v3.26.1
Employee Benefit Plans (Tables)
 12 Months Ended
Jul. 25, 2026
Retirement Benefits [Abstract]  
Summary of Share-Based Compensation Expense
Share-based compensation expense consists of expenses for RSUs and stock purchase rights, granted to employees or assumed from acquisitions. The following table summarizes share-based compensation expense and the income tax benefit for share-based compensation (in millions):
Years EndedJuly 25, 2026July 26, 2025July 27, 2024
Cost of sales—product$254 $255 $214 
Cost of sales—services335 329 300 
Share-based compensation expense in cost of sales589 584 514 
Research and development1,734 1,625 1,316 
Sales and marketing999 918 846 
General and administrative448 476 375 
Restructuring and other charges60 38 23 
Share-based compensation expense in operating expenses3,241 3,057 2,560 
Total share-based compensation expense$3,830 $3,641 $3,074 
Income tax benefit for share-based compensation$1,175 $871 $696 
Summary of Restricted Stock and Stock Unit Activity
A summary of the restricted stock and stock unit activity, which includes time-based and performance-based or market-based RSUs, is as follows (in millions, except per-share amounts):
Restricted Stock/
Stock Units		Weighted-Average
Grant Date Fair
Value per Share		Aggregate Fair  Value
UNVESTED BALANCE AT JULY 29, 2023122 $44.04 
Granted and assumed63 48.97 
Vested(58)43.46 $2,906 
Canceled/forfeited/other(10)45.65 
UNVESTED BALANCE AT JULY 27, 2024117 46.86 
Granted and assumed70 55.73 
Vested(65)46.95 $3,707 
Canceled/forfeited/other(9)48.04 
UNVESTED BALANCE AT JULY 26, 2025113 52.26 
Granted and assumed53 75.75 
Vested(67)50.47 $5,435 
Canceled/forfeited/other(2)83.39 
UNVESTED BALANCE AT JULY 25, 202697 $65.51 
Schedule of Valuation Assumptions for Time-based RSUs and PRSUs
The assumptions for the valuation of time-based RSUs and PRSUs are summarized as follows:
RESTRICTED STOCK UNITS
Years EndedJuly 25, 2026July 26, 2025July 27, 2024
Number of shares granted (in millions)50 65 60 
Grant date fair value per share$76.00 $55.93 $48.71 
Weighted-average assumptions/inputs:
   Expected dividend yield2.2 %2.7 %3.0 %
   Range of risk-free interest rates
3.4% – 4.4%
3.5% – 4.9%
4.2% – 5.6%
PERFORMANCE BASED RESTRICTED STOCK UNITS
Years EndedJuly 25, 2026July 26, 2025July 27, 2024
Number of shares granted (in millions)2 4 3 
Grant date fair value per share$70.86 $54.50 $59.31 
Schedule of Valuation Assumptions for Employee Stock Purchase Rights
The assumptions for the valuation of employee stock purchase rights are summarized as follows:
EMPLOYEE STOCK PURCHASE RIGHTS
Years EndedJuly 25, 2026July 26, 2025July 27, 2024
Weighted-average assumptions:
   Expected volatility22.7 %22.5 %28.3 %
   Risk-free interest rate4.9 %5.0 %2.9 %
   Expected dividend3.3 %3.3 %3.5 %
   Expected life (in years)1.31.31.2
Weighted-average estimated grant date fair value per share$12.52 $12.18 $11.59