Property and equipment, net consisted of the following (in millions):
February 28,
2026
February 22,
2025
Land$2,063.6 $2,094.6 
Buildings6,049.0 5,787.7 
Property under construction867.3 815.9 
Leasehold improvements3,079.4 2,861.1 
Fixtures and equipment9,894.2 8,948.0 
Property and equipment under finance leases571.4 617.9 
Total property and equipment22,524.9 21,125.2 
Accumulated depreciation and amortization(12,621.2)(11,314.2)
Total property and equipment, net$9,903.7 $9,811.0 

Historical Timeline

Fiscal YearFiled
2026Apr 27, 2026Showing above
2025Apr 21, 2025
2024Apr 22, 2024
2023Apr 25, 2023
2022Apr 26, 2022
2021Apr 28, 2021
2020May 13, 2020
2019Apr 24, 2019
2018May 11, 2018

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.