
	July 31, 2026		April 24, 2026
Cash and cash equivalents	$	1,573	$	2,070
Restricted cash		6		5
Cash, cash equivalents and restricted cash	$	1,579	$	2,075

Inventories (in millions):


	July 31, 2026		April 24, 2026
Purchased components	$	120	$	14
Finished goods		255		184
Inventories	$	375	$	198

Property and equipment, net (in millions):


	July 31, 2026			April 24, 2026
Property and equipment, at cost		2,068			1,986
Accumulated depreciation and amortization		(1,405	)		(1,394	)
Property and equipment, net	$	663		$	592

Accrued expenses (in millions):


	July 31, 2026		April 24, 2026
Accrued compensation and benefits	$	390	$	543
Income tax payable		27		29
Operating lease liabilities		46		42
Other current liabilities		737		537
Accrued expenses	$	1,200	$	1,151

Deferred revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria, as well as customer payments made in advance for services, which include software and hardware support contracts, certain public cloud services and other services.

During the three months ended July 31, 2026 and July 25, 2025, we recognized revenue of $743 million and $714 million, respectively, that was included in the deferred revenue balance at the beginning of the respective periods.

As of July 31, 2026, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $5.6 billion. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue 44% of our remaining performance obligations in the next 12 months and the remainder thereafter.

Non-cash investing activities and other supplemental cash flow information are presented below:


	Three Months Ended
	July 31, 2026		July 25, 2025
Non-cash Investing Activities:
Liabilities incurred to former owners of acquired business	$	106	$	—
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	$	29	$	11
Interest paid	$	16	$	23