Leases

9 Months Ended

Oct. 26, 2025

Our lease obligations primarily consist of operating leases for our offices and data centers, with lease periods expiring between fiscal years 2026 and 2041.

Future minimum lease obligations under our non-cancelable lease agreements as of October 26, 2025 were as follows:


	Operating Lease Obligations
	(In millions)
Fiscal Year:
2026 (excluding the first nine months of fiscal year 2026)	$	118
2027	431
2028	413
2029	384
2030	308
2031 and thereafter	1,200
Total	2,854
Less imputed interest	499
Present value of net future minimum lease payments	2,355
Less short-term operating lease liabilities	341
Long-term operating lease liabilities	$	2,014

Between the fourth quarter of fiscal year 2026 and fiscal year 2030, we expect to commence leases with future obligations of $7.5 billion, primarily for data center leases with lease terms of 1.5 to 15 years.

Operating lease expenses were $122 million and $92 million for the third quarter, and $332 million and $258 million for the first nine months, of fiscal years 2026 and 2025, respectively. Short-term and variable lease expenses for the third quarter and first nine months of fiscal years 2026 and 2025 were not significant.

Other information related to leases was as follows:


	Nine Months Ended
	Oct 26, 2025		Oct 27, 2024

	(In millions)
Supplemental cash flows information
Operating cash flow used for operating leases	$	301	$	227
Operating lease assets obtained in exchange for lease obligations	$	752	$	679

As of October 26, 2025, our operating leases have a weighted average remaining lease term of 8.0 years and a weighted average discount rate of 4.43%. As of January 26, 2025, our operating leases had a weighted average remaining lease term of 6.5 years and a weighted average discount rate of 4.16%.