v3.26.1
Income Taxes (Tables)
 12 Months Ended
Apr. 24, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income/(loss) before income taxes, based on tax jurisdiction, are as follows:
Fiscal Year
(in millions)202620252024
U.S.$(381)$(281)$(176)
International192 134 106 
Loss before income taxes$(189)$(147)$(70)
Schedule of Components of Income Tax Expense (Benefit)
The income tax provision consists of the following:
 Fiscal Year
(in millions)202620252024
Current tax expense:
Federal$23 $24 $11 
State2 2 2 
International 153 28 21 
Total current tax expense178 54 34 
Deferred tax expense (benefit):
Federal2 — — 
State— — — 
International(52)(2)3 
Net deferred tax expense (benefit) (50)(2)3 
Income tax provision$128 $52 $38 
Schedule of Deferred Tax Assets and Liabilities
Tax assets (liabilities), shown before jurisdictional netting of deferred tax assets (liabilities), are comprised of the following:
(in millions)April 24, 2026April 25, 2025
Deferred tax assets:
Net operating loss, capital loss, and credit carryforwards$30 $112 
Capitalization of research and development93 280 
Other accrued liabilities48 8 
Legal settlement
5 37 
Accrued compensation19 14 
Stock-based compensation3 11 
Lease obligations7 12 
Intangible assets
72 3 
Accumulated depreciation— 5 
Inventory
5 1 
Other1 6 
Gross deferred tax assets283 489 
Valuation allowance(214)(462)
Total deferred tax assets69 27 
Deferred tax liabilities:
Right of use leases(7)(12)
Other(8)— 
Total deferred tax liabilities(15)(12)
     Total deferred tax liabilities(15)(12)
Tax assets, net $54 $15 
Reported as (after valuation allowance and jurisdictional netting):
Tax assets61 19 
Other liabilities(7)(4)
Tax assets, net $54 $15 
Summary of Valuation Allowance
The Company has established valuation allowances primarily related to the uncertainty of the utilization of certain deferred tax assets in the U.S. federal and State jurisdictions, as well as certain tax loss carryforwards in various jurisdictions outside of the U.S. A rollforward of the Company's valuation allowances are as follows:
(in millions)April 24, 2026April 25, 2025April 26, 2024
Valuation allowances, beginning of period
$462 $360 $273 
Charges to tax expense(429)102 90 
Charges to other accounts180 — (3)
Valuation allowances, end of period$214 $462 $360 
Schedule of Cash Flow, Supplemental Disclosures
The following table reconciles cash paid for income taxes for the year ended April 24, 2026:
(in millions)
April 24, 2026
Federal$— 
State
1 
Foreign
1 
Total Cash Paid for Income Taxes
$2 
Schedule of Effective Income Tax Rate Reconciliation
Following the Company’s adoption and prospective application of ASU 2023-09, the income tax expense (benefit) differs from the amount computed by applying the U.S. federal statutory rate of 21.0% to income before income taxes for the fiscal year ended April 24, 2026 as follows:
Fiscal Year
(in millions, except percentages)2026
U.S. federal statutory tax rate$(40)21.0 %
Increase (decrease) in tax rate resulting from:
State and Local Income Taxes(1)
$2 (1.0)%
Effects of Cross-Border Tax Laws
   Foreign Derived Intangible Income$(6)3.2 %
Tax Credits
   R&D Credit$(20)10.8 %
   Foreign Tax Credit$(45)23.6 %
Changes in Valuation Allowance$174 (92.0)%
Nontaxable or Nondeductible Items
   Other$2 (1.0)%
Other Adjustments$1 (0.3)%
Foreign Tax Effects
   Argentina
      Changes in Valuation Allowance$3 (1.6)%
      Other$(2)1.2 %
   France
      Intercompany Restructuring related to Separation(2)
$9 (5.0)%
      Other$1 (0.4)%
   Germany$2 (1.1)%
   Ireland
      Pillar Two$3 (1.8)%
      Other$— (0.2)%
   Netherlands$2 (1.3)%
   Puerto Rico
      Statutory Tax Rate Differential$16 (8.3)%
      Tax Holiday$(26)14.0 %
      Withholding Tax$45 (23.6)%
      Other$1 (0.5)%
   Other Foreign Jurisdictions$5 (2.9)%
Changes in Unrecognized Tax Benefits$1 (0.5)%
Effective Tax Rate$128 (67.7)%
(1)State taxes in New York, Illinois, New Jersey, Minnesota, and Wisconsin made up the majority of the tax effect in this category
(2)Intercompany restructuring in connection with the Separation resulted in a net $16 million of tax expense, of which $9 million relates to France
Prior to the Company’s adoption of ASU 2023-09, income tax expense (benefit) differs from the amount computed by applying the U.S. federal statutory rate of 21.0% to income before income taxes for the fiscal year ended April 25, 2025 and April 26, 2024 as follows:

Fiscal Year
(in millions)20252024
U.S. federal statutory tax rate21.0 %21.0 %
Increase (decrease) in tax rate resulting from:
U.S. state taxes, net of federal tax benefit(0.8)(2.5)
Research and development credit13.7 29.3 
International4.4 6.7 
Foreign derived intangible income0.3 6.9 
Valuation allowance adjustment(68.6)(114.0)
Stock-based compensation(1.2)(2.8)
U.S. tax on foreign earnings0.1 5.2 
Other, net(3.4)(1.7)
Changes in unrecognized tax benefits(0.9)(2.3)
Effective tax rate(35.4)%(54.2)%
Schedule of Unrecognized Tax Benefits Roll Forward A roll-forward of total unrecognized tax benefits attributable to the operations of the Company is as follows:
 Fiscal Year
(in millions)202620252024
Gross unrecognized tax benefits at beginning of fiscal year$— $— $— 
Gross increases:
Current year tax positions1 1 1 
Gross decreases:
Prior year tax positions— — — 
Gross unrecognized tax benefits at end of fiscal year1 1 1 
Settled with Parent(1)(1)(1)
Gross unrecognized tax benefits$— $— $— 
Summary of Income Tax Examinations
The major jurisdictions in which the Company operated which are subject to examination are as follows:
JurisdictionEarliest Open Year
United States - federal and state2017