v3.26.1
Cash Equivalents and Marketable Securities
 3 Months Ended
Apr. 26, 2026
Investments, Debt and Equity Securities [Abstract]  
Cash Equivalents and Marketable Securities Cash Equivalents and Marketable Securities
Cash equivalents and marketable securities including debt and equity securities are measured at fair value using quoted prices in active markets for identical assets (Level 1) or for similar assets or use of other observable inputs (Level 2).
The following is a summary of cash equivalents and marketable securities:
 Apr 26, 2026
Pricing CategoryCost or Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value		Reported as
 Cash EquivalentsMarketable Debt SecuritiesMarketable Equity SecuritiesOther Assets
 (In millions)
Debt securities issued by the U.S. TreasuryLevel 2$21,883 $43 $(8)$21,918 $470 $21,448 $— $— 
Corporate debt securitiesLevel 215,092 48 (8)15,132 1,533 13,599 — — 
Debt securities issued by U.S. government agenciesLevel 22,009 2 (1)2,010 — 2,010 — — 
Certificates of depositLevel 2132 — — 132 132 — — — 
Foreign government bondsLevel 240 1 — 41 — 41 — — 
Money market fundsLevel 110,212 — — 10,212 10,212 — — — 
Publicly-held equity securities (1) (2)Level 129,887 — — 21,023 8,864 
Publicly-held equity securities (1) (3)Level 29,214 — — 9,214 — 
Total$49,368 $94 $(17)$88,546 $12,347 $37,098 $30,237 $8,864 
(1)    The balance as of April 26, 2026 included $27.4 billion of investments, which are subject to short-term lock-up restrictions on the ability to sell.
(2)    The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $8.9 billion as of April 26, 2026, was included in Other assets.
(3)    The publicly-held equity securities classified in Level 2 include investments in warrants and preferred stock convertible to common stock in public companies.
Publicly-held equity securities are subject to market price volatility. Net unrealized gains on investments in publicly-held equity securities held at period end were $13.4 billion for the first quarter of fiscal year 2027. Net unrealized losses on investments in publicly-held equity securities held at period end were $222 million for the first quarter of fiscal year 2026. Unrealized gains and losses are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income.
 Jan 25, 2026
Pricing CategoryCost or Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value		Reported as
 Cash EquivalentsMarketable Debt SecuritiesMarketable Equity SecuritiesOther Assets
 (In millions)
Debt securities issued by the U.S. TreasuryLevel 2$21,635 $77 $(3)$21,709 $— $21,709 $— $— 
Corporate debt securitiesLevel 215,410 92 (3)15,499 345 15,154 — — 
Debt securities issued by U.S. government agenciesLevel 22,157 4 — 2,161 — 2,161 — — 
Certificates of depositLevel 2110 — — 110 110 — — — 
Foreign government bondsLevel 240 1 — 41 — 41 — — 
Money market fundsLevel 17,830 — — 7,830 7,830 — — — 
Publicly-held equity securities (1) (2)Level 117,726 — — 12,886 4,840 
Total$47,182 $174 $(6)$65,076 $8,285 $39,065 $12,886 $4,840 
(1)    The balance as of January 25, 2026 included $10.5 billion of investments that are subject to short-term lock-up restrictions on the ability to sell.
(2)    The long-term portion of publicly-held equity securities, which are subject to lock-up restrictions through December 2027 of $4.8 billion as of January 25, 2026, was included in Other assets.
The following table provides the breakdown of unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:
Apr 26, 2026Jan 25, 2026
 Less than 12 monthsLess than 12 months
 Estimated Fair ValueGross Unrealized LossEstimated Fair ValueGross Unrealized Loss
 (In millions)
Debt securities issued by the U.S. Treasury$12,238 $(8)$10,666 $(3)
Corporate debt securities2,658 (8)1,332 (3)
Debt securities issued by U.S. government agencies1,291 (1)1,134 — 
Total$16,187 $(17)$13,132 $(6)
Gross unrealized losses are related to fixed income securities, driven primarily by changes in interest rates.
The estimated fair values of debt securities included in cash equivalents and marketable debt securities are shown below by contractual maturity.
Apr 26, 2026
(In millions)
Less than one year$24,307 
Due in 1 - 5 years14,926 
Total$39,233 
Non-marketable Securities
Non-marketable Equity Securities
Our non-marketable equity securities are primarily in privately-held companies carried at cost less impairment, and adjusted for observable price changes. We value investments using observable comparable transactions and other inputs including volatility, expected time to liquidity, the risk-free rate, and security-specific rights and obligations.
Adjustments to the carrying value of privately-held securities:
Three Months Ended
Apr 26, 2026Apr 27, 2025
(In millions)
Balance at beginning of period$22,251 $3,387 
Adjustments related to non-marketable equity securities:
Net additions17,899 649 
Unrealized gains (1)2,603 63 
Reclassification (2)(389)(843)
Impairments and unrealized losses(28)(16)
Balance at end of period$42,336 $3,240 
(1)    Unrealized gains are recognized in Other income (expense), net, in the Condensed Consolidated Statements of Income.
(2)    Includes primarily reclassifications to marketable securities following public market trading.
Non-marketable equity securities had cumulative gross unrealized gains of $5.3 billion and $396 million, and cumulative gross unrealized losses and impairments of $199 million and $110 million as of April 26, 2026 and April 27, 2025, respectively.
Equity Method Investments
We have $1.0 billion of investments in infrastructure funds accounted for using the equity method as of April 26, 2026. Our maximum loss exposure under these investments, including invested and future committed amounts, was $2.3 billion as of April 26, 2026.
Investment Commitments
Total Investment commitments were $27 billion as of April 26, 2026, subject to certain contingencies, which we expect will be made through the remainder of fiscal year 2027.