Slide 1: Q4 Results Presentation
Q4 Results Presentation March 10, 2026 1
Slide 2: Cautionary Statement Regarding Forward-Looking Information
Cautionary Statement Regarding Forward-Looking Information This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anti
Slide 3: Table of Contents
Table of Contents 6 Q4 2025 Results 12 2026 Outlook & Areas of Focus 3
Slide 4: We are ending 2025 in a stronger position than we started
“We are ending 2025 in a stronger position than we started, with important work still ahead of us. Over the past year, our efforts have been focused on resetting our foundation. This focus is intended to stabilize the business and strengthen our operational ability to build for a stronger future. In
Slide 5: Kohl's is building on a solid foundation
Kohl's is building on a solid foundation Convenient Nationwide Great Product from Top Brands Omni-Channel Reach 1,153 Stores 80% of Americans live Largest department store chain in America (1) within 15 miles of a Kohl’s store 20M+ Delivering Great Value Active App Users 1,100+ Sephora @ Kohl’s (1)
Slide 6: Q4 2025 Results
Q4 2025 RESULTS Sone
Slide 7: Q4 2025 Results: Key Financial Results
Q4 2025 Results Key Financial Results • Q4 Net Sales declined (3.9%) versus Q4 2024 and Comparable Sales decreased (2.8%) • Gross Margin expanded by 25 basis points versus last year driven by strong inventory management which resulted in lower clearance markdowns and was partially offset by increase
Slide 8: Q4 & Holiday Takeaways
Q4 & Holiday Takeaways We needed to offer breakthrough value during We have an opportunity key holiday shopping periods to better execute our to drive more excitement for Fall Seasonal business customers to choose Kohl's • We can improve our inventory depth • We lost competitive ground during and al
Slide 9: Q4 2025 Gross Margin & SG&A Expense Performance
Q4 2025 Gross Margin & SG&A Expense Performance Gross Margin SG&A Expense Increased 25 bps vs Q4 2024 Leveraged 23 bps vs Q4 2024 (4. 9% ) 33.1% $1,539M 32.9% $1,463M % Total Revenue 28.5% 28.3% Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2025 Gross Margin Takeaways Q4 2025 SG&A Takeaways • Strong inventory
Slide 10: Adjusted Leverage
Adjusted Leverage Kohl’s reset leases on the balance sheet following the investment to roll out Sephora to all of our Stores Net Debt + Leases to EBITDAR Leverage (1) • Current Balance Sheet / Lease Rolling 12 months as of Q4 2025 Accounting is inflating our (Dollars in Millions) Unadjusted Adjusted
Slide 11: Q4 2025 Key Metrics
Consolidated Statement of Operations Three Months Ended (Dollars in Millions) January 31, 2026 February 1, 2025 Net Sales $ 4,972 $ 5,175 Total Revenue 5,173 5,397 Gross Margin Rate 33.1% 32.9% SG&A 1,463 1,539 Depreciation 174 183 Impairments, Store Closings, and Other Costs 0 76 Operating Income 2
Slide 12: 2026 Outlook & Areas of Focus
2026 OUTLOOK & AREAS OF FOCUS 12
Slide 13: 2026 Financial Outlook
2026 Financial Outlook METRIC FULL YEAR GUIDANCE Net Sales Flat to (2%) vs. 2025 Comp Sales Flat to (2%) Adjusted 2.8% to 3.4% Operating Margin 1 Adjusted Diluted EPS 1 $1.00 to $1.60 Capital Allocation Outlook • Capex: $350M to $400M • Dividend: $0.125 dividend payable on April 1, 2026 (1) The Comp
Slide 14: Offer a Curated, More Balanced Assortment That Fulfills Needs Across All Customers
Offer a Curated, More Balanced Assortment That Fulfills Needs Across All Customers Rebalance Our Assortment to Provide Improved Brand Clarity and Purpose • Investing in key styles and categories while reducing redundancy to ensure we have a purpose behind each product and brand • Broadening our deni
Slide 15: Reestablish Kohl's as a Leader in Value and Quality
Reestablish Kohl’s as a Leader in Value and Quality Delivering More Consistent, Competitive Value • Took actions in 2025 to enhance our promotional strategies and increase brand eligibility in our coupons • Executing strategic adjustments that includes simplifying our promotional statements and depl
Slide 16: Deliver a Frictionless Experience Across Our Omni-Channel Platforms
Deliver a Frictionless Experience Across Our Omni-Channel Platforms Restore Trip Assurance • Increasing our inventory investments into depth, while simultaneously curating our choice counts for greater clarity and relevance • Successfully executed a substantially smoother transition of our spring re
Slide 17: Capital allocation priorities support our goals of optimizing balance sheet flexibility
Capital allocation priorities support our goals of optimizing balance sheet flexibility Invest in the Business Continue to prioritize our investment in the business with $350 million to $400 million of Capital Expenditures in 2026 Optimizing Return of Cash We remain committed to returning capital to
Slide 18: Appendix
APPENDIX Sone
Slide 19: Reconciliation: Adjusted EBITDA
Reconciliation Adjusted EBITDA 52 Weeks Ended (Dollars in Millions) January 31, 2026 Net Income (GAAP) $ 272 Provision for income taxes 64 Interest expense, net 288 Depreciation and amortization 700 (Gain) on legal settlement (129) Impairments, store closing and other costs 15 Adjusted EBITDA (Non-G
Slide 20: Reconciliation: Operating Income
Reconciliation Operating Income Three Months Ended Twelve Months Ended (Dollars in Millions) January 31, 2026 February 1, 2025 January 31, 2026 February 1, 2025 Net Income (GAAP) $ 125 $ 48 $ 272 $ 109 Provision for Income Taxes 28 4 64 5 Interest expense, net 59 74 288 319 Operating Income (GAAP) 2
Slide 21: Reconciliation: Net Income
Reconciliation Net Income Three Months Ended Twelve Months Ended (Dollars in Millions) January 31, 2026 February 1, 2025 January 31, 2026 February 1, 2025 GAAP $ 125 $ 48 $ 272 $ 109 Impairments, store closing and other costs 0 76 15 76 (Gain) on legal settlement 0 0 (129) 0 Income tax impact of ite
Slide 22: Reconciliation: Diluted Earnings Per Share
Reconciliation Diluted Earnings Per Share Three Months Ended Twelve Months Ended January 31, 2026 February 1, 2025 January 31, 2026 February 1, 2025 GAAP $ 1.07 $ 0.43 $ 2.38 $ 0.98 Impairments, store closing and other costs 0.00 0.69 0.13 0.69 (Gain) on legal settlement 0.00 0.00 (1.13) 0.00 Income
Slide 23: Kohl's
KOHLES