v3.25.2
Employee Benefit Plans (Tables)
 12 Months Ended
Jul. 26, 2025
Retirement Benefits [Abstract]  
Summary of Share-Based Compensation Expense
Share-based compensation expense consists of expenses for RSUs, stock purchase rights, and stock options, granted to employees or assumed from acquisitions. The following table summarizes share-based compensation expense (in millions):
Years EndedJuly 26, 2025July 27, 2024July 29, 2023
Cost of sales—product$255 $214 $151 
Cost of sales—services329 300 245 
Share-based compensation expense in cost of sales584 514 396 
Research and development1,625 1,316 1,008 
Sales and marketing918 846 673 
General and administrative476 375 270 
Restructuring and other charges38 23 6 
Share-based compensation expense in operating expenses3,057 2,560 1,957 
Total share-based compensation expense$3,641 $3,074 $2,353 
Income tax benefit for share-based compensation$871 $696 $449 
Summary of Restricted Stock and Stock Unit Activity
A summary of the restricted stock and stock unit activity, which includes time-based and performance-based or market-based RSUs, is as follows (in millions, except per-share amounts):
Restricted Stock/
Stock Units		Weighted-Average
Grant Date Fair
Value per Share		Aggregate Fair  Value
UNVESTED BALANCE AT JULY 30, 202297 $46.67 
Granted and assumed72 42.08 
Vested(39)46.69 $1,746 
Canceled/forfeited/other(8)45.17 
UNVESTED BALANCE AT JULY 29, 2023122 44.04 
Granted and assumed63 48.97 
Vested(58)43.46 $2,906 
Canceled/forfeited/other(10)45.65 
UNVESTED BALANCE AT JULY 27, 2024117 46.86 
Granted and assumed70 55.73 
Vested(65)46.95 $3,707 
Canceled/forfeited/other(9)48.04 
UNVESTED BALANCE AT JULY 26, 2025113 $52.26 
Schedule of Valuation Assumptions for Time-based RSUs and PRSUs
The assumptions for the valuation of time-based RSUs and PRSUs are summarized as follows:
RESTRICTED STOCK UNITS
Years EndedJuly 26, 2025July 27, 2024July 29, 2023
Number of shares granted (in millions)65 60 70 
Grant date fair value per share$55.93 $48.71 $42.13 
Weighted-average assumptions/inputs:
   Expected dividend yield2.7 %3.0 %3.4 %
   Range of risk-free interest rates
3.5% – 4.9%
4.2% – 5.6%
3.7% – 5.7%
PERFORMANCE BASED RESTRICTED STOCK UNITS
Years EndedJuly 26, 2025July 27, 2024July 29, 2023
Number of shares granted (in millions)4 3 2 
Grant date fair value per share$54.50 $59.31 $40.44 
Schedule of Valuation Assumptions for Employee Stock Purchase Rights
The assumptions for the valuation of employee stock purchase rights are summarized as follows:
 EMPLOYEE STOCK PURCHASE RIGHTS
Years EndedJuly 26, 2025July 27, 2024July 29, 2023
Weighted-average assumptions:
   Expected volatility22.5 %28.3 %28.7 %
   Risk-free interest rate5.0 %2.9 %2.8 %
   Expected dividend3.3 %3.5 %3.6 %
   Expected life (in years)1.31.21.2
Weighted-average estimated grant date fair value per share$12.18 $11.59 $12.40