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Income Taxes (Tables) | 12 Months Ended
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Jul. 31, 2025
Income Tax Disclosure [Abstract] |
Provision for income taxes from continuing operations | The provision for income taxes consisted of the following for the periods indicated:
| Twelve Months Ended July 31,
(In millions) | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | 1,219 |  |  | $ | 984 |  |  | $ | 970 |
State | 237 |  |  | 202 |  |  | 208 |
Foreign | 25 |  |  | 36 |  |  | 86 |
Total current | 1,481 |  |  | 1,222 |  |  | 1,264 |
Deferred: |  |  |  |  |
Federal | (453) |  |  | (523) |  |  | (559) |
State | (70) |  |  | (97) |  |  | (99) |
Foreign | 7 |  |  | (15) |  |  | (1) |
Total deferred | (516) |  |  | (635) |  |  | (659) |
Total provision for income taxes | $ | 965 |  |  | $ | 587 |  |  | $ | 605 |
Sources of income from continuing operations before the provision for income taxes | The sources of income before the provision for income taxes consisted of the following for the periods indicated:
| Twelve Months Ended July 31,
(In millions) | 2025 |  | 2024 |  | 2023
United States | $ | 4,700 |  |  | $ | 3,449 |  |  | $ | 2,798 |
Foreign | 134 |  |  | 101 |  |  | 191 |
Total | $ | 4,834 |  |  | $ | 3,550 |  |  | $ | 2,989 |
Differences between income taxes calculated using the federal statutory income tax rate and the provision for income taxes from continuing operations | Differences between income taxes calculated using the federal statutory income tax rate and the provision for income taxes were as follows for the periods indicated:
| Twelve Months Ended July 31,
(In millions) | 2025 |  | 2024 |  | 2023
Income before income taxes | $ | 4,834 |  |  | $ | 3,550 |  |  | $ | 2,989 |
Statutory federal income tax | $ | 1,015 |  |  | $ | 746 |  |  | $ | 628 |
State income tax, net of federal benefit | 132 |  |  | 83 |  |  | 86 |
Federal research and experimentation credits | (113) |  |  | (109) |  |  | (106) |
Share-based compensation | 47 |  |  | 43 |  |  | 58 |
Excess tax benefits related to share-based compensation | (120) |  |  | (153) |  |  | (26) |
Effects of non-U.S. operations | 1 |  |  | — |  |  | (28) |
Other, net | 3 |  |  | (23) |  |  | (7) |
Total provision for income taxes | $ | 965 |  |  | $ | 587 |  |  | $ | 605 |
Components of deferred tax assets and liabilities | Material deferred tax assets and liabilities were as follows at the dates indicated:
| July 31,
(In millions) | 2025 |  | 2024
Deferred tax assets: |  |  |
Accruals and reserves not currently deductible | $ | 72 |  |  | $ | 47 |
Capitalized research and development | 1,895 |  |  | 1,321 |
Operating lease liabilities | 173 |  |  | 137 |
Accrued and deferred compensation | 116 |  |  | 132 |
Loss and tax credit carryforwards | 277 |  |  | 204 |
Share-based compensation | 113 |  |  | 117 |
Other, net | 24 |  |  | 20 |
Total gross deferred tax assets | 2,670 |  |  | 1,978 |
Valuation allowance | (290) |  |  | (227) |
Total deferred tax assets | 2,380 |  |  | 1,751 |
Deferred tax liabilities: |  |  |
Operating lease right-of-use assets | 140 |  |  | 105 |
Intangibles | 950 |  |  | 864 |
Property and equipment | 32 |  |  | 38 |
Other, net | 56 |  |  | 49 |
Total deferred tax liabilities | 1,178 |  |  | 1,056 |
Net deferred tax assets | $ | 1,202 |  |  | $ | 695 |
Components of net deferred tax assets, net of valuation allowances | The components of total net deferred tax assets, net of valuation allowances, as shown on our consolidated balance sheets were as follows at the dates indicated:
| July 31,
(In millions) | 2025 |  | 2024
Long-term deferred income tax assets | $ | 1,222 |  |  | $ | 698 |
Long-term deferred income tax liabilities included in other long-term obligations | (20) |  |  | (3) |
Net deferred tax assets | $ | 1,202 |  |  | $ | 695 |
Unrecognized tax benefits roll forward | The aggregate changes in the balance of our gross unrecognized tax benefits were as follows for the periods indicated:
| Twelve Months Ended July 31,
(In millions) | 2025 |  | 2024 |  | 2023
Gross unrecognized tax benefits, beginning balance | $ | 327 |  |  | $ | 246 |  |  | $ | 216 |
Increases related to tax positions from prior fiscal years, including acquisitions | 11 |  |  | 36 |  |  | 11 |
Decreases related to tax positions from prior fiscal years | (21) |  |  | (12) |  |  | (16) |
Increases related to tax positions taken during current fiscal year | 91 |  |  | 95 |  |  | 38 |
Settlements with tax authorities | (2) |  |  | (1) |  |  | (2) |
Lapse of statute of limitations | (12) |  |  | (37) |  |  | (1) |
Gross unrecognized tax benefits, ending balance | $ | 394 |  |  | $ | 327 |  |  | $ | 246 |

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