v3.26.1
Fair Value
 9 Months Ended
Apr. 25, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
(a)Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis were as follows (in millions):
 APRIL 25, 2026JULY 26, 2025
FAIR VALUE MEASUREMENTSFAIR VALUE MEASUREMENTS
 Level 1Level 2Total
Balance		Level 1Level 2Total
Balance
Assets:
Cash equivalents:
Money market funds$4,258 $— $4,258 $5,885 $— $5,885 
Commercial paper— 953 953 — 336 336 
Certificates of deposit— 25 25 — — — 
Corporate debt securities— 16 16 — 1 1 
Non-U.S. government and agency securities— 58 58 — — — 
Available-for-sale debt investments:
U.S. government securities— 1,712 1,712 — 1,961 1,961 
U.S. government agency securities— 41 41 — 67 67 
Non-U.S. government and agency securities— 400 400 — 458 458 
Corporate debt securities— 2,758 2,758 — 3,090 3,090 
Mortgage- and asset-backed securities— 203 203 — 286 286 
Commercial paper— 2,731 2,731 — 950 950 
Certificates of deposit— 1,335 1,335 — 569 569 
Equity investments:
Marketable equity securities377 — 377 383 — 383 
Other current assets:
Money market funds— — — 563 — 563 
Derivative assets— 90 90 — 32 32 
Total$4,635 $10,322 $14,957 $6,831 $7,750 $14,581 
Liabilities:
Derivative liabilities— 86 86 — 31 31 
Total$— $86 $86 $— $31 $31 
Level 1 marketable equity securities are determined by using quoted prices in active markets for identical assets. Level 2 available-for-sale debt investments are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. We use inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets and liabilities. We use such pricing data as the primary input to make our assessments and determinations as to the ultimate valuation of our investment portfolio and have not made, during the periods presented, any material adjustments to such inputs. We are ultimately responsible for the financial statements and underlying estimates. We did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented.
For more discussion on the fair value measurement of our non-marketable equity securities, see Note 10.
(b)Other Fair Value Disclosures
The fair value of our short-term loan receivables approximates their carrying value due to their short duration. The aggregate carrying value of our long-term loan receivables was $3.1 billion and $2.9 billion as of April 25, 2026 and July 26, 2025, respectively. The estimated fair value of our long-term loan receivables approximates their carrying value. We use unobservable inputs in determining discounted cash flows to estimate the fair value of our long-term loan receivables, and therefore they are categorized as Level 3.
As of April 25, 2026, the estimated fair value of our short-term debt approximates its carrying value due to the short maturities. As of April 25, 2026, the fair value of our senior fixed-rate notes was $23.3 billion, with a carrying amount of $22.9 billion. This compares to a fair value of $25.0 billion and a carrying amount of $24.6 billion as of July 26, 2025. The fair value of the senior fixed-rate notes was determined based on observable market prices in a less active market and was categorized as Level 2.