v3.26.1
Leases
 9 Months Ended
Apr. 25, 2026
Leases [Abstract]  
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemApril 25, 2026July 26, 2025
Operating lease right-of-use assetsOther assets$1,450 $1,301 
Operating lease liabilitiesOther current liabilities$410 $375 
Operating lease liabilitiesOther long-term liabilities1,288 1,175 
Total operating lease liabilities$1,698 $1,550 
The components of our lease expenses were as follows (in millions):
Three Months EndedNine Months Ended
April 25, 2026April 26, 2025April 25, 2026April 26, 2025
Operating lease expense$134 $115 $397 $378 
Short-term lease expense26 18 77 52 
Variable lease expense80 47 229 140 
Total lease expense$240 $180 $703 $570 
Supplemental information related to our operating leases is as follows (in millions):
Nine Months Ended
April 25, 2026April 26, 2025
Cash paid for amounts included in the measurement of lease liabilities —
operating cash flows 		$392 $345 
Right-of-use assets obtained in exchange for operating leases liabilities$510 $483 
The weighted-average lease term was 5.8 years and 5.7 years as of April 25, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of April 25, 2026 and July 26, 2025, respectively.
The maturities of our operating leases (undiscounted) as of April 25, 2026 are as follows (in millions):
Fiscal YearAmount
2026 (remaining three months)$146 
2027426 
2028315 
2029251 
2030212 
Thereafter583 
Total lease payments1,933 
Less: interest(235)
Total$1,698 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $13 million and $44 million for the third quarter and first nine months of fiscal 2026, respectively, and $16 million and $49 million for the corresponding periods of fiscal 2025, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
Future minimum lease payments on our lease receivables as of April 25, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining three months)$105 
2027397 
2028114 
2029143 
2030140 
Total899 
Less: Present value of lease payments(814)
Unearned income$85 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemApril 25, 2026July 26, 2025
Operating lease right-of-use assetsOther assets$1,450 $1,301 
Operating lease liabilitiesOther current liabilities$410 $375 
Operating lease liabilitiesOther long-term liabilities1,288 1,175 
Total operating lease liabilities$1,698 $1,550 
The components of our lease expenses were as follows (in millions):
Three Months EndedNine Months Ended
April 25, 2026April 26, 2025April 25, 2026April 26, 2025
Operating lease expense$134 $115 $397 $378 
Short-term lease expense26 18 77 52 
Variable lease expense80 47 229 140 
Total lease expense$240 $180 $703 $570 
Supplemental information related to our operating leases is as follows (in millions):
Nine Months Ended
April 25, 2026April 26, 2025
Cash paid for amounts included in the measurement of lease liabilities —
operating cash flows 		$392 $345 
Right-of-use assets obtained in exchange for operating leases liabilities$510 $483 
The weighted-average lease term was 5.8 years and 5.7 years as of April 25, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of April 25, 2026 and July 26, 2025, respectively.
The maturities of our operating leases (undiscounted) as of April 25, 2026 are as follows (in millions):
Fiscal YearAmount
2026 (remaining three months)$146 
2027426 
2028315 
2029251 
2030212 
Thereafter583 
Total lease payments1,933 
Less: interest(235)
Total$1,698 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $13 million and $44 million for the third quarter and first nine months of fiscal 2026, respectively, and $16 million and $49 million for the corresponding periods of fiscal 2025, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
Future minimum lease payments on our lease receivables as of April 25, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining three months)$105 
2027397 
2028114 
2029143 
2030140 
Total899 
Less: Present value of lease payments(814)
Unearned income$85 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemApril 25, 2026July 26, 2025
Operating lease right-of-use assetsOther assets$1,450 $1,301 
Operating lease liabilitiesOther current liabilities$410 $375 
Operating lease liabilitiesOther long-term liabilities1,288 1,175 
Total operating lease liabilities$1,698 $1,550 
The components of our lease expenses were as follows (in millions):
Three Months EndedNine Months Ended
April 25, 2026April 26, 2025April 25, 2026April 26, 2025
Operating lease expense$134 $115 $397 $378 
Short-term lease expense26 18 77 52 
Variable lease expense80 47 229 140 
Total lease expense$240 $180 $703 $570 
Supplemental information related to our operating leases is as follows (in millions):
Nine Months Ended
April 25, 2026April 26, 2025
Cash paid for amounts included in the measurement of lease liabilities —
operating cash flows 		$392 $345 
Right-of-use assets obtained in exchange for operating leases liabilities$510 $483 
The weighted-average lease term was 5.8 years and 5.7 years as of April 25, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of April 25, 2026 and July 26, 2025, respectively.
The maturities of our operating leases (undiscounted) as of April 25, 2026 are as follows (in millions):
Fiscal YearAmount
2026 (remaining three months)$146 
2027426 
2028315 
2029251 
2030212 
Thereafter583 
Total lease payments1,933 
Less: interest(235)
Total$1,698 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $13 million and $44 million for the third quarter and first nine months of fiscal 2026, respectively, and $16 million and $49 million for the corresponding periods of fiscal 2025, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
Future minimum lease payments on our lease receivables as of April 25, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining three months)$105 
2027397 
2028114 
2029143 
2030140 
Total899 
Less: Present value of lease payments(814)
Unearned income$85 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.