Leases
The components of our lease costs are as follows:
For the Fiscal Year Ended
(In thousands)February 1,
2026
February 2,
2025
January 28,
2024
Operating lease costs
$310,736 $299,105 $296,779 
Variable lease costs
126,545 127,291 132,304 
Total lease costs
$437,281 $426,396 $429,083 
Sublease income and short-term lease costs were not material to us for fiscal 2025, fiscal 2024 and fiscal 2023.
Supplemental cash flow information related to our leases are as follows:
For the Fiscal Year Ended
(In thousands)February 1,
2026
February 2,
2025
January 28,
2024
Cash paid for amounts included in the measurement of operating lease liabilities
$326,616 $325,650 $322,293 
Our net additions to right-of-use assets were $340.3 million and $209.4 million in fiscal 2025 and fiscal 2024, respectively.
Additional information related to our leases is as follows:
For the Fiscal Year Ended
February 1, 2026February 2, 2025
Weighted-average remaining lease term (years)6.56.5
Weighted-average incremental borrowing rate4.3 %4.0 %
As of February 1, 2026, the future minimum lease payments under our operating lease liabilities are as follows:
(In thousands)
Fiscal 2026$325,743 
Fiscal 2027300,684 
Fiscal 2028257,483 
Fiscal 2029216,337 
Fiscal 2030178,403 
Fiscal 2031 and thereafter
465,777 
Total lease payments1,744,427 
Less: interest(287,522)
Total operating lease liabilities1,456,905 
Less: current operating lease liabilities(221,356)
Total non-current operating lease liabilities$1,235,549 
Additionally, we have future payment obligations of $205.9 million relating to executed lease agreements for which the related lease terms had not yet commenced as of February 1, 2026, and, therefore, are not included in the table above.
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Historical Timeline

Fiscal YearFiled
2026Mar 26, 2026Showing above
2025Mar 27, 2025
2024Mar 20, 2024
2023Mar 24, 2023
2022Mar 28, 2022
2021Mar 30, 2021
2020Mar 27, 2020
2019Apr 4, 2019
2018Mar 29, 2018
2017Mar 30, 2017
2016Mar 31, 2016

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.