Property and Equipment, net
December 27,
2025
December 28,
2024
 (In millions)
Land, building and leasehold improvements
$967 $853 
Equipment3,453 2,798 
Construction in progress508 324 
Property and equipment, gross4,928 3,975 
Accumulated depreciation(2,616)(2,173)
Total property and equipment, net$2,312 $1,802 
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Historical Timeline

Fiscal YearFiled
2025Feb 4, 2026Showing above
2017Feb 27, 2018
2016Feb 21, 2017
2015Feb 18, 2016

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.