v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Debt
We have a commercial paper program of up to $25.0 billion, which is used for general corporate purposes. We had no commercial paper outstanding as of December 31, 2025 and September 30, 2026.
Our short-term debt balance also includes the current portion of certain long-term debt.
Long-Term Debt
During 2026, we issued $45.0 billion of US dollar-denominated senior unsecured notes and $35.8 billion of foreign currency-denominated senior unsecured notes for general corporate purposes.
In the third quarter of 2026, we issued senior unsecured notes consisting of: $23.8 billion US dollar-denominated fixed-rate notes and $1.3 billion US dollar-denominated floating-rate notes with a weighted-average coupon rate of 5.55% and a weighted-average maturity of 15 years; and A$3.3 billion Australian dollar-denominated fixed-rate notes and A$2.3 billion Australian dollar-denominated floating-rate notes with a weighted-average coupon rate of 5.82% and a weighted-average maturity of eight years.
Total outstanding long-term debt is summarized below (in millions, except percentages):
MaturityCoupon RateEffective Interest RateAs of
December 31, 2025		As of
September 30, 2026
Debt
2016 US dollar notes20262.00%2.23%$2,000 $0 
2020 US dollar notes2027 - 2060
0.80% - 2.25%
0.93% - 2.33%
9,000 9,000 
2025 US dollar notes(1)
2028 - 2075
3.88% - 5.70%
4.00% - 5.79%
22,500 22,500 
2025 Euro notes(2)
2028 - 2064
2.38% - 4.38%
2.57% - 4.51%
15,585 15,057 
2026 US dollar notes(1)
2028 - 2066
3.70% - 6.50%
3.93% - 6.57%
0 45,000 
2026 Sterling notes(2)
2029 - 2126
4.13% - 6.13%
4.23% - 6.19%
0 7,287 
2026 Swiss franc notes(2)
2029 - 2051
0.43% - 1.87%
0.52% - 1.90%
0 3,671 
2026 Euro notes(2)
2030 - 2063
3.20% - 4.80%
3.29% - 4.88%
0 10,228 
2026 Canadian dollar notes(2)
2031 - 2056
3.65% - 5.00%
3.83% - 5.10%
0 6,001 
2026 Japanese yen notes(2)
2029 - 2066
1.97% - 4.60%
2.04% - 4.64%
0 3,659 
2026 Australian dollar notes(1)(2)
2029 - 2046
5.20% - 6.90%
5.32% - 7.03%
0 3,861 
Other long-term debt
0 1,221 
      Total face value of long-term debt49,085 127,485 
Unamortized discount and debt issuance costs(2)
(542)(1,110)
Hedge accounting fair value adjustments(3)
0 (257)
Less: current portion of long-term notes(4)
(1,996)(1,016)
       Total long-term debt$46,547 $125,102 
(1)Includes floating-rate notes consisting of $1.8 billion in US dollar notes with interest calculated using the compounded Secured Overnight Financing Rate (SOFR) plus 0.44% to 0.60%, and A$2.3 billion in Australian dollar notes calculated using the Bank Bill Swap Rate (BBSW) plus 0.65% to 0.90%. Interest on these notes is reset quarterly.
(2)Principal, unamortized discount, and debt issuance costs for the foreign currency-denominated notes include the effect of foreign exchange rates.
(3)Includes fair value adjustments for fixed-rate notes in fair value hedge relationships. See Note 3 for further details.
(4)Total current portion of long-term debt is included within accrued expenses and other current liabilities. See Note 7 for further details.
The notes in the table above are senior unsecured obligations and rank equally with each other. We may redeem the fixed-rate notes, other than the Japanese yen-denominated notes, at any time in whole or in part at specified redemption prices. The floating-rate notes are not redeemable prior to maturity. Interest is payable quarterly for the floating-rate notes, semi-annually for the US dollar, Canadian dollar, Japanese yen, and Australian dollar-denominated fixed-rate notes, and annually for the euro-, sterling-, and Swiss franc-denominated fixed-rate notes. The effective interest rates are based on proceeds received and contractual interest payments.
The total estimated fair value of the outstanding notes was approximately $45.6 billion and $114.9 billion as of December 31, 2025 and September 30, 2026, respectively. The fair value was determined based on observable market prices of identical instruments in less active markets and is categorized accordingly as Level 2 in the fair value hierarchy.
In October 2026, Waymo entered into a Credit Agreement for a $5.0 billion senior secured term loan that matures in October 2032. The term loan bears interest at a rate equal to Term SOFR plus 5.25% and is secured by certain assets and subsidiaries of Waymo, subject to specified carve-outs. The obligations under the term loan are not guaranteed by Alphabet or any of its other subsidiaries.
Credit Facility
As of September 30, 2026, we had $10.0 billion of revolving credit facilities, of which $4.0 billion expires in April 2027 and $6.0 billion expires in April 2030. No amounts were outstanding under the credit facilities as of December 31, 2025 and September 30, 2026.