v3.25.4
Borrowings
 3 Months Ended
Feb. 01, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
Effective Interest RateFebruary 1,
2026		November 2,
2025
(In millions)
January 2026 Senior Notes
4.300% notes due January 2031
4.41 %$750 $— 
4.600% notes due January 2033
4.72 %1,250 — 
4.950% notes due January 2036
5.03 %1,250 — 
5.700% notes due January 2056
5.79 %1,250 — 
4,500 — 
September 2025 Senior Notes
4.200% notes due October 2030
4.34 %1,000 1,000 
4.800% notes due February 2036
4.90 %2,250 2,250 
4.900% notes due February 2038
4.99 %1,750 1,750 
5,000 5,000 
July 2025 Senior Notes
4.600% notes due July 2030
4.49 %
(a)
1,750 1,750 
4.900% notes due July 2032
5.04 %1,750 1,750 
5.200% notes due July 2035
4.77 %
(a)
2,500 2,500 
6,000 6,000 
January 2025 Senior Notes
4.800% notes due April 2028
5.03 %1,100 1,100 
5.050% notes due April 2030
5.20 %800 800 
5.200% notes due April 2032
5.34 %1,100 1,100 
3,000 3,000 
October 2024 Senior Notes
4.150% notes due February 2028
4.36 %— 875 
4.350% notes due February 2030
4.51 %1,500 1,500 
4.550% notes due February 2032
4.70 %875 875 
4.800% notes due October 2034
4.38 %
(a)
1,750 1,750 
4,125 5,000 
July 2024 Senior Notes
5.050% notes due July 2027
5.27 %493 1,250 
5.050% notes due July 2029
5.23 %2,250 2,250 
5.150% notes due November 2031
5.30 %1,500 1,500 
4,243 5,000 
April 2022 Senior Notes
4.000% notes due April 2029
4.17 %750 750 
4.150% notes due April 2032
4.30 %1,200 1,200 
4.926% notes due May 2037
5.33 %2,500 2,500 
4,450 4,450 
September 2021 Senior Notes
3.137% notes due November 2035
4.23 %3,250 3,250 
3.187% notes due November 2036
4.79 %2,750 2,750 
6,000 6,000 
Effective Interest RateFebruary 1,
2026		November 2,
2025
(In millions)
March 2021 Senior Notes
3.419% notes due April 2033
4.66 %2,250 2,250 
3.469% notes due April 2034
4.63 %3,250 3,250 
5,500 5,500 
January 2021 Senior Notes
1.950% notes due February 2028
2.10 %750 750 
2.450% notes due February 2031
2.56 %2,750 2,750 
2.600% notes due February 2033
2.70 %1,750 1,750 
3.500% notes due February 2041
3.60 %3,000 3,000 
3.750% notes due February 2051
3.84 %1,750 1,750 
10,000 10,000 
June 2020 Senior Notes
3.459% notes due September 2026
4.19 %752 752 
4.110% notes due September 2028
5.02 %— 1,118 
752 1,870 
May 2020 Senior Notes
3.150% notes due November 2025
3.29 %— 900 
4.150% notes due November 2030
4.27 %1,856 1,856 
4.300% notes due November 2032
4.39 %2,000 2,000 
3,856 4,756 
April 2020 Senior Notes
5.000% notes due April 2030
5.18 %606 606 
April 2019 Senior Notes
4.750% notes due April 2029
4.95 %1,655 1,655 
2017 Senior Notes
3.500% notes due January 2028
3.60 %777 777 
Assumed VMware Senior Notes
1.400% notes due August 2026
5.60 %1,500 1,500 
3.900% notes due August 2027
5.50 %1,250 1,250 
1.800% notes due August 2028
5.44 %750 750 
4.700% notes due May 2030
5.75 %750 750 
2.200% notes due August 2031
5.74 %1,500 1,500 
5,750 5,750 
Other senior notes
4.500% notes due August 2034
4.55 %6 6 
Total senior notes outstanding
66,220 65,370 
4.540% term loan due May 2028
4.59 %1,000 1,000 
4.489% term loan due May 2028
4.55 %750 750 
Effective Interest RateFebruary 1,
2026		November 2,
2025
(In millions)
Total term loans outstanding
1,750 1,750 
Total debt principal outstanding
67,970 67,120 
Less: Unamortized discount and issuance costs(1,913)(1,984)
Total debt$66,057 $65,136 
Short-term debt$2,252 $3,152 
Long-term debt63,805 61,984 
Total debt$66,057 $65,136 
__________________________
(a) In addition to contractual interest, discount and issuance costs, the effective interest rate includes the impact of previously deferred gains on derivatives.
Senior Notes
We may redeem or purchase, in whole or in part, any of our senior notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indentures governing the respective notes, plus accrued and unpaid interest. With the exception of the senior notes issued in September 2025 and January 2026, in the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. Interest is paid semi-annually.
In January 2026, we issued senior unsecured notes for an aggregate principal amount of $4,500 million. During the fiscal quarter ended February 1, 2026, we repaid and redeemed a total of $3,650 million of our senior notes.
Fixed-Rate Term Loans
Interest on the term loans is due quarterly. We are permitted to prepay the term loans at any time, subject to a specified make-whole premium determined in accordance with the credit agreements governing the respective term loans, plus accrued and unpaid interest.
2025 Credit Agreement
In January 2025, we entered into a credit agreement (the “2025 Credit Agreement”), which provides for a five-year $7.5 billion unsecured revolving credit facility, of which $500 million is available for the issuance of multi-currency letters of credit. The issuance of letters of credit under the revolving credit facility would reduce the aggregate amount otherwise available under such facility for revolving loans. Subject to the terms of the 2025 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 13, 2030 or (b) the date that the commitments are terminated either at our request or, if an event of default occurs, by the lenders. We had no borrowings outstanding under our revolving credit facility at either February 1, 2026 or November 2, 2025.
Commercial Paper
Under our commercial paper program, we may issue unsecured commercial paper notes in an aggregate principal amount of up to $4.0 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of issuance. The discount associated with the commercial paper is amortized to interest expense over its term. We had no commercial paper outstanding at either February 1, 2026 or November 2, 2025.
Fair Value of Debt
As of February 1, 2026, the estimated aggregate fair value of our debt was $65,738 million, which was determined using quoted prices from less active markets or other observable inputs. All of our debt obligations are categorized as Level 2 instruments.
Future Principal Payments of Debt
The future scheduled principal payments of our debt as of February 1, 2026 were as follows:
Fiscal Year:Future Scheduled Principal Payments
(In millions)
2026 (remainder)$2,252 
20271,743 
20285,127 
20294,655 
20306,406 
Thereafter47,787 
Total$67,970 
As of February 1, 2026 and November 2, 2025, we were in compliance with all debt covenants.