The Company holds investments in marketable debt securities that are classified and accounted for as available-for-sale and are remeasured on a recurring basis. The following tables summarize the Company's investments in available-for-sale debt securities by significant investment category and the related consolidated balance sheet classification at April 24, 2026 and April 25, 2025:


	April 24, 2026
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	420	$	—	$	(4)	$	416	$	416	$	—
Level 2:
Corporate debt securities	4,041		25		(15)		4,050		4,050		—
U.S. government and agency securities	812		—		(9)		803		803		—
Mortgage-backed securities	852		8		(18)		842		842		—
Non-U.S. government and agency securities	23		—		—		23		23		—

Other asset-backed securities	1,121		4		(7)		1,118		1,118		—
Total Level 2	6,849		37		(49)		6,837		6,837		—
Level 3:
Auction rate securities	36		—		(2)		34		—		34
Total available-for-sale debt securities	$	7,305	$	37	$	(56)	$	7,287	$	7,253	$	34


	April 25, 2025
	Valuation								Balance Sheet Classification
(in millions)	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Investments		Other Assets
Level 1:
U.S. government and agency securities	$	417	$	—	$	(7)	$	410	$	410	$	—
Level 2:
Corporate debt securities	3,540		17		(36)		3,521		3,521		—
U.S. government and agency securities	835		—		(20)		814		814		—
Mortgage-backed securities	948		4		(29)		923		923		—
Non-U.S. government and agency securities	6		—		—		6		6		—

Other asset-backed securities	1,044		5		(6)		1,044		1,044		—
Total Level 2	6,373		26		(91)		6,308		6,308		—
Level 3:
Auction rate securities	36		—		(3)		33		—		33
Total available-for-sale debt securities	$	6,826	$	26	$	(100)	$	6,752	$	6,719	$	33

The amortized cost of debt securities excludes accrued interest, which is reported in other current assets in the consolidated balance sheets.

The following tables present the gross unrealized losses and fair values of the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position deemed to be temporary, aggregated by investment category at April 24, 2026 and April 25, 2025:


	April 24, 2026
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	653	$	(3)	$	1,110	$	(12)
U.S. government and agency securities	313		(4)		434		(9)
Mortgage-backed securities	—		—		335		(18)
Other asset-backed securities	—		—		440		(7)
Auction rate securities	—		—		34		(2)
Total	$	966	$	(7)	$	2,353	$	(48)


	April 25, 2025
	Less than 12 months				More than 12 months
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	702	$	(7)	$	1,235	$	(29)
U.S. government and agency securities	110		(1)		641		(25)
Mortgage-backed securities	2		(1)		614		(28)
Other asset-backed securities	—		—		469		(6)
Auction rate securities	—		—		33		(3)
Total	$	814	$	(9)	$	2,993	$	(91)

The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There were no transfers into or out of Level 3 during fiscal years 2026 and 2025. When a determination is made to classify an asset or liability within Level 3, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement.

Gains and losses on available-for-sale debt securities are recognized in other non-operating expense (income), net in the consolidated statements of income. During fiscal years 2026, 2025, and 2024, gross realized gains and losses on available-for-sale debt securities were not material. During fiscal years 2026, 2025 and 2024, proceeds from sales of available-for-sale debt securities were $8.0 billion, $8.2 billion, and $7.4 billion, respectively.

The contractual maturities of available-for-sale debt securities at April 24, 2026 are shown in the following table. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.


(in millions)	Amortized Cost		Fair Value
Due in one year or less	$	1,803	$	1,796
Due after one year through five years	2,970		2,972
Due after five years through ten years	1,058		1,061
Due after ten years	1,474		1,458
Total	$	7,305	$	7,287

Interest income, which includes income on marketable debt securities and the global liquidity structures, is recognized in other non-operating expense (income), net, in the consolidated statements of income. For fiscal years 2026, 2025, and 2024 there was $383 million, $511 million, and $597 million of interest income, respectively.

The following table summarizes the Company's equity and other investments and related accrued interest receivable at April 24, 2026 and April 25, 2025, which are classified as primarily other assets in the consolidated balance sheets:


(in millions)	April 24, 2026		April 25, 2025
Investments with readily determinable fair value (marketable equity securities)	$	130	$	17
Investments for which the fair value option has been elected	—		140
Investments without readily determinable fair values	616		705
Equity method and other investments	78		89
Total equity and other investments	$	824	$	951

The table below includes activity related to the Company's portfolio of equity and other investments. The activity for fiscal year 2024 was not material. Gains and losses on equity and other investments are recognized in other non-operating expense (income), net in the consolidated statements of income.


	Fiscal Year
(in millions)	2026		2025
Proceeds from sales	$	139	$	308
Gross gains	122		108
Gross losses	(182)		(204)
Interest income	35		—
Impairment losses recognized	(71)		(135)

During fiscal year 2026, there were $150 million of net unrealized losses on equity securities and other investments still held at April 24, 2026. During fiscal year 2025, there were $181 million of net unrealized losses on equity securities and other investments still held at April 25, 2025.

As described in Note 3, in fiscal year 2023 the Company sold half its RCS business to Mozarc, and as a result of the transaction the Company retained a 50% non-controlling equity interest in Mozarc. This investment provides the Company with the ability to exercise significant influence over Mozarc and the Company has elected the fair value option to account for this equity method investment. The Company believes the fair value option best reflects the economics of the underlying transaction.

Under the fair value option, changes in the fair value of the investment are recognized through earnings each reporting period in other non-operating expense (income), net in the consolidated statements of income. During fiscal years 2026, 2025, and 2024, the Company recognized a loss of $140 million, $171 million, and $220 million, respectively, reducing the fair value of the investment to zero as of the end of fiscal year 2026. The losses were primarily driven by historical financial results, the restructuring and wind-down of certain product lines, the delay or discontinuation of certain research and development programs and associated product launches, and projections of future cash flows.

The following table provides a reconciliation of the beginning and ending balances of the Mozarc investment for which the fair value option has been elected:


	Fiscal Year
(in millions)	2026		2025
Beginning balance	$	140	$	311


Additions	7		—
Settlements	(7)		—
Change in fair value	(140)		(171)
Ending balance	$	—	$	140