Stock-based compensation expense includes restricted stock units, or RSUs, performance stock units, or PSUs, market-based PSUs, and our employee stock purchase plan, or ESPP.

Condensed Consolidated Statements of Income include stock-based compensation expense, net of amounts capitalized into inventory, as follows:


	Three Months Ended
	Apr 27, 2025		Apr 28, 2024

	(In millions)
Cost of revenue	$	64	$	36
Research and development	1,063		727
Sales, general and administrative	347		248
Total	$	1,474	$	1,011

The following is a summary of our equity award transactions under our equity incentive plans:


	RSUs, PSUs and Market-based PSUs Outstanding
	Number of Shares	Weighted Average Grant-Date Fair Value Per Share

	(In millions, except per share data)
Balance as of Jan 26, 2025	274	$	44.75
Granted	44	$	106.43
Vested	(39)	$	32.98
Canceled and forfeited	(2)	$	48.26
Balance as of Apr 27, 2025	277	$	56.32

As of April 27, 2025, aggregate unearned stock-based compensation expense was $15.3 billion, which is expected to be recognized over a weighted average period of 2.3 years for RSUs, PSUs, and market-based PSUs, and 1.1 years for ESPP.