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


	October 24, 2025		April 25, 2025
Cash and cash equivalents	$	2,072	$	2,742
Restricted cash		7		7
Cash, cash equivalents and restricted cash	$	2,079	$	2,749

Inventories (in millions):


	October 24, 2025		April 25, 2025
Purchased components	$	43	$	81
Finished goods		84		105
Inventories	$	127	$	186

Property and equipment, net (in millions):


	October 24, 2025			April 25, 2025
Land	$	46		$	46
Buildings and improvements		377			374
Leasehold improvements		106			103
Computer, production, engineering and other equipment		1,210			1,172
Computer software		333			329
Furniture and fixtures		63			62
Construction-in-progress		57			49
		2,192			2,135
Accumulated depreciation and amortization		(1,624	)		(1,572	)
Property and equipment, net	$	568		$	563

Other non-current assets (in millions):


	October 24, 2025		April 25, 2025
Deferred tax assets	$	975	$	994
Operating lease right-of-use (ROU) assets		236		241
Other assets		435		408
Other non-current assets	$	1,646	$	1,643

Other non-current assets as of October 24, 2025 and April 25, 2025 include $94 million and $92 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):


	October 24, 2025		April 25, 2025
Accrued compensation and benefits	$	425	$	513
Product warranty liabilities		17		18
Operating lease liabilities		42		40
Other current liabilities		406		551
Accrued expenses	$	890	$	1,122

Other long-term liabilities (in millions):


	October 24, 2025		April 25, 2025
Liability for uncertain tax positions	$	49	$	45
Product warranty liabilities		9		9
Operating lease liabilities		211		216
Other liabilities		118		109
Other long-term liabilities	$	387	$	379

Deferred revenue primarily 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 14 – Commitments and Contingencies for additional information related to these arrangements.

During the six months ended October 24, 2025 and October 25, 2024, we recognized revenue of $1,324 million and $1,264 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.

As of October 24, 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 $4.9 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 47% of our remaining performance obligations in the next 12 months and the remainder thereafter.

The following table summarizes deferred commissions balances as reported in our condensed consolidated balance sheets:


	October 24, 2025		April 25, 2025
Other current assets	$	64	$	64
Other non-current assets		109		104
Total deferred commissions	$	173	$	168


	Three Months Ended						Six Months Ended
	October 24, 2025			October 25, 2024			October 24, 2025			October 25, 2024
Interest income	$	27		$	27		$	63		$	63
Interest expense		(26	)		(15	)		(55	)		(31	)
Other, net		(7	)		3			(19	)		—
Total other (expense) income, net	$	(6	)	$	15		$	(11	)	$	32

Supplemental cash flow information related to our operating leases is included in Note 7 ─ Leases. Non-cash investing activities and other supplemental cash flow information are presented below:


	Six Months Ended
	October 24, 2025		October 25, 2024
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	9	$	16
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	$	285	$	222
Interest paid	$	58	$	30