AI Financials

Alphabet Inc.

GOOGLpublichyperscaler

Search, Cloud & AI

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
$85.2B
Leases signed, not yet commenced at 2026-06-30 and Unrecorded purchase obligations at 2026-03-31, 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 · 61 →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)

$109.3B
Loans and credit facilities · 0 →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.

—
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

$2.0B
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

$100.2B
Cost of debt · 2026 Q2 →interest cover 31.9× · capex over operating cash flow 1.15×
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

7.12%

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$2.00B
year 2$1.00B
year 3$2.68B
year 4$1.76B
year 5$5.50B
after year 5$36.15B

Notes and facilities since 2024, by maturity year

2028 · notes$4.65B
2029 · notes$8.59B
2030 · notes$5.01B
2031 · notes$10.02B
2032 · notes$5.01B
2033 · notes$9.46B
2034 · notes$2.91B
2035 · notes$4.75B
2036 · notes$10.81B
2037 · notes$1.42B
2038 · notes$1.15B
2039 · notes$2.05B
2041 · notes$1.83B
2044 · notes$1.44B
2045 · notes$4.89B
2046 · notes$4.50B
2054 · notes$1.42B
2055 · notes$5.50B
2056 · notes$10.58B
2058 · notes$1.71B
2063 · notes$1.46B
2064 · notes$1.44B
2065 · notes$1.50B
2066 · notes$4.40B
2075 · notes$2.75B
1

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$85.2B2026-06-30Leases signed, not yet commenced at 2026-06-30 and Unrecorded purchase obligations at 2026-03-31
Leases signed, not yet commenced$85.2B2026-06-30read 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$75.6B2026-03-31
unconditional purchase obligations not recorded on the balance sheet
Long-term debt on the balance sheet$100.2B2026-06-30
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$20.6B2026-06-30operating plus finance, discounted
operating + finance lease liabilities
Lease payments due$24.3B2026-06-30operating plus finance, undiscounted
operating + finance undiscounted payments due

Obligations created, as announced

1 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.
2026-06-04material definitive agreement$40.0Bequity distribution agreementAlphabet Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Berkshire Hathaway Inc.
2

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

61 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.
2026-08-07$2.50B6.5%2066fixed02079KCV7
US02079KCV70
2026-08-07$4.50B6.375%2056fixed02079KCU9
US02079KCU97
2026-08-07$3.00B6.25%2046fixed02079KCT2
US02079KCT25
2026-08-07$4.50B5.45%2036fixed02079KCS4
US02079KCS42
2026-08-07$2.50B5.2%2033fixed02079KCR6
US02079KCR68
2026-08-07$3.50B4.875%2031fixed02079KCQ8
US02079KCQ85
2026-08-07$500Mfloating2029floating02079KCP0
US02079KCP03
2026-08-07$2.00B4.625%2029fixed02079KCN5
US02079KCN54
2026-08-07$750Mfloating2028floating02079KCM7
US02079KCM71
2026-08-07$1.25B4.5%2028fixed02079KCL9
US02079KCL98
2026-05-15$151M
JPY 24.00B
4.599%2066fixed02079KCK1
XS3373431801
2026-05-15$59M
JPY 9.30B
4.395%2056fixed02079KCJ4
XS3373431470
2026-05-15$120M
JPY 19.10B
3.713%2041fixed02079KCG0
XS3373430829
2026-05-15$409M
JPY 64.90B
3.189%2036fixed02079KCF2
XS3373430076
2026-05-15$776M
JPY 123.20B
2.822%2033fixed02079KCE5
XS3373429490
2026-05-15$1.26B
JPY 200.50B
2.412%2031fixed02079KCD7
XS3373428765
2026-05-15$854M
JPY 135.50B
1.965%2029fixed02079KCC9
XS3373428419
2026-05-05$1.46B
EUR 1.25B
4.8%2063fixed02079KCA3
XS3363388086
2026-05-05$2.02B
CAD 2.75B
5%2056fixed02079WAE1
CA02079WAE18
2026-05-05$1.46B
EUR 1.25B
4.5%2045fixed02079KBZ9
XS3363387609
2026-05-05$2.05B
EUR 1.75B
4.1%2039fixed02079KBY2
XS3363387435
2026-05-05$1.65B
CAD 2.25B
4.35%2036fixed02079WAC5
CA02079WAC51
2026-05-05$1.76B
EUR 1.50B
3.625%2034fixed02079KBX4
XS3363386544
2026-05-05$1.47B
CAD 2.00B
4%2033fixed02079WAA9
CA02079WAA95
2026-05-05$2.05B
EUR 1.75B
3.45%2032fixed02079KCB1
XS3372845746
2026-05-05$1.10B
CAD 1.50B
3.65%2031fixed02079WAG6
CA02079WAG65
2026-05-05$1.76B
EUR 1.50B
3.2%2030fixed02079KBW6
XS3363386460
2026-02-10$1.75B5.75%2066fixed02079KBQ9
US02079KBQ94
2026-02-10$1.71B
GBP 1.25B
5.875%2058fixed02079KBU0
XS3285562511
2026-02-10$4.00B5.65%2056fixed02079KBP1
US02079KBP12
2026-02-10$1.50B5.5%2046fixed02079KBN6
US02079KBN63
2026-02-10$1.71B
GBP 1.25B
5.5%2041fixed02079KBT3
XS3285562271
2026-02-10$4.25B4.8%2036fixed02079KBM8
US02079KBM80
2026-02-10$3.00B4.4%2033fixed02079KBL0
US02079KBL08
2026-02-10$1.71B
GBP 1.25B
4.625%2032fixed02079KBS5
XS3285560903
2026-02-10$3.00B4.1%2031fixed02079KBK2
US02079KBK25
2026-02-10$2.50B3.7%2029fixed02079KBJ5
US02079KBJ51
2026-02-10$1.02B
GBP 0.75B
4.125%2029fixed02079KBR7
XS3285554096
2025-11-05$2.75B5.7%2075fixed02079KBB2
US02079KBB26
2025-11-05$4.00B5.45%2055fixed02079KBA4
US02079KBA43
2025-11-05$2.00B5.35%2045fixed02079KAZ0
US02079KAZ03
2025-11-05$3.50B4.7%2035fixed02079KAY3
US02079KAY38
2025-11-05$1.25B4.375%2032fixed02079KAX5
US02079KAX54
2025-11-05$2.50B4.1%2030fixed02079KAW7
US02079KAW71
2025-11-05$500Mfloating2028floating—
2025-11-05$1.00B3.875%2028fixed02079KAV9
US02079KAV98
2025-11-03$1.44B
EUR 1.25B
4.375%2064fixed02079KBG1
XS3224609613
2025-11-03$1.44B
EUR 1.25B
4%2044fixed02079KBF3
XS3224609530
2025-11-03$1.15B
EUR 1.00B
3.5%2038fixed02079KBE6
XS3224609456
2025-11-03$1.15B
EUR 1.00B
3.125%2034fixed02079KBD8
XS3224609373
2025-11-03$1.15B
EUR 1.00B
2.875%2031fixed02079KBC0
XS3224609290
2025-11-03$1.15B
EUR 1.00B
2.375%2028fixed02079KBH9
XS3226478918
2025-04-29$1.42B
EUR 1.25B
4%2054fixed02079KAT4
XS3064430385
2025-04-29$1.42B
EUR 1.25B
3.875%2045fixed02079KAS6
XS3064427837
2025-04-29$1.42B
EUR 1.25B
3.375%2037fixed02079KAR8
XS3064425468
2025-04-29$1.71B
EUR 1.50B
3%2033fixed02079KAQ0
XS3064423174
2025-04-29$1.71B
EUR 1.50B
2.5%2029fixed02079KAP2
XS3064418687
2025-04-28$1.50B5.3%2065fixed02079KAN7
US02079KAN72
2025-04-28$1.50B5.25%2055fixed02079KAM9
US02079KAM99
2025-04-28$1.25B4.5%2035fixed02079KAL1
US02079KAL17
2025-04-28$750M4%2030fixed02079KAK3
US02079KAK34

Cost of debt, from its own statements

Latest quarter, 2026 Q2: cost of debt 7.12%, interest cover 31.9×, capex over operating cash flow 1.15×.

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.

3

What equity has it sold?

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

Equity and hybrid raises

2 rows
one equity or hybrid raise as the company announced it; the earliest announcement is the date; later reports that mention it are added as sources, never as new raises. At the market: an at-the-market program: sizeUsdB is the ceiling authorised, never an amount sold; sizeShares when the programme is sized in shares.
2026-06-04common
“Concurrently with this offering and pursuant to a separate prospectus supplement, we are also making a public offering of 25,459,689 shares of Class A Common Stock and 25,459,689 shares of Class C Capital Stock (such offering, the “Stock Offering”) for gross proceeds of approximately $18 billion.”
$18.00B——
2026-06-02atm
“In addition, concurrently with this offering and pursuant to a separate prospectus supplement, we have entered into an equity distribution agreement (the “Equity Distribution Agreement”) with certain managers under which we may sell up to $40 billion of shares of our Class A Common Stock and Class C Capital Stock in “at-the-market” transactions from time to time (the “ATM Program”).”
$40.00B——
4

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$2.00B$1.00B$2.68B$1.76B$5.50B$36.15B$49.1B

What we have placed by maturity year, since 2024

25 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$4.65B—50
2029$8.59B—60
2030$5.01B—30
2031$10.02B—50
2032$5.01B—30
2033$9.46B—50
2034$2.91B—20
2035$4.75B—20
2036$10.81B—40
2037$1.42B—10
2038$1.15B—10
2039$2.05B—10
2041$1.83B—20
2044$1.44B—10
2045$4.89B—30
2046$4.50B—20
2054$1.42B—10
2055$5.50B—20
2056$10.58B—40
2058$1.71B—10
2063$1.46B—10
2064$1.44B—10
2065$1.50B—10
2066$4.40B—30
2075$2.75B—10

Where its paper marks, as the funds holding it report

38 rows
Price: fair value ÷ principal × 100, median across the funds reporting that security for that period — a fund-reported mark, not a traded price. Funds: how many funds reported a usable mark for that security and period; one fund is one opinion, several is a consensus; below, the funds.
2026-07-31Alphabet, Inc.
ALPHABET INC
02079KBL0
US02079KBL08
95.911
Madison High Quality Bond Fund
4.4%2033-02-15
2026-07-31GOOGL 3.7 02/15/29
ALPHABET INC
02079KBJ5
US02079KBJ51
97.951
Old Westbury Short-Term Bond Fund
3.7%2029-02-15
2026-06-30ALPHABET INC EUR SR UNSEC 3.45% 05-11-32
ALPHABET INC
02079KCB1
XS3372845746
101.06
EUR
4
American Funds Global Balanced Fund · Capital World Bond Fund · Global Bond Fund
3.45%2032-05-11
2026-06-30ALPHABET INC SR UNSECURED 05/63 4.8
Alphabet Inc.
02079KCA3
XS3363388086
101.80
EUR
3
Opportunistic Fixed Income Trust · VANGUARD CORE-PLUS BOND ETF · VANGUARD CORE-PLUS BOND FUND
4.8%2063-05-11
2026-06-30Alphabet, Inc.02079KBZ9
XS3363387609
102.29
EUR
4
BATS: High Income Taxable Series · BlackRock Total Return V.I. Fund · Multimanager Core Bond Portfolio · SIMT Core Fixed Income Fund
4.5%2045-05-11
2026-06-30ALPHABET INC /EUR/ REGD 4.10000000
ALPHABET IN 4.1% 05/11/39/EUR/
02079KBY2
XS3363387435
102.06
EUR
1
Six Circles Global Bond Fund
4.1%2039-05-11
2026-06-30ALPHABET INC SR UNSECURED 05/34 3.625
Alphabet Inc.
02079KBX4
XS3363386544
101.24
EUR
2
State Street(R) SPDR(R) Bloomberg International Corporate Bond ETF · Strategic Income Opportunities Trust
3.625%2034-05-11
2026-06-30Alphabet, Inc.02079KBT3
XS3285562271
96.54
GBP
2
Janus Henderson Developed World Bond Fund · Nuveen International Aggregate Bond ETF
5.5%2041-11-13
2026-06-30Alphabet, Inc.02079KBS5
XS3285560903
98.54
GBP
2
Janus Henderson Developed World Bond Fund · Strategic Income Opportunities Trust
4.625%2032-11-13
2026-06-30Alphabet, Inc
Alphabet Inc
02079KBR7
XS3285554096
99.19
GBP
1
Nuveen International Bond Fund
4.125%2029-02-13
2026-06-30Alphabet Inc
ALPHABET INC
02079KBQ9
US02079KBQ94
98.832
Columbia Corporate Bond ETF · Columbia Variable Portfolio - Long Government/Credit Bond Fund
5.75%2066-02-15
2026-06-30Alphabet Inc
ALPHABET INC
02079KBP1
US02079KBP12
98.771
Columbia Variable Portfolio - Long Government/Credit Bond Fund
5.65%2056-02-15
2026-06-30Alphabet Inc
ALPHABET INC
02079KBM8
US02079KBM80
98.272
Columbia Core Plus Bond ETF · Columbia Corporate Bond ETF
4.8%2036-02-15
2026-06-30ALPHABET INC 4.10%02079KBK2
US02079KBK25
98.262
Brandes Core Plus Fixed Income Fund · Brandes Separately Managed Account Reserve Trust Fund
4.1%2031-02-15
2026-06-30Alphabet Inc02079KBF3
XS3224609530
97.28
EUR
1
Nuveen International Aggregate Bond ETF
4%2044-11-06
2026-06-30ALPHABET INC /EUR/ REGD 3.50000000
ALPHABET IN 3.5% 11/06/38/EUR/
02079KBE6
XS3224609456
96.66
EUR
1
Bridge Builder Core Plus Bond Fund
3.5%2038-11-06
2026-06-30ALPHABET INC02079KBD8
XS3224609373
97.51
EUR
1
T. Rowe Price International Bond Fund
3.125%2034-11-06
2026-06-30Alphabet, Inc
Alphabet Inc
02079KBC0
XS3224609290
98.63
EUR
1
Nuveen International Bond Fund
2.875%2031-11-06
2026-06-30ALPHABET INC SR UNSECURED 11/55 5.45
Alphabet Inc.
02079KBA4
US02079KBA43
95.861
John Hancock Corporate Bond ETF
5.45%2055-11-15
2026-06-30Alphabet Inc
ALPHABET INC
02079KAY3
US02079KAY38
98.011
Arimathea Catholic Core Bond ETF
4.7%2035-11-15
2026-06-30ALPHABET INC SR UNSECURED 05/55 5.25
Alphabet Inc.
02079KAM9
US02079KAM99
93.521
John Hancock Corporate Bond ETF
5.25%2055-05-15
2026-05-31Alphabet Inc
ALPHABET INC
02079KAZ0
US02079KAZ03
97.651
GMO Systematic Investment Grade Credit ETF
5.35%2045-11-15
2026-05-31Alphabet Inc 4.38 11/15/2032
Alphabet Inc
02079KAX5
US02079KAX54
98.691
Avantis Credit ETF
4.375%2032-11-15
2026-05-31ALPHABET INC SR UNSECURED 11/30 4.1
Alphabet Inc.
02079KAW7
US02079KAW71
98.971
John Hancock Managed Account Shares Bond Completion Portfolio
4.1%2030-11-15
2026-05-31Alphabet Inc
ALPHABET INC
02079KAN7
US02079KAN72
92.611
GMO Systematic Investment Grade Credit ETF
5.3%2065-05-15
2026-05-31Alphabet Inc
ALPHABET INC
02079KAL1
US02079KAL17
98.011
State Street(R) My2035 Corporate Bond ETF
4.5%2035-05-15
2026-05-29GOOGL 5.5 02/15/46
ALPHABET INC
02079KBN6
US02079KBN63
98.961
PGIM Corporate Bond 10+ Year ETF
5.5%2046-02-15
2026-04-30GOOGL 5.875 02/13/58
ALPHABET INC
02079KBU0
XS3285562511
92.72
GBP
1
PGIM Global Total Return Fund
5.875%2058-02-13
2026-04-30ALPHABET INC
Alphabet Inc
02079KBH9
XS3226478918
98.56
EUR
2
VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND · VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND
2.375%2028-11-06
2026-04-30Alphabet Inc
ALPHABET INC
02079KBB2
US02079KBB26
95.781
AB Corporate Income Shares
5.7%2075-11-15
2026-03-31GOOGL 4.375 11/06/64
Alphabet Inc.
02079KBG1
XS3224609613
94.53
EUR
2
RBC BlueBay Core Plus Bond Fund · RBC BlueBay Strategic Income Fund
4.375%2064-11-06
2026-03-31Alphabet Inc
ALPHABET INC
02079KAV9
US02079KAV98
99.682
Lazard US Short Duration Fixed Income Portfolio · Poplar Forest Cornerstone Fund
3.875%2028-11-15
2026-02-28Alphabet Inc
ALPHABET INC
02079KAK3
US02079KAK34
100.691
State Street(R) My2030 Corporate Bond ETF
4%2030-05-15
2025-12-31ALPHABET INC 4% 05/06/2054
ALPHABET INC
02079KAT4
XS3064430385
92.88
EUR
2
Fidelity International Credit Central Fund · Fidelity Series International Credit Fund
0.04%2054-05-06
2025-12-31ALPHABET INC 3.875% 05/06/2045
ALPHABET INC
02079KAS6
XS3064427837
95.73
EUR
1
Fidelity International Credit Central Fund
0.03875%2045-05-06
2025-10-31Alphabet Inc
ALPHABET INC
02079KAP2
XS3064418687
99.92
EUR
2
Payden Absolute Return Bond Fund · Payden Managed Income Fund
2.5%2029-05-06
2025-09-30ALPHABET INC 3.375% 05/06/2037
ALPHABET INC
02079KAR8
XS3064425468
98.68
EUR
1
Fidelity Global Credit Fund
0.03375%2037-05-06
2025-09-30ALPHABET INC SR UNSECURED 05/33 3
Alphabet Inc.
02079KAQ0
XS3064423174
99.53
EUR
1
Strategic Income Opportunities Trust
3%2033-05-06
5

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 $185.7B ÷ capex $132.4B over 4 quarters to 2026Q2
1.4×1.31×
across 40 companies
2026Q2
Funding mix
of $132.4B of capex over 4 quarters to 2026Q2: operations 140.2%, new debt 72.9% ($96.6B notes + $0.0B facilities), equity 13.6%
140.2%—2026Q2
Off balance sheet
$85.2B off the balance sheet ÷ (that + $100.2B long-term debt); the company states the same figure as leases not yet commenced and as purchase obligations; counted once, as leases not yet commenced; each figure as the filer last stated it (leasesNotYetCommenced 2026-06-30, longTermDebt 2026-06-30, unrecordedPurchaseObligations 2026-03-31)
46%
the company states the same figure as leases not yet commenced and as purchase obligations; counted once, as leases not yet commenced
41.9%
across 23 companies
2026-06-30
Committed facilities
sum of new facility commitments since 2024
—
no facility announced
——
Marginal cost of debt
principal-weighted coupon of $94.8B priced in the last twelve months; the book carries 5.54%, a gap of -0.81 points
4.73%——
New-issue spread
median of 22 USD tranches: coupon less the 10-year Treasury on each pricing date (range -46–185 bp); 27 non-USD tranche(s) excluded
60 bp——
Floating-rate share
$1.8B floating ($1.8B notes + $0.0B facilities off SOFR) ÷ $109.2B raised
1.6%0%
across 40 companies
—
Rate shock (+100 bp)
$1.8B of floating debt × 100 bp = $0.02B more interest a year; interest cover would be 31.79× on the latest quarter annualised
$18M——
Secured share of new facilities
secured commitments ÷ all new commitments
—
no facility announced
0%
across 24 companies
—
Refinancing burden
$3.0B due within two years (the filer's own schedule as of 2025-12-31) ÷ $185.7B of operating cash flow over 4 quarters
0.02×0.15×
across 23 companies
2025-12-31
Liquidity runway
($55.9B cash and equivalents as tagged — short-term investments are not included — + $0.0B committed) ÷ $33.7B a quarter of capex and interest, as of 2026Q2
1.7—2026Q2

Does our ledger explain its balance sheet?

Across 6 of 14 quarter(s) its debt rose $89.4B and the notes we hold for those quarters total $84.2B — 94.2% 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

“Moving to investments, given the strong demand for our Cloud products and services, we now expect to invest approximately $85 billion in CapEx in 2025, up from a previous estimate of $75 billion.” 2026-09-21

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