v3.26.1
Borrowings
 9 Months Ended
Apr. 25, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
(a)Short-Term Debt
The following table summarizes our short-term debt (in millions, except percentages):
 April 25, 2026July 26, 2025
 AmountEffective RateAmountEffective Rate
Current portion of senior fixed-rate notes$3,498 3.89 %$1,749 4.15 %
Commercial paper8,434 3.78 %3,482 4.37 %
Current portion of other debt— — 1 1.13 %
Total$11,932 $5,232 
We have a short-term debt financing program of up to $15.0 billion through the issuance of commercial paper notes. We use the proceeds from the issuance of commercial paper notes for general corporate purposes.
The effective rates for the short- and long-term debt include the interest on the notes, the accretion of the discount, the issuance costs, and, if applicable, adjustments related to hedging.
(b)Long-Term Debt
The following table summarizes our long-term debt (in millions, except percentages):
 April 25, 2026July 26, 2025
 Maturity DateAmountEffective RateAmountEffective Rate
Senior fixed-rate notes:
4.90%February 26, 2026$— —$1,000 5.00%
2.95%February 28, 2026— —750 3.01%
2.50%September 20, 20261,500 2.55%1,500 2.55%
4.80%February 26, 20272,000 4.90%2,000 4.90%
4.55%February 24, 20281,000 4.61%1,000 4.61%
4.85%February 26, 20292,500 4.91%2,500 4.91%
4.75%February 24, 20301,000 4.73%1,000 4.73%
4.95%February 26, 20312,500 5.04%2,500 5.04%
4.95%February 24, 20321,000 4.94%1,000 4.94%
5.05%February 26, 20342,500 4.97%2,500 4.97%
5.10%February 24, 20351,250 5.11%1,250 5.11%
5.90%February 15, 20392,000 6.11%2,000 6.11%
5.50%January 15, 20402,000 5.67%2,000 5.67%
5.30%February 26, 20542,000 5.28%2,000 5.28%
5.50%February 24, 2055750 5.49%750 5.49%
5.35%February 26, 20641,000 5.42%1,000 5.42%
Other debt2 1.13%3 1.13%
Total23,002 24,753 
Unaccreted discount/issuance costs(133)(142)
Total$22,869 $24,611 
Reported as:
Current portion of long-term debt$3,498 $1,750 
Long-term debt19,371 22,861 
Total$22,869 $24,611 
Interest is payable semiannually on each class of the senior fixed-rate notes. Each of the senior fixed-rate notes is redeemable by us at any time, subject to a make-whole premium. The senior fixed-rate notes rank at par with the commercial paper notes that have been issued pursuant to our short-term debt financing program, as discussed above under “(a) Short-Term Debt.” As of April 25, 2026, we were in compliance with all debt covenants.
As of April 25, 2026, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining three months)$— 
20273,502 
20281,000 
20292,500 
20301,000 
Thereafter15,000 
Total$23,002 
(c)Credit Facility
On February 2, 2024, we entered into an amended and restated 5-year $5.0 billion unsecured revolving credit agreement. The interest rate for the credit agreement is determined based on a formula using certain market rates. The credit agreement requires that we comply with certain covenants, including that we maintain an interest coverage ratio (defined in the agreement as the ratio of consolidated EBITDA to consolidated interest expense) of not less than 3.0 to 1.0. As of April 25, 2026, we were in compliance with all associated covenants and we had not borrowed any funds under our credit agreement.