Amazon.com, Inc.

AMZNpublichyperscaler

Cloud & E-Commerce

What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: hyperscaler · verified 2026-09-28 How these figures are built →

Off the balance sheet

$169.6B

Leases signed, not yet commenced at 2026-06-30 and Unrecorded purchase obligations at 2024-06-30, each fact counted once

how it is counted

what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so

Notes priced since 2024 · 42 →each tranche in the ledger as the company itself states it how it is counted principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded): $109.5B
Loans and credit facilities · 1 →as signed; the figure counts new facilities, the count amendments too how it is counted the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.: $17.5B
Debt due in 12 months →its own schedule, as of 2025-12-31 how it is counted the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions: $2.8B
Long-term debt on the balance sheet →on its balance sheet at 2026-06-30 how it is counted long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line: $132.2B
Cost of debt · 2026 Q2 →interest cover 20.9× · capex over operating cash flow 1.19× how it is counted 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it: 3.74%

When it comes due

Left, the company's own five-year schedule — not our arithmetic. Right, the notes (orange) and facilities (grey) since 2024 that we have placed by maturity year: notes in the ledger since 2024 plus loans as signed since 2024, summed by maturity year and company — recent borrowing only, not the whole balance sheet. Both are in the tables of question 4.

Its own schedule, as of 2025-12-31

next 12 months$2.75B

year 2$8.83B

year 3$4.75B

year 4$3.00B

year 5$4.50B

after year 5$45.00B

Notes and facilities since 2024, by maturity year

2028 · notes$9.95B

2029 · notes$10.84B

2030 · notes$4.81B

2031 · notes$11.04B

2032 · notes$3.96B

2033 · notes$9.93B

2035 · notes$6.39B

2036 · notes$13.01B

2038 · notes$1.35B

2039 · notes$2.60B

2045 · notes$2.80B

2046 · notes$5.25B

2055 · notes$3.00B

2056 · notes$12.90B

2064 · notes$1.45B

2065 · notes$2.00B

2066 · notes$5.25B

2076 · notes$3.00B

What has it committed to?

Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.

Obligations as stated

6 rows


Off the balance sheet	$169.6B	2026-06-30	Leases signed, not yet commenced at 2026-06-30 and Unrecorded purchase obligations at 2024-06-30
Leases signed, not yet commenced	$137.2B	2026-06-30	read from the company's own words leases signed but not yet commenced — read from the company's own text by a deterministic rule, the sentence quoted (status amount \| immaterial \| table_row \| no_unit; `unitNote` when the sentence gave no unit and the unit the report states for its figures was applied)
Unrecorded purchase obligations	$32.4B	2024-06-30	unconditional purchase obligations not recorded on the balance sheet
Long-term debt on the balance sheet	$132.2B	2026-06-30	long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
Lease liabilities on the balance sheet	$109.8B	2026-06-30	operating plus finance, discounted operating + finance lease liabilities
Lease payments due	$133.0B	2026-06-30	operating plus finance, undiscounted operating + finance undiscounted payments due

Obligations created, as announced

3 rows

The announcements that state an amount. Kind: the kind of commitment announced: a material definitive agreement entered into, or a direct financial obligation created. Instrument: the first financing phrase the announcement uses, if any.


2026-06-10	material definitive agreement	$17.5B	term loan	Amazon.com, Inc., Citibank N.A.
2026-06-10	direct financial obligation	$17.5B	term loan	Amazon.com, Inc., Citibank N.A.
2026-02-27	material definitive agreement	$35.0B	—	Amazon.com NV Investment Holdings LLC, Amazon.com, Inc.

What has it borrowed, and at what cost?

Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.

Notes priced since 2024

42 rows

one tranche of a public note offering, as its offering documents state it (and as the company's later reports repeat it). principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded); below it, the principal in its own currency.


2026-09-09	$1.35B GBP 1.00B	6.65%	2045	fixed	023135EN2 XS3504677934
2026-09-09	$1.35B GBP 1.00B	6.25%	2038	fixed	023135EM4 XS3504677777
2026-09-09	$1.35B GBP 1.00B	5.55%	2032	fixed	023135EL6 XS3504677694
2026-09-09	$1.69B GBP 1.25B	5.2%	2029	fixed	023135EK8 XS3504677348
2026-07-08	$750M	floating	2029	floating	—
2026-07-07	$2.25B	6.25%	2066	fixed	023135EH5 US023135EH56
2026-07-07	$4.00B	6.1%	2056	fixed	023135EG7 US023135EG73
2026-07-07	$2.75B	6%	2046	fixed	023135EF9 US023135EF90
2026-07-07	$4.50B	5.3%	2036	fixed	023135EE2 US023135EE26
2026-07-07	$3.00B	5.1%	2033	fixed	023135ED4 US023135ED43
2026-07-07	$4.25B	4.8%	2031	fixed	023135EC6 US023135EC69
2026-07-07	$3.50B	4.6%	2029	fixed	023135EB8 US023135EB86
2026-06-08	$3.40B CAD 4.75B	5%	2056	fixed	023135DY9 CA023135DY90
2026-06-08	$2.51B CAD 3.50B	4.35%	2036	fixed	023135DX1 CA023135DX18
2026-06-08	$1.43B CAD 2.00B	4%	2033	fixed	023135DW3 CA023135DW35
2026-06-08	$1.79B CAD 2.50B	3.7%	2031	fixed	023135DV5 CA023135DV51
2026-06-08	$896M CAD 1.25B	3.4%	2029	fixed	023135DU7 CA023135DU78
2026-03-13	$2.00B EUR 1.75B	floating	2028	floating	—
2026-03-11	$1.45B EUR 1.25B	4.85%	2064	fixed	023135DT0 XS3305170188
2026-03-11	$1.45B EUR 1.25B	4.45%	2045	fixed	023135DS2 XS3305169925
2026-03-11	$2.60B EUR 2.25B	4.05%	2039	fixed	023135DR4 XS3305169768
2026-03-11	$2.89B EUR 2.50B	3.7%	2035	fixed	023135DQ6 XS3305169503
2026-03-11	$2.60B EUR 2.25B	3.35%	2032	fixed	023135DP8 XS3305169172
2026-03-11	$2.31B EUR 2.00B	3.1%	2030	fixed	023135DN3 XS3305168794
2026-03-11	$1.45B EUR 1.25B	2.8%	2028	fixed	023135DM5 XS3317524950
2026-03-10	$3.00B	6.05%	2076	fixed	023135DK9 US023135DK94
2026-03-10	$3.00B	5.95%	2066	fixed	023135DJ2 US023135DJ22
2026-03-10	$5.50B	5.8%	2056	fixed	023135DH6 US023135DH65
2026-03-10	$2.50B	5.65%	2046	fixed	023135DG8 US023135DG82
2026-03-10	$6.00B	4.875%	2036	fixed	023135DF0 US023135DF00
2026-03-10	$4.00B	4.55%	2033	fixed	023135DE3 US023135DE35
2026-03-10	$5.00B	4.25%	2031	fixed	023135DD5 US023135DD51
2026-03-10	$1.00B	floating	2029	floating	023135DA1 US023135DA13
2026-03-10	$3.00B	4%	2029	fixed	023135DC7 US023135DC78
2026-03-10	$1.75B	floating	2028	floating	023135CZ7 US023135CZ72
2026-03-10	$2.25B	3.85%	2028	fixed	023135DB9 US023135DB95
2025-11-17	$2.00B	5.55%	2065	fixed	023135CY0 US023135CY08
2025-11-17	$3.00B	5.45%	2055	fixed	023135CW4 US023135CW42
2025-11-17	$3.50B	4.65%	2035	fixed	023135CV6 US023135CV68
2025-11-17	$1.50B	4.35%	2033	fixed	023135CU8 US023135CU85
2025-11-17	$2.50B	4.1%	2030	fixed	023135CT1 US023135CT13
2025-11-17	$2.50B	3.9%	2028	fixed	023135CS3 US023135CS30

Loans and credit facilities as signed

1 rows

the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn. new — a facility entered into; amendment — an increase, extension or repricing of an existing one, the amount being the new commitment as stated.


2026-06-10	delayed draw term loan “The DDTL Credit Agreement provides the Company with a $17.5 billion senior unsecured delayed draw term loan credit facility (the “DDTL Facility”).”	$17.50B	unsecured	—	3 years after each draw	Citibank N.A.

Cost of debt, from its own statements

Latest quarter, 2026 Q2: cost of debt 3.74%, interest cover 20.9×, capex over operating cash flow 1.19×.

Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.

What equity has it sold?

Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.

No equity or hybrid raise since 2024, and no at-the-market programme.

When does it come due, and who holds it?

The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.

Its own maturity schedule

1 rows

The company's own maturity schedule, as it states it. Not our arithmetic. $0M: a year it states as zero; a dash: a year with no figure.


2025-12-31	$2.75B	$8.83B	$4.75B	$3.00B	$4.50B	$45.00B	$68.8B

What we have placed by maturity year, since 2024

18 rows

notes in the ledger since 2024 plus loans as signed since 2024, summed by maturity year and company — recent borrowing only, not the whole balance sheet. sums of stated amounts; a loan with a year-only maturity ('N-year facility') sits in that year; nothing discounted, netted or estimated.


2028	$9.95B	—	5
2029	$10.84B	—	6
2030	$4.81B	—	2
2031	$11.04B	—	3
2032	$3.96B	—	2
2033	$9.93B	—	4
2035	$6.39B	—	2
2036	$13.01B	—	3
2038	$1.35B	—	1
2039	$2.60B	—	1
2045	$2.80B	—	2
2046	$5.25B	—	2
2055	$3.00B	—	1
2056	$12.90B	—	3
2064	$1.45B	—	1
2065	$2.00B	—	1
2066	$5.25B	—	2
2076	$3.00B	—	1

Not on this ladder: facilities with no maturity date

1 rows

1 facility(ies) are not on the ladder: their maturity is stated as a basis rather than a date. loans whose maturity is stated per draw or not at all — counted nowhere on the ladder, listed here.


2026-06-10	delayed draw term loan	$17.50B	3 years after each draw

No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.

How does it compare?

The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.

Twelve measures, beside the median

11 rows


Self-funding operating cash flow $161.4B ÷ capex $173.0B over 4 quarters to 2026Q2	0.93×	1.31× across 40 companies	2026Q2
Funding mix of $173.0B of capex over 4 quarters to 2026Q2: operations 93.3%, new debt 73.4% ($109.5B notes + $17.5B facilities), equity 0.0%	93.3%	—	2026Q2
Off balance sheet $169.6B off the balance sheet ÷ (that + $132.2B long-term debt); each figure as the filer last stated it (leasesNotYetCommenced 2026-06-30, longTermDebt 2026-06-30, unrecordedPurchaseObligations 2024-06-30)	56.2%	41.9% across 23 companies	2026-06-30
Committed facilities $17.5B committed across 1 new facilities, 0.13× the $132.2B of long-term debt on the balance sheet	$17.5B	—	2026-06-30
Marginal cost of debt principal-weighted coupon of $104.0B priced in the last twelve months; the book carries 3.74%, a gap of +1.10 points	4.84%	—	—
New-issue spread median of 22 USD tranches: coupon less the 10-year Treasury on each pricing date (range -30–190 bp); 16 non-USD tranche(s) excluded	64 bp	—	—
Floating-rate share $5.5B floating ($5.5B notes + $0.0B facilities off SOFR) ÷ $127.0B raised	4.3%	0% across 40 companies	—
Rate shock (+100 bp) $5.5B of floating debt × 100 bp = $0.06B more interest a year; interest cover would be 20.68× on the latest quarter annualised	$55M	—	—
Secured share of new facilities $0.0B secured ÷ $17.5B committed	0%	0% across 24 companies	—
Refinancing burden $11.6B due within two years (the filer's own schedule as of 2025-12-31) ÷ $161.4B of operating cash flow over 4 quarters	0.07×	0.15× across 23 companies	2025-12-31
Liquidity runway ($78.2B cash and equivalents as tagged — short-term investments are not included — + $17.5B committed) ÷ $44.1B a quarter of capex and interest, as of 2026Q2	2.2	—	2026Q2

Does our ledger explain its balance sheet?

Across 4 of 14 quarter(s) its debt rose $78.2B and the notes we hold for those quarters total $78.8B — 100.7% explained.

the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.

What it said about capital expenditure

““With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026” 2026-02-05

The period: FY = the company's fiscal year as written; CY = calendar; bare year = as written.