v3.26.1
Derivatives and Currency Exchange Risk Management (Tables)
 3 Months Ended
Jul. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Instruments and Gains and Losses on Hedging Instruments and Derivatives Not Designated as Hedging Instruments
The following table presents the contractual amounts of the Company's outstanding instruments:
As of
(in billions)DesignationJuly 31, 2026April 24, 2026
Currency exchange rate contractsCash flow hedge$8.6 $8.5 
Currency exchange rate contracts(1)
Net investment hedge6.1 7.5 
Foreign currency-denominated debt(2)
Net investment hedge20.5 21.1 
Currency exchange rate contractsUndesignated4.1 4.3 
(1)At July 31, 2026, includes derivative contracts with a notional value of €3.0 billion, or $3.4 billion, designated as hedges of a portion of our net investment in certain European operations, derivative contracts with a notional value of ¥345.8 billion, or $2.1 billion, designated as hedges of a portion of our net investment in certain Japanese operations, and derivative contracts with a notional value of CHF436 million, or $532 million, designated as hedges of a portion of our net investment in certain Swiss Franc operations. These derivative contracts mature in fiscal years 2027 through 2045.
(2)At July 31, 2026, includes €18.0 billion, or $20.5 billion, of outstanding Euro-denominated debt designated as hedges of a portion of our net investment in foreign operations. This debt matures in fiscal years 2027 through 2054.
The amount of the gains and losses on hedging instruments and the classification of those gains and losses within our condensed consolidated financial statements for the three months ended July 31, 2026 and July 25, 2025 were as follows:
(Gain) Loss Recognized in Accumulated Other Comprehensive Loss(Gain) Loss Reclassified into Income
Three months endedThree months endedLocation of (Gain) Loss in Income Statement
(in millions)July 31, 2026July 25, 2025July 31, 2026July 25, 2025
Cash flow hedges
Currency exchange rate contracts$(198)$97 $6 $20 Other operating expense (income), net
Currency exchange rate contracts4 38 (4)(19)Cost of products sold
Net investment hedges
Foreign currency-denominated debt(635)582 — — N/A
Currency exchange rate contracts(102)(1)— — N/A
Fair value hedges
Currency exchange rate contracts— 1 — (20)Other operating expense (income), net
Total $(930)$717 $2 $(18)
The amount of the gains and losses on our derivative instruments not designated as hedging instruments and the classification of those gains and losses within our condensed consolidated statements of income during the three months ended July 31, 2026 and July 25, 2025 were as follows:
(Gain) Loss Recognized in Income
Three months endedLocation of (Gain) Loss in Income Statement
(in millions)July 31, 2026July 25, 2025
Currency exchange rate contracts$(16)$(2)Other operating expense (income), net
Schedule of Classification and Fair Value of Derivative Instruments in Balance Sheets
The following table summarizes the balance sheet classification and fair value of derivative instruments included in the condensed consolidated balance sheets at July 31, 2026 and April 24, 2026. The fair value amounts of qualified hedging instruments are presented on a gross basis and segregated between designated and not designated as hedging instruments. These hedging instruments are segregated by type of contract.
Fair Value - AssetsFair Value - Liabilities
(in millions)July 31, 2026April 24, 2026Balance Sheet ClassificationJuly 31, 2026April 24, 2026Balance Sheet Classification
Derivatives designated as hedging instruments
Currency exchange rate contracts $236 $214 Other current assets$95 $253 Other accrued expenses
Currency exchange rate contracts395 328 Other assets91 158 Other liabilities
Total derivatives designated as hedging instruments630 542 186 411 
Derivatives not designated as hedging instruments
Currency exchange rate contracts10 13 Other current assets11 10 Other accrued expenses
Total derivatives$640 $555 $197 $420 
Schedule of Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides information by level for the derivative assets and liabilities that are measured at fair value on a recurring basis.
July 31, 2026April 24, 2026
(in millions)Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
Level 1$640 $197 $555 $420 
Schedule of Offsetting Assets
The following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
July 31, 2026
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral ReceivedNet Amount
Derivative assets:
Currency exchange rate contracts$640 $(169)$(40)$432 
Derivative liabilities:
Currency exchange rate contracts(197)169 — (28)
Total$443 $— $(40)$404 
April 24, 2026
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral PostedNet Amount
Derivative assets:
Currency exchange rate contracts$555 $(232)$— $323 
Derivative liabilities:
Currency exchange rate contracts(420)232 98 (91)
Total$135 $— $98 $233 
Schedule of Offsetting Liabilities
The following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria as stipulated by the terms of the master netting arrangements with each of the counterparties. Derivatives not subject to master netting arrangements are not eligible for net presentation.
July 31, 2026
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral ReceivedNet Amount
Derivative assets:
Currency exchange rate contracts$640 $(169)$(40)$432 
Derivative liabilities:
Currency exchange rate contracts(197)169 — (28)
Total$443 $— $(40)$404 
April 24, 2026
Gross Amount Not Offset on the Balance Sheet
(in millions)Gross Amount of Recognized Assets (Liabilities)Financial InstrumentsCash Collateral PostedNet Amount
Derivative assets:
Currency exchange rate contracts$555 $(232)$— $323 
Derivative liabilities:
Currency exchange rate contracts(420)232 98 (91)
Total$135 $— $98 $233