v3.26.3
Leases
 12 Months Ended
Sep. 26, 2026
Leases [Abstract]  
Leases Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, some of which are reasonably certain of exercise.
Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating leases were $2.1 billion for both 2026 and 2025 and $2.0 billion for 2024. Lease costs associated with variable payments on the Company’s leases were $17.7 billion, $16.1 billion and $13.8 billion for 2026, 2025 and 2024, respectively.
The Company made fixed cash payments related to operating leases of $2.1 billion in both 2026 and 2025 and $1.9 billion in 2024. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.7 billion, $2.8 billion and $1.0 billion for 2026, 2025 and 2024, respectively.
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 26, 2026 and September 27, 2025 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20262025
Right-of-use assets:
Operating leasesOther non-current assets$11,636 $11,205 
Finance leasesProperty, plant and equipment, net1,179 1,033 
Total right-of-use assets$12,815 $12,238 
Lease liabilities:
Operating leasesOther current liabilities$1,554 $1,579 
Other non-current liabilities11,358 10,911 
Finance leasesOther current liabilities700 538 
Other non-current liabilities756 692 
Total lease liabilities$14,368 $13,720 
Lease liability maturities as of September 26, 2026, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2027$1,980 $725 $2,705 
20282,053 69 2,122 
20291,921 125 2,046 
20301,617 56 1,673 
20311,410 47 1,457 
Thereafter6,362 764 7,126 
Total undiscounted liabilities15,343 1,786 17,129 
Less: Imputed interest(2,431)(330)(2,761)
Total lease liabilities$12,912 $1,456 $14,368 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September 26, 2026 and September 27, 2025 was 9.7 years and 9.8 years, respectively. The discount rate related to the Company’s lease liabilities as of September 26, 2026 and September 27, 2025 was 3.6% and 3.4%, respectively. The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.
As of September 26, 2026, the Company had $644 million of fixed payment obligations under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases are expected to commence between 2027 and 2029, with lease terms ranging from 1 year to 20 years.
Leases Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, some of which are reasonably certain of exercise.
Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating leases were $2.1 billion for both 2026 and 2025 and $2.0 billion for 2024. Lease costs associated with variable payments on the Company’s leases were $17.7 billion, $16.1 billion and $13.8 billion for 2026, 2025 and 2024, respectively.
The Company made fixed cash payments related to operating leases of $2.1 billion in both 2026 and 2025 and $1.9 billion in 2024. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.7 billion, $2.8 billion and $1.0 billion for 2026, 2025 and 2024, respectively.
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 26, 2026 and September 27, 2025 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20262025
Right-of-use assets:
Operating leasesOther non-current assets$11,636 $11,205 
Finance leasesProperty, plant and equipment, net1,179 1,033 
Total right-of-use assets$12,815 $12,238 
Lease liabilities:
Operating leasesOther current liabilities$1,554 $1,579 
Other non-current liabilities11,358 10,911 
Finance leasesOther current liabilities700 538 
Other non-current liabilities756 692 
Total lease liabilities$14,368 $13,720 
Lease liability maturities as of September 26, 2026, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2027$1,980 $725 $2,705 
20282,053 69 2,122 
20291,921 125 2,046 
20301,617 56 1,673 
20311,410 47 1,457 
Thereafter6,362 764 7,126 
Total undiscounted liabilities15,343 1,786 17,129 
Less: Imputed interest(2,431)(330)(2,761)
Total lease liabilities$12,912 $1,456 $14,368 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September 26, 2026 and September 27, 2025 was 9.7 years and 9.8 years, respectively. The discount rate related to the Company’s lease liabilities as of September 26, 2026 and September 27, 2025 was 3.6% and 3.4%, respectively. The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.
As of September 26, 2026, the Company had $644 million of fixed payment obligations under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases are expected to commence between 2027 and 2029, with lease terms ranging from 1 year to 20 years.