Our lease obligations primarily consist of operating leases for our data centers and offices, with lease periods expiring between fiscal years 2027 and 2075.

Future minimum lease obligations under our non-cancelable lease agreements as of April 26, 2026 were as follows:


	Operating Lease Obligations
	(In millions)
Fiscal Year:
2027 (excluding the first quarter of fiscal 2027)	$	460
2028	626
2029	602
2030	530
2031	462
2032 and thereafter	2,924
Total	5,604
Less imputed interest	1,260
Present value of net future minimum lease payments	4,344
Less short-term operating lease liabilities	466
Long-term operating lease liabilities	$	3,878

Between the second quarter of fiscal year 2027 and fiscal year 2033, we expect to commence leases with future obligations of $32.4 billion, primarily for data center leases to support our research and development efforts, with lease terms of 3 to 20 years.

Operating lease costs were $171 million and $101 million for the first quarter of fiscal years 2027 and 2026, respectively. Short-term, variable, and finance lease costs for the first quarter of fiscal years 2027 and 2026 were not significant.


	Three Months Ended
	Apr 26, 2026		Apr 27, 2025

	(In millions)
Supplemental cash flows information
Operating cash flow used for operating leases	$	185	$	96
Operating lease assets obtained in exchange for lease obligations	$	1,516	$	98

As of April 26, 2026, our operating leases have a weighted average remaining lease term of 10.4 years and a weighted average discount rate of 4.61%. As of January 25, 2026, our operating leases had a weighted average remaining lease term of 8.8 years and a weighted average discount rate of 4.38%.