v3.26.1
Borrowings
 12 Months Ended
Jul. 25, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
(a)Short-Term Debt
The following table summarizes our short-term debt (in millions, except percentages):
July 25, 2026July 26, 2025
AmountEffective RateAmountEffective Rate
Current portion of senior fixed-rate notes$3,498 3.89 %$1,749 4.15 %
Commercial paper6,661 3.84 %3,482 4.37 %
Current portion of other debt2 1.13 %1 1.13 %
Total$10,161 $5,232 
We have a short-term debt financing program of up to $15.0 billion through the issuance of commercial paper notes. We use the proceeds from the issuance of commercial paper notes for general corporate purposes.
The effective rates for the short- and long-term debt include the interest on the notes, the accretion of the discount, the issuance costs, and, if applicable, adjustments related to hedging.
(b)Long-Term Debt
The following table summarizes our long-term debt (in millions, except percentages):
July 25, 2026July 26, 2025
Maturity DateAmountEffective RateAmountEffective Rate
Senior fixed-rate notes:
4.90%February 26, 2026$— —$1,000 5.00%
2.95%February 28, 2026— —750 3.01%
2.50%September 20, 20261,500 2.55%1,500 2.55%
4.80%February 26, 20272,000 4.90%2,000 4.90%
4.55%February 24, 20281,000 4.61%1,000 4.61%
4.85%February 26, 20292,500 4.91%2,500 4.91%
4.75%February 24, 20301,000 4.73%1,000 4.73%
4.95%February 26, 20312,500 5.04%2,500 5.04%
4.95%February 24, 20321,000 4.94%1,000 4.94%
5.05%February 26, 20342,500 4.97%2,500 4.97%
5.10%February 24, 20351,250 5.11%1,250 5.11%
5.90%February 15, 20392,000 6.11%2,000 6.11%
5.50%January 15, 20402,000 5.67%2,000 5.67%
5.30%February 26, 20542,000 5.28%2,000 5.28%
5.50%February 24, 2055750 5.49%750 5.49%
5.35%February 26, 20641,000 5.42%1,000 5.42%
Other debt2 1.13%3 1.13%
Total23,002 24,753 
Unaccreted discount/issuance costs(130)(142)
Total$22,872 $24,611 
Reported as:
Current portion of long-term debt$3,500 $1,750 
Long-term debt19,372 22,861 
Total$22,872 $24,611 
As of July 25, 2026 and July 26, 2025, the estimated fair value of our short-term debt approximates its carrying value due to the short maturities. As of July 25, 2026, the fair value of our senior notes was $22.7 billion, with a carrying amount of $22.9
billion. This compares to a fair value of $25.0 billion and a carrying amount of $24.6 billion as of July 26, 2025. The fair value of the senior notes was determined based on observable market prices in a less active market and was categorized as Level 2 in the fair value hierarchy.
Our cash paid for interest was $1.4 billion, $1.5 billion and $0.6 billion for fiscal 2026, 2025, and 2024, respectively. Interest is payable semiannually on each class of the senior fixed-rate notes. Each of the senior fixed-rate notes is redeemable by us at any time, subject to a make-whole premium. The senior fixed-rate notes rank at par with the commercial paper notes that have been issued pursuant to our short-term debt financing program, as discussed above under “(a) Short-Term Debt.” As of July 25, 2026, we were in compliance with all debt covenants.
As of July 25, 2026, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal YearAmount
2027$3,502 
20281,000 
20292,500 
20301,000 
20312,500 
Thereafter12,500 
Total$23,002 
(c)Credit Facility
On February 2, 2024, we entered into an amended and restated 5-year $5.0 billion unsecured revolving credit agreement. The interest rate for the credit agreement is determined based on a formula using certain market rates. The credit agreement requires that we comply with certain covenants, including that we maintain an interest coverage ratio (defined in the agreement as the ratio of consolidated EBITDA to consolidated interest expense) of not less than 3.0 to 1.0. As of July 25, 2026, we were in compliance with all associated covenants and we had not borrowed any funds under our credit agreement.