Income Taxes (Tables)

12 Months Ended

Jul. 26, 2025

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following (in millions):

Years Ended	July 26, 2025		July 27, 2024		July 29, 2023
Federal:
Current	$	956	$	1,939	$	3,754
Deferred	(838)		(883)		(1,955)
	118		1,056		1,799
State:
Current	431		388		623
Deferred	(250)		11		(175)
	181		399		448
Foreign:
Current	665		559		412
Deferred	(44)		(100)		46
	621		459		458
Total	$	920	$	1,914	$	2,705

Income Before Provision for Income Taxes

Income before provision for income taxes consists of the following (in millions):

Years Ended	July 26, 2025		July 27, 2024		July 29, 2023
United States	$	9,500	$	10,790	$	14,074
International	1,600		1,444		1,244
Total	$	11,100	$	12,234	$	15,318

Difference Between Income Taxes at Federal Statutory Rate and Provision for Income Taxes

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes consist of the following:

Years Ended	July 26, 2025		July 27, 2024		July 29, 2023
Federal statutory rate	21.0	%	21.0	%	21.0	%
Effect of:
State taxes, net of federal tax benefit	1.3		2.8		2.4
Foreign income at other than U.S. rates	0.7		(0.3)		(0.1)
Tax credits	(2.7)		(2.4)		(0.3)
Foreign-derived intangible income deduction	(6.0)		(5.5)		(5.8)
Stock-based compensation	0.7		0.7		1.1
Impact of the Tax Act	(6.5)		—		—
Other, net	(0.2)		(0.7)		(0.6)
Total	8.3	%	15.6	%	17.7	%

Aggregate Changes in Gross Unrecognized Tax Benefits

The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in millions):

Years Ended	July 26, 2025		July 27, 2024		July 29, 2023
Beginning balance	$	2,156	$	2,137	$	3,101
Additions based on tax positions related to the current year	283		205		159
Additions for tax positions of prior years	81		256		261
Reductions for tax positions of prior years	(68)		(344)		(265)
Settlements	(75)		(53)		(1,063)
Lapse of statute of limitations	(40)		(45)		(56)
Ending balance	$	2,337	$	2,156	$	2,137

Components of Deferred Tax Assets and Liabilities

The following table presents the breakdown for net deferred tax assets (in millions):

	July 26, 2025		July 27, 2024
Deferred tax assets	$	7,356	$	6,262
Deferred tax liabilities	(75)		(76)
Total net deferred tax assets	$	7,281	$	6,186

The following table presents the components of the deferred tax assets and liabilities (in millions):

	July 26, 2025		July 27, 2024
ASSETS
Inventory write-downs and capitalization	$	532	$	530
Deferred foreign income	221		277
IPR&D and purchased intangible assets	961		1,039
Depreciation	242		184
Deferred revenue	1,933		2,034
Credits and net operating loss carryforwards	1,350		1,863
Share-based compensation expense	319		297
Accrued compensation	175		275
Lease liabilities	379		308
Capitalized research expenditures	4,182		3,030
Other	678		559
Gross deferred tax assets	10,972		10,396
Valuation allowance	(910)		(1,024)
Total deferred tax assets	10,062		9,372
LIABILITIES
Goodwill and purchased intangible assets	(2,288)		(2,808)
ROU lease assets	(315)		(259)
Other	(178)		(119)
Total deferred tax liabilities	(2,781)		(3,186)
Total net deferred tax assets	$	7,281	$	6,186

Change in Valuation Allowance for Deferred Tax Assets

The changes in the valuation allowance for deferred tax assets are summarized as follows (in millions):

	July 26, 2025		July 27, 2024		July 29, 2023
Balance at beginning of fiscal year	$	1,024	$	754	$	834
Additions	33		148		35
Additions from Splunk	—		147		—
Deductions	(4)		(4)		(18)
Write-offs	(145)		(20)		(93)
Foreign exchange and other	2		(1)		(4)
Balance at end of fiscal year	$	910	$	1,024	$	754