We recognize stock-based compensation expense from grants of restricted stock units, or RSUs, performance stock units, or PSUs, and market-based PSUs, and issuances under our employee stock purchase plan, or ESPP.

Condensed Consolidated Statements of Income include stock-based compensation expense as follows:


	Three Months Ended
	Apr 26, 2026		Apr 27, 2025

	(In millions)
Cost of revenue	$	68	$	64
Research and development	1,459		1,063
Sales, general and administrative	401		347
Total	$	1,928	$	1,474

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 25, 2026	189	$	81.51
Granted	44	$	181.73
Vested	(31)	$	48.04
Canceled and forfeited	(2)	$	95.82
Balance as of Apr 26, 2026	200	$	108.92

As of April 26, 2026, aggregate unearned stock-based compensation expense was $20.8 billion, which is expected to be recognized over a weighted average period of 2.6 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.