Leases

12 Months Ended

Jan. 25, 2026

Our lease obligations primarily consist of operating leases for our offices and data centers, with lease periods expiring between fiscal years 2027 and 2041.

Future minimum lease obligations under our non-cancelable lease agreements as of January 25, 2026 were as follows:


	Operating Lease Obligations
	(In millions)
Fiscal Year:
2027	$	493
2028	485
2029	457
2030	381
2031	314
2032 and thereafter	1,494
Total	3,624
Less imputed interest	680
Present value of net future minimum lease payments	2,944
Less short-term operating lease liabilities	372
Long-term operating lease liabilities	$	2,572

Between fiscal years 2027 and 2030, we expect to commence leases with future obligations of $22.7 billion, primarily data center leases to support our research and development efforts, with lease terms of 1.8 to 20 years.

Operating lease costs for fiscal years 2026, 2025, and 2024 were $462 million, $356 million, and $269 million, respectively. Short-term and variable lease costs for fiscal years 2026, 2025, and 2024 were not significant.

Other information related to leases was as follows:


	Year Ended
	Jan 25, 2026		Jan 26, 2025		Jan 28, 2024

	(In millions)
Supplemental cash flows information
Operating cash flow used for operating leases	$	428	$	313	$	286
Operating lease assets obtained in exchange for lease obligations	$	1,439	$	877	$	531

As of January 25, 2026, our operating leases have a weighted average remaining lease term of 8.8 years and a weighted average discount rate of 4.38%. 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%.