Debt

12 Months Ended

Jan. 25, 2026

Debt Disclosure [Abstract]

Debt

Debt

	Expected Remaining Term (years)	Effective Interest Rate	Jan 25, 2026		Jan 26, 2025
			(In millions)
3.20% Notes Due 2026	0.6	3.31%	1,000		1,000
1.55% Notes Due 2028	2.4	1.64%	1,250		1,250
2.85% Notes Due 2030	4.2	2.93%	1,500		1,500
2.00% Notes Due 2031	5.4	2.09%	1,250		1,250
3.50% Notes Due 2040	14.2	3.54%	1,000		1,000
3.50% Notes Due 2050	24.2	3.54%	2,000		2,000
3.70% Notes Due 2060	34.2	3.73%	500		500
Unamortized debt discount and issuance costs			(32)		(37)
Net carrying amount			8,468		8,463
Less short-term portion			(999)		—
Total long-term portion			$	7,469	$	8,463

As of January 25, 2026 and January 26, 2025, the estimated fair value of debt was $7.5 billion and $7.2 billion, respectively. The estimated fair values are based on Level 2 inputs.

Our notes are unsecured senior obligations. Existing and future liabilities of our subsidiaries will be effectively senior to the notes. Our notes pay interest semi-annually. We may redeem each of our notes prior to maturity, subject to a make-whole premium. The maturity of the notes is calendar year.

As of January 25, 2026, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.

In January 2026, we increased the size of our commercial paper program from $575 million to $25.0 billion. As of January 25, 2026, no commercial paper was outstanding.