Leases

6 Months Ended

Jul. 26, 2026

Our lease obligations primarily consist of operating leases for our data centers and offices, with lease periods expiring between fiscal years 2027 and 2075.

Future minimum lease obligations under our non-cancelable lease agreements as of July 26, 2026, were as follows:


	Operating Lease Obligations
	(In millions)
Fiscal Year:
2027 (the second half of fiscal year 2027)	$	354
2028	718
2029	715
2030	648
2031	586
2032 and thereafter	4,186
Total	7,207
Less imputed interest	1,713
Present value of net future minimum lease payments	5,494
Less short-term operating lease liabilities	509
Long-term operating lease liabilities	$	4,985

As of July 26, 2026, our operating leases have a weighted average remaining lease term of 10.9 years and a weighted average discount rate of 4.69%. As of January 25, 2026, our operating leases had a weighted average remaining lease term of 8.8 years and a weighted average discount rate of 4.38%.

Operating lease costs were $208 million and $109 million for the second quarter, and $379 million and $210 million for the first half, of fiscal years 2027 and 2026, respectively. Short-term, variable, and finance lease costs for the second quarter and first half of fiscal years 2027 and 2026 were not significant.

Other information related to leases was as follows:


	Six Months Ended
	Jul 26, 2026		Jul 27, 2025

	(In millions)
Supplemental cash flows information
Operating cash flow used for operating leases	$	353	$	200
Operating lease assets obtained in exchange for lease obligations	$	2,792	$	458