v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
We have entered into various non-cancelable operating and finance lease agreements mostly for our data centers, offices, and certain network infrastructure. Our leases have original lease periods expiring between 2026 and 2093. Many leases include one or more options to renew.

The components of lease costs are as follows (in millions):
Year Ended December 31,
202520242023
Finance lease cost:
Amortization of right-of-use assets$549 $387 $349 
Interest31 23 20 
Operating lease cost2,798 2,359 2,091 
Variable lease cost and other1,147 844 580 
Total$4,525 $3,613 $3,040 

Impairment losses for operating lease right-of-use assets were not material for the year ended December 31, 2025. For the years ended December 31, 2024 and 2023, $385 million and $1.76 billion were recorded as impairment losses for operating lease right-of-use assets, respectively.
Supplemental balance sheet information related to lease liabilities is as follows:
December 31,
20252024
Weighted-average remaining lease term:
Finance leases15.1 years13.7 years
Operating leases 12.3 years11.5 years
Weighted-average discount rate:
Finance leases4.1 %3.6 %
Operating leases4.3 %3.9 %

The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2025 (in millions):
Operating LeasesFinance Leases
2026$3,211 $344 
20273,237 97 
20283,057 97 
20292,985 88 
20302,621 86 
Thereafter18,397 792 
Total undiscounted cash flows33,508 1,504 
Less: Imputed interest(8,355)(320)
Present value of lease liabilities$25,153 $1,184 
Lease liabilities, current$2,213 $308 
Lease liabilities, non-current22,940 876 
Present value of lease liabilities$25,153 $1,184 
The table above does not include lease payments that were not fixed at commencement or lease modification. As of December 31, 2025, we have additional operating and finance leases, that have not yet commenced, with total lease obligations of approximately $103.77 billion, mostly for data centers, colocations, and network infrastructure. These operating and finance leases will commence between 2026 and 2030 with lease terms of greater than one year to 30 years.

Supplemental cash flow information related to leases is as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$3,189 $2,830 $2,233 
Operating cash flows for finance leases$31 $23 $20 
Financing cash flows for finance leases$2,524 $1,969 $1,058 
Lease liabilities arising from obtaining right-of-use assets:
Operating leases$7,017 $3,784 $4,370 
Finance leases$613 $181 $588 
Leases Leases
We have entered into various non-cancelable operating and finance lease agreements mostly for our data centers, offices, and certain network infrastructure. Our leases have original lease periods expiring between 2026 and 2093. Many leases include one or more options to renew.

The components of lease costs are as follows (in millions):
Year Ended December 31,
202520242023
Finance lease cost:
Amortization of right-of-use assets$549 $387 $349 
Interest31 23 20 
Operating lease cost2,798 2,359 2,091 
Variable lease cost and other1,147 844 580 
Total$4,525 $3,613 $3,040 

Impairment losses for operating lease right-of-use assets were not material for the year ended December 31, 2025. For the years ended December 31, 2024 and 2023, $385 million and $1.76 billion were recorded as impairment losses for operating lease right-of-use assets, respectively.
Supplemental balance sheet information related to lease liabilities is as follows:
December 31,
20252024
Weighted-average remaining lease term:
Finance leases15.1 years13.7 years
Operating leases 12.3 years11.5 years
Weighted-average discount rate:
Finance leases4.1 %3.6 %
Operating leases4.3 %3.9 %

The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2025 (in millions):
Operating LeasesFinance Leases
2026$3,211 $344 
20273,237 97 
20283,057 97 
20292,985 88 
20302,621 86 
Thereafter18,397 792 
Total undiscounted cash flows33,508 1,504 
Less: Imputed interest(8,355)(320)
Present value of lease liabilities$25,153 $1,184 
Lease liabilities, current$2,213 $308 
Lease liabilities, non-current22,940 876 
Present value of lease liabilities$25,153 $1,184 
The table above does not include lease payments that were not fixed at commencement or lease modification. As of December 31, 2025, we have additional operating and finance leases, that have not yet commenced, with total lease obligations of approximately $103.77 billion, mostly for data centers, colocations, and network infrastructure. These operating and finance leases will commence between 2026 and 2030 with lease terms of greater than one year to 30 years.

Supplemental cash flow information related to leases is as follows (in millions):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$3,189 $2,830 $2,233 
Operating cash flows for finance leases$31 $23 $20 
Financing cash flows for finance leases$2,524 $1,969 $1,058 
Lease liabilities arising from obtaining right-of-use assets:
Operating leases$7,017 $3,784 $4,370 
Finance leases$613 $181 $588