v3.25.2
Stock Purchase and Award Plans (Tables)
 12 Months Ended
Apr. 25, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense The following table presents the components and classification of stock-based compensation expense recognized for stock options, restricted stock, performance share units, and employee stock purchase plan (ESPP) in fiscal years 2025, 2024, and 2023:
 Fiscal Year
(in millions)202520242023
Stock options$66 $76 $77 
Restricted stock216 184 166 
Performance share units111 97 74 
Employee stock purchase plan35 36 38 
Total stock-based compensation expense$429 $393 $355 
Cost of products sold$46 $35 $36 
Research and development expense52 47 39 
Selling, general, and administrative expense331 310 280 
Total stock-based compensation expense429 393 355 
Income tax benefits(70)(64)(60)
Total stock-based compensation expense, net of tax$358 $329 $295 
Schedule of Stock Options Valuation Assumptions
The following table provides the weighted average fair value of options granted to employees and the related assumptions used in the Black-Scholes model:
 Fiscal Year
 202520242023
Weighted average fair value of options granted$16.43 $18.49 $17.76 
Assumptions used:   
Expected life (years)6.16.16.0
Risk-free interest rate4.07 %4.16 %2.70 %
Volatility24.47 %24.29 %24.05 %
Dividend yield3.48 %3.18 %2.92 %
Schedule of Stock Options Activity
The following table summarizes stock option activity during fiscal year 2025:
 Options
(in thousands)		Wtd. Avg.
Exercise
Price		Wtd. Avg. Remaining Contractual Term (in years)Aggregate Intrinsic Value (in millions)
Outstanding at April 26, 2024
32,339 $93.32 
Granted3,414 80.61 
Exercised(6,058)77.30 
Expired/Forfeited/Cancelled(1,928)96.31 
Outstanding at April 25, 2025
27,766 95.04 5.2$22 
Expected to vest at April 25, 2025
7,764 88.49 8.314 
Exercisable at April 25, 2025
19,467 97.93 3.97 
The following table summarizes the total cash received from the issuance of new shares upon stock option award exercises, the total intrinsic value of options exercised, and the related tax benefit during fiscal years 2025, 2024, and 2023:
Fiscal Year
(in millions)202520242023
Cash proceeds from options exercised$305 $78 $77 
Intrinsic value of options exercised66 28 42 
Tax benefit related to options exercised14 6 9 
Schedule of Restricted Stock Activity
The following table summarizes restricted stock activity during fiscal year 2025:
 Units
(in thousands)		Wtd. Avg.
Grant
Price
Nonvested at April 26, 2024
6,142 $92.57 
Granted4,207 82.37 
Vested(2,068)99.19 
Forfeited/Cancelled(636)88.62 
Nonvested at April 25, 2025
7,644 85.64 
The following table summarizes the weighted-average grant date fair value of restricted stock granted, total fair value of restricted stock vested and related tax benefit during fiscal years 2025, 2024, and 2023:
Fiscal Year
(in millions, except per share data)202520242023
Weighted-average grant-date fair value per restricted stock$82.37 $82.80 $91.83 
Fair value of restricted stock vested205 186 256 
Tax benefit related to restricted stock vested33 29 45 
Schedule of Performance Share Unit Activity
The following table summarizes performance share unit activity during fiscal year 2025:
 Units
(in thousands)		Wtd. Avg.
Grant
Price
Nonvested at April 26, 2024
2,422 $106.50 
Granted1,444 98.49 
Vested(260)147.85 
Performance adjustments (1)
(256)97.75 
Forfeited/Cancelled(209)103.56 
Nonvested at April 25, 2025
3,141 100.51 
(1)Performance adjustments are adjustments to grants where the performance period has ended and actual performance is known.
The following table summarizes the weighted-average grant date fair value of performance share units granted, total fair value of performance share units vested and related tax benefit during fiscal year 2025, 2024, and 2023:
Fiscal Year
(in millions, except per share data)202520242023
Weighted-average grant-date fair value per performance share units$98.49 $104.78 $98.17 
Fair value of performance share units vested38 78 — 
Tax benefit related to performance share units vested3 3 —