LEASES (Tables)

12 Months Ended

May 31, 2026

The following table is a summary of the components of net lease cost for the period ended May 31 (in millions)


	2026		2025
Operating lease cost	$	3,518	$	3,421
Finance lease cost:
Amortization of right-of-use assets	68		31
Interest on lease liabilities	36		17
Total finance lease cost	104		48
Short-term lease cost	499		484
Variable lease cost	1,925		1,840
Net lease cost	$	6,046	$	5,793

Supplemental cash flow information related to leases for the period ended May 31 is as follows (in millions):


	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	3,511	$	3,422
Operating cash flows paid for interest portion of finance leases	34		17
Financing cash flows paid for principal portion of finance leases	254		101
Right-of-use assets obtained in exchange for new operating lease liabilities	3,273		1,945
Right-of-use assets obtained in exchange for new finance lease liabilities	1,086		352

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases as of May 31 is as follows (dollars in millions):


	2026			2025
Operating leases:
Operating lease right-of-use assets, net	$	16,822		$	16,453

Current portion of operating lease liabilities	$	2,680		$	2,565
Operating lease liabilities	14,549			14,272
Total operating lease liabilities	$	17,229		$	16,837

Finance leases:
Net property and equipment	$	1,609		$	621

Current portion of long-term debt	$	170		$	59
Long-term debt, less current portion	1,344			621
Total finance lease liabilities	$	1,514		$	680

Weighted-average remaining lease term:
Operating leases	9.2			9.7
Finance leases	10.2			19.6

Weighted-average discount rate:
Operating leases	4.22		%	3.98		%
Finance leases	4.06		%	3.90		%

Schedule of Future Minimum Lease Payments, Operating Leases

A summary of future minimum lease payments under non-cancelable operating and finance leases with an initial or remaining term in excess of one year at May 31, 2026 is as follows (in millions):


	Aircraft and Related Equipment		Facilities and Other		Total Operating Leases		Finance Leases		Total Leases
2027	$	130	$	3,130	$	3,260	$	233	$	3,493
2028	119		2,882		3,001		543		3,544
2029	112		2,469		2,581		218		2,799
2030	103		2,104		2,207		201		2,408
2031	103		1,733		1,836		110		1,946
Thereafter	296		7,845		8,141		609		8,750
Total lease payments	863		20,163		21,026		1,914		22,940
Less imputed interest	(138)		(3,659)		(3,797)		(400)		(4,197)
Present value of lease liability	$	725	$	16,504	$	17,229	$	1,514	$	18,743

Schedule of Future Minimum Lease Payments, Finance Leases

A summary of future minimum lease payments under non-cancelable operating and finance leases with an initial or remaining term in excess of one year at May 31, 2026 is as follows (in millions):


	Aircraft and Related Equipment		Facilities and Other		Total Operating Leases		Finance Leases		Total Leases
2027	$	130	$	3,130	$	3,260	$	233	$	3,493
2028	119		2,882		3,001		543		3,544
2029	112		2,469		2,581		218		2,799
2030	103		2,104		2,207		201		2,408
2031	103		1,733		1,836		110		1,946
Thereafter	296		7,845		8,141		609		8,750
Total lease payments	863		20,163		21,026		1,914		22,940
Less imputed interest	(138)		(3,659)		(3,797)		(400)		(4,197)
Present value of lease liability	$	725	$	16,504	$	17,229	$	1,514	$	18,743