v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Nov. 28, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes, Domestic and Foreign
Income before income taxes for fiscal 2025, 2024 and 2023 consisted of the following:
(in millions)
202520242023
Domestic$6,721 $4,160 $3,465 
Foreign2,013 2,771 3,334 
Income before income taxes$8,734 $6,931 $6,799 
Schedule of Provision for (Benefit from) Income Taxes, Current and Deferred
The provision for income taxes for fiscal 2025, 2024 and 2023 consisted of the following:
(in millions)
202520242023
Current:   
United States federal$1,509 $1,292 $1,198 
Foreign348 315 335 
State and local261 232 260 
Total current2,118 1,839 1,793 
Deferred:   
United States federal(499)(580)(556)
Foreign40 179 227 
State and local(55)(67)(93)
Total deferred(514)(468)(422)
Provision for income taxes
$1,604 $1,371 $1,371 
Schedule of Reconciliation of Provision for Income Taxes
Total income tax expense differed from the income tax expense computed at the U.S. federal statutory rate of 21% as a result of the following:
(in millions)
202520242023
Tax expense computed at U.S. federal statutory rate$1,834 $1,456 $1,428 
Effects of non-U.S. operations(300)(198)(116)
Tax credits(154)(150)(130)
Tax settlements(55)(85)(14)
State tax expense, net of federal benefit171 139 132 
Stock-based compensation90 (23)29 
Acquisition termination fee
— 210 — 
Other18 22 42 
Provision for income taxes
$1,604 $1,371 $1,371 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of November 28, 2025 and November 29, 2024 were as follows:
(in millions)
20252024
Deferred tax assets:  
Capitalized expenses$2,065 $1,625 
Credit carryforwards477 343 
Net operating loss and capital loss carryforwards
306 308 
Accrued liabilities
202 174 
Intangible assets93 117 
Stock-based compensation70 66 
Operating lease liabilities68 79 
Benefits relating to tax positions59 64 
Total gross deferred tax assets3,340 2,776 
Valuation allowance(806)(725)
Total deferred tax assets2,534 2,051 
Deferred tax liabilities:
Acquired intangible assets144 180 
Prepaid expenses112 112 
Depreciation and amortization62 70 
Operating lease right-of-use assets45 52 
Other16 11 
Total deferred tax liabilities379 425 
Net deferred tax assets$2,155 $1,626 
Schedule of Gross Amount of Unrecognized Tax Benefits
During fiscal 2025 and 2024, the aggregate changes in our total gross amount of unrecognized tax benefits were as follows:
(in millions)
20252024
Beginning balance$683 $501 
Gross increases in unrecognized tax benefits – prior year tax positions12 6 
Gross decreases in unrecognized tax benefits – prior year tax positions(50)(10)
Gross increases in unrecognized tax benefits – current year tax positions108 269 
Lapse of statute of limitations(60)(63)
Tax settlements— (20)
Ending balance$693 $683