v3.25.4
Debt
 12 Months Ended
Jan. 25, 2026
Debt Disclosure [Abstract]  
Debt Debt
 Expected
Remaining Term (years)		Effective
Interest Rate		Jan 25, 2026Jan 26, 2025
   (In millions)
3.20% Notes Due 2026
0.63.31%1,000 1,000 
1.55% Notes Due 2028
2.41.64%1,250 1,250 
2.85% Notes Due 2030
4.22.93%1,500 1,500 
2.00% Notes Due 2031
5.42.09%1,250 1,250 
3.50% Notes Due 2040
14.23.54%1,000 1,000 
3.50% Notes Due 2050
24.23.54%2,000 2,000 
3.70% Notes Due 2060
34.23.73%500 500 
Unamortized debt discount and issuance costs  (32)(37)
Net carrying amount  8,468 8,463 
Less short-term portion(999)— 
Total long-term portion$7,469 $8,463 
As of January 25, 2026 and January 26, 2025, the estimated fair value of debt was $7.5 billion and $7.2 billion, respectively. The estimated fair values are based on Level 2 inputs.
Our notes are unsecured senior obligations. Existing and future liabilities of our subsidiaries will be effectively senior to the notes. Our notes pay interest semi-annually. We may redeem each of our notes prior to maturity, subject to a make-whole premium. The maturity of the notes is calendar year.
As of January 25, 2026, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.
In January 2026, we increased the size of our commercial paper program from $575 million to $25.0 billion. As of January 25, 2026, no commercial paper was outstanding.