v3.26.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Schedule of Components of Lease Costs
Components of lease costs were as follows (in millions):
Three Months EndedNine Months Ended
September 30,September 30,
2025202620252026
Operating lease cost$851 $998 $2,434 $2,797 
Finance lease cost:
Amortization of lease assets152 422 360 907 
Interest on lease liabilities17 25 48 60 
Finance lease cost169 447 408 967 
Short-term lease cost(1)
11 109 36 144 
Variable lease cost483 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.
Schedule of Supplemental Balance Sheet Information
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 leases7.6 years8.5 years
Finance leases8.3 years7.9 years
Weighted-average discount rate:
Operating leases3.6 %4.0 %
Finance leases3.1 %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 liabilities12,744 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 liabilities2,059 2,652 
Total finance lease liabilities$2,500 $3,705 
Schedule of Supplemental Cash Flow Information
Three Months EndedNine Months Ended
September 30,September 30,
2025202620252026
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.
Schedule of Future Minimum Operating Lease Payments
Future lease payments as of September 30, 2026 were as follows (in millions):
Operating LeasesFinance
Leases
Remainder of 2026$901 $771 
20273,947 499 
20283,451 487 
20293,082 466 
20302,543 395 
Thereafter10,515 1,712 
Total undiscounted lease payments
24,439 4,330 
Less: imputed interest
(3,931)(625)
Total lease liability balance$20,508 $3,705 
Schedule of Future Minimum Finance Lease Payments
Future lease payments as of September 30, 2026 were as follows (in millions):
Operating LeasesFinance
Leases
Remainder of 2026$901 $771 
20273,947 499 
20283,451 487 
20293,082 466 
20302,543 395 
Thereafter10,515 1,712 
Total undiscounted lease payments
24,439 4,330 
Less: imputed interest
(3,931)(625)
Total lease liability balance$20,508 $3,705