Our lease obligations primarily consist of operating leases for our offices and data centers, with lease periods expiring between fiscal years 2026 and 2041.

Future minimum lease obligations under our non-cancelable lease agreements as of July 27, 2025 were as follows:


	Operating Lease Obligations
	(In millions)
Fiscal Year:
2026 (excluding the first half of fiscal year 2026)	$	174
2027	418
2028	397
2029	353
2030	277
2031 and thereafter	925
Total	2,544
Less imputed interest	412
Present value of net future minimum lease payments	2,132
Less short-term operating lease liabilities	301
Long-term operating lease liabilities	$	1,831

Between the third quarter of fiscal year 2026 and fiscal year 2030, we expect to commence leases with future obligations of $7.1 billion primarily of data center leases, with lease terms of 2 to 15 years.

Operating lease expenses were $109 million and $84 million for the second quarter, and $210 million and $164 million for the first half, of fiscal years 2026 and 2025, respectively. Short-term and variable lease expenses for the second quarter and first half of fiscal years 2026 and 2025 were not significant.


	Six Months Ended
	Jul 27, 2025		Jul 28, 2024

	(In millions)
Supplemental cash flows information
Operating cash flow used for operating leases	$	200	$	146
Operating lease assets obtained in exchange for lease obligations	$	458	$	405

As of July 27, 2025, our operating leases have a weighted average remaining lease term of 7.5 years and a weighted average discount rate of 4.35%. As of January 26, 2025, our operating leases had a weighted average remaining lease term of 6.5 years and a weighted average discount rate of 4.16%.