Cash and cash equivalents (in millions):

The following table presents cash and cash equivalents as reported in our consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our consolidated statements of cash flows:


	April 25, 2025		April 26, 2024
Cash and cash equivalents	$	2,742	$	1,903
Restricted cash		7		6
Cash, cash equivalents and restricted cash	$	2,749	$	1,909

Inventories (in millions):


	April 25, 2025		April 26, 2024
Purchased components	$	81	$	116
Finished goods		105		70
Inventories	$	186	$	186

Property and equipment, net (in millions):


	April 25, 2025			April 26, 2024
Land	$	46		$	46
Buildings and improvements		374			367
Leasehold improvements		103			81
Computer, production, engineering and other equipment		1,172			1,101
Computer software		329			340
Furniture and fixtures		62			77
Construction-in-progress		49			70
		2,135			2,082
Accumulated depreciation and amortization		(1,572	)		(1,478	)
Property and equipment, net	$	563		$	604

During fiscal 2025, we derecognized certain property and equipment, net in connection with the sale of our Spot by NetApp business. See "Gains/losses on the sale or derecognition of assets" section below for additional information related to this derecognition.

Depreciation and amortization expense related to property and equipment, net is summarized below (in millions):


	Year Ended
	April 25, 2025		April 26, 2024		April 28, 2023
Depreciation and amortization expense	$	196	$	198	$	181

Other non-current assets (in millions):


	April 25, 2025		April 26, 2024
Deferred tax assets	$	994	$	896
Operating lease ROU assets		241		247
Other assets		408		360
Other non-current assets	$	1,643	$	1,503

Other non-current assets as of April 25, 2025 and April 26, 2024 include $92 million and $85 million, respectively, for our 49% non-controlling equity interest in Lenovo NetApp Technology Limited (LNTL), a China-based entity that we formed with Lenovo (Beijing) Information Technology Ltd. in fiscal 2019. LNTL is integral to our sales channel strategy in China, acting as a distributor of our offerings to customers headquartered there, and involved in certain OEM sales to Lenovo. LNTL is also focused on localizing our products and services, and developing new joint offerings for the China market by leveraging NetApp and Lenovo technologies.

Accrued expenses (in millions):


	April 25, 2025		April 26, 2024
Accrued compensation and benefits	$	513	$	538
Product warranty liabilities		18		18
Operating lease liabilities		40		40
Other current liabilities		551		417
Accrued expenses	$	1,122	$	1,013

Other long-term liabilities (in millions):


	April 25, 2025		April 26, 2024
Liability for uncertain tax positions	$	45	$	153
Income taxes payable		—		100
Product warranty liabilities		9		9
Operating lease liabilities		216		220
Other liabilities		109		103
Other long-term liabilities	$	379	$	585

The following table summarizes the components of our deferred revenue and financed unearned services revenue balance as reported in our consolidated balance sheets (in millions):


	April 25, 2025		April 26, 2024
Deferred product revenue	$	66	$	59
Deferred services revenue		4,428		4,123
Financed unearned services revenue		42		52
Total	$	4,536	$	4,234

Reported as:

Short-term	$	2,279	$	2,176
Long-term		2,257		2,058
Total	$	4,536	$	4,234

Deferred product revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria. Deferred services revenue represents customer payments made in advance for services, which include software and hardware support contracts, certain public cloud services and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 17 – Commitments and Contingencies for additional information related to these arrangements.

During the years ended April 25, 2025 and April 26, 2024, we recognized revenue of $2,176 million and $2,218 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.

As of April 25, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $5.0 billion. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 49% of our remaining performance obligations in the next 12 months and the remainder thereafter.


	April 25, 2025		April 26, 2024
Other current assets	$	64	$	69
Other non-current assets		104		100
Total deferred commissions	$	168	$	169

During the years ended April 25, 2025 and April 26, 2024, we recognized amortization expense from deferred commissions of $123 million and $101 million, respectively, and there were no impairment charges recognized.

Other income, net (in millions):


	Year Ended
	April 25, 2025			April 26, 2024			April 28, 2023
Interest income	$	112		$	112		$	69
Interest expense		(64	)		(64	)		(67	)
Other, net		(2	)		1			46
Total other income, net	$	46		$	49		$	48

Other, net for fiscal 2023 includes $22 million of other income for non-refundable, up-front payments from customers in Russia for support contracts, which we were not able to fulfill due to imposed sanctions and for which we have no remaining legal obligation to perform. Other, net for fiscal 2023 also includes a $32 million gain recognized on our sale of a minority equity interest in a privately held company for proceeds of $59 million.

Supplemental cash flow information related to our operating leases is included in Note 9 – Leases. Non-cash investing activities and other supplemental cash flow information are presented below:


	Year Ended
	April 25, 2025		April 26, 2024		April 28, 2023
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	14	$	16	$	12
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	$	412	$	357	$	386
Interest paid	$	53	$	59	$	65

In January 2025, we and Flexera Software LLC entered into a definitive agreement for the sale of our cloud optimization and management software business known as Spot by NetApp, which formed part of our Public Cloud reportable segment. Total sale consideration consists of (i) $70 million in up-front cash consideration and (ii) up to $49 million in cash consideration contingent upon the achievement of certain financial performance metrics during the period from January 1, 2025 through December 31, 2025. The transaction closed on March 3, 2025, and we received the up-front cash consideration, recognized $20 million for contingent consideration in other current assets, derecognized the assets and liabilities conveyed to Flexera, and recorded certain transaction costs. No material gain or loss was recorded to our consolidated statements of income.

The major classes of assets and liabilities derecognized on the transaction close date are (in millions):


	Amount
Assets:
Property and equipment, net	$	13
Goodwill		36
Purchased intangible assets, net		34
Total Assets		83
Liabilities:
Short-term deferred revenue and financed unearned service revenue		1