v3.25.4
Non-marketable Equity Securities
 12 Months Ended
Jan. 25, 2026
Fair Value Disclosures [Abstract]  
Non-marketable Equity Securities Non-marketable Equity Securities
Our non-marketable equity securities are valued under the measurement alternative applying valuation methods based on observable transactions for similar investments of the same issuer and unobservable inputs such as volatility, expected
time to liquidity, risk free rate and security-specific rights and obligations. Gains and losses on these investments, realized and unrealized, are recognized in Other income, net on our Consolidated Statements of Income.
Adjustments to the carrying value of our non-marketable equity securities during fiscal years 2026 and 2025 were as follows:
Year Ended
Jan 25, 2026Jan 26, 2025
(In millions)
Balance at beginning of period$3,387 $1,321 
Adjustments related to non-marketable equity securities:
Net additions17,444 1,309 
Unrealized gains2,369 816 
Reclassification (1)
(848)— 
Impairments and unrealized losses(101)(59)
Balance at end of period$22,251 $3,387 
(1) Represents reclassifications from non-marketable equity securities to marketable securities following public market trading.
Non-marketable equity securities had cumulative gross unrealized gains of $2.7 billion and $1.1 billion, and cumulative gross unrealized losses and impairments of $176 million and $105 million on securities held as of January 25, 2026 and January 26, 2025, respectively.