CISCO SYSTEMS, INC., 10-Q filed on 2/17/2026
Quarterly Report
v3.25.4
Cover Page - shares
 6 Months Ended
Jan. 24, 2026
Feb. 12, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jan. 24, 2026  
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 $0.001 per share  
Trading Symbol CSCO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   3,949,893,042
Amendment Flag false  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2026  
Entity Central Index Key 0000858877  
Current Fiscal Year End Date --07-25  
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Current assets:    
Cash and cash equivalents $ 7,458 $ 8,346
Investments 8,319 7,764
Accounts receivable, net of allowance of $76 at January 24, 2026 and $69 at July 26, 2025 6,606 6,701
Inventories 3,920 3,164
Financing receivables, net 2,944 3,061
Other current assets 5,884 5,950
Total current assets 35,131 34,986
Property and equipment, net 2,351 2,113
Financing receivables, net 3,698 3,466
Goodwill 59,234 59,136
Purchased intangible assets, net 8,307 9,175
Deferred tax assets 7,399 7,356
Other assets 7,251 6,059
TOTAL ASSETS 123,371 122,291
Current liabilities:    
Short-term debt 8,719 5,232
Accounts payable 2,762 2,528
Income taxes payable 195 1,857
Accrued compensation 3,494 3,611
Deferred revenue 16,199 16,416
Other current liabilities 5,417 5,420
Total current liabilities 36,786 35,064
Long-term debt 21,367 22,861
Income taxes payable 2,124 2,165
Deferred revenue 12,204 12,363
Other long-term liabilities 3,167 2,995
Total liabilities 75,648 75,448
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; 3,949 and 3,960 shares issued and outstanding at January 24, 2026 and July 26, 2025, respectively 48,493 47,747
Retained earnings 66 50
Accumulated other comprehensive loss (836) (954)
Total equity 47,723 46,843
TOTAL LIABILITIES AND EQUITY $ 123,371 $ 122,291
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Statement of Financial Position [Abstract]    
Accounts receivable, allowance $ 76 $ 69
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) 3,949,000,000 3,960,000,000
Common stock, shares outstanding (in shares) 3,949,000,000 3,960,000,000
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
REVENUE:        
Total revenue $ 15,349 $ 13,991 $ 30,232 $ 27,832
COST OF SALES:        
Total cost of sales 5,377 4,880 10,515 9,600
GROSS MARGIN 9,972 9,111 19,717 18,232
OPERATING EXPENSES:        
Research and development 2,355 2,299 4,755 4,585
Sales and marketing 2,881 2,672 5,752 5,424
General and administrative 688 752 1,421 1,547
Amortization of purchased intangible assets 231 265 462 530
Restructuring and other charges 36 10 183 675
Total operating expenses 6,191 5,998 12,573 12,761
OPERATING INCOME 3,781 3,113 7,144 5,471
Interest income 210 238 432 524
Interest expense (370) (404) (720) (822)
Other income (loss), net 25 (60) 181 (19)
Interest and other income (loss), net (135) (226) (107) (317)
INCOME BEFORE PROVISION FOR INCOME TAXES 3,646 2,887 7,037 5,154
Provision for income taxes 471 459 1,002 15
NET INCOME $ 3,175 $ 2,428 $ 6,035 $ 5,139
Net income per share:        
Basic (in dollars per share) $ 0.80 $ 0.61 $ 1.53 $ 1.29
Diluted (in dollars per share) $ 0.80 $ 0.61 $ 1.51 $ 1.28
Shares used in per-share calculation:        
Basic (in shares) 3,955 3,981 3,955 3,986
Diluted (in shares) 3,984 4,005 3,987 4,008
Product        
REVENUE:        
Total revenue $ 11,642 $ 10,234 $ 22,719 $ 20,348
COST OF SALES:        
Total cost of sales 4,205 3,713 8,139 7,239
Services        
REVENUE:        
Total revenue 3,707 3,757 7,513 7,484
COST OF SALES:        
Total cost of sales $ 1,172 $ 1,167 $ 2,376 $ 2,361
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 3,175 $ 2,428 $ 6,035 $ 5,139
Available-for-sale investments:        
Change in net unrealized gains and losses, net of tax benefit (expense) of $3 and $(7) for the second quarter and first six months of fiscal 2026, respectively, and $0 and $(17) for the corresponding periods of fiscal 2025, respectively 1 4 39 58
Net (gains) losses reclassified into earnings, net of tax (benefit) expense of $(1) and $(2) for the second quarter and first six months of fiscal 2026, respectively, and $(17) and $(23) for the corresponding periods of fiscal 2025, respectively 3 3 6 22
Total- Available-for-sale investments 4 7 45 80
Cash flow hedging instruments:        
Change in unrealized gains and losses, net of tax benefit (expense) of $(8) and $(18) for the second quarter and first six months of fiscal 2026, respectively, and $(13) and $(15) for the corresponding periods of fiscal 2025, respectively 26 43 58 50
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 2026, respectively, and $3 and $5 for the corresponding periods of fiscal 2025, respectively (10) (12) (17) (19)
Total- Cash flow hedging instruments 16 31 41 31
Net change in cumulative translation adjustment and actuarial gains and losses, net of tax benefit (expense) of $0 and $(1) for the second quarter and first six months of fiscal 2026, respectively, and $0 for each of the corresponding periods of fiscal 2025 74 (155) 32 (174)
Other comprehensive income (loss) 94 (117) 118 (63)
Comprehensive income $ 3,269 $ 2,311 $ 6,153 $ 5,076
v3.25.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Statement of Comprehensive Income [Abstract]        
Change in net unrealized gains and losses, tax benefit (expense), available-for-sale investments $ 3 $ 0 $ (7) $ (17)
Net (gains) losses reclassified into earnings, tax (benefit) expense, available-for-sale investments (1) (17) (2) (23)
Change in unrealized gains and losses, tax benefit (expense), cash flow hedging instruments (8) (13) (18) (15)
Net (gains) losses reclassified into earnings, tax (benefit) expense, cash flow hedging instruments 3 3 5 5
Net change in cumulative translation adjustment and actuarial gains and losses, net of tax benefit (expense) $ 0 $ 0 $ (1) $ 0
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Cash flows from operating activities:    
Net income $ 6,035 $ 5,139
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization, and other 1,265 1,550
Share-based compensation expense 1,989 1,748
Provision for receivables 9 7
Deferred income taxes (64) (382)
(Gains) losses on divestitures, investments and other, net (237) (5)
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:    
Accounts receivable 54 969
Inventories (761) 441
Financing receivables (120) 330
Other assets (642) (427)
Accounts payable 236 (359)
Income taxes, net (2,503) (2,285)
Accrued compensation (120) (293)
Deferred revenue (290) (555)
Other liabilities 183 24
Net cash provided by operating activities 5,034 5,902
Cash flows from investing activities:    
Purchases of investments (4,228) (2,261)
Proceeds from sales of investments 1,445 1,791
Proceeds from maturities of investments 2,303 2,703
Acquisitions, net of cash and cash equivalents acquired and divestitures (46) (257)
Purchases of investments in privately held companies (65) (137)
Return of investments in privately held companies 55 94
Acquisition of property and equipment (606) (427)
Other (8) (5)
Net cash provided by (used in) investing activities (1,150) 1,501
Cash flows from financing activities:    
Issuances of common stock 354 320
Repurchases of common stock—repurchase program (3,355) (3,243)
Shares repurchased for tax withholdings on vesting of restricted stock units (1,068) (655)
Short-term borrowings, original maturities of 90 days or less, net 750 1,012
Issuances of debt 4,241 10,406
Repayments of debt (2,992) (11,382)
Dividends paid (3,234) (3,185)
Other 2 (2)
Net cash used in financing activities (5,302) (6,729)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (33) (8)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (1,451) 666
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 8,910 8,842
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 7,459 9,508
Supplemental cash flow information:    
Cash paid for interest 701 769
Cash paid for income taxes, net $ 3,569 $ 2,682
v3.25.4
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 Deficit)
Accumulated Other Comprehensive Loss
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)        
Repurchase of common stock $ (2,003)        
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 (647)   (641) (6)  
Cash dividends declared (3,185)     (3,185)  
Share-based compensation 1,748   1,748    
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 (470)   (467) (3)  
Cash dividends declared (1,593)     (1,593)  
Share-based compensation 921   921    
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 Jul. 26, 2025   3,960      
Beginning balance at Jul. 26, 2025 $ 46,843   47,747 50 (954)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Repurchase of common stock (in shares) (29)        
Repurchase of common stock $ (2,001)        
Ending balance (in shares) at Oct. 25, 2025   3,938      
Ending balance at Oct. 25, 2025 46,873   48,167 (364) (930)
Beginning balance (in shares) at Jul. 26, 2025   3,960      
Beginning balance at Jul. 26, 2025 46,843   47,747 50 (954)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 6,035     6,035  
Other comprehensive income (loss) 118       118
Issuance of common stock (in shares)   51      
Issuance of common stock 354   354    
Repurchase of common stock (in shares)   (47)      
Repurchase of common stock (3,352)   (571) (2,781)  
Shares repurchased for tax withholdings on vesting of restricted stock units and other (in shares)   (15)      
Shares repurchased for tax withholdings on vesting of restricted stock units and other (1,030)   (1,026) (4)  
Cash dividends declared (3,234)     (3,234)  
Share-based compensation 1,989   1,989    
Ending balance (in shares) at Jan. 24, 2026   3,949      
Ending balance at Jan. 24, 2026 47,723   48,493 66 (836)
Beginning balance (in shares) at Oct. 25, 2025   3,938      
Beginning balance at Oct. 25, 2025 46,873   48,167 (364) (930)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 3,175     3,175  
Other comprehensive income (loss) 94       94
Issuance of common stock (in shares)   39      
Issuance of common stock $ 354   354    
Repurchase of common stock (in shares) (18) (18)      
Repurchase of common stock $ (1,351)   (217) (1,134)  
Shares repurchased for tax withholdings on vesting of restricted stock units and other (in shares)   (10)      
Shares repurchased for tax withholdings on vesting of restricted stock units and other (739)   (745) 6  
Cash dividends declared (1,617)     (1,617)  
Share-based compensation 934   934    
Ending balance (in shares) at Jan. 24, 2026   3,949      
Ending balance at Jan. 24, 2026 $ 47,723   $ 48,493 $ 66 $ (836)
v3.25.4
Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared (in dollars per share) $ 0.41 $ 0.40 $ 0.82 $ 0.80
v3.25.4
Organization and Basis of Presentation
 6 Months Ended
Jan. 24, 2026
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 2026 and fiscal 2025 are each 52-week fiscal years. The Consolidated Financial Statements include our accounts and those of our subsidiaries and those of our investments consolidated under the voting interest method. 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 24, 2026 and for the second quarter and first six months of fiscal 2026 and 2025, 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 26, 2025 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 26, 2025.
In the opinion of management, all normal recurring adjustments necessary to state fairly the consolidated balance sheet as of January 24, 2026, the results of operations, the statements of comprehensive income and the statements of equity for the second quarter and first six months of fiscal 2026 and 2025, and the statements of cash flows for the first six months of fiscal 2026 and 2025, as applicable, have been made. The results of operations for the second quarter and first six months of fiscal 2026 are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Certain reclassifications have been made to the amounts in prior periods in order to conform to the current period’s presentation.
v3.25.4
Recent Accounting Pronouncements
 6 Months Ended
Jan. 24, 2026
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
(a)Recent Accounting Standards or Updates Not Yet Effective
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.
Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued an accounting standard update to modernize the accounting for internal-use software costs and clarify the criteria for capitalization. The accounting standard update will be effective for our interim and annual reporting periods of fiscal 2029, with early adoption permitted. We are currently evaluating the impact of this accounting standard update on our Consolidated Financial Statements.
v3.25.4
Revenue
 6 Months Ended
Jan. 24, 2026
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 and the related provision is recorded as a reduction to 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 direct sale 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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Product revenue:
Networking$8,294 $6,850 $16,061 $13,603 
Security2,018 2,111 3,998 4,129 
Collaboration1,054 996 2,109 2,081 
Observability277 277 550 535 
Total Product11,642 10,234 22,719 20,348 
Services3,707 3,757 7,513 7,484 
Total revenue$15,349 $13,991 $30,232 $27,832 
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Product$4,474 $4,432 $8,974 $8,851 
Services3,362 3,430 6,862 6,855 
Total$7,836 $7,862 $15,836 $15,706 
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 $6.6 billion as of January 24, 2026 compared to $6.7 billion as of July 26, 2025, 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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Allowance for credit loss at beginning of period$62 $78 $69 $87 
Provisions18 12 14 12 
Write-offs, net of recoveries(4)(10)(7)(19)
Allowance for credit loss at end of period$76 $80 $76 $80 
Contract Assets and Liabilities
Gross contract assets by our internal risk ratings are summarized as follows (in millions):
January 24, 2026July 26, 2025
1 to 4$1,326 $1,358 
5 to 62,004 1,868 
7 and Higher84 73 
Total$3,414 $3,299 
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 $3.4 billion as of January 24, 2026 and $3.2 billion as of July 26, 2025, of which $1.8 billion and $1.7 billion, respectively, were included in other current assets, with remaining balances included in other assets.
Contract liabilities consist of deferred revenue. Deferred revenue was $28.4 billion as of January 24, 2026 compared to $28.8 billion as of July 26, 2025. We recognized approximately $4.5 billion and $9.9 billion of revenue during the second quarter and first six months of fiscal 2026 that was included in the deferred revenue balance at July 26, 2025.
(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 as of each of January 24, 2026 and July 26, 2025, and were included in other current assets and other assets. The amortization expense associated with these costs was $249 million and $483 million for the second quarter and first six months of fiscal 2026, respectively, and $238 million and $446 million for the corresponding periods of fiscal 2025, respectively, and was included in sales and marketing expenses.
v3.25.4
Acquisitions
 6 Months Ended
Jan. 24, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Allocation of the total purchase consideration for acquisitions we completed during the first six months of fiscal 2026 is summarized as follows (in millions):
Purchase ConsiderationNet Tangible Assets Acquired (Liabilities Assumed)Purchased Intangible AssetsGoodwill
Total acquisitions$49 $— $14 $35 
The total purchase consideration related to acquisitions consisted primarily of cash consideration. Total transaction costs related to acquisition activities were $9 million and $11 million for the first six months of fiscal 2026 and 2025, 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 the acquisitions completed during the first six months of fiscal 2026 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 2026 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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Compensation expense related to acquisitions$98 $222 $208 $519 
As of January 24, 2026, we estimated that future cash compensation expense of up to $400 million may be required to be recognized pursuant to applicable acquisition agreements.
v3.25.4
Goodwill and Purchased Intangible Assets
 6 Months Ended
Jan. 24, 2026
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 24, 2026 and changes to goodwill during the first six months of fiscal 2026 (in millions):
Balance at July 26, 2025AcquisitionsForeign Currency Translation and OtherBalance at January 24, 2026
Americas$36,468 $21 $39 $36,528 
EMEA14,397 9 15 14,421 
APJC8,271 5 9 8,285 
Total$59,136 $35 $63 $59,234 
(b)Purchased Intangible Assets
The following table presents details of our intangible assets acquired through acquisitions completed during the first six months of fiscal 2026 (in millions, except years):
 FINITE LIVESINDEFINITE LIVESTOTAL
 CUSTOMER RELATEDTECHNOLOGYTRADE NAMEIPR&D
Weighted-
Average Useful
Life (in Years)		AmountWeighted-
Average Useful
Life (in Years)		AmountWeighted-
Average Useful
Life (in Years)		AmountAmountAmount
Total— $— 2.5$14 — $— $— $14 
The following tables present details of our purchased intangible assets with finite lives (in millions): 
January 24, 2026GrossAccumulated AmortizationNet
Customer related$6,340 $(1,707)$4,633 
Technology5,213 (1,970)3,243 
Trade name526 (95)431 
Total$12,079 $(3,772)$8,307 
July 26, 2025GrossAccumulated AmortizationNet
Customer related$6,341 $(1,268)$5,073 
Technology5,254 (1,606)3,648 
Trade name526 (72)454 
Total$12,121 $(2,946)$9,175 
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Amortization of purchased intangible assets:
Cost of sales$235 $340 $475 $665 
Operating expenses231 265 462 530 
Total$466 $605 $937 $1,195 
The estimated future amortization expense of purchased intangible assets with finite lives as of January 24, 2026 is as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$904 
20271,495 
20281,415 
20291,287 
20301,003 
Thereafter2,203 
Total$8,307 
v3.25.4
Restructuring and Other Charges
 6 Months Ended
Jan. 24, 2026
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. In connection with the Fiscal 2025 Plan, we incurred charges of $36 million and $183 million in the second quarter and first six months of fiscal 2026. These aggregate pre-tax charges were primarily cash-based and consisted of severance and other one-time termination benefits, and other costs. In connection with the Fiscal 2025 Plan, we incurred cumulative charges of $927 million and completed the plan in the second quarter of fiscal 2026.
The following table summarizes the activities related to our restructuring liability, which was included in other current liabilities on our Consolidated Balance Sheets (in millions):
FISCAL 2025 PLAN
Employee SeveranceOtherTotal
Liability as of July 26, 2025$66 $46 $112 
Charges142 41 183 
Cash payments(143)(25)(168)
Non-cash and other(1)(38)(39)
Liability as of January 24, 2026$64 $24 $88 
v3.25.4
Balance Sheet and Other Details
 6 Months Ended
Jan. 24, 2026
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 24, 2026July 26, 2025
Cash and cash equivalents$7,458 $8,346 
Restricted cash and restricted cash equivalents included in other current assets1 564 
Total$7,459 $8,910 
Our restricted cash and restricted cash equivalents are funds primarily related to contractual obligations with suppliers.
Inventories
January 24, 2026July 26, 2025
Raw materials$2,016 $1,744 
Work in process684 261 
Finished goods987 933 
Service-related spares227 220 
Demonstration systems6 6 
Total$3,920 $3,164 
Property and Equipment, Net
January 24, 2026July 26, 2025
Gross property and equipment:
Land, buildings, and building and leasehold improvements$4,060 $4,045 
Production, engineering, computer and other equipment and related software5,293 5,178 
Operating lease assets51 51 
Furniture, fixtures and other301 316 
Total gross property and equipment9,705 9,590 
Less: accumulated depreciation and amortization(7,354)(7,477)
Total$2,351 $2,113 
Remaining Performance Obligations (RPO)
January 24, 2026July 26, 2025
Product$21,977 $21,572 
Services21,429 21,961 
Total$43,406 $43,533 
Short-term RPO$21,370 $21,723 
Long-term RPO22,036 21,810 
Total$43,406 $43,533 
Amount to be recognized as revenue over the next 12 months
49 %50 %
Deferred revenue$28,403 $28,779 
Unbilled contract revenue15,003 14,754 
Total$43,406 $43,533 
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 24, 2026July 26, 2025
Product$13,371 $13,490 
Services15,032 15,289 
Total$28,403 $28,779 
Reported as:
Current$16,199 $16,416 
Noncurrent12,204 12,363 
Total$28,403 $28,779 
v3.25.4
Leases
 6 Months Ended
Jan. 24, 2026
Leases [Abstract]  
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJanuary 24, 2026July 26, 2025
Operating lease right-of-use assetsOther assets$1,408 $1,301 
Operating lease liabilitiesOther current liabilities$405 $375 
Operating lease liabilitiesOther long-term liabilities1,249 1,175 
Total operating lease liabilities$1,654 $1,550 
The components of our lease expenses were as follows (in millions):
Three Months EndedSix Months Ended
January 24, 2026January 25, 2025January 24, 2026January 25, 2025
Operating lease expense$132 $149 $263 $263 
Short-term lease expense26 16 51 34 
Variable lease expense77 47 149 93 
Total lease expense$235 $212 $463 $390 
Supplemental information related to our operating leases is as follows (in millions):
Six Months Ended
January 24, 2026January 25, 2025
Cash paid for amounts included in the measurement of lease liabilities —
operating cash flows 		$259 $228 
Right-of-use assets obtained in exchange for operating leases liabilities$351 $326 
The weighted-average lease term was 5.8 years and 5.7 years as of January 24, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of January 24, 2026 and July 26, 2025, respectively.
The maturities of our operating leases (undiscounted) as of January 24, 2026 are as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$256 
2027385 
2028286 
2029228 
2030198 
Thereafter536 
Total lease payments1,889 
Less: interest(235)
Total$1,654 
(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 $15 million and $31 million for the second quarter and first six months of fiscal 2026, respectively, and $16 million and $33 million for the corresponding periods of fiscal 2025, 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 24, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$157 
2027310 
2028125 
2029151 
2030144 
Total887 
Less: Present value of lease payments(795)
Unearned income$92 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJanuary 24, 2026July 26, 2025
Operating lease right-of-use assetsOther assets$1,408 $1,301 
Operating lease liabilitiesOther current liabilities$405 $375 
Operating lease liabilitiesOther long-term liabilities1,249 1,175 
Total operating lease liabilities$1,654 $1,550 
The components of our lease expenses were as follows (in millions):
Three Months EndedSix Months Ended
January 24, 2026January 25, 2025January 24, 2026January 25, 2025
Operating lease expense$132 $149 $263 $263 
Short-term lease expense26 16 51 34 
Variable lease expense77 47 149 93 
Total lease expense$235 $212 $463 $390 
Supplemental information related to our operating leases is as follows (in millions):
Six Months Ended
January 24, 2026January 25, 2025
Cash paid for amounts included in the measurement of lease liabilities —
operating cash flows 		$259 $228 
Right-of-use assets obtained in exchange for operating leases liabilities$351 $326 
The weighted-average lease term was 5.8 years and 5.7 years as of January 24, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of January 24, 2026 and July 26, 2025, respectively.
The maturities of our operating leases (undiscounted) as of January 24, 2026 are as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$256 
2027385 
2028286 
2029228 
2030198 
Thereafter536 
Total lease payments1,889 
Less: interest(235)
Total$1,654 
(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 $15 million and $31 million for the second quarter and first six months of fiscal 2026, respectively, and $16 million and $33 million for the corresponding periods of fiscal 2025, 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 24, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$157 
2027310 
2028125 
2029151 
2030144 
Total887 
Less: Present value of lease payments(795)
Unearned income$92 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
Leases Leases
(a)Lessee Arrangements
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJanuary 24, 2026July 26, 2025
Operating lease right-of-use assetsOther assets$1,408 $1,301 
Operating lease liabilitiesOther current liabilities$405 $375 
Operating lease liabilitiesOther long-term liabilities1,249 1,175 
Total operating lease liabilities$1,654 $1,550 
The components of our lease expenses were as follows (in millions):
Three Months EndedSix Months Ended
January 24, 2026January 25, 2025January 24, 2026January 25, 2025
Operating lease expense$132 $149 $263 $263 
Short-term lease expense26 16 51 34 
Variable lease expense77 47 149 93 
Total lease expense$235 $212 $463 $390 
Supplemental information related to our operating leases is as follows (in millions):
Six Months Ended
January 24, 2026January 25, 2025
Cash paid for amounts included in the measurement of lease liabilities —
operating cash flows 		$259 $228 
Right-of-use assets obtained in exchange for operating leases liabilities$351 $326 
The weighted-average lease term was 5.8 years and 5.7 years as of January 24, 2026 and July 26, 2025, respectively. The weighted-average discount rate was 4.0% and 4.1% as of January 24, 2026 and July 26, 2025, respectively.
The maturities of our operating leases (undiscounted) as of January 24, 2026 are as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$256 
2027385 
2028286 
2029228 
2030198 
Thereafter536 
Total lease payments1,889 
Less: interest(235)
Total$1,654 
(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 $15 million and $31 million for the second quarter and first six months of fiscal 2026, respectively, and $16 million and $33 million for the corresponding periods of fiscal 2025, 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 24, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$157 
2027310 
2028125 
2029151 
2030144 
Total887 
Less: Present value of lease payments(795)
Unearned income$92 
Actual cash collections may differ from the contractual maturities due to early customer buyouts, refinancings, or defaults.
v3.25.4
Financing Receivables
 6 Months Ended
Jan. 24, 2026
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 24, 2026Loan ReceivablesLease ReceivablesTotal
Gross$5,825 $887 $6,712 
Residual value— 67 67 
Unearned income— (92)(92)
Allowance for credit loss(34)(11)(45)
Total, net$5,791 $851 $6,642 
Reported as:
Current$2,634 $310 $2,944 
Noncurrent3,157 541 3,698 
Total, net$5,791 $851 $6,642 
July 26, 2025Loan ReceivablesLease ReceivablesTotal
Gross$5,628 $982 $6,610 
Residual value— 66 66 
Unearned income— (99)(99)
Allowance for credit loss(37)(13)(50)
Total, net$5,591 $936 $6,527 
Reported as:
Current$2,715 $346 $3,061 
Noncurrent2,876 590 3,466 
Total, net$5,591 $936 $6,527 
(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 24, 2026Fiscal YearSix Months Ended
Internal Credit Risk RatingPriorJuly 30, 2022July 29, 2023July 27, 2024July 26, 2025January 24, 2026Total
Loan Receivables:
1 to 4$45 $112 $273 $937 $1,391 $1,116 $3,874 
5 to 622 20 89 283 862 647 1,923 
7 and Higher— 2 2 4 18 2 28 
Total Loan Receivables$67 $134 $364 $1,224 $2,271 $1,765 $5,825 
Lease Receivables:
1 to 4$2 $13 $81 $150 $176 $67 $489 
5 to 62 13 51 89 80 61 296 
7 and Higher— 1 2 6 1 — 10 
Total Lease Receivables$4 $27 $134 $245 $257 $128 $795 
Total$71 $161 $498 $1,469 $2,528 $1,893 $6,620 
July 26, 2025Fiscal Year
Internal Credit Risk RatingPriorJuly 31, 2021July 30, 2022July 29, 2023July 27, 2024July 26, 2025Total
Loan Receivables:
1 to 4$2 $83 $236 $371 $1,258 $1,556 $3,506 
5 to 62 56 53 167 561 1,248 2,087 
7 and Higher— — 6 9 4 16 35 
Total Loan Receivables$4 $139 $295 $547 $1,823 $2,820 $5,628 
Lease Receivables:
1 to 4$— $9 $23 $112 $187 $207 $538 
5 to 6— 6 25 77 120 103 331 
7 and Higher— — 1 3 8 2 14 
Total Lease Receivables$— $15 $49 $192 $315 $312 $883 
Total$4 $154 $344 $739 $2,138 $3,132 $6,511 
The following tables present the aging analysis of gross receivables as of January 24, 2026 and July 26, 2025 (in millions):
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
January 24, 202631-6061-90 91+Total
Past Due		CurrentTotal120+ Still AccruingNonaccrual
Financing
Receivables		Impaired
Financing
Receivables
Loan receivables$31 $18 $53 $102 $5,723 $5,825 $4 $1 $1 
Lease receivables13 8 6 27 768 795 5 1 1 
Total$44 $26 $59 $129 $6,491 $6,620 $9 $2 $2 
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
July 26, 202531-6061-90 91+Total
Past Due		CurrentTotal120+ Still AccruingNonaccrual
Financing
Receivables		Impaired
Financing
Receivables
Loan receivables$18 $18 $16 $52 $5,576 $5,628 $4 $5 $5 
Lease receivables7 3 6 16 867 883 4 1 1 
Total$25 $21 $22 $68 $6,443 $6,511 $8 $6 $6 
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 24, 2026CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of October 25, 2025$37 $14 $51 
Provisions (benefits)(3)(3)(6)
Allowance for credit loss as of January 24, 2026$34 $11 $45 
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 other1 1 2 
Allowance for credit loss as of January 25, 2025$45 $14 $59 
Six Months Ended January 24, 2026CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of July 26, 2025$37 $13 $50 
Provisions (benefits)(3)(2)(5)
Allowance for credit loss as of January 24, 2026$34 $11 $45 
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 other1 1 2 
Allowance for credit loss as of January 25, 2025$45 $14 $59 
v3.25.4
Investments
 6 Months Ended
Jan. 24, 2026
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 24, 2026Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value
U.S. government securities$1,756 $4 $(4)$1,756 
U.S. government agency securities 49 — — 49 
Non-U.S. government and agency securities442 1 — 443 
Corporate debt securities3,106 10 (37)3,079 
Mortgage- and asset-backed securities247 — (11)236 
Commercial paper1,337 — — 1,337 
Certificates of deposit1,060 — — 1,060 
Total$7,997 $15 $(52)$7,960 
July 26, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value
U.S. government securities$1,971 $2 $(12)$1,961 
U.S. government agency securities 67 — — 67 
Non-U.S. government and agency securities458 — — 458 
Corporate debt securities3,138 13 (61)3,090 
Mortgage- and asset-backed securities320 — (34)286 
Commercial paper950 — — 950 
Certificates of deposit569 — — 569 
Total$7,473 $15 $(107)$7,381 
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Gross realized gains$1 $— $11 $8 
Gross realized losses(5)(20)(19)(53)
Total$(4)$(20)$(8)$(45)
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 24, 2026 and July 26, 2025 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
January 24, 2026Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$710 $(2)$244 $(2)$954 $(4)
Non-U.S. government and agency securities116 — — — 116 — 
Corporate debt securities422 (1)1,409 (10)1,831 (11)
Mortgage- and asset-backed securities33 — 105 (11)138 (11)
Total$1,281 $(3)$1,758 $(23)$3,039 $(26)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 26, 2025Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,076 $(6)$302 $(6)$1,378 $(12)
U.S. government agency securities8 — 21 — 29 — 
Non-U.S. government and agency securities292 — — — 292 — 
Corporate debt securities106 — 1,800 (35)1,906 (35)
Mortgage- and asset-backed securities5 — 279 (34)284 (34)
Commercial paper30 — — — 30 — 
Total$1,517 $(6)$2,402 $(75)$3,919 $(81)
The following table summarizes the maturities of our available-for-sale debt investments as of January 24, 2026 (in millions): 
Amortized CostFair Value
Within 1 year$4,696 $4,660 
After 1 year through 5 years2,982 2,992 
After 5 years through 10 years72 72 
Mortgage- and asset-backed securities with no single maturity247 236 
Total$7,997 $7,960 
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.
(b)Marketable Equity Securities
We held marketable equity securities of $359 million and $383 million as of January 24, 2026 and July 26, 2025, respectively. We recognized net unrealized losses of $34 million and $4 million during the second quarter and first six months of fiscal 2026, respectively, and net unrealized gains of $16 million and $36 million for the corresponding periods of fiscal 2025, respectively, on our marketable securities still held as of the reporting date.
(c)Investments in Privately Held Companies
The carrying value of our investments in privately held companies was $2.1 billion and $1.9 billion as of January 24, 2026 and July 26, 2025, respectively. As of January 24, 2026, we have total funding commitments of $0.7 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.
Investments in privately held companies measured using the measurement alternative had a carrying value of $0.7 billion and $0.6 billion as of January 24, 2026 and July 26, 2025, respectively. We have recorded cumulative adjustments to the carrying value of our investments in privately held companies measured using the measurement alternative as follows (in millions):
January 24, 2026July 26, 2025
Cumulative upward adjustments$278 $195 
Cumulative downward adjustments, including impairments(601)(597)
Net adjustments$(323)$(402)
We held equity interests in certain private equity funds of $0.7 billion as of each of January 24, 2026 and July 26, 2025, which are accounted for under the NAV practical expedient.
Of the total carrying value of our investments in privately held companies as of January 24, 2026, $0.8 billion of such investments are considered to be in variable interest entities which are unconsolidated.
Certain of our investments in privately held companies are required to be consolidated under the voting interest entity model. The noncontrolling interest attributed to these investments was $221 million and $162 million as of January 24, 2026 and July 26, 2025, respectively, and is included in the equity section of the Consolidated Balance Sheets. The share of earnings attributable to the noncontrolling interest attributed to these investments is not material for any of the periods presented and is included in other income (loss), net in the Consolidated Statements of Operations.
v3.25.4
Fair Value
 6 Months Ended
Jan. 24, 2026
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 24, 2026JULY 26, 2025
FAIR VALUE MEASUREMENTSFAIR VALUE MEASUREMENTS
 Level 1Level 2Total
Balance		Level 1Level 2Total
Balance
Assets:
Cash equivalents:
Money market funds$5,348 $— $5,348 $5,885 $— $5,885 
Commercial paper— 134 134 — 336 336 
Corporate debt securities— — — — 1 1 
Available-for-sale debt investments:
U.S. government securities— 1,756 1,756 — 1,961 1,961 
U.S. government agency securities— 49 49 — 67 67 
Non-U.S. government and agency securities— 443 443 — 458 458 
Corporate debt securities— 3,079 3,079 — 3,090 3,090 
Mortgage- and asset-backed securities— 236 236 — 286 286 
Commercial paper— 1,337 1,337 — 950 950 
Certificates of deposit— 1,060 1,060 — 569 569 
Equity investments:
Marketable equity securities359 — 359 383 — 383 
Other current assets:
Money market funds— — — 563 — 563 
Derivative assets— 90 90 — 32 32 
Total$5,707 $8,184 $13,891 $6,831 $7,750 $14,581 
Liabilities:
Derivative liabilities$— $83 $83 $— $31 $31 
Total$— $83 $83 $— $31 $31 
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 $3.2 billion and $2.9 billion as of January 24, 2026 and July 26, 2025, respectively. 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 24, 2026, the estimated fair value of our short-term debt approximates its carrying value due to the short maturities. As of January 24, 2026, the fair value of our senior fixed-rate notes was $25.2 billion, with a carrying amount of $24.6 billion. This compares to a fair value of $25.0 billion and a carrying amount of $24.6 billion as of July 26, 2025. The fair value of the senior fixed-rate notes was determined based on observable market prices in a less active market and was categorized as Level 2.
v3.25.4
Borrowings
 6 Months Ended
Jan. 24, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
(a)Short-Term Debt
The following table summarizes our short-term debt (in millions, except percentages):
 January 24, 2026July 26, 2025
 AmountEffective RateAmountEffective Rate
Current portion of senior fixed-rate notes$3,250 3.41 %$1,749 4.15 %
Commercial paper5,469 3.88 %3,482 4.37 %
Current portion of other debt— — 1 1.13 %
Total$8,719 $5,232 
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 24, 2026July 26, 2025
 Maturity DateAmountEffective RateAmountEffective Rate
Senior fixed-rate notes:
4.90%February 26, 2026$1,000 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%
4.55%February 24, 20281,000 4.61%1,000 4.61%
4.85%February 26, 20292,500 4.91%2,500 4.91%
4.75%February 24, 20301,000 4.73%1,000 4.73%
4.95%February 26, 20312,500 5.04%2,500 5.04%
4.95%February 24, 20321,000 4.94%1,000 4.94%
5.05%February 26, 20342,500 4.97%2,500 4.97%
5.10%February 24, 20351,250 5.11%1,250 5.11%
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%
5.50%February 24, 2055750 5.49%750 5.49%
5.35%February 26, 20641,000 5.42%1,000 5.42%
Other debt2 1.13%3 1.13%
Total24,752 24,753 
Unaccreted discount/issuance costs(135)(142)
Total$24,617 $24,611 
Reported as:
Current portion of long-term debt$3,250 $1,750 
Long-term debt21,367 22,861 
Total$24,617 $24,611 
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 fixed-rate 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 24, 2026, we were in compliance with all debt covenants.
As of January 24, 2026, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$1,750 
20273,502 
20281,000 
20292,500 
20301,000 
Thereafter15,000 
Total$24,752 
(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 24, 2026, we were in compliance with all associated covenants and we had not borrowed any funds under our credit agreement.
v3.25.4
Derivative Instruments
 6 Months Ended
Jan. 24, 2026
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 24,
2026		July 26,
2025		Balance Sheet Line ItemJanuary 24,
2026		July 26,
2025
Derivatives designated as hedging instruments:
Foreign currency derivativesOther current assets$40 $17 Other current liabilities$4 $2 
Foreign currency derivativesOther assets43 10 Other long-term liabilities— 2 
Total83 27 4 4 
Derivatives not designated as hedging instruments:
Foreign currency derivativesOther current assets7 3 Other current liabilities36 17 
Foreign currency derivativesOther assets— 2 Other long-term liabilities43 10 
Total7 5 79 27 
Total$90 $32 $83 $31 
The effect on the Consolidated Statements of Operations of derivative instruments not designated as hedges is summarized as follows (in millions):
  GAINS (LOSSES) FOR THE THREE MONTHS ENDEDGAINS (LOSSES) FOR THE SIX MONTHS ENDED
Derivatives Not Designated as Hedging InstrumentsLine Item in Statements of OperationsJanuary 24, 2026January 25, 2025January 24, 2026January 25, 2025
Foreign currency derivativesOther income (loss), net$(3)$(63)$(49)$(95)
Total return swaps—deferred compensationOperating expenses and other14 11 68 33 
Total$11 $(52)$19 $(62)
The notional amounts of our outstanding derivatives are summarized as follows (in millions):
January 24, 2026July 26, 2025
Foreign currency derivatives$8,518 $8,978 
Total return swaps—deferred compensation1,202 1,087 
Total$9,720 $10,065 
(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.
(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 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 are 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.
v3.25.4
Commitments and Contingencies
 6 Months Ended
Jan. 24, 2026
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 24, 2026July 26, 2025
Less than 1 year$9,615 $7,202 
1 to 3 years417 320 
3 to 5 years23 77 
Total$10,055 $7,599 
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 24, 2026 and July 26, 2025, the liability for these purchase commitments was $185 million and $206 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 $0.7 billion and $0.3 billion as of January 24, 2026 and July 26, 2025, respectively.
(c)Product Warranties
The following table summarizes the activity related to the product warranty liability (in millions):
Six Months Ended
January 24, 2026January 25, 2025
Balance at beginning of period$399 $362 
Provisions for warranties issued209 198 
Adjustments for pre-existing warranties— 37 
Settlements (231)(203)
Balance at end of period$377 $394 
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 $7.4 billion and $6.2 billion for the second quarter of fiscal 2026 and 2025, respectively, and $14.0 billion and $12.2 billion for the first six months of fiscal 2026 and 2025, respectively. The balance of the channel partner financing subject to guarantees was $1.3 billion as of each of January 24, 2026 and July 26, 2025.
Financing Guarantee Summary   The aggregate amounts of channel partner financing guarantees outstanding at January 24, 2026 and July 26, 2025, 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 24, 2026July 26, 2025
Maximum potential future payments$126 $123 
Deferred revenue(13)(13)
Total$113 $110 
(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 remaining asserted claims by Brazilian federal tax authorities are for calendar years 2004 through 2007, and the remaining asserted claims by the tax authorities from the state of Sao Paulo are for calendar years 2005 through 2007. The total remaining asserted claims by Brazilian state and federal tax authorities aggregate to $148 million for the alleged evasion of import and other taxes, $902 million for interest, and $303 million for various penalties, all determined using an exchange rate as of January 24, 2026.
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  Centripetal Networks, Inc. (“Centripetal”) filed various patent litigations in the U.S., Germany, and France. These cases have either concluded with findings of non-infringement or invalidity or are in various stages of appeals. In the U.S., there is an appeal from our win in the Eastern District of Virginia that is pending in the Federal Circuit Court of Appeals, and one Patent Trial and Appeal Board ("PTAB") inter partes review decision that was remanded to the PTAB for further proceedings. In Germany, there is an infringement hearing on one patent set for April 2, 2026, and an appeal hearing in a related invalidity proceeding set for November 10, 2026. In France, Centripetal also filed an infringement case alleging infringement of the French counterpart to U.S. and German patents previously found to not be infringed. Those proceedings are ongoing and a final hearing date has not been set.
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. The Court rescheduled the trial date in the D. Del. cases for December 1, 2025. Prior to trial, the D. Del. Court granted our motion for summary judgment of non-infringement of all patents-in suit. Ramot appealed that decision to the Federal Circuit and those proceedings are ongoing.
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.
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.
v3.25.4
Stockholders' Equity
 6 Months Ended
Jan. 24, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
(a)Stock Repurchase Program
In September 2001, our Board of Directors authorized a stock repurchase program. As of January 24, 2026, the remaining authorized amount for stock repurchases under this program was approximately $10.8 billion, with no termination date. The stock repurchase activity for fiscal 2026 and 2025 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 2026
January 24, 202618 $76.29 $1,351 
October 25, 202529 $68.28 $2,001 
Fiscal 2025
July 26, 202519 $64.65 $1,252 
April 26, 202525 $59.78 $1,504 
January 25, 202521 $58.58 $1,236 
October 26, 202440 $49.56 $2,003 
There were stock repurchases of $17 million and $20 million that were pending settlement January 24, 2026 and July 26, 2025, 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 11, 2026, our Board of Directors declared a quarterly dividend of $0.42 per common share to be paid on April 22, 2026, to all stockholders of record as of the close of business on April 2, 2026. 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 24, 2026, we have not issued any shares of preferred stock.
v3.25.4
Employee Benefit Plans
 6 Months Ended
Jan. 24, 2026
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 24, 2026, 124 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 each of the second quarters and first six months of fiscal 2026 and fiscal 2025. As of January 24, 2026, 42 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 and the income tax benefit for share-based compensation (in millions):
Three Months EndedSix Months Ended
January 24, 2026January 25, 2025January 24, 2026January 25, 2025
Cost of sales—product$63 $65 $131 $122 
Cost of sales—services88 86 170 160 
Share-based compensation expense in cost of sales151 151 301 282 
Research and development420 413 904 767 
Sales and marketing244 231 513 441 
General and administrative118 121 249 236 
Restructuring and other charges1 5 22 22 
Share-based compensation expense in operating expenses783 770 1,688 1,466 
Total share-based compensation expense$934 $921 $1,989 $1,748 
Income tax benefit for share-based compensation$298 $224 $539 $398 
As of January 24, 2026, the total compensation cost related to unvested share-based awards not yet recognized was $5.4 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 27, 2024117 $46.86 
Granted and assumed70 55.73 
Vested(65)46.95 $3,707 
Canceled/forfeited/other(9)48.04 
Unvested balance at July 26, 2025113 52.26 
Granted and assumed44 68.04 
Vested(43)49.40 $3,047 
Canceled/forfeited/other3 40.84 
Unvested balance at January 24, 2026117 $58.94 
v3.25.4
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jan. 24, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The components of AOCI, net of tax, and the other comprehensive income (loss), for the first six months of fiscal 2026 and 2025 are summarized as follows (in millions):
Net Unrealized Gains (Losses) on Available-for-Sale InvestmentsNet Unrealized Gains (Losses) Cash Flow Hedging InstrumentsCumulative Translation Adjustment and Actuarial Gains (Losses)Accumulated Other Comprehensive Income (Loss)
Balance at July 26, 2025$(57)$65 $(962)$(954)
Other comprehensive income (loss) before reclassifications46 76 33 155 
(Gains) losses reclassified out of AOCI8 (22)— (14)
Tax benefit (expense)(9)(13)(1)(23)
Balance at January 24, 2026$(12)$106 $(930)$(836)
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)
v3.25.4
Income Taxes
 6 Months Ended
Jan. 24, 2026
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 24,
2026		January 25,
2025		January 24,
2026		January 25,
2025
Income before provision for income taxes$3,646 $2,887 $7,037 $5,154 
Provision for income taxes471 459 1,002 15 
Effective tax rate12.9 %15.9 %14.2 %0.3 %
As of January 24, 2026, we had $2.4 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.
We made our final transition tax payment of $2.3 billion in the second quarter of fiscal 2026 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. 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. The income tax receivable associated with this tax benefit was included in other assets in the Consolidated Balance Sheets.
v3.25.4
Segment Information and Major Customers
 6 Months Ended
Jan. 24, 2026
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 chief executive officer is the chief operating decision maker (CODM). The CODM reviews certain financial information for each segment, to evaluate performance and allocate resources by comparing actual performance to our annual targets. Performance of each segment is measured based on segment revenue and segment gross margin. Sales are attributed to a segment based on the location of the customer.
We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments because the CODM does not include this information in our measurement of 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 cost of sales and gross margin for each segment because the CODM does not include this information in the measurement of the performance of our operating segments.
The following summarizes our revenue and gross margin by segment and the significant expenses by each segment (in millions):
Three Months EndedSix Months Ended
January 24,
2026		January 25,
2025		January 24,
2026		January 25,
2025
Revenue:
Americas$8,845 $8,202 $17,834 $16,454 
EMEA4,425 3,855 8,208 7,444 
APJC2,080 1,934 4,191 3,934 
Total$15,349 $13,991 $30,232 $27,832 
Gross margin:
Americas$5,816 $5,545 $11,817 $11,285 
EMEA3,173 2,750 5,895 5,272 
APJC1,368 1,320 2,781 2,648 
Segment total10,357 9,614 20,493 19,204 
Unallocated corporate items(385)(503)(776)(972)
Total$9,972 $9,111 $19,717 $18,232 
Supplemental information about our significant expenses:
Americas:
Cost of sales — product$2,416 $1,877 $4,765 $3,928 
Cost of sales — services612 635 1,251 1,242 
Segment total$3,029 $2,512 $6,016 $5,170 
EMEA:
Cost of sales — product$962 $778 $1,730 $1,602 
Cost of sales — services289 288 583 570 
Segment total$1,252 $1,066 $2,314 $2,172 
APJC:
Cost of sales — product$533 $490 $1,047 $926 
Cost of sales — services179 183 362 360 
Segment total$712 $673 $1,410 $1,286 
Amounts may not sum due to rounding.
Revenue in the United States was $8.0 billion and $7.4 billion for the second quarter of fiscal 2026 and 2025, respectively, and $16.1 billion and $14.8 billion for the first six months of fiscal 2026 and 2025, 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 24,
2026		January 25,
2025		January 24,
2026		January 25,
2025
Revenue:
Networking$8,294 $6,850 $16,061 $13,603 
Security2,018 2,111 3,998 4,129 
Collaboration1,054 996 2,109 2,081 
Observability277 277 550 535 
Total Product11,642 10,234 22,719 20,348 
Services3,707 3,757 7,513 7,484 
Total$15,349 $13,991 $30,232 $27,832 
Amounts may not sum due to rounding.
v3.25.4
Net Income per Share
 6 Months Ended
Jan. 24, 2026
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Net income$3,175 $2,428 $6,035 $5,139 
Weighted-average shares—basic3,955 3,981 3,955 3,986 
Effect of dilutive potential common shares29 24 32 22 
Weighted-average shares—diluted3,984 4,005 3,987 4,008 
Net income per share—basic$0.80 $0.61 $1.53 $1.29 
Net income per share—diluted$0.80 $0.61 $1.51 $1.28 
Antidilutive employee share-based awards, excluded— 22 — 59 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Jan. 24, 2026
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
Deborah L. Stahlkopf [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 16, 2025, 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 approximately 149,243 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, 2026, subject to early termination for certain specified events set forth therein.
Name Deborah L. Stahlkopf
Title Executive Vice President and Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 16, 2025
Expiration Date December 19, 2026
Arrangement Duration 368 days
Aggregate Available 149,243
Oliver Tuszik [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 17, 2025, Oliver Tuszik, Cisco's Executive Vice President, Global Sales and Chief Sales Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Tuszik’s trading plan provides for the sale of approximately 44,768 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. Mr. Tuszik’s trading plan is scheduled to terminate on December 19, 2026, subject to early termination for certain specified events set forth therein.
Name Oliver Tuszik
Title Executive Vice President, Global Sales and Chief Sales Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 17, 2025
Expiration Date December 19, 2026
Arrangement Duration 367 days
Aggregate Available 44,768
Jeetendra I. Patel [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 19, 2025, Jeetendra I. Patel, Cisco's President and Chief Product Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Patel’s trading plan provides for the sale of approximately 163,293 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. Mr. Patel’s trading plan is scheduled to terminate on December 19, 2026, subject to early termination for certain specified events set forth therein.
Name Jeetendra I. Patel
Title Cisco's President and Chief Product Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 19, 2025
Expiration Date December 19, 2026
Arrangement Duration 365 days
Aggregate Available 163,293
Mark Patterson [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 19, 2025, Mark Patterson, Cisco's Executive Vice President and Chief Financial Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Patterson’s trading plan provides for the sale of approximately 87,228 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. Mr. Patterson’s trading plan is scheduled to terminate on December 19, 2026, subject to early termination for certain specified events set forth therein.
Name Mark Patterson
Title Cisco's Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 19, 2025
Expiration Date December 19, 2026
Arrangement Duration 365 days
Aggregate Available 87,228
v3.25.4
Recent Accounting Pronouncements (Policies)
 6 Months Ended
Jan. 24, 2026
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 2026 and fiscal 2025 are each 52-week fiscal years.
Basis of Presentation The Consolidated Financial Statements include our accounts and those of our subsidiaries and those of our investments consolidated under the voting interest method. 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 24, 2026 and for the second quarter and first six months of fiscal 2026 and 2025, 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 26, 2025 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 26, 2025.
In the opinion of management, all normal recurring adjustments necessary to state fairly the consolidated balance sheet as of January 24, 2026, the results of operations, the statements of comprehensive income and the statements of equity for the second quarter and first six months of fiscal 2026 and 2025, and the statements of cash flows for the first six months of fiscal 2026 and 2025, as applicable, have been made. The results of operations for the second quarter and first six months of fiscal 2026 are not necessarily indicative of the operating results for the full fiscal year or any future periods.
Certain reclassifications have been made to the amounts in prior periods in order to conform to the current period’s presentation.
Recent Accounting Standards or Updates Not Yet Effective Recent Accounting Standards or Updates Not Yet Effective
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.
Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued an accounting standard update to modernize the accounting for internal-use software costs and clarify the criteria for capitalization. The accounting standard update will be effective for our interim and annual reporting periods of fiscal 2029, with early adoption 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 and the related provision is recorded as a reduction to 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 direct sale 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 InstrumentsWe 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.
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 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.
Derivatives Not Designated as Hedges Equity Price Risk We are 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 Segment
We conduct business globally and are primarily managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our chief executive officer is the chief operating decision maker (CODM). The CODM reviews certain financial information for each segment, to evaluate performance and allocate resources by comparing actual performance to our annual targets. Performance of each segment is measured based on segment revenue and segment gross margin. Sales are attributed to a segment based on the location of the customer.
We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments because the CODM does not include this information in our measurement of 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 cost of sales and gross margin for each segment because the CODM does not include this information in the measurement of the performance of our operating segments.
v3.25.4
Revenue (Tables)
 6 Months Ended
Jan. 24, 2026
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Product revenue:
Networking$8,294 $6,850 $16,061 $13,603 
Security2,018 2,111 3,998 4,129 
Collaboration1,054 996 2,109 2,081 
Observability277 277 550 535 
Total Product11,642 10,234 22,719 20,348 
Services3,707 3,757 7,513 7,484 
Total revenue$15,349 $13,991 $30,232 $27,832 
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Product$4,474 $4,432 $8,974 $8,851 
Services3,362 3,430 6,862 6,855 
Total$7,836 $7,862 $15,836 $15,706 
The following table presents revenue for groups of similar products and services (in millions):
Three Months EndedSix Months Ended
January 24,
2026		January 25,
2025		January 24,
2026		January 25,
2025
Revenue:
Networking$8,294 $6,850 $16,061 $13,603 
Security2,018 2,111 3,998 4,129 
Collaboration1,054 996 2,109 2,081 
Observability277 277 550 535 
Total Product11,642 10,234 22,719 20,348 
Services3,707 3,757 7,513 7,484 
Total$15,349 $13,991 $30,232 $27,832 
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Allowance for credit loss at beginning of period$62 $78 $69 $87 
Provisions18 12 14 12 
Write-offs, net of recoveries(4)(10)(7)(19)
Allowance for credit loss at end of period$76 $80 $76 $80 
Schedule of Gross Contract Assets by Internal Risk Ratings
Gross contract assets by our internal risk ratings are summarized as follows (in millions):
January 24, 2026July 26, 2025
1 to 4$1,326 $1,358 
5 to 62,004 1,868 
7 and Higher84 73 
Total$3,414 $3,299 
v3.25.4
Acquisitions (Tables)
 6 Months Ended
Jan. 24, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Summary of Allocation of Total Purchase Consideration
Allocation of the total purchase consideration for acquisitions we completed during the first six months of fiscal 2026 is summarized as follows (in millions):
Purchase ConsiderationNet Tangible Assets Acquired (Liabilities Assumed)Purchased Intangible AssetsGoodwill
Total acquisitions$49 $— $14 $35 
Compensation Expense Related to Business Acquisitions
The following table summarizes the compensation expense related to acquisitions (in millions):
Three Months EndedSix Months Ended
January 24, 2026January 25, 2025January 24, 2026January 25, 2025
Compensation expense related to acquisitions$98 $222 $208 $519 
v3.25.4
Goodwill and Purchased Intangible Assets (Tables)
 6 Months Ended
Jan. 24, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill by Reportable Segment
The following table presents the goodwill allocated to our reportable segments as of January 24, 2026 and changes to goodwill during the first six months of fiscal 2026 (in millions):
Balance at July 26, 2025AcquisitionsForeign Currency Translation and OtherBalance at January 24, 2026
Americas$36,468 $21 $39 $36,528 
EMEA14,397 9 15 14,421 
APJC8,271 5 9 8,285 
Total$59,136 $35 $63 $59,234 
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 2026 (in millions, except years):
 FINITE LIVESINDEFINITE LIVESTOTAL
 CUSTOMER RELATEDTECHNOLOGYTRADE NAMEIPR&D
Weighted-
Average Useful
Life (in Years)		AmountWeighted-
Average Useful
Life (in Years)		AmountWeighted-
Average Useful
Life (in Years)		AmountAmountAmount
Total— $— 2.5$14 — $— $— $14 
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 2026 (in millions, except years):
 FINITE LIVESINDEFINITE LIVESTOTAL
 CUSTOMER RELATEDTECHNOLOGYTRADE NAMEIPR&D
Weighted-
Average Useful
Life (in Years)		AmountWeighted-
Average Useful
Life (in Years)		AmountWeighted-
Average Useful
Life (in Years)		AmountAmountAmount
Total— $— 2.5$14 — $— $— $14 
Schedule of Definite-lived Purchased Intangible Assets
The following tables present details of our purchased intangible assets with finite lives (in millions): 
January 24, 2026GrossAccumulated AmortizationNet
Customer related$6,340 $(1,707)$4,633 
Technology5,213 (1,970)3,243 
Trade name526 (95)431 
Total$12,079 $(3,772)$8,307 
July 26, 2025GrossAccumulated AmortizationNet
Customer related$6,341 $(1,268)$5,073 
Technology5,254 (1,606)3,648 
Trade name526 (72)454 
Total$12,121 $(2,946)$9,175 
Schedule of Indefinite-lived Purchased Intangible Assets
The following tables present details of our purchased intangible assets with finite lives (in millions): 
January 24, 2026GrossAccumulated AmortizationNet
Customer related$6,340 $(1,707)$4,633 
Technology5,213 (1,970)3,243 
Trade name526 (95)431 
Total$12,079 $(3,772)$8,307 
July 26, 2025GrossAccumulated AmortizationNet
Customer related$6,341 $(1,268)$5,073 
Technology5,254 (1,606)3,648 
Trade name526 (72)454 
Total$12,121 $(2,946)$9,175 
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Amortization of purchased intangible assets:
Cost of sales$235 $340 $475 $665 
Operating expenses231 265 462 530 
Total$466 $605 $937 $1,195 
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 24, 2026 is as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$904 
20271,495 
20281,415 
20291,287 
20301,003 
Thereafter2,203 
Total$8,307 
v3.25.4
Restructuring and Other Charges (Tables)
 6 Months Ended
Jan. 24, 2026
Restructuring Charges [Abstract]  
Liabilities Related to Restructuring and Other Charges
The following table summarizes the activities related to our restructuring liability, which was included in other current liabilities on our Consolidated Balance Sheets (in millions):
FISCAL 2025 PLAN
Employee SeveranceOtherTotal
Liability as of July 26, 2025$66 $46 $112 
Charges142 41 183 
Cash payments(143)(25)(168)
Non-cash and other(1)(38)(39)
Liability as of January 24, 2026$64 $24 $88 
v3.25.4
Balance Sheet and Other Details (Tables)
 6 Months Ended
Jan. 24, 2026
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 24, 2026July 26, 2025
Cash and cash equivalents$7,458 $8,346 
Restricted cash and restricted cash equivalents included in other current assets1 564 
Total$7,459 $8,910 
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 24, 2026July 26, 2025
Cash and cash equivalents$7,458 $8,346 
Restricted cash and restricted cash equivalents included in other current assets1 564 
Total$7,459 $8,910 
Inventories
Inventories
January 24, 2026July 26, 2025
Raw materials$2,016 $1,744 
Work in process684 261 
Finished goods987 933 
Service-related spares227 220 
Demonstration systems6 6 
Total$3,920 $3,164 
Property and Equipment, Net
Property and Equipment, Net
January 24, 2026July 26, 2025
Gross property and equipment:
Land, buildings, and building and leasehold improvements$4,060 $4,045 
Production, engineering, computer and other equipment and related software5,293 5,178 
Operating lease assets51 51 
Furniture, fixtures and other301 316 
Total gross property and equipment9,705 9,590 
Less: accumulated depreciation and amortization(7,354)(7,477)
Total$2,351 $2,113 
Remaining Performance Obligations
Remaining Performance Obligations (RPO)
January 24, 2026July 26, 2025
Product$21,977 $21,572 
Services21,429 21,961 
Total$43,406 $43,533 
Short-term RPO$21,370 $21,723 
Long-term RPO22,036 21,810 
Total$43,406 $43,533 
Amount to be recognized as revenue over the next 12 months
49 %50 %
Deferred revenue$28,403 $28,779 
Unbilled contract revenue15,003 14,754 
Total$43,406 $43,533 
Deferred Revenue
Deferred Revenue
January 24, 2026July 26, 2025
Product$13,371 $13,490 
Services15,032 15,289 
Total$28,403 $28,779 
Reported as:
Current$16,199 $16,416 
Noncurrent12,204 12,363 
Total$28,403 $28,779 
v3.25.4
Leases (Tables)
 6 Months Ended
Jan. 24, 2026
Leases [Abstract]  
Operating Lease Balances
The following table presents our operating lease balances (in millions):
Balance Sheet Line ItemJanuary 24, 2026July 26, 2025
Operating lease right-of-use assetsOther assets$1,408 $1,301 
Operating lease liabilitiesOther current liabilities$405 $375 
Operating lease liabilitiesOther long-term liabilities1,249 1,175 
Total operating lease liabilities$1,654 $1,550 
Lease Expenses and Supplemental Information
The components of our lease expenses were as follows (in millions):
Three Months EndedSix Months Ended
January 24, 2026January 25, 2025January 24, 2026January 25, 2025
Operating lease expense$132 $149 $263 $263 
Short-term lease expense26 16 51 34 
Variable lease expense77 47 149 93 
Total lease expense$235 $212 $463 $390 
Supplemental information related to our operating leases is as follows (in millions):
Six Months Ended
January 24, 2026January 25, 2025
Cash paid for amounts included in the measurement of lease liabilities —
operating cash flows 		$259 $228 
Right-of-use assets obtained in exchange for operating leases liabilities$351 $326 
Maturities of Operating Leases
The maturities of our operating leases (undiscounted) as of January 24, 2026 are as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$256 
2027385 
2028286 
2029228 
2030198 
Thereafter536 
Total lease payments1,889 
Less: interest(235)
Total$1,654 
Future Minimum Lease Payments on Lease Receivables
Future minimum lease payments on our lease receivables as of January 24, 2026 are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$157 
2027310 
2028125 
2029151 
2030144 
Total887 
Less: Present value of lease payments(795)
Unearned income$92 
v3.25.4
Financing Receivables (Tables)
 6 Months Ended
Jan. 24, 2026
Receivables [Abstract]  
Summary of Financing Receivables
A summary of our financing receivables is presented as follows (in millions):
January 24, 2026Loan ReceivablesLease ReceivablesTotal
Gross$5,825 $887 $6,712 
Residual value— 67 67 
Unearned income— (92)(92)
Allowance for credit loss(34)(11)(45)
Total, net$5,791 $851 $6,642 
Reported as:
Current$2,634 $310 $2,944 
Noncurrent3,157 541 3,698 
Total, net$5,791 $851 $6,642 
July 26, 2025Loan ReceivablesLease ReceivablesTotal
Gross$5,628 $982 $6,610 
Residual value— 66 66 
Unearned income— (99)(99)
Allowance for credit loss(37)(13)(50)
Total, net$5,591 $936 $6,527 
Reported as:
Current$2,715 $346 $3,061 
Noncurrent2,876 590 3,466 
Total, net$5,591 $936 $6,527 
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 24, 2026Fiscal YearSix Months Ended
Internal Credit Risk RatingPriorJuly 30, 2022July 29, 2023July 27, 2024July 26, 2025January 24, 2026Total
Loan Receivables:
1 to 4$45 $112 $273 $937 $1,391 $1,116 $3,874 
5 to 622 20 89 283 862 647 1,923 
7 and Higher— 2 2 4 18 2 28 
Total Loan Receivables$67 $134 $364 $1,224 $2,271 $1,765 $5,825 
Lease Receivables:
1 to 4$2 $13 $81 $150 $176 $67 $489 
5 to 62 13 51 89 80 61 296 
7 and Higher— 1 2 6 1 — 10 
Total Lease Receivables$4 $27 $134 $245 $257 $128 $795 
Total$71 $161 $498 $1,469 $2,528 $1,893 $6,620 
July 26, 2025Fiscal Year
Internal Credit Risk RatingPriorJuly 31, 2021July 30, 2022July 29, 2023July 27, 2024July 26, 2025Total
Loan Receivables:
1 to 4$2 $83 $236 $371 $1,258 $1,556 $3,506 
5 to 62 56 53 167 561 1,248 2,087 
7 and Higher— — 6 9 4 16 35 
Total Loan Receivables$4 $139 $295 $547 $1,823 $2,820 $5,628 
Lease Receivables:
1 to 4$— $9 $23 $112 $187 $207 $538 
5 to 6— 6 25 77 120 103 331 
7 and Higher— — 1 3 8 2 14 
Total Lease Receivables$— $15 $49 $192 $315 $312 $883 
Total$4 $154 $344 $739 $2,138 $3,132 $6,511 
Schedule of Aging Analysis of Financing Receivables
The following tables present the aging analysis of gross receivables as of January 24, 2026 and July 26, 2025 (in millions):
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
January 24, 202631-6061-90 91+Total
Past Due		CurrentTotal120+ Still AccruingNonaccrual
Financing
Receivables		Impaired
Financing
Receivables
Loan receivables$31 $18 $53 $102 $5,723 $5,825 $4 $1 $1 
Lease receivables13 8 6 27 768 795 5 1 1 
Total$44 $26 $59 $129 $6,491 $6,620 $9 $2 $2 
DAYS PAST DUE
(INCLUDES BILLED AND UNBILLED)
July 26, 202531-6061-90 91+Total
Past Due		CurrentTotal120+ Still AccruingNonaccrual
Financing
Receivables		Impaired
Financing
Receivables
Loan receivables$18 $18 $16 $52 $5,576 $5,628 $4 $5 $5 
Lease receivables7 3 6 16 867 883 4 1 1 
Total$25 $21 $22 $68 $6,443 $6,511 $8 $6 $6 
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 24, 2026CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of October 25, 2025$37 $14 $51 
Provisions (benefits)(3)(3)(6)
Allowance for credit loss as of January 24, 2026$34 $11 $45 
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 other1 1 2 
Allowance for credit loss as of January 25, 2025$45 $14 $59 
Six Months Ended January 24, 2026CREDIT LOSS ALLOWANCES
Loan ReceivablesLease ReceivablesTotal
Allowance for credit loss as of July 26, 2025$37 $13 $50 
Provisions (benefits)(3)(2)(5)
Allowance for credit loss as of January 24, 2026$34 $11 $45 
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 other1 1 2 
Allowance for credit loss as of January 25, 2025$45 $14 $59 
v3.25.4
Investments (Tables)
 6 Months Ended
Jan. 24, 2026
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 24, 2026Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value
U.S. government securities$1,756 $4 $(4)$1,756 
U.S. government agency securities 49 — — 49 
Non-U.S. government and agency securities442 1 — 443 
Corporate debt securities3,106 10 (37)3,079 
Mortgage- and asset-backed securities247 — (11)236 
Commercial paper1,337 — — 1,337 
Certificates of deposit1,060 — — 1,060 
Total$7,997 $15 $(52)$7,960 
July 26, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized and Credit Losses		Fair
Value
U.S. government securities$1,971 $2 $(12)$1,961 
U.S. government agency securities 67 — — 67 
Non-U.S. government and agency securities458 — — 458 
Corporate debt securities3,138 13 (61)3,090 
Mortgage- and asset-backed securities320 — (34)286 
Commercial paper950 — — 950 
Certificates of deposit569 — — 569 
Total$7,473 $15 $(107)$7,381 
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Gross realized gains$1 $— $11 $8 
Gross realized losses(5)(20)(19)(53)
Total$(4)$(20)$(8)$(45)
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 24, 2026 and July 26, 2025 (in millions):
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
January 24, 2026Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$710 $(2)$244 $(2)$954 $(4)
Non-U.S. government and agency securities116 — — — 116 — 
Corporate debt securities422 (1)1,409 (10)1,831 (11)
Mortgage- and asset-backed securities33 — 105 (11)138 (11)
Total$1,281 $(3)$1,758 $(23)$3,039 $(26)
 UNREALIZED LOSSES
LESS THAN 12 MONTHS		UNREALIZED LOSSES
12 MONTHS OR GREATER		TOTAL
July 26, 2025Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross 
Unrealized 
Losses
U.S. government securities$1,076 $(6)$302 $(6)$1,378 $(12)
U.S. government agency securities8 — 21 — 29 — 
Non-U.S. government and agency securities292 — — — 292 — 
Corporate debt securities106 — 1,800 (35)1,906 (35)
Mortgage- and asset-backed securities5 — 279 (34)284 (34)
Commercial paper30 — — — 30 — 
Total$1,517 $(6)$2,402 $(75)$3,919 $(81)
Maturities of Available-for-Sale Debt Investments
The following table summarizes the maturities of our available-for-sale debt investments as of January 24, 2026 (in millions): 
Amortized CostFair Value
Within 1 year$4,696 $4,660 
After 1 year through 5 years2,982 2,992 
After 5 years through 10 years72 72 
Mortgage- and asset-backed securities with no single maturity247 236 
Total$7,997 $7,960 
Equity Securities without Readily Determinable Fair Value We have recorded cumulative adjustments to the carrying value of our investments in privately held companies measured using the measurement alternative as follows (in millions):
January 24, 2026July 26, 2025
Cumulative upward adjustments$278 $195 
Cumulative downward adjustments, including impairments(601)(597)
Net adjustments$(323)$(402)
v3.25.4
Fair Value (Tables)
 6 Months Ended
Jan. 24, 2026
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 24, 2026JULY 26, 2025
FAIR VALUE MEASUREMENTSFAIR VALUE MEASUREMENTS
 Level 1Level 2Total
Balance		Level 1Level 2Total
Balance
Assets:
Cash equivalents:
Money market funds$5,348 $— $5,348 $5,885 $— $5,885 
Commercial paper— 134 134 — 336 336 
Corporate debt securities— — — — 1 1 
Available-for-sale debt investments:
U.S. government securities— 1,756 1,756 — 1,961 1,961 
U.S. government agency securities— 49 49 — 67 67 
Non-U.S. government and agency securities— 443 443 — 458 458 
Corporate debt securities— 3,079 3,079 — 3,090 3,090 
Mortgage- and asset-backed securities— 236 236 — 286 286 
Commercial paper— 1,337 1,337 — 950 950 
Certificates of deposit— 1,060 1,060 — 569 569 
Equity investments:
Marketable equity securities359 — 359 383 — 383 
Other current assets:
Money market funds— — — 563 — 563 
Derivative assets— 90 90 — 32 32 
Total$5,707 $8,184 $13,891 $6,831 $7,750 $14,581 
Liabilities:
Derivative liabilities$— $83 $83 $— $31 $31 
Total$— $83 $83 $— $31 $31 
v3.25.4
Borrowings (Tables)
 6 Months Ended
Jan. 24, 2026
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
The following table summarizes our short-term debt (in millions, except percentages):
 January 24, 2026July 26, 2025
 AmountEffective RateAmountEffective Rate
Current portion of senior fixed-rate notes$3,250 3.41 %$1,749 4.15 %
Commercial paper5,469 3.88 %3,482 4.37 %
Current portion of other debt— — 1 1.13 %
Total$8,719 $5,232 
Schedule of Long-Term Debt
The following table summarizes our long-term debt (in millions, except percentages):
 January 24, 2026July 26, 2025
 Maturity DateAmountEffective RateAmountEffective Rate
Senior fixed-rate notes:
4.90%February 26, 2026$1,000 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%
4.55%February 24, 20281,000 4.61%1,000 4.61%
4.85%February 26, 20292,500 4.91%2,500 4.91%
4.75%February 24, 20301,000 4.73%1,000 4.73%
4.95%February 26, 20312,500 5.04%2,500 5.04%
4.95%February 24, 20321,000 4.94%1,000 4.94%
5.05%February 26, 20342,500 4.97%2,500 4.97%
5.10%February 24, 20351,250 5.11%1,250 5.11%
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%
5.50%February 24, 2055750 5.49%750 5.49%
5.35%February 26, 20641,000 5.42%1,000 5.42%
Other debt2 1.13%3 1.13%
Total24,752 24,753 
Unaccreted discount/issuance costs(135)(142)
Total$24,617 $24,611 
Reported as:
Current portion of long-term debt$3,250 $1,750 
Long-term debt21,367 22,861 
Total$24,617 $24,611 
Schedule of Future Principal Payments for Long-Term Debt
As of January 24, 2026, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal YearAmount
2026 (remaining six months)$1,750 
20273,502 
20281,000 
20292,500 
20301,000 
Thereafter15,000 
Total$24,752 
v3.25.4
Derivative Instruments (Tables)
 6 Months Ended
Jan. 24, 2026
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 24,
2026		July 26,
2025		Balance Sheet Line ItemJanuary 24,
2026		July 26,
2025
Derivatives designated as hedging instruments:
Foreign currency derivativesOther current assets$40 $17 Other current liabilities$4 $2 
Foreign currency derivativesOther assets43 10 Other long-term liabilities— 2 
Total83 27 4 4 
Derivatives not designated as hedging instruments:
Foreign currency derivativesOther current assets7 3 Other current liabilities36 17 
Foreign currency derivativesOther assets— 2 Other long-term liabilities43 10 
Total7 5 79 27 
Total$90 $32 $83 $31 
Effect of Derivative Instruments Not Designated as Fair Value Hedges on Consolidated Statements of Operations
The effect on the Consolidated Statements of Operations of derivative instruments not designated as hedges is summarized as follows (in millions):
  GAINS (LOSSES) FOR THE THREE MONTHS ENDEDGAINS (LOSSES) FOR THE SIX MONTHS ENDED
Derivatives Not Designated as Hedging InstrumentsLine Item in Statements of OperationsJanuary 24, 2026January 25, 2025January 24, 2026January 25, 2025
Foreign currency derivativesOther income (loss), net$(3)$(63)$(49)$(95)
Total return swaps—deferred compensationOperating expenses and other14 11 68 33 
Total$11 $(52)$19 $(62)
Schedule of Notional Amounts of Derivatives Outstanding
The notional amounts of our outstanding derivatives are summarized as follows (in millions):
January 24, 2026July 26, 2025
Foreign currency derivatives$8,518 $8,978 
Total return swaps—deferred compensation1,202 1,087 
Total$9,720 $10,065 
v3.25.4
Commitments and Contingencies (Tables)
 6 Months Ended
Jan. 24, 2026
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 24, 2026July 26, 2025
Less than 1 year$9,615 $7,202 
1 to 3 years417 320 
3 to 5 years23 77 
Total$10,055 $7,599 
Schedule of Product Warranty Liability
The following table summarizes the activity related to the product warranty liability (in millions):
Six Months Ended
January 24, 2026January 25, 2025
Balance at beginning of period$399 $362 
Provisions for warranties issued209 198 
Adjustments for pre-existing warranties— 37 
Settlements (231)(203)
Balance at end of period$377 $394 
Schedule of Guarantor Obligations The aggregate amounts of channel partner financing guarantees outstanding at January 24, 2026 and July 26, 2025, 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 24, 2026July 26, 2025
Maximum potential future payments$126 $123 
Deferred revenue(13)(13)
Total$113 $110 
v3.25.4
Stockholders' Equity (Tables)
 6 Months Ended
Jan. 24, 2026
Stockholders' Equity Note [Abstract]  
Stock Repurchase Program The stock repurchase activity for fiscal 2026 and 2025 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 2026
January 24, 202618 $76.29 $1,351 
October 25, 202529 $68.28 $2,001 
Fiscal 2025
July 26, 202519 $64.65 $1,252 
April 26, 202525 $59.78 $1,504 
January 25, 202521 $58.58 $1,236 
October 26, 202440 $49.56 $2,003 
v3.25.4
Employee Benefit Plans (Tables)
 6 Months Ended
Jan. 24, 2026
Retirement Benefits [Abstract]  
Summary of Share-Based Compensation Expense The following table summarizes share-based compensation expense and the income tax benefit for share-based compensation (in millions):
Three Months EndedSix Months Ended
January 24, 2026January 25, 2025January 24, 2026January 25, 2025
Cost of sales—product$63 $65 $131 $122 
Cost of sales—services88 86 170 160 
Share-based compensation expense in cost of sales151 151 301 282 
Research and development420 413 904 767 
Sales and marketing244 231 513 441 
General and administrative118 121 249 236 
Restructuring and other charges1 5 22 22 
Share-based compensation expense in operating expenses783 770 1,688 1,466 
Total share-based compensation expense$934 $921 $1,989 $1,748 
Income tax benefit for share-based compensation$298 $224 $539 $398 
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 27, 2024117 $46.86 
Granted and assumed70 55.73 
Vested(65)46.95 $3,707 
Canceled/forfeited/other(9)48.04 
Unvested balance at July 26, 2025113 52.26 
Granted and assumed44 68.04 
Vested(43)49.40 $3,047 
Canceled/forfeited/other3 40.84 
Unvested balance at January 24, 2026117 $58.94 
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jan. 24, 2026
Equity [Abstract]  
Components of AOCI, Net of Tax
The components of AOCI, net of tax, and the other comprehensive income (loss), for the first six months of fiscal 2026 and 2025 are summarized as follows (in millions):
Net Unrealized Gains (Losses) on Available-for-Sale InvestmentsNet Unrealized Gains (Losses) Cash Flow Hedging InstrumentsCumulative Translation Adjustment and Actuarial Gains (Losses)Accumulated Other Comprehensive Income (Loss)
Balance at July 26, 2025$(57)$65 $(962)$(954)
Other comprehensive income (loss) before reclassifications46 76 33 155 
(Gains) losses reclassified out of AOCI8 (22)— (14)
Tax benefit (expense)(9)(13)(1)(23)
Balance at January 24, 2026$(12)$106 $(930)$(836)
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)
v3.25.4
Income Taxes (Tables)
 6 Months Ended
Jan. 24, 2026
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 24,
2026		January 25,
2025		January 24,
2026		January 25,
2025
Income before provision for income taxes$3,646 $2,887 $7,037 $5,154 
Provision for income taxes471 459 1,002 15 
Effective tax rate12.9 %15.9 %14.2 %0.3 %
v3.25.4
Segment Information and Major Customers (Tables)
 6 Months Ended
Jan. 24, 2026
Segment Reporting [Abstract]  
Reportable Segments
The following summarizes our revenue and gross margin by segment and the significant expenses by each segment (in millions):
Three Months EndedSix Months Ended
January 24,
2026		January 25,
2025		January 24,
2026		January 25,
2025
Revenue:
Americas$8,845 $8,202 $17,834 $16,454 
EMEA4,425 3,855 8,208 7,444 
APJC2,080 1,934 4,191 3,934 
Total$15,349 $13,991 $30,232 $27,832 
Gross margin:
Americas$5,816 $5,545 $11,817 $11,285 
EMEA3,173 2,750 5,895 5,272 
APJC1,368 1,320 2,781 2,648 
Segment total10,357 9,614 20,493 19,204 
Unallocated corporate items(385)(503)(776)(972)
Total$9,972 $9,111 $19,717 $18,232 
Supplemental information about our significant expenses:
Americas:
Cost of sales — product$2,416 $1,877 $4,765 $3,928 
Cost of sales — services612 635 1,251 1,242 
Segment total$3,029 $2,512 $6,016 $5,170 
EMEA:
Cost of sales — product$962 $778 $1,730 $1,602 
Cost of sales — services289 288 583 570 
Segment total$1,252 $1,066 $2,314 $2,172 
APJC:
Cost of sales — product$533 $490 $1,047 $926 
Cost of sales — services179 183 362 360 
Segment total$712 $673 $1,410 $1,286 
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Product revenue:
Networking$8,294 $6,850 $16,061 $13,603 
Security2,018 2,111 3,998 4,129 
Collaboration1,054 996 2,109 2,081 
Observability277 277 550 535 
Total Product11,642 10,234 22,719 20,348 
Services3,707 3,757 7,513 7,484 
Total revenue$15,349 $13,991 $30,232 $27,832 
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Product$4,474 $4,432 $8,974 $8,851 
Services3,362 3,430 6,862 6,855 
Total$7,836 $7,862 $15,836 $15,706 
The following table presents revenue for groups of similar products and services (in millions):
Three Months EndedSix Months Ended
January 24,
2026		January 25,
2025		January 24,
2026		January 25,
2025
Revenue:
Networking$8,294 $6,850 $16,061 $13,603 
Security2,018 2,111 3,998 4,129 
Collaboration1,054 996 2,109 2,081 
Observability277 277 550 535 
Total Product11,642 10,234 22,719 20,348 
Services3,707 3,757 7,513 7,484 
Total$15,349 $13,991 $30,232 $27,832 
v3.25.4
Net Income per Share (Tables)
 6 Months Ended
Jan. 24, 2026
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 24, 2026January 25, 2025January 24, 2026January 25, 2025
Net income$3,175 $2,428 $6,035 $5,139 
Weighted-average shares—basic3,955 3,981 3,955 3,986 
Effect of dilutive potential common shares29 24 32 22 
Weighted-average shares—diluted3,984 4,005 3,987 4,008 
Net income per share—basic$0.80 $0.61 $1.53 $1.29 
Net income per share—diluted$0.80 $0.61 $1.51 $1.28 
Antidilutive employee share-based awards, excluded— 22 — 59 
v3.25.4
Organization and Basis of Presentation (Details)
 6 Months Ended
Jan. 24, 2026
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 3
Number of operating segments 3
v3.25.4
Revenue - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Jul. 26, 2025
Disaggregation of Revenue [Line Items]          
Payment terms     30 days    
Accounts receivable, net $ 6,606   $ 6,606   $ 6,701
Deferred revenue 28,403   28,403   28,779
Revenue recognized 4,500   9,900    
Total deferred sales commissions 1,500   1,500   1,500
Amortization of sales commissions, expense 249 $ 238 483 $ 446  
Software and Service Agreements          
Disaggregation of Revenue [Line Items]          
Contract assets, net of allowances 3,400   3,400   3,200
Contract assets, current $ 1,800   $ 1,800   $ 1,700
v3.25.4
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Disaggregation of Revenue [Line Items]        
Revenue $ 15,349 $ 13,991 $ 30,232 $ 27,832
Product        
Disaggregation of Revenue [Line Items]        
Revenue 11,642 10,234 22,719 20,348
Networking        
Disaggregation of Revenue [Line Items]        
Revenue 8,294 6,850 16,061 13,603
Security        
Disaggregation of Revenue [Line Items]        
Revenue 2,018 2,111 3,998 4,129
Collaboration        
Disaggregation of Revenue [Line Items]        
Revenue 1,054 996 2,109 2,081
Observability        
Disaggregation of Revenue [Line Items]        
Revenue 277 277 550 535
Services        
Disaggregation of Revenue [Line Items]        
Revenue 3,707 3,757 7,513 7,484
Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 7,836 7,862 15,836 15,706
Subscription Revenue, Product        
Disaggregation of Revenue [Line Items]        
Revenue 4,474 4,432 8,974 8,851
Subscription Revenue, Service        
Disaggregation of Revenue [Line Items]        
Revenue $ 3,362 $ 3,430 $ 6,862 $ 6,855
v3.25.4
Revenue - Allowance for Accounts Receivable (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss at beginning of period $ 62 $ 78 $ 69 $ 87
Provisions 18 12 14 12
Write-offs, net of recoveries (4) (10) (7) (19)
Allowance for credit loss at end of period $ 76 $ 80 $ 76 $ 80
v3.25.4
Revenue - Schedule of Internal Risk Ratings for Contract Assets (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Financing Receivable, Credit Quality Indicator [Line Items]    
Contract asset, gross $ 3,414 $ 3,299
1 to 4    
Financing Receivable, Credit Quality Indicator [Line Items]    
Contract asset, gross 1,326 1,358
5 to 6    
Financing Receivable, Credit Quality Indicator [Line Items]    
Contract asset, gross 2,004 1,868
7 and Higher    
Financing Receivable, Credit Quality Indicator [Line Items]    
Contract asset, gross $ 84 $ 73
v3.25.4
Acquisitions - Summary of Allocation of Total Purchase Consideration (Details)
$ in Millions
 6 Months Ended
Jan. 24, 2026
USD ($)
Business Combination [Line Items]  
Purchased Intangible Assets $ 14
Acquisitions  
Business Combination [Line Items]  
Purchase Consideration 49
Net Tangible Assets Acquired (Liabilities Assumed) 0
Purchased Intangible Assets 14
Goodwill $ 35
v3.25.4
Acquisitions - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Business Combination [Line Items]    
Future compensation expense & contingent consideration (up to) $ 400  
Acquisitions    
Business Combination [Line Items]    
Transaction costs $ 9 $ 11
v3.25.4
Acquisitions - Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
All Acquisitions        
Business Combination [Line Items]        
Compensation expense related to acquisitions $ 98 $ 222 $ 208 $ 519
v3.25.4
Goodwill and Purchased Intangible Assets - Schedule of Goodwill by Reportable Segments (Details)
$ in Millions
 6 Months Ended
Jan. 24, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning Balance $ 59,136
Acquisitions 35
Foreign Currency Translation and Other 63
Ending Balance 59,234
Americas  
Goodwill [Roll Forward]  
Beginning Balance 36,468
Acquisitions 21
Foreign Currency Translation and Other 39
Ending Balance 36,528
EMEA  
Goodwill [Roll Forward]  
Beginning Balance 14,397
Acquisitions 9
Foreign Currency Translation and Other 15
Ending Balance 14,421
APJC  
Goodwill [Roll Forward]  
Beginning Balance 8,271
Acquisitions 5
Foreign Currency Translation and Other 9
Ending Balance $ 8,285
v3.25.4
Goodwill and Purchased Intangible Assets - Schedule of Intangible Assets Acquired Through Business Combinations (Details)
$ in Millions
 6 Months Ended
Jan. 24, 2026
USD ($)
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Acquired Through Business Combinations [Line Items]  
Purchased Intangible Assets $ 14
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]  
Finite lived assets acquired $ 0
TECHNOLOGY  
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Acquired Through Business Combinations [Line Items]  
Weighted- Average Useful Life (in Years) 2 years 6 months
Finite lived assets acquired $ 14
TRADE NAME  
Schedule Of Finite Lived And Indefinite Lived Intangible Assets Acquired Through Business Combinations [Line Items]  
Finite lived assets acquired $ 0
v3.25.4
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
Jan. 24, 2026
Jul. 26, 2025
Finite-Lived Intangible Assets, Net [Abstract]        
Gross     $ 12,079 $ 12,121
Accumulated Amortization     (3,772) (2,946)
Total     8,307 9,175
Impairment charges $ 19 $ 19    
Customer related        
Finite-Lived Intangible Assets, Net [Abstract]        
Gross     6,340 6,341
Accumulated Amortization     (1,707) (1,268)
Total     4,633 5,073
Technology        
Finite-Lived Intangible Assets, Net [Abstract]        
Gross     5,213 5,254
Accumulated Amortization     (1,970) (1,606)
Total     3,243 3,648
Trade name        
Finite-Lived Intangible Assets, Net [Abstract]        
Gross     526 526
Accumulated Amortization     (95) (72)
Total     $ 431 $ 454
v3.25.4
Goodwill and Purchased Intangible Assets - Schedule of Amortization of Purchased Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Amortization of purchased intangible assets $ 231 $ 265 $ 462 $ 530
Total        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Amortization of purchased intangible assets 466 605 937 1,195
Cost of sales        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Amortization of purchased intangible assets 235 340 475 665
Operating expenses        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Amortization of purchased intangible assets $ 231 $ 265 $ 462 $ 530
v3.25.4
Goodwill and Purchased Intangible Assets - Schedule of Estimated Future Amortization Expense of Purchased Intangible Assets (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]    
2026 (remaining six months) $ 904  
2027 1,495  
2028 1,415  
2029 1,287  
2030 1,003  
Thereafter 2,203  
Total $ 8,307 $ 9,175
v3.25.4
Restructuring and Other Charges - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Restructuring Cost and Reserve [Line Items]        
Restructuring and other charges $ 36 $ 10 $ 183 $ 675
FISCAL 2025 PLAN        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other charges 36   183  
Cumulative costs incurred $ 927   $ 927  
v3.25.4
Restructuring and Other Charges - Schedule of Activities Related to Restructuring and Other Charges (Details)
$ in Millions
 6 Months Ended
Jan. 24, 2026
USD ($)
Restructuring Reserve [Roll Forward]  
Liability, beginning of period $ 112
Charges 183
Cash payments (168)
Non-cash and other (39)
Liability, end of period 88
FISCAL 2025 PLAN | Employee Severance  
Restructuring Reserve [Roll Forward]  
Liability, beginning of period 66
Charges 142
Cash payments (143)
Non-cash and other (1)
Liability, end of period 64
FISCAL 2025 PLAN | Other  
Restructuring Reserve [Roll Forward]  
Liability, beginning of period 46
Charges 41
Cash payments (25)
Non-cash and other (38)
Liability, end of period $ 24
v3.25.4
Balance Sheet and Other Details - Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Jan. 25, 2025
Jul. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 7,458 $ 8,346    
Restricted cash and restricted cash equivalents included in other current assets 1 564    
Total $ 7,459 $ 8,910 $ 9,508 $ 8,842
v3.25.4
Balance Sheet and Other Details - Inventories (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 2,016 $ 1,744
Work in process 684 261
Finished goods 987 933
Service-related spares 227 220
Demonstration systems 6 6
Total $ 3,920 $ 3,164
v3.25.4
Balance Sheet and Other Details - Property and Equipment, Net (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Property, Plant and Equipment [Line Items]    
Operating lease assets $ 51 $ 51
Total gross property and equipment 9,705 9,590
Less: accumulated depreciation and amortization (7,354) (7,477)
Total 2,351 2,113
Land, buildings, and building and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Gross property and equipment, excluding operating lease assets 4,060 4,045
Production, engineering, computer and other equipment and related software    
Property, Plant and Equipment [Line Items]    
Gross property and equipment, excluding operating lease assets 5,293 5,178
Furniture, fixtures and other    
Property, Plant and Equipment [Line Items]    
Gross property and equipment, excluding operating lease assets $ 301 $ 316
v3.25.4
Balance Sheet and Other Details - Remaining Performance Obligations (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 43,406 $ 43,533
Deferred revenue 28,403 28,779
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   $ 21,723
Period for amount to be recognized as revenue   12 months
Amount to be recognized as revenue over the next 12 months   50.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-25    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 21,370  
Period for amount to be recognized as revenue 12 months  
Amount to be recognized as revenue over the next 12 months 49.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-26    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation   $ 21,810
Period for amount to be recognized as revenue  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-24    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 22,036  
Period for amount to be recognized as revenue  
Unbilled contract revenue    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 15,003 $ 14,754
Product    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation 21,977 21,572
Deferred revenue 13,371 13,490
Services    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation 21,429 21,961
Deferred revenue $ 15,032 $ 15,289
v3.25.4
Balance Sheet and Other Details - Deferred Revenue (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Disaggregation of Revenue [Line Items]    
Total deferred revenue $ 28,403 $ 28,779
Current 16,199 16,416
Noncurrent 12,204 12,363
Product    
Disaggregation of Revenue [Line Items]    
Total deferred revenue 13,371 13,490
Services    
Disaggregation of Revenue [Line Items]    
Total deferred revenue $ 15,032 $ 15,289
v3.25.4
Leases - Operating Lease Balances (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating lease right-of-use assets $ 1,408 $ 1,301
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating lease liabilities $ 405 $ 375
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Operating lease liabilities $ 1,249 $ 1,175
Total operating lease liabilities $ 1,654 $ 1,550
v3.25.4
Leases - Lease Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Leases [Abstract]        
Operating lease expense $ 132 $ 149 $ 263 $ 263
Short-term lease expense 26 16 51 34
Variable lease expense 77 47 149 93
Total lease expense $ 235 $ 212 $ 463 $ 390
v3.25.4
Leases - Supplemental Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities — operating cash flows $ 259 $ 228
Right-of-use assets obtained in exchange for operating leases liabilities $ 351 $ 326
v3.25.4
Leases - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Jul. 26, 2025
Leases [Abstract]          
Weighted-average remaining lease term (in years) 5 years 9 months 18 days   5 years 9 months 18 days   5 years 8 months 12 days
Weighted-average discount rate 4.00%   4.00%   4.10%
Sales-type lease terms, on average 4 years   4 years    
Interest income, lease receivables $ 15 $ 16 $ 31 $ 33  
v3.25.4
Leases - Lessee, Maturities of Operating Leases (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Leases [Abstract]    
2026 (remaining six months) $ 256  
2027 385  
2028 286  
2029 228  
2030 198  
Thereafter 536  
Total lease payments 1,889  
Less: interest (235)  
Total $ 1,654 $ 1,550
v3.25.4
Leases - Lessor, Future Minimum Lease Payments on Lease Receivables (Details)
$ in Millions
Jan. 24, 2026
USD ($)
Leases [Abstract]  
2026 (remaining six months) $ 157
2027 310
2028 125
2029 151
2030 144
Total 887
Less: Present value of lease payments (795)
Unearned income $ 92
v3.25.4
Financing Receivables - Additional Information (Details)
 6 Months Ended
Jan. 24, 2026
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
v3.25.4
Financing Receivables - Schedule of Financing Receivables (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Oct. 25, 2025
Jul. 26, 2025
Jan. 25, 2025
Oct. 26, 2024
Jul. 27, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Gross $ 6,712   $ 6,610      
Residual value 67   66      
Unearned income (92)   (99)      
Allowance for credit loss (45) $ (51) (50) $ (59) $ (64) $ (65)
Total, net 6,642   6,527      
Current 2,944   3,061      
Noncurrent 3,698   3,466      
Loan Receivables            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Gross 5,825   5,628      
Unearned income 0   0      
Allowance for credit loss (34) (37) (37) (45) (49) (50)
Total, net 5,791   5,591      
Current 2,634   2,715      
Noncurrent 3,157   2,876      
Lease Receivables            
Accounts, Notes, Loans and Financing Receivable [Line Items]            
Gross 887   982      
Residual value 67   66      
Unearned income (92)   (99)      
Allowance for credit loss (11) $ (14) (13) $ (14) $ (15) $ (15)
Total, net 851   936      
Current 310   346      
Noncurrent $ 541   $ 590      
v3.25.4
Financing Receivables - Schedule of Financing Receivables Categorized by Internal Credit Risk Rating (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior $ 71 $ 4
Origination year - July 30, 2022 161 154
Origination year - July 29, 2023 498 344
Origination year - July 27, 2024 1,469 739
Origination year - July 26, 2025 2,528 2,138
Origination year - Six Months Ended January 24, 2026 1,893 3,132
Gross 6,620 6,511
Loan Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 67 4
Origination year - July 30, 2022 134 139
Origination year - July 29, 2023 364 295
Origination year - July 27, 2024 1,224 547
Origination year - July 26, 2025 2,271 1,823
Origination year - Six Months Ended January 24, 2026 1,765 2,820
Gross 5,825 5,628
Lease Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 4 0
Origination year - July 30, 2022 27 15
Origination year - July 29, 2023 134 49
Origination year - July 27, 2024 245 192
Origination year - July 26, 2025 257 315
Origination year - Six Months Ended January 24, 2026 128 312
Gross 795 883
1 to 4 | Loan Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 45 2
Origination year - July 30, 2022 112 83
Origination year - July 29, 2023 273 236
Origination year - July 27, 2024 937 371
Origination year - July 26, 2025 1,391 1,258
Origination year - Six Months Ended January 24, 2026 1,116 1,556
Gross 3,874 3,506
1 to 4 | Lease Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 2 0
Origination year - July 30, 2022 13 9
Origination year - July 29, 2023 81 23
Origination year - July 27, 2024 150 112
Origination year - July 26, 2025 176 187
Origination year - Six Months Ended January 24, 2026 67 207
Gross 489 538
5 to 6 | Loan Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 22 2
Origination year - July 30, 2022 20 56
Origination year - July 29, 2023 89 53
Origination year - July 27, 2024 283 167
Origination year - July 26, 2025 862 561
Origination year - Six Months Ended January 24, 2026 647 1,248
Gross 1,923 2,087
5 to 6 | Lease Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 2 0
Origination year - July 30, 2022 13 6
Origination year - July 29, 2023 51 25
Origination year - July 27, 2024 89 77
Origination year - July 26, 2025 80 120
Origination year - Six Months Ended January 24, 2026 61 103
Gross 296 331
7 and Higher | Loan Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 0 0
Origination year - July 30, 2022 2 0
Origination year - July 29, 2023 2 6
Origination year - July 27, 2024 4 9
Origination year - July 26, 2025 18 4
Origination year - Six Months Ended January 24, 2026 2 16
Gross 28 35
7 and Higher | Lease Receivables    
Financing Receivable, Credit Quality Indicator [Line Items]    
Origination year - Prior 0 0
Origination year - July 30, 2022 1 0
Origination year - July 29, 2023 2 1
Origination year - July 27, 2024 6 3
Origination year - July 26, 2025 1 8
Origination year - Six Months Ended January 24, 2026 0 2
Gross $ 10 $ 14
v3.25.4
Financing Receivables - Schedule of Aging Analysis of Financing Receivables (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables $ 6,620 $ 6,511
120+ Still Accruing 9 8
Nonaccrual Financing Receivables 2 6
Impaired Financing Receivables 2 6
Total Past Due    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 129 68
31-60    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 44 25
61-90     
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 26 21
91+    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 59 22
Current    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 6,491 6,443
Loan Receivables    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 5,825 5,628
120+ Still Accruing 4 4
Nonaccrual Financing Receivables 1 5
Impaired Financing Receivables 1 5
Loan Receivables | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 102 52
Loan Receivables | 31-60    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 31 18
Loan Receivables | 61-90     
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 18 18
Loan Receivables | 91+    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 53 16
Loan Receivables | Current    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 5,723 5,576
Lease Receivables    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 795 883
120+ Still Accruing 5 4
Nonaccrual Financing Receivables 1 1
Impaired Financing Receivables 1 1
Lease Receivables | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 27 16
Lease Receivables | 31-60    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 13 7
Lease Receivables | 61-90     
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 8 3
Lease Receivables | 91+    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables 6 6
Lease Receivables | Current    
Financing Receivable, Past Due [Line Items]    
Gross Financing Receivables $ 768 $ 867
v3.25.4
Financing Receivables - Summary of Allowances for Credit Loss and Related Financing Receivables (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss, beginning of period $ 51 $ 64 $ 50 $ 65
Provisions (benefits) (6) (4) (5) (5)
Recoveries (write-offs), net     (3) (3)
Foreign exchange and other     2 2
Allowance for credit loss, end of period 45 59 45 59
Loan Receivables        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss, beginning of period 37 49 37 50
Provisions (benefits) (3) (2) (3) (3)
Recoveries (write-offs), net     (3) (3)
Foreign exchange and other     1 1
Allowance for credit loss, end of period 34 45 34 45
Lease Receivables        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss, beginning of period 14 15 13 15
Provisions (benefits) (3) (2) (2) (2)
Recoveries (write-offs), net     0 0
Foreign exchange and other     1 1
Allowance for credit loss, end of period $ 11 $ 14 $ 11 $ 14
v3.25.4
Investments - Summary of Available-for-Sale Debt Investments (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 7,997 $ 7,473
Gross Unrealized Gains 15 15
Gross Unrealized and Credit Losses (52) (107)
Fair Value 7,960 7,381
U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,756 1,971
Gross Unrealized Gains 4 2
Gross Unrealized and Credit Losses (4) (12)
Fair Value 1,756 1,961
U.S. government agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 49 67
Gross Unrealized Gains 0 0
Gross Unrealized and Credit Losses 0 0
Fair Value 49 67
Non-U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 442 458
Gross Unrealized Gains 1 0
Gross Unrealized and Credit Losses 0 0
Fair Value 443 458
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,106 3,138
Gross Unrealized Gains 10 13
Gross Unrealized and Credit Losses (37) (61)
Fair Value 3,079 3,090
Mortgage- and asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 247 320
Gross Unrealized Gains 0 0
Gross Unrealized and Credit Losses (11) (34)
Fair Value 236 286
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,337 950
Gross Unrealized Gains 0 0
Gross Unrealized and Credit Losses 0 0
Fair Value 1,337 950
Certificates of deposit    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 1,060 569
Gross Unrealized Gains 0 0
Gross Unrealized and Credit Losses 0 0
Fair Value $ 1,060 $ 569
v3.25.4
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. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Investments, Debt and Equity Securities [Abstract]        
Gross realized gains $ 1 $ 0 $ 11 $ 8
Gross realized losses (5) (20) (19) (53)
Total $ (4) $ (20) $ (8) $ (45)
v3.25.4
Investments - Available-for-Sale Investments With Gross Unrealized Losses (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value $ 1,281 $ 1,517
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses (3) (6)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 1,758 2,402
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses (23) (75)
TOTAL, Fair Value 3,039 3,919
TOTAL, Gross Unrealized Losses (26) (81)
U.S. government securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value 710 1,076
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses (2) (6)
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 244 302
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses (2) (6)
TOTAL, Fair Value 954 1,378
TOTAL, Gross Unrealized Losses (4) (12)
U.S. government agency securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value   8
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses   0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value   21
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses   0
TOTAL, Fair Value   29
TOTAL, Gross Unrealized Losses   0
Non-U.S. government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value 116 292
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses 0 0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 0 0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses 0 0
TOTAL, Fair Value 116 292
TOTAL, Gross Unrealized Losses 0 0
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value 422 106
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses (1) 0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 1,409 1,800
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses (10) (35)
TOTAL, Fair Value 1,831 1,906
TOTAL, Gross Unrealized Losses (11) (35)
Mortgage- and asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value 33 5
UNREALIZED LOSSES LESS THAN 12 MONTHS, Gross Unrealized Losses 0 0
UNREALIZED LOSSES 12 MONTHS OR GREATER, Fair Value 105 279
UNREALIZED LOSSES 12 MONTHS OR GREATER, Gross Unrealized Losses (11) (34)
TOTAL, Fair Value 138 284
TOTAL, Gross Unrealized Losses $ (11) (34)
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
UNREALIZED LOSSES LESS THAN 12 MONTHS, Fair Value   30
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   30
TOTAL, Gross Unrealized Losses   $ 0
v3.25.4
Investments - Maturities of Available-for-Sale Debt Investments (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Amortized Cost    
Within 1 year $ 4,696  
After 1 year through 5 years 2,982  
After 5 years through 10 years 72  
Mortgage- and asset-backed securities with no single maturity 247  
Amortized Cost 7,997 $ 7,473
Fair Value    
Within 1 year 4,660  
After 1 year through 5 years 2,992  
After 5 years through 10 years 72  
Mortgage- and asset-backed securities with no single maturity 236  
Fair Value $ 7,960 $ 7,381
v3.25.4
Investments - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Jul. 26, 2025
Schedule of Investments [Line Items]          
Marketable equity securities $ 359   $ 359   $ 383
Net unrealized gain (loss) on marketable securities (34) $ 16 (4) $ 36  
Funding commitments 700   700    
Equity interests held in certain private equity funds 700   700   600
Investments in privately held companies 2,100   2,100   1,900
Variable Interest Entity, Not Primary Beneficiary          
Schedule of Investments [Line Items]          
Investments in privately held companies 800   800    
NCI equity 221   221   162
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   $ 700
v3.25.4
Investments - Cumulative Adjustments (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Investments, Debt and Equity Securities [Abstract]    
Cumulative upward adjustments $ 278 $ 195
Cumulative downward adjustments, including impairments (601) (597)
Net adjustments $ (323) $ (402)
v3.25.4
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Assets:    
Available-for-sale debt investments: $ 7,960 $ 7,381
Marketable equity securities 359 383
Derivative assets 90 32
Total 13,891 14,581
Liabilities:    
Derivative liabilities 83 31
Total 83 31
Money market funds    
Assets:    
Other current assets: 0 563
U.S. government securities    
Assets:    
Available-for-sale debt investments: 1,756 1,961
U.S. government agency securities    
Assets:    
Available-for-sale debt investments: 49 67
Non-U.S. government and agency securities    
Assets:    
Available-for-sale debt investments: 443 458
Corporate debt securities    
Assets:    
Available-for-sale debt investments: 3,079 3,090
Mortgage- and asset-backed securities    
Assets:    
Available-for-sale debt investments: 236 286
Commercial paper    
Assets:    
Available-for-sale debt investments: 1,337 950
Certificates of deposit    
Assets:    
Available-for-sale debt investments: 1,060 569
Money market funds    
Assets:    
Cash equivalents: 5,348 5,885
Commercial paper    
Assets:    
Cash equivalents: 134 336
Corporate debt securities    
Assets:    
Cash equivalents: 0 1
Level 1    
Assets:    
Marketable equity securities 359 383
Derivative assets 0 0
Total 5,707 6,831
Liabilities:    
Derivative liabilities 0 0
Total 0 0
Level 1 | Money market funds    
Assets:    
Other current assets: 0 563
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 | Mortgage- and asset-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: 5,348 5,885
Level 1 | Commercial paper    
Assets:    
Cash equivalents: 0 0
Level 1 | Corporate debt securities    
Assets:    
Cash equivalents: 0 0
Level 2    
Assets:    
Marketable equity securities 0 0
Derivative assets 90 32
Total 8,184 7,750
Liabilities:    
Derivative liabilities 83 31
Total 83 31
Level 2 | Money market funds    
Assets:    
Other current assets: 0 0
Level 2 | U.S. government securities    
Assets:    
Available-for-sale debt investments: 1,756 1,961
Level 2 | U.S. government agency securities    
Assets:    
Available-for-sale debt investments: 49 67
Level 2 | Non-U.S. government and agency securities    
Assets:    
Available-for-sale debt investments: 443 458
Level 2 | Corporate debt securities    
Assets:    
Available-for-sale debt investments: 3,079 3,090
Level 2 | Mortgage- and asset-backed securities    
Assets:    
Available-for-sale debt investments: 236 286
Level 2 | Commercial paper    
Assets:    
Available-for-sale debt investments: 1,337 950
Level 2 | Certificates of deposit    
Assets:    
Available-for-sale debt investments: 1,060 569
Level 2 | Money market funds    
Assets:    
Cash equivalents: 0 0
Level 2 | Commercial paper    
Assets:    
Cash equivalents: 134 336
Level 2 | Corporate debt securities    
Assets:    
Cash equivalents: $ 0 $ 1
v3.25.4
Fair Value - Additional Information (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Noncurrent $ 3,698 $ 3,466
Borrowings, carrying value 24,617 24,611
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Borrowings, fair value 25,200 25,000
Loan Receivables    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Noncurrent $ 3,157 $ 2,876
v3.25.4
Borrowings - Schedule of Short-Term Debt (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Short-term Debt [Line Items]    
Short-term debt $ 8,719 $ 5,232
Senior Notes    
Short-term Debt [Line Items]    
Short-term debt $ 3,250 $ 1,749
Effective Rate 3.41% 4.15%
Commercial paper    
Short-term Debt [Line Items]    
Short-term debt $ 5,469 $ 3,482
Effective Rate 3.88% 4.37%
Current portion of other debt    
Short-term Debt [Line Items]    
Short-term debt $ 0 $ 1
Effective Rate 0.00% 1.13%
v3.25.4
Borrowings - Schedule of Long-Term Debt (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Debt Instrument [Line Items]    
Other debt $ 2 $ 3
Total 24,752 24,753
Unaccreted discount/issuance costs (135) (142)
Total 24,617 24,611
Current portion of senior fixed-rate notes 3,250 1,750
Long-term debt $ 21,367 22,861
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 4.55%, Due February 2028    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.55%  
Amount $ 1,000 $ 1,000
Effective Rate 4.61% 4.61%
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 4.75%, Due February 2030    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.75%  
Amount $ 1,000 $ 1,000
Effective Rate 4.73% 4.73%
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 4.95%, Due February 2032    
Debt Instrument [Line Items]    
Interest rate, stated percentage 4.95%  
Amount $ 1,000 $ 1,000
Effective Rate 4.94% 4.94%
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 5.10%, Due February 2035    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.10%  
Amount $ 1,250 $ 1,250
Effective Rate 5.11% 5.11%
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 5.50%, Due February 2055    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.50%  
Amount $ 750 $ 750
Effective Rate 5.49% 5.49%
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%
v3.25.4
Borrowings - Schedule of Future Principal Payments for Long-Term Debt (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Debt Disclosure [Abstract]    
2026 (remaining six months) $ 1,750  
2027 3,502  
2028 1,000  
2029 2,500  
2030 1,000  
Thereafter 15,000  
Total $ 24,752 $ 24,753
v3.25.4
Borrowings - Additional Information (Details)
 6 Months Ended
Feb. 02, 2024
USD ($)
Jan. 24, 2026
USD ($)
Commercial paper    
Debt Instrument [Line Items]    
Principal amount   $ 15,000,000,000
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
v3.25.4
Derivative Instruments - Fair Value of Derivatives Derivative Instruments by Balance Sheet Line Item (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Derivative [Line Items]    
DERIVATIVE ASSETS $ 90 $ 32
DERIVATIVE LIABILITIES 83 31
Derivatives designated as hedging instruments:    
Derivative [Line Items]    
DERIVATIVE ASSETS 83 27
DERIVATIVE LIABILITIES 4 4
Derivatives designated as hedging instruments: | Foreign currency derivatives | Other current assets    
Derivative [Line Items]    
DERIVATIVE ASSETS 40 17
Derivatives designated as hedging instruments: | Foreign currency derivatives | Other current liabilities    
Derivative [Line Items]    
DERIVATIVE LIABILITIES 4 2
Derivatives designated as hedging instruments: | Foreign currency derivatives | Other assets    
Derivative [Line Items]    
DERIVATIVE ASSETS 43 10
Derivatives designated as hedging instruments: | Foreign currency derivatives | Other long-term liabilities    
Derivative [Line Items]    
DERIVATIVE LIABILITIES 0 2
Derivatives not designated as hedging instruments:    
Derivative [Line Items]    
DERIVATIVE ASSETS 7 5
DERIVATIVE LIABILITIES 79 27
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other current assets    
Derivative [Line Items]    
DERIVATIVE ASSETS 7 3
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other current liabilities    
Derivative [Line Items]    
DERIVATIVE LIABILITIES 36 17
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other assets    
Derivative [Line Items]    
DERIVATIVE ASSETS 0 2
Derivatives not designated as hedging instruments: | Foreign currency derivatives | Other long-term liabilities    
Derivative [Line Items]    
DERIVATIVE LIABILITIES $ 43 $ 10
v3.25.4
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. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) $ 11 $ (52) $ 19 $ (62)
Foreign currency derivatives        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) (3) (63) (49) (95)
Total return swaps—deferred compensation        
Derivative Instruments, Gain (Loss) [Line Items]        
Total gains (losses) $ 14 $ 11 $ 68 $ 33
v3.25.4
Derivative Instruments - Schedule of Notional Amounts of Derivatives Outstanding (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Derivative [Line Items]    
Derivatives $ 9,720 $ 10,065
Foreign currency derivatives    
Derivative [Line Items]    
Derivatives 8,518 8,978
Total return swaps—deferred compensation    
Derivative [Line Items]    
Derivatives $ 1,202 $ 1,087
v3.25.4
Derivative Instruments - Additional Information (Details)
 6 Months Ended
Jan. 24, 2026
Cash flow hedges  
Derivative [Line Items]  
Derivative average remaining maturity 24 months
Net investment hedges  
Derivative [Line Items]  
Derivative average remaining maturity 6 months
v3.25.4
Commitments and Contingencies - Schedule of Purchase Commitments (Details) - Inventories - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Unrecorded Unconditional Purchase Obligation [Line Items]    
Less than 1 year $ 9,615 $ 7,202
1 to 3 years 417 320
3 to 5 years 23 77
Total $ 10,055 $ 7,599
v3.25.4
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Jul. 26, 2025
Loss Contingencies [Line Items]          
Commitments and contingencies (Note 14)    
Volume of channel partner financing 7,400 $ 6,200 14,000 $ 12,200  
Balance of the channel partner financing subject to guarantees 1,300   $ 1,300   1,300
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) 700   $ 700   300
Inventories          
Loss Contingencies [Line Items]          
Liability for purchase commitments $ 185   $ 185   $ 206
v3.25.4
Commitments and Contingencies - Schedule of Product Warranty Liability (Details) - USD ($)
$ in Millions
 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]    
Balance at beginning of period $ 399 $ 362
Provisions for warranties issued 209 198
Adjustments for pre-existing warranties 0 37
Settlements (231) (203)
Balance at end of period $ 377 $ 394
v3.25.4
Commitments and Contingencies - Schedule of Financing Guarantees Outstanding (Details) - USD ($)
$ in Millions
Jan. 24, 2026
Jul. 26, 2025
Loss Contingencies [Line Items]    
Total $ 113 $ 110
Channel partner    
Loss Contingencies [Line Items]    
Maximum potential future payments 126 123
Deferred revenue $ (13) $ (13)
v3.25.4
Commitments and Contingencies - Legal Proceedings (Details)
$ in Millions
 6 Months Ended 8 Months Ended
Jun. 12, 2019
patent
Jan. 24, 2026
USD ($)
bench_trial
patent
May 24, 2022
claim
Centripetal | Pending litigation | Patent infringement      
Loss Contingencies [Line Items]      
Number of bench trials | bench_trial   1  
Number of allegedly infringed patents (patent) | patent   1  
Ramot | Pending litigation | Patent infringement      
Loss Contingencies [Line Items]      
Number of allegedly infringed patents (patent) | patent 3    
Claims filed | claim     2
Brazilian tax authority | Tax Year 2003 - 2007      
Loss Contingencies [Line Items]      
Income tax examination, tax   $ 148  
Income tax examination, interest   902  
Income tax examination, penalties   $ 303  
v3.25.4
Stockholders' Equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Feb. 11, 2026
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Jul. 26, 2025
Class of Stock [Line Items]            
Remaining authorized repurchase amount   $ 10,800   $ 10,800    
Cash dividends declared (in dollars per share)   $ 0.41 $ 0.40 $ 0.82 $ 0.80  
Subsequent event            
Class of Stock [Line Items]            
Cash dividends declared (in dollars per share) $ 0.42          
Stock repurchase program            
Class of Stock [Line Items]            
Stock repurchases pending settlement   $ 17   $ 17   $ 20
v3.25.4
Stockholders' Equity - Stock Repurchase Program (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Oct. 25, 2025
Jul. 26, 2025
Apr. 26, 2025
Jan. 25, 2025
Oct. 26, 2024
Jan. 24, 2026
Jan. 25, 2025
Stockholders' Equity Note [Abstract]                
Shares (in shares) 18 29 19 25 21 40    
Weighted-Average Price per Share (in dollars per share) $ 76.29 $ 68.28 $ 64.65 $ 59.78 $ 58.58 $ 49.56    
Amount $ 1,351 $ 2,001 $ 1,252 $ 1,504 $ 1,236 $ 2,003 $ 3,352 $ 3,239
v3.25.4
Employee Benefit Plans - Additional Information (Details)
$ in Billions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
USD ($)
stock_incentive_plan
shares
Jan. 24, 2026
USD ($)
period
stock_incentive_plan
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total compensation cost related to unvested share-based awards | $ $ 5.4 $ 5.4
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 during period (in shares) 8,000,000 8,000,000
Shares reserved for issuance (in shares) 42,000,000 42,000,000
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) 124,000,000 124,000,000
2005 Plan | RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award vesting period   3 years
v3.25.4
Employee Benefit Plans - Summary of Share-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense $ 934 $ 921 $ 1,989 $ 1,748
Income tax benefit for share-based compensation 298 224 539 398
Share-based compensation expense in cost of sales        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 151 151 301 282
Research and development        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 420 413 904 767
Sales and marketing        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 244 231 513 441
General and administrative        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 118 121 249 236
Restructuring and other charges        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 1 5 22 22
Share-based compensation expense in operating expenses        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 783 770 1,688 1,466
Product | Share-based compensation expense in cost of sales        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense 63 65 131 122
Services | Share-based compensation expense in cost of sales        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total share-based compensation expense $ 88 $ 86 $ 170 $ 160
v3.25.4
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. 24, 2026
Jul. 26, 2025
Restricted Stock/ Stock Units    
Beginning balance (in shares) 113 117
Granted and assumed (in shares) 44 70
Vested (in shares) (43) (65)
Canceled/forfeited/other (in shares)   (9)
Canceled/forfeited/other (in shares) 3  
Ending balance (in shares) 117 113
Weighted-Average Grant Date Fair Value per Share    
Beginning balance (in dollars per share) $ 52.26 $ 46.86
Granted and assumed (in dollars per share) 68.04 55.73
Vested (in dollars per share) 49.40 46.95
Canceled/forfeited/other (in dollars per share) 40.84 48.04
Ending balance (in dollars per share) $ 58.94 $ 52.26
Aggregate Fair  Value    
Vested $ 3,047 $ 3,707
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance $ 46,843 $ 45,457
Other comprehensive income (loss) before reclassifications 155 (34)
(Gains) losses reclassified out of AOCI (14) 21
Tax benefit (expense) (23) (50)
Ending balance 47,723 45,530
Accumulated Other Comprehensive Income (Loss)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (954) (1,430)
Ending balance (836) (1,493)
Net Unrealized Gains (Losses) on Available-for-Sale Investments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (57) (241)
Other comprehensive income (loss) before reclassifications 46 75
(Gains) losses reclassified out of AOCI 8 45
Tax benefit (expense) (9) (40)
Ending balance (12) (161)
Net Unrealized Gains (Losses) Cash Flow Hedging Instruments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance 65 79
Other comprehensive income (loss) before reclassifications 76 65
(Gains) losses reclassified out of AOCI (22) (24)
Tax benefit (expense) (13) (10)
Ending balance 106 110
Cumulative Translation Adjustment and Actuarial Gains (Losses)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning balance (962) (1,268)
Other comprehensive income (loss) before reclassifications 33 (174)
(Gains) losses reclassified out of AOCI 0 0
Tax benefit (expense) (1) 0
Ending balance $ (930) $ (1,442)
v3.25.4
Income Taxes - Income Before Provision for Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Income Tax Disclosure [Abstract]        
Income before provision for income taxes $ 3,646 $ 2,887 $ 7,037 $ 5,154
Provision for income taxes $ 471 $ 459 $ 1,002 $ 15
Effective tax rate 12.90% 15.90% 14.20% 0.30%
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 24, 2026
Oct. 26, 2024
Income Tax Disclosure [Abstract]    
Unrecognized tax benefits $ 2,400  
Unrecognized tax benefits that would impact effective tax rate 1,600  
Payment for transition tax $ 2,300  
Tax benefit   $ 720
v3.25.4
Segment Information and Major Customers - Additional Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
USD ($)
Jan. 25, 2025
USD ($)
Jan. 24, 2026
USD ($)
segment
Jan. 25, 2025
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | segment     3  
Number of operating segments | segment     3  
Revenue | $ $ 15,349 $ 13,991 $ 30,232 $ 27,832
United States        
Segment Reporting Information [Line Items]        
Revenue | $ $ 8,000 $ 7,400 $ 16,100 $ 14,800
v3.25.4
Segment Information and Major Customers - Summary of Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Segment Reporting Information [Line Items]        
Revenue $ 15,349 $ 13,991 $ 30,232 $ 27,832
Gross margin 9,972 9,111 19,717 18,232
Total cost of sales 5,377 4,880 10,515 9,600
Product        
Segment Reporting Information [Line Items]        
Revenue 11,642 10,234 22,719 20,348
Total cost of sales 4,205 3,713 8,139 7,239
Services        
Segment Reporting Information [Line Items]        
Revenue 3,707 3,757 7,513 7,484
Total cost of sales 1,172 1,167 2,376 2,361
Operating segments        
Segment Reporting Information [Line Items]        
Gross margin 10,357 9,614 20,493 19,204
Operating segments | Americas        
Segment Reporting Information [Line Items]        
Revenue 8,845 8,202 17,834 16,454
Gross margin 5,816 5,545 11,817 11,285
Total cost of sales 3,029 2,512 6,016 5,170
Operating segments | Americas | Product        
Segment Reporting Information [Line Items]        
Total cost of sales 2,416 1,877 4,765 3,928
Operating segments | Americas | Services        
Segment Reporting Information [Line Items]        
Total cost of sales 612 635 1,251 1,242
Operating segments | EMEA        
Segment Reporting Information [Line Items]        
Revenue 4,425 3,855 8,208 7,444
Gross margin 3,173 2,750 5,895 5,272
Total cost of sales 1,252 1,066 2,314 2,172
Operating segments | EMEA | Product        
Segment Reporting Information [Line Items]        
Total cost of sales 962 778 1,730 1,602
Operating segments | EMEA | Services        
Segment Reporting Information [Line Items]        
Total cost of sales 289 288 583 570
Operating segments | APJC        
Segment Reporting Information [Line Items]        
Revenue 2,080 1,934 4,191 3,934
Gross margin 1,368 1,320 2,781 2,648
Total cost of sales 712 673 1,410 1,286
Operating segments | APJC | Product        
Segment Reporting Information [Line Items]        
Total cost of sales 533 490 1,047 926
Operating segments | APJC | Services        
Segment Reporting Information [Line Items]        
Total cost of sales 179 183 362 360
Unallocated corporate items        
Segment Reporting Information [Line Items]        
Gross margin $ (385) $ (503) $ (776) $ (972)
v3.25.4
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. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue $ 15,349 $ 13,991 $ 30,232 $ 27,832
Total Product        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 11,642 10,234 22,719 20,348
Networking        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 8,294 6,850 16,061 13,603
Security        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 2,018 2,111 3,998 4,129
Collaboration        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 1,054 996 2,109 2,081
Observability        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue 277 277 550 535
Services        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenue $ 3,707 $ 3,757 $ 7,513 $ 7,484
v3.25.4
Net Income per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jan. 24, 2026
Jan. 25, 2025
Jan. 24, 2026
Jan. 25, 2025
Earnings Per Share [Abstract]        
Net income $ 3,175 $ 2,428 $ 6,035 $ 5,139
Weighted-average shares—basic (in shares) 3,955 3,981 3,955 3,986
Effect of dilutive potential common shares (in shares) 29 24 32 22
Weighted-average shares—diluted (in shares) 3,984 4,005 3,987 4,008
Net income per share—basic (in dollars per share) $ 0.80 $ 0.61 $ 1.53 $ 1.29
Net income per share—diluted (in dollars per share) $ 0.80 $ 0.61 $ 1.51 $ 1.28
Antidilutive employee share-based awards, excluded (in shares) 0 22 0 59