Borrowings

6 Months Ended

Jan. 24, 2026

Debt Disclosure [Abstract]

Borrowings

Borrowings

(a)Short-Term Debt

The following table summarizes our short-term debt (in millions, except percentages):

	January 24, 2026				July 26, 2025
	Amount		Effective Rate		Amount		Effective Rate
Current portion of senior fixed-rate notes	$	3,250	3.41	%	$	1,749	4.15	%
Commercial paper	5,469		3.88	%	3,482		4.37	%
Current portion of other debt	—		—		1		1.13	%
Total	$	8,719			$	5,232

We have a short-term debt financing program of up to $15.0 billion through the issuance of commercial paper notes. We use the proceeds from the issuance of commercial paper notes for general corporate purposes.

The effective rates for the short- and long-term debt include the interest on the notes, the accretion of the discount, the issuance costs, and, if applicable, adjustments related to hedging.

(b)Long-Term Debt

The following table summarizes our long-term debt (in millions, except percentages):

		January 24, 2026			July 26, 2025
	Maturity Date	Amount		Effective Rate	Amount		Effective Rate
Senior fixed-rate notes:
4.90%	February 26, 2026	$	1,000	5.00%	$	1,000	5.00%
2.95%	February 28, 2026	750		3.01%	750		3.01%
2.50%	September 20, 2026	1,500		2.55%	1,500		2.55%
4.80%	February 26, 2027	2,000		4.90%	2,000		4.90%
4.55%	February 24, 2028	1,000		4.61%	1,000		4.61%
4.85%	February 26, 2029	2,500		4.91%	2,500		4.91%
4.75%	February 24, 2030	1,000		4.73%	1,000		4.73%
4.95%	February 26, 2031	2,500		5.04%	2,500		5.04%
4.95%	February 24, 2032	1,000		4.94%	1,000		4.94%
5.05%	February 26, 2034	2,500		4.97%	2,500		4.97%
5.10%	February 24, 2035	1,250		5.11%	1,250		5.11%
5.90%	February 15, 2039	2,000		6.11%	2,000		6.11%
5.50%	January 15, 2040	2,000		5.67%	2,000		5.67%
5.30%	February 26, 2054	2,000		5.28%	2,000		5.28%
5.50%	February 24, 2055	750		5.49%	750		5.49%
5.35%	February 26, 2064	1,000		5.42%	1,000		5.42%
Other debt		2		1.13%	3		1.13%
Total		24,752			24,753
Unaccreted discount/issuance costs		(135)			(142)
Total		$	24,617		$	24,611
Reported as:
Current portion of long-term debt		$	3,250		$	1,750
Long-term debt		21,367			22,861
Total		$	24,617		$	24,611

Interest is payable semiannually on each class of the senior fixed-rate notes. Each of the senior fixed-rate notes is redeemable by us at any time, subject to a make-whole premium. The senior fixed-rate notes rank at par with the commercial paper notes that have been issued pursuant to our short-term debt financing program, as discussed above under “(a) Short-Term Debt.” As of January 24, 2026, we were in compliance with all debt covenants.

As of January 24, 2026, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):

Fiscal Year	Amount
2026 (remaining six months)	$	1,750
2027	3,502
2028	1,000
2029	2,500
2030	1,000
Thereafter	15,000
Total	$	24,752

(c)Credit Facility

On February 2, 2024, we entered into an amended and restated 5-year $5.0 billion unsecured revolving credit agreement. The interest rate for the credit agreement is determined based on a formula using certain market rates. The credit agreement requires that we comply with certain covenants, including that we maintain an interest coverage ratio (defined in the agreement as the ratio of consolidated EBITDA to consolidated interest expense) of not less than 3.0 to 1.0. As of January 24, 2026, we were in compliance with all associated covenants and we had not borrowed any funds under our credit agreement.