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Leases | 3 Months Ended
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Oct. 25, 2025
Leases [Abstract] |
Leases | Leases (a)Lessee Arrangements The following table presents our operating lease balances (in millions):
| Balance Sheet Line Item |  | October 25, 2025 |  | July 26, 2025
Operating lease right-of-use assets | Other assets |  | $ | 1,303 |  |  | $ | 1,301 |
Operating lease liabilities | Other current liabilities |  | $ | 403 |  |  | $ | 375 |
Operating lease liabilities | Other long-term liabilities |  | 1,145 |  |  | 1,175 |
Total operating lease liabilities |  |  | $ | 1,548 |  |  | $ | 1,550 |
The components of our lease expenses were as follows (in millions):
| Three Months Ended
| October 25, 2025 |  | October 26, 2024
Operating lease expense | $ | 131 |  |  | $ | 114 |
Short-term lease expense | 25 |  |  | 18 |
Variable lease expense | 72 |  |  | 46 |
Total lease expense | $ | 228 |  |  | $ | 178 |
Supplemental information related to our operating leases is as follows (in millions):
| Three Months Ended
| October 25, 2025 |  | October 26, 2024
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows | $ | 131 |  |  | $ | 114 |
Right-of-use assets obtained in exchange for operating leases liabilities | $ | 123 |  |  | $ | 127 |
The weighted-average lease term was 5.3 years and 5.7 years as of October 25, 2025 and July 26, 2025, respectively. The weighted-average discount rate was 3.9% and 4.1% as of October 25, 2025 and July 26, 2025, respectively. The maturities of our operating leases (undiscounted) as of October 25, 2025 are as follows (in millions):
Fiscal Year | Amount
2026 (remaining nine months) | $ | 360 |
2027 | 346 |
2028 | 262 |
2029 | 209 |
2030 | 183 |
Thereafter | 374 |
Total lease payments | 1,734 |
Less: interest | (186) |
Total | $ | 1,548 |
(b)Lessor Arrangements Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $16 million and $17 million for the first quarter of fiscal 2026 and 2025, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9. Future minimum lease payments on our lease receivables as of October 25, 2025 are summarized as follows (in millions):
Fiscal Year | Amount
2026 (remaining nine months) | $ | 303 |
2027 | 346 |
2028 | 171 |
2029 | 180 |
2030 | 60 |
Total | 1,060 |
Less: Present value of lease payments | (962) |
Unearned income | $ | 98 |
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
Leases | Leases (a)Lessee Arrangements The following table presents our operating lease balances (in millions):
| Balance Sheet Line Item |  | October 25, 2025 |  | July 26, 2025
Operating lease right-of-use assets | Other assets |  | $ | 1,303 |  |  | $ | 1,301 |
Operating lease liabilities | Other current liabilities |  | $ | 403 |  |  | $ | 375 |
Operating lease liabilities | Other long-term liabilities |  | 1,145 |  |  | 1,175 |
Total operating lease liabilities |  |  | $ | 1,548 |  |  | $ | 1,550 |
The components of our lease expenses were as follows (in millions):
| Three Months Ended
| October 25, 2025 |  | October 26, 2024
Operating lease expense | $ | 131 |  |  | $ | 114 |
Short-term lease expense | 25 |  |  | 18 |
Variable lease expense | 72 |  |  | 46 |
Total lease expense | $ | 228 |  |  | $ | 178 |
Supplemental information related to our operating leases is as follows (in millions):
| Three Months Ended
| October 25, 2025 |  | October 26, 2024
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows | $ | 131 |  |  | $ | 114 |
Right-of-use assets obtained in exchange for operating leases liabilities | $ | 123 |  |  | $ | 127 |
The weighted-average lease term was 5.3 years and 5.7 years as of October 25, 2025 and July 26, 2025, respectively. The weighted-average discount rate was 3.9% and 4.1% as of October 25, 2025 and July 26, 2025, respectively. The maturities of our operating leases (undiscounted) as of October 25, 2025 are as follows (in millions):
Fiscal Year | Amount
2026 (remaining nine months) | $ | 360 |
2027 | 346 |
2028 | 262 |
2029 | 209 |
2030 | 183 |
Thereafter | 374 |
Total lease payments | 1,734 |
Less: interest | (186) |
Total | $ | 1,548 |
(b)Lessor Arrangements Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $16 million and $17 million for the first quarter of fiscal 2026 and 2025, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9. Future minimum lease payments on our lease receivables as of October 25, 2025 are summarized as follows (in millions):
Fiscal Year | Amount
2026 (remaining nine months) | $ | 303 |
2027 | 346 |
2028 | 171 |
2029 | 180 |
2030 | 60 |
Total | 1,060 |
Less: Present value of lease payments | (962) |
Unearned income | $ | 98 |
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
Leases | Leases (a)Lessee Arrangements The following table presents our operating lease balances (in millions):
| Balance Sheet Line Item |  | October 25, 2025 |  | July 26, 2025
Operating lease right-of-use assets | Other assets |  | $ | 1,303 |  |  | $ | 1,301 |
Operating lease liabilities | Other current liabilities |  | $ | 403 |  |  | $ | 375 |
Operating lease liabilities | Other long-term liabilities |  | 1,145 |  |  | 1,175 |
Total operating lease liabilities |  |  | $ | 1,548 |  |  | $ | 1,550 |
The components of our lease expenses were as follows (in millions):
| Three Months Ended
| October 25, 2025 |  | October 26, 2024
Operating lease expense | $ | 131 |  |  | $ | 114 |
Short-term lease expense | 25 |  |  | 18 |
Variable lease expense | 72 |  |  | 46 |
Total lease expense | $ | 228 |  |  | $ | 178 |
Supplemental information related to our operating leases is as follows (in millions):
| Three Months Ended
| October 25, 2025 |  | October 26, 2024
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows | $ | 131 |  |  | $ | 114 |
Right-of-use assets obtained in exchange for operating leases liabilities | $ | 123 |  |  | $ | 127 |
The weighted-average lease term was 5.3 years and 5.7 years as of October 25, 2025 and July 26, 2025, respectively. The weighted-average discount rate was 3.9% and 4.1% as of October 25, 2025 and July 26, 2025, respectively. The maturities of our operating leases (undiscounted) as of October 25, 2025 are as follows (in millions):
Fiscal Year | Amount
2026 (remaining nine months) | $ | 360 |
2027 | 346 |
2028 | 262 |
2029 | 209 |
2030 | 183 |
Thereafter | 374 |
Total lease payments | 1,734 |
Less: interest | (186) |
Total | $ | 1,548 |
(b)Lessor Arrangements Our leases primarily represent sales-type leases with terms of four years on average. We provide leasing of our equipment and complementary third-party products primarily through our channel partners and distributors, for which the income arising from these leases is recognized through interest income. Interest income was $16 million and $17 million for the first quarter of fiscal 2026 and 2025, respectively, and was included in interest income in the Consolidated Statement of Operations. The net investment of our lease receivables is measured at the commencement date as the gross lease receivable, residual value less unearned income and allowance for credit loss. For additional information, see Note 9. Future minimum lease payments on our lease receivables as of October 25, 2025 are summarized as follows (in millions):
Fiscal Year | Amount
2026 (remaining nine months) | $ | 303 |
2027 | 346 |
2028 | 171 |
2029 | 180 |
2030 | 60 |
Total | 1,060 |
Less: Present value of lease payments | (962) |
Unearned income | $ | 98 |
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.

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