Leases

6 Months Ended

Jan. 24, 2026

Leases [Abstract]

Leases

Leases

(a)Lessee Arrangements

The following table presents our operating lease balances (in millions):

	Balance Sheet Line Item	January 24, 2026		July 26, 2025
Operating lease right-of-use assets	Other assets	$	1,408	$	1,301
Operating lease liabilities	Other current liabilities	$	405	$	375
Operating lease liabilities	Other long-term liabilities	1,249		1,175
Total operating lease liabilities		$	1,654	$	1,550

The components of our lease expenses were as follows (in millions):

	Three Months Ended				Six Months Ended
	January 24, 2026		January 25, 2025		January 24, 2026		January 25, 2025
Operating lease expense	$	132	$	149	$	263	$	263
Short-term lease expense	26		16		51		34
Variable lease expense	77		47		149		93
Total lease expense	$	235	$	212	$	463	$	390

Supplemental information related to our operating leases is as follows (in millions):

	Six Months Ended
	January 24, 2026		January 25, 2025
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows	$	259	$	228
Right-of-use assets obtained in exchange for operating leases liabilities	$	351	$	326

The weighted-average lease term was 5.8 years and 5.7 years as of January 24, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of January 24, 2026 and July 26, 2025, respectively.

The maturities of our operating leases (undiscounted) as of January 24, 2026 are as follows (in millions):

Fiscal Year	Amount
2026 (remaining six months)	$	256
2027	385
2028	286
2029	228
2030	198
Thereafter	536
Total lease payments	1,889
Less: interest	(235)
Total	$	1,654

(b)Lessor Arrangements

Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $15 million and $31 million for the second quarter and first six months of fiscal 2026, respectively, and $16 million and $33 million for the corresponding periods of fiscal 2025, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.

Future minimum lease payments on our lease receivables as of January 24, 2026 are summarized as follows (in millions):

Fiscal Year	Amount
2026 (remaining six months)	$	157
2027	310
2028	125
2029	151
2030	144
Total	887
Less: Present value of lease payments	(795)
Unearned income	$	92

Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.

Leases

Leases

(a)Lessee Arrangements

The following table presents our operating lease balances (in millions):

	Balance Sheet Line Item	January 24, 2026		July 26, 2025
Operating lease right-of-use assets	Other assets	$	1,408	$	1,301
Operating lease liabilities	Other current liabilities	$	405	$	375
Operating lease liabilities	Other long-term liabilities	1,249		1,175
Total operating lease liabilities		$	1,654	$	1,550

The components of our lease expenses were as follows (in millions):

	Three Months Ended				Six Months Ended
	January 24, 2026		January 25, 2025		January 24, 2026		January 25, 2025
Operating lease expense	$	132	$	149	$	263	$	263
Short-term lease expense	26		16		51		34
Variable lease expense	77		47		149		93
Total lease expense	$	235	$	212	$	463	$	390

Supplemental information related to our operating leases is as follows (in millions):

	Six Months Ended
	January 24, 2026		January 25, 2025
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows	$	259	$	228
Right-of-use assets obtained in exchange for operating leases liabilities	$	351	$	326

The weighted-average lease term was 5.8 years and 5.7 years as of January 24, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of January 24, 2026 and July 26, 2025, respectively.

The maturities of our operating leases (undiscounted) as of January 24, 2026 are as follows (in millions):

Fiscal Year	Amount
2026 (remaining six months)	$	256
2027	385
2028	286
2029	228
2030	198
Thereafter	536
Total lease payments	1,889
Less: interest	(235)
Total	$	1,654

(b)Lessor Arrangements

Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $15 million and $31 million for the second quarter and first six months of fiscal 2026, respectively, and $16 million and $33 million for the corresponding periods of fiscal 2025, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.

Future minimum lease payments on our lease receivables as of January 24, 2026 are summarized as follows (in millions):

Fiscal Year	Amount
2026 (remaining six months)	$	157
2027	310
2028	125
2029	151
2030	144
Total	887
Less: Present value of lease payments	(795)
Unearned income	$	92

Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.

Leases

Leases

(a)Lessee Arrangements

The following table presents our operating lease balances (in millions):

	Balance Sheet Line Item	January 24, 2026		July 26, 2025
Operating lease right-of-use assets	Other assets	$	1,408	$	1,301
Operating lease liabilities	Other current liabilities	$	405	$	375
Operating lease liabilities	Other long-term liabilities	1,249		1,175
Total operating lease liabilities		$	1,654	$	1,550

The components of our lease expenses were as follows (in millions):

	Three Months Ended				Six Months Ended
	January 24, 2026		January 25, 2025		January 24, 2026		January 25, 2025
Operating lease expense	$	132	$	149	$	263	$	263
Short-term lease expense	26		16		51		34
Variable lease expense	77		47		149		93
Total lease expense	$	235	$	212	$	463	$	390

Supplemental information related to our operating leases is as follows (in millions):

	Six Months Ended
	January 24, 2026		January 25, 2025
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows	$	259	$	228
Right-of-use assets obtained in exchange for operating leases liabilities	$	351	$	326

The weighted-average lease term was 5.8 years and 5.7 years as of January 24, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of January 24, 2026 and July 26, 2025, respectively.

The maturities of our operating leases (undiscounted) as of January 24, 2026 are as follows (in millions):

Fiscal Year	Amount
2026 (remaining six months)	$	256
2027	385
2028	286
2029	228
2030	198
Thereafter	536
Total lease payments	1,889
Less: interest	(235)
Total	$	1,654

(b)Lessor Arrangements

Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $15 million and $31 million for the second quarter and first six months of fiscal 2026, respectively, and $16 million and $33 million for the corresponding periods of fiscal 2025, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.

Future minimum lease payments on our lease receivables as of January 24, 2026 are summarized as follows (in millions):

Fiscal Year	Amount
2026 (remaining six months)	$	157
2027	310
2028	125
2029	151
2030	144
Total	887
Less: Present value of lease payments	(795)
Unearned income	$	92

Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.