Financial Instruments (Tables)

9 Months Ended

Jan. 23, 2026

Investments [Abstract]

Schedule of Investments in Available-for-Sale Debt Securities by Significant Investment Category and Related Consolidated Balance Sheet Classification

The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at January 23, 2026 and April 25, 2025:

    

	January 23, 2026
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	449	$	—	$	(4)	$	445	$	445	$	—
Level 2:
Corporate debt securities	3,905		37		(12)		3,929		3,929		—
U.S. government and agency securities	870		—		(11)		860		860		—
Mortgage-backed securities	813		10		(20)		804		804		—
Non-U.S. government and agency securities	25		—		—		25		25		—
Other asset-backed securities	1,158		6		(6)		1,158		1,158		—
Total Level 2	6,772		53		(49)		6,776		6,776		—
Level 3:
Auction rate securities	36		—		(2)		34		—		34
Total available-for-sale debt securities	$	7,256	$	54	$	(55)	$	7,255	$	7,221	$	34

	April 25, 2025
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	417	$	—	$	(7)	$	410	$	410	$	—
Level 2:
Corporate debt securities	3,540		17		(36)		3,521		3,521		—
U.S. government and agency securities	835		—		(20)		814		814		—
Mortgage-backed securities	948		4		(29)		923		923		—
Non-U.S. government and agency securities	6		—		—		6		6		—
Other asset-backed securities	1,044		5		(6)		1,044		1,044		—
Total Level 2	6,373		26		(91)		6,308		6,308		—
Level 3:
Auction rate securities	36		—		(3)		33		—		33
Total available-for-sale debt securities	$	6,826	$	26	$	(100)	$	6,752	$	6,719	$	33

Schedule of Gross Unrealized Losses and Fair Values of Available-for-Sale Securities, Aggregated by Investment Category

The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at January 23, 2026 and April 25, 2025:

	January 23, 2026
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	577	$	(4)	$	835	$	(9)
U.S. government and agency securities	158		(3)		530		(12)
Mortgage-backed securities	12		(1)		266		(19)
Other asset-backed securities	—		—		230		(6)
Auction rate securities	—		—		34		(2)
Total	$	749	$	(7)	$	1,895	$	(47)

	April 25, 2025
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	702	$	(7)	$	1,235	$	(29)
U.S. government and agency securities	110		(1)		641		(25)
Mortgage-backed securities	2		(1)		614		(28)
Other asset-backed securities	—		—		469		(6)
Auction rate securities	—		—		33		(3)
Total	$	814	$	(9)	$	2,993	$	(91)

Schedule of Available-for-Sale Debt Securities by Contractual Maturity

The contractual maturities of available-for-sale debt securities at January 23, 2026 are shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	1,554	$	1,548
Due after one year through five years	3,118		3,125
Due after five years through ten years	1,153		1,164
Due after ten years	1,431		1,418
Total	$	7,256	$	7,255

Schedule of Equity and Other Investments

The following table summarizes the Company's equity and other investments and related accrued interest receivable at January 23, 2026 and April 25, 2025, which are classified primarily as other assets in the consolidated balance sheets:

(in millions)	January 23, 2026		April 25, 2025
Investments with readily determinable fair value (marketable equity securities)	$	144	$	17
Investments for which the fair value option has been elected	50		140
Investments without readily determinable fair values	730		705
Equity method and other investments	79		89
Total equity and other investments	$	1,003	$	951

Gain (Loss) on Securities

The table below includes activity related to the Company's portfolio of equity and other investments. Gains, losses, and interest income on equity and other investments are recognized in other non-operating income, net in the consolidated statements of income.

	Three months ended				Nine months ended
(in millions)	January 23, 2026		January 24, 2025		January 23, 2026		January 24, 2025
Proceeds from sales	$	21	$	27	$	53	$	120
Gross gains	13		8		32		100
Gross losses	(22)		(4)		(115)		(17)
Interest income	17		—		17		—
Impairment losses recognized	—		(71)		(62)		(116)

Schedule of Available-for-Sale Securities Reconciliation

The following table provides a reconciliation of the beginning and ending balances of the Mozarc investment for which the fair value option has been elected:

	Three months ended				Nine months ended
(in millions)	January 23, 2026		January 24, 2025		January 23, 2026		January 24, 2025
Beginning Balance	$	57	$	311	$	140	$	311
Additions	—		—		7		—
Settlements	(7)		—		(7)		—
Change in fair value	—		—		(90)		—
Ending Balance	$	50	$	311	$	50	$	311