Cap		1.25	%		0.25	%

The ABL Revolving Credit Facility is subject to an unused commitment fee. If the actual daily utilized portion exceeds 50%, the unused commitment fee is 0.25%. Otherwise, the unused commitment fee is 0.375% and is not dependent upon excess availability.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2026

Accounting Policies [Abstract]

Description of Business and Basis of Presentation

Common Stock

Principles of Consolidation

Use of Estimates

Fiscal Year

Segment Reporting

The measure of segment assets is reported on the consolidated balance sheet as total assets.

Cash and Cash Equivalents


	January 31, 2026		February 1, 2025
Cash and cash equivalents	$	256,736	$	165,756
Restricted cash included in other current assets		12,676		15,909
Total cash, cash equivalents and restricted cash in the statement of cash flows	$	269,412	$	181,665

Vendor Rebates and Allowances

Merchandise Inventories

Fixed Assets

The Company’s fixed assets are generally depreciated or amortized using the following estimated useful lives:


Buildings		30 years
Equipment		3 to 7 years
Furniture and fixtures		4 to 7 years
Leasehold and building improvements		5 to 10 years

Goodwill

Trade Name

The Company’s trade name has an indefinite life. The Company performs its annual impairment test during the fourth quarter of each fiscal year, or more frequently when warranted by events or changes in circumstances. The Company also has the option to first perform a qualitative assessment of its trade name to determine whether it is necessary to perform a quantitative impairment test. In cases where the quantitative test is performed, the fair value of the Company’s trade name is estimated by management with the assistance of a third party valuation firm. Significant assumptions used in the determination of fair value of the trade name generally include prospective financial information, growth rates, discount rates and comparable multiples from publicly traded companies in similar industries. An impairment charge is recorded for the amount by which the carrying amount of the trade name exceeds its fair value.

Joint Ventures, Equity Method Investments, and Variable Interest Entities

Fair Value Measurements

The three levels of the fair value hierarchy are as follows:


Level 1 —	Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 —	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 —	Unobservable inputs for the asset or liability.

Refer to Notes 7, 8 and 9 for fair value disclosures for the senior secured term credit facilities, derivatives, and other types of assets and liabilities measured at fair value, respectively.

Self Insurance Reserves

Self-Insurance Reserves

Self-insurance reserves are reflected in the consolidated balance sheets as follows (in thousands):


	January 31, 2026		February 1, 2025
Current:
Workers’ compensation and employee-related health care benefits reserves	$	39,634	$	33,564
General and auto liability reserves		7,904		6,899
	$	47,538	$	40,463
Non-current:
Workers’ compensation reserve	$	30,368	$	32,253
General and auto liability reserves		17,912		18,550
	$	48,280	$	50,803

Revenue Recognition

See Note 2 for further discussion on revenue recognition.

Cost of Sales

Cost of sales includes the following types of expenses:

•

Direct costs (net of vendor rebates, allowances and discounts for products sold) including inbound freight charges;

•

Shipping and handling costs associated with sales to customers;

•

Freight costs associated with moving merchandise inventories;

•

Inventory shrinkage costs and write-downs;

•

Payroll and benefit costs of pet groomers, trainers, veterinarians and other direct costs of services; and

•

Costs associated with operating the Company’s distribution centers including payroll and benefits, occupancy costs, and depreciation

Selling, General and Administrative Expenses

Selling, general and administrative expenses include the following types of expenses:

•

Payroll and benefit costs of pet care center and corporate employees;

•

Occupancy and operating costs of pet care center and corporate facilities;

•

Depreciation and amortization related to pet care center and corporate assets;

•

Credit card fees;

•

Store pre-opening and remodeling costs;

•

Advertising costs; and

•

Other selling and administrative costs

Advertising Expenses

Leases

Income Taxes

Equity-Based Compensation

Derivative Instruments

Refer to Note 8 for further disclosures of the Company’s derivative instruments and hedging activities.

Recent Accounting Pronouncements

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to Class A and B-1 common stockholders	$ 9,066	$ (101,816)	$ (1,280,210)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment	10,699	(21,836)	5,534
Unrealized (loss) gain on derivatives	(587)	4,303	752
Gains on derivatives reclassified to income	(418)	(2,371)	(367)
Total other comprehensive income (loss), net of tax	9,694	(19,904)	5,919
Comprehensive income (loss) attributable to Class A and B-1 common stockholders	$ 18,760	$ (121,720)	$ (1,274,291)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Accumulated Other Comprehensive Income (Loss) - Schedule of Changes In Balances of Each Component in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 1,113,630	$ 1,184,429	$ 2,381,477
Other comprehensive income (loss) before reclassifications	10,112	(17,533)	6,286
Amounts reclassified from AOCI	(418)	(2,371)	(367)
Other comprehensive income (loss)	9,694	(19,904)	5,919
Ending Balance	1,164,254	1,113,630	1,184,429
Derivatives
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	263	(1,669)	(2,054)
Other comprehensive income (loss) before reclassifications	(587)	4,303	752
Amounts reclassified from AOCI	(418)	(2,371)	(367)
Other comprehensive income (loss)	(1,005)	1,932	385
Ending Balance	(742)	263	(1,669)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(18,346)	3,490	(2,044)
Other comprehensive income (loss) before reclassifications	10,699	(21,836)	5,534
Other comprehensive income (loss)	10,699	(21,836)	5,534
Ending Balance	(7,647)	(18,346)	3,490
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(18,083)	1,821	(4,098)
Ending Balance	$ (8,389)	$ (18,083)	$ 1,821

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Senior Secured Credit Facilities (Tables)

12 Months Ended

Jan. 31, 2026

Debt Disclosure [Abstract]

Applicable Margin for Term SOFR Loans and Base Rate Loans based on Average Historical Excess Availability


Average Historical Excess Availability	Applicable Margin for Term SOFR Loans			Applicable Margin for Base Rate Loans
Less than 33.3% of the Line Cap		1.75	%		0.75	%
Less than 66.7% but greater than or equal to 33.3% of the Line Cap		1.50	%		0.50	%
Greater than or equal to 66.7% of the Line Cap		1.25	%		0.25	%

Income Taxes - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Income Tax Disclosure [Abstract]
Domestic	$ 12,570	$ (110,754)	$ (1,296,819)
Foreign	2,762	1,457	(11,004)
Income (loss) before income taxes	$ 15,332	$ (109,297)	$ (1,307,823)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Goodwill - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
Goodwill - Additional Information (Details) $ in Millions	Oct. 28, 2023 USD ($)	Jan. 31, 2026 Segment	May 04, 2024
Goodwill [Line Items]
Number of reporting units \| Segment		1
Goodwill and indefinite-lived intangible impairment \| $	$ 1,222.5
Discount Rate
Goodwill [Line Items]
Percentage of revenue projections	17.4		13.2
Discount Rate \| Cash Flow Projections
Goodwill [Line Items]
Percentage of revenue projections	16.4
Terminal Growth Rate
Goodwill [Line Items]
Percentage of revenue projections	3		3
Terminal Growth Rate \| Cash Flow Projections
Goodwill [Line Items]
Percentage of revenue projections	3

- Definition

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+ Details

Stockholders' Equity - Schedule of Stock Option Activity (Details) - Share-based Payment Arrangement, Option - 2021 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2026	Feb. 01, 2025	Feb. 03, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares subject to options, Outstanding, February 1, 2025	11,685,000
Shares subject to options, Granted	3,050,000		0
Shares subject to options, Forfeited/expired	(1,173,000)
Shares subject to options, Outstanding, January 31, 2026	13,562,000	11,685,000
Shares subject to options, Exercisable, January 31, 2026	7,491,000
Outstanding, February 1, 2025, weighted average exercise price per share	$ 6.99
Granted, weighted average exercise price per share	2.46
Forfeited/expired, weighted average exercise price per share	11.51
Outstanding, January 31, 2026, weighted average exercise price per share	5.58	$ 6.99
Exercisable, January 31, 2026, weighted average exercise price per share	$ 6.37
Weighted average remaining contractual life (years), Outstanding	8 years 3 months 18 days	8 years 9 months 18 days
Weighted average remaining contractual life (years),, Exercisable, January 31, 2026	8 years
Aggregate intrinsic value, Outstanding	$ 644

Employee Benefit Plans

12 Months Ended

Jan. 31, 2026

Retirement Benefits [Abstract]

Employee Benefit Plans

10. Employee Benefit Plans

The Company has employee savings plans that permits eligible participants to make contributions by salary reduction pursuant to either section 401(k) of the Internal Revenue Code or under the Company’s non-qualified deferred compensation plan.

The Company's matching contributions to these plans were $13.6 million, $11.9 million, and $12.1 million for fiscal years 2025, 2024, and 2023, respectively.