v3.26.1
Leases
 12 Months Ended
Jul. 25, 2026
Leases [Abstract]  
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJuly 25, 2026July 26, 2025
Operating lease ROU assetsOther assets$1,395 $1,301 
Operating lease liabilitiesOther current liabilities$404 $375 
Operating lease liabilitiesOther long-term liabilities1,248 1,175 
Total operating lease liabilities$1,652 $1,550 
The components of our lease expenses were as follows (in millions):
Years EndedJuly 25, 2026July 26, 2025July 27, 2024
Operating lease expense$536 $495 $420 
Short-term lease expense103 77 75 
Variable lease expense326 191 194 
Total lease expense$965 $763 $689 
Supplemental information related to our operating leases is as follows (in millions):
Years EndedJuly 25, 2026July 26, 2025
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $517 $457 
ROU assets obtained in exchange for operating leases liabilities$592 $660 
The weighted-average lease term was 5.7 years as of each of July 25, 2026 and July 26, 2025. The weighted-average discount rate was 4.0% and 4.1% as of July 25, 2026 and July 26, 2025, respectively.
The maturities of our operating leases (undiscounted) as of July 25, 2026 are as follows (in millions):
Fiscal YearAmount
2027$461 
2028339 
2029262 
2030219 
2031182 
Thereafter411 
Total lease payments1,874 
Less interest(222)
Total$1,652 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income for fiscal 2026, 2025, and 2024 was $56 million, $66 million and $65 million, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
Future minimum lease payments on our lease receivables as of July 25, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2027$345 
2028181 
2029127 
2030149 
2031139 
Total941 
Less: Present value of lease payments(858)
Unearned income$83 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJuly 25, 2026July 26, 2025
Operating lease ROU assetsOther assets$1,395 $1,301 
Operating lease liabilitiesOther current liabilities$404 $375 
Operating lease liabilitiesOther long-term liabilities1,248 1,175 
Total operating lease liabilities$1,652 $1,550 
The components of our lease expenses were as follows (in millions):
Years EndedJuly 25, 2026July 26, 2025July 27, 2024
Operating lease expense$536 $495 $420 
Short-term lease expense103 77 75 
Variable lease expense326 191 194 
Total lease expense$965 $763 $689 
Supplemental information related to our operating leases is as follows (in millions):
Years EndedJuly 25, 2026July 26, 2025
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $517 $457 
ROU assets obtained in exchange for operating leases liabilities$592 $660 
The weighted-average lease term was 5.7 years as of each of July 25, 2026 and July 26, 2025. The weighted-average discount rate was 4.0% and 4.1% as of July 25, 2026 and July 26, 2025, respectively.
The maturities of our operating leases (undiscounted) as of July 25, 2026 are as follows (in millions):
Fiscal YearAmount
2027$461 
2028339 
2029262 
2030219 
2031182 
Thereafter411 
Total lease payments1,874 
Less interest(222)
Total$1,652 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income for fiscal 2026, 2025, and 2024 was $56 million, $66 million and $65 million, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
Future minimum lease payments on our lease receivables as of July 25, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2027$345 
2028181 
2029127 
2030149 
2031139 
Total941 
Less: Present value of lease payments(858)
Unearned income$83 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJuly 25, 2026July 26, 2025
Operating lease ROU assetsOther assets$1,395 $1,301 
Operating lease liabilitiesOther current liabilities$404 $375 
Operating lease liabilitiesOther long-term liabilities1,248 1,175 
Total operating lease liabilities$1,652 $1,550 
The components of our lease expenses were as follows (in millions):
Years EndedJuly 25, 2026July 26, 2025July 27, 2024
Operating lease expense$536 $495 $420 
Short-term lease expense103 77 75 
Variable lease expense326 191 194 
Total lease expense$965 $763 $689 
Supplemental information related to our operating leases is as follows (in millions):
Years EndedJuly 25, 2026July 26, 2025
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $517 $457 
ROU assets obtained in exchange for operating leases liabilities$592 $660 
The weighted-average lease term was 5.7 years as of each of July 25, 2026 and July 26, 2025. The weighted-average discount rate was 4.0% and 4.1% as of July 25, 2026 and July 26, 2025, respectively.
The maturities of our operating leases (undiscounted) as of July 25, 2026 are as follows (in millions):
Fiscal YearAmount
2027$461 
2028339 
2029262 
2030219 
2031182 
Thereafter411 
Total lease payments1,874 
Less interest(222)
Total$1,652 
(b)Lessor Arrangements
Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income for fiscal 2026, 2025, and 2024 was $56 million, $66 million and $65 million, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9.
Future minimum lease payments on our lease receivables as of July 25, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2027$345 
2028181 
2029127 
2030149 
2031139 
Total941 
Less: Present value of lease payments(858)
Unearned income$83 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.