0000950170-24-101408 | 10-Q | XBRL Viewer

Restructuring Charges (Tables)

3 Months Ended

Jul. 26, 2024

Restructuring and Related Activities [Abstract]

Activities related to our restructuring plans are summarized as follows (in millions):


	Three Months Ended
	July 26, 2024			July 28, 2023
Balance at beginning of period	$	10		$	36
Net charges		17			26
Cash payments		(9	)		(31	)
Balance at end of period	$	18		$	31

Stockholders' Equity

3 Months Ended

Jul. 26, 2024

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Restricted Stock Units

We granted approximately 3 million restricted stock units (RSUs), including performance-based RSUs (PBRSUs), with a weighted average grant date fair value of $128.21 per share during the three months ended July 26, 2024.

In the three months ended July 26, 2024, we granted PBRSUs to certain of our executives. Each PBRSU has performance-based vesting criteria (in addition to the service-based vesting criteria) such that the PBRSUs cliff-vest at the end of a three year performance period, which began on the date specified in the grant agreements and typically ends on the last day of the third fiscal year, following the grant date. The number of shares that will be used to calculate the settlement amount for all of these PBRSUs at the end of the applicable performance and service period will range from 0% to 200% of a target number of shares originally granted. For half of the PBRSUs granted in the three months ended July 26, 2024, the number of shares used to calculate the settlement amount will depend upon our Total Stockholder Return (TSR) as compared to the TSR of a specified group of benchmark peer companies (each expressed as a growth rate percentage) calculated as of the end of the performance period. For the remaining half of the PBRSUs granted in the three months ended July 26, 2024, the number of shares used to calculate the settlement amount will depend upon the Company's billings result average over the three-year performance period. The billings result average is computed based on achievement against annual billings targets, with each target set at the beginning of the respective fiscal year, during the three-year performance period. Billings for purposes of measuring the performance of these PBRSUs means the total obtained by adding net

revenues as reported on the Company's Consolidated Statements of Income to the amount reported as the change in deferred revenue and financed unearned services revenue on the Consolidated Statements of Cash Flows for the applicable measurement period, excluding the impact of fluctuations in foreign currency exchange rates. The aggregate grant date fair value of PBRSUs granted in the current year was $61 million, which is being recognized to compensation expense over the remaining performance / service periods.

Stock-Based Compensation Expense

Stock-based compensation expense is included in the condensed consolidated statements of income as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
Cost of product revenues	$	1	$	1
Cost of services revenues		6		6
Sales and marketing		35		36
Research and development		31		32
General and administrative		12		12
Total stock-based compensation expense	$	85	$	87

As of July 26, 2024, total unrecognized compensation expense related to equity awards was $846 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.3 years.

Stock Repurchase Program

As of July 26, 2024, our Board of Directors has authorized the repurchase of up to $17.1 billion of our common stock. Under this program, we may purchase shares of our outstanding common stock through solicited or unsolicited transactions in the open market, in privately negotiated transactions, through accelerated share repurchase programs, pursuant to a Rule 10b5-1 plan or in such other manner as deemed appropriate by our management. The stock repurchase program may be suspended or discontinued at any time.

The following table summarizes activity related to the stock repurchase program for the three months ended July 26, 2024 (in millions, except for per share amounts):


Number of shares repurchased		3
Average price per share	$	120.46
Stock repurchases allocated to additional paid-in capital	$	16
Stock repurchases allocated to retained earnings	$	384
Remaining authorization at end of period	$	1,102

Since the May 13, 2003 inception of our stock repurchase program through July 26, 2024, we repurchased a total of 375 million shares of our common stock at an average price of $42.73 per share, for an aggregate purchase price of $16 billion.

Dividends

The following is a summary of our activities related to dividends on our common stock (in millions, except per share amounts):


	Three Months Ended
	July 26, 2024		July 28, 2023
Dividends per share declared	$	0.52	$	0.50
Dividend payments allocated to additional paid-in capital	$	35	$	68
Dividend payments allocated to retained earnings	$	72	$	38

On August 22, 2024, we declared a cash dividend of $0.52 per share of common stock, payable on October 23, 2024 to holders of record as of the close of business on October 4, 2024. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. All dividends declared have been determined by us to be legally authorized under the laws of the state in which we are incorporated.

Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, are summarized below (in millions):


	Foreign Currency Translation Adjustments			Defined Benefit Obligation Adjustments			Unrealized Gains (Losses) on Derivative Instruments			Total
Balance as of April 26, 2024	$	(53	)	$	(7	)	$	1		$	(59	)
Other comprehensive income (loss), net of tax		1			—			(1	)		—
Total other comprehensive income (loss)		1			—			(1	)		—
Balance as of July 26, 2024	$	(52	)	$	(7	)	$	—		$	(59	)

The amounts reclassified out of AOCI are as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023			Statements of Income Classification
Realized gains on cash flow hedges	$	—	$	(1	)	Net revenues
Total reclassifications	$	—	$	(1	)

Supplemental Financial Information - Other Non-Current Assets (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred tax assets	$ 913	$ 896
Operating lease ROU assets	241	247
Other assets	373	360
Other non-current assets	$ 1,527	$ 1,503

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares		3 Months Ended
	Feb. 22, 2024	Jul. 26, 2024	Jul. 28, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared, per common share	$ 0.52	$ 0.52	$ 0.5

Segment Geographic and Significant Customer Information - Schedule of Financial Information by Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 1,541	$ 1,432
Segment cost of revenues	428	420
Segment gross profit	$ 1,113	$ 1,012
Segment gross margin	72.20%	70.70%
Unallocated cost of revenues	$ 15	$ 16
Gross profit	$ 1,098	$ 996
Total gross margin	71.30%	69.60%
Operating Segments \| Hybrid Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	$ 1,382	$ 1,278
Segment cost of revenues	382	369
Segment gross profit	$ 1,000	$ 909
Segment gross margin	72.40%	71.10%
Operating Segments \| Public Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	$ 159	$ 154
Segment cost of revenues	46	51
Segment gross profit	$ 113	$ 103
Segment gross margin	71.10%	66.90%
Product [Member]
Segment Reporting Information [Line Items]
Net revenues	$ 669	$ 590
Segment cost of revenues	268	264
Product [Member] \| Operating Segments \| Hybrid Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	669	590
Segment cost of revenues	268	264
Product [Member] \| Operating Segments \| Public Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	0	0
Segment cost of revenues	0	0
Public Cloud
Segment Reporting Information [Line Items]
Net revenues	159	154
Segment cost of revenues	46	51
Public Cloud \| Operating Segments \| Hybrid Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	0	0
Segment cost of revenues	0	0
Public Cloud \| Operating Segments \| Public Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	159	154
Segment cost of revenues	46	51
Support
Segment Reporting Information [Line Items]
Net revenues	631	611
Segment cost of revenues	50	47
Support \| Operating Segments \| Hybrid Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	631	611
Segment cost of revenues	50	47
Support \| Operating Segments \| Public Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	0	0
Segment cost of revenues	0	0
Professional and Other Services
Segment Reporting Information [Line Items]
Net revenues	82	77
Segment cost of revenues	64	58
Professional and Other Services \| Operating Segments \| Hybrid Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	82	77
Segment cost of revenues	64	58
Professional and Other Services \| Operating Segments \| Public Cloud Segment
Segment Reporting Information [Line Items]
Net revenues	0	0
Segment cost of revenues	$ 0	$ 0

Restructuring Charges - Activities Related to Restructuring Reserves (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Restructuring and Related Activities [Abstract]
Balance at beginning of period	$ 10	$ 36
Net charges	17	26
Cash payments	(9)	(31)
Balance at end of period	$ 18	$ 31

Derivatives and Hedging Activities (Tables)

3 Months Ended

Jul. 26, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Value of Outstanding Foreign Currency Exchange Forward Contracts

The notional amount of our outstanding U.S. dollar equivalent foreign currency exchange forward contracts consisted of the following (in millions):


	July 26, 2024		April 26, 2024
Cash Flow Hedges
Forward contracts purchased	$	108	$	71
Balance Sheet Contracts
Forward contracts sold	$	1,088	$	881
Forward contracts purchased	$	12	$	11

Schedule of Derivative Instruments Not Designated as Hedging Instruments

The effect of derivative instruments not designated as hedging instruments recognized in other income, net on our condensed consolidated statements of income was as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
	Gain (Loss) Recognized into Income
Foreign currency exchange contracts	$	13	$	(4	)

Supplemental Financial Information - Other Long-term Liabilities (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Liabilities, Other than Long-Term Debt, Noncurrent [Abstract]
Liability for uncertain tax positions	$ 157	$ 153
Income taxes payable	100	100
Product warranty liabilities	9	9
Operating lease liabilities	216	220
Other liabilities	108	103
Other long-term liabilities	$ 590	$ 585

Commitments and Contingencies

3 Months Ended

Jul. 26, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Purchase Orders and Other Commitments

In the ordinary course of business, we make commitments to third-party contract manufacturers and component suppliers to manage manufacturer lead times and meet product forecasts, and to other parties, to purchase various key components used in the manufacture of our products. A significant portion of our reported purchase commitments arising from these agreements consist of firm, non-cancelable, and unconditional commitments. As of July 26, 2024, we had approximately $0.6 billion in non-cancelable purchase commitments for inventory. We record a liability for firm, non-cancelable 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 July 26, 2024 and April 26, 2024, such liability amounted to $16 million and $20 million, respectively, and is included in accrued expenses in our condensed consolidated balance sheets. To the extent that such forecasts are not achieved, our commitments and associated accruals may change.

In addition to inventory commitments with contract manufacturers and component suppliers, we have open purchase orders and contractual obligations associated with our ordinary course of business for which we have not yet received goods or services. As of July 26, 2024, we had approximately $0.5 billion in other purchase obligations.

Financing Guarantees

While most of our arrangements for sales include short-term payment terms, from time to time we provide long-term financing to creditworthy customers. We have generally sold receivables financed through these arrangements on a non-recourse basis to third party financing institutions within 10 days of the contracts’ dates of execution, and we classify the proceeds from these sales as cash flows from operating activities in our condensed consolidated statements of cash flows. We account for the sales of these receivables as “true sales” as defined in the accounting standards on transfers of financial assets, as we are considered to have surrendered control of these financing receivables. Provided all other revenue recognition criteria have been met, we recognize product revenues for these arrangements, net of any payment discounts from financing transactions, upon product acceptance. We sold $19 million of receivables in each of the three months ended July 26, 2024 and July 28, 2023.

In addition, we enter into arrangements with leasing companies for the sale of our hardware systems products. These leasing companies, in turn, lease our products to end-users. The leasing companies generally have no recourse to us in the event of default by the end-user and we recognize revenue upon delivery to the end-user customer, if all other revenue recognition criteria have been met.

Some of the leasing arrangements described above have been financed on a recourse basis through third-party financing institutions. Under the terms of recourse leases, which are generally three years or less, we remain liable for the aggregate unpaid remaining lease payments to the third-party leasing companies in the event of end-user customer default. These arrangements are generally collateralized by a security interest in the underlying assets. Where we provide a guarantee for recourse leases and collectability is probable, we account for these transactions as sales type leases. If collectability is not probable, the cash received is recorded as a deposit liability and revenue is deferred until the arrangement is deemed collectible. For leases that we are not a party to, other than providing recourse, we recognize revenue when control is transferred. As of July 26, 2024 and April 26, 2024, the aggregate amount by which such contingencies exceeded the associated liabilities was not significant. To date, we have not experienced significant losses under our lease financing programs or other financing arrangements.

We have entered into service contracts with certain of our end-user customers that are supported by third-party financing arrangements. If a service contract is terminated as a result of our non-performance under the contract or our failure to comply with the terms of the financing arrangement, we could, under certain circumstances, be required to acquire certain assets related to the service contract or to pay the aggregate unpaid financing payments under such arrangements. As of July 26, 2024, we have not been required to make any payments under these arrangements, and we believe the likelihood of having to acquire a material amount of assets or make payments under these arrangements is remote. The portion of the financial arrangement that represents unearned

services revenue is included in deferred revenue and financed unearned services revenue in our condensed consolidated balance sheets.

Legal Contingencies

When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss. However, the likelihood of a loss with respect to a particular contingency is often difficult to predict and determining a meaningful estimate of the loss or a range of loss may not be practicable based on the information available and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency.

We are subject to various legal proceedings and claims that arise in the normal course of business. We may, from time to time, receive claims that we are infringing third parties’ intellectual property rights, including claims for alleged patent infringement brought by non-practicing entities. We are currently involved in patent litigation brought by non-practicing entities and other third parties. We believe we have strong arguments that our products do not infringe and/or the asserted patents are invalid, and we intend to vigorously defend against the plaintiffs’ claims. However, there is no guarantee that we will prevail at trial and if a jury were to find that our products infringe, we could be required to pay significant monetary damages, and may cause product shipment delays or stoppages, require us to redesign our products, or require us to enter into royalty or licensing agreements.

Although management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends, legal proceedings are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could include significant monetary damages. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, cash flows and overall trends. No material accrual has been recorded as of July 26, 2024 related to such matters.

Description of Business and Significant Accounting Policies (Policies)

3 Months Ended

Jul. 26, 2024

Accounting Policies [Abstract]

Basis of Presentation and Preparation

Our fiscal year is reported on a 52- or 53-week year ending on the last Friday in April. An additional week is included in the first fiscal quarter approximately every six years to realign fiscal months with calendar months. Fiscal years 2025 and 2024, ending on April 25, 2025 and April 26, 2024, respectively, are each 52-week years, with 13 weeks in each quarter.

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company, and reflect all adjustments, consisting only of normal recurring adjustments, that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations, comprehensive income, cash flows and stockholders’ equity for the interim periods presented. The statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information. Accordingly, these statements do not include all information and footnotes required by GAAP for annual consolidated financial statements, and should be read in conjunction with our audited consolidated financial statements as of and for the fiscal year ended April 26, 2024 contained in our Annual Report on Form 10-K. The results of operations for the three months ended July 26, 2024 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods.

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, but are not limited to, revenue recognition, reserves and allowances; inventory valuation; valuation of goodwill and intangibles; restructuring reserves; employee benefit accruals; stock-based compensation; loss contingencies; investment impairments; income taxes and fair value measurements. Actual results could differ materially from those estimates, the anticipated effects of which have been incorporated, as applicable, into management's estimates as of July 26, 2024.

Goodwill and Purchased Intangible Assets, Net - Additional Information (Detail) $ in Millions	3 Months Ended
	Jul. 26, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Retirement of amortized assets	$ 25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Geographic and Significant Customer Information - Schedule of Net Accounts Receivable from Significant Customers (Detail) - Accounts Receivable - Credit Concentration Risk	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Arrow Electronics, Inc.
Segment Reporting Information [Line Items]
Percentage of net accounts receivable	6.00%	10.00%
TD Synnex Corporation (previously presented as Tech Data Corporation)
Segment Reporting Information [Line Items]
Percentage of net accounts receivable	23.00%	26.00%

Supplemental Financial Information - Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024	Jul. 28, 2023	Apr. 28, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 1,652	$ 1,903
Restricted cash	7	6
Cash, cash equivalents and restricted cash	$ 1,659	$ 1,909	$ 2,026	$ 2,322

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock and Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balances at Apr. 28, 2023	$ 1,159	$ 945	$ 265	$ (51)
Balances (in shares) at Apr. 28, 2023		212,000,000
Net Income (Loss)	149		149
Other comprehensive loss	3			3
Issuance of common stock under employee stock award plans, net of taxes	(13)	$ (13)
Issuance of common stock under employee stock award plans, net of taxes (in shares)		2,000,000
Repurchase of common stock	(400)	$ (24)	(376)
Repurchase of common stock, shares		(5,000,000)
Excise tax on net stock repurchases	(2)	$ (2)
Stock-based compensation	83	83
Cash dividends declared ($0.50 per common share)	(106)	(68)	(38)
Balances at Jul. 28, 2023	873	$ 921	0	(48)
Balances (in shares) at Jul. 28, 2023		209,000,000
Balances at Apr. 26, 2024	$ 1,146	$ 997	208	(59)
Balances (in shares) at Apr. 26, 2024	206,000,000	206,000,000
Net Income (Loss)	$ 248		248
Other comprehensive loss	0			0
Issuance of common stock under employee stock award plans, net of taxes	(42)	$ (42)
Issuance of common stock under employee stock award plans, net of taxes (in shares)		2,000,000
Repurchase of common stock	(400)	$ (16)	(384)
Repurchase of common stock, shares		(3,000,000)
Excise tax on net stock repurchases	(1)	$ (1)
Stock-based compensation	85	85
Cash dividends declared ($0.50 per common share)	(107)	(35)	(72)
Balances at Jul. 26, 2024	$ 929	$ 988	$ 0	$ (59)
Balances (in shares) at Jul. 26, 2024	205,000,000	205,000,000

Leases (Tables)

3 Months Ended

Jul. 26, 2024

Leases [Abstract]

Components of Lease Cost Related to Operating Leases

The components of lease cost related to our operating leases were as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
Operating lease cost	$	13	$	14
Variable lease cost		4		4
Total lease cost	$	17	$	18

Supplemental Cash Flow Information Related to Operating Leases

The supplemental cash flow information related to our operating leases is as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	12	$	14
Right-of-use assets obtained in exchange for new operating lease obligations	$	3	$	9

Supplemental Balance Sheet Information Related to Operating Leases

The supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate):


	July 26, 2024			April 26, 2024
Other non-current assets	$	241		$	247
Total operating lease ROU assets	$	241		$	247

Accrued expenses	$	39		$	40
Other long-term liabilities		216			220
Total operating lease liabilities	$	255		$	260

Weighted Average Remaining Lease Term	9.0 years			9.2 years

Weighted Average Discount Rate		3.2	%		3.1	%

Future Minimum Operating Lease Payments

Future minimum operating lease payments as of July 26, 2024, are as follows (in millions):


Fiscal Year	Amount
2025 (remainder)	$	34
2026		41
2027		35
2028		31
2029		27
Thereafter		128
Total lease payments		296
Less: Interest		(41	)
Total	$	255

Supplemental Financial Information - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023	Apr. 26, 2024
Property Plant And Equipment [Line Items]
Revenue recognized	$ 670	$ 658
Lenovo NetApp Technology Limited (“LNTL”)
Property Plant And Equipment [Line Items]
Non-controlling equity interest, ownership percentage	49.00%		49.00%
Other non current assets	$ 85		$ 85

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Goodwill and Purchased Intangible Assets, Net - Purchased Intangible Assets, Net (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Acquired Finite Lived Intangible Assets [Line Items]
Gross Assets	$ 274	$ 299
Accumulated Amortization	(164)	(175)
Net Assets	110	124
Developed Technology
Acquired Finite Lived Intangible Assets [Line Items]
Gross Assets	163	179
Accumulated Amortization	(101)	(108)
Net Assets	62	71
Customer Contracts/Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Gross Assets	108	114
Accumulated Amortization	(61)	(62)
Net Assets	47	52
Other Purchased Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Gross Assets	3	6
Accumulated Amortization	(2)	(5)
Net Assets	$ 1	$ 1

Restructuring Charges - Additional Information (Detail)	Jul. 26, 2025	Jul. 26, 2024
Restructuring Cost and Reserve [Line Items]
Reduction of global work force	2.00%	1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivatives and Hedging Activities - Schedule of Notional Value of Outstanding Foreign Currency Forward Contracts (Detail) - Foreign Exchange Forward Contracts - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Long \| Cash Flow Hedges
Derivative [Line Items]
Forward contracts, Notional Amount	$ 12	$ 11
Non Designated \| Short \| Balance Sheet Contracts
Derivative [Line Items]
Forward contracts, Notional Amount	1,088	881
Non Designated \| Long \| Balance Sheet Contracts
Derivative [Line Items]
Forward contracts, Notional Amount	$ 108	$ 71

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 26, 2024	Aug. 23, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 26, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Trading Symbol	NTAP
Entity Registrant Name	NetApp, Inc.
Entity Central Index Key	0001002047
Current Fiscal Year End Date	--04-26
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		204,782,689
Entity File Number	000-27130
Entity Tax Identification Number	77-0307520
Entity Address, Address Line One	3060 Olsen Drive
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95128
City Area Code	408
Local Phone Number	822-6000
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, $0.001 Par Value

Stockholders' Equity - Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 85	$ 87
Cost of Product Revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1	1
Cost of Services Revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6	6
Sales and Marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	35	36
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	31	32
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 12	$ 12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Net revenues:
Net revenues	$ 1,541	$ 1,432
Cost of revenues:
Total cost of revenues	443	436
Gross profit	1,098	996
Operating expenses:
Sales and marketing	471	468
Research and development	252	247
General and administrative	75	74
Restructuring charges	17	26
Acquisition-related expense	1	3
Total operating expenses	816	818
Income from operations	282	178
Other income, net	17	8
Income before income taxes	299	186
Provision for income taxes	51	37
Net income	$ 248	$ 149
Net income per share:
Basic	$ 1.2	$ 0.7
Diluted	$ 1.17	$ 0.69
Shares used in net income per share calculations:
Basic	206	212
Diluted	212	216
Product [Member]
Net revenues:
Net revenues	$ 669	$ 590
Cost of revenues:
Total cost of revenues	269	265
Service [Member]
Net revenues:
Net revenues	872	842
Cost of revenues:
Total cost of revenues	$ 174	$ 171

Insider Trading Arrangements shares in Millions	3 Months Ended
Insider Trading Arrangements shares in Millions	Jul. 26, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information. Insider Adoption or Termination of Trading Arrangements On June 25, 2024, Daniel De Lorenzo, Vice President, Chief Accounting Officer of the Company, entered into a 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act. The trading arrangement will expire on June 25, 2025, and may be terminated earlier in the limited circumstances defined in the trading arrangement. An aggregate of up to 3,853 shares may be sold pursuant to the trading arrangement. No other directors or executive officers of the Company adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement, (as defined in Item 408(c) of Regulation S-K) during the quarterly period covered by this report.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Modified	false
Rule 10b5-1 Arrangement Modified	false
Daniel De Lorenzo [Member]
Trading Arrangements, by Individual
Name	Daniel De Lorenzo
Title	Vice President, Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 25, 2024
Expiration Date	June 25, 2025
Aggregate Available	3,853

Stockholders' Equity - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized losses (gains) on cash flow hedges	$ 1,541	$ 1,432
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications	0	(1)
Reclassification out of Accumulated Other Comprehensive Income \| Realized gains on cash flow hedges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized losses (gains) on cash flow hedges	$ 0	$ (1)

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment Geographic and Significant Customer Information - Schedule of Financial Information by Segment (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Segment Reporting [Abstract]
Unallocated cost of revenue stock-based compensation expense	$ 7	$ 7
Unallocated cost of revenue amortization of intangible assets	$ 8	$ 9

Segment, Geographic, and Significant Customer Information

3 Months Ended

Jul. 26, 2024

Segment Reporting [Abstract]

Segment, Geographic, and Significant Customer Information

13. Segment, Geographic, and Significant Customer Information

Our operations are organized into two segments: Hybrid Cloud and Public Cloud. The two segments are based on the information reviewed by our Chief Operating Decision Maker (CODM), who is the Chief Executive Officer, to evaluate results and allocate resources. The CODM measures performance of each segment based on segment revenue and segment gross profit. We do not allocate to our segments certain cost of revenues which we manage at the corporate level. These unallocated costs include stock-based compensation and amortization of intangible assets. We do not allocate assets to our segments.

Hybrid Cloud offers a unified data storage portfolio of storage management and infrastructure solutions that help customers modernize their data centers. This portfolio supports structured and unstructured data with unified storage optimized for flash, disk, and cloud storage to handle data-intensive workloads and applications. Hybrid Cloud is composed of software, hardware, and related support, as well as professional and other services.

Public Cloud offers a portfolio of products delivered primarily as-a-service, including related support. This portfolio includes cloud storage and CloudOps services. Public Cloud includes certain reseller arrangements in which the timing of our consideration follows the end user consumption of the reseller services.

Segment Revenues and Gross Profit

Financial information by segment is as follows (in millions, except percentages):


	Three Months Ended July 26, 2024
	Hybrid Cloud			Public Cloud			Consolidated
Product revenues	$	669		$	—		$	669
Support revenues		631			—			631
Professional and other services revenues		82			—			82
Public cloud revenues		—			159			159
Net revenues		1,382			159			1,541
Cost of product revenues		268			—			268
Cost of support revenues		50			—			50
Cost of professional and other services revenues		64			—			64
Cost of public cloud revenues		—			46			46
Segment cost of revenues		382			46			428
Segment gross profit	$	1,000		$	113		$	1,113
Segment gross margin		72.4	%		71.1	%		72.2	%
Unallocated cost of revenues1								15
Total gross profit							$	1,098
Total gross margin								71.3	%
1 Unallocated cost of revenues are composed of $7 million of stock-based compensation expense and $8 million of amortization of intangible assets.


	Three Months Ended July 28, 2023
	Hybrid Cloud			Public Cloud			Consolidated
Product revenues	$	590		$	—		$	590
Support revenues		611			—			611
Professional and other services revenues		77			—			77
Public cloud revenues		—			154			154
Net revenues		1,278			154			1,432
Cost of product revenues		264			—			264
Cost of support revenues		47			—			47
Cost of professional and other services revenues		58			—			58
Cost of public cloud revenues		—			51			51
Segment cost of revenues		369			51			420
Segment gross profit	$	909		$	103		$	1,012
Segment gross margin		71.1	%		66.9	%		70.7	%
Unallocated cost of revenues1								16
Total gross profit							$	996
Total gross margin								69.6	%
1 Unallocated cost of revenues are composed of $7 million of stock-based compensation expense and $9 million of amortization of intangible assets.

Geographical Revenues and Certain Assets

Revenues summarized by geographic region are as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
United States, Canada and Latin America (Americas)	$	763	$	754
Europe, Middle East and Africa (EMEA)		513		446
Asia Pacific (APAC)		265		232
Net revenues	$	1,541	$	1,432

Americas revenues consist of sales to Americas commercial and U.S. public sector markets. Sales to customers inside the U.S. were $699 million in each of the three months ended July 26, 2024 and July 28, 2023.

The majority of our assets, excluding cash, cash equivalents, short-term investments and accounts receivable, were attributable to our domestic operations. The following table presents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries (in millions):


	July 26, 2024		April 26, 2024
U.S.	$	697	$	1,142
International		2,320		2,110
Total	$	3,017	$	3,252

With the exception of property and equipment, we do not identify or allocate our long-lived assets by geographic area. The following table presents property and equipment information for geographic areas based on the physical location of the assets (in millions):


	July 26, 2024		April 26, 2024
U.S.	$	372	$	378
International		222		226
Total	$	594	$	604

Significant Customers

The following customers, each of which is a distributor, accounted for 10% or more of our net revenues:


	Three Months Ended
	July 26, 2024			July 28, 2023
Arrow Electronics, Inc.		23	%		24	%
TD Synnex Corporation		22	%		21	%

The following customers accounted for 10% or more of accounts receivable as of at least one of the dates presented:


	July 26, 2024			April 26, 2024
Arrow Electronics, Inc.		6	%		10	%
TD Synnex Corporation		23	%		26	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Financing Arrangements (Tables)

3 Months Ended

Jul. 26, 2024

Debt Disclosure [Abstract]

Carrying Value of Long-Term Debt

The following table summarizes information relating to our long-term debt, which we collectively refer to as our Senior Notes (in millions, except interest rates):


	Effective Interest Rate	July 26, 2024			April 26, 2024
3.30% Senior Notes Due September 2024	3.42%	$	400		$	400
1.875% Senior Notes Due June 2025	2.03%		750			750
2.375% Senior Notes Due June 2027	2.51%		550			550
2.70% Senior Notes Due June 2030	2.81%		700			700
Total principal amount			2,400			2,400
Unamortized discount and issuance costs			(7	)		(8	)
Total senior notes			2,393			2,392
Less: Current portion of long-term debt			(1,149	)		(400	)
Total long-term debt		$	1,244		$	1,992

Future Principal Debt Maturities

As of July 26, 2024, our aggregate future principal debt maturities are as follows (in millions):


Fiscal Year	Amount
2025 (remainder)	$	400
2026		750
2027		—
2028		550
2029		—
Thereafter		700
Total	$	2,400

Supplemental Financial Information - Property and Equipment Net (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,106	$ 2,082
Accumulated depreciation and amortization	(1,512)	(1,478)
Property and equipment, net	594	604
Land
Property Plant And Equipment [Line Items]
Property and equipment, gross	46	46
Buildings and improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	370	367
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	83	81
Computer, production, engineering and other equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,120	1,101
Computer software
Property Plant And Equipment [Line Items]
Property and equipment, gross	344	340
Furniture and fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	77	77
Construction-in-progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 66	$ 70

Financial Instruments and Fair Value Measurements - Summary of Investments at Cost or Amortized Cost (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	$ 2,270	$ 2,560
U.S. Treasury and Government Debt Securities
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	1,501	1,349
Money Market Funds
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	692	1,161
Certificates of Deposit
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	34	12
Mutual Funds
Schedule of Available-for-sale Securities [Line Items]
Cost or amortized cost	$ 43	$ 38

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Income Taxes (Tables)

3 Months Ended

Jul. 26, 2024

Income Tax Disclosure [Abstract]

Effective Tax Rates

Our effective tax rates for the periods presented were as follows:


	Three Months Ended
	July 26, 2024			July 28, 2023
Effective tax rates		17.1	%		19.9	%

Goodwill and Purchased Intangible Assets, Net - Summary of Goodwill by Reportable Segment (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Goodwill [Line Items]
Total goodwill	$ 2,759	$ 2,759
Hybrid Cloud
Goodwill [Line Items]
Total goodwill	1,714
Public Cloud
Goodwill [Line Items]
Total goodwill	$ 1,045

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Supplemental Financial Information - Summary of Components of Deferred Revenue and Financed Unearned Services Revenue (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024	Jan. 26, 2024
Contract With Customer Liability [Line Items]
Total	$ 4,169	$ 4,234	$ 4,169
Short-term	2,133	2,176
Long-term	2,036	2,058
Deferred product revenue
Contract With Customer Liability [Line Items]
Total	57	59
Deferred services revenue
Contract With Customer Liability [Line Items]
Total	4,065	4,123
Financed unearned services revenue
Contract With Customer Liability [Line Items]
Total	$ 47	$ 52

Goodwill and Purchased Intangible Assets, Net

3 Months Ended

Jul. 26, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Purchased Intangible Assets, Net

3. Goodwill and Purchased Intangible Assets, Net

Goodwill by reportable segment as of July 26, 2024 is as follows (in millions):


	Amount
Hybrid Cloud	$	1,714
Public Cloud		1,045
Total goodwill	$	2,759

Purchased intangible assets, net are summarized below (in millions):


	July 26, 2024							April 26, 2024
	Gross		Accumulated			Net		Gross		Accumulated			Net
	Assets		Amortization			Assets		Assets		Amortization			Assets
Developed technology	$	163	$	(101	)	$	62	$	179	$	(108	)	$	71
Customer contracts/relationships		108		(61	)		47		114		(62	)		52
Other purchased intangibles		3		(2	)		1		6		(5	)		1
Total purchased intangible assets	$	274	$	(164	)	$	110	$	299	$	(175	)	$	124

During the first three months of fiscal 2025, we retired approximately $25 million of fully amortized intangible assets.

Amortization expense for purchased intangible assets is summarized below (in millions):


	Three Months Ended				Statements of
	July 26, 2024		July 28, 2023		Income Classification
Developed technology	$	8	$	9	Cost of revenues
Customer contracts/relationships		6		5	Operating expenses
Other purchased intangibles		—		1	Operating expenses
Total	$	14	$	15

As of July 26, 2024, future amortization expense related to purchased intangible assets is as follows (in millions):


Fiscal Year	Amount
2025 (remainder)	$	41
2026		39
2027		29
2028		1
Total	$	110

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023	Apr. 26, 2024
Commitments and Contingencies Disclosure [Line Items]
Accrued purchase commitments with contract manufacturers	$ 16		$ 20
Sale of finance receivables	19	$ 19
Accrued settlement amount	$ 0
Management estimation of loss contingency	Although management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends, legal proceedings are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could include significant monetary damages. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, cash flows and overall trends
Maximum
Commitments and Contingencies Disclosure [Line Items]
Terms of recourse leases	3 years
Inventory
Commitments and Contingencies Disclosure [Line Items]
Purchase orders and other commitments	$ 600
Other
Commitments and Contingencies Disclosure [Line Items]
Purchase orders and other commitments	$ 500

Segment Geographic and Significant Customer Information - Schedule of Property and Equipment Net by Geographic Areas (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Property and equipment	$ 594	$ 604
U.S.
Segment Reporting, Asset Reconciling Item [Line Items]
Property and equipment	372	378
International
Segment Reporting, Asset Reconciling Item [Line Items]
Property and equipment	$ 222	$ 226

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Cash flows from operating activities:
Net Income (Loss)	$ 248	$ 149
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63	64
Non-cash operating lease cost	10	11
Stock-based compensation	85	87
Deferred income taxes	(17)	(6)
Other items, net	(19)	(2)
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable	335	332
Inventories	(29)	37
Other operating assets	49	57
Accounts payable	(77)	(56)
Accrued expenses	(221)	(89)
Deferred revenue and financed unearned services revenue	(92)	(133)
Long-term taxes payable	4	1
Other operating liabilities	2	1
Net cash provided by operating activities	341	453
Cash flows from investing activities:
Purchases of investments	(480)	(571)
Maturities, sales and collections of investments	470	379
Purchases of property and equipment	(41)	(35)
Other investing activities, net	0	(1)
Net cash used in investing activities	(51)	(228)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock award plans	55	52
Payments for taxes related to net share settlement of stock awards	(97)	(65)
Repurchase of common stock	(400)	(400)
Dividends paid	(107)	(106)
Other financing activities, net	1	(2)
Net cash used in financing activities	(548)	(521)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	8	0
Net change in cash, cash equivalents and restricted cash	(250)	(296)
Cash, cash equivalents and restricted cash:
Beginning of period	1,909	2,322
End of period	$ 1,659	$ 2,026

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) by Component Net of Tax (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balances	$ 1,146	$ 1,159
Other comprehensive income	0	3
Balances	929	873
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balances	(53)
Other comprehensive income (loss), net of tax	1
Other comprehensive income	1
Balances	(52)
Defined Benefit Obligation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balances	(7)
Other comprehensive income (loss), net of tax	0
Other comprehensive income	0
Balances	(7)
Unrealized Gains (Losses) on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balances	1
Other comprehensive income (loss), net of tax	(1)
Other comprehensive income	(1)
Balances	0
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balances	(59)	(51)
Other comprehensive income (loss), net of tax	0
Other comprehensive income	0	3
Balances	$ (59)	$ (48)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Net Income per Share (Tables)

3 Months Ended

Jul. 26, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income Per Share

The following is a calculation of basic and diluted net income per share (in millions, except per share amounts):


	Three Months Ended
	July 26, 2024		July 28, 2023
Numerator:
Net income	$	248	$	149
Denominator:
Shares used in basic computation		206		212
Dilutive impact of employee equity award plans		6		4
Shares used in diluted computation		212		216
Net Income per Share:
Basic	$	1.20	$	0.70
Diluted	$	1.17	$	0.69

One million shares from outstanding employee equity awards were excluded from the diluted net income per share calculations in each of the three months ended July 26, 2024 and July 28, 2023, as their inclusion would have been anti-dilutive.

Goodwill and Purchased Intangible Assets, Net (Tables)

3 Months Ended

Jul. 26, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill by reportable segment

Goodwill by reportable segment as of July 26, 2024 is as follows (in millions):


	Amount
Hybrid Cloud	$	1,714
Public Cloud		1,045
Total goodwill	$	2,759

Purchased Intangible Assets, Net

Purchased intangible assets, net are summarized below (in millions):


	July 26, 2024							April 26, 2024
	Gross		Accumulated			Net		Gross		Accumulated			Net
	Assets		Amortization			Assets		Assets		Amortization			Assets
Developed technology	$	163	$	(101	)	$	62	$	179	$	(108	)	$	71
Customer contracts/relationships		108		(61	)		47		114		(62	)		52
Other purchased intangibles		3		(2	)		1		6		(5	)		1
Total purchased intangible assets	$	274	$	(164	)	$	110	$	299	$	(175	)	$	124

Amortization Expense for Purchased Intangible Assets

Amortization expense for purchased intangible assets is summarized below (in millions):


	Three Months Ended				Statements of
	July 26, 2024		July 28, 2023		Income Classification
Developed technology	$	8	$	9	Cost of revenues
Customer contracts/relationships		6		5	Operating expenses
Other purchased intangibles		—		1	Operating expenses
Total	$	14	$	15

Future Amortization Expense Related to Purchased Intangible Assets

As of July 26, 2024, future amortization expense related to purchased intangible assets is as follows (in millions):


Fiscal Year	Amount
2025 (remainder)	$	41
2026		39
2027		29
2028		1
Total	$	110

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Net Income per Share

3 Months Ended

Jul. 26, 2024

Earnings Per Share [Abstract]

Net Income per Share

12. Net Income per Share

The following is a calculation of basic and diluted net income per share (in millions, except per share amounts):


	Three Months Ended
	July 26, 2024		July 28, 2023
Numerator:
Net income	$	248	$	149
Denominator:
Shares used in basic computation		206		212
Dilutive impact of employee equity award plans		6		4
Shares used in diluted computation		212		216
Net Income per Share:
Basic	$	1.20	$	0.70
Diluted	$	1.17	$	0.69

Leases - Components of Lease Cost Related to Operating Leases (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Leases [Abstract]
Operating lease cost	$ 13	$ 14
Variable lease cost	4	4
Total lease cost	$ 17	$ 18

Derivatives and Hedging Activities

3 Months Ended

Jul. 26, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

9. Derivatives and Hedging Activities

We use derivative instruments to manage exposures to foreign currency risk. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The maximum length of time over which forecasted foreign currency denominated revenues are hedged is 12 months. The program is not designated for trading or speculative purposes. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet their obligations under the terms of our agreements. We seek to mitigate such risk by limiting our counterparties to major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on an ongoing basis. We also have in place master netting arrangements to mitigate the credit risk of our counterparties and to potentially reduce our losses due to counterparty nonperformance. We present our derivative instruments as net amounts in our condensed consolidated balance sheets. The gross and net fair value amounts of such instruments were not material as of July 26, 2024 or April 26, 2024. All contracts have a maturity of less than 12 months.

The notional amount of our outstanding U.S. dollar equivalent foreign currency exchange forward contracts consisted of the following (in millions):


	July 26, 2024		April 26, 2024
Cash Flow Hedges
Forward contracts purchased	$	108	$	71
Balance Sheet Contracts
Forward contracts sold	$	1,088	$	881
Forward contracts purchased	$	12	$	11

The gain (loss) of cash flow hedges recognized in net revenues is presented in the condensed consolidated statements of comprehensive income and Note 8 – Stockholders’ Equity.

The effect of derivative instruments not designated as hedging instruments recognized in other income, net on our condensed consolidated statements of income was as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
	Gain (Loss) Recognized into Income
Foreign currency exchange contracts	$	13	$	(4	)

Description of Business and Significant Accounting Policies

3 Months Ended

Jul. 26, 2024

Accounting Policies [Abstract]

Description of Business and Significant Accounting Policies

1. Description of Business and Significant Accounting Policies

NetApp, Inc. (we, us, NetApp, or the Company) makes data infrastructure intelligent by combining unified data storage, integrated data services, and CloudOps solutions. NetApp creates silo-free infrastructure, harnessing observability and artificial intelligence to enable seamless data management. We provide a full range of enterprise-class software, systems and services that customers use to transform their data infrastructures across data types, workloads, and environments to realize business possibilities.

Basis of Presentation and Preparation

Income Taxes - Effective Tax Rates (Detail)	3 Months Ended
Income Taxes - Effective Tax Rates (Detail)	Jul. 26, 2024	Jul. 28, 2023
Income Tax Disclosure [Abstract]
Effective tax rates	17.10%	19.90%

Segment Geographic and Significant Customer Information - Schedule of Revenues by Geographic Region (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Segment Reporting Information [Line Items]
Net revenues	$ 1,541	$ 1,432
United States, Canada And Latin America (Americas)
Segment Reporting Information [Line Items]
Net revenues	763	754
Europe, Middle East And Africa (EMEA)
Segment Reporting Information [Line Items]
Net revenues	513	446
Asia Pacific (APAC)
Segment Reporting Information [Line Items]
Net revenues	$ 265	$ 232

- Definition

+ References

+ Details

Supplemental Financial Information (Tables)

3 Months Ended

Jul. 26, 2024

Supplemental Financial Information [Abstract]

Cash, Cash Equivalents and Restricted Cash

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


	July 26, 2024		April 26, 2024
Cash and cash equivalents	$	1,652	$	1,903
Restricted cash		7		6
Cash, cash equivalents and restricted cash	$	1,659	$	1,909

Inventories

Inventories (in millions):


	July 26, 2024		April 26, 2024
Purchased components	$	166	$	116
Finished goods		48		70
Inventories	$	214	$	186

Property and Equipment, Net

Property and equipment, net (in millions):


	July 26, 2024			April 26, 2024
Land	$	46		$	46
Buildings and improvements		370			367
Leasehold improvements		83			81
Computer, production, engineering and other equipment		1,120			1,101
Computer software		344			340
Furniture and fixtures		77			77
Construction-in-progress		66			70
		2,106			2,082
Accumulated depreciation and amortization		(1,512	)		(1,478	)
Property and equipment, net	$	594		$	604

Other Non-Current Assets

Other non-current assets (in millions):


	July 26, 2024		April 26, 2024
Deferred tax assets	$	913	$	896
Operating lease right-of-use (ROU) assets		241		247
Other assets		373		360
Other non-current assets	$	1,527	$	1,503

Accrued Expenses

Accrued expenses (in millions):


	July 26, 2024		April 26, 2024
Accrued compensation and benefits	$	346	$	538
Product warranty liabilities		18		18
Operating lease liabilities		39		40
Other current liabilities		390		417
Accrued expenses	$	793	$	1,013

Other Long-term Liabilities

Other long-term liabilities (in millions):


	July 26, 2024		April 26, 2024
Liability for uncertain tax positions	$	157	$	153
Income taxes payable		100		100
Product warranty liabilities		9		9
Operating lease liabilities		216		220
Other liabilities		108		103
Other long-term liabilities	$	590	$	585

Deferred Revenue and Financed Unearned Services Revenue

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


	July 26, 2024		April 26, 2024
Deferred product revenue	$	57	$	59
Deferred services revenue		4,065		4,123
Financed unearned services revenue		47		52
Total	$	4,169	$	4,234


Reported as:
Short-term	$	2,133	$	2,176
Long-term		2,036		2,058
Total	$	4,169	$	4,234

Summary of Activity Related to Deferred Commissions and their Balances in Condensed Consolidated Balance Sheet

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


	July 26, 2024		April 26, 2024
Other current assets	$	68	$	69
Other non-current assets		99		100
Total deferred commissions	$	167	$	169

Other income, net

Other income, net (in millions):


	Three Months Ended
	July 26, 2024			July 28, 2023
Interest income	$	36		$	28
Interest expense		(16	)		(16	)
Other, net		(3	)		(4	)
Total other income, net	$	17		$	8

Statements of Cash Flows Additional Information

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


	Three Months Ended
	July 26, 2024		July 28, 2023
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	13	$	21
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	$	21	$	9
Interest paid	$	23	$	23

Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Jul. 26, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Investments at Cost or Amortized Cost

The following is a summary of our investments at their cost or amortized cost as of July 26, 2024 and April 26, 2024 (in millions):


	July 26, 2024		April 26, 2024
U.S. Treasury and government debt securities	$	1,501	$	1,349
Money market funds		692		1,161
Certificates of deposit		34		12
Mutual funds		43		38
Total debt and equity securities	$	2,270	$	2,560

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

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


	July 26, 2024
				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash and cash equivalents:
Cash	$	790		$	790	$	—
Money market funds		692			692		—
Certificates of deposit		34			—		34
U.S. Treasury and government debt securities		136			136		—
Total cash and cash equivalents		1,652			1,618		34
Short-term investments:
U.S. Treasury and government debt securities		1,365			1,365		—
Total short-term investments		1,365			1,365		—
Total cash, cash equivalents and short-term investments	$	3,017		$	2,983	$	34
Other items:
Mutual funds (1)	$	7		$	7	$	—
Mutual funds (2)	$	36		$	36	$	—
Foreign currency exchange contracts assets (1)	$	13		$	—	$	13
Foreign currency exchange contracts liabilities (3)	$	(1	)	$	—	$	(1	)


	April 26, 2024
				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash and cash equivalents:
Cash	$	730		$	730	$	—
Money market funds		1,161			1,161		—
Certificates of deposit		12			—		12
Total cash and cash equivalents		1,903			1,891		12
Short-term investments:
U.S. Treasury and government debt securities		1,349			1,349		—
Total short-term investments		1,349			1,349		—
Total cash, cash equivalents and short-term investments	$	3,252		$	3,240	$	12
Other items:
Mutual funds (1)	$	6		$	6	$	—
Mutual funds (2)	$	32		$	32	$	—
Foreign currency exchange contracts assets (1)	$	1		$	—	$	1
Foreign currency exchange contracts liabilities (3)	$	(13	)	$	—	$	(13	)

(1)

Reported as other current assets in the condensed consolidated balance sheets

(2)

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

(3)

Reported as accrued expenses in the condensed consolidated balance sheets

Financing Arrangements - Additional Information (Detail) $ in Millions		1 Months Ended	3 Months Ended
	May 01, 2023 USD ($) Extension	Jul. 28, 2017 USD ($)	Jul. 26, 2024 USD ($)	Apr. 26, 2024 USD ($)	Jun. 30, 2020 USD ($)	Sep. 30, 2017 USD ($)
Debt Instrument [Line Items]
Commercial paper notes			$ 0	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, amount	$ 1,000
Credit facility, maturity	Jan. 22, 2026
Credit facility, number of extensions \| Extension	2
Credit facility, extensions period	1 year
Credit facility, amounts drawn			0
Revolving Credit Facility \| Letter Of Credit Sub Facility
Debt Instrument [Line Items]
Credit facility, amount	$ 50
Commercial Paper \| Maximum
Debt Instrument [Line Items]
Notes issued, principal amount		$ 1,000
Debt instrument maturity period		397 days
Senior Notes
Debt Instrument [Line Items]
Notes issued, principal amount			2,400	2,400
Senior Notes \| Due September 2024
Debt Instrument [Line Items]
Notes issued, principal amount			400	400		$ 400
Notes issued, interest rate						3.30%
Senior Notes \| Due June 2025
Debt Instrument [Line Items]
Notes issued, principal amount			750	750	$ 750
Notes issued, interest rate					1.875%
Senior Notes \| Due June 2027
Debt Instrument [Line Items]
Notes issued, principal amount			550	550	$ 550
Notes issued, interest rate					2.375%
Senior Notes \| Due June 2030
Debt Instrument [Line Items]
Notes issued, principal amount			$ 700	$ 700	$ 700
Notes issued, interest rate					2.70%

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Jul. 26, 2024	Apr. 26, 2024
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares issued	205	206
Common stock, shares outstanding	205	206

Goodwill and Purchased Intangible Assets, Net - Future Amortization Expense Related to Purchased Intangible Assets (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Acquired Finite Lived Intangible Assets [Line Items]
2025 (remainder)	$ 41
2026	39
2027	29
2028	1
Net Assets	$ 110	$ 124

Supplemental Financial Information - Accrued expenses (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 346	$ 538
Product warranty liabilities	18	18
Operating lease liabilities	39	40
Other current liabilities	390	417
Accrued expenses	$ 793	$ 1,013

Stockholders' Equity (Tables)

3 Months Ended

Jul. 26, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-based compensation expense is included in the condensed consolidated statements of income as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
Cost of product revenues	$	1	$	1
Cost of services revenues		6		6
Sales and marketing		35		36
Research and development		31		32
General and administrative		12		12
Total stock-based compensation expense	$	85	$	87

Summary of Activities Related to Stock Repurchase Program

The following table summarizes activity related to the stock repurchase program for the three months ended July 26, 2024 (in millions, except for per share amounts):


Number of shares repurchased		3
Average price per share	$	120.46
Stock repurchases allocated to additional paid-in capital	$	16
Stock repurchases allocated to retained earnings	$	384
Remaining authorization at end of period	$	1,102

Summary of Activities Related to Dividends on Common Stock

The following is a summary of our activities related to dividends on our common stock (in millions, except per share amounts):


	Three Months Ended
	July 26, 2024		July 28, 2023
Dividends per share declared	$	0.52	$	0.50
Dividend payments allocated to additional paid-in capital	$	35	$	68
Dividend payments allocated to retained earnings	$	72	$	38

Accumulated Other Comprehensive Income (Loss) by Component Net of Tax

Changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, are summarized below (in millions):


	Foreign Currency Translation Adjustments			Defined Benefit Obligation Adjustments			Unrealized Gains (Losses) on Derivative Instruments			Total
Balance as of April 26, 2024	$	(53	)	$	(7	)	$	1		$	(59	)
Other comprehensive income (loss), net of tax		1			—			(1	)		—
Total other comprehensive income (loss)		1			—			(1	)		—
Balance as of July 26, 2024	$	(52	)	$	(7	)	$	—		$	(59	)

Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss)

The amounts reclassified out of AOCI are as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023			Statements of Income Classification
Realized gains on cash flow hedges	$	—	$	(1	)	Net revenues
Total reclassifications	$	—	$	(1	)

Segment, Geographic, and Significant Customer Information (Tables)

3 Months Ended

Jul. 26, 2024

Segment Reporting [Abstract]

Schedule of Financial Information by Segment

Financial information by segment is as follows (in millions, except percentages):


	Three Months Ended July 26, 2024
	Hybrid Cloud			Public Cloud			Consolidated
Product revenues	$	669		$	—		$	669
Support revenues		631			—			631
Professional and other services revenues		82			—			82
Public cloud revenues		—			159			159
Net revenues		1,382			159			1,541
Cost of product revenues		268			—			268
Cost of support revenues		50			—			50
Cost of professional and other services revenues		64			—			64
Cost of public cloud revenues		—			46			46
Segment cost of revenues		382			46			428
Segment gross profit	$	1,000		$	113		$	1,113
Segment gross margin		72.4	%		71.1	%		72.2	%
Unallocated cost of revenues1								15
Total gross profit							$	1,098
Total gross margin								71.3	%
1 Unallocated cost of revenues are composed of $7 million of stock-based compensation expense and $8 million of amortization of intangible assets.


	Three Months Ended July 28, 2023
	Hybrid Cloud			Public Cloud			Consolidated
Product revenues	$	590		$	—		$	590
Support revenues		611			—			611
Professional and other services revenues		77			—			77
Public cloud revenues		—			154			154
Net revenues		1,278			154			1,432
Cost of product revenues		264			—			264
Cost of support revenues		47			—			47
Cost of professional and other services revenues		58			—			58
Cost of public cloud revenues		—			51			51
Segment cost of revenues		369			51			420
Segment gross profit	$	909		$	103		$	1,012
Segment gross margin		71.1	%		66.9	%		70.7	%
Unallocated cost of revenues1								16
Total gross profit							$	996
Total gross margin								69.6	%
1 Unallocated cost of revenues are composed of $7 million of stock-based compensation expense and $9 million of amortization of intangible assets.

Schedule of Revenues by Geographic Region

Revenues summarized by geographic region are as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
United States, Canada and Latin America (Americas)	$	763	$	754
Europe, Middle East and Africa (EMEA)		513		446
Asia Pacific (APAC)		265		232
Net revenues	$	1,541	$	1,432

Schedule of Cash, Cash Equivalents and Short-Term Investments

The following table presents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries (in millions):


	July 26, 2024		April 26, 2024
U.S.	$	697	$	1,142
International		2,320		2,110
Total	$	3,017	$	3,252

Schedule of Property and Equipment, Net by Geographic Areas

The following table presents property and equipment information for geographic areas based on the physical location of the assets (in millions):


	July 26, 2024		April 26, 2024
U.S.	$	372	$	378
International		222		226
Total	$	594	$	604

Schedule of Revenues from Significant Customers

The following customers, each of which is a distributor, accounted for 10% or more of our net revenues:


	Three Months Ended
	July 26, 2024			July 28, 2023
Arrow Electronics, Inc.		23	%		24	%
TD Synnex Corporation		22	%		21	%

Schedule of Net Accounts Receivable from Significant Customers

The following customers accounted for 10% or more of accounts receivable as of at least one of the dates presented:


	July 26, 2024			April 26, 2024
Arrow Electronics, Inc.		6	%		10	%
TD Synnex Corporation		23	%		26	%

Segment Geographic and Significant Customer Information - Schedule of Cash, Cash Equivalents and Short-Term Investments (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Segment Reporting Information [Line Items]
Cash, cash equivalents and short-term investments	$ 3,017	$ 3,252
U.S.
Segment Reporting Information [Line Items]
Cash, cash equivalents and short-term investments	697	1,142
International
Segment Reporting Information [Line Items]
Cash, cash equivalents and short-term investments	$ 2,320	$ 2,110

Leases - Additional Information (Detail) - Maximum	Jul. 26, 2024
Leases [Line Items]
Operating remaining lease term	18 years
Equipment
Leases [Line Items]
Operating remaining lease term	4 years
Automobiles
Leases [Line Items]
Operating remaining lease term	4 years

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jul. 26, 2024	Jul. 28, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 248	$ 149

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Supplemental Financial Information (Additional Information) (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-27 $ in Billions	Jul. 26, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	50.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Performance obligations related to customer contracts	$ 4.5

Restructuring Charges

3 Months Ended

Jul. 26, 2024

Restructuring and Related Activities [Abstract]

Restructuring Charges

10. Restructuring Charges

In the first quarter of fiscal 2025, management approved a restructuring plan to redirect resources to highest return activities and reduce costs, which included a reduction of our global workforce by approximately 2%. Charges related to the plan consisted primarily of employee severance-related costs. The activities under the plan were initiated during the first quarter of fiscal 2025 and are expected to be substantially complete by the end of the second quarter of fiscal 2025.

In the first quarter of fiscal 2024, management approved a restructuring plan to redirect resources to highest return activities, and to optimize our global office space for our hybrid work model. In connection with the plan, we reduced our global workforce by approximately 1% and terminated certain real estate leases in various countries, resulting in restructuring charges comprised primarily

of employee severance related expenses and lease termination charges. The activities under the plan were substantially completed by the end of fiscal 2024.

Activities related to our restructuring plans are summarized as follows (in millions):


	Three Months Ended
	July 26, 2024			July 28, 2023
Balance at beginning of period	$	10		$	36
Net charges		17			26
Cash payments		(9	)		(31	)
Balance at end of period	$	18		$	31

Income Taxes

3 Months Ended

Jul. 26, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

Our effective tax rates for the periods presented were as follows:


	Three Months Ended
	July 26, 2024			July 28, 2023
Effective tax rates		17.1	%		19.9	%

Our effective tax rate reflects the impact of a significant amount of earnings being taxed in foreign jurisdictions at rates below the United States (U.S.) statutory rate. Our effective tax rate for the three months ended July 26, 2024 includes an increase in discrete tax benefits related to stock compensation compared to the corresponding period of the prior year. Our effective tax rate for the three months ended July 28, 2023 includes a benefit for fiscal 2023 foreign tax credits resulting from Internal Revenue Service Notice 2023-55, which was released during the quarter, partially offset by an increase in stock compensation for which no tax benefit is recorded.

The Organisation for Economic Co-operation and Development (“OECD”) recently enacted model rules for a new global minimum tax framework known as Pillar Two. These rules have been agreed to by most OECD members. The OECD has since issued administrative guidance providing transition and safe harbor rules around the implementation of Pillar Two rules. On February 1, 2023, the FASB indicated that they believe taxes imposed under Pillar Two is an alternative minimum tax. Accordingly, deferred tax assets and liabilities associated with the minimum tax would not be recognized or adjusted for the estimated future effects of the minimum tax but would be recognized in the period incurred. We are currently subject to Pillar Two rules starting in our fiscal year 2025. As of July 26, 2024, Pillar Two taxes do not have a significant impact on our financial statements, particularly due to the safe harbor relief during the transition period, but we are still closely monitoring developments.

Any OECD actions adopted internationally could impact our financial results in future periods.

We are currently undergoing various income tax audits in the U.S. and audits in several foreign tax jurisdictions. Transfer pricing calculations are key topics under these audits and are often subject to dispute and appeals.

We continue to monitor the progress of ongoing discussions with tax authorities and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. We engage in continuous discussion and negotiation with taxing authorities regarding tax matters in multiple jurisdictions. We believe that within the next 12 months, it is reasonably possible that either certain audits will conclude, certain statutes of limitations will lapse, or both. As a result of uncertainties regarding tax audits and their possible outcomes, an estimate of the range of possible impacts to unrecognized tax benefits in the next twelve months cannot be made at this time.

As of July 26, 2024, we had $221 million of gross unrecognized tax benefits. Inclusive of penalties, interest and certain income tax benefits, $158 million would affect our provision for income taxes if recognized. Net unrecognized tax benefits of $157 million have been recorded in other long-term liabilities.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		254 Months Ended
	Feb. 22, 2024	Jul. 26, 2024	Jul. 28, 2023	Jul. 26, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 85	$ 87
Unrecognized compensation expense related to equity awards		$ 846		$ 846
Unrecognized compensation expense will be amortized on a straight-line basis over a weighted-average remaining period, in years		2 years 3 months 18 days
Stock repurchase program, authorized amount		$ 17,100		$ 17,100
Repurchase of common stock, shares				375
Average price of common stock repurchased under repurchase program				$ 42.73
Aggregate purchase price of common stock authorized under repurchase program		$ 400	$ 400	$ 16,000
Cash dividends declared, per common share	$ 0.52	$ 0.52	$ 0.5
Dividends [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividend payable date	Oct. 23, 2024
Cash dividend record date	Oct. 04, 2024
Performance Based Restricted Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted, Number of Shares		3
RSUs granted, Weighted-Average Grant Date Fair Value		$ 128.21
Vesting period, description		For the remaining half of the PBRSUs granted in the three months ended July 26, 2024, the number of shares used to calculate the settlement amount will depend upon the Company's billings result average over the three-year performance period. The billings result average is computed based on achievement against annual billings targets, with each target set at the beginning of the respective fiscal year, during the three-year performance period. Billings for purposes of measuring the performance of these PBRSUs means the total obtained by adding net revenues as reported on the Company's Consolidated Statements of Income to the amount reported as the change in deferred revenue and financed unearned services revenue on the Consolidated Statements of Cash Flows for the applicable measurement period, excluding the impact of fluctuations in foreign currency exchange rates.
RSUs grant date fair value		$ 61		$ 61
Performance Based Restricted Stock Unit \| PBRSU Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Common stock issued to settle PBRSUs of target shares granted		0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Common stock issued to settle PBRSUs of target shares granted		200.00%

Financing Arrangements

3 Months Ended

Jul. 26, 2024

Debt Disclosure [Abstract]

Financing Arrangements

6. Financing Arrangements

Long-Term Debt

The following table summarizes information relating to our long-term debt, which we collectively refer to as our Senior Notes (in millions, except interest rates):


	Effective Interest Rate	July 26, 2024			April 26, 2024
3.30% Senior Notes Due September 2024	3.42%	$	400		$	400
1.875% Senior Notes Due June 2025	2.03%		750			750
2.375% Senior Notes Due June 2027	2.51%		550			550
2.70% Senior Notes Due June 2030	2.81%		700			700
Total principal amount			2,400			2,400
Unamortized discount and issuance costs			(7	)		(8	)
Total senior notes			2,393			2,392
Less: Current portion of long-term debt			(1,149	)		(400	)
Total long-term debt		$	1,244		$	1,992

Senior Notes

Our $750 million aggregate principal amount of 1.875% Senior Notes due 2025, $550 million aggregate principal amount of 2.375% Senior Notes due 2027 and $700 million aggregate principal amount of 2.70% Senior Notes due 2030, were each issued in June 2020. Interest on each of these Senior Notes is payable semi-annually in June and December. Our 3.30% Senior Notes, with a principal amount of $400 million, were issued in September 2017 with interest paid semi-annually in March and September.

Our Senior Notes, which are unsecured, unsubordinated obligations, rank equally in right of payment with any existing and future senior unsecured indebtedness.

We may redeem the Senior Notes in whole or in part, at any time at our option at specified redemption prices. In addition, upon the occurrence of certain change of control triggering events, we may be required to repurchase the Senior Notes under specified terms. The Senior Notes also include covenants that limit our ability to incur debt secured by liens on assets or on shares of stock or indebtedness of our subsidiaries; to engage in certain sale and lease-back transactions; and to consolidate, merge or sell all or substantially all of our assets. As of July 26, 2024, we were in compliance with all covenants associated with the Senior Notes.

As of July 26, 2024, our aggregate future principal debt maturities are as follows (in millions):


Fiscal Year	Amount
2025 (remainder)	$	400
2026		750
2027		—
2028		550
2029		—
Thereafter		700
Total	$	2,400

Commercial Paper Program and Credit Facility

We have a commercial paper program (the “Program”), under which we may issue unsecured commercial paper notes. Amounts available under the Program, as amended in July 2017, may be borrowed, repaid and re-borrowed, with the aggregate face or principal amount of the notes outstanding under the Program at any time not to exceed $1.0 billion. The maturities of the notes can vary, but may not exceed 397 days from the date of issue. The notes are sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of their issuance. The proceeds from the issuance of the notes are used for general corporate purposes. There were no commercial paper notes outstanding as of July 26, 2024 or April 26, 2024.

In connection with the Program, we have a senior unsecured credit agreement with a syndicated group of lenders. The credit agreement, which was amended in May 2023, provides for a $1.0 billion revolving unsecured credit facility, with a sublimit of $50 million available for the issuance of letters of credit on our behalf. The credit facility matures on January 22, 2026, with an option for us to extend the maturity date for two additional 1-year periods, subject to certain conditions. The proceeds of the loans may be used by us for general corporate purposes and as liquidity support for our existing commercial paper program. As of July 26, 2024, we were compliant with all associated covenants in the agreement. No amounts were drawn against this credit facility during any of the periods presented.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 6
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Leases [Abstract]
Other non-current assets	$ 241	$ 247
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other non-current assets	Other non-current assets
Accrued expenses	$ 39	$ 40
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses	Accrued expenses
Other long-term liabilities	$ 216	$ 220
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total operating lease liabilities	$ 255	$ 260
Weighted Average Remaining Lease Term	9 years	9 years 2 months 12 days
Weighted Average Discount Rate	3.20%	3.10%

Stockholders' Equity - Summary of Activities Related to Dividends on Common Stock (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Feb. 22, 2024	Jul. 26, 2024	Jul. 28, 2023
Dividends, Common Stock [Abstract]
Dividends per share declared	$ 0.52	$ 0.52	$ 0.5
Dividend payments		$ 107	$ 106
Additional Paid-in Capital
Dividends, Common Stock [Abstract]
Dividend payments		35	68
Retained Earnings
Dividends, Common Stock [Abstract]
Dividend payments		$ 72	$ 38

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 248	$ 149
Other comprehensive income:
Foreign currency translation adjustments	1	2
Unrealized gains (losses) on cash flow hedges:
Unrealized holding gains (losses) arising during the period	(1)	2
Reclassification adjustments for losses (gains) included in net income	0	(1)
Other comprehensive income	0	3
Comprehensive income	$ 248	$ 152

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases - Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 12	$ 14
Right-of-use assets obtained in exchange for new operating lease obligations	$ 3	$ 9

Supplemental Financial Information - Supplemental Cash Flows, Non-Cash Investing Activities (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$ 13	$ 21
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	21	9
Interest paid	$ 23	$ 23

Financial Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 2,254	$ 2,209

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69B
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Supplemental Financial Information - Inventories (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Inventory Disclosure [Abstract]
Purchased components	$ 166	$ 116
Finished goods	48	70
Inventories	$ 214	$ 186

Financial Instruments and Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions

Jul. 26, 2024

Apr. 26, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

$ 3,017

$ 3,252

Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

1,652

1,903

Short Term Investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

1,365

1,349

Other Current Assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign currency exchange contracts assets

^[1]

Accrued Expenses

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign currency exchange contracts liabilities

^[2]

(1)

(13)

U.S. Treasury and Government Debt Securities | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

136

U.S. Treasury and Government Debt Securities | Short Term Investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

1,365

1,349

Certificates of Deposit | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Mutual Funds | Other Current Assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[1]

Mutual Funds | Other Noncurrent Assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[3]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

2,983

3,240

Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

1,618

1,891

Fair Value, Inputs, Level 1 [Member] | Short Term Investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

1,365

1,349

Fair Value, Inputs, Level 1 [Member] | Other Current Assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign currency exchange contracts assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Accrued Expenses

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign currency exchange contracts liabilities

^[2]

Fair Value, Inputs, Level 1 [Member] | U.S. Treasury and Government Debt Securities | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

136

Fair Value, Inputs, Level 1 [Member] | U.S. Treasury and Government Debt Securities | Short Term Investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

1,365

1,349

Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 1 [Member] | Mutual Funds | Other Current Assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Mutual Funds | Other Noncurrent Assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[3]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 2 [Member] | Short Term Investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 2 [Member] | Other Current Assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign currency exchange contracts assets

^[1]

Fair Value, Inputs, Level 2 [Member] | Accrued Expenses

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Foreign currency exchange contracts liabilities

^[2]

(1)

(13)

Fair Value, Inputs, Level 2 [Member] | U.S. Treasury and Government Debt Securities | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 2 [Member] | U.S. Treasury and Government Debt Securities | Short Term Investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Fair Value, Inputs, Level 2 [Member] | Mutual Funds | Other Current Assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[1]

Fair Value, Inputs, Level 2 [Member] | Mutual Funds | Other Noncurrent Assets

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[3]

Cash | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

790

730

Cash | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

790

730

Cash | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Money Market Funds | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

692

1,161

Money Market Funds | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

692

1,161

Money Market Funds | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

$ 0

[1]	Reported as other current assets in the condensed consolidated balance sheets
[2]	Reported as accrued expenses in the condensed consolidated balance sheets
[3]	Reported as other non-current assets in the condensed consolidated balance sheets

Stockholders' Equity - Summary of Activities Related to Stock Repurchase Program (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		254 Months Ended
	Jul. 26, 2024	Jul. 28, 2023	Jul. 26, 2024
Equity Class Of Treasury Stock [Line Items]
Number of shares repurchased			375
Average price per share			$ 42.73
Stock repurchases allocated	$ 400	$ 400
Retained Earnings
Equity Class Of Treasury Stock [Line Items]
Stock repurchases allocated	$ 384	$ 376
Stock Repurchase Program
Equity Class Of Treasury Stock [Line Items]
Number of shares repurchased	3
Average price per share	$ 120.46
Remaining authorization at end of period	$ 1,102		$ 1,102
Stock Repurchase Program \| Additional Paid-in Capital
Equity Class Of Treasury Stock [Line Items]
Stock repurchases allocated	16
Stock Repurchase Program \| Retained Earnings
Equity Class Of Treasury Stock [Line Items]
Stock repurchases allocated	$ 384

Goodwill and Purchased Intangible Assets, Net - Amortization Expense for Purchased Intangible Assets (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Acquired Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 14	$ 15
Cost of revenues \| Developed Technology
Acquired Finite Lived Intangible Assets [Line Items]
Amortization expense	8	9
Operating expenses \| Customer Contracts/Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Amortization expense	6	5
Operating expenses \| Other Purchased Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 0	$ 1

Supplemental Financial Information

3 Months Ended

Jul. 26, 2024

Supplemental Financial Information [Abstract]

Supplemental Financial Information

4. Supplemental Financial Information

Cash and cash equivalents (in millions):


	July 26, 2024		April 26, 2024
Cash and cash equivalents	$	1,652	$	1,903
Restricted cash		7		6
Cash, cash equivalents and restricted cash	$	1,659	$	1,909

Inventories (in millions):


	July 26, 2024		April 26, 2024
Purchased components	$	166	$	116
Finished goods		48		70
Inventories	$	214	$	186

Property and equipment, net (in millions):


	July 26, 2024			April 26, 2024
Land	$	46		$	46
Buildings and improvements		370			367
Leasehold improvements		83			81
Computer, production, engineering and other equipment		1,120			1,101
Computer software		344			340
Furniture and fixtures		77			77
Construction-in-progress		66			70
		2,106			2,082
Accumulated depreciation and amortization		(1,512	)		(1,478	)
Property and equipment, net	$	594		$	604

Other non-current assets (in millions):


	July 26, 2024		April 26, 2024
Deferred tax assets	$	913	$	896
Operating lease right-of-use (ROU) assets		241		247
Other assets		373		360
Other non-current assets	$	1,527	$	1,503

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

Accrued expenses (in millions):


	July 26, 2024		April 26, 2024
Accrued compensation and benefits	$	346	$	538
Product warranty liabilities		18		18
Operating lease liabilities		39		40
Other current liabilities		390		417
Accrued expenses	$	793	$	1,013

Other long-term liabilities (in millions):


	July 26, 2024		April 26, 2024
Liability for uncertain tax positions	$	157	$	153
Income taxes payable		100		100
Product warranty liabilities		9		9
Operating lease liabilities		216		220
Other liabilities		108		103
Other long-term liabilities	$	590	$	585

Deferred revenue and financed unearned services revenue

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


	July 26, 2024		April 26, 2024
Deferred product revenue	$	57	$	59
Deferred services revenue		4,065		4,123
Financed unearned services revenue		47		52
Total	$	4,169	$	4,234


Reported as:
Short-term	$	2,133	$	2,176
Long-term		2,036		2,058
Total	$	4,169	$	4,234

Deferred product revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria. Deferred services revenue represents customer payments made in advance for services, which include software and hardware support contracts, certain public cloud services and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 14 – Commitments and Contingencies for additional information related to these arrangements.

During the three months ended July 26, 2024 and July 28, 2023, we recognized revenue of $670 million and $658 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.

Remaining performance obligations

As of July 26, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $4.5 billion. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our remaining performance obligations in the next 12 months and the remainder thereafter.

Deferred commissions

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


	July 26, 2024		April 26, 2024
Other current assets	$	68	$	69
Other non-current assets		99		100
Total deferred commissions	$	167	$	169

Other income, net (in millions):


	Three Months Ended
	July 26, 2024			July 28, 2023
Interest income	$	36		$	28
Interest expense		(16	)		(16	)
Other, net		(3	)		(4	)
Total other income, net	$	17		$	8

Statements of cash flows additional information (in millions):

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


	Three Months Ended
	July 26, 2024		July 28, 2023
Non-cash Investing Activities:
Capital expenditures incurred but not paid	$	13	$	21
Supplemental Cash Flow Information:
Income taxes paid, net of refunds	$	21	$	9
Interest paid	$	23	$	23

Leases - Future Minimum Operating Lease Payments (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Leases [Abstract]
2025 (remainder)	$ 34
2026	41
2027	35
2028	31
2029	27
Thereafter	128
Total lease payments	296
Less: Interest	(41)
Total	$ 255	$ 260

Segment Geographic and Significant Customer Information - Additional Information (Detail) $ in Millions	3 Months Ended
	Jul. 26, 2024 USD ($) Segment	Jul. 28, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of industry segment \| Segment	2
Net revenues	$ 1,541	$ 1,432
U.S.
Segment Reporting Information [Line Items]
Net revenues	$ 699

- Definition

+ References

+ Details

Net Income per Share - Computation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Earnings Per Share [Abstract]
Net income	$ 248	$ 149
Shares used in basic computation	206	212
Dilutive impact of employee equity award plans	6	4
Shares used in diluted computation	212	216
Basic	$ 1.2	$ 0.7
Diluted	$ 1.17	$ 0.69

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Derivatives and Hedging Activities - Schedule of Derivative Instruments Not Designated as Cash Flow Hedges (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Foreign Exchange Forward Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency exchange contracts	$ 13	$ (4)

Financing Arrangements - Carrying Value of Long-Term Debt (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024	Jun. 30, 2020	Sep. 30, 2017
Debt Instrument [Line Items]
Total senior notes	$ 2,393	$ 2,392
Less: Current portion of long-term debt	(1,149)	(400)
Long-term debt	1,244	1,992
Senior Notes
Debt Instrument [Line Items]
Total principal amount	2,400	2,400
Unamortized discount and issuance costs	(7)	(8)
Senior Notes \| Due September 2024
Debt Instrument [Line Items]
Total principal amount	$ 400	$ 400		$ 400
Debt Instrument, Effective Interest Rate	3.42%	3.42%
Senior Notes \| Due June 2025
Debt Instrument [Line Items]
Total principal amount	$ 750	$ 750	$ 750
Debt Instrument, Effective Interest Rate	2.03%	2.03%
Senior Notes \| Due June 2027
Debt Instrument [Line Items]
Total principal amount	$ 550	$ 550	550
Debt Instrument, Effective Interest Rate	2.51%	2.51%
Senior Notes \| Due June 2030
Debt Instrument [Line Items]
Total principal amount	$ 700	$ 700	$ 700
Debt Instrument, Effective Interest Rate	2.81%	2.81%

Segment Geographic and Significant Customer Information - Significant Customers (Detail) - Net Revenue - Customer Concentration Risk	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Arrow Electronics, Inc.
Segment Reporting Information [Line Items]
Percentage of net revenues	23.00%	24.00%
TD Synnex Corporation (previously presented as Tech Data Corporation)
Segment Reporting Information [Line Items]
Percentage of net revenues	22.00%	21.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Current assets:
Cash and cash equivalents	$ 1,652	$ 1,903
Short-term investments	1,365	1,349
Accounts receivable	679	1,007
Inventories	214	186
Other current assets	411	452
Total current assets	4,321	4,897
Property and equipment, net	594	604
Goodwill	2,759	2,759
Purchased intangible assets, net	110	124
Other non-current assets	1,527	1,503
Total assets	9,311	9,887
Current liabilities:
Accounts payable	437	517
Accrued expenses	793	1,013
Current portion of long-term debt	1,149	400
Short-term deferred revenue and financed unearned services revenue	2,133	2,176
Total current liabilities	4,512	4,106
Long-term debt	1,244	1,992
Other long-term liabilities	590	585
Long-term deferred revenue and financed unearned services revenue	2,036	2,058
Total liabilities	8,382	8,741
Commitments and contingencies (Note 14)
Stockholders' equity:
Common stock and additional paid-in capital, $0.001 par value; 205 and 206 shares issued and outstanding as of July 26, 2024 and April 26, 2024, respectively	988	997
Retained earnings	0	208
Accumulated other comprehensive loss	(59)	(59)
Total stockholders' equity	929	1,146
Total liabilities and stockholders' equity	$ 9,311	$ 9,887

Financial Instruments and Fair Value Measurements

3 Months Ended

Jul. 26, 2024

Investments, Debt and Equity Securities [Abstract]

Financial Instruments and Fair Value Measurements

5. Financial Instruments and Fair Value Measurements

The accounting guidance for fair value measurements provides a framework for measuring fair value on either a recurring or nonrecurring basis, whereby the inputs used in valuation techniques are assigned a hierarchical level. The following are the three levels of inputs to measure fair value:

Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2: Inputs that reflect quoted prices for identical assets or liabilities in less active markets; quoted prices for similar assets or liabilities in active markets; benchmark yields, reported trades, broker/dealer quotes, inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3: Unobservable inputs that reflect our own assumptions incorporated in valuation techniques used to measure fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.

We consider an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and consider an inactive market to be one in which there are infrequent or few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate, our own or the counterparty’s non-performance risk is considered in measuring the fair values of liabilities and assets, respectively.

Investments

The following is a summary of our investments at their cost or amortized cost as of July 26, 2024 and April 26, 2024 (in millions):


	July 26, 2024		April 26, 2024
U.S. Treasury and government debt securities	$	1,501	$	1,349
Money market funds		692		1,161
Certificates of deposit		34		12
Mutual funds		43		38
Total debt and equity securities	$	2,270	$	2,560

The fair value of our investments approximates their cost or amortized cost for both periods presented. Investments in mutual funds relate to the non-qualified deferred compensation plan offered to certain employees.

As of July 26, 2024, all our debt investments are due to mature in one year or less.

Fair Value of Financial Instruments

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


	July 26, 2024
				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash and cash equivalents:
Cash	$	790		$	790	$	—
Money market funds		692			692		—
Certificates of deposit		34			—		34
U.S. Treasury and government debt securities		136			136		—
Total cash and cash equivalents		1,652			1,618		34
Short-term investments:
U.S. Treasury and government debt securities		1,365			1,365		—
Total short-term investments		1,365			1,365		—
Total cash, cash equivalents and short-term investments	$	3,017		$	2,983	$	34
Other items:
Mutual funds (1)	$	7		$	7	$	—
Mutual funds (2)	$	36		$	36	$	—
Foreign currency exchange contracts assets (1)	$	13		$	—	$	13
Foreign currency exchange contracts liabilities (3)	$	(1	)	$	—	$	(1	)


	April 26, 2024
				Fair Value Measurements at Reporting Date Using
	Total			Level 1		Level 2
Cash and cash equivalents:
Cash	$	730		$	730	$	—
Money market funds		1,161			1,161		—
Certificates of deposit		12			—		12
Total cash and cash equivalents		1,903			1,891		12
Short-term investments:
U.S. Treasury and government debt securities		1,349			1,349		—
Total short-term investments		1,349			1,349		—
Total cash, cash equivalents and short-term investments	$	3,252		$	3,240	$	12
Other items:
Mutual funds (1)	$	6		$	6	$	—
Mutual funds (2)	$	32		$	32	$	—
Foreign currency exchange contracts assets (1)	$	1		$	—	$	1
Foreign currency exchange contracts liabilities (3)	$	(13	)	$	—	$	(13	)

(1)

Reported as other current assets in the condensed consolidated balance sheets

(2)

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

(3)

Reported as accrued expenses in the condensed consolidated balance sheets

Our Level 2 debt instruments are held by a custodian who prices some of the investments using standard inputs in various asset price models or obtains investment prices from third-party pricing providers that incorporate standard inputs in various asset price models. These pricing providers utilize the most recent observable market information in pricing these securities or, if specific prices are not available for these securities, use other observable inputs like market transactions involving identical or comparable securities. We review Level 2 inputs and fair value for reasonableness and the values may be further validated by comparison to multiple independent pricing sources. In addition, we review third-party pricing provider models, key inputs and assumptions and understand the pricing processes at our third-party providers in determining the overall reasonableness of the fair value of our Level 2 debt instruments. As of July 26, 2024 and April 26, 2024, we have not made any adjustments to the prices obtained from our third-party pricing providers.

Fair Value of Debt

As of July 26, 2024 and April 26, 2024, the fair value of our long-term debt, which includes the current portion of long-term debt, was approximately $2,254 million and $2,209 million, respectively. The fair value of our long-term debt was based on observable market prices in a less active market.

Supplemental Financial Information - Summary of Activity Related to the Balances in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Apr. 26, 2024	Jan. 26, 2024
Deferred Revenue Disclosure [Abstract]
Other current assets	$ 69	$ 68
Other non-current assets	100	99
Total deferred commissions	$ 169	$ 167

Supplemental Financial Information - Other Income (expense), Net (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 26, 2024	Jul. 28, 2023
Nonoperating Income (Expense) [Abstract]
Interest income	$ 36	$ 28
Interest expense	(16)	(16)
Other, net	(3)	(4)
Total other income, net	$ 17	$ 8

Financing Arrangements - Future Principal Debt Maturities (Detail) - Senior Notes - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Debt Instrument [Line Items]
2025 (remainder)	$ 400
2026	750
2027	0
2028	550
2029	0
Thereafter	700
Total	$ 2,400	$ 2,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	Jul. 26, 2024	Apr. 26, 2024
Income Tax Contingency [Line Items]
Gross unrecognized tax benefits	$ 221
Gross unrecognized tax benefits included in other long-term liabilities	157	$ 153
Unrecognized tax benefits that would affect provision for income taxes	$ 158

Recent Accounting Pronouncements

3 Months Ended

Jul. 26, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required for income taxes. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment should be applied on a prospective basis while retrospective application is permitted. We are currently evaluating the effect of this pronouncement on our income tax disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. We will adopt the new requirements for our annual periods starting in fiscal 2025 (and interim periods thereafter). We are currently evaluating the effect of this pronouncement, which we expect to result in enhanced financial statement disclosures only.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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+ Details

Leases

3 Months Ended

Jul. 26, 2024

Leases [Abstract]

Leases

7. Leases

We lease real estate, equipment and automobiles in the U.S. and internationally. Our real estate leases, which are responsible for the majority of our aggregate ROU asset and liability balances, include leases for office space, data centers and other facilities, and as of July 26, 2024, have remaining lease terms not exceeding 18 years. Some of these leases contain options that allow us to extend or terminate the lease agreement. Our equipment leases are primarily for servers and networking equipment and as of July 26, 2024, have remaining lease terms not exceeding 4 years. As of July 26, 2024, our automobile leases have remaining lease terms not exceeding 4 years. All our leases are classified as operating leases except for certain immaterial equipment finance leases.

The components of lease cost related to our operating leases were as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
Operating lease cost	$	13	$	14
Variable lease cost		4		4
Total lease cost	$	17	$	18

Variable lease cost is primarily attributable to amounts paid to lessors for common area maintenance and utility charges under our real estate leases.

The supplemental cash flow information related to our operating leases is as follows (in millions):


	Three Months Ended
	July 26, 2024		July 28, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	12	$	14
Right-of-use assets obtained in exchange for new operating lease obligations	$	3	$	9

The supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate):


	July 26, 2024			April 26, 2024
Other non-current assets	$	241		$	247
Total operating lease ROU assets	$	241		$	247

Accrued expenses	$	39		$	40
Other long-term liabilities		216			220
Total operating lease liabilities	$	255		$	260

Weighted Average Remaining Lease Term	9.0 years			9.2 years

Weighted Average Discount Rate		3.2	%		3.1	%

Future minimum operating lease payments as of July 26, 2024, are as follows (in millions):


Fiscal Year	Amount
2025 (remainder)	$	34
2026		41
2027		35
2028		31
2029		27
Thereafter		128
Total lease payments		296
Less: Interest		(41	)
Total	$	255