v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Jan. 25, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense, Net of Amounts Capitalized as Inventory
Consolidated Statements of Income include stock-based compensation expense as follows:
 Year Ended
Jan 25, 2026Jan 26, 2025Jan 28, 2024
 (In millions)
Cost of revenue$261 $178 $141 
Research and development4,676 3,423 2,532 
Sales, general and administrative1,449 1,136 876 
Total$6,386 $4,737 $3,549 
Schedule of Equity Awards
The following is a summary of equity awards granted under our equity incentive plans:
Year Ended
Jan 25, 2026Jan 26, 2025Jan 28, 2024
(In millions, except per share data)
RSUs, PSUs and Market-based PSUs
Awards granted70 89 140 
Estimated total grant-date fair value$9,389 $7,834 $5,316 
Weighted average grant-date fair value per share$133.97 $87.99 $37.41 
ESPP
Shares purchased13 30 30 
Weighted average price per share$49.13 $17.74 $15.81 
Weighted average grant-date fair value per share$20.75 $8.61 $6.99 
Schedule of ESPP Valuation Assumptions
The fair value of shares issued under our ESPP has been estimated with the following assumptions:
 Year Ended
 Jan 25, 2026Jan 26, 2025Jan 28, 2024
(Using the Black-Scholes model)
ESPP
Weighted average expected life (in years)
0.1-2.0
0.1-2.0
0.1-2.0
Risk-free interest rate
3.5%-4.3%
3.6%-5.4%
3.9%-5.5%
Volatility
26%-96%
31%-75%
31%-67%
Dividend yield
 0.03%
0.03%
0.06%
Schedule of Equity Award Transactions
The following is a summary of our equity award transactions under our equity incentive plans: 
RSUs, PSUs and Market-based PSUs Outstanding
 Number of Shares
Weighted Average Grant-Date Fair Value Per Share
(In millions, except per share data)
Balance as of Jan 26, 2025
274 $44.75 
Granted70 $133.97 
Vested(146)$39.14 
Canceled and forfeited(9)$59.29 
Balance as of Jan 25, 2026
189 $81.51 
Vested and expected to vest after Jan 25, 2026
188 $81.15