In the fourth quarter of fiscal 2026, we announced a restructuring plan (the “Fiscal 2026 Plan”) to allow us to invest in key growth opportunities including silicon, optics, security and artificial intelligence (AI). The total pre-tax charges are estimated to be up to $1 billion consisting of severance and other one-time termination benefits, and other costs. We expect this plan to be substantially completed by the end of fiscal 2027.

In the first quarter of fiscal 2025, we announced a restructuring plan (the “Fiscal 2025 Plan”), in order to allow us to invest in key growth opportunities and drive more efficiencies in our business. In connection with the Fiscal 2025 Plan, we incurred charges of $182 million in the first nine months of fiscal 2026. These aggregate pre-tax charges were primarily cash-based and consisted of severance and other one-time termination benefits, and other costs. In connection with the Fiscal 2025 Plan, we incurred cumulative charges of $926 million and substantially completed the plan in the second quarter of fiscal 2026.

The following table summarizes the activities related to our restructuring liability, which was included in other current liabilities on our Consolidated Balance Sheets (in millions):


	FISCAL 2025 PLAN
	Employee Severance		Other		Total
Liability as of July 26, 2025	$	66	$	46	$	112
Charges	142		40		182
Cash payments	(169)		(27)		(196)
Non-cash and other	(1)		(38)		(39)
Liability as of April 25, 2026	$	38	$	21	$	59