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				Nine Months Ended
	Oct 26, 2025		Oct 27, 2024		Oct 26, 2025		Oct 27, 2024

	(In millions)
Cost of revenue	$	70	$	50	$	192	$	125
Research and development	1,206		910		3,460		2,469
Sales, general and administrative	379		292		1,101		822
Total	$	1,655	$	1,252	$	4,753	$	3,416

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	52	$	114.76
Vested	(116)	$	37.30
Canceled and forfeited	(7)	$	55.62
Balance as of Oct 26, 2025	203	$	66.59

As of October 26, 2025, aggregate unearned stock-based compensation expense was $13.1 billion, which is expected to be recognized over a weighted average period of 2.1 years for RSUs, PSUs, and market-based PSUs, and one year for ESPP.