Income Taxes (Tables)

12 Months Ended

Jan. 25, 2026

The Income tax expense applicable to income before income taxes consists of the following:


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

	(In millions)
Current income taxes:
Federal	$	19,039	$	14,032	$	5,710
State	1,218		892		335
Foreign	2,550		699		502
Total current	22,807		15,623		6,547
Deferred income taxes:
Federal	(1,364)		(4,515)		(2,499)
State	(885)		(242)		(206)
Foreign	825		280		216
Total deferred	(1,424)		(4,477)		(2,489)
Income tax expense	$	21,383	$	11,146	$	4,058

Schedule of Income Before Income Tax

Income before income tax consists of the following:


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

	(In millions)
U.S.	$	123,181	$	77,456	$	29,495
Foreign	18,269		6,570		4,323
Income before income tax	$	141,450	$	84,026	$	33,818

Schedule of Effective Income Tax Rate Reconciliation

The income tax expense (benefit) differs from the amount computed by applying the U.S. federal statutory rate of 21.0% to income before income taxes for the fiscal year ended January 25, 2026 as follows:


	Year Ended
	Jan 25, 2026

	(In millions, except percentages)
US Federal Statutory Tax Rate	$	29,704	21.0	%

State and Local Income Taxes, Net of Federal Income Tax Effect (1)	258		0.2	%
Foreign tax effects
Israel
Reduced statutory tax rate on qualifying income	(3,064)		(2.2)	%
Other	1,606		1.2	%
Other foreign jurisdictions	741		0.5	%
Effect of cross-border tax laws
Foreign-derived deduction eligible income	(4,208)		(3.0)	%
Other	(142)		(0.1)	%
Tax credits	(1,933)		(1.4)	%
Nontaxable or nondeductible items
Stock-based compensation	(1,475)		(1.0)	%
Other	29		—	%
Other (2)	(133)		(0.1)	%
Income tax expense	$	21,383	15.1	%

(1) State taxes in California, Tennessee, Arizona, and Illinois made up the majority of the tax effect in fiscal year 2026.

(2) Includes the tax effects of enactment of new tax laws, change in valuation allowance, and change in unrecognized tax benefits.

The income tax expense (benefit) differs from the amount computed by applying the U.S. federal statutory rate of 21% to income before income taxes for fiscal years ended January 26, 2025 and January 28, 2024 as follows:


	Year Ended
	Jan 26, 2025				Jan 28, 2024
	(In millions, except percentages)
Tax expense computed at federal statutory rate	$	17,645	21.0	%	$	7,102	21.0	%
Expense (benefit) resulting from:
State income taxes, net of federal tax effect	554		0.7	%	120		0.4	%
Foreign-derived deduction eligible income	(2,976)		(3.5)	%	(1,408)		(4.2)	%
Stock-based compensation	(2,097)		(2.5)	%	(741)		(2.2)	%
U.S. federal research and development tax credit	(990)		(1.2)	%	(431)		(1.3)	%
Foreign tax rate differential	(984)		(1.2)	%	(467)		(1.4)	%
Other	(6)		—	%	(117)		(0.3)	%
Income tax expense	$	11,146	13.3	%	$	4,058	12.0	%

Schedule of Income Tax Paid

The amount of cash paid for income taxes (net of refunds) for the fiscal year ended January 25, 2026 is as follows:


	Year Ended
	Jan 25, 2026

	(In millions)
Federal	$	16,755
State
California	1,049
Other	1,041
Foreign
Israel	1,287
Other	156
Total income taxes paid, net of refunds	$	20,288

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences that gives rise to significant portions of the deferred tax assets and liabilities are presented below:


	Jan 25, 2026		Jan 26, 2025

	(In millions)
Deferred tax assets:
Capitalized research and development expenditure	$	5,436	$	6,256
Net controlled foreign corporation tested income deferred tax assets	5,389		2,820
Accruals and reserves, not currently deductible for tax purposes	3,644		2,058
Research and other tax credit carryforwards	718		759
Operating lease liabilities	554		299
Net operating loss and capital loss carryforwards	443		456
Other deferred tax assets	679		566
Gross deferred tax assets	16,863		13,214
Less valuation allowance	(768)		(1,610)
Total deferred tax assets	16,095		11,604
Deferred tax liabilities:
Equity investments	(2,227)		(264)
Unremitted earnings of foreign subsidiaries	(1,813)		(891)
Operating lease assets	(533)		(286)
Acquired intangibles	(38)		(70)
Gross deferred tax liabilities	(4,611)		(1,511)
Net deferred tax asset (1)	$	11,484	$	10,093

(1) Net deferred tax asset includes long-term deferred tax assets of $13.3 billion and $11.0 billion and long-term deferred tax liabilities of $1.8 billion and $886 million for fiscal years 2026 and 2025, respectively. Long-term deferred tax liabilities are included in other long-term liabilities on our Consolidated Balance Sheets.

Schedule of Gross Unrecognized Tax Benefits

A reconciliation of gross unrecognized tax benefits is as follows:


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

	(In millions)
Balance at beginning of period	$	2,861	$	1,670	$	1,238
Increases in tax positions for current year	1,959		1,268		616
Increases in tax positions for prior years	57		48		87
Lapse in statute of limitations	(224)		(27)		(19)
Decreases in tax positions for prior years	(157)		(88)		(148)
Settlements	(76)		(10)		(104)
Balance at end of period	$	4,420	$	2,861	$	1,670