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Income Taxes (Tables) | 12 Months Ended
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Jul. 26, 2025
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | The provision for income taxes consists of the following (in millions):
Years Ended | July 26, 2025 |  | July 27, 2024 |  | July 29, 2023
Federal: |  |  |  |  |
Current | $ | 956 |  |  | $ | 1,939 |  |  | $ | 3,754 |
Deferred | (838) |  |  | (883) |  |  | (1,955) |
| 118 |  |  | 1,056 |  |  | 1,799 |
State: |  |  |  |  |
Current | 431 |  |  | 388 |  |  | 623 |
Deferred | (250) |  |  | 11 |  |  | (175) |
| 181 |  |  | 399 |  |  | 448 |
Foreign: |  |  |  |  |
Current | 665 |  |  | 559 |  |  | 412 |
Deferred | (44) |  |  | (100) |  |  | 46 |
| 621 |  |  | 459 |  |  | 458 |
Total | $ | 920 |  |  | $ | 1,914 |  |  | $ | 2,705 |
Income Before Provision for Income Taxes | Income before provision for income taxes consists of the following (in millions):
Years Ended | July 26, 2025 |  | July 27, 2024 |  | July 29, 2023
United States | $ | 9,500 |  |  | $ | 10,790 |  |  | $ | 14,074 |
International | 1,600 |  |  | 1,444 |  |  | 1,244 |
Total | $ | 11,100 |  |  | $ | 12,234 |  |  | $ | 15,318 |
Difference Between Income Taxes at Federal Statutory Rate and Provision for Income Taxes | The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes consist of the following:
Years Ended | July 26, 2025 |  | July 27, 2024 |  | July 29, 2023
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of: |  |  |  |  |
State taxes, net of federal tax benefit | 1.3 |  |  | 2.8 |  |  | 2.4 |
Foreign income at other than U.S. rates | 0.7 |  |  | (0.3) |  |  | (0.1) |
Tax credits | (2.7) |  |  | (2.4) |  |  | (0.3) |
Foreign-derived intangible income deduction | (6.0) |  |  | (5.5) |  |  | (5.8) |
Stock-based compensation | 0.7 |  |  | 0.7 |  |  | 1.1 |
Impact of the Tax Act | (6.5) |  |  | — |  |  | — |
Other, net | (0.2) |  |  | (0.7) |  |  | (0.6) |
Total | 8.3 | % |  | 15.6 | % |  | 17.7 | %
Aggregate Changes in Gross Unrecognized Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits were as follows (in millions):
Years Ended | July 26, 2025 |  | July 27, 2024 |  | July 29, 2023
Beginning balance | $ | 2,156 |  |  | $ | 2,137 |  |  | $ | 3,101 |
Additions based on tax positions related to the current year | 283 |  |  | 205 |  |  | 159 |
Additions for tax positions of prior years | 81 |  |  | 256 |  |  | 261 |
Reductions for tax positions of prior years | (68) |  |  | (344) |  |  | (265) |
Settlements | (75) |  |  | (53) |  |  | (1,063) |
Lapse of statute of limitations | (40) |  |  | (45) |  |  | (56) |
Ending balance | $ | 2,337 |  |  | $ | 2,156 |  |  | $ | 2,137 |
Components of Deferred Tax Assets and Liabilities | The following table presents the breakdown for net deferred tax assets (in millions):
| July 26, 2025 |  | July 27, 2024
Deferred tax assets | $ | 7,356 |  |  | $ | 6,262 |
Deferred tax liabilities | (75) |  |  | (76) |
Total net deferred tax assets | $ | 7,281 |  |  | $ | 6,186 |
The following table presents the components of the deferred tax assets and liabilities (in millions):
| July 26, 2025 |  | July 27, 2024
ASSETS |  |  |
Inventory write-downs and capitalization | $ | 532 |  |  | $ | 530 |
Deferred foreign income | 221 |  |  | 277 |
IPR&D and purchased intangible assets | 961 |  |  | 1,039 |
Depreciation | 242 |  |  | 184 |
Deferred revenue | 1,933 |  |  | 2,034 |
Credits and net operating loss carryforwards | 1,350 |  |  | 1,863 |
Share-based compensation expense | 319 |  |  | 297 |
Accrued compensation | 175 |  |  | 275 |
Lease liabilities | 379 |  |  | 308 |
Capitalized research expenditures | 4,182 |  |  | 3,030 |
Other | 678 |  |  | 559 |
Gross deferred tax assets | 10,972 |  |  | 10,396 |
Valuation allowance | (910) |  |  | (1,024) |
Total deferred tax assets | 10,062 |  |  | 9,372 |
LIABILITIES |  |  |
Goodwill and purchased intangible assets | (2,288) |  |  | (2,808) |
ROU lease assets | (315) |  |  | (259) |
Other | (178) |  |  | (119) |
Total deferred tax liabilities | (2,781) |  |  | (3,186) |
Total net deferred tax assets | $ | 7,281 |  |  | $ | 6,186 |
Change in Valuation Allowance for Deferred Tax Assets | The changes in the valuation allowance for deferred tax assets are summarized as follows (in millions):
|  | July 26, 2025 |  | July 27, 2024 |  | July 29, 2023
Balance at beginning of fiscal year |  | $ | 1,024 |  |  | $ | 754 |  |  | $ | 834 |
Additions |  | 33 |  |  | 148 |  |  | 35 |
Additions from Splunk |  | — |  |  | 147 |  |  | — |
Deductions |  | (4) |  |  | (4) |  |  | (18) |
Write-offs |  | (145) |  |  | (20) |  |  | (93) |
Foreign exchange and other |  | 2 |  |  | (1) |  |  | (4) |
Balance at end of fiscal year |  | $ | 910 |  |  | $ | 1,024 |  |  | $ | 754 |

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