v3.25.3
Leases
 12 Months Ended
Sep. 27, 2025
Leases [Abstract]  
Leases Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, some of which are reasonably certain of exercise.
Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating leases were $2.1 billion for 2025 and $2.0 billion for both 2024 and 2023. Lease costs associated with variable payments on the Company’s leases were $16.1 billion, $13.8 billion and $13.9 billion for 2025, 2024 and 2023, respectively.
The Company made fixed cash payments related to operating leases of $2.1 billion in 2025 and $1.9 billion in both 2024 and 2023. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.8 billion, $1.0 billion and $2.1 billion for 2025, 2024 and 2023, respectively.
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 27, 2025 and September 28, 2024 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20252024
Right-of-use assets:
Operating leasesOther non-current assets$11,205 $10,234 
Finance leasesProperty, plant and equipment, net1,033 1,069 
Total right-of-use assets$12,238 $11,303 
Lease liabilities:
Operating leasesOther current liabilities$1,579 $1,488 
Other non-current liabilities10,911 10,046 
Finance leasesOther current liabilities538 144 
Other non-current liabilities692 752 
Total lease liabilities$13,720 $12,430 
Lease liability maturities as of September 27, 2025, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2026$1,967 $563 $2,530 
20271,988 73 2,061 
20281,848 51 1,899 
20291,585 48 1,633 
20301,381 43 1,424 
Thereafter5,956 801 6,757 
Total undiscounted liabilities14,725 1,579 16,304 
Less: Imputed interest(2,235)(349)(2,584)
Total lease liabilities$12,490 $1,230 $13,720 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September 27, 2025 and September 28, 2024 was 9.8 years and 10.3 years, respectively. The discount rate related to the Company’s lease liabilities as of September 27, 2025 and September 28, 2024 was 3.4% and 3.1%, respectively. The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.
As of September 27, 2025, the Company had $523 million of fixed payment obligations under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases are expected to commence between 2026 and 2027, with lease terms ranging from 1 year to 21 years.
Leases Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, some of which are reasonably certain of exercise.
Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating leases were $2.1 billion for 2025 and $2.0 billion for both 2024 and 2023. Lease costs associated with variable payments on the Company’s leases were $16.1 billion, $13.8 billion and $13.9 billion for 2025, 2024 and 2023, respectively.
The Company made fixed cash payments related to operating leases of $2.1 billion in 2025 and $1.9 billion in both 2024 and 2023. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.8 billion, $1.0 billion and $2.1 billion for 2025, 2024 and 2023, respectively.
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 27, 2025 and September 28, 2024 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20252024
Right-of-use assets:
Operating leasesOther non-current assets$11,205 $10,234 
Finance leasesProperty, plant and equipment, net1,033 1,069 
Total right-of-use assets$12,238 $11,303 
Lease liabilities:
Operating leasesOther current liabilities$1,579 $1,488 
Other non-current liabilities10,911 10,046 
Finance leasesOther current liabilities538 144 
Other non-current liabilities692 752 
Total lease liabilities$13,720 $12,430 
Lease liability maturities as of September 27, 2025, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2026$1,967 $563 $2,530 
20271,988 73 2,061 
20281,848 51 1,899 
20291,585 48 1,633 
20301,381 43 1,424 
Thereafter5,956 801 6,757 
Total undiscounted liabilities14,725 1,579 16,304 
Less: Imputed interest(2,235)(349)(2,584)
Total lease liabilities$12,490 $1,230 $13,720 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September 27, 2025 and September 28, 2024 was 9.8 years and 10.3 years, respectively. The discount rate related to the Company’s lease liabilities as of September 27, 2025 and September 28, 2024 was 3.4% and 3.1%, respectively. The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.
As of September 27, 2025, the Company had $523 million of fixed payment obligations under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases are expected to commence between 2026 and 2027, with lease terms ranging from 1 year to 21 years.