# EDGAR Filing Document

**Accession Number:** 0000885639
**File Stem:** 0001193125-26-242967
**Filing Date:** 2026-5
**Character Count:** 32104
**Document Hash:** 99927c7bd758b6363d841e5af548bac9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-242967.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001193125-26-242967

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20260528

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KOHLS Corp
- **CENTRAL INDEX KEY:** 0000885639
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-DEPARTMENT STORES [5311]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 391630919
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 0129

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11084
- **FILM NUMBER:** 261028528

**BUSINESS ADDRESS:**
- **STREET 1:** N56 W17000 RIDGEWOOD DR
- **CITY:** MENOMONEE FALLS
- **STATE:** WI
- **ZIP:** 53051
- **BUSINESS PHONE:** 262 703 7000

**MAIL ADDRESS:**
- **STREET 1:** N56 W17000 RIDGEWOOD DR
- **CITY:** MENOMONEE FALLS
- **STATE:** WI
- **ZIP:** 53051

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KOHLS CORPORATION
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): May 28, 2026

## KOHL'S CORPORATION

#### (Exact name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Wisconsin** | **001-11084** | **39-1630919** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |
| **N56 W17000 Ridgewood Drive** | | |
| **Menomonee Falls, Wisconsin** |  | **53051** |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

#### Registrant's Telephone Number, Including Area Code: 262 703-7000

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

#### Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, $.01 par value | KSS | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **<u>Results of Operations and Financial Condition</u>.**  |

---

On May 28, 2026, Kohl's Corporation (the "Company") issued a press release reporting its earnings for the quarter ended May 2, 2026 and affirmed earnings guidance for fiscal 2026. A copy of the press release is attached as Exhibit 99.1 and incorporated by reference herein. A copy of the presentation materials for the May 28, 2026 quarterly earnings conference call is attached as Exhibit 99.2 and incorporated by reference herein.

---

| | |
|:---|:---|
| **Item 7.01** | **<u>Regulation FD Disclosure</u>.**  |

---

See Item 2.02.

The information in Items 2.02 and 7.01, including the exhibits attached hereto, is furnished solely pursuant to Items 2.02 and 7.01 of Form 8-K. Consequently, such information is not deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in Items 2.02 and 7.01, including the exhibits, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933.

---

| | |
|:---|:---|
| **Item 8.01** | **<u>Other Events</u>.**  |

---

As previously announced, on May 20, 2026, the Board of Directors of the Company declared a quarterly cash dividend of $0.125 per share. The dividend will be paid on June 24, 2026, to all shareholders of record at the close of business on June 10, 2026.

#### Cautionary Statement Regarding Forward-Looking Information and Non-GAAP Measures
*This current report on Form 8-K 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," "could," "intends," "anticipates," "estimates," "plans," or similar expressions to identify forward-looking statements. Forward-looking statements include, but are not limited to, the information under "2026 Financial and Capital Allocation Outlook," "2026 Outlook," comments about Kohl's adequacy of capital resources, statements regarding our 2026 areas of focus and future initiatives, and statements regarding the impact of macroeconomic events and our response to such events, including tariffs. Such statements are based on current assumptions, expectations, and beliefs and are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC. Forward-looking statements relate to the date initially made, and the Company undertakes no obligation to update them.* 

*The attached press release and presentation materials contain certain financial measures that are not prepared in accordance with generally accepted accounting principles (GAAP), including adjusted EBITDA, adjusted EBITDAR, our leverage ratio (expressed as net debt + leases / EBITDAR), free cash flow, and adjusted free cash flow. These non-GAAP financial measures are provided as additional insight into our operational performance and do not purport to be substitutes for, or superior to, operating income, net income, total debt and lease liabilities as reported on the balance sheet, or operating cash flow as measures of operating performance or liquidity. We believe these adjusted measures are useful, as they are more representative of our core business, enhance comparability across reporting periods and to industry peers, and align with the measures used by management to evaluate the Company's performance. We caution investors that non-GAAP measures should not be viewed in isolation and should be evaluated in addition to, and not as an alternative for, our results reported in accordance with GAAP. Because companies may use different calculation methods, these measures may not be comparable to other similarly titled measures reported by other companies. A reconciliation of each referenced non-GAAP measure to the most directly comparable GAAP measure is provided in the presentation materials attached hereto as Exhibit 99.2.* 

*The Company provides adjusted operating margin and adjusted diluted earnings per share on a non-GAAP basis and does not provide a reconciliation of the Company's forward looking guidance to the most directly comparable GAAP financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.* 

---

| | |
|:---|:---|
| **Item 9.01** | **<u>Financial Statements and Exhibits</u>.**  |

---

---

| | |
|:---|:---|
| Exhibit<br>No. | Description |
| 99.1 | [Press Release dated May 28, 2026](d84873dex991.htm) |
| 99.2 | [Presentation Materials for May 28, 2026 Quarterly Earnings Conference Call](d84873dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | KOHL'S CORPORATION |
| Date: May 28, 2026 | By: | /s/ Jennifer Kent |
|  |  | Jennifer Kent <br>*Senior Executive Vice President, <br>Chief Legal Officer and Corporate Secretary* |

---

## Exhibit 99.1

**Exhibit 99.1** 

**Kohl's Reports First Quarter Fiscal 2026 Financial Results** 

MENOMONEE FALLS, Wis.—(BUSINESS WIRE)—May 28, 2026— Kohl's Corporation (NYSE: KSS) today reported results for the first quarter ended May 2, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net sales decreased 1.7% and comparable sales decreased 1.1%** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gross margin increased 4 basis points** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Diluted loss per share of ($0.13)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Affirms full year 2026 financial outlook** 

Michael Bender, Kohl's Chief Executive Officer, said "We are pleased with our start to 2026. Our key initiatives continue to drive progressive improvements to the business, resulting in our best comparable sales performance in over four years. In addition, we continue to manage the business with great discipline leading to strong expense management, cleaner inventories, and an improved balance sheet."

"Moving forward, we remain committed to delivering more value and a better experience to our customers. I would like to extend my sincere gratitude to all of our Kohl's associates for their dedication and determination to execute against our initiatives," Bender continued.

**<u>First Quarter 2026 Results</u>**

*Comparisons refer to the 13-week period ended May 2, 2026 versus the 13-week period ended May 3, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net sales** decreased 1.7% year-over-year, to $3 billion, with comparable sales down 1.1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gross margin** as a percentage of net sales was 39.9%, an increase of 4 basis points year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Selling, general & administrative (SG&A) expenses** decreased 1.6%
year-over-year, to $1.1 billion. As a percentage of total revenue, SG&A expenses were 36.2%, an increase of 15 basis points year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating income** was $46 million compared to $60 million in the prior year. As a percentage of
total revenue, operating income was 1.4%, a decrease of 41 basis points year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net loss** was $14 million, or ($0.13) per diluted share. This compares to net loss of
$15 million, or ($0.13) per diluted share in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Inventory** was $2.9 billion, a decrease of 8% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating cash flow** was a use of $74 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Borrowings under revolving credit facility** were $0, a decrease of $545 million year-over-year.

**<u>2026 Financial and Capital Allocation Outlook</u>**

For the full year 2026, the Company continues to expect the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net sales and Comparable sales:** A decrease of (2%) to flat

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted Operating margin:** In the range of 2.8% to 3.4%
<sup>(a)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted Diluted EPS:** In the range of $1.00 to $1.60
<sup>(a)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Capital Expenditures:** In the range of $350 million to $400 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Dividend:** On May 20, 2026, Kohl's Board of Directors declared a quarterly cash dividend on the
Company's common stock of $0.125 per share. The dividend is payable June 24, 2026 to shareholders of record at the close of business on June 10, 2026.

(a) Non-GAAP financial measures: The Company provides adjusted operating
margin and adjusted diluted earnings per share on a non-GAAP basis and does not provide a reconciliation of the Company's forward looking guidance to the most directly comparable GAAP financial measures
because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.

**<u>First Quarter 2026 Earnings Conference Call</u>**

Kohl's will host its quarterly earnings conference call at 9:00 am ET on May 28, 2026. A webcast of the conference call and the related presentation materials will be available via the Company's web site at <u>investors.kohls.com</u>, both live and after the call.

**<u>Cautionary Statement Regarding Forward-Looking Information</u>**

*This press release 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," "anticipates," "plans," or similar expressions to identify forward-looking statements. Forward-looking statements include the information under "2026 Financial and Capital Allocation* 

------

 *Outlook." Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, which are expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC. Forward-looking statements relate to the date initially made, and the Company undertakes no obligation to update them.* 

**<u>About Kohl's</u>**

Kohl's (NYSE: KSS) is a leading omnichannel retailer built on a foundation that combines great brands, incredible value and convenience for our customers. Kohl's is uniquely positioned to deliver against its long-term strategy and its purpose to take care of families' realest moments. Kohl's serves millions of families in its more than 1,100 stores in 49 states, online at Kohls.com, and through the Kohl's App. With a large national footprint, Kohl's is committed to making a positive impact in the communities it serves. For a list of store locations or to shop online, visit <u>Kohls.com</u>. For more information about Kohl's impact in the community or how to join our winning team, visit <u>Corporate.Kohls.com</u>.

**<u>Contacts</u>**

**Investor Relations:** 

Trevor Novotny, (262) 703-1617, <u>trevor.novotny@kohls.com</u>

**Media:** 

Jen Johnson, (262) 703-5241, <u>jen.johnson@kohls.com</u>

------

**KOHL'S CORPORATION** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| **(Dollars in Millions, Except per Share Data)** | **May 2, 2026** | **May 3, 2025** |
|  Net sales | $**2998** | $3049 |
|  Other revenue | **169** | 184 |
|  Total revenue | **3167** | 3233 |
|  Cost of merchandise sold | **1802** | 1834 |
|  *Gross margin rate* | ***39.9*** *%*** | *39.9 %* |
|  Operating expenses: |  |  |
|  Selling, general, and administrative | **1145** | 1164 |
|  *As a percent of total revenue* | ***36.2*** *%*** | *36.0 %* |
|  Depreciation and amortization | **174** | 175 |
|  Operating income | **46** | 60 |
|  Interest expense, net | **63** | 76 |
|  Loss before income taxes | **(17)** | (16) |
|  Benefit for income taxes | **(3)** | (1) |
|  Net loss | $**(14)** | $(15) |
|  **Average number of shares:** |  |  |
|  Basic | **112** | 111 |
|  Diluted | **112** | 111 |
|  **Loss per share:** |  |  |
|  Basic | $**(0.13)** | $(0.13) |
|  Diluted | $**(0.13)** | $(0.13) |

---

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**KOHL'S CORPORATION** 

**CONSOLIDATED BALANCE SHEETS** 

(Unaudited)

---

| | | |
|:---|:---|:---|
| **(Dollars in Millions)** | **May 2, 2026** | **May 3, 2025** |
|  **Assets** |  |  |
|  Current assets: |  |  |
|  Cash and cash equivalents | $**429** | $153 |
|  Merchandise inventories | **2897** | 3137 |
|  Other | **326** | 290 |
|  Total current assets | **3652** | 3580 |
|  Property and equipment, net | **6779** | 7209 |
|  Operating leases | **2318** | 2374 |
|  Other assets | **416** | 476 |
|  Total assets | $**13165** | $13639 |
|  **Liabilities and Shareholders' Equity** |  |  |
|  Current liabilities: |  |  |
|  Accounts payable | $**1248** | $1026 |
|  Accrued liabilities | **1033** | 1177 |
|  Borrowings under revolving credit facility | **—** | 545 |
|  Current portion of: |  |  |
|  Long-term debt | **—** | 353 |
|  Finance leases and financing obligations | **89** | 80 |
|  Operating leases | **95** | 99 |
|  Total current liabilities | **2465** | 3280 |
|  Long-term debt | **1387** | 1174 |
|  Finance leases and financing obligations | **2338** | 2433 |
|  Operating leases | **2624** | 2687 |
|  Deferred income taxes | **88** | 27 |
|  Other long-term liabilities | **239** | 259 |
|  Shareholders' equity: | **4024** | 3779 |
|  Total liabilities and shareholders' equity | $**13165** | $13639 |

---

------

**KOHL'S CORPORATION** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
| **(Dollars in Millions)** | **May 2, 2026** | **May 3, 2025** |
|  **Operating activities** |  |  |
|  Net loss | $**(14)** | $(15) |
|  Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
|  Depreciation and amortization | **174** | 175 |
|  Share-based compensation | **9** | 9 |
|  Deferred income taxes | **(2)** | (2) |
|  Non-cash lease expense | **22** | 21 |
|  Other non-cash items | **(6)** | 2 |
|  Changes in operating assets and liabilities: |  |  |
|  Merchandise inventories | **(151)** | (191) |
|  Other current and long-term assets | **(26)** | 31 |
|  Accounts payable | **77** | (16) |
|  Accrued and other long-term liabilities | **(128)** | (83) |
|  Operating lease liabilities | **(29)** | (23) |
|  Net cash used in operating activities | **(74)** | (92) |
|  **Investing activities** |  |  |
|  Acquisition of property and equipment | **(84)** | (110) |
|  Proceeds from sale of property and equipment | **—** | 2 |
|  Net cash used in investing activities | **(84)** | (108) |
|  **Financing activities** |  |  |
|  Net borrowings under revolving credit facility | **—** | 255 |
|  Shares withheld for taxes on vested restricted shares | **(6)** | (4) |
|  Dividends paid | **(14)** | (14) |
|  Repayment of long-term borrowings | **(50)** |  |
|  Discount on redemption of debt | **9** |  |
|  Finance lease and financing obligation payments | **(26)** | (21) |
|  Proceeds from financing obligations | **—** | 3 |
|  Net cash (used in) provided by financing activities | **(87)** | 219 |
|  Net (decrease) increase in cash and cash equivalents | **(245)** | 19 |
|  Cash and cash equivalents at beginning of period | **674** | 134 |
|  Cash and cash equivalents at end of period | $**429** | $153 |

---

## Exhibit 99.2

![](g84873ex99_2p1g1.jpg)

Exhibit 99.2 Q1 Results Presentation May 28, 2026 1

------

![](g84873ex99_2p2g1.jpg)

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," "anticipates," "plans," or similar expressions to identify forward-looking statements. Forward-looking statements include, but are not limited to the information under 2026 Outlook, comments about Kohl's adequacy of capital resources, statements regarding our 2026 areas of focus and future initiatives, and statements regarding the impact of macroeconomic events and our response to such events, including tariffs. Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, which are expressly incorporated herein by reference and other factors as may periodically be described in the Company's filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl's undertakes no obligation to update them. Non-GAAP Financial Measures This presentation contains certain financial measures that are not prepared in accordance with generally accepted accounting principles (GAAP), including adjusted EBITDA, adjusted EBITDAR, our leverage ratio (expressed as net debt + leases / EBITDAR), and free cash flow and adjusted free cash flow. These non-GAAP financial measures are provided as additional insight into our operational performance and do not purport to be substitutes for, or superior to operating income, net income, total debt and lease liabilities as reported on the balance sheet, or operating cash flow as measures of operating performance or liquidity. We believe these adjusted measures are useful, as they are more representative of our core business, enhance comparability across reporting periods and to industry peers, and align with the measures used by management to evaluate the Company's performance. We caution investors that non-GAAP measures should not be viewed in isolation and should be evaluated in addition to, and not as an alternative for, our results reported in accordance with GAAP. Because companies may use different calculation methods, these measures may not be comparable to other similarly titled measures reported by other companies. A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure is included in this presentation. 2

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![](g84873ex99_2p3g1.jpg)

**Table of Contents** 2026 Key Initiatives 6 Q1 2026 Results 10 2026 Outlook 15 3

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![](g84873ex99_2p4g1.jpg)

"We are pleased with our start to 2026. Our key initiatives continue to drive progressive improvements to the business, resulting in our best comparable sales performance in over four years. In addition, we continue to manage the business with great discipline leading to strong expense management, cleaner inventories, and an improved balance sheet. "Moving forward, we remain committed to delivering more value and a better experience to our customers. I would like to extend my sincere gratitude to all of our Kohl's associates for their dedication and determination to execute against our initiatives." CHIEF EXECUTIVE OFFICER 4

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![](g84873ex99_2p5g1.jpg)

Kohl's is building on a solid foundation Convenient Nationwide Great Product from Top Brands Omni-Channel Reach 1,151 Stores Largest department store 80% (1) chain in America of Americans live within 15 miles of a Kohl's store 20M+ Delivering Great Value Active App Users 1,100+ (1) Sephora @ Kohl's 60M+ 30M+ Customers Loyalty 26% Members Digital Penetration All figures as of Q1 2026 unless otherwise noted 5 (1) Based on number of locations as of Q1 2026

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![](g84873ex99_2p6g1.jpg)

2026 KEY INITIATIVES 6

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![](g84873ex99_2p7g1.jpg)

Offer a more curated, balanced assortment KEY SIGNS OF PROGRESS FUTURE OPPORTUNITIES Delivered flat to slightly positive comps across Women's, Kid's, Home, Men's and Accessories businesses • Making edits to improve assortment clarity and purpose • Introducing Brixton to 300 stores in Q2 • Juniors business grew by 10% led by strength from So. Footwear • Strength across all categories in key proprietary brands such as FLX and Tek Gear • Innovation and newness from Active footwear to set for • Impulse business continues to accelerate, running up over 50% in Q1 Back to School season • Strength in Jewelry business led by our fashion and bridge jewelry Sephora • Innovation and newness in Home resonating well with products from Ninja & Shark • Building on strength from fragrance & haircare categories • Expanding MAC to all doors this Fall • Delivering newness in skincare with trending brands like Beauty of Joseon, Aestura, and Biodance 7

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![](g84873ex99_2p8g1.jpg)

Reestablish Kohl's as a leader in value and quality Unlock the power of proprietary brands and deliver a more consistent, competitive value • Proprietary brands are key component of value proposition, offering customers quality products at affordable opening price points • In Q1, Proprietary Brands delivered a 6% comp • Continue to support awareness and momentum of proprietary brands through enhanced in-store experience and 'By Kohl's' marketing campaign • Introduced Impulse, Deal Bar, and Toy Tower to offer products focused on value 8

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![](g84873ex99_2p9g1.jpg)

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![](g84873ex99_2p10g1.jpg)

Q1 2026 RESULTS 10

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![](g84873ex99_2p11g1.jpg)

Q1 2026 Results Key Financial Results • Q1 Net Sales declined (1.7%) versus Q1 2025 and Comparable Sales decreased (1.1%) • Gross Margin expanded by 4 basis points versus last year driven by higher proprietary brand penetration partially offset by increased cost of shipping driven by a higher digital penetration • SG&A expense declined (1.6%) from collective savings in our credit and corporate expenses • Operating Income of $46 million and Net Loss of ($14 million) or Loss of ($0.13) per Diluted Share 11 11

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![](g84873ex99_2p12g1.jpg)

(1.6%) Q1 2026 Gross Margin & SG&A Expense Performance Gross Margin SG&A Expense Deleveraged (15 bps) vs Q1 2025 Increased 4 bps vs Q1 2025 39.9% 39.9% $1,164M $1,145M % Total Revenue 36.0% 36.2% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2026 Gross Margin Takeaways Q1 2026 SG&A Takeaways • Increased proprietary brand penetration • Collective savings in our credit and corporate expenses • Partially offset by cost of shipping headwinds with higher digital penetration 12

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Adjusted Leverage Kohl's reset leases on the balance sheet following the investment to roll out Sephora to all of our Stores (1) Net Debt + Leases to EBITDAR Leverage Rolling 12 months as of Q1 2026 • Current Balance Sheet / Lease Accounting is inflating our (Dollars in Millions) Unadjusted Adjusted Leverage Ratio (1) Adjusted EBITDA $1,195 $1,195 Rent Expense 272 272 Adjusted EBITDAR 1,467 1,467 • The balance sheet lease liability of $5.1B currently reflects the lease Current portion of long-term Debt 0 0 periods probable to be exercised, Borrowings under revolving credit facility 0 0 which averages 18 years Long-term Debt 1,387 1,387 Debt 1,387 1,387 • The lease payments for periods Less: Cash & Cash Equivalents (429) (429) actually exercised, is $2.3B, which Net Debt 958 958 averages 4 years Net Debt / EBITDA Leverage 0.8x 0.8x Contractually obligated payments for Finance & Financing Obligation Leases Current and long-term Fin Leases & Fin Obs 2,427 1,129 • When adjusting for the actual lease Contractually obligated payments for Current and long-term Operating Leases 2,719 1,153 Operating Leases periods exercised Kohl's Leverage Net Debt + Leases $6,104 $3,240 Ratio is reduced to 2.2x, down from the Unadjusted Ratio of 4.2x Net Debt + Leases / EBITDAR Leverage 4.2x 2.2x 13 (1) Adjusted EBITDA, Adjusted EBITDAR, and our Leverage Ratio (expressed as Net Debt + Leases / EBITDAR) are non-GAAP ﬁnancial measures of liquidity. Refer to the Appendix for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure.

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Three Months Ended Consolidated Statement of Operations (Dollars in Millions) May 2, 2026 May 3, 2025 Net Sales $2,998 $3,049 Total Revenue 3,167 3,233 Gross Margin Rate 39.9% 39.9% SG&A 1,145 1,164 Depreciation 174 175 Operating Income 46 60 Interest Expense, net 63 76 Benefit for Income Taxes (3) (1) Net Loss (14) (15) Diluted Loss per Share ($0.13) ($0.13) Key Balance Sheet Items Q1 2026 (Dollars in Millions) May 2, 2026 May 3, 2025 Cash and Cash Equivalents $429 $153 Key Metrics Merchandise Inventories 2,897 3,137 Accounts Payable 1,248 1,026 Borrowings under revolving credit facility 0 545 Current portion of Long-term debt 0 353 Long-term Debt 1,387 1,174 May 2, 2026 May 3, 2025 Key Cash Flow items (Dollars in Millions) Three Months Ended Three Months Ended Net cash used in operating activities $(74) $(92) Acquisition of property and equipment (84) (110) Free Cash Flow (158) (202) Finance lease and Financing Obligations (26) (21) Proceeds from Financing Obligations 0 3 Adjusted Free Cash Flow (Non-GAAP)1 (184) (220) 14 (1) Free Cash Flow and Adjusted Free Cash Flow are non-GAAP ﬁnancial measures. Reconciliation for Free Cash Flow and Adjusted Free Cash Flow is above.

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2026 OUTLOOK 15

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Affirms 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% 1 Operating Margin Adjusted $1.00 to $1.60 1 Diluted EPS Capital Allocation Outlook • Capex: $350M to $400M • Dividend: $0.125 dividend payable on June 24, 2026 (1) The Company provides adjusted operating margin and adjusted diluted earnings per share on a non-GAAP basis and does not provide a reconciliation of the Company's forward looking guidance to the most directly comparable GAAP ﬁnancial measures because of the 16 inherent diﬃculty in forecasting and quantifying certain amounts that are necessary for such reconciliations.

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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 shareholders, with an annual cash dividend of $0.50 per share that supports continued balance sheet flexibility Reduce Debt In Q1, we repurchased $50 million of debt at a discount of $9 million. We will continue to evaluate the market and make opportunistic debt repurchases. Share Repurchases As we continue to solidify our balance sheet and improve our business results, we will look at implementing a share buyback program in the future 17

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APPENDIX 18

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Reconciliation 52 Weeks Ended Adjusted EBITDA May 2, 2026 (Dollars in Millions) Net Income (GAAP) $272 Provision for income taxes 63 Interest expense, net 275 Depreciation and amortization 699 (Gain) on legal settlement (129) Impairments, store closing and other costs 15 Adjusted EBITDA (Non-GAAP) $1,195 19

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