Income Taxes (Tables)

12 Months Ended

Sep. 27, 2026

Income Tax Disclosure [Abstract]

Income before Income Tax, Domestic and Foreign

The components of income from continuing operations before income taxes by U.S. and foreign jurisdictions were as follows (in millions):

	2026		2025		2024
United States	$	6,990	$	11,174	$	9,169
Foreign	2,424		1,489		1,167
	$	9,414	$	12,663	$	10,336

Components of Income Tax Expense (Benefit)

The components of the income tax provision from continuing operations were as follows (in millions):

	2026		2025		2024
Current provision:
Federal	$	405	$	1,682	$	1,306
State	14		7		3
Foreign (1)	431		981		805
	850		2,670		2,114
Deferred (benefit) provision:
Federal	(5,118)		4,373		(1,553)
State	—		(5)		(4)
Foreign (1)	54		84		(331)
	(5,064)		4,452		(1,888)
	$	(4,214)	$	7,122	$	226

(1) The foreign component of the income tax provision included foreign withholding taxes on royalty revenues included in U.S. earnings.

Effective Income Tax Rate Reconciliation

The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision from continuing operations for fiscal 2026 (in millions, except percentages). A significant portion of our U.S. income qualifies for preferential treatment as FDDEI at a 13% effective tax rate.

	2026
Expected income tax provision at federal statutory tax rate (1)	$	1,977	21	%
Foreign tax effects (2):
China	230		2	%
Singapore	(195)		(2	%)
South Korea	173		2	%
Other foreign jurisdictions	167		2	%
Effect of cross-border tax laws:
Benefit from foreign-derived deduction eligible income (FDDEI)	(368)		(4	%)
Income from branches	360		4	%
Other	124		1	%
Tax credits:
Foreign tax credit	(752)		(8	%)
Research and development credits	(229)		(2	%)
Changes in valuation allowance	(5,781)		(61	%)
Nontaxable or nondeductible items	176		2	%
Other	(96)		(1	%)
	$	(4,214)	(45	%)

(1) Percentages may not sum due to rounding.

(2) Foreign tax effects in China and South Korea primarily relate to withholding tax and in Singapore primarily relate to non-resident source investment income.

The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision from continuing operations for fiscal 2025 and 2024 (in millions):

	2025			2024
Expected income tax provision at federal statutory tax rate	$	2,659		$	2,171
Change in valuation allowance on federal deferred tax assets	5,724			—
Benefit from FDDEI deduction	(1,227)			(1,181)
Benefit related to research and development tax credits	(237)			(259)
Excess tax (benefit) deficiency associated with share-based awards	(120)			(176)
Benefit related to the transfer of intellectual property between foreign subsidiaries	(8)			(317)
Other	331			(12)
	$	7,122		$	226
Effective tax rate	56		%	2		%

Schedule of Cash Flow, Supplemental Disclosures

Our cash paid for income taxes, net of refunds received, for fiscal 2026 was as follows (in millions):

	2026
Federal	$	826
State	19
Foreign	799
Cash paid for income taxes, net of refunds received	$	1,644

Deferred Tax Assets and Liabilities

We had deferred tax assets and deferred tax liabilities as follows (in millions):

	September 27, 2026		September 28, 2025
Capitalized research and development expenditures	$	3,737	$	4,194
Unused tax credits	2,912		2,527
Customer incentives	620		790
Accrued liabilities and reserves	425		410
Unused net operating losses	342		708
Other	1,417		1,069
Total gross deferred tax assets	9,453		9,698
Valuation allowance	(2,448)		(8,016)
Total net deferred tax assets	7,005		1,682
Intangible assets	(425)		(367)
Unrealized gains on other investments and marketable securities	(388)		(212)
Operating lease assets	(275)		(256)
Other	(283)		(235)
Total deferred tax liabilities	(1,371)		(1,070)
Net deferred tax assets	$	5,634	$	612
Reported as:
Non-current deferred tax assets	$	5,783	$	743
Non-current deferred tax liabilities (1)	(149)		(131)
	$	5,634	$	612

(1) Non-current deferred tax liabilities were included in other liabilities in the consolidated balance sheets.

Unrecognized Tax Benefits Roll Forward

A summary of the changes in the amount of unrecognized tax benefits for fiscal 2026, 2025 and 2024 follows (in millions):

	2026		2025		2024
Beginning balance of unrecognized tax benefits	$	2,668	$	2,450	$	2,296
Additions based on prior year tax positions	145		158		2
Reductions for prior year tax positions and lapse in statute of limitations	—		(93)		(1)
Additions for current year tax positions	180		153		153
Ending balance of unrecognized tax benefits	$	2,993	$	2,668	$	2,450