CISCO SYSTEMS, INC., 10-Q filed on 2/18/2025
Quarterly Report
v3.25.0.1
Cover Page - shares
6 Months Ended
Jan. 25, 2025
Feb. 13, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 25, 2025  
Document Transition Report false  
Entity File Number 001-39940  
Entity Registrant Name CISCO SYSTEMS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0059951  
Entity Address, Address Line One 170 West Tasman Drive  
Entity Address, City or Town San Jose  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95134  
City Area Code 408  
Local Phone Number 526-4000  
Title of 12(b) Security Common Stock, par value $0.001 per share  
Trading Symbol CSCO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   3,978,292,432
Amendment Flag false  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2025  
Entity Central Index Key 0000858877  
Current Fiscal Year End Date --07-26  
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Current assets:    
Cash and cash equivalents $ 8,556 $ 7,508
Investments 8,297 10,346
Accounts receivable, net of allowance of $80 at January 25, 2025 and $87 at July 27, 2024 5,669 6,685
Inventories 2,927 3,373
Financing receivables, net 3,074 3,338
Other current assets 6,158 5,612
Total current assets 34,681 36,862
Property and equipment, net 1,992 2,090
Financing receivables, net 3,240 3,376
Goodwill 58,719 58,660
Purchased intangible assets, net 10,139 11,219
Deferred tax assets 6,591 6,262
Other assets 6,013 5,944
TOTAL ASSETS 121,375 124,413
Current liabilities:    
Short-term debt 11,413 11,341
Accounts payable 1,902 2,304
Income taxes payable 1,884 1,439
Accrued compensation 3,299 3,608
Deferred revenue 15,999 16,249
Other current liabilities 5,522 5,643
Total current liabilities 40,019 40,584
Long-term debt 19,625 19,621
Income taxes payable 1,756 3,985
Deferred revenue 11,796 12,226
Other long-term liabilities 2,649 2,540
Total liabilities 75,845 78,956
Commitments and contingencies (Note 14)
Cisco stockholders’ equity:    
Preferred stock, $0.001 par value: 5 shares authorized; none issued and outstanding 0 0
Common stock and additional paid-in capital, $0.001 par value: 20,000 shares authorized; 3,977 and 4,007 shares issued and outstanding at January 25, 2025 and July 27, 2024, respectively 46,521 45,800
Retained earnings 502 1,087
Accumulated other comprehensive loss (1,493) (1,430)
Total equity 45,530 45,457
TOTAL LIABILITIES AND EQUITY $ 121,375 $ 124,413
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowance $ 80 $ 87
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 20,000,000,000 20,000,000,000
Common stock, shares issued (in shares) 3,977,000,000 4,007,000,000
Common stock, shares outstanding (in shares) 3,977,000,000 4,007,000,000
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
REVENUE:        
Total revenue $ 13,991 $ 12,791 $ 27,832 $ 27,459
COST OF SALES:        
Total cost of sales 4,880 4,574 9,600 9,685
GROSS MARGIN 9,111 8,217 18,232 17,774
OPERATING EXPENSES:        
Research and development 2,299 1,943 4,585 3,856
Sales and marketing 2,672 2,458 5,424 4,964
General and administrative 752 642 1,547 1,314
Amortization of purchased intangible assets 265 66 530 133
Restructuring and other charges 10 12 675 135
Total operating expenses 5,998 5,121 12,761 10,402
OPERATING INCOME 3,113 3,096 5,471 7,372
Interest income 238 324 524 684
Interest expense (404) (120) (822) (231)
Other income (loss), net (60) (139) (19) (222)
Interest and other income (loss), net (226) 65 (317) 231
INCOME BEFORE PROVISION FOR INCOME TAXES 2,887 3,161 5,154 7,603
Provision for income taxes 459 527 15 1,331
NET INCOME $ 2,428 $ 2,634 $ 5,139 $ 6,272
Net income per share:        
Basic (in dollars per share) $ 0.61 $ 0.65 $ 1.29 $ 1.55
Diluted (in dollars per share) $ 0.61 $ 0.65 $ 1.28 $ 1.54
Shares used in per-share calculation:        
Basic (in shares) 3,981 4,055 3,986 4,056
Diluted (in shares) 4,005 4,073 4,008 4,079
Product        
REVENUE:        
Total revenue $ 10,234 $ 9,232 $ 20,348 $ 20,371
COST OF SALES:        
Total cost of sales 3,713 3,443 7,239 7,400
Services        
REVENUE:        
Total revenue 3,757 3,559 7,484 7,088
COST OF SALES:        
Total cost of sales $ 1,167 $ 1,131 $ 2,361 $ 2,285
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 2,428 $ 2,634 $ 5,139 $ 6,272
Available-for-sale investments:        
Change in net unrealized gains and losses, net of tax benefit (expense) of $0 and $(17) for the second quarter and first six months of fiscal 2025, respectively, and $(73) and $(33) for the corresponding periods of fiscal 2024, respectively 4 229 58 99
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $(17) and $(23) for the second quarter and first six months of fiscal 2025, respectively, and $(5) and $(9) for the corresponding periods of fiscal 2024, respectively 3 18 22 34
Total- Available-for-sale investments 7 247 80 133
Cash flow hedging instruments:        
Change in unrealized gains and losses, net of tax benefit (expense) of $(13) and $(15) for the second quarter and first six months of fiscal 2025, respectively, and $0 and $(9) for the corresponding periods of fiscal 2024, respectively 43 1 50 30
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $3 and $5 for the second quarter and first six months of fiscal 2025, respectively, and $2 and $5 for the corresponding periods of fiscal 2024, respectively (12) (9) (19) (18)
Total- Cash flow hedging instruments 31 (8) 31 12
Net change in cumulative translation adjustment and actuarial gains and losses net, of tax benefit (expense) of $0 for each of the second quarter and first six months of fiscal 2025, and $0 and $1 for the corresponding periods of fiscal 2024, respectively (155) 274 (174) (82)
Other comprehensive income (loss) (117) 513 (63) 63
Comprehensive income $ 2,311 $ 3,147 $ 5,076 $ 6,335
v3.25.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Statement of Comprehensive Income [Abstract]        
Change in net unrealized gains and losses, tax benefit (expense), available-for-sale investments $ 0 $ (73) $ (17) $ (33)
Net (gains) losses reclassified into earnings, tax (benefit) expense, available-for-sale investments (17) (5) (23) (9)
Change in unrealized gains and losses, tax benefit (expense), cash flow hedging instruments (13) 0 (15) (9)
Net (gains) losses reclassified into earnings, tax (benefit) expense, cash flow hedging instruments 3 2 $ 5 5
Net change in cumulative translation adjustment and actuarial gains and losses, net of tax benefit (expense) $ 0 $ 0   $ 1
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Cash flows from operating activities:    
Net income $ 5,139 $ 6,272
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization, and other 1,550 823
Share-based compensation expense 1,748 1,463
Provision for receivables 7 12
Deferred income taxes (382) (816)
(Gains) losses on divestitures, investments and other, net (5) 205
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:    
Accounts receivable 969 941
Inventories 441 442
Financing receivables 330 (33)
Other assets (427) (403)
Accounts payable (359) (476)
Income taxes, net (2,285) (4,656)
Accrued compensation (293) (763)
Deferred revenue (555) 293
Other liabilities 24 (125)
Net cash provided by operating activities 5,902 3,179
Cash flows from investing activities:    
Purchases of investments (2,261) (2,253)
Proceeds from sales of investments 1,791 2,484
Proceeds from maturities of investments 2,703 4,044
Acquisitions, net of cash and cash equivalents acquired and divestitures (257) (878)
Purchases of investments in privately held companies (137) (50)
Return of investments in privately held companies 94 123
Acquisition of property and equipment (427) (304)
Other (5) (1)
Net cash provided by investing activities 1,501 3,165
Cash flows from financing activities:    
Issuances of common stock 320 349
Repurchases of common stock—repurchase program (3,243) (2,504)
Shares repurchased for tax withholdings on vesting of restricted stock units (655) (581)
Short-term borrowings, original maturities of 90 days or less, net 1,012 1,398
Issuances of debt 10,406 2,537
Repayments of debt (11,382) (750)
Dividends paid (3,185) (3,163)
Other (2) (7)
Net cash used in financing activities (6,729) (2,721)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (8) (32)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents 666 3,591
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 8,842 11,627
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 9,508 15,218
Supplemental cash flow information:    
Cash paid for interest 769 203
Cash paid for income taxes, net $ 2,682 $ 6,804
v3.25.0.1
Consolidated Statements of Equity - USD ($)
shares in Millions, $ in Millions
Total
Shares of Common Stock
Common Stock and Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Jul. 29, 2023   4,066      
Beginning balance at Jul. 29, 2023 $ 44,353   $ 44,289 $ 1,639 $ (1,575)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Repurchase of common stock (in shares) (23)        
Ending balance (in shares) at Oct. 28, 2023   4,049      
Ending balance at Oct. 28, 2023 $ 45,210   44,546 2,689 (2,025)
Beginning balance (in shares) at Jul. 29, 2023   4,066      
Beginning balance at Jul. 29, 2023 44,353   44,289 1,639 (1,575)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 6,272     6,272  
Other comprehensive income (loss) 63       63
Issuance of common stock (in shares)   43      
Issuance of common stock 349   349    
Repurchase of common stock (in shares)   (48)      
Repurchase of common stock (2,506)   (528) (1,978)  
Shares repurchased for tax withholdings on vesting of restricted stock units and other (in shares)   (11)      
Shares repurchased for tax withholdings on vesting of restricted stock units and other (581)   (581)    
Cash dividends declared (3,163)     (3,163)  
Share-based compensation 1,463   1,463    
Other 1   10 (9)  
Ending balance (in shares) at Jan. 27, 2024   4,050      
Ending balance at Jan. 27, 2024 46,251   45,002 2,761 (1,512)
Beginning balance (in shares) at Oct. 28, 2023   4,049      
Beginning balance at Oct. 28, 2023 45,210   44,546 2,689 (2,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,634     2,634  
Other comprehensive income (loss) 513       513
Issuance of common stock (in shares)   34      
Issuance of common stock $ 349   349    
Repurchase of common stock (in shares) (25) (25)      
Repurchase of common stock $ (1,254)   (279) (975)  
Shares repurchased for tax withholdings on vesting of restricted stock units and other (in shares)   (8)      
Shares repurchased for tax withholdings on vesting of restricted stock units and other (425)   (425)    
Cash dividends declared (1,583)     (1,583)  
Share-based compensation 802   802    
Other 5   9 (4)  
Ending balance (in shares) at Jan. 27, 2024   4,050      
Ending balance at Jan. 27, 2024 46,251   45,002 2,761 (1,512)
Beginning balance (in shares) at Jul. 27, 2024   4,007      
Beginning balance at Jul. 27, 2024 $ 45,457   45,800 1,087 (1,430)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Repurchase of common stock (in shares) (40)        
Ending balance (in shares) at Oct. 26, 2024   3,974      
Ending balance at Oct. 26, 2024 $ 45,277   45,991 662 (1,376)
Beginning balance (in shares) at Jul. 27, 2024   4,007      
Beginning balance at Jul. 27, 2024 45,457   45,800 1,087 (1,430)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 5,139     5,139  
Other comprehensive income (loss) (63)       (63)
Issuance of common stock (in shares)   44      
Issuance of common stock 320   320    
Repurchase of common stock (in shares)   (61)      
Repurchase of common stock (3,239)   (706) (2,533)  
Shares repurchased for tax withholdings on vesting of restricted stock units and other (in shares)   (13)      
Shares repurchased for tax withholdings on vesting of restricted stock units and other (649)   (649)    
Cash dividends declared (3,185)     (3,185)  
Share-based compensation 1,748   1,748    
Other 2   8 (6)  
Ending balance (in shares) at Jan. 25, 2025   3,977      
Ending balance at Jan. 25, 2025 45,530   46,521 502 (1,493)
Beginning balance (in shares) at Oct. 26, 2024   3,974      
Beginning balance at Oct. 26, 2024 45,277   45,991 662 (1,376)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 2,428     2,428  
Other comprehensive income (loss) (117)       (117)
Issuance of common stock (in shares)   33      
Issuance of common stock $ 320   320    
Repurchase of common stock (in shares) (21) (21)      
Repurchase of common stock $ (1,236)   (244) (992)  
Shares repurchased for tax withholdings on vesting of restricted stock units and other (in shares)   (9)      
Shares repurchased for tax withholdings on vesting of restricted stock units and other (475)   (475)    
Cash dividends declared (1,593)     (1,593)  
Share-based compensation 921   921    
Other 5   8 (3)  
Ending balance (in shares) at Jan. 25, 2025   3,977      
Ending balance at Jan. 25, 2025 $ 45,530   $ 46,521 $ 502 $ (1,493)
v3.25.0.1
Consolidated Statements of Equity (Parenthetical) - $ / shares
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared (in dollars per share) $ 0.40 $ 0.39 $ 0.80 $ 0.78
v3.25.0.1
Organization and Basis of Presentation
6 Months Ended
Jan. 25, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation Organization and Basis of Presentation
The fiscal year for Cisco Systems, Inc. (the “Company,” “Cisco,” “we,” “us,” or “our”) is the 52 or 53 weeks ending on the last Saturday in July. Fiscal 2025 and fiscal 2024 are each 52-week fiscal years. The Consolidated Financial Statements include our accounts and those of our subsidiaries. All intercompany accounts and transactions have been eliminated. We conduct business globally and are primarily managed on a geographic basis in the following three geographic segments: the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC).
We have prepared the accompanying financial data as of January 25, 2025 and for the second quarter and first six months of fiscal 2025 and 2024, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. The July 27, 2024 Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. However, we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended July 27, 2024.
In the opinion of management, all normal recurring adjustments necessary to state fairly the consolidated balance sheet as of January 25, 2025, the results of operations, the statements of comprehensive income and the statements of equity for the second quarter and first six months of fiscal 2025 and 2024, and the statements of cash flows for the first six months of fiscal 2025 and 2024, as applicable, have been made. The results of operations for the second quarter and first six months of fiscal 2025 are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Our consolidated financial statements include our accounts and investments consolidated under the voting interest model. The noncontrolling interests attributed to these investments are not presented as a separate component in the equity section of the Consolidated Balance Sheets as these amounts are not material for any of the fiscal periods presented. The share of earnings attributable to the noncontrolling interests are not presented separately in the Consolidated Statements of Operations as these amounts are not material for any of the fiscal periods presented.
We have evaluated subsequent events through the date that the financial statements were issued.
v3.25.0.1
Recent Accounting Pronouncements
6 Months Ended
Jan. 25, 2025
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
(a)Recent Accounting Standards or Updates Not Yet Effective
Segment Reporting In November 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update that expands the disclosure requirements for reportable segments, primarily through enhanced disclosures around significant segment expenses. The accounting standard update will be effective for our fiscal 2025 Form 10-K on a retrospective basis, and early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our segment disclosures.
Improvements on Income Tax Disclosures In December 2023, the FASB issued an accounting standard update expanding the requirements for disclosure of disaggregated information about the effective tax rate reconciliation and income taxes paid. The accounting standard update will be effective for our fiscal 2026 Form 10-K. We are currently evaluating the impact of this accounting standard update on our income tax disclosures.
Disaggregation of Income Statement Expenses In November 2024, the FASB issued an accounting standard update expanding the disclosure requirements about specific expense categories, primarily through disaggregated information on income statement line items. The accounting standard update will be effective for our fiscal 2028 Form 10-K, and early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements.
v3.25.0.1
Revenue
6 Months Ended
Jan. 25, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
We enter into contracts with customers that can include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. As a result, our contracts may contain multiple performance obligations. We determine whether arrangements are distinct based on whether the customer can benefit from the product or service on its own or together with other resources that are readily available and whether our commitment to transfer the product or service to the customer is separately identifiable from other obligations in the contract. We classify our hardware, perpetual software licenses, and software-as-a-service (SaaS) as distinct performance obligations. Term software licenses represent multiple obligations, which include software licenses and software maintenance. In transactions where we deliver hardware or software, we are typically the principal and we record revenue and costs of goods sold on a gross basis. We refer to our term software licenses, security software licenses, SaaS, and associated service arrangements as subscription offers. Revenue from subscription offers includes revenue recognized over time as well as upfront.
We recognize revenue upon transfer of control of promised goods or services in a contract with a customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control occurs once the customer has the contractual right to use the product, generally upon shipment, electronic delivery (or when the software is available for download by the customer), or once title and risk of loss has transferred to the customer. Transfer of control can also occur over time for software maintenance and services as the customer receives the benefit over the contract term. Our hardware and perpetual software licenses are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses include multiple performance obligations where the term licenses are recognized upfront upon transfer of control, with the associated software maintenance revenue recognized ratably over the contract term as services and software updates are provided. SaaS arrangements do not include the right for the customer to take possession of the software during the term, and therefore have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term as the customer consumes the services. On our product sales, we record consideration from shipping and handling on a gross basis within net product sales. We record our revenue net of any associated sales taxes.
An allowance for future sales returns is established based on historical trends in product return rates. The allowance for future sales returns as of January 25, 2025 and July 27, 2024 was $42 million and $37 million, respectively, and was recorded as a reduction of our accounts receivable and revenue.
Significant Judgments
Revenue is allocated among these performance obligations in a manner that reflects the consideration that we expect to be entitled to for the promised goods or services based on standalone selling prices (SSP). SSP is estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the observable price of a product or service when we sell the goods separately in similar circumstances and to similar customers. In instances where SSP is not directly observable, we determine SSP using information that may include market conditions and other observable inputs.
We assess relevant contractual terms in our customer contracts to determine the transaction price. We apply judgment in identifying contractual terms and determining the transaction price as we may be required to estimate variable consideration when determining the amount of revenue to recognize. Variable consideration includes potential contractual penalties and various rebate, cooperative marketing and other incentive programs that we offer to our distributors, channel partners and end customers. When determining the amount of revenue to recognize, we estimate the expected usage of these programs, applying the expected value or most likely estimate and update the estimate at each reporting period as actual utilization becomes available. We also consider the customers’ right of return in determining the transaction price, where applicable.
We assess certain software licenses, such as for security software, that contain critical updates or upgrades which customers can download throughout the contract term. Without these updates or upgrades, the functionality of the software would diminish over a relatively short time period. These updates or upgrades provide the customer the full functionality of the purchased security software licenses and are required to maintain the security license’s utility as the risks and threats in the environment are rapidly changing. In these circumstances, the revenue from these software arrangements is recognized as a single performance obligation satisfied over the contract term.
(a)Disaggregation of Revenue
We disaggregate our revenue into groups of similar products and services that depict the nature, amount, and timing of revenue and cash flows for our various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies differ for each of our product categories, resulting in different economic risk profiles for each category. The following table presents this disaggregation of revenue (in millions):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Product revenue:
Networking$6,850 $7,081 $13,603 $15,904 
Security2,111 973 4,129 1,984 
Collaboration996 989 2,081 2,106 
Observability277 188 535 378 
Total Product10,234 9,232 20,348 20,371 
Services3,757 3,559 7,484 7,088 
Total$13,991 $12,791 $27,832 $27,459 
Amounts may not sum due to rounding.
Networking consists of our core networking technologies of switching, routing, wireless, and servers. These technologies consist of both hardware and software offerings, including software licenses and SaaS. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Security consists of our Network Security, Identity and Access Management, Secure Access Service Edge (SASE) and Threat Intelligence, Detection, and Response offerings. These products consist of both hardware and software offerings, including software licenses and SaaS. Updates and upgrades for the term software licenses are critical for our software to perform its intended commercial purpose because of the continuous need for our software to secure our customers’ network environments against frequent threats. Therefore, security software licenses are generally represented by a single distinct performance obligation with revenue recognized ratably over the contract term. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Collaboration consists of our Webex Suite, Collaboration Devices, Contact Center and Communication Platform as a Service (CPaaS) offerings. These products consist primarily of software offerings, including software licenses and SaaS, as well as hardware. Our perpetual software and hardware in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
Observability consists of our network assurance, monitoring and analytics and observability suite offerings. These products consist primarily of software offerings, including software licenses and SaaS. Our perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.
In addition to our product offerings, we provide a broad range of service and support options for our customers, including technical support services and advanced services. Technical support services represent the majority of these offerings which are distinct performance obligations that are satisfied over time with revenue recognized ratably over the contract term. Advanced services are distinct performance obligations that are satisfied over time with revenue recognized as services are delivered.
The sales arrangements as discussed above are typically made pursuant to customer purchase orders based on master purchase or partner agreements. Cash is received based on our standard payment terms which is typically 30 days. We provide financing arrangements to customers for our hardware, software and service offerings. Refer to Note 9 for additional information. For these arrangements, cash is typically received over time.
Subscription revenue includes revenue recognized from our term software licenses, security software licenses, SaaS, and associated service arrangements. Our subscription revenue is recorded in product and services revenue in our Consolidated Statements of Operations as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Product$4,432 $3,110 $8,851 $6,317 
Services3,430 3,280 6,855 6,534 
Total$7,862 $6,390 $15,706 $12,851 
The majority of our product subscription revenue is recognized over time and the remainder is recognized upfront. Substantially all of our services subscription revenue is recognized over time based on the contract term.
(b)Contract Balances
Accounts Receivable
Accounts receivable, net was $5.7 billion as of January 25, 2025 compared to $6.7 billion as of July 27, 2024, as reported on the Consolidated Balance Sheets.
The allowances for credit loss for our accounts receivable are summarized as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Allowance for credit loss at beginning of period$78 $82 $87 $85 
Provisions (benefits)12 12 11 
Recoveries (write-offs), net(10)(12)(19)(17)
Allowance for credit loss at end of period$80 $79 $80 $79 
Contract Assets and Liabilities
Gross contract assets by our internal risk ratings are summarized as follows (in millions):
January 25,
2025
July 27,
2024
1 to 4$1,223 $1,266 
5 to 61,659 1,456 
7 and Higher82 72 
Total$2,964 $2,794 
Contract assets consist of unbilled receivables and are recorded when revenue is recognized in advance of scheduled billings to our customers. These amounts are primarily related to software and service arrangements where transfer of control has occurred but we have not yet invoiced. Our contract assets for these unbilled receivables, net of allowances, were $2.9 billion as of January 25, 2025 and $2.7 billion as of July 27, 2024, and were included in other current assets and other assets.
Contract liabilities consist of deferred revenue. Deferred revenue was $27.8 billion as of January 25, 2025 compared to $28.5 billion as of July 27, 2024. We recognized approximately $4.4 billion and $9.7 billion of revenue during the second quarter and first six months of fiscal 2025 that was included in the deferred revenue balance at July 27, 2024.
(c)Capitalized Contract Acquisition Costs
We capitalize direct and incremental costs incurred to acquire contracts, primarily sales commissions, for which the associated revenue is expected to be recognized in future periods. We incur these costs in connection with both initial contracts and renewals. These costs are initially deferred and typically amortized over the term of the customer contract which corresponds to
the period of benefit. Capitalized contract acquisition costs were $1.5 billion and $1.3 billion as of January 25, 2025 and July 27, 2024, respectively, and were included in other current assets and other assets. The amortization expense associated with these costs was $238 million and $446 million for the second quarter and first six months of fiscal 2025, respectively, and $166 million and $324 million for the corresponding periods of fiscal 2024, respectively, and was included in sales and marketing expenses.
v3.25.0.1
Acquisitions
6 Months Ended
Jan. 25, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
A summary of the allocation of the total purchase consideration of our completed acquisitions during the first six months of fiscal 2025 is presented as follows (in millions):
Purchase ConsiderationNet Tangible Assets Acquired (Liabilities Assumed)Purchased Intangible AssetsGoodwill
Total acquisitions$259 $(16)$105 $170 
The total purchase consideration related to our acquisitions completed during the first six months of fiscal 2025 consisted primarily of cash consideration. The total cash and cash equivalents acquired from these acquisitions was approximately $14 million. Total transaction costs related to acquisition activities were $11 million and $51 million for the first six months of fiscal 2025 and 2024, respectively. These transaction costs were expensed as incurred in general and administrative expenses (“G&A”) in the Consolidated Statements of Operations.
The purchase price allocation for acquisitions completed during recent periods is preliminary and subject to revision as additional information about fair value of assets and liabilities becomes available. Additional information that existed as of the acquisition date but is currently unknown to us may become known during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date.
The goodwill generated from these acquisitions completed during the first six months of fiscal 2025 is primarily related to expected synergies. The goodwill is generally not deductible for income tax purposes.
The Consolidated Financial Statements include the operating results of each acquisition from the date of acquisition. Pro forma results of operations and the revenue and net income subsequent to the acquisition date for the acquisitions completed during the first six months of fiscal 2025 have not been presented because the effects of the acquisitions were not material to our financial results.
Compensation Expense Related to Acquisitions
In connection with our acquisitions, we have agreed to pay certain additional amounts contingent upon the continued employment with Cisco of certain employees of the acquired entities.
The following table summarizes the compensation expense related to acquisitions (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Compensation expense related to acquisitions$222 $45 $519 $94 
As of January 25, 2025, we estimated that future cash compensation expense of up to $1.1 billion may be required to be recognized pursuant to applicable acquisition agreements.
v3.25.0.1
Goodwill and Purchased Intangible Assets
6 Months Ended
Jan. 25, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Purchased Intangible Assets Goodwill and Purchased Intangible Assets
(a)Goodwill
The following table presents the goodwill allocated to our reportable segments as of January 25, 2025 and during the first six months of fiscal 2025 (in millions):
Balance at July 27, 2024Acquisitions, net of DivestituresForeign Currency Translation and OtherBalance at January 25, 2025
Americas$36,169 $108 $(67)$36,210 
EMEA14,283 41 (26)14,298 
APJC8,208 19 (16)8,211 
Total$58,660 $168 $(109)$58,719 
(b)Purchased Intangible Assets
The following table presents details of our intangible assets acquired through acquisitions completed during the first six months of fiscal 2025 (in millions, except years):
 FINITE LIVESINDEFINITE LIVESTOTAL
 CUSTOMER
RELATED
TECHNOLOGYTRADE NAMEIPR&D
Weighted-
Average Useful
Life (in Years)
AmountWeighted-
Average Useful
Life (in Years)
AmountWeighted-
Average Useful
Life (in Years)
AmountAmountAmount
Total acquisitions4.0$12 4.0$93 — $— $— $105 
The following tables present details of our purchased intangible assets (in millions): 
January 25, 2025GrossAccumulated AmortizationNet
Purchased intangible assets with finite lives:
Customer related$6,854 $(1,332)$5,522 
Technology6,622 (2,509)4,113 
Trade name551 (73)478 
Total purchased intangible assets with finite lives14,027 (3,914)10,113 
In-process research and development, with indefinite lives26 — 26 
       Total$14,053 $(3,914)$10,139 
July 27, 2024GrossAccumulated AmortizationNet
Purchased intangible assets with finite lives:
Customer related$6,844 $(829)$6,015 
Technology6,680 (2,006)4,674 
Trade name553 (49)504 
Total purchased intangible assets with finite lives14,077 (2,884)11,193 
In-process research and development, with indefinite lives26 — 26 
Total$14,103 $(2,884)$11,219 
Purchased intangible assets include intangible assets acquired through acquisitions as well as through direct purchases or licenses.
Impairment charges related to purchased intangible assets were $19 million for the second quarter and first six months of fiscal 2025. Impairment charges were as a result of declines in estimated fair value resulting from the reductions in or the elimination of expected future cash flows associated with certain technology intangible assets.
The following table presents the amortization of purchased intangible assets, including impairment charges (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Amortization of purchased intangible assets:
Cost of sales$340 $180 $665 $366 
Operating expenses265 66 530 133 
Total$605 $246 $1,195 $499 
The estimated future amortization expense of purchased intangible assets with finite lives as of January 25, 2025 is as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$981 
2026$1,810 
2027$1,467 
2028$1,393 
2029$1,271 
Thereafter$3,191 
v3.25.0.1
Restructuring and Other Charges
6 Months Ended
Jan. 25, 2025
Restructuring Charges [Abstract]  
Restructuring and Other Charges Restructuring and Other Charges
In the first quarter of fiscal 2025, we announced a restructuring plan (the “Fiscal 2025 Plan”), in order to allow us to invest in key growth opportunities and drive more efficiencies in our business, of which approximately 7% of our global workforce would be impacted with estimated pre-tax charges of up to $1 billion. In connection with the Fiscal 2025 Plan, we incurred charges of $10 million and $675 million for the second quarter and first six months of fiscal 2025, respectively. These aggregate pre-tax charges are primarily cash-based and consist of severance and other one-time termination benefits, and other costs. We expect the Fiscal 2025 Plan to be substantially completed by the end of fiscal 2025.
In fiscal 2024, we initiated a restructuring plan (the “Fiscal 2024 Plan”), in order to realign the organization and enable further investment in key priority areas. We completed the Fiscal 2024 Plan and incurred cumulative charges of $654 million. These aggregate pretax charges were primarily cash-based and consisted of severance and other one-time termination benefits, real estate-related charges, and other costs.
The following table summarizes the activities related to our restructuring liability, which were included in other current liabilities on our Consolidated Balance Sheets (in millions):
FISCAL 2025 PLANFISCAL 2024 PLAN
Employee SeveranceOtherEmployee SeveranceOtherTotal
Liability as of July 27, 2024$— $— $201 $$210 
Charges605 70 — — 675 
Cash payments(491)(4)(107)(4)(606)
Non-cash and other(1)(51)— — (52)
Liability as of January 25, 2025$113 $15 $94 $$227 
v3.25.0.1
Balance Sheet and Other Details
6 Months Ended
Jan. 25, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet and Other Details Balance Sheet and Other Details
The following tables provide details of selected balance sheet and other items (in millions, except percentages):
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
January 25,
2025
July 27,
2024
Cash and cash equivalents$8,556 $7,508 
Restricted cash and restricted cash equivalents included in other current assets761 765 
Restricted cash and restricted cash equivalents included in other assets191 569 
Total$9,508 $8,842 
Our restricted cash and restricted cash equivalents are funds primarily related to contractual obligations with suppliers.
Inventories
January 25,
2025
July 27,
2024
Raw materials$1,692 $2,039 
Work in process109 83 
Finished goods910 1,027 
Service-related spares210 216 
Demonstration systems
Total$2,927 $3,373 
Property and Equipment, Net
January 25,
2025
July 27,
2024
Gross property and equipment:
Land, buildings, and building and leasehold improvements$3,979 $4,247 
Production, engineering, computer and other equipment and related software5,070 5,160 
Operating lease assets77 115 
Furniture, fixtures and other367 351 
Total gross property and equipment9,493 9,873 
Less: accumulated depreciation and amortization
(7,501)(7,783)
Total$1,992 $2,090 
Remaining Performance Obligations (RPO)
January 25,
2025
July 27,
2024
Product$20,321 $20,055 
Services20,947 20,993 
Total$41,268 $41,048 
Short-term RPO$21,017 $20,882 
Long-term RPO20,251 20,166 
Total$41,268 $41,048 
Amount to be recognized as revenue over the next 12 months
51 %51 %
Deferred revenue$27,795 $28,475 
Unbilled contract revenue13,473 12,573 
Total$41,268 $41,048 
Unbilled contract revenue represents noncancelable contracts for which we have not invoiced, have an obligation to perform, and revenue has not yet been recognized in the financial statements.
Deferred Revenue
January 25,
2025
July 27,
2024
Product$13,033 $13,219 
Services14,762 15,256 
Total$27,795 $28,475 
Reported as:
Current$15,999 $16,249 
Noncurrent11,796 12,226 
Total$27,795 $28,475 
Transition Tax Payable
Our income tax payable associated with the one-time U.S. transition tax on accumulated earnings for foreign subsidiaries as a result of the Tax Cuts and Jobs Act is as follows (in millions):
January 25,
2025
July 27,
2024
Current$1,595 $1,819 
Noncurrent— 2,273 
Total$1,595 $4,092 
Our remaining transition tax payable as of January 25, 2025 has been reduced to reflect the transition tax benefit of the U.S. Tax Court opinion in Varian Medical Systems, Inc. v. Commissioner. See Note 18.
v3.25.0.1
Leases
6 Months Ended
Jan. 25, 2025
Leases [Abstract]  
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJanuary 25, 2025July 27, 2024
Operating lease right-of-use assetsOther assets$1,134 1,066 
Operating lease liabilitiesOther current liabilities$362 $364 
Operating lease liabilitiesOther long-term liabilities1,015 906 
Total operating lease liabilities$1,377 $1,270 
The components of our lease expenses were as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Operating lease expense$149 $103 $263 $203 
Short-term lease expense16 25 34 36 
Variable lease expense47 50 93 106 
Total lease expense$212 $178 $390 $345 
Supplemental information related to our operating leases is as follows (in millions):
Six Months Ended
January 25, 2025January 27, 2024
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $228 $178 
Right-of-use assets obtained in exchange for operating leases liabilities$326 $182 
The weighted-average lease term was 5.4 years and 4.9 years as of January 25, 2025 and July 27, 2024, respectively. The weighted-average discount rate was 4.1% and 4.0% as of January 25, 2025 and July 27, 2024, respectively.
The maturities of our operating leases (undiscounted) as of January 25, 2025 are as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$213 
2026345 
2027257 
2028190 
2029152 
Thereafter402 
Total lease payments1,559 
Less: interest(182)
Total$1,377 
(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 $33 million for the second quarter and the first six months of fiscal 2025, respectively, and $16 million and $30 million for the corresponding periods of fiscal 2024, 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 January 25, 2025 are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$229 
2026407 
2027144 
2028102 
2029101 
Thereafter
Total988 
Less: Present value of lease payments(886)
Unearned income$102 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions):
January 25, 2025July 27, 2024
Operating lease assets$77 $115 
Accumulated depreciation(49)(61)
Operating lease assets, net$28 $54 
Our operating lease income was $9 million and $20 million for the second quarter and first six months of fiscal 2025, respectively, and $15 million and $31 million for the corresponding periods of fiscal 2024, respectively, and was included in product revenue in the Consolidated Statements of Operations.
Minimum future rentals on noncancelable operating leases as of January 25, 2025 are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$
202613 
2027
Total$26 
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJanuary 25, 2025July 27, 2024
Operating lease right-of-use assetsOther assets$1,134 1,066 
Operating lease liabilitiesOther current liabilities$362 $364 
Operating lease liabilitiesOther long-term liabilities1,015 906 
Total operating lease liabilities$1,377 $1,270 
The components of our lease expenses were as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Operating lease expense$149 $103 $263 $203 
Short-term lease expense16 25 34 36 
Variable lease expense47 50 93 106 
Total lease expense$212 $178 $390 $345 
Supplemental information related to our operating leases is as follows (in millions):
Six Months Ended
January 25, 2025January 27, 2024
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $228 $178 
Right-of-use assets obtained in exchange for operating leases liabilities$326 $182 
The weighted-average lease term was 5.4 years and 4.9 years as of January 25, 2025 and July 27, 2024, respectively. The weighted-average discount rate was 4.1% and 4.0% as of January 25, 2025 and July 27, 2024, respectively.
The maturities of our operating leases (undiscounted) as of January 25, 2025 are as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$213 
2026345 
2027257 
2028190 
2029152 
Thereafter402 
Total lease payments1,559 
Less: interest(182)
Total$1,377 
(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 $33 million for the second quarter and the first six months of fiscal 2025, respectively, and $16 million and $30 million for the corresponding periods of fiscal 2024, 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 January 25, 2025 are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$229 
2026407 
2027144 
2028102 
2029101 
Thereafter
Total988 
Less: Present value of lease payments(886)
Unearned income$102 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions):
January 25, 2025July 27, 2024
Operating lease assets$77 $115 
Accumulated depreciation(49)(61)
Operating lease assets, net$28 $54 
Our operating lease income was $9 million and $20 million for the second quarter and first six months of fiscal 2025, respectively, and $15 million and $31 million for the corresponding periods of fiscal 2024, respectively, and was included in product revenue in the Consolidated Statements of Operations.
Minimum future rentals on noncancelable operating leases as of January 25, 2025 are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$
202613 
2027
Total$26 
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJanuary 25, 2025July 27, 2024
Operating lease right-of-use assetsOther assets$1,134 1,066 
Operating lease liabilitiesOther current liabilities$362 $364 
Operating lease liabilitiesOther long-term liabilities1,015 906 
Total operating lease liabilities$1,377 $1,270 
The components of our lease expenses were as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Operating lease expense$149 $103 $263 $203 
Short-term lease expense16 25 34 36 
Variable lease expense47 50 93 106 
Total lease expense$212 $178 $390 $345 
Supplemental information related to our operating leases is as follows (in millions):
Six Months Ended
January 25, 2025January 27, 2024
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $228 $178 
Right-of-use assets obtained in exchange for operating leases liabilities$326 $182 
The weighted-average lease term was 5.4 years and 4.9 years as of January 25, 2025 and July 27, 2024, respectively. The weighted-average discount rate was 4.1% and 4.0% as of January 25, 2025 and July 27, 2024, respectively.
The maturities of our operating leases (undiscounted) as of January 25, 2025 are as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$213 
2026345 
2027257 
2028190 
2029152 
Thereafter402 
Total lease payments1,559 
Less: interest(182)
Total$1,377 
(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 $33 million for the second quarter and the first six months of fiscal 2025, respectively, and $16 million and $30 million for the corresponding periods of fiscal 2024, 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 January 25, 2025 are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$229 
2026407 
2027144 
2028102 
2029101 
Thereafter
Total988 
Less: Present value of lease payments(886)
Unearned income$102 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
We provide financing of certain equipment through operating leases, and the amounts are included in property and equipment in the Consolidated Balance Sheets. Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions):
January 25, 2025July 27, 2024
Operating lease assets$77 $115 
Accumulated depreciation(49)(61)
Operating lease assets, net$28 $54 
Our operating lease income was $9 million and $20 million for the second quarter and first six months of fiscal 2025, respectively, and $15 million and $31 million for the corresponding periods of fiscal 2024, respectively, and was included in product revenue in the Consolidated Statements of Operations.
Minimum future rentals on noncancelable operating leases as of January 25, 2025 are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$
202613 
2027
Total$26 
v3.25.0.1
Financing Receivables
6 Months Ended
Jan. 25, 2025
Receivables [Abstract]  
Financing Receivables Financing Receivables
(a)Financing Receivables
Financing receivables primarily consist of loan receivables and lease receivables. Loan receivables represent financing arrangements related to the sale of our hardware, software, and services (including technical support and advanced services), and also may include additional funding for other costs associated with network installation and integration of our products and services. Loan receivables have terms of one year to three years on average. Lease receivables represent sales-type leases resulting from the sale of Cisco’s and complementary third-party products and are typically collateralized by a security interest in the underlying assets. Lease receivables consist of arrangements with terms of four years on average.
A summary of our financing receivables is presented as follows (in millions):
January 25, 2025Loan ReceivablesLease ReceivablesTotal
Gross$5,423 $988 $6,411 
Residual value— 64 64 
Unearned income— (102)(102)
Allowance for credit loss(45)(14)(59)
Total, net$5,378 $936 $6,314 
Reported as:
Current$2,728 $346 $3,074 
Noncurrent2,650 590 3,240 
Total, net$5,378 $936 $6,314 
July 27, 2024Loan ReceivablesLease ReceivablesTotal
Gross$5,858 $965 $6,823 
Residual value— 67 67 
Unearned income— (111)(111)
Allowance for credit loss(50)(15)(65)
Total, net$5,808 $906 $6,714 
Reported as:
Current$3,071 $267 $3,338 
Noncurrent2,737 639 3,376 
Total, net$5,808 $906 $6,714 
(b)Credit Quality of Financing Receivables
The tables below present our gross financing receivables, excluding residual value, less unearned income, categorized by our internal credit risk rating by period of origination (in millions):
January 25, 2025Fiscal YearSix Months Ended
Internal Credit Risk RatingPriorJuly 31, 2021July 30, 2022July 29, 2023July 27, 2024January 25, 2025Total
Loan Receivables:
1 to 4$33 $193 $335 $639 $1,466 $728 $3,394 
5 to 614 52 89 321 862 627 1,965 
7 and Higher51 64 
Total Loan Receivables$48 $248 $475 $961 $2,335 $1,356 $5,423 
Lease Receivables:
1 to 4$$22 $39 $160 $226 $105 $555 
5 to 613 31 94 126 54 321 
7 and Higher— — 10 
Total Lease Receivables$$36 $71 $257 $357 $159 $886 
Total$54 $284 $546 $1,218 $2,692 $1,515 $6,309 
July 27, 2024Fiscal Year
Internal Credit Risk RatingPriorJuly 25, 2020July 31, 2021July 30, 2022July 29, 2023July 27, 2024Total
Loan Receivables:
1 to 4$$78 $341 $555 $945 $1,803 $3,724 
5 to 629 127 130 426 1,314 2,028 
7 and Higher10 74 14 106 
Total Loan Receivables$$108 $478 $759 $1,385 $3,121 $5,858 
Lease Receivables:
1 to 4$$$38 $46 $176 $341 $610 
5 to 611 22 44 129 21 228 
7 and Higher— — 16 
Total Lease Receivables$$19 $61 $93 $309 $370 $854 
Total$$127 $539 $852 $1,694 $3,491 $6,712 
The following tables present the aging analysis of gross receivables as of January 25, 2025 and July 27, 2024 (in millions):
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
January 25, 202531-6061-90 91+Total
Past Due
CurrentTotal120+ Still AccruingNonaccrual
Financing
Receivables
Impaired
Financing
Receivables
Loan receivables$37 $16 $48 $101 $5,322 $5,423 $18 $10 $10 
Lease receivables14 26 860 886 
Total$51 $20 $56 $127 $6,182 $6,309 $20 $11 $11 
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
July 27, 202431-6061-90 91+Total
Past Due
CurrentTotal120+ Still AccruingNonaccrual
Financing
Receivables
Impaired
Financing
Receivables
Loan receivables$34 $17 $35 $86 $5,772 $5,858 $14 $$
Lease receivables14 23 831 854 — — 
Total$48 $21 $40 $109 $6,603 $6,712 $15 $$
Past due financing receivables are those that are 31 days or more past due according to their contractual payment terms. The data in the preceding tables is presented by contract, and the aging classification of each contract is based on the oldest outstanding receivable, and therefore past due amounts also include unbilled and current receivables within the same contract.
(c)Allowance for Credit Loss Rollforward
The allowances for credit loss and the related financing receivables are summarized as follows (in millions):
Three Months Ended January 25, 2025CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of October 26, 2024$49 $15 $64 
Provisions (benefits)(2)(2)(4)
Recoveries (write-offs), net(3)— (3)
Foreign exchange and other
Allowance for credit loss as of January 25, 2025$45 $14 $59 
Three Months Ended January 27, 2024CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of October 28, 2023$58 $16 $74 
Provisions (benefits)(1)— (1)
Recoveries (write-offs), net(4)— (4)
Allowance for credit loss as of January 27, 2024$53 $16 $69 
Six Months Ended January 25, 2025CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of July 27, 2024$50 $15 $65 
Provisions (benefits)(3)(2)(5)
Recoveries (write-offs), net(3)— (3)
Foreign exchange and other
Allowance for credit loss as of January 25, 2025$45 $14 $59 
Six Months Ended January 27, 2024CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of July 29, 2023$53 $19 $72 
Provisions (benefits)(3)
Recoveries (write-offs), net(4)— (4)
Allowance for credit loss as of January 27, 2024$53 $16 $69 
v3.25.0.1
Investments
6 Months Ended
Jan. 25, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
(a)Summary of Available-for-Sale Debt Investments
The following tables summarize our available-for-sale debt investments (in millions):

January 25, 2025Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized and Credit
Losses
Fair
Value
U.S. government securities$2,177 $— $(29)$2,148 
U.S. government agency securities 112 — (1)111 
Non-U.S. government and agency securities363 — 364 
Corporate debt securities3,292 (94)3,204 
U.S. agency mortgage-backed securities847 — (111)736 
Commercial paper732 — — 732 
Certificates of deposit663 — — 663 
Total$8,186 $$(235)$7,958 
July 27, 2024Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized and Credit
Losses
Fair
Value
U.S. government securities$2,380 $$(28)$2,353 
U.S. government agency securities 223 — (2)221 
Non-U.S. government and agency securities370 — 371 
Corporate debt securities3,818 (146)3,677 
U.S. agency mortgage-backed securities1,959 — (178)1,781 
Commercial paper1,023 — — 1,023 
Certificates of deposit439 — — 439 
Total$10,212 $$(354)$9,865 
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Gross realized gains$— $$$
Gross realized losses(20)(28)(53)$(48)
Total$(20)$(23)$(45)$(43)
The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at January 25, 2025 and July 27, 2024 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS
UNREALIZED LOSSES
12 MONTHS OR GREATER
TOTAL
January 25, 2025Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,431 $(17)$387 $(12)$1,818 $(29)
U.S. government agency securities30 — 48 (1)78 (1)
Corporate debt securities281 (2)2,193 (63)2,474 (65)
U.S. agency mortgage-backed securities— 728 (111)736 (111)
Total$1,750 $(19)$3,356 $(187)$5,106 $(206)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS
UNREALIZED LOSSES
12 MONTHS OR GREATER
TOTAL
July 27, 2024Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair ValueGross 
Unrealized 
Losses
U.S. government securities$598 $(2)$1,399 $(26)$1,997 $(28)
U.S. government agency securities89 — 109 (2)198 (2)
Non-U.S. government and agency securities17 — — — 17 — 
Corporate debt securities276 (1)2,818 (115)3,094 (116)
U.S. agency mortgage-backed securities238 (1)1,438 (177)1,676 (178)
Commercial paper10 — — — 10 — 
Total$1,228 $(4)$5,764 $(320)$6,992 $(324)
The following table summarizes the maturities of our available-for-sale debt investments as of January 25, 2025 (in millions): 
Amortized CostFair Value
Within 1 year$3,238 $3,207 
After 1 year through 5 years4,101 4,015 
Mortgage-backed securities with no single maturity847 736 
Total$8,186 $7,958 
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
(b)Summary of Equity Investments
We held marketable equity securities of $339 million and $481 million as of January 25, 2025 and July 27, 2024, respectively. We recognized a net unrealized gain of $16 million and $36 million during the second quarter and first six months of fiscal 2025, respectively, and a net unrealized gain of $55 million and $17 million during the corresponding periods of fiscal 2024, respectively, on our marketable securities still held as of the reporting date. Our net adjustments to non-marketable equity securities measured using the measurement alternative still held was a net loss of $8 million and $16 million for the second quarter and first six months of fiscal 2025, respectively, and a net loss of $134 million for each of the corresponding periods of fiscal 2024. We held equity interests in certain private equity funds of $0.7 billion and $0.8 billion as of January 25, 2025 and July 27, 2024, respectively, which are accounted for under the NAV practical expedient.
In the ordinary course of business, we have investments in privately held companies and provide financing to certain customers. These privately held companies and customers are evaluated for consolidation under the variable interest or voting interest entity models. We evaluate on an ongoing basis our investments in these privately held companies and our customer financings, and have determined that as of January 25, 2025, there were no additional significant variable interest or voting interest entities required to be consolidated in our Consolidated Financial Statements.
The carrying value of our investments in privately held companies was $1.9 billion and $1.8 billion as of January 25, 2025 and July 27, 2024, respectively. Of the total carrying value of our investments in privately held companies as of January 25, 2025, $0.8 billion of such investments are considered to be in variable interest entities which are not required to be consolidated. As of January 25, 2025, we have total funding commitments of $0.2 billion related to privately held investments. The carrying value of these investments and the additional funding commitments, collectively, represent our maximum exposure related to privately held investments.
v3.25.0.1
Fair Value
6 Months Ended
Jan. 25, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
(a)Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis were as follows (in millions):
 JANUARY 25, 2025JULY 27, 2024
FAIR VALUE MEASUREMENTSFAIR VALUE MEASUREMENTS
 Level 1Level 2Total
Balance
Level 1Level 2Total
Balance
Assets:
Cash equivalents:
Money market funds$5,398 $— $5,398 $3,334 $— $3,334 
Commercial paper— 129 129 — 468 468 
Corporate debt securities— — 25 25 
Certificates of deposit— — — — 14 14 
Available-for-sale debt investments:
U.S. government securities— 2,148 2,148 — 2,353 2,353 
U.S. government agency securities— 111 111 — 221 221 
Non-U.S. government and agency securities— 364 364 — 371 371 
Corporate debt securities— 3,204 3,204 — 3,677 3,677 
U.S. agency mortgage-backed securities— 736 736 — 1,781 1,781 
Commercial paper— 732 732 — 1,023 1,023 
Certificates of deposit— 663 663 — 439 439 
Equity investments:
Marketable equity securities339 — 339 481 — 481 
Other current assets:
Money market funds750 — 750 750 — 750 
Other assets:
Money market funds188 — 188 563 — 563 
Derivative assets— 105 105 — 64 64 
Total$6,675 $8,196 $14,871 $5,128 $10,436 $15,564 
Liabilities:
Derivative liabilities$— $70 $70 $— $74 $74 
Total$— $70 $70 $— $74 $74 
Level 1 marketable equity securities are determined by using quoted prices in active markets for identical assets. Level 2 available-for-sale debt investments are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. We use inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets and liabilities. We use such pricing data as the primary input to make our assessments and determinations as to the ultimate valuation of our investment portfolio and have not made, during the periods presented, any material adjustments to such inputs. We are ultimately responsible for the financial statements and underlying estimates. Our derivative instruments are primarily classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. We did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented.
(b)Assets Measured at Fair Value on a Nonrecurring Basis
Our non-marketable equity securities using the measurement alternative are adjusted to fair value on a non-recurring basis. Adjustments are made when observable transactions for identical or similar investments of the same issuer occur, or due to impairment. These securities are classified as Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold.
The fair value for purchased intangible assets measured at fair value on a nonrecurring basis was categorized as Level 3 due to the use of significant unobservable inputs in the valuation. Significant unobservable inputs that were used included expected revenues and net income related to the assets and the expected life of the assets. The difference between the estimated fair value and the carrying value of the assets was recorded as an impairment charge, which was included in product cost of sales. See Note 5.
(c) Other Fair Value Disclosures
The fair value of our short-term loan receivables approximates their carrying value due to their short duration. The aggregate carrying value of our long-term loan receivables was $2.7 billion as of each of January 25, 2025 and July 27, 2024. The estimated fair value of our long-term loan receivables approximates their carrying value. We use unobservable inputs in determining discounted cash flows to estimate the fair value of our long-term loan receivables, and therefore they are categorized as Level 3.
As of January 25, 2025, the estimated fair value of our short-term debt approximates its carrying value due to the short maturities. As of January 25, 2025, the fair value of our senior notes was $20.2 billion with a carrying amount of $20.1 billion. This compares to a fair value of $20.4 billion and a carrying amount of $20.1 billion as of July 27, 2024. The fair value of the senior notes was determined based on observable market prices in a less active market and was categorized as Level 2.
v3.25.0.1
Borrowings
6 Months Ended
Jan. 25, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
(a)Short-Term Debt
The following table summarizes our short-term debt (in millions, except percentages):
 January 25, 2025July 27, 2024
 AmountEffective RateAmountEffective Rate
Current portion of senior notes$496 5.66 %$488 6.66 %
Commercial paper10,916 4.75 %10,853 5.43 %
Current portion of other debt1.13 %— — 
Total$11,413 $11,341 
We have a short-term debt financing program of up to $15.0 billion through the issuance of commercial paper notes. We use the proceeds from the issuance of commercial paper notes for general corporate purposes.
The effective rates for the short- and long-term debt include the interest on the notes, the accretion of the discount, the issuance costs, and, if applicable, adjustments related to hedging.
(b)Long-Term Debt
The following table summarizes our long-term debt (in millions, except percentages):
 January 25, 2025July 27, 2024
 Maturity DateAmountEffective RateAmountEffective Rate
Senior notes:
Fixed-rate notes:
3.50%June 15, 2025$500 5.66%$500 6.66%
4.90%February 26, 20261,000 5.00%1,000 5.00%
2.95%February 28, 2026750 3.01%750 3.01%
2.50%September 20, 20261,500 2.55%1,500 2.55%
4.80%February 26, 20272,000 4.90%2,000 4.90%
4.85%February 26, 20292,500 4.91%2,500 4.91%
4.95%February 26, 20312,500 5.04%2,500 5.04%
5.05%February 26, 20342,500 4.97%2,500 4.97%
5.90%February 15, 20392,000 6.11%2,000 6.11%
5.50%January 15, 20402,000 5.67%2,000 5.67%
5.30%February 26, 20542,000 5.28%2,000 5.28%
5.35%February 26, 20641,000 5.42%1,000 5.42%
Other debt1.13%1.13%
Total20,253 20,253 
Unaccreted discount/issuance costs(127)(133)
Hedge accounting fair value adjustments(4)(11)
Total$20,122 $20,109 
Reported as:
Current portion of long-term debt$497 $488 
Long-term debt19,625 19,621 
Total$20,122 $20,109 
We entered into an interest rate swap in a prior period with an aggregate notional amount of $0.5 billion designated as a fair value hedge of certain of our fixed-rate senior notes. This swap converts the fixed interest rate of the fixed-rate note to a floating interest rate based on Secured Overnight Financing Rate (SOFR). The gain and loss related to the change in the fair value of the interest rate swap substantially offsets the change in the fair value of the hedged portion of the underlying debt that is attributable to the change in market interest rates. For additional information, see Note 13.
Interest is payable semiannually on each class of the senior fixed-rate notes. Each of the senior fixed-rate notes is redeemable by us at any time, subject to a make-whole premium. The senior notes rank at par with the commercial paper notes that have been issued pursuant to our short-term debt financing program, as discussed above under “(a) Short-Term Debt.” As of January 25, 2025, we were in compliance with all debt covenants.
As of January 25, 2025, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$500 
20261,751 
20273,502 
2028— 
20292,500 
Thereafter12,000 
Total$20,253 
(c)Credit Facility
On February 2, 2024, we entered into an amended and restated 5-year $5.0 billion unsecured revolving credit agreement. The interest rate for the credit agreement is determined based on a formula using certain market rates. The credit agreement requires that we comply with certain covenants, including that we maintain an interest coverage ratio (defined in the agreement as the ratio of consolidated EBITDA to consolidated interest expense) of not less than 3.0 to 1.0. As of January 25, 2025, we were in compliance with all associated covenants and we had not borrowed any funds under our credit agreement.
v3.25.0.1
Derivative Instruments
6 Months Ended
Jan. 25, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
(a)Summary of Derivative Instruments
We use derivative instruments primarily to manage exposures to foreign currency exchange rate, interest rate, and equity price risks. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates, interest rates, and equity prices. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. We seek to mitigate such risks by limiting our counterparties to major financial institutions and requiring collateral in certain cases. In addition, the potential risk of loss with any one counterparty resulting from credit risk is monitored. Management does not expect material losses as a result of defaults by counterparties.
The fair values of our derivative instruments and the line items on the Consolidated Balance Sheets to which they were recorded are summarized as follows (in millions):
 DERIVATIVE ASSETSDERIVATIVE LIABILITIES
 Balance Sheet Line ItemJanuary 25,
2025
July 27,
2024
Balance Sheet Line ItemJanuary 25,
2025
July 27,
2024
Derivatives designated as hedging instruments:
Foreign currency derivativesOther current assets$45 $47 Other current liabilities$$
Foreign currency derivativesOther assets15 15 Other long-term liabilities— — 
Interest rate derivativesOther current assets41 — Other current liabilities11 
Total101 62 12 
Derivatives not designated as hedging instruments:
Foreign currency derivativesOther current assetsOther current liabilities46 47 
Foreign currency derivativesOther assets— — Other long-term liabilities15 15 
Total61 62 
Total$105 $64 $70 $74 
The following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for our fair value hedges (in millions):
 CARRYING AMOUNT OF THE HEDGED ASSETS/(LIABILITIES)CUMULATIVE AMOUNT OF FAIR VALUE HEDGING ADJUSTMENT INCLUDED IN THE CARRYING AMOUNT OF THE HEDGED ASSETS/LIABILITIES
Balance Sheet Line Item of Hedged ItemJanuary 25,
2025
July 27,
2024
January 25,
2025
July 27,
2024
Short-term debt$(496)$(488)$$11 
The effect of derivative instruments designated as fair value hedges, recognized in interest and other income (loss), net is summarized as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Interest rate derivatives:
Hedged items$(3)$(14)$(7)$(23)
Derivatives designated as hedging instruments14 23 
Total$— $— $— $— 
The effect on the Consolidated Statements of Operations of derivative instruments not designated as hedges is summarized as follows (in millions):
  GAINS (LOSSES) FOR THE THREE MONTHS ENDEDGAINS (LOSSES) FOR THE SIX MONTHS ENDED
Derivatives Not Designated as
Hedging Instruments
Line Item in Statements of OperationsJanuary 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Foreign currency derivativesOther income (loss), net$(63)$53 $(95)$(77)
Total return swaps—deferred compensationOperating expenses and other11 93 33 16 
Equity derivativesOther income (loss), net— — — 
Total$(52)$146 $(62)$(59)
The notional amounts of our outstanding derivatives are summarized as follows (in millions):
January 25,
2025
July 27,
2024
Foreign currency derivatives$7,411 $7,434 
Interest rate derivatives2,950 500 
Total return swaps—deferred compensation1,031 985 
Total$11,392 $8,919 
(b)Offsetting of Derivative Instruments
We present our derivative instruments at gross fair values in the Consolidated Balance Sheets. However, our master netting and other similar arrangements with the respective counterparties allow for net settlement under certain conditions, which are designed to reduce credit risk by permitting net settlement with the same counterparty.
To further limit credit risk, we also enter into collateral security arrangements related to certain derivative instruments whereby cash is posted as collateral between the counterparties based on the fair market value of the derivative instrument. Under these collateral security arrangements, the net cash collateral provided for was $4 million and $11 million as of January 25, 2025 and July 27, 2024, respectively.
(c)Foreign Currency Exchange Risk
We conduct business globally in numerous currencies. Therefore, we are exposed to adverse movements in foreign currency exchange rates. To limit the exposure related to foreign currency changes, we enter into foreign currency contracts. We do not enter into such contracts for speculative purposes.
We may hedge forecasted foreign currency transactions related to certain revenues, operating expenses and service cost of sales with currency options and forward contracts. These currency options and forward contracts, designated as cash flow hedges, generally have maturities of less than 24 months. The derivative instrument’s gain or loss is initially reported as a component of accumulated other comprehensive income (AOCI) and subsequently reclassified into earnings when the hedged exposure affects earnings.
We enter into foreign exchange forward and option contracts to reduce the short-term effects of foreign currency fluctuations on assets and liabilities such as foreign currency receivables, long-term customer financings and payables. These derivatives are not designated as hedging instruments. Gains and losses on the contracts are included in other income (loss), net, and substantially offset foreign exchange gains and losses from the remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the reporting entity.
We hedge certain net investments in our foreign operations with forward contracts to reduce the effects of foreign currency fluctuations on our net investment in those foreign subsidiaries. These derivative instruments generally have maturities of up to six months.
(d)Interest Rate Risk
We hold an interest rate swap designated as a fair value hedge related to a fixed-rate senior note that is due in fiscal 2025. Under the interest rate swap, we receive fixed-rate interest payments and make interest payments based on SOFR plus a fixed number of basis points. The effect of the swap is to convert the fixed interest rate of the senior fixed-rate note to a floating interest rate based on SOFR. The gain and loss related to the change in the fair value of the interest rate swap is included in interest expense and substantially offsets the change in the fair value of the hedged portion of the underlying debt attributable to the change in market interest rates.
We periodically enter into treasury lock agreements, designated as cash flow hedges, in order to hedge the impact of changes in the U.S. benchmark interest rate on future interest payments in anticipation of future debt offerings. Changes in the fair value of treasury lock agreements are recorded to AOCI and reclassified into earnings when the hedged exposure affects earnings.
(e)Equity Price Risk
We hold marketable equity securities in our portfolio that are subject to price risk. To diversify our overall portfolio, we may also hold equity derivatives that are not designated as accounting hedges. The change in the fair value of each of these investment types are included in other income (loss), net.
We are also exposed to variability in compensation charges related to certain deferred compensation obligations to employees and directors. Although not designated as accounting hedges, we utilize derivatives such as total return swaps to economically hedge this exposure and offset the related compensation expense.
v3.25.0.1
Commitments and Contingencies
6 Months Ended
Jan. 25, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
(a)Purchase Commitments with Contract Manufacturers and Suppliers
We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, noncancelable, and unconditional commitments. Certain of these inventory purchase commitments are directly with suppliers, and relate to fixed-dollar commitments to secure supply and pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed.
The following table summarizes our inventory purchase commitments with contract manufacturers and suppliers by period (in millions):
January 25,
2025
July 27,
2024
Less than 1 year$5,054 $3,952 
1 to 3 years681 1,085 
3 to 5 years89 121 
Total$5,824 $5,158 
We record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. As of January 25, 2025 and July 27, 2024, the liability for these purchase commitments was $383 million and $498 million, respectively, and was included in other current liabilities.
(b)Other Commitments
We have certain funding commitments, primarily related to our privately held investments. The funding commitments were $0.2 billion as of each of January 25, 2025 and July 27, 2024.
(c)Product Warranties
The following table summarizes the activity related to the product warranty liability (in millions):
Six Months Ended
January 25,
2025
January 27,
2024
Balance at beginning of period$362 $329 
Provisions for warranties issued198 198 
Adjustments for pre-existing warranties37 
Settlements (203)(205)
Balance at end of period$394 $327 
We accrue for warranty costs as part of our cost of sales based on associated material product costs, labor costs for technical support staff, and associated overhead. Our products are generally covered by a warranty for periods ranging from 90 days to five years, and for some products we provide a limited lifetime warranty.
(d)Financing and Other Guarantees
In the ordinary course of business, we provide financing guarantees for various third-party financing arrangements extended to channel partners customers. Payments under these financing guarantee arrangements were not material for the periods presented.
Channel Partner Financing Guarantees   We facilitate arrangements for third-party financing extended to channel partners, consisting of revolving short-term financing, with payment terms generally ranging from 60 to 90 days. These financing arrangements facilitate the working capital requirements of the channel partners, and, in some cases, we guarantee a portion of these arrangements. The volume of channel partner financing was $6.2 billion and $6.6 billion for the second quarter of fiscal 2025 and 2024, respectively, and $12.2 billion and $14.8 billion for the first six months of fiscal 2025 and 2024, respectively. The balance of the channel partner financing subject to guarantees was $1.3 billion and $1.2 billion as of January 25, 2025 and July 27, 2024, respectively.
Financing Guarantee Summary   The aggregate amounts of channel partner financing guarantees outstanding at January 25, 2025 and July 27, 2024, representing the total maximum potential future payments under financing arrangements with third parties along with the related deferred revenue, are summarized in the following table (in millions):
January 25,
2025
July 27,
2024
Maximum potential future payments$125 $127 
Deferred revenue(13)(13)
Total$112 $114 
(e)Indemnifications
In the normal course of business, we have indemnification obligations to other parties, including customers, lessors, and parties to other transactions with us, with respect to certain matters. We have agreed to indemnify against losses arising from a breach of representations or covenants or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time or circumstances within which an indemnification claim can be made and the amount of the claim.
It is not possible to determine the maximum potential amount for claims made under the indemnification obligations due to uncertainties in the litigation process, coordination with and contributions by other parties and the defendants in these types of cases, and the unique facts and circumstances involved in each particular case and agreement. Historically, indemnity payments made by us have not had a material effect on our Consolidated Financial Statements.
In addition, we have entered into indemnification agreements with our officers and directors, and our Amended and Restated Bylaws contain similar indemnification obligations to our agents.
(f)Legal Proceedings
Brazil Brazilian authorities have investigated our Brazilian subsidiary and certain of its former employees, as well as a Brazilian importer of our products, and its affiliates and employees, relating to alleged evasion of import taxes and alleged improper transactions involving the subsidiary and the importer. Brazilian tax authorities have assessed claims against our Brazilian subsidiary based on a theory of joint liability with the Brazilian importer for import taxes, interest, and penalties. In addition to claims asserted by the Brazilian federal tax authorities in prior fiscal years, tax authorities from the Brazilian state of Sao Paulo have asserted similar claims on the same legal basis in prior fiscal years. The asserted claims by Brazilian federal tax authorities are for calendar years 2003 through 2007, and the asserted claims by the tax authorities from the state of Sao Paulo are for calendar years 2005 through 2007. The total asserted claims by Brazilian state and federal tax authorities aggregate to $137 million for the alleged evasion of import and other taxes, $768 million for interest, and $276 million for various penalties, all determined using an exchange rate as of January 25, 2025.
We have completed a thorough review of the matters and believe the asserted claims against our Brazilian subsidiary are without merit, and we are defending the claims vigorously. While we believe there is no legal basis for the alleged liability, due to the complexities and uncertainty surrounding the judicial process in Brazil and the nature of the claims asserting joint liability with the importer, we are unable to determine the likelihood of an unfavorable outcome against our Brazilian subsidiary and are unable to reasonably estimate a range of loss, if any. We do not expect a final judicial determination for several years.
Centripetal     On February 13, 2018, Centripetal Networks, Inc. (“Centripetal”) asserted patent infringement claims against us in the U.S. District Court for the Eastern District of Virginia, alleging that several of our products and services infringe eleven Centripetal U.S. patents. After two bench trials and various administrative actions and appeals, we have been found either to not have infringed any of the patents or the patents have been invalidated. Centripetal appealed one of the invalidity decisions and we are awaiting the decision following the Federal Circuit hearing on that appeal on February 6, 2025. Centripetal’s appeal of the non-infringement judgment of the District Court is ongoing.
Between April 2020 and February 2022, Centripetal also filed complaints in the District Court of Dusseldorf in Germany (“German Court”), asserting a total of five patents and one utility model. Centripetal sought damages and injunctive relief in all cases. In various proceedings in 2021, 2022, and 2023, we have been found to have not infringed three patents, one patent was invalidated, and the utility model was invalidated. The infringement action on the final patent is stayed due to an invalidity action heard on June 6, 2024 in the Federal Patent Court, in which all claims, aside from one auxiliary claim, were found invalid, and for which we are awaiting the entry of judgment from the Federal Patent Court. Centripetal’s appeals of two of the non-infringement findings remain pending and, on March 27, 2024, the Court of Appeals rejected Centripetal’s appeal of the third non-infringement finding.
On July 10, 2023, Centripetal filed a complaint in the Paris Judiciary Court asserting the French counterpart of a European Patent. Centripetal seeks damages and injunctive relief in the case. Centripetal previously asserted the German counterpart of the same European Patent in Germany and the German Court rejected Centripetal’s complaint finding no infringement. We have filed our response and defenses to the complaint and the case briefing is ongoing. While the Court has not set a final hearing date, we anticipate that it will occur in the third calendar quarter of 2025.
Due to uncertainty surrounding patent litigation processes in the U.S. and Europe, we are unable to reasonably estimate the ultimate outcome of the litigations at this time. If we do not prevail in these litigations, we believe that any damages ultimately assessed would not have a material effect on our Consolidated Financial Statements.
Ramot On June 12, 2019 and on February 26, 2021, Ramot at Tel Aviv University Ltd. (“Ramot”) asserted patent infringement claims against Cisco and Acacia in the U.S. District Court for the Eastern District of Texas (“E.D. Tex.”) and in the District of Delaware (“D. Del.”), respectively. Ramot is seeking damages, including enhanced damages, and a royalty on future sales. Ramot alleges that certain optical transceiver modules and line cards infringe three patents. We challenged the validity of the patents in the U.S. Patent and Trademark Office (“PTO”) and the pending District Court cases have been stayed. On September 28, 2021 and May 24, 2022, Cisco and Acacia filed two declaratory judgment actions of noninfringement against Ramot in D. Del on other Ramot patents and those proceedings are ongoing. The Court set trial in the D. Del. cases for November 3, 2025.
While we believe that we have strong non-infringement and invalidity arguments in these litigations, and that Ramot’s damages theories in such cases are not supported by prevailing law, we are unable to reasonably estimate the ultimate outcome of these litigations at this time due to uncertainties in the litigation processes. If we do not prevail in court in these litigations, we believe any damages ultimately assessed would not have a material effect on our Consolidated Financial Statements.
Egenera On August 8, 2016, Egenera, Inc. (“Egenera”) asserted infringement claims against us in the U.S. District Court for the District of Massachusetts, alleging that Cisco’s Unified Computing System Manager infringes three patents. Egenera sought damages, including enhanced damages, and an injunction. Two of the asserted patents were dismissed, leaving Egenera’s infringement claim based on one asserted patent. On March 25, 2022, the PTO preliminarily found all of the asserted claims of the remaining patent unpatentable in ex parte reexamination proceedings. On August 15, 2022, after a jury trial for the remaining patent, the jury returned a verdict in favor of Cisco. The District Court denied Egenera’s post-trial motions, and Egenera filed an appeal to the Federal Circuit on January 13, 2023. The Federal Circuit heard oral argument on October 11, 2024 and we are awaiting the decision.
In addition to the above matters, we are subject to other legal proceedings, claims, and litigation arising in the ordinary course of business, including intellectual property litigation. While the outcome of these matters is currently not determinable, we do not believe that the ultimate costs to resolve these matters will have a material effect on our Consolidated Financial Statements. For additional information regarding intellectual property litigation, see “Part II, Item 1A. Risk Factors—We may be found to infringe on intellectual property rights of others” herein.
v3.25.0.1
Stockholders' Equity
6 Months Ended
Jan. 25, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
(a)Stock Repurchase Program
In September 2001, our Board of Directors authorized a stock repurchase program. On February 12, 2025, our Board of Directors authorized a $15 billion increase to the stock repurchase program. The remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $17 billion, with no termination date. The stock repurchase activity for fiscal 2025 and 2024 under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts):
Quarter EndedSharesWeighted-Average Price per ShareAmount
Fiscal 2025
January 25, 202521 $58.58 $1,236 
October 26, 202440 $49.56 $2,003 
Fiscal 2024
July 27, 202443 $46.80 $2,002 
April 27, 202426 $49.22 $1,256 
January 27, 202425 $49.54 $1,254 
October 28, 202323 $54.53 $1,252 
There were stock repurchases of $21 million and $25 million that were pending settlement January 25, 2025 and July 27, 2024, respectively.
The purchase price for the shares of our stock repurchased is reflected as a reduction to stockholders’ equity. We are required to allocate the purchase price of the repurchased shares as (i) a reduction to retained earnings or an increase to accumulated deficit and (ii) a reduction of common stock and additional paid-in capital.
(b)    Dividends Declared
On February 12, 2025, our Board of Directors declared a quarterly dividend of $0.41 per common share to be paid on April 23, 2025, to all stockholders of record as of the close of business on April 3, 2025. Future dividends will be subject to the approval of our Board of Directors.
(c) Preferred Stock
Under the terms of our Amended and Restated Certificate of Incorporation, the Board of Directors is authorized to issue preferred stock in one or more series and, in connection with the creation of such series, to fix by resolution the designation, powers (including voting powers (if any)), preferences and relative, participating, optional or other special rights, if any, of such series, and any qualifications, limitations or restrictions thereof, of the shares of such series. As of January 25, 2025, we have not issued any shares of preferred stock.
v3.25.0.1
Employee Benefit Plans
6 Months Ended
Jan. 25, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
(a)Employee Stock Incentive Plans
We have one stock incentive plan: the 2005 Stock Incentive Plan (the “2005 Plan”). In addition, we have, in connection with our acquisitions of various companies, assumed the share-based awards granted under stock incentive plans of the acquired companies or issued share-based awards in replacement thereof. Share-based awards are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us. The number and frequency of share-based awards are based on competitive practices, our operating results, government regulations, and other factors.
The 2005 Plan provides for the granting of stock options, stock grants, stock units and stock appreciation rights (SARs), the vesting of which may be time-based or upon satisfaction of performance goals, or both, and/or other conditions. Time-based and performance-based RSUs generally vest over three years with certain awards containing retirement eligible provisions. Employees (including employee directors and executive officers) and consultants of Cisco and its subsidiaries and affiliates and non-employee directors of Cisco are eligible to participate in the 2005 Plan. The 2005 Plan may be terminated by our Board of Directors at any time and for any reason, and is currently set to terminate at the 2030 Annual Meeting unless re-adopted or extended by our stockholders prior to or on such date.
Under the 2005 Plan’s share reserve feature, a distinction is made between the number of shares in the reserve attributable to (i) stock options and SARs and (ii) “full value” awards (i.e., stock grants and stock units). Shares issued as stock grants, pursuant to stock units or pursuant to the settlement of dividend equivalents are counted against shares available for issuance under the 2005 Plan on a 1.5-to-1 ratio. For each share awarded as restricted stock or a restricted stock unit award under the 2005 Plan, 1.5 shares was deducted from the available share-based award balance. If awards issued under the 2005 Plan are forfeited or terminated for any reason before being exercised or settled, then the shares underlying such awards, plus the number of additional shares, if any, that counted against shares available for issuance under the 2005 Plan at the time of grant as a result of the application of the share ratio described above, will become available again for issuance under the 2005 Plan. As of January 25, 2025, 111 million shares were authorized for future grant under the 2005 Plan.
(b)Employee Stock Purchase Plan
We have an Employee Stock Purchase Plan under which eligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited amount of shares of our stock at a discount of up to 15% of the lesser of the fair market value at the beginning of the offering period or the end of each 6-month purchase period. The Employee Stock Purchase Plan is scheduled to terminate on the earlier of (i) January 3, 2030 and (ii) the date on which all shares available for issuance under the Employee Stock Purchase Plan are sold pursuant to exercised purchase rights. Under the Employee Stock Purchase Plan, we issued 8 million shares during the second quarter and first six months of fiscal 2025 and 10 million shares during each of the corresponding periods of fiscal 2024. As of January 25, 2025, 60 million shares were available for issuance under the Employee Stock Purchase Plan.
(c)Summary of Share-Based Compensation Expense
Share-based compensation expense consists of expenses for RSUs and stock purchase rights, granted to employees or assumed from acquisitions. The following table summarizes share-based compensation expense (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Cost of sales—product$65 $58 $122 $100 
Cost of sales—services86 81 160 142 
Share-based compensation expense in cost of sales151 139 282 242 
Research and development413 344 767 618 
Sales and marketing231 221 441 407 
General and administrative121 97 236 187 
Restructuring and other charges22 
Share-based compensation expense in operating expenses770 663 1,466 1,221 
Total share-based compensation expense$921 $802 $1,748 $1,463 
Income tax benefit for share-based compensation$224 $202 $398 $345 
As of January 25, 2025, the total compensation cost related to unvested share-based awards not yet recognized was $5.3 billion which is expected to be recognized over approximately 1.9 years on a weighted-average basis.
(d)Restricted Stock Unit Awards
A summary of the restricted stock and stock unit activity, which includes time-based and performance-based or market-based RSUs, is as follows (in millions, except per-share amounts):
Restricted Stock/
Stock Units
Weighted-Average
Grant Date Fair
Value per Share
Aggregate Fair  Value
Unvested balance at July 29, 2023122 $44.04 
Granted and assumed63 48.97 
Vested(58)43.46 $2,906 
Canceled/forfeited/other(10)45.65 
Unvested balance at July 27, 2024117 $46.86 
Granted and assumed51 53.32 
Vested(41)47.68 $2,110 
Canceled/forfeited/other(6)46.83 
Unvested balance at January 25, 2025121 $49.31 
v3.25.0.1
Accumulated Other Comprehensive Income (Loss)
6 Months Ended
Jan. 25, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The components of AOCI, net of tax, and the other comprehensive income (loss), for the first six months of fiscal 2025 and 2024 are summarized as follows (in millions):
Net Unrealized Gains (Losses) on Available-for-Sale InvestmentsNet Unrealized Gains (Losses) Cash Flow Hedging InstrumentsCumulative Translation Adjustment and Actuarial Gains (Losses)Accumulated Other Comprehensive Income (Loss)
Balance at July 27, 2024$(241)$79 $(1,268)$(1,430)
Other comprehensive income (loss) before reclassifications75 65 (174)(34)
(Gains) losses reclassified out of AOCI45 (24)— 21 
Tax benefit (expense)(40)(10)— (50)
Balance at January 25, 2025$(161)$110 $(1,442)$(1,493)
Net Unrealized Gains (Losses) on Available-for-Sale InvestmentsNet Unrealized Gains (Losses) Cash Flow Hedging InstrumentsCumulative Translation Adjustment and Actuarial Gains (Losses)Accumulated Other Comprehensive Income (Loss)
Balance at July 29, 2023$(440)$18 $(1,153)$(1,575)
Other comprehensive income (loss) before reclassifications132 39 (81)90 
(Gains) losses reclassified out of AOCI43 (23)(2)18 
Tax benefit (expense)(42)(4)(45)
Balance at January 27, 2024$(307)$30 $(1,235)$(1,512)
v3.25.0.1
Income Taxes
6 Months Ended
Jan. 25, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table provides details of income taxes (in millions, except percentages):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Income before provision for income taxes$2,887 $3,161 $5,154 $7,603 
Provision for income taxes$459 $527 $15 $1,331 
Effective tax rate15.9 %16.7 %0.3 %17.5 %
As of January 25, 2025, we had $2.2 billion of unrecognized tax benefits, of which $1.6 billion, if recognized, would favorably impact the effective tax rate. We regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We believe it is reasonably possible that certain federal, foreign, and state tax matters may be concluded in the next 12 months. Specific positions that may be resolved include issues involving transfer pricing and various other matters.
On August 26, 2024, the U.S. Tax Court issued an opinion in Varian Medical Systems, Inc. v. Commissioner. The opinion related to the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act (our fiscal 2018). While we were not a party to the case, the opinion resulted in a change to our tax position. As such, we recorded a tax benefit of $720 million as a reduction to the provision for income taxes in the first quarter of fiscal 2025 due to this U.S. Tax Court opinion.
v3.25.0.1
Segment Information and Major Customers
6 Months Ended
Jan. 25, 2025
Segment Reporting [Abstract]  
Segment Information and Major Customers Segment Information and Major Customers
(a)Revenue and Gross Margin by Segment
We conduct business globally and are primarily managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our management makes financial decisions and allocates resources based on the information it receives from our internal management system. Sales are attributed to a segment based on the ordering location of the customer. We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments in this internal management system because management does not include the information in our measurement of the performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, share-based compensation expense, significant litigation settlements and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the gross margin for each segment because management does not include this information in our measurement of the performance of the operating segments.
Summarized financial information by segment for the second quarter and first six months of fiscal 2025 and 2024, based on our internal management system and as utilized by our Chief Operating Decision Maker (“CODM”), is as follows (in millions):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Revenue:
Americas$8,202 $7,510 $16,454 $16,532 
EMEA3,855 3,484 7,444 7,148 
APJC1,934 1,798 3,934 3,779 
Total$13,991 $12,791 $27,832 $27,459 
Gross margin:
Americas$5,545 $4,932 $11,285 $10,901 
EMEA2,750 2,373 5,272 4,919 
APJC1,320 1,226 2,648 2,554 
Segment total9,614 8,532 19,204 18,373 
Unallocated corporate items(503)(315)(972)(599)
Total$9,111 $8,217 $18,232 $17,774 
Amounts may not sum due to rounding.
Revenue in the United States was $7.4 billion and $6.7 billion for the second quarter of fiscal 2025 and 2024, respectively, and $14.8 billion and $14.9 billion for the first six months of fiscal 2025 and 2024, respectively.
(b)Revenue for Groups of Similar Products and Services
We design and sell Internet Protocol (IP)-based networking and other products related to the communications and IT industry and provide services associated with these products and their use.
The following table presents revenue for groups of similar products and services (in millions):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Revenue:
Networking$6,850 $7,081 $13,603 $15,904 
Security2,111 973 4,129 1,984 
Collaboration996 989 2,081 2,106 
Observability277 188 535 378 
Total Product10,234 9,232 20,348 20,371 
Services3,757 3,559 7,484 7,088 
Total$13,991 $12,791 $27,832 $27,459 
Amounts may not sum due to rounding.
v3.25.0.1
Net Income per Share
6 Months Ended
Jan. 25, 2025
Earnings Per Share [Abstract]  
Net Income per Share Net Income per Share
The following table presents the calculation of basic and diluted net income per share (in millions, except per-share amounts):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Net income$2,428 $2,634 $5,139 $6,272 
Weighted-average shares—basic3,981 4,055 3,986 4,056 
Effect of dilutive potential common shares24 18 22 23 
Weighted-average shares—diluted4,005 4,073 4,008 4,079 
Net income per share—basic$0.61 $0.65 $1.29 $1.55 
Net income per share—diluted$0.61 $0.65 $1.28 $1.54 
Antidilutive employee share-based awards, excluded22 58 59 56 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Pay vs Performance Disclosure        
Net income (loss) $ 2,428 $ 2,634 $ 5,139 $ 6,272
v3.25.0.1
Insider Trading Arrangements
3 Months Ended 6 Months Ended
Jan. 25, 2025
shares
Jan. 25, 2025
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Adam Smith [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 15, 2024, Deborah L. Stahlkopf, Cisco’s Executive Vice President and Chief Legal Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Ms. Stahlkopf’s trading plan provides for the sale of 313,907 gross shares (with any shares underlying performance-based equity awards being calculated at target), plus any related dividend-equivalent shares earned with respect to such shares and excluding, as applicable, any shares withheld to satisfy tax withholding obligations in connection with the net settlement of the equity awards. Ms. Stahlkopf’s trading plan is scheduled to terminate on December 19, 2025, subject to early termination for certain specified events set forth therein.
Deborah L. Stahlkopf [Member]    
Trading Arrangements, by Individual    
Name Deborah L. Stahlkopf  
Title Executive Vice President and Chief Legal Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 15, 2024  
Expiration Date December 19, 2025  
Arrangement Duration 399 days  
Aggregate Available 313,907 313,907
v3.25.0.1
Recent Accounting Pronouncements (Policies)
6 Months Ended
Jan. 25, 2025
Accounting Policies [Abstract]  
Fiscal Period The fiscal year for Cisco Systems, Inc. (the “Company,” “Cisco,” “we,” “us,” or “our”) is the 52 or 53 weeks ending on the last Saturday in July. Fiscal 2025 and fiscal 2024 are each 52-week fiscal years.
Basis of Presentation The Consolidated Financial Statements include our accounts and those of our subsidiaries. All intercompany accounts and transactions have been eliminated. We conduct business globally and are primarily managed on a geographic basis in the following three geographic segments: the Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC).
We have prepared the accompanying financial data as of January 25, 2025 and for the second quarter and first six months of fiscal 2025 and 2024, without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. The July 27, 2024 Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. However, we believe that the disclosures are adequate to make the information presented not misleading. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended July 27, 2024.
In the opinion of management, all normal recurring adjustments necessary to state fairly the consolidated balance sheet as of January 25, 2025, the results of operations, the statements of comprehensive income and the statements of equity for the second quarter and first six months of fiscal 2025 and 2024, and the statements of cash flows for the first six months of fiscal 2025 and 2024, as applicable, have been made. The results of operations for the second quarter and first six months of fiscal 2025 are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Our consolidated financial statements include our accounts and investments consolidated under the voting interest model. The noncontrolling interests attributed to these investments are not presented as a separate component in the equity section of the Consolidated Balance Sheets as these amounts are not material for any of the fiscal periods presented. The share of earnings attributable to the noncontrolling interests are not presented separately in the Consolidated Statements of Operations as these amounts are not material for any of the fiscal periods presented.
Reclassifications
We have evaluated subsequent events through the date that the financial statements were issued.
Recent Accounting Standards or Updates Not Yet Effective Recent Accounting Standards or Updates Not Yet Effective
Segment Reporting In November 2023, the Financial Accounting Standards Board (FASB) issued an accounting standard update that expands the disclosure requirements for reportable segments, primarily through enhanced disclosures around significant segment expenses. The accounting standard update will be effective for our fiscal 2025 Form 10-K on a retrospective basis, and early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our segment disclosures.
Improvements on Income Tax Disclosures In December 2023, the FASB issued an accounting standard update expanding the requirements for disclosure of disaggregated information about the effective tax rate reconciliation and income taxes paid. The accounting standard update will be effective for our fiscal 2026 Form 10-K. We are currently evaluating the impact of this accounting standard update on our income tax disclosures.
Disaggregation of Income Statement Expenses In November 2024, the FASB issued an accounting standard update expanding the disclosure requirements about specific expense categories, primarily through disaggregated information on income statement line items. The accounting standard update will be effective for our fiscal 2028 Form 10-K, and early adoption is permitted. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements.
Revenue Revenue
We enter into contracts with customers that can include various combinations of products and services which are generally distinct and accounted for as separate performance obligations. As a result, our contracts may contain multiple performance obligations. We determine whether arrangements are distinct based on whether the customer can benefit from the product or service on its own or together with other resources that are readily available and whether our commitment to transfer the product or service to the customer is separately identifiable from other obligations in the contract. We classify our hardware, perpetual software licenses, and software-as-a-service (SaaS) as distinct performance obligations. Term software licenses represent multiple obligations, which include software licenses and software maintenance. In transactions where we deliver hardware or software, we are typically the principal and we record revenue and costs of goods sold on a gross basis. We refer to our term software licenses, security software licenses, SaaS, and associated service arrangements as subscription offers. Revenue from subscription offers includes revenue recognized over time as well as upfront.
We recognize revenue upon transfer of control of promised goods or services in a contract with a customer in an amount that reflects the consideration we expect to receive in exchange for those products or services. Transfer of control occurs once the customer has the contractual right to use the product, generally upon shipment, electronic delivery (or when the software is available for download by the customer), or once title and risk of loss has transferred to the customer. Transfer of control can also occur over time for software maintenance and services as the customer receives the benefit over the contract term. Our hardware and perpetual software licenses are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses include multiple performance obligations where the term licenses are recognized upfront upon transfer of control, with the associated software maintenance revenue recognized ratably over the contract term as services and software updates are provided. SaaS arrangements do not include the right for the customer to take possession of the software during the term, and therefore have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term as the customer consumes the services. On our product sales, we record consideration from shipping and handling on a gross basis within net product sales. We record our revenue net of any associated sales taxes.
An allowance for future sales returns is established based on historical trends in product return rates. The allowance for future sales returns as of January 25, 2025 and July 27, 2024 was $42 million and $37 million, respectively, and was recorded as a reduction of our accounts receivable and revenue.
Significant Judgments
Revenue is allocated among these performance obligations in a manner that reflects the consideration that we expect to be entitled to for the promised goods or services based on standalone selling prices (SSP). SSP is estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the observable price of a product or service when we sell the goods separately in similar circumstances and to similar customers. In instances where SSP is not directly observable, we determine SSP using information that may include market conditions and other observable inputs.
We assess relevant contractual terms in our customer contracts to determine the transaction price. We apply judgment in identifying contractual terms and determining the transaction price as we may be required to estimate variable consideration when determining the amount of revenue to recognize. Variable consideration includes potential contractual penalties and various rebate, cooperative marketing and other incentive programs that we offer to our distributors, channel partners and end customers. When determining the amount of revenue to recognize, we estimate the expected usage of these programs, applying the expected value or most likely estimate and update the estimate at each reporting period as actual utilization becomes available. We also consider the customers’ right of return in determining the transaction price, where applicable.
We assess certain software licenses, such as for security software, that contain critical updates or upgrades which customers can download throughout the contract term. Without these updates or upgrades, the functionality of the software would diminish over a relatively short time period. These updates or upgrades provide the customer the full functionality of the purchased security software licenses and are required to maintain the security license’s utility as the risks and threats in the environment are rapidly changing. In these circumstances, the revenue from these software arrangements is recognized as a single performance obligation satisfied over the contract term.
In addition to our product offerings, we provide a broad range of service and support options for our customers, including technical support services and advanced services. Technical support services represent the majority of these offerings which are distinct performance obligations that are satisfied over time with revenue recognized ratably over the contract term. Advanced services are distinct performance obligations that are satisfied over time with revenue recognized as services are delivered.
The sales arrangements as discussed above are typically made pursuant to customer purchase orders based on master purchase or partner agreements. Cash is received based on our standard payment terms which is typically 30 days. We provide financing arrangements to customers for our hardware, software and service offerings. Refer to Note 9 for additional information. For these arrangements, cash is typically received over time.
Subscription revenue includes revenue recognized from our term software licenses, security software licenses, SaaS, and associated service arrangements.
Financing Receivables Financing Receivables
Financing receivables primarily consist of loan receivables and lease receivables. Loan receivables represent financing arrangements related to the sale of our hardware, software, and services (including technical support and advanced services), and also may include additional funding for other costs associated with network installation and integration of our products and services. Loan receivables have terms of one year to three years on average. Lease receivables represent sales-type leases resulting from the sale of Cisco’s and complementary third-party products and are typically collateralized by a security interest in the underlying assets. Lease receivables consist of arrangements with terms of four years on average.
Fair Value
Level 1 marketable equity securities are determined by using quoted prices in active markets for identical assets. Level 2 available-for-sale debt investments are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. We use inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets and liabilities. We use such pricing data as the primary input to make our assessments and determinations as to the ultimate valuation of our investment portfolio and have not made, during the periods presented, any material adjustments to such inputs. We are ultimately responsible for the financial statements and underlying estimates. Our derivative instruments are primarily classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs. We did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented.
Assets Measured at Fair Value on a Nonrecurring Basis
Our non-marketable equity securities using the measurement alternative are adjusted to fair value on a non-recurring basis. Adjustments are made when observable transactions for identical or similar investments of the same issuer occur, or due to impairment. These securities are classified as Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold.
The fair value for purchased intangible assets measured at fair value on a nonrecurring basis was categorized as Level 3 due to the use of significant unobservable inputs in the valuation. Significant unobservable inputs that were used included expected revenues and net income related to the assets and the expected life of the assets. The difference between the estimated fair value and the carrying value of the assets was recorded as an impairment charge, which was included in product cost of sales. See Note 5.
Summary of Derivative Instruments Summary of Derivative Instruments
We use derivative instruments primarily to manage exposures to foreign currency exchange rate, interest rate, and equity price risks. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates, interest rates, and equity prices. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. We seek to mitigate such risks by limiting our counterparties to major financial institutions and requiring collateral in certain cases. In addition, the potential risk of loss with any one counterparty resulting from credit risk is monitored. Management does not expect material losses as a result of defaults by counterparties.
Offsetting of Derivative Instruments Offsetting of Derivative Instruments
We present our derivative instruments at gross fair values in the Consolidated Balance Sheets. However, our master netting and other similar arrangements with the respective counterparties allow for net settlement under certain conditions, which are designed to reduce credit risk by permitting net settlement with the same counterparty.
To further limit credit risk, we also enter into collateral security arrangements related to certain derivative instruments whereby cash is posted as collateral between the counterparties based on the fair market value of the derivative instrument.
Foreign Currency Exchange Risk Foreign Currency Exchange Risk
We conduct business globally in numerous currencies. Therefore, we are exposed to adverse movements in foreign currency exchange rates. To limit the exposure related to foreign currency changes, we enter into foreign currency contracts. We do not enter into such contracts for speculative purposes.
We may hedge forecasted foreign currency transactions related to certain revenues, operating expenses and service cost of sales with currency options and forward contracts. These currency options and forward contracts, designated as cash flow hedges, generally have maturities of less than 24 months. The derivative instrument’s gain or loss is initially reported as a component of accumulated other comprehensive income (AOCI) and subsequently reclassified into earnings when the hedged exposure affects earnings.
We enter into foreign exchange forward and option contracts to reduce the short-term effects of foreign currency fluctuations on assets and liabilities such as foreign currency receivables, long-term customer financings and payables. These derivatives are not designated as hedging instruments. Gains and losses on the contracts are included in other income (loss), net, and substantially offset foreign exchange gains and losses from the remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the reporting entity.
We hedge certain net investments in our foreign operations with forward contracts to reduce the effects of foreign currency fluctuations on our net investment in those foreign subsidiaries. These derivative instruments generally have maturities of up to six months.
(d)Interest Rate Risk
We hold an interest rate swap designated as a fair value hedge related to a fixed-rate senior note that is due in fiscal 2025. Under the interest rate swap, we receive fixed-rate interest payments and make interest payments based on SOFR plus a fixed number of basis points. The effect of the swap is to convert the fixed interest rate of the senior fixed-rate note to a floating interest rate based on SOFR. The gain and loss related to the change in the fair value of the interest rate swap is included in interest expense and substantially offsets the change in the fair value of the hedged portion of the underlying debt attributable to the change in market interest rates.
We periodically enter into treasury lock agreements, designated as cash flow hedges, in order to hedge the impact of changes in the U.S. benchmark interest rate on future interest payments in anticipation of future debt offerings. Changes in the fair value of treasury lock agreements are recorded to AOCI and reclassified into earnings when the hedged exposure affects earnings.
(e)Equity Price Risk
We hold marketable equity securities in our portfolio that are subject to price risk. To diversify our overall portfolio, we may also hold equity derivatives that are not designated as accounting hedges. The change in the fair value of each of these investment types are included in other income (loss), net.
Derivatives Not Designated as Hedges We are also exposed to variability in compensation charges related to certain deferred compensation obligations to employees and directors. Although not designated as accounting hedges, we utilize derivatives such as total return swaps to economically hedge this exposure and offset the related compensation expense.
Commitments and Contingencies Purchase Commitments with Contract Manufacturers and Suppliers We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, noncancelable, and unconditional commitments. Certain of these inventory purchase commitments are directly with suppliers, and relate to fixed-dollar commitments to secure supply and pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed.We record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory.
Indemnifications Indemnifications
In the normal course of business, we have indemnification obligations to other parties, including customers, lessors, and parties to other transactions with us, with respect to certain matters. We have agreed to indemnify against losses arising from a breach of representations or covenants or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time or circumstances within which an indemnification claim can be made and the amount of the claim.
It is not possible to determine the maximum potential amount for claims made under the indemnification obligations due to uncertainties in the litigation process, coordination with and contributions by other parties and the defendants in these types of cases, and the unique facts and circumstances involved in each particular case and agreement. Historically, indemnity payments made by us have not had a material effect on our Consolidated Financial Statements.
In addition, we have entered into indemnification agreements with our officers and directors, and our Amended and Restated Bylaws contain similar indemnification obligations to our agents.
Revenue and Gross Margin by Segment Revenue and Gross Margin by SegmentWe conduct business globally and are primarily managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our management makes financial decisions and allocates resources based on the information it receives from our internal management system. Sales are attributed to a segment based on the ordering location of the customer. We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments in this internal management system because management does not include the information in our measurement of the performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, share-based compensation expense, significant litigation settlements and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the gross margin for each segment because management does not include this information in our measurement of the performance of the operating segments.
v3.25.0.1
Revenue (Tables)
6 Months Ended
Jan. 25, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following table presents this disaggregation of revenue (in millions):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Product revenue:
Networking$6,850 $7,081 $13,603 $15,904 
Security2,111 973 4,129 1,984 
Collaboration996 989 2,081 2,106 
Observability277 188 535 378 
Total Product10,234 9,232 20,348 20,371 
Services3,757 3,559 7,484 7,088 
Total$13,991 $12,791 $27,832 $27,459 
Our subscription revenue is recorded in product and services revenue in our Consolidated Statements of Operations as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Product$4,432 $3,110 $8,851 $6,317 
Services3,430 3,280 6,855 6,534 
Total$7,862 $6,390 $15,706 $12,851 
The following table presents revenue for groups of similar products and services (in millions):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Revenue:
Networking$6,850 $7,081 $13,603 $15,904 
Security2,111 973 4,129 1,984 
Collaboration996 989 2,081 2,106 
Observability277 188 535 378 
Total Product10,234 9,232 20,348 20,371 
Services3,757 3,559 7,484 7,088 
Total$13,991 $12,791 $27,832 $27,459 
Allowance for Credit Loss for Accounts Receivable
The allowances for credit loss for our accounts receivable are summarized as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Allowance for credit loss at beginning of period$78 $82 $87 $85 
Provisions (benefits)12 12 11 
Recoveries (write-offs), net(10)(12)(19)(17)
Allowance for credit loss at end of period$80 $79 $80 $79 
Schedule of Gross Contract Assets by Internal Risk Ratings
Gross contract assets by our internal risk ratings are summarized as follows (in millions):
January 25,
2025
July 27,
2024
1 to 4$1,223 $1,266 
5 to 61,659 1,456 
7 and Higher82 72 
Total$2,964 $2,794 
v3.25.0.1
Acquisitions (Tables)
6 Months Ended
Jan. 25, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Summary of Allocation of Total Purchase Consideration
A summary of the allocation of the total purchase consideration of our completed acquisitions during the first six months of fiscal 2025 is presented as follows (in millions):
Purchase ConsiderationNet Tangible Assets Acquired (Liabilities Assumed)Purchased Intangible AssetsGoodwill
Total acquisitions$259 $(16)$105 $170 
Compensation Expense Related to Business Acquisitions
The following table summarizes the compensation expense related to acquisitions (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Compensation expense related to acquisitions$222 $45 $519 $94 
v3.25.0.1
Goodwill and Purchased Intangible Assets (Tables)
6 Months Ended
Jan. 25, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill by Reportable Segment
The following table presents the goodwill allocated to our reportable segments as of January 25, 2025 and during the first six months of fiscal 2025 (in millions):
Balance at July 27, 2024Acquisitions, net of DivestituresForeign Currency Translation and OtherBalance at January 25, 2025
Americas$36,169 $108 $(67)$36,210 
EMEA14,283 41 (26)14,298 
APJC8,208 19 (16)8,211 
Total$58,660 $168 $(109)$58,719 
Schedule of Intangible Assets Acquired Through Business Combinations
The following table presents details of our intangible assets acquired through acquisitions completed during the first six months of fiscal 2025 (in millions, except years):
 FINITE LIVESINDEFINITE LIVESTOTAL
 CUSTOMER
RELATED
TECHNOLOGYTRADE NAMEIPR&D
Weighted-
Average Useful
Life (in Years)
AmountWeighted-
Average Useful
Life (in Years)
AmountWeighted-
Average Useful
Life (in Years)
AmountAmountAmount
Total acquisitions4.0$12 4.0$93 — $— $— $105 
Schedule of Intangible Assets Acquired Through Business Combinations
The following table presents details of our intangible assets acquired through acquisitions completed during the first six months of fiscal 2025 (in millions, except years):
 FINITE LIVESINDEFINITE LIVESTOTAL
 CUSTOMER
RELATED
TECHNOLOGYTRADE NAMEIPR&D
Weighted-
Average Useful
Life (in Years)
AmountWeighted-
Average Useful
Life (in Years)
AmountWeighted-
Average Useful
Life (in Years)
AmountAmountAmount
Total acquisitions4.0$12 4.0$93 — $— $— $105 
Schedule of Definite-lived Purchased Intangible Assets
The following tables present details of our purchased intangible assets (in millions): 
January 25, 2025GrossAccumulated AmortizationNet
Purchased intangible assets with finite lives:
Customer related$6,854 $(1,332)$5,522 
Technology6,622 (2,509)4,113 
Trade name551 (73)478 
Total purchased intangible assets with finite lives14,027 (3,914)10,113 
In-process research and development, with indefinite lives26 — 26 
       Total$14,053 $(3,914)$10,139 
July 27, 2024GrossAccumulated AmortizationNet
Purchased intangible assets with finite lives:
Customer related$6,844 $(829)$6,015 
Technology6,680 (2,006)4,674 
Trade name553 (49)504 
Total purchased intangible assets with finite lives14,077 (2,884)11,193 
In-process research and development, with indefinite lives26 — 26 
Total$14,103 $(2,884)$11,219 
Schedule of Indefinite-lived Purchased Intangible Assets
The following tables present details of our purchased intangible assets (in millions): 
January 25, 2025GrossAccumulated AmortizationNet
Purchased intangible assets with finite lives:
Customer related$6,854 $(1,332)$5,522 
Technology6,622 (2,509)4,113 
Trade name551 (73)478 
Total purchased intangible assets with finite lives14,027 (3,914)10,113 
In-process research and development, with indefinite lives26 — 26 
       Total$14,053 $(3,914)$10,139 
July 27, 2024GrossAccumulated AmortizationNet
Purchased intangible assets with finite lives:
Customer related$6,844 $(829)$6,015 
Technology6,680 (2,006)4,674 
Trade name553 (49)504 
Total purchased intangible assets with finite lives14,077 (2,884)11,193 
In-process research and development, with indefinite lives26 — 26 
Total$14,103 $(2,884)$11,219 
Schedule of Amortization of Purchased Intangible Assets
The following table presents the amortization of purchased intangible assets, including impairment charges (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Amortization of purchased intangible assets:
Cost of sales$340 $180 $665 $366 
Operating expenses265 66 530 133 
Total$605 $246 $1,195 $499 
Schedule of Estimated Future Amortization Expense of Purchased Intangible Assets
The estimated future amortization expense of purchased intangible assets with finite lives as of January 25, 2025 is as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$981 
2026$1,810 
2027$1,467 
2028$1,393 
2029$1,271 
Thereafter$3,191 
v3.25.0.1
Restructuring and Other Charges (Tables)
6 Months Ended
Jan. 25, 2025
Restructuring Charges [Abstract]  
Liabilities Related to Restructuring and Other Charges
The following table summarizes the activities related to our restructuring liability, which were included in other current liabilities on our Consolidated Balance Sheets (in millions):
FISCAL 2025 PLANFISCAL 2024 PLAN
Employee SeveranceOtherEmployee SeveranceOtherTotal
Liability as of July 27, 2024$— $— $201 $$210 
Charges605 70 — — 675 
Cash payments(491)(4)(107)(4)(606)
Non-cash and other(1)(51)— — (52)
Liability as of January 25, 2025$113 $15 $94 $$227 
v3.25.0.1
Balance Sheet and Other Details (Tables)
6 Months Ended
Jan. 25, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
The following tables provide details of selected balance sheet and other items (in millions, except percentages):
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
January 25,
2025
July 27,
2024
Cash and cash equivalents$8,556 $7,508 
Restricted cash and restricted cash equivalents included in other current assets761 765 
Restricted cash and restricted cash equivalents included in other assets191 569 
Total$9,508 $8,842 
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
The following tables provide details of selected balance sheet and other items (in millions, except percentages):
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
January 25,
2025
July 27,
2024
Cash and cash equivalents$8,556 $7,508 
Restricted cash and restricted cash equivalents included in other current assets761 765 
Restricted cash and restricted cash equivalents included in other assets191 569 
Total$9,508 $8,842 
Inventories
Inventories
January 25,
2025
July 27,
2024
Raw materials$1,692 $2,039 
Work in process109 83 
Finished goods910 1,027 
Service-related spares210 216 
Demonstration systems
Total$2,927 $3,373 
Property and Equipment, Net
Property and Equipment, Net
January 25,
2025
July 27,
2024
Gross property and equipment:
Land, buildings, and building and leasehold improvements$3,979 $4,247 
Production, engineering, computer and other equipment and related software5,070 5,160 
Operating lease assets77 115 
Furniture, fixtures and other367 351 
Total gross property and equipment9,493 9,873 
Less: accumulated depreciation and amortization
(7,501)(7,783)
Total$1,992 $2,090 
Remaining Performance Obligations
Remaining Performance Obligations (RPO)
January 25,
2025
July 27,
2024
Product$20,321 $20,055 
Services20,947 20,993 
Total$41,268 $41,048 
Short-term RPO$21,017 $20,882 
Long-term RPO20,251 20,166 
Total$41,268 $41,048 
Amount to be recognized as revenue over the next 12 months
51 %51 %
Deferred revenue$27,795 $28,475 
Unbilled contract revenue13,473 12,573 
Total$41,268 $41,048 
Deferred Revenue
Deferred Revenue
January 25,
2025
July 27,
2024
Product$13,033 $13,219 
Services14,762 15,256 
Total$27,795 $28,475 
Reported as:
Current$15,999 $16,249 
Noncurrent11,796 12,226 
Total$27,795 $28,475 
Transition Tax Payable
Our income tax payable associated with the one-time U.S. transition tax on accumulated earnings for foreign subsidiaries as a result of the Tax Cuts and Jobs Act is as follows (in millions):
January 25,
2025
July 27,
2024
Current$1,595 $1,819 
Noncurrent— 2,273 
Total$1,595 $4,092 
v3.25.0.1
Leases (Tables)
6 Months Ended
Jan. 25, 2025
Leases [Abstract]  
Operating Lease Balances
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJanuary 25, 2025July 27, 2024
Operating lease right-of-use assetsOther assets$1,134 1,066 
Operating lease liabilitiesOther current liabilities$362 $364 
Operating lease liabilitiesOther long-term liabilities1,015 906 
Total operating lease liabilities$1,377 $1,270 
Lease Expenses and Supplemental Information
The components of our lease expenses were as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Operating lease expense$149 $103 $263 $203 
Short-term lease expense16 25 34 36 
Variable lease expense47 50 93 106 
Total lease expense$212 $178 $390 $345 
Supplemental information related to our operating leases is as follows (in millions):
Six Months Ended
January 25, 2025January 27, 2024
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $228 $178 
Right-of-use assets obtained in exchange for operating leases liabilities$326 $182 
Maturities of Operating Leases
The maturities of our operating leases (undiscounted) as of January 25, 2025 are as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$213 
2026345 
2027257 
2028190 
2029152 
Thereafter402 
Total lease payments1,559 
Less: interest(182)
Total$1,377 
Future Minimum Lease Payments on Lease Receivables
Future minimum lease payments on our lease receivables as of January 25, 2025 are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$229 
2026407 
2027144 
2028102 
2029101 
Thereafter
Total988 
Less: Present value of lease payments(886)
Unearned income$102 
Operating Lease Assets Amounts relating to equipment on operating lease assets held by us and the associated accumulated depreciation are summarized as follows (in millions):
January 25, 2025July 27, 2024
Operating lease assets$77 $115 
Accumulated depreciation(49)(61)
Operating lease assets, net$28 $54 
Minimum Future Rentals on Noncancelable Operating Leases
Minimum future rentals on noncancelable operating leases as of January 25, 2025 are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$
202613 
2027
Total$26 
v3.25.0.1
Financing Receivables (Tables)
6 Months Ended
Jan. 25, 2025
Receivables [Abstract]  
Summary of Financing Receivables
A summary of our financing receivables is presented as follows (in millions):
January 25, 2025Loan ReceivablesLease ReceivablesTotal
Gross$5,423 $988 $6,411 
Residual value— 64 64 
Unearned income— (102)(102)
Allowance for credit loss(45)(14)(59)
Total, net$5,378 $936 $6,314 
Reported as:
Current$2,728 $346 $3,074 
Noncurrent2,650 590 3,240 
Total, net$5,378 $936 $6,314 
July 27, 2024Loan ReceivablesLease ReceivablesTotal
Gross$5,858 $965 $6,823 
Residual value— 67 67 
Unearned income— (111)(111)
Allowance for credit loss(50)(15)(65)
Total, net$5,808 $906 $6,714 
Reported as:
Current$3,071 $267 $3,338 
Noncurrent2,737 639 3,376 
Total, net$5,808 $906 $6,714 
Schedule of Financing Receivables by Internal Credit Risk Rating by Period of Origination
The tables below present our gross financing receivables, excluding residual value, less unearned income, categorized by our internal credit risk rating by period of origination (in millions):
January 25, 2025Fiscal YearSix Months Ended
Internal Credit Risk RatingPriorJuly 31, 2021July 30, 2022July 29, 2023July 27, 2024January 25, 2025Total
Loan Receivables:
1 to 4$33 $193 $335 $639 $1,466 $728 $3,394 
5 to 614 52 89 321 862 627 1,965 
7 and Higher51 64 
Total Loan Receivables$48 $248 $475 $961 $2,335 $1,356 $5,423 
Lease Receivables:
1 to 4$$22 $39 $160 $226 $105 $555 
5 to 613 31 94 126 54 321 
7 and Higher— — 10 
Total Lease Receivables$$36 $71 $257 $357 $159 $886 
Total$54 $284 $546 $1,218 $2,692 $1,515 $6,309 
July 27, 2024Fiscal Year
Internal Credit Risk RatingPriorJuly 25, 2020July 31, 2021July 30, 2022July 29, 2023July 27, 2024Total
Loan Receivables:
1 to 4$$78 $341 $555 $945 $1,803 $3,724 
5 to 629 127 130 426 1,314 2,028 
7 and Higher10 74 14 106 
Total Loan Receivables$$108 $478 $759 $1,385 $3,121 $5,858 
Lease Receivables:
1 to 4$$$38 $46 $176 $341 $610 
5 to 611 22 44 129 21 228 
7 and Higher— — 16 
Total Lease Receivables$$19 $61 $93 $309 $370 $854 
Total$$127 $539 $852 $1,694 $3,491 $6,712 
Schedule of Aging Analysis of Financing Receivables
The following tables present the aging analysis of gross receivables as of January 25, 2025 and July 27, 2024 (in millions):
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
January 25, 202531-6061-90 91+Total
Past Due
CurrentTotal120+ Still AccruingNonaccrual
Financing
Receivables
Impaired
Financing
Receivables
Loan receivables$37 $16 $48 $101 $5,322 $5,423 $18 $10 $10 
Lease receivables14 26 860 886 
Total$51 $20 $56 $127 $6,182 $6,309 $20 $11 $11 
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
July 27, 202431-6061-90 91+Total
Past Due
CurrentTotal120+ Still AccruingNonaccrual
Financing
Receivables
Impaired
Financing
Receivables
Loan receivables$34 $17 $35 $86 $5,772 $5,858 $14 $$
Lease receivables14 23 831 854 — — 
Total$48 $21 $40 $109 $6,603 $6,712 $15 $$
Schedule of Allowance for Credit Loss and Related Financing Receivables
The allowances for credit loss and the related financing receivables are summarized as follows (in millions):
Three Months Ended January 25, 2025CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of October 26, 2024$49 $15 $64 
Provisions (benefits)(2)(2)(4)
Recoveries (write-offs), net(3)— (3)
Foreign exchange and other
Allowance for credit loss as of January 25, 2025$45 $14 $59 
Three Months Ended January 27, 2024CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of October 28, 2023$58 $16 $74 
Provisions (benefits)(1)— (1)
Recoveries (write-offs), net(4)— (4)
Allowance for credit loss as of January 27, 2024$53 $16 $69 
Six Months Ended January 25, 2025CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of July 27, 2024$50 $15 $65 
Provisions (benefits)(3)(2)(5)
Recoveries (write-offs), net(3)— (3)
Foreign exchange and other
Allowance for credit loss as of January 25, 2025$45 $14 $59 
Six Months Ended January 27, 2024CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of July 29, 2023$53 $19 $72 
Provisions (benefits)(3)
Recoveries (write-offs), net(4)— (4)
Allowance for credit loss as of January 27, 2024$53 $16 $69 
v3.25.0.1
Investments (Tables)
6 Months Ended
Jan. 25, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-Sale Debt Investments
The following tables summarize our available-for-sale debt investments (in millions):

January 25, 2025Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized and Credit
Losses
Fair
Value
U.S. government securities$2,177 $— $(29)$2,148 
U.S. government agency securities 112 — (1)111 
Non-U.S. government and agency securities363 — 364 
Corporate debt securities3,292 (94)3,204 
U.S. agency mortgage-backed securities847 — (111)736 
Commercial paper732 — — 732 
Certificates of deposit663 — — 663 
Total$8,186 $$(235)$7,958 
July 27, 2024Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized and Credit
Losses
Fair
Value
U.S. government securities$2,380 $$(28)$2,353 
U.S. government agency securities 223 — (2)221 
Non-U.S. government and agency securities370 — 371 
Corporate debt securities3,818 (146)3,677 
U.S. agency mortgage-backed securities1,959 — (178)1,781 
Commercial paper1,023 — — 1,023 
Certificates of deposit439 — — 439 
Total$10,212 $$(354)$9,865 
Gross Realized Gains and Gross Realized Losses Related to Available-for-Sale Investment
The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Gross realized gains$— $$$
Gross realized losses(20)(28)(53)$(48)
Total$(20)$(23)$(45)$(43)
Available-for-Sale Investments with Gross Unrealized Losses
The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at January 25, 2025 and July 27, 2024 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS
UNREALIZED LOSSES
12 MONTHS OR GREATER
TOTAL
January 25, 2025Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,431 $(17)$387 $(12)$1,818 $(29)
U.S. government agency securities30 — 48 (1)78 (1)
Corporate debt securities281 (2)2,193 (63)2,474 (65)
U.S. agency mortgage-backed securities— 728 (111)736 (111)
Total$1,750 $(19)$3,356 $(187)$5,106 $(206)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS
UNREALIZED LOSSES
12 MONTHS OR GREATER
TOTAL
July 27, 2024Fair ValueGross
Unrealized
Losses
Fair ValueGross
Unrealized
Losses
Fair ValueGross 
Unrealized 
Losses
U.S. government securities$598 $(2)$1,399 $(26)$1,997 $(28)
U.S. government agency securities89 — 109 (2)198 (2)
Non-U.S. government and agency securities17 — — — 17 — 
Corporate debt securities276 (1)2,818 (115)3,094 (116)
U.S. agency mortgage-backed securities238 (1)1,438 (177)1,676 (178)
Commercial paper10 — — — 10 — 
Total$1,228 $(4)$5,764 $(320)$6,992 $(324)
Maturities of Available-for-Sale Debt Investments
The following table summarizes the maturities of our available-for-sale debt investments as of January 25, 2025 (in millions): 
Amortized CostFair Value
Within 1 year$3,238 $3,207 
After 1 year through 5 years4,101 4,015 
Mortgage-backed securities with no single maturity847 736 
Total$8,186 $7,958 
v3.25.0.1
Fair Value (Tables)
6 Months Ended
Jan. 25, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis were as follows (in millions):
 JANUARY 25, 2025JULY 27, 2024
FAIR VALUE MEASUREMENTSFAIR VALUE MEASUREMENTS
 Level 1Level 2Total
Balance
Level 1Level 2Total
Balance
Assets:
Cash equivalents:
Money market funds$5,398 $— $5,398 $3,334 $— $3,334 
Commercial paper— 129 129 — 468 468 
Corporate debt securities— — 25 25 
Certificates of deposit— — — — 14 14 
Available-for-sale debt investments:
U.S. government securities— 2,148 2,148 — 2,353 2,353 
U.S. government agency securities— 111 111 — 221 221 
Non-U.S. government and agency securities— 364 364 — 371 371 
Corporate debt securities— 3,204 3,204 — 3,677 3,677 
U.S. agency mortgage-backed securities— 736 736 — 1,781 1,781 
Commercial paper— 732 732 — 1,023 1,023 
Certificates of deposit— 663 663 — 439 439 
Equity investments:
Marketable equity securities339 — 339 481 — 481 
Other current assets:
Money market funds750 — 750 750 — 750 
Other assets:
Money market funds188 — 188 563 — 563 
Derivative assets— 105 105 — 64 64 
Total$6,675 $8,196 $14,871 $5,128 $10,436 $15,564 
Liabilities:
Derivative liabilities$— $70 $70 $— $74 $74 
Total$— $70 $70 $— $74 $74 
v3.25.0.1
Borrowings (Tables)
6 Months Ended
Jan. 25, 2025
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
The following table summarizes our short-term debt (in millions, except percentages):
 January 25, 2025July 27, 2024
 AmountEffective RateAmountEffective Rate
Current portion of senior notes$496 5.66 %$488 6.66 %
Commercial paper10,916 4.75 %10,853 5.43 %
Current portion of other debt1.13 %— — 
Total$11,413 $11,341 
Schedule of Long-Term Debt
The following table summarizes our long-term debt (in millions, except percentages):
 January 25, 2025July 27, 2024
 Maturity DateAmountEffective RateAmountEffective Rate
Senior notes:
Fixed-rate notes:
3.50%June 15, 2025$500 5.66%$500 6.66%
4.90%February 26, 20261,000 5.00%1,000 5.00%
2.95%February 28, 2026750 3.01%750 3.01%
2.50%September 20, 20261,500 2.55%1,500 2.55%
4.80%February 26, 20272,000 4.90%2,000 4.90%
4.85%February 26, 20292,500 4.91%2,500 4.91%
4.95%February 26, 20312,500 5.04%2,500 5.04%
5.05%February 26, 20342,500 4.97%2,500 4.97%
5.90%February 15, 20392,000 6.11%2,000 6.11%
5.50%January 15, 20402,000 5.67%2,000 5.67%
5.30%February 26, 20542,000 5.28%2,000 5.28%
5.35%February 26, 20641,000 5.42%1,000 5.42%
Other debt1.13%1.13%
Total20,253 20,253 
Unaccreted discount/issuance costs(127)(133)
Hedge accounting fair value adjustments(4)(11)
Total$20,122 $20,109 
Reported as:
Current portion of long-term debt$497 $488 
Long-term debt19,625 19,621 
Total$20,122 $20,109 
Schedule of Future Principal Payments for Long-Term Debt
As of January 25, 2025, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal YearAmount
2025 (remaining six months)$500 
20261,751 
20273,502 
2028— 
20292,500 
Thereafter12,000 
Total$20,253 
v3.25.0.1
Derivative Instruments (Tables)
6 Months Ended
Jan. 25, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivative Instruments by Balance Sheet Line Item
The fair values of our derivative instruments and the line items on the Consolidated Balance Sheets to which they were recorded are summarized as follows (in millions):
 DERIVATIVE ASSETSDERIVATIVE LIABILITIES
 Balance Sheet Line ItemJanuary 25,
2025
July 27,
2024
Balance Sheet Line ItemJanuary 25,
2025
July 27,
2024
Derivatives designated as hedging instruments:
Foreign currency derivativesOther current assets$45 $47 Other current liabilities$$
Foreign currency derivativesOther assets15 15 Other long-term liabilities— — 
Interest rate derivativesOther current assets41 — Other current liabilities11 
Total101 62 12 
Derivatives not designated as hedging instruments:
Foreign currency derivativesOther current assetsOther current liabilities46 47 
Foreign currency derivativesOther assets— — Other long-term liabilities15 15 
Total61 62 
Total$105 $64 $70 $74 
Cumulative Basis Adjustment For Fair Value Hedges
The following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for our fair value hedges (in millions):
 CARRYING AMOUNT OF THE HEDGED ASSETS/(LIABILITIES)CUMULATIVE AMOUNT OF FAIR VALUE HEDGING ADJUSTMENT INCLUDED IN THE CARRYING AMOUNT OF THE HEDGED ASSETS/LIABILITIES
Balance Sheet Line Item of Hedged ItemJanuary 25,
2025
July 27,
2024
January 25,
2025
July 27,
2024
Short-term debt$(496)$(488)$$11 
Effect on Derivative Instruments Designated as Fair Value Hedges
The effect of derivative instruments designated as fair value hedges, recognized in interest and other income (loss), net is summarized as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Interest rate derivatives:
Hedged items$(3)$(14)$(7)$(23)
Derivatives designated as hedging instruments14 23 
Total$— $— $— $— 
Effect of Derivative Instruments Not Designated as Fair Value Hedges on Consolidated Statements of Operations
The effect on the Consolidated Statements of Operations of derivative instruments not designated as hedges is summarized as follows (in millions):
  GAINS (LOSSES) FOR THE THREE MONTHS ENDEDGAINS (LOSSES) FOR THE SIX MONTHS ENDED
Derivatives Not Designated as
Hedging Instruments
Line Item in Statements of OperationsJanuary 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Foreign currency derivativesOther income (loss), net$(63)$53 $(95)$(77)
Total return swaps—deferred compensationOperating expenses and other11 93 33 16 
Equity derivativesOther income (loss), net— — — 
Total$(52)$146 $(62)$(59)
Schedule of Notional Amounts of Derivatives Outstanding
The notional amounts of our outstanding derivatives are summarized as follows (in millions):
January 25,
2025
July 27,
2024
Foreign currency derivatives$7,411 $7,434 
Interest rate derivatives2,950 500 
Total return swaps—deferred compensation1,031 985 
Total$11,392 $8,919 
v3.25.0.1
Commitments and Contingencies (Tables)
6 Months Ended
Jan. 25, 2025
Commitments and Contingencies Disclosure [Abstract]  
Purchase Commitments with Contract Manufacturers and Suppliers
The following table summarizes our inventory purchase commitments with contract manufacturers and suppliers by period (in millions):
January 25,
2025
July 27,
2024
Less than 1 year$5,054 $3,952 
1 to 3 years681 1,085 
3 to 5 years89 121 
Total$5,824 $5,158 
Schedule of Product Warranty Liability
The following table summarizes the activity related to the product warranty liability (in millions):
Six Months Ended
January 25,
2025
January 27,
2024
Balance at beginning of period$362 $329 
Provisions for warranties issued198 198 
Adjustments for pre-existing warranties37 
Settlements (203)(205)
Balance at end of period$394 $327 
Schedule of Guarantor Obligations The aggregate amounts of channel partner financing guarantees outstanding at January 25, 2025 and July 27, 2024, representing the total maximum potential future payments under financing arrangements with third parties along with the related deferred revenue, are summarized in the following table (in millions):
January 25,
2025
July 27,
2024
Maximum potential future payments$125 $127 
Deferred revenue(13)(13)
Total$112 $114 
v3.25.0.1
Stockholders' Equity (Tables)
6 Months Ended
Jan. 25, 2025
Stockholders' Equity Note [Abstract]  
Stock Repurchase Program The stock repurchase activity for fiscal 2025 and 2024 under the stock repurchase program, reported based on the trade date, is summarized as follows (in millions, except per-share amounts):
Quarter EndedSharesWeighted-Average Price per ShareAmount
Fiscal 2025
January 25, 202521 $58.58 $1,236 
October 26, 202440 $49.56 $2,003 
Fiscal 2024
July 27, 202443 $46.80 $2,002 
April 27, 202426 $49.22 $1,256 
January 27, 202425 $49.54 $1,254 
October 28, 202323 $54.53 $1,252 
v3.25.0.1
Employee Benefit Plans (Tables)
6 Months Ended
Jan. 25, 2025
Retirement Benefits [Abstract]  
Summary of Share-Based Compensation Expense The following table summarizes share-based compensation expense (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Cost of sales—product$65 $58 $122 $100 
Cost of sales—services86 81 160 142 
Share-based compensation expense in cost of sales151 139 282 242 
Research and development413 344 767 618 
Sales and marketing231 221 441 407 
General and administrative121 97 236 187 
Restructuring and other charges22 
Share-based compensation expense in operating expenses770 663 1,466 1,221 
Total share-based compensation expense$921 $802 $1,748 $1,463 
Income tax benefit for share-based compensation$224 $202 $398 $345 
Summary of Restricted Stock and Stock Unit Activity
A summary of the restricted stock and stock unit activity, which includes time-based and performance-based or market-based RSUs, is as follows (in millions, except per-share amounts):
Restricted Stock/
Stock Units
Weighted-Average
Grant Date Fair
Value per Share
Aggregate Fair  Value
Unvested balance at July 29, 2023122 $44.04 
Granted and assumed63 48.97 
Vested(58)43.46 $2,906 
Canceled/forfeited/other(10)45.65 
Unvested balance at July 27, 2024117 $46.86 
Granted and assumed51 53.32 
Vested(41)47.68 $2,110 
Canceled/forfeited/other(6)46.83 
Unvested balance at January 25, 2025121 $49.31 
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
6 Months Ended
Jan. 25, 2025
Equity [Abstract]  
Components of AOCI, Net of Tax
The components of AOCI, net of tax, and the other comprehensive income (loss), for the first six months of fiscal 2025 and 2024 are summarized as follows (in millions):
Net Unrealized Gains (Losses) on Available-for-Sale InvestmentsNet Unrealized Gains (Losses) Cash Flow Hedging InstrumentsCumulative Translation Adjustment and Actuarial Gains (Losses)Accumulated Other Comprehensive Income (Loss)
Balance at July 27, 2024$(241)$79 $(1,268)$(1,430)
Other comprehensive income (loss) before reclassifications75 65 (174)(34)
(Gains) losses reclassified out of AOCI45 (24)— 21 
Tax benefit (expense)(40)(10)— (50)
Balance at January 25, 2025$(161)$110 $(1,442)$(1,493)
Net Unrealized Gains (Losses) on Available-for-Sale InvestmentsNet Unrealized Gains (Losses) Cash Flow Hedging InstrumentsCumulative Translation Adjustment and Actuarial Gains (Losses)Accumulated Other Comprehensive Income (Loss)
Balance at July 29, 2023$(440)$18 $(1,153)$(1,575)
Other comprehensive income (loss) before reclassifications132 39 (81)90 
(Gains) losses reclassified out of AOCI43 (23)(2)18 
Tax benefit (expense)(42)(4)(45)
Balance at January 27, 2024$(307)$30 $(1,235)$(1,512)
v3.25.0.1
Income Taxes (Tables)
6 Months Ended
Jan. 25, 2025
Income Tax Disclosure [Abstract]  
Income Tax Provision
The following table provides details of income taxes (in millions, except percentages):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Income before provision for income taxes$2,887 $3,161 $5,154 $7,603 
Provision for income taxes$459 $527 $15 $1,331 
Effective tax rate15.9 %16.7 %0.3 %17.5 %
v3.25.0.1
Segment Information and Major Customers (Tables)
6 Months Ended
Jan. 25, 2025
Segment Reporting [Abstract]  
Reportable Segments
Summarized financial information by segment for the second quarter and first six months of fiscal 2025 and 2024, based on our internal management system and as utilized by our Chief Operating Decision Maker (“CODM”), is as follows (in millions):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Revenue:
Americas$8,202 $7,510 $16,454 $16,532 
EMEA3,855 3,484 7,444 7,148 
APJC1,934 1,798 3,934 3,779 
Total$13,991 $12,791 $27,832 $27,459 
Gross margin:
Americas$5,545 $4,932 $11,285 $10,901 
EMEA2,750 2,373 5,272 4,919 
APJC1,320 1,226 2,648 2,554 
Segment total9,614 8,532 19,204 18,373 
Unallocated corporate items(503)(315)(972)(599)
Total$9,111 $8,217 $18,232 $17,774 
Net Sales for Groups of Similar Products and Services The following table presents this disaggregation of revenue (in millions):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Product revenue:
Networking$6,850 $7,081 $13,603 $15,904 
Security2,111 973 4,129 1,984 
Collaboration996 989 2,081 2,106 
Observability277 188 535 378 
Total Product10,234 9,232 20,348 20,371 
Services3,757 3,559 7,484 7,088 
Total$13,991 $12,791 $27,832 $27,459 
Our subscription revenue is recorded in product and services revenue in our Consolidated Statements of Operations as follows (in millions):
Three Months EndedSix Months Ended
January 25, 2025January 27, 2024January 25, 2025January 27, 2024
Product$4,432 $3,110 $8,851 $6,317 
Services3,430 3,280 6,855 6,534 
Total$7,862 $6,390 $15,706 $12,851 
The following table presents revenue for groups of similar products and services (in millions):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Revenue:
Networking$6,850 $7,081 $13,603 $15,904 
Security2,111 973 4,129 1,984 
Collaboration996 989 2,081 2,106 
Observability277 188 535 378 
Total Product10,234 9,232 20,348 20,371 
Services3,757 3,559 7,484 7,088 
Total$13,991 $12,791 $27,832 $27,459 
v3.25.0.1
Net Income per Share (Tables)
6 Months Ended
Jan. 25, 2025
Earnings Per Share [Abstract]  
Calculation of Basic and Diluted Net Income per Share
The following table presents the calculation of basic and diluted net income per share (in millions, except per-share amounts):
Three Months EndedSix Months Ended
January 25,
2025
January 27,
2024
January 25,
2025
January 27,
2024
Net income$2,428 $2,634 $5,139 $6,272 
Weighted-average shares—basic3,981 4,055 3,986 4,056 
Effect of dilutive potential common shares24 18 22 23 
Weighted-average shares—diluted4,005 4,073 4,008 4,079 
Net income per share—basic$0.61 $0.65 $1.29 $1.55 
Net income per share—diluted$0.61 $0.65 $1.28 $1.54 
Antidilutive employee share-based awards, excluded22 58 59 56 
v3.25.0.1
Organization and Basis of Presentation (Details)
6 Months Ended
Jan. 25, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 3
v3.25.0.1
Revenue - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Jul. 27, 2024
Disaggregation of Revenue [Line Items]          
Allowance for future sales returns $ 42   $ 42   $ 37
Payment terms     30 days    
Accounts receivable, net 5,669   $ 5,669   6,685
Deferred revenue 27,795   27,795   28,475
Amortization of sales commissions, expense 238 $ 166 446 $ 324  
Revenue recognized 4,400   9,700    
Total deferred sales commissions 1,500   1,500   1,300
Software and Service Agreements          
Disaggregation of Revenue [Line Items]          
Contract assets, net of allowances $ 2,900   $ 2,900   $ 2,700
v3.25.0.1
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 13,991 $ 12,791 $ 27,832 $ 27,459
Product        
Disaggregation of Revenue [Line Items]        
Revenue 10,234 9,232 20,348 20,371
Networking        
Disaggregation of Revenue [Line Items]        
Revenue 6,850 7,081 13,603 15,904
Security        
Disaggregation of Revenue [Line Items]        
Revenue 2,111 973 4,129 1,984
Collaboration        
Disaggregation of Revenue [Line Items]        
Revenue 996 989 2,081 2,106
Observability        
Disaggregation of Revenue [Line Items]        
Revenue 277 188 535 378
Services        
Disaggregation of Revenue [Line Items]        
Revenue 3,757 3,559 7,484 7,088
Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 7,862 6,390 15,706 12,851
Subscription Revenue, Product        
Disaggregation of Revenue [Line Items]        
Revenue 4,432 3,110 8,851 6,317
Subscription Revenue, Service        
Disaggregation of Revenue [Line Items]        
Revenue $ 3,430 $ 3,280 $ 6,855 $ 6,534
v3.25.0.1
Revenue - Allowance for Accounts Receivable (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss at beginning of period $ 78 $ 82 $ 87 $ 85
Provisions (benefits) 12 9 12 11
Recoveries (write-offs), net (10) (12) (19) (17)
Allowance for credit loss at end of period $ 80 $ 79 $ 80 $ 79
v3.25.0.1
Revenue - Schedule of Internal Risk Ratings for Contract Assets (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Contract asset, gross $ 2,964 $ 2,794
1 to 4    
Financing Receivable, Credit Quality Indicator [Line Items]    
Contract asset, gross 1,223 1,266
5 to 6    
Financing Receivable, Credit Quality Indicator [Line Items]    
Contract asset, gross 1,659 1,456
7 and Higher    
Financing Receivable, Credit Quality Indicator [Line Items]    
Contract asset, gross $ 82 $ 72
v3.25.0.1
Acquisitions - Summary of Allocation of Total Purchase Consideration (Details)
$ in Millions
6 Months Ended
Jan. 25, 2025
USD ($)
Business Acquisition [Line Items]  
Purchased Intangible Assets $ 105
Acquisitions, net of Divestitures  
Business Acquisition [Line Items]  
Purchase Consideration 259
Net Tangible Assets Acquired (Liabilities Assumed) (16)
Purchased Intangible Assets 105
Goodwill $ 170
v3.25.0.1
Acquisitions - Additional Information (Details) - USD ($)
$ in Millions
6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Business Acquisition [Line Items]    
Future compensation expense & contingent consideration (up to) $ 1,100  
Acquisitions, net of Divestitures    
Business Acquisition [Line Items]    
Acquired cash and cash equivalents 14  
Acquisitions, net of Divestitures | General and administrative    
Business Acquisition [Line Items]    
Transaction costs $ 11 $ 51
v3.25.0.1
Acquisitions - Compensation Expense (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
All Acquisitions        
Business Acquisition [Line Items]        
Compensation expense related to acquisitions $ 222 $ 45 $ 519 $ 94
v3.25.0.1
Goodwill and Purchased Intangible Assets - Schedule of Goodwill by Reportable Segments (Details)
$ in Millions
6 Months Ended
Jan. 25, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning Balance $ 58,660
Acquisitions, net of Divestitures 168
Foreign Currency Translation and Other (109)
Ending Balance 58,719
Americas  
Goodwill [Roll Forward]  
Beginning Balance 36,169
Acquisitions, net of Divestitures 108
Foreign Currency Translation and Other (67)
Ending Balance 36,210
EMEA  
Goodwill [Roll Forward]  
Beginning Balance 14,283
Acquisitions, net of Divestitures 41
Foreign Currency Translation and Other (26)
Ending Balance 14,298
APJC  
Goodwill [Roll Forward]  
Beginning Balance 8,208
Acquisitions, net of Divestitures 19
Foreign Currency Translation and Other (16)
Ending Balance $ 8,211
v3.25.0.1
Goodwill and Purchased Intangible Assets - Schedule of Intangible Assets Acquired Through Business Combinations (Details)
$ in Millions
6 Months Ended
Jan. 25, 2025
USD ($)
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Acquired Through Business Combinations [Line Items]  
Purchased Intangible Assets $ 105
IPR&D  
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Acquired Through Business Combinations [Line Items]  
Indefinite-lived intangible assets acquired $ 0
CUSTOMER RELATED  
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Acquired Through Business Combinations [Line Items]  
Weighted- Average Useful Life (in Years) 4 years
Finite lived assets acquired $ 12
TECHNOLOGY  
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Acquired Through Business Combinations [Line Items]  
Weighted- Average Useful Life (in Years) 4 years
Finite lived assets acquired $ 93
TRADE NAME  
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Acquired Through Business Combinations [Line Items]  
Finite lived assets acquired $ 0
v3.25.0.1
Goodwill and Purchased Intangible Assets - Schedule of Purchased Intangible Assets With Finite and Indefinite Lives (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 25, 2025
Jul. 27, 2024
Purchased intangible assets with finite lives:      
Gross $ 14,027 $ 14,027 $ 14,077
Accumulated Amortization (3,914) (3,914) (2,884)
Total purchased intangible assets with finite lives, net 10,113 10,113 11,193
In-process research and development, with indefinite lives 26 26 26
Total finite and indefinite lives intangible assets, gross 14,053 14,053 14,103
Total finite and indefinite lives intangible assets, net 10,139 10,139 11,219
Impairment of purchased intangible assets 19 19  
Customer related      
Purchased intangible assets with finite lives:      
Gross 6,854 6,854 6,844
Accumulated Amortization (1,332) (1,332) (829)
Total purchased intangible assets with finite lives, net 5,522 5,522 6,015
Technology      
Purchased intangible assets with finite lives:      
Gross 6,622 6,622 6,680
Accumulated Amortization (2,509) (2,509) (2,006)
Total purchased intangible assets with finite lives, net 4,113 4,113 4,674
Trade name      
Purchased intangible assets with finite lives:      
Gross 551 551 553
Accumulated Amortization (73) (73) (49)
Total purchased intangible assets with finite lives, net $ 478 $ 478 $ 504
v3.25.0.1
Goodwill and Purchased Intangible Assets - Schedule of Amortization of Purchased Intangible Assets (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Acquired Finite-Lived Intangible Assets [Line Items]        
Amortization of purchased intangible assets $ 265 $ 66 $ 530 $ 133
Total        
Acquired Finite-Lived Intangible Assets [Line Items]        
Amortization of purchased intangible assets 605 246 1,195 499
Cost of sales        
Acquired Finite-Lived Intangible Assets [Line Items]        
Amortization of purchased intangible assets 340 180 665 366
Operating expenses        
Acquired Finite-Lived Intangible Assets [Line Items]        
Amortization of purchased intangible assets $ 265 $ 66 $ 530 $ 133
v3.25.0.1
Goodwill and Purchased Intangible Assets - Schedule of Estimated Future Amortization Expense of Purchased Intangible Assets (Details)
$ in Millions
Jan. 25, 2025
USD ($)
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]  
2025 (remaining six months) $ 981
2026 1,810
2027 1,467
2028 1,393
2029 1,271
Thereafter $ 3,191
v3.25.0.1
Restructuring and Other Charges - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Jul. 27, 2024
Restructuring Cost and Reserve [Line Items]          
Restructuring and other charges $ 10 $ 12 $ 675 $ 135  
FISCAL 2025 PLAN          
Restructuring Cost and Reserve [Line Items]          
Percentage of global workforce impacted by restructure     7.00%    
Expected pretax charges 1,000   $ 1,000    
Restructuring and other charges $ 10   $ 675    
FISCAL 2024 PLAN          
Restructuring Cost and Reserve [Line Items]          
Cumulative restructuring charges incurred         $ 654
v3.25.0.1
Restructuring and Other Charges - Schedule of Activities Related to Restructuring and Other Charges (Details)
$ in Millions
6 Months Ended
Jan. 25, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Liability, beginning of period $ 210
Charges 675
Cash payments (606)
Non-cash and other (52)
Liability, end of period 227
FISCAL 2025 PLAN | Employee Severance  
Restructuring Reserve [Roll Forward]  
Liability, beginning of period 0
Charges 605
Cash payments (491)
Non-cash and other (1)
Liability, end of period 113
FISCAL 2025 PLAN | Other  
Restructuring Reserve [Roll Forward]  
Liability, beginning of period 0
Charges 70
Cash payments (4)
Non-cash and other (51)
Liability, end of period 15
FISCAL 2024 PLAN | Employee Severance  
Restructuring Reserve [Roll Forward]  
Liability, beginning of period 201
Charges 0
Cash payments (107)
Non-cash and other 0
Liability, end of period 94
FISCAL 2024 PLAN | Other  
Restructuring Reserve [Roll Forward]  
Liability, beginning of period 9
Charges 0
Cash payments (4)
Non-cash and other 0
Liability, end of period $ 5
v3.25.0.1
Balance Sheet and Other Details - Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Jan. 27, 2024
Jul. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 8,556 $ 7,508    
Restricted cash and restricted cash equivalents included in other current assets 761 765    
Restricted cash and restricted cash equivalents included in other assets 191 569    
Total $ 9,508 $ 8,842 $ 15,218 $ 11,627
v3.25.0.1
Balance Sheet and Other Details - Inventories (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 1,692 $ 2,039
Work in process 109 83
Finished goods 910 1,027
Service-related spares 210 216
Demonstration systems 6 8
Total $ 2,927 $ 3,373
v3.25.0.1
Balance Sheet and Other Details - Property and Equipment, Net (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Property, Plant and Equipment [Line Items]    
Operating lease assets $ 77 $ 115
Total gross property and equipment 9,493 9,873
Less: accumulated depreciation and amortization (7,501) (7,783)
Total 1,992 2,090
Land, buildings, and building and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Gross property and equipment, excluding operating lease assets 3,979 4,247
Production, engineering, computer and other equipment and related software    
Property, Plant and Equipment [Line Items]    
Gross property and equipment, excluding operating lease assets 5,070 5,160
Furniture, fixtures and other    
Property, Plant and Equipment [Line Items]    
Gross property and equipment, excluding operating lease assets $ 367 $ 351
v3.25.0.1
Balance Sheet and Other Details - Remaining Performance Obligations (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 41,268 $ 41,048
Deferred revenue 27,795 28,475
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-26    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 21,017  
Period for amount to be recognized as revenue  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-28    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation   $ 20,882
Period for amount to be recognized as revenue 12 months
Amount to be recognized as revenue over the next 12 months   51.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-26    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 20,251  
Period for amount to be recognized as revenue 12 months
Amount to be recognized as revenue over the next 12 months 51.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-27    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation   $ 20,166
Period for amount to be recognized as revenue  
Unbilled contract revenue    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 13,473 $ 12,573
Product    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation 20,321 20,055
Deferred revenue 13,033 13,219
Services    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation 20,947 20,993
Deferred revenue $ 14,762 $ 15,256
v3.25.0.1
Balance Sheet and Other Details - Deferred Revenue (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Disaggregation of Revenue [Line Items]    
Total deferred revenue $ 27,795 $ 28,475
Current 15,999 16,249
Noncurrent 11,796 12,226
Product    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 13,033 13,219
Services    
Disaggregation of Revenue [Line Items]    
Total deferred revenue $ 14,762 $ 15,256
v3.25.0.1
Balance Sheet and Other Details - Transition Tax Payable (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Current $ 1,595 $ 1,819
Noncurrent 0 2,273
Total $ 1,595 $ 4,092
v3.25.0.1
Leases - Operating Lease Balances (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating lease right-of-use assets $ 1,134 $ 1,066
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating lease liabilities $ 362 $ 364
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Operating lease liabilities $ 1,015 $ 906
Total operating lease liabilities $ 1,377 $ 1,270
v3.25.0.1
Leases - Lease Expenses (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Leases [Abstract]        
Operating lease expense $ 149 $ 103 $ 263 $ 203
Short-term lease expense 16 25 34 36
Variable lease expense 47 50 93 106
Total lease expense $ 212 $ 178 $ 390 $ 345
v3.25.0.1
Leases - Supplemental Information (Details) - USD ($)
$ in Millions
6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $ 228 $ 178
Right-of-use assets obtained in exchange for operating leases liabilities $ 326 $ 182
v3.25.0.1
Leases - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Jul. 27, 2024
Leases [Abstract]          
Weighted-average remaining lease term (in years) 5 years 4 months 24 days   5 years 4 months 24 days   4 years 10 months 24 days
Weighted-average discount rate 4.10%   4.10%   4.00%
Sales-type lease terms, on average 4 years   4 years    
Interest income, lease receivables $ 16 $ 16 $ 33 $ 30  
Operating lease income $ 9 $ 15 $ 20 $ 31  
v3.25.0.1
Leases - Lessee, Maturities of Operating Leases (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Leases [Abstract]    
2025 (remaining six months) $ 213  
2026 345  
2027 257  
2028 190  
2029 152  
Thereafter 402  
Total lease payments 1,559  
Less: interest (182)  
Total $ 1,377 $ 1,270
v3.25.0.1
Leases - Lessor, Future Minimum Lease Payments on Lease Receivables (Details)
$ in Millions
Jan. 25, 2025
USD ($)
Leases [Abstract]  
2025 (remaining six months) $ 229
2026 407
2027 144
2028 102
2029 101
Thereafter 5
Total 988
Less: Present value of lease payments (886)
Unearned income $ 102
v3.25.0.1
Leases - Operating Lease Assets (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Leases [Abstract]    
Operating lease assets $ 77 $ 115
Accumulated depreciation (49) (61)
Operating lease assets, net $ 28 $ 54
v3.25.0.1
Leases - Lessor, Minimum Future Rentals on Noncancelable operating leases (Details)
$ in Millions
Jan. 25, 2025
USD ($)
Leases [Abstract]  
2025 (remaining six months) $ 8
2026 13
2027 5
Total $ 26
v3.25.0.1
Financing Receivables - Additional Information (Details)
6 Months Ended
Jan. 25, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Lease receivables terms, on average 4 years
Threshold for past due receivables 31 days
Minimum  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loan receivables term, on average 1 year
Maximum  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Loan receivables term, on average 3 years
v3.25.0.1
Financing Receivables - Schedule of Financing Receivables (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Oct. 26, 2024
Jul. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Jul. 29, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Gross $ 6,411   $ 6,823      
Residual value 64   67      
Unearned income (102)   (111)      
Allowance for credit loss (59) $ (64) (65) $ (69) $ (74) $ (72)
Total, net 6,314   6,714      
Current 3,074   3,338      
Noncurrent 3,240   3,376      
Loan Receivables            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Gross 5,423   5,858      
Unearned income 0   0      
Allowance for credit loss (45) (49) (50) (53) (58) (53)
Total, net 5,378   5,808      
Current 2,728   3,071      
Noncurrent 2,650   2,737      
Lease Receivables            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Gross 988   965      
Residual value 64   67      
Unearned income (102)   (111)      
Allowance for credit loss (14) $ (15) (15) $ (16) $ (16) $ (19)
Total, net 936   906      
Current 346   267      
Noncurrent $ 590   $ 639      
v3.25.0.1
Financing Receivables - Schedule of Financing Receivables Categorized by Internal Credit Risk Rating (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior $ 54 $ 9
Origination year - Fiscal Year One 284 127
Origination year - Fiscal Year Two 546 539
Origination year - Fiscal Year Three 1,218 852
Origination year - Fiscal Year Four 2,692 1,694
Origination year - Fiscal Year Five 1,515 3,491
Gross 6,309 6,712
Loan Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 48 7
Origination year - Fiscal Year One 248 108
Origination year - Fiscal Year Two 475 478
Origination year - Fiscal Year Three 961 759
Origination year - Fiscal Year Four 2,335 1,385
Origination year - Fiscal Year Five 1,356 3,121
Gross 5,423 5,858
Lease Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 6 2
Origination year - Fiscal Year One 36 19
Origination year - Fiscal Year Two 71 61
Origination year - Fiscal Year Three 257 93
Origination year - Fiscal Year Four 357 309
Origination year - Fiscal Year Five 159 370
Gross 886 854
1 to 4 | Loan Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 33 2
Origination year - Fiscal Year One 193 78
Origination year - Fiscal Year Two 335 341
Origination year - Fiscal Year Three 639 555
Origination year - Fiscal Year Four 1,466 945
Origination year - Fiscal Year Five 728 1,803
Gross 3,394 3,724
1 to 4 | Lease Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 3 1
Origination year - Fiscal Year One 22 8
Origination year - Fiscal Year Two 39 38
Origination year - Fiscal Year Three 160 46
Origination year - Fiscal Year Four 226 176
Origination year - Fiscal Year Five 105 341
Gross 555 610
5 to 6 | Loan Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 14 2
Origination year - Fiscal Year One 52 29
Origination year - Fiscal Year Two 89 127
Origination year - Fiscal Year Three 321 130
Origination year - Fiscal Year Four 862 426
Origination year - Fiscal Year Five 627 1,314
Gross 1,965 2,028
5 to 6 | Lease Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 3 1
Origination year - Fiscal Year One 13 11
Origination year - Fiscal Year Two 31 22
Origination year - Fiscal Year Three 94 44
Origination year - Fiscal Year Four 126 129
Origination year - Fiscal Year Five 54 21
Gross 321 228
7 and Higher | Loan Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 1 3
Origination year - Fiscal Year One 3 1
Origination year - Fiscal Year Two 51 10
Origination year - Fiscal Year Three 1 74
Origination year - Fiscal Year Four 7 14
Origination year - Fiscal Year Five 1 4
Gross 64 106
7 and Higher | Lease Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 0 0
Origination year - Fiscal Year One 1 0
Origination year - Fiscal Year Two 1 1
Origination year - Fiscal Year Three 3 3
Origination year - Fiscal Year Four 5 4
Origination year - Fiscal Year Five 0 8
Gross $ 10 $ 16
v3.25.0.1
Financing Receivables - Schedule of Aging Analysis of Financing Receivables (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables $ 6,309 $ 6,712
120+ Still Accruing 20 15
Nonaccrual Financing Receivables 11 7
Impaired Financing Receivables 11 7
Total Past Due    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 127 109
31-60    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 51 48
61-90     
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 20 21
91+    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 56 40
Current    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 6,182 6,603
Loan Receivables    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 5,423 5,858
120+ Still Accruing 18 14
Nonaccrual Financing Receivables 10 7
Impaired Financing Receivables 10 7
Loan Receivables | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 101 86
Loan Receivables | 31-60    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 37 34
Loan Receivables | 61-90     
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 16 17
Loan Receivables | 91+    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 48 35
Loan Receivables | Current    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 5,322 5,772
Lease Receivables    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 886 854
120+ Still Accruing 2 1
Nonaccrual Financing Receivables 1 0
Impaired Financing Receivables 1 0
Lease Receivables | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 26 23
Lease Receivables | 31-60    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 14 14
Lease Receivables | 61-90     
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 4 4
Lease Receivables | 91+    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 8 5
Lease Receivables | Current    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables $ 860 $ 831
v3.25.0.1
Financing Receivables - Summary of Allowances for Credit Loss and Related Financing Receivables (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss, beginning of period $ 64 $ 74 $ 65 $ 72
Provisions (benefits) (4) (1) (5) 1
Recoveries (write-offs), net (3) (4) (3) (4)
Foreign exchange and other 2   2  
Allowance for credit loss, end of period 59 69 59 69
Loan Receivables        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss, beginning of period 49 58 50 53
Provisions (benefits) (2) (1) (3) 4
Recoveries (write-offs), net (3) (4) (3) (4)
Foreign exchange and other 1   1  
Allowance for credit loss, end of period 45 53 45 53
Lease Receivables        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss, beginning of period 15 16 15 19
Provisions (benefits) (2) 0 (2) (3)
Recoveries (write-offs), net 0 0 0 0
Foreign exchange and other 1   1  
Allowance for credit loss, end of period $ 14 $ 16 $ 14 $ 16
v3.25.0.1
Investments - Summary of Available-for-Sale Debt Investments (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 8,186 $ 10,212
Gross Unrealized Gains 7 7
Gross Unrealized and Credit Losses (235) (354)
Fair Value 7,958 9,865
U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,177 2,380
Gross Unrealized Gains 0 1
Gross Unrealized and Credit Losses (29) (28)
Fair Value 2,148 2,353
U.S. government agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 112 223
Gross Unrealized Gains 0 0
Gross Unrealized and Credit Losses (1) (2)
Fair Value 111 221
Non-U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 363 370
Gross Unrealized Gains 1 1
Gross Unrealized and Credit Losses 0 0
Fair Value 364 371
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,292 3,818
Gross Unrealized Gains 6 5
Gross Unrealized and Credit Losses (94) (146)
Fair Value 3,204 3,677
U.S. agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 847 1,959
Gross Unrealized Gains 0 0
Gross Unrealized and Credit Losses (111) (178)
Fair Value 736 1,781
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 732 1,023
Gross Unrealized Gains 0 0
Gross Unrealized and Credit Losses 0 0
Fair Value 732 1,023
Certificates of deposit    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 663 439
Gross Unrealized Gains 0 0
Gross Unrealized and Credit Losses 0 0
Fair Value $ 663 $ 439
v3.25.0.1
Investments - Gross Realized Gains and Gross Realized Losses Related to Available-for-Sale Investment (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Investments, Debt and Equity Securities [Abstract]        
Gross realized gains $ 0 $ 5 $ 8 $ 5
Gross realized losses (20) (28) (53) (48)
Total $ (20) $ (23) $ (45) $ (43)
v3.25.0.1
Investments - Available-for-Sale Investments With Gross Unrealized Losses (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value $ 1,750 $ 1,228
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses (19) (4)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 3,356 5,764
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses (187) (320)
TOTAL, Fair Value 5,106 6,992
TOTAL, Gross Unrealized Losses (206) (324)
U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value 1,431 598
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses (17) (2)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 387 1,399
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses (12) (26)
TOTAL, Fair Value 1,818 1,997
TOTAL, Gross Unrealized Losses (29) (28)
U.S. government agency securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value 30 89
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses 0 0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 48 109
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses (1) (2)
TOTAL, Fair Value 78 198
TOTAL, Gross Unrealized Losses (1) (2)
Non-U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value   17
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses   0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value   0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses   0
TOTAL, Fair Value   17
TOTAL, Gross Unrealized Losses   0
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value 281 276
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses (2) (1)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 2,193 2,818
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses (63) (115)
TOTAL, Fair Value 2,474 3,094
TOTAL, Gross Unrealized Losses (65) (116)
U.S. agency mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value 8 238
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses 0 (1)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 728 1,438
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses (111) (177)
TOTAL, Fair Value 736 1,676
TOTAL, Gross Unrealized Losses $ (111) (178)
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value   10
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses   0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value   0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses   0
TOTAL, Fair Value   10
TOTAL, Gross Unrealized Losses   $ 0
v3.25.0.1
Investments - Maturities of Available-for-Sale Debt Investments (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Amortized Cost    
Within 1 year $ 3,238  
After 1 year through 5 years 4,101  
Mortgage-backed securities with no single maturity 847  
Amortized Cost 8,186 $ 10,212
Fair Value    
Within 1 year 3,207  
After 1 year through 5 years 4,015  
Mortgage-backed securities with no single maturity 736  
Fair Value $ 7,958 $ 9,865
v3.25.0.1
Investments - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Jul. 27, 2024
Schedule of Investments [Line Items]          
Marketable equity securities $ 339   $ 339   $ 481
Net unrealized gain (loss) on marketable securities 16 $ 55 (36) $ 17  
Net loss (gain) on non-marketable equity securities measured using the measurement alternative 8 $ 134 16 $ 134  
Investments in privately held companies 1,900   1,900   1,800
Funding commitments 200   200    
Variable Interest Entity, Not Primary Beneficiary          
Schedule of Investments [Line Items]          
Investments in privately held companies 800   800    
Private equity funds | Fair value measured at NAV per share          
Schedule of Investments [Line Items]          
Equity interests held in certain private equity funds $ 700   $ 700   $ 800
v3.25.0.1
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Assets:    
Available-for-sale debt investments: $ 7,958 $ 9,865
Marketable equity securities 339 481
Derivative assets 105 64
Total 14,871 15,564
Liabilities:    
Derivative liabilities 70 74
Total 70 74
Money market funds    
Assets:    
Other current assets: 750 750
Other assets: 188 563
U.S. government securities    
Assets:    
Available-for-sale debt investments: 2,148 2,353
U.S. government agency securities    
Assets:    
Available-for-sale debt investments: 111 221
Non-U.S. government and agency securities    
Assets:    
Available-for-sale debt investments: 364 371
Corporate debt securities    
Assets:    
Available-for-sale debt investments: 3,204 3,677
U.S. agency mortgage-backed securities    
Assets:    
Available-for-sale debt investments: 736 1,781
Commercial paper    
Assets:    
Available-for-sale debt investments: 732 1,023
Certificates of deposit    
Assets:    
Available-for-sale debt investments: 663 439
Money market funds    
Assets:    
Cash equivalents: 5,398 3,334
Commercial paper    
Assets:    
Cash equivalents: 129 468
Corporate debt securities    
Assets:    
Cash equivalents: 4 25
Certificates of deposit    
Assets:    
Cash equivalents: 0 14
Level 1    
Assets:    
Marketable equity securities 339 481
Derivative assets 0 0
Total 6,675 5,128
Liabilities:    
Derivative liabilities 0 0
Total 0 0
Level 1 | Money market funds    
Assets:    
Other current assets: 750 750
Other assets: 188 563
Level 1 | U.S. government securities    
Assets:    
Available-for-sale debt investments: 0 0
Level 1 | U.S. government agency securities    
Assets:    
Available-for-sale debt investments: 0 0
Level 1 | Non-U.S. government and agency securities    
Assets:    
Available-for-sale debt investments: 0 0
Level 1 | Corporate debt securities    
Assets:    
Available-for-sale debt investments: 0 0
Level 1 | U.S. agency mortgage-backed securities    
Assets:    
Available-for-sale debt investments: 0 0
Level 1 | Commercial paper    
Assets:    
Available-for-sale debt investments: 0 0
Level 1 | Certificates of deposit    
Assets:    
Available-for-sale debt investments: 0 0
Level 1 | Money market funds    
Assets:    
Cash equivalents: 5,398 3,334
Level 1 | Commercial paper    
Assets:    
Cash equivalents: 0 0
Level 1 | Corporate debt securities    
Assets:    
Cash equivalents: 0 0
Level 1 | Certificates of deposit    
Assets:    
Cash equivalents: 0 0
Level 2    
Assets:    
Marketable equity securities 0 0
Derivative assets 105 64
Total 8,196 10,436
Liabilities:    
Derivative liabilities 70 74
Total 70 74
Level 2 | Money market funds    
Assets:    
Other current assets: 0 0
Other assets: 0 0
Level 2 | U.S. government securities    
Assets:    
Available-for-sale debt investments: 2,148 2,353
Level 2 | U.S. government agency securities    
Assets:    
Available-for-sale debt investments: 111 221
Level 2 | Non-U.S. government and agency securities    
Assets:    
Available-for-sale debt investments: 364 371
Level 2 | Corporate debt securities    
Assets:    
Available-for-sale debt investments: 3,204 3,677
Level 2 | U.S. agency mortgage-backed securities    
Assets:    
Available-for-sale debt investments: 736 1,781
Level 2 | Commercial paper    
Assets:    
Available-for-sale debt investments: 732 1,023
Level 2 | Certificates of deposit    
Assets:    
Available-for-sale debt investments: 663 439
Level 2 | Money market funds    
Assets:    
Cash equivalents: 0 0
Level 2 | Commercial paper    
Assets:    
Cash equivalents: 129 468
Level 2 | Corporate debt securities    
Assets:    
Cash equivalents: 4 25
Level 2 | Certificates of deposit    
Assets:    
Cash equivalents: $ 0 $ 14
v3.25.0.1
Fair Value - Additional Information (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Noncurrent $ 3,240 $ 3,376
Borrowings, carrying value 20,122 20,109
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Borrowings, fair value 20,200 20,400
Loan Receivables    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Noncurrent $ 2,650 $ 2,737
v3.25.0.1
Borrowings - Schedule of Short-Term Debt (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Short-term Debt [Line Items]    
Short-term debt $ 11,413 $ 11,341
Senior Notes    
Short-term Debt [Line Items]    
Short-term debt $ 496 $ 488
Effective Rate 5.66% 6.66%
Commercial paper    
Short-term Debt [Line Items]    
Short-term debt $ 10,916 $ 10,853
Effective Rate 4.75% 5.43%
Current portion of other debt    
Short-term Debt [Line Items]    
Short-term debt $ 1 $ 0
Effective Rate 1.13% 0.00%
v3.25.0.1
Borrowings - Additional Information (Details)
6 Months Ended
Feb. 02, 2024
USD ($)
Jan. 25, 2025
USD ($)
Jul. 27, 2024
USD ($)
Debt Instrument [Line Items]      
Derivative, notional amount   $ 11,392,000,000 $ 8,919,000,000
Revolving credit facility | Unsecured facility      
Debt Instrument [Line Items]      
Credit facility, term 5 years    
Maximum borrowing capacity $ 5,000,000,000    
Covenant, interest rate coverage ratio, minimum 3.0    
Borrowings on the funds   0  
Interest rate swaps | Fair Value Hedge | Derivatives designated as hedging instruments:      
Debt Instrument [Line Items]      
Derivative, notional amount   500,000,000  
Commercial paper      
Debt Instrument [Line Items]      
Commercial paper, maximum borrowing limit (up to)   $ 15,000,000,000  
v3.25.0.1
Borrowings - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Debt Instrument [Line Items]    
Other debt $ 3 $ 3
Total 20,253 20,253
Unaccreted discount/issuance costs (127) (133)
Hedge accounting fair value adjustments (4) (11)
Total 20,122 20,109
Current portion of senior notes 497 488
Long-term debt $ 19,625 19,621
Fixed-Rate Notes 3.50%, Due June 2025    
Debt Instrument [Line Items]    
Interest rate, stated percentage 3.50%  
Amount $ 500 $ 500
Effective Rate 5.66% 6.66%
Fixed-Rate Notes 4.90%, Due February 2026    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.90%  
Amount $ 1,000 $ 1,000
Effective Rate 5.00% 5.00%
Fixed-Rate Notes 2.95%, Due February 2026    
Debt Instrument [Line Items]    
Interest rate, stated percentage 2.95%  
Amount $ 750 $ 750
Effective Rate 3.01% 3.01%
Fixed Rate Notes 2.50%, Due September 2026    
Debt Instrument [Line Items]    
Interest rate, stated percentage 2.50%  
Amount $ 1,500 $ 1,500
Effective Rate 2.55% 2.55%
Fixed Rate Notes 4.80%, Due February 2027    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.80%  
Amount $ 2,000 $ 2,000
Effective Rate 4.90% 4.90%
Fixed Rate Notes 4.85%, Due February 2029    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.85%  
Amount $ 2,500 $ 2,500
Effective Rate 4.91% 4.91%
Fixed Rate Notes 4.95%, Due February 2031    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.95%  
Amount $ 2,500 $ 2,500
Effective Rate 5.04% 5.04%
Fixed Rate Notes 5.05%, Due February 2034    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.05%  
Amount $ 2,500 $ 2,500
Effective Rate 4.97% 4.97%
Fixed-Rate Notes 5.90%, Due February 2039    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.90%  
Amount $ 2,000 $ 2,000
Effective Rate 6.11% 6.11%
Fixed-Rate Notes 5.50%, Due January 2040    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.50%  
Amount $ 2,000 $ 2,000
Effective Rate 5.67% 5.67%
Fixed-Rate Notes 5.30%, Due February 2054    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.30%  
Amount $ 2,000 $ 2,000
Effective Rate 5.28% 5.28%
Fixed-Rate Notes 5.35%, Due February 2064    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.35%  
Amount $ 1,000 $ 1,000
Effective Rate 5.42% 5.42%
Other debt    
Debt Instrument [Line Items]    
Effective Rate 1.13% 1.13%
v3.25.0.1
Borrowings - Schedule of Future Principal Payments for Long-Term Debt (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Debt Disclosure [Abstract]    
2025 (remaining six months) $ 500  
2026 1,751  
2027 3,502  
2028 0  
2029 2,500  
Thereafter 12,000  
Total $ 20,253 $ 20,253
v3.25.0.1
Derivative Instruments - Fair Value of Derivatives Derivative Instruments by Balance Sheet Line Item (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Derivative [Line Items]    
DERIVATIVE ASSETS $ 105 $ 64
DERIVATIVE LIABILITIES 70 74
Derivatives designated as hedging instruments:    
Derivative [Line Items]    
DERIVATIVE ASSETS 101 62
DERIVATIVE LIABILITIES 9 12
Derivatives designated as hedging instruments: | Foreign currency derivatives | Other current assets    
Derivative [Line Items]    
DERIVATIVE ASSETS 45 47
Derivatives designated as hedging instruments: | Foreign currency derivatives | Other assets    
Derivative [Line Items]    
DERIVATIVE ASSETS 15 15
Derivatives designated as hedging instruments: | Foreign currency derivatives | Other current liabilities    
Derivative [Line Items]    
DERIVATIVE LIABILITIES 2 1
Derivatives designated as hedging instruments: | Foreign currency derivatives | Other long-term liabilities    
Derivative [Line Items]    
DERIVATIVE LIABILITIES 0 0
Derivatives designated as hedging instruments: | Interest rate derivatives | Other current assets    
Derivative [Line Items]    
DERIVATIVE ASSETS 41 0
Derivatives designated as hedging instruments: | Interest rate derivatives | Other current liabilities    
Derivative [Line Items]    
DERIVATIVE LIABILITIES 7 11
Derivatives not designated as hedging instruments:    
Derivative [Line Items]    
DERIVATIVE ASSETS 4 2
DERIVATIVE LIABILITIES 61 62
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other current assets    
Derivative [Line Items]    
DERIVATIVE ASSETS 4 2
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other assets    
Derivative [Line Items]    
DERIVATIVE ASSETS 0 0
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other current liabilities    
Derivative [Line Items]    
DERIVATIVE LIABILITIES 46 47
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other long-term liabilities    
Derivative [Line Items]    
DERIVATIVE LIABILITIES $ 15 $ 15
v3.25.0.1
Derivative Instruments - Cumulative Basis Adjustments For Fair Value Hedges (Details) - Derivatives designated as hedging instruments: - Short-term debt - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Derivative [Line Items]    
CARRYING AMOUNT OF THE HEDGED ASSETS/(LIABILITIES) $ (496) $ (488)
CUMULATIVE AMOUNT OF FAIR VALUE HEDGING ADJUSTMENT INCLUDED IN THE CARRYING AMOUNT OF THE HEDGED ASSETS/LIABILITIES $ 4 $ 11
v3.25.0.1
Derivative Instruments - Effect of Derivative Instruments Designated as Fair Value Hedges (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Derivative [Line Items]        
Gain/loss on effective portion of cash flow hedges $ 31 $ (8) $ 31 $ 12
Interest rate derivatives        
Derivative [Line Items]        
Hedged items (3) (14) (7) (23)
Derivatives designated as hedging instruments 3 14 7 23
Total $ 0 $ 0 $ 0 $ 0
v3.25.0.1
Derivative Instruments - Effect of Derivative Instruments Not Designated as Hedges on Consolidated Statements of Operations (Details) - Derivatives not designated as hedging instruments: - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) $ (52) $ 146 $ (62) $ (59)
Foreign currency derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) (63) 53 (95) (77)
Total return swaps—deferred compensation        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) 11 93 33 16
Equity derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) $ 0 $ 0 $ 0 $ 2
v3.25.0.1
Derivative Instruments - Schedule of Notional Amounts of Derivatives Outstanding (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Derivative [Line Items]    
Derivatives $ 11,392 $ 8,919
Foreign currency derivatives    
Derivative [Line Items]    
Derivatives 7,411 7,434
Interest rate derivatives    
Derivative [Line Items]    
Derivatives 2,950 500
Total return swaps—deferred compensation    
Derivative [Line Items]    
Derivatives $ 1,031 $ 985
v3.25.0.1
Derivative Instruments - Additional Information (Details) - USD ($)
$ in Millions
6 Months Ended
Jan. 25, 2025
Jul. 27, 2024
Derivative [Line Items]    
Net cash collateral provided for $ 4 $ 11
Cash flow hedges    
Derivative [Line Items]    
Derivative average remaining maturity 24 months  
Net investment hedges    
Derivative [Line Items]    
Derivative average remaining maturity 6 months  
v3.25.0.1
Commitments and Contingencies - Schedule of Purchase Commitments (Details) - Inventories - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Unrecorded Unconditional Purchase Obligation [Line Items]    
Less than 1 year $ 5,054 $ 3,952
1 to 3 years 681 1,085
3 to 5 years 89 121
Total $ 5,824 $ 5,158
v3.25.0.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Jul. 27, 2024
Loss Contingencies [Line Items]          
Commitments and contingencies (Note 14)    
Volume of channel partner financing 6,200 $ 12,200 6,600 $ 14,800  
Balance of the channel partner financing subject to guarantees 1,300   $ 1,300   1,200
Minimum          
Loss Contingencies [Line Items]          
Warranty period for products     90 days    
Channel partners revolving short-term financing payment term     60 days    
Maximum          
Loss Contingencies [Line Items]          
Warranty period for products     5 years    
Channel partners revolving short-term financing payment term     90 days    
Investments In Privately Held Companies          
Loss Contingencies [Line Items]          
Commitments and contingencies (Note 14) 200   $ 200   200
Inventories          
Loss Contingencies [Line Items]          
Liability for purchase commitments $ 383   $ 383   $ 498
v3.25.0.1
Commitments and Contingencies - Schedule of Product Warranty Liability (Details) - USD ($)
$ in Millions
6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]    
Balance at beginning of period $ 362 $ 329
Provisions for warranties issued 198 198
Adjustments for pre-existing warranties 37 5
Settlements (203) (205)
Balance at end of period $ 394 $ 327
v3.25.0.1
Commitments and Contingencies - Schedule of Financing Guarantees Outstanding (Details) - USD ($)
$ in Millions
Jan. 25, 2025
Jul. 27, 2024
Loss Contingencies [Line Items]    
Total $ 112 $ 114
Channel partner    
Loss Contingencies [Line Items]    
Maximum potential future payments 125 127
Deferred revenue $ (13) $ (13)
v3.25.0.1
Commitments and Contingencies - Legal Proceedings (Details)
$ in Millions
6 Months Ended 8 Months Ended 23 Months Ended 36 Months Ended 84 Months Ended
Jun. 12, 2019
patent
Feb. 13, 2018
patent
Aug. 08, 2016
patent
Jan. 25, 2025
USD ($)
patent
bench_trial
May 24, 2022
claim
Feb. 28, 2022
patent
claim
Dec. 31, 2023
patent
Jul. 29, 2023
patent
Centripetal | United States | Pending litigation | Patent infringement                
Loss Contingencies [Line Items]                
Number of allegedly infringed patents (patent)   11            
Number of bench trials | bench_trial       2        
Number of patents invalidated with expected appeal       1        
Number of patents found not infringed (patent)             3  
Number of patents found invalid             1  
Centripetal | German | Pending litigation | Patent infringement                
Loss Contingencies [Line Items]                
Number of allegedly infringed patents (patent)           5    
Centripetal | German | Pending litigation | Utility model infringement                
Loss Contingencies [Line Items]                
Claims filed | claim           1    
Ramot | Pending litigation | Patent infringement                
Loss Contingencies [Line Items]                
Number of allegedly infringed patents (patent) 3              
Claims filed | claim         2      
Egenera | Pending litigation | Patent infringement                
Loss Contingencies [Line Items]                
Number of allegedly infringed patents (patent)     3          
Number of patents found not infringed (patent)               2
Brazilian tax authority | Tax Year 2003 - 2007                
Loss Contingencies [Line Items]                
Income tax examination, tax | $       $ 137        
Income tax examination, interest | $       768        
Income tax examination, penalties | $       $ 276        
v3.25.0.1
Stockholders' Equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 6 Months Ended
Feb. 12, 2025
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Jul. 27, 2024
Class of Stock [Line Items]            
Cash dividends declared (in dollars per share)   $ 0.40 $ 0.39 $ 0.80 $ 0.78  
Subsequent event            
Class of Stock [Line Items]            
Authorized repurchased amount $ 15,000          
Remaining authorized repurchase amount $ 17,000          
Cash dividends declared (in dollars per share) $ 0.41          
Stock repurchase program            
Class of Stock [Line Items]            
Stock repurchases pending settlement   $ 21   $ 21   $ 25
v3.25.0.1
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Jan. 25, 2025
Oct. 26, 2024
Jul. 27, 2024
Apr. 27, 2024
Jan. 27, 2024
Oct. 28, 2023
Stockholders' Equity Note [Abstract]            
Shares (in shares) 21 40 43 26 25 23
Weighted-Average Price per Share (in dollars per share) $ 58.58 $ 49.56 $ 46.80 $ 49.22 $ 49.54 $ 54.53
Amount $ 1,236 $ 2,003 $ 2,002 $ 1,256 $ 1,254 $ 1,252
v3.25.0.1
Employee Benefit Plans - Additional Information (Details)
$ in Billions
3 Months Ended 6 Months Ended
Jan. 25, 2025
USD ($)
stock_incentive_plan
shares
Jan. 27, 2024
shares
Jan. 25, 2025
USD ($)
period
stock_incentive_plan
shares
Jan. 27, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total compensation cost related to unvested share-based awards | $ $ 5.3   $ 5.3  
Expected period of recognition of compensation cost     1 year 10 months 24 days  
Employee Stock Purchase Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Consecutive offering period     24 months  
Number of purchase periods | period     4  
Purchase period     6 months  
ESPP discount percentage from market price, beginning of purchase period     15.00%  
Shares issued under employee purchase plan (in shares) 8,000,000 10,000,000 8,000,000 10,000,000
Shares reserved for issuance (in shares) 60,000,000   60,000,000  
2005 Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of stock incentive plans (stock incentive plan) | stock_incentive_plan 1   1  
Reduction in shares available for issuance (in shares) 1.5   1.5  
Shares authorized for future grant (in shares) 111,000,000   111,000,000  
2005 Plan | RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Award vesting period     3 years  
v3.25.0.1
Employee Benefit Plans - Summary of Share-Based Compensation Expense (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense $ 921 $ 802 $ 1,748 $ 1,463
Income tax benefit for share-based compensation 224 202 398 345
Share-based compensation expense in cost of sales        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 151 139 282 242
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 413 344 767 618
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 231 221 441 407
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 121 97 236 187
Restructuring and other charges        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 5 1 22 9
Share-based compensation expense in operating expenses        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 770 663 1,466 1,221
Product | Share-based compensation expense in cost of sales        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 65 58 122 100
Services | Share-based compensation expense in cost of sales        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense $ 86 $ 81 $ 160 $ 142
v3.25.0.1
Employee Benefit Plans - Summary of Restricted Stock and Stock Unit Activity (Details) - Restricted Stock Units - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
6 Months Ended 12 Months Ended
Jan. 25, 2025
Jul. 27, 2024
Restricted Stock/ Stock Units    
Beginning balance (in shares) 117 122
Granted and assumed (in shares) 51 63
Vested (in shares) (41) (58)
Canceled/forfeited/other (in shares) (6) (10)
Ending balance (in shares) 121 117
Weighted-Average Grant Date Fair Value per Share    
Beginning balance (in dollars per share) $ 46.86 $ 44.04
Granted and assumed (in dollars per share) 53.32 48.97
Vested (in dollars per share) 47.68 43.46
Canceled/forfeited/other (in dollars per share) 46.83 45.65
Ending balance (in dollars per share) $ 49.31 $ 46.86
Aggregate Fair  Value    
Vested $ 2,110 $ 2,906
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance $ 45,457 $ 44,353
Other comprehensive income (loss) before reclassifications (34) 90
(Gains) losses reclassified out of AOCI 21 18
Tax benefit (expense) (50) (45)
Ending balance 45,530 46,251
Accumulated Other Comprehensive Income (Loss)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (1,430) (1,575)
Ending balance (1,493) (1,512)
Net Unrealized Gains (Losses) on Available-for-Sale Investments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (241) (440)
Other comprehensive income (loss) before reclassifications 75 132
(Gains) losses reclassified out of AOCI 45 43
Tax benefit (expense) (40) (42)
Ending balance (161) (307)
Net Unrealized Gains (Losses) Cash Flow Hedging Instruments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance 79 18
Other comprehensive income (loss) before reclassifications 65 39
(Gains) losses reclassified out of AOCI (24) (23)
Tax benefit (expense) (10) (4)
Ending balance 110 30
Cumulative Translation Adjustment and Actuarial Gains (Losses)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (1,268) (1,153)
Other comprehensive income (loss) before reclassifications (174) (81)
(Gains) losses reclassified out of AOCI 0 (2)
Tax benefit (expense) 0 1
Ending balance $ (1,442) $ (1,235)
v3.25.0.1
Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Income Tax Disclosure [Abstract]        
Income before provision for income taxes $ 2,887 $ 3,161 $ 5,154 $ 7,603
Provision for income taxes $ 459 $ 527 $ 15 $ 1,331
Effective tax rate 15.90% 16.70% 0.30% 17.50%
v3.25.0.1
Income Taxes - Additional Information (Details)
$ in Millions
6 Months Ended
Jan. 25, 2025
USD ($)
Income Tax Disclosure [Abstract]  
Unrecognized tax benefits $ 2,200
Unrecognized tax benefits that would impact effective tax rate 1,600
Tax benefit $ 720
v3.25.0.1
Segment Information and Major Customers - Additional Information (Details)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
USD ($)
Jan. 27, 2024
USD ($)
Jan. 25, 2025
USD ($)
segment
Jan. 27, 2024
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | segment     3  
Number of operating segments | segment     3  
Revenue | $ $ 13,991 $ 12,791 $ 27,832 $ 27,459
United States        
Segment Reporting Information [Line Items]        
Revenue | $ $ 7,400 $ 14,800 $ 6,700 $ 14,900
v3.25.0.1
Segment Information and Major Customers - Summary of Reportable Segments (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Segment Reporting Information [Line Items]        
Revenue $ 13,991 $ 12,791 $ 27,832 $ 27,459
Gross margin 9,111 8,217 18,232 17,774
Operating segments        
Segment Reporting Information [Line Items]        
Gross margin 9,614 8,532 19,204 18,373
Operating segments | Americas        
Segment Reporting Information [Line Items]        
Revenue 8,202 7,510 16,454 16,532
Gross margin 5,545 4,932 11,285 10,901
Operating segments | EMEA        
Segment Reporting Information [Line Items]        
Revenue 3,855 3,484 7,444 7,148
Gross margin 2,750 2,373 5,272 4,919
Operating segments | APJC        
Segment Reporting Information [Line Items]        
Revenue 1,934 1,798 3,934 3,779
Gross margin 1,320 1,226 2,648 2,554
Unallocated corporate items        
Segment Reporting Information [Line Items]        
Gross margin $ (503) $ (315) $ (972) $ (599)
v3.25.0.1
Segment Information and Major Customers - Summary of Net Revenue for Groups of Similar Products and Services (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue $ 13,991 $ 12,791 $ 27,832 $ 27,459
Total Product        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 10,234 9,232 20,348 20,371
Networking        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 6,850 7,081 13,603 15,904
Security        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 2,111 973 4,129 1,984
Collaboration        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 996 989 2,081 2,106
Observability        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 277 188 535 378
Services        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue $ 3,757 $ 3,559 $ 7,484 $ 7,088
v3.25.0.1
Net Income per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jan. 25, 2025
Jan. 27, 2024
Jan. 25, 2025
Jan. 27, 2024
Earnings Per Share [Abstract]        
Net income $ 2,428 $ 2,634 $ 5,139 $ 6,272
Weighted-average shares—basic (in shares) 3,981 4,055 3,986 4,056
Effect of dilutive potential common shares (in shares) 24 18 22 23
Weighted-average shares—diluted (in shares) 4,005 4,073 4,008 4,079
Net income per share—basic (in dollars per share) $ 0.61 $ 0.65 $ 1.29 $ 1.55
Net income per share—diluted (in dollars per share) $ 0.61 $ 0.65 $ 1.28 $ 1.54
Antidilutive employee share-based awards, excluded (in shares) 22 58 59 56