Leases

9 Months Ended

Sep. 30, 2026

We have entered into operating and finance lease agreements primarily for data centers, land, and offices throughout the world with varying lease terms.

Components of lease costs were as follows (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2026		2025		2026
Operating lease cost	$	851	$	998	$	2,434	$	2,797
Finance lease cost:
Amortization of lease assets	152		422		360		907
Interest on lease liabilities	17		25		48		60
Finance lease cost	169		447		408		967
Short-term lease cost(1)	11		109		36		144
Variable lease cost	483		494		1,215		1,357
Total lease cost	$	1,514	$	2,048	$	4,093	$	5,265

(1) Includes a short-term lease agreement entered into in June 2026, and amended in September 2026, with a remaining non-cancelable commitment of approximately $6.0 billion as of September 30, 2026. We do not recognize right of use assets or lease liabilities on leases with a term of 12 months or less. Short term lease costs are recognized on a straight-line basis over the lease term.

Supplemental information related to leases was as follows (in millions):


	As of December 31, 2025		As of September 30, 2026
Weighted-average remaining lease term:
Operating leases	7.6 years		8.5 years
Finance leases	8.3 years		7.9 years
Weighted-average discount rate:
Operating leases	3.6	%	4.0	%
Finance leases	3.1	%	4.0	%


	As of December 31, 2025		As of September 30, 2026
Operating leases:
Operating lease assets	$	15,221	$	20,273

Accrued expenses and other liabilities	$	3,209	$	3,693
Operating lease liabilities	12,744		16,815
Total operating lease liabilities	$	15,954	$	20,508
Finance leases:
Property and equipment, at cost	$	6,822	$	10,619
Accumulated depreciation	(2,025)		(2,914)
Property and equipment, net	$	4,797	$	7,705

Accrued expenses and other liabilities	$	441	$	1,053
Other long-term liabilities	2,059		2,652
Total finance lease liabilities	$	2,500	$	3,705


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2026		2025		2026
Cash payments for lease liabilities:
Operating cash flows used for operating leases	$	850	$	998	$	2,511	$	2,815
Operating cash flows used for finance leases	$	17	$	25	$	48	$	60
Financing cash flows used for finance leases(1)	$	92	$	1,110	$	394	$	1,950
Assets obtained in exchange for lease liabilities:
Operating leases	$	1,061	$	3,263	$	2,589	$	7,002
Finance leases	$	383	$	2,085	$	989	$	2,987

(1)Additionally, during the three and nine months ended September 30, 2026, we made $159 million and $994 million of lease prepayments for leases not yet commenced, respectively, which are expected to be accounted for as finance leases.

Future lease payments as of September 30, 2026 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2026	$	901	$	771
2027	3,947		499
2028	3,451		487
2029	3,082		466
2030	2,543		395
Thereafter	10,515		1,712
Total undiscounted lease payments	24,439		4,330
Less: imputed interest	(3,931)		(625)
Total lease liability balance	$	20,508	$	3,705

As of September 30, 2026, we have entered into leases, primarily related to data centers and energy infrastructure, that have not yet commenced with future lease payments of $130.5 billion that are not yet recorded. These leases will commence between 2026 and 2031 with non-cancelable lease terms between one and 26 years.

Leases

We have entered into operating and finance lease agreements primarily for data centers, land, and offices throughout the world with varying lease terms.

Components of lease costs were as follows (in millions):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2026		2025		2026
Operating lease cost	$	851	$	998	$	2,434	$	2,797
Finance lease cost:
Amortization of lease assets	152		422		360		907
Interest on lease liabilities	17		25		48		60
Finance lease cost	169		447		408		967
Short-term lease cost(1)	11		109		36		144
Variable lease cost	483		494		1,215		1,357
Total lease cost	$	1,514	$	2,048	$	4,093	$	5,265

Supplemental information related to leases was as follows (in millions):


	As of December 31, 2025		As of September 30, 2026
Weighted-average remaining lease term:
Operating leases	7.6 years		8.5 years
Finance leases	8.3 years		7.9 years
Weighted-average discount rate:
Operating leases	3.6	%	4.0	%
Finance leases	3.1	%	4.0	%


	As of December 31, 2025		As of September 30, 2026
Operating leases:
Operating lease assets	$	15,221	$	20,273

Accrued expenses and other liabilities	$	3,209	$	3,693
Operating lease liabilities	12,744		16,815
Total operating lease liabilities	$	15,954	$	20,508
Finance leases:
Property and equipment, at cost	$	6,822	$	10,619
Accumulated depreciation	(2,025)		(2,914)
Property and equipment, net	$	4,797	$	7,705

Accrued expenses and other liabilities	$	441	$	1,053
Other long-term liabilities	2,059		2,652
Total finance lease liabilities	$	2,500	$	3,705


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2026		2025		2026
Cash payments for lease liabilities:
Operating cash flows used for operating leases	$	850	$	998	$	2,511	$	2,815
Operating cash flows used for finance leases	$	17	$	25	$	48	$	60
Financing cash flows used for finance leases(1)	$	92	$	1,110	$	394	$	1,950
Assets obtained in exchange for lease liabilities:
Operating leases	$	1,061	$	3,263	$	2,589	$	7,002
Finance leases	$	383	$	2,085	$	989	$	2,987

Future lease payments as of September 30, 2026 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2026	$	901	$	771
2027	3,947		499
2028	3,451		487
2029	3,082		466
2030	2,543		395
Thereafter	10,515		1,712
Total undiscounted lease payments	24,439		4,330
Less: imputed interest	(3,931)		(625)
Total lease liability balance	$	20,508	$	3,705