Derivative Instruments (Tables)

9 Months Ended

Apr. 25, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments by Balance Sheet Line Item

The fair values of our derivative instruments and the line items on the Consolidated Balance Sheets to which they were recorded are summarized as follows (in millions):


	DERIVATIVE ASSETS					DERIVATIVE LIABILITIES
	Balance Sheet Line Item	April 25, 2026		July 26, 2025		Balance Sheet Line Item	April 25, 2026		July 26, 2025
Derivatives designated as hedging instruments:
Foreign currency derivatives	Other current assets	$	38	$	17	Other current liabilities	$	4	$	2
Foreign currency derivatives	Other assets	45		10		Other long-term liabilities	—		2
Total		83		27			4		4
Derivatives not designated as hedging instruments:
Foreign currency derivatives	Other current assets	7		3		Other current liabilities	36		17
Foreign currency derivatives	Other assets	—		2		Other long-term liabilities	46		10
Total		7		5			82		27
Total		$	90	$	32		$	86	$	31

Effect of Derivative Instruments Not Designated as Fair Value Hedges on Consolidated Statements of Operations

The effect on the Consolidated Statements of Operations of derivative instruments not designated as hedges is summarized as follows (in millions):


		GAINS (LOSSES) FOR THE THREE MONTHS ENDED				GAINS (LOSSES) FOR THE NINE MONTHS ENDED
Derivatives Not Designated as Hedging Instruments	Line Item in Statements of Operations	April 25, 2026		April 26, 2025		April 25, 2026		April 26, 2025
Foreign currency derivatives	Other income (loss), net	$	31	$	163	$	(18)	$	68
Total return swaps—deferred compensation	Operating expenses and other	34		(105)		102		(72)
Total		$	65	$	58	$	84	$	(4)

Schedule of Notional Amounts of Derivatives Outstanding

The notional amounts of our outstanding derivatives are summarized as follows (in millions):


	April 25, 2026		July 26, 2025
Foreign currency derivatives	$	8,895	$	8,978
Total return swaps—deferred compensation	1,253		1,087
Total	$	10,148	$	10,065