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Borrowings
 12 Months Ended
Nov. 02, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
Effective Interest RateNovember 2,
2025		November 3,
2024
(Dollars in millions)
September 2025 Senior Notes
4.200% notes due October 2030
4.34 %$1,000 $— 
4.800% notes due February 2036
4.90 %2,250 — 
4.900% notes due February 2038
4.99 %1,750 — 
5,000 — 
July 2025 Senior Notes
4.600% notes due July 2030
4.49 %
(a)
1,750 — 
4.900% notes due July 2032
5.04 %1,750 — 
5.200% notes due July 2035
4.77 %
(a)
2,500 — 
6,000 — 
January 2025 Senior Notes
4.800% notes due April 2028
5.03 %1,100 — 
5.050% notes due April 2030
5.20 %800 — 
5.200% notes due April 2032
5.34 %1,100 — 
3,000 — 
October 2024 Senior Notes
4.150% notes due February 2028
4.36 %875 875 
4.350% notes due February 2030
4.51 %1,500 1,500 
4.550% notes due February 2032
4.70 %875 875 
4.800% notes due October 2034
4.38 %
(a)
1,750 1,750 
5,000 5,000 
July 2024 Senior Notes
5.050% notes due July 2027
5.27 %1,250 1,250 
5.050% notes due July 2029
5.23 %2,250 2,250 
5.150% notes due November 2031
5.30 %1,500 1,500 
5,000 5,000 
April 2022 Senior Notes
4.000% notes due April 2029
4.17 %750 750 
4.150% notes due April 2032
4.30 %1,200 1,200 
4.926% notes due May 2037
5.33 %2,500 2,500 
4,450 4,450 
September 2021 Senior Notes
3.137% notes due November 2035
4.23 %3,250 3,250 
3.187% notes due November 2036
4.79 %2,750 2,750 
6,000 6,000 
March 2021 Senior Notes
3.419% notes due April 2033
4.66 %2,250 2,250 
3.469% notes due April 2034
4.63 %3,250 3,250 
5,500 5,500 
Effective Interest RateNovember 2,
2025		November 3,
2024
(Dollars in millions)
January 2021 Senior Notes
1.950% notes due February 2028
2.10 %750 750 
2.450% notes due February 2031
2.56 %2,750 2,750 
2.600% notes due February 2033
2.70 %1,750 1,750 
3.500% notes due February 2041
3.60 %3,000 3,000 
3.750% notes due February 2051
3.84 %1,750 1,750 
10,000 10,000 
June 2020 Senior Notes
3.459% notes due September 2026
4.19 %752 752 
4.110% notes due September 2028
5.02 %1,118 1,118 
1,870 1,870 
May 2020 Senior Notes
3.150% notes due November 2025
3.29 %900 900 
4.150% notes due November 2030
4.27 %1,856 1,856 
4.300% notes due November 2032
4.39 %2,000 2,000 
4,756 4,756 
April 2020 Senior Notes
5.000% notes due April 2030
5.18 %606 606 
April 2019 Senior Notes
4.750% notes due April 2029
4.95 %1,655 1,655 
2017 Senior Notes
3.125% notes due January 2025
3.23 %— 495 
3.875% notes due January 2027
4.02 %— 2,922 
3.500% notes due January 2028
3.60 %777 777 
777 4,194 
Assumed VMware Senior Notes
4.500% notes due May 2025
5.81 %— 750 
1.400% notes due August 2026
5.60 %1,500 1,500 
4.650% notes due May 2027
5.60 %— 500 
3.900% notes due August 2027
5.50 %1,250 1,250 
1.800% notes due August 2028
5.44 %750 750 
4.700% notes due May 2030
5.75 %750 750 
2.200% notes due August 2031
5.74 %1,500 1,500 
5,750 7,000 
Assumed CA Senior Notes
4.700% notes due March 2027
5.15 %— 215 
Other senior notes
4.500% notes due August 2034
4.55 %6 6 
Total senior notes outstanding
65,370 56,252 
Effective Interest RateNovember 2,
2025		November 3,
2024
(Dollars in millions)
4.540% term loan due May 2028
4.59 %1,000 — 
4.489% term loan due May 2028
4.55 %750 — 
2023 Term Loans - floating rate
SOFR plus 1.125% term loan due November 2026
6.23 %— 5,595 
SOFR plus 1.125% term loan due November 2028
5.63 %— 8,000 
— 13,595 
Total term loans outstanding
1,750 13,595 
Total debt principal outstanding
$67,120 $69,847 
Current portion of principal amount outstanding$3,152 $1,245 
Short-term finance lease liabilities— 26 
Total short-term debt
$3,152 $1,271 
Non-current portion of principal amount outstanding$63,968 $68,602 
Long-term finance lease liabilities— 13 
Unamortized discount and issuance costs(1,984)(2,320)
Total long-term debt$61,984 $66,295 
    
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(a) In addition to contractual interest, discount and issuance costs, the effective interest rate also includes reclassification of the cumulative gain from derivatives. See Note 2. "Summary of Significant Accounting Policies" for additional information for derivative instruments.
The senior notes and term loans are recorded net of discount and issuance costs, which are amortized to interest expense over the respective terms of such instruments.
Senior Notes
We may redeem or purchase, in whole or in part, any of our senior notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indentures governing the respective notes, plus accrued and unpaid interest. With the exception of the senior notes issued in September 2025, in the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. Each series of the senior notes pays interest semi-annually.
During fiscal year 2025, we issued senior unsecured notes for an aggregate principal amount of $3.0 billion in January 2025, $6.0 billion in July 2025, and $5.0 billion in September 2025. We repaid and redeemed a total of $4,882 million of senior notes.
Fixed-Rate Term Loans
We entered into a $750 million three-year term loan at a 4.489% fixed rate on May 2, 2025 and a $1.0 billion three-year term loan at a 4.540% fixed rate on May 9, 2025. Interest on the term loans is due quarterly. We are permitted to prepay the term loans at any time, subject to a specified make-whole premium determined in accordance with the credit agreements governing the respective term loans, plus accrued and unpaid interest.
2025 Credit Agreement
In January 2025, we entered into a credit agreement (the “2025 Credit Agreement”), which provides for a five-year $7.5 billion unsecured revolving credit facility, of which $500 million is available for the issuance of multi-currency letters of credit. The issuance of letters of credit under the revolving credit facility would reduce the aggregate amount otherwise available under such facility for revolving loans. Subject to the terms of the 2025 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 13, 2030 or (b) the date that the commitments are terminated either at our request or, if an event of default occurs, by the lenders. In connection with the 2025 Credit Agreement, we terminated the credit agreement entered into in January 2021, which provided for a five-year $7.5 billion unsecured revolving credit facility. We had no borrowings outstanding under our revolving credit facility at either November 2, 2025 or November 3, 2024.
Commercial Paper
In January 2025, we increased the maximum amount of our commercial paper program, pursuant to which we may issue unsecured commercial paper notes in an aggregate principal amount of up to $4.0 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of issuance. The discount associated with the commercial paper is amortized to interest expense over its term. We had no commercial paper outstanding at either November 2, 2025 or November 3, 2024.
2023 Term Loans
On August 15, 2023, we entered into a credit agreement (the “2023 Credit Agreement”), which provided us with the ability to borrow term loans in connection with the VMware Merger. Upon completion of the VMware Merger, we entered a series of unsecured facilities for an aggregate principal amount of $30,390 million (the “2023 Term Loans”). The 2023 Term Loans bore interest, payable monthly or every three months at our election, at floating interest rates tied to the Secured Overnight Financing Rate (“SOFR”). Subject to the terms of the 2023 Credit Agreement, we were permitted to voluntarily make prepayments of the term loans without penalty. During fiscal year 2025, we repaid the remaining $13,595 million of 2023 Term Loans and terminated the 2023 Credit Agreement. As a result of these repayments, we wrote off unamortized discount and issuance costs of $118 million, which were included in interest expense in the consolidated statements of operations.
Fair Value of Debt
As of November 2, 2025, the estimated aggregate fair value of our debt was $64,609 million which was determined using quoted prices from less active markets or other observable inputs. All of our debt obligations are categorized as Level 2 instruments.
Future Principal Payments of Debt
The future scheduled principal payments of debt as of November 2, 2025 were as follows:
Fiscal Year:Future Scheduled Principal Payments
(In millions)
2026$3,152 
20272,500 
20287,120 
20294,655 
20306,406 
Thereafter43,287 
Total$67,120 
    As of November 2, 2025 and November 3, 2024, we were in compliance with all debt covenants.