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Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Jul. 25, 2025

Investments, Debt and Equity Securities [Abstract]

Summary of Investments at Cost or Amortized Cost

The following is a summary of our investments at their cost or amortized cost as of July 25, 2025 and April 25, 2025 (in millions):


		July 25, 2025				April 25, 2025
U.S. Treasury and government debt securities		$	1,239			$	2,025
Money market funds			1,419				1,126
Certificates of deposit			33				24
Mutual funds			48				41
Total debt and equity securities		$	2,739			$	3,216

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis (in millions):


		July 25, 2025
						Fair Value Measurements at Reporting Date Using
		Total				Level 1				Level 2
Cash and cash equivalents:
Cash		$	633			$	633			$	—
Money market funds			1,419				1,419				—
Certificates of deposit			33				—				33
Total cash and cash equivalents			2,085				2,052				33
Short-term investments:
U.S. Treasury and government debt securities			1,239				1,239				—
Total short-term investments			1,239				1,239				—
Total cash, cash equivalents and short-term investments		$	3,324			$	3,291			$	33
Other items:
Mutual funds (1)		$	6			$	6			$	—
Mutual funds (2)		$	42			$	42			$	—
Foreign currency exchange contracts assets (1)		$	16			$	—			$	16
Foreign currency exchange contracts liabilities (3)		$	(4	)		$	—			$	(4	)


		April 25, 2025
						Fair Value Measurements at Reporting Date Using
		Total				Level 1				Level 2
Cash and cash equivalents:
Cash		$	671			$	671			$	—
Money market funds			1,126				1,126				—
Certificates of deposit			24				—				24
U.S. Treasury and government debt securities			921				921				—
Total cash and cash equivalents			2,742				2,718				24
Short-term investments:
U.S. Treasury and government debt securities			1,104				1,104				—
Total short-term investments			1,104				1,104				—
Total cash, cash equivalents and short-term investments		$	3,846			$	3,822			$	24
Other items:
Mutual funds (1)		$	7			$	7			$	—
Mutual funds (2)		$	34			$	34			$	—
Foreign currency exchange contracts assets (1)		$	29			$	—			$	29
Foreign currency exchange contracts liabilities (3)		$	(2	)		$	—			$	(2	)

(1)

Reported as other current assets in the condensed consolidated balance sheets

(2)

Reported as other non-current assets in the condensed consolidated balance sheets

(3)

Reported as accrued expenses in the condensed consolidated balance sheets