We have entered into various non-cancelable operating leases, primarily for our offices, with lease terms expiring through the year ending July 31, 2040. The most significant leases relate to our corporate headquarters in Santa Clara.

In April 2026, we entered into three lease amendments to extend the lease terms of our current corporate headquarters in Santa Clara, California for a period of twelve years through July 2040. The leases contain rent holiday periods, scheduled rent increases, lease incentives, and renewal options which allow the lease terms to be extended through July 2052. Lease payments under the three lease amendments, net of lease incentives such as rent holidays and tenant improvement allowances, are approximately $469 million over the extended lease term through July 2040.

During the years ended July 31, 2026, 2025, and 2024, our net cost for operating leases was $146 million, $122 million, and $105 million, respectively, primarily consisting of operating lease costs of $104 million, $88 million, and $76 million, respectively. Our net cost for operating leases also included variable lease costs, short-term lease costs, and sublease income in the periods presented.

The following tables present additional information for our operating leases (in millions, except for years and percentages):


	Year Ended July 31,
	2026		2025		2024
Operating cash flows used in payments of operating lease liabilities	$	114	$	91	$	87
Right-of-use assets obtained in exchange for new operating lease liabilities(1)	$	442	$	27	$	178

(1)Includes $262 million in fiscal 2026 relating to the lease amendments of our corporate headquarters in Santa Clara.


	July 31, 2026		July 31, 2025
Weighted-average remaining lease term	10 years		6 years
Weighted-average discount rate	5.4	%	5.4	%


	Amount
Fiscal years ending July 31:
2027	$	105
2028	85
2029	84
2030	121
2031	117
2032 and thereafter	557
Total operating lease payments	1069
Less: imputed interest	(276)
Present value of operating lease liabilities	$	793
Current portion of operating lease liabilities(1)	$	67
Long-term operating lease liabilities	$	726

(1)Current portion of operating lease liabilities is included in accrued and other liabilities on our consolidated balance sheet.

As of July 31, 2026, we had additional non-cancelable operating leases for office space that had been signed but had not yet commenced with total future minimum lease payments of $15 million. These leases are expected to commence in or after fiscal 2028, with lease terms ranging from four to five years.