v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases 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
March 31,
20252026
Operating lease cost$790 $892 
Finance lease cost:
Amortization of lease assets96 226 
Interest on lease liabilities15 17 
Finance lease cost111 243 
Variable lease cost360 403 
Total lease cost$1,261 $1,538 
Supplemental information related to leases was as follows (in millions):
As of
December 31, 2025		As of
March 31, 2026
Weighted-average remaining lease term:
Operating leases7.6 years7.8 years
Finance leases8.3 years9.0 years
Weighted-average discount rate:
Operating leases3.6 %3.7 %
Finance leases3.1 %3.0 %
As of
December 31, 2025		As of
March 31, 2026
Operating leases:
Operating lease assets$15,221 $15,509 
Accrued expenses and other liabilities$3,209 $3,178 
Operating lease liabilities12,744 12,983 
Total operating lease liabilities$15,954 $16,161 
Finance leases:
Property and equipment, at cost$6,822 $7,036 
Accumulated depreciation(2,025)(2,203)
Property and equipment, net$4,797 $4,833 
Accrued expenses and other liabilities$441 $177 
Other long-term liabilities2,059 2,037 
Total finance lease liabilities$2,500 $2,214 
Three Months Ended
March 31,
20252026
Cash payments for lease liabilities:
Operating cash flows used for operating leases
$878 $918 
Operating cash flows used for finance leases
$15 $17 
Financing cash flows used for finance leases(1)
$192 $522 
Assets obtained in exchange for lease liabilities:
Operating leases$697 $1,075 
Finance leases$523 $211 
(1)Additionally, in the three month period ended March 31, 2026, we made $634 million of lease prepayments for leases not yet commenced, which are expected to be accounted for as finance leases.
Future lease payments as of March 31, 2026 were as follows (in millions):
Operating LeasesFinance
Leases
Remainder of 2026$2,485 $144 
20273,229 349 
20282,643 339 
20292,186 319 
20301,797 247 
Thereafter6,467 1,237 
Total undiscounted lease payments
18,807 2,635 
Less: imputed interest
(2,646)(421)
Total lease liability balance$16,161 $2,214 
As of March 31, 2026, we have entered into leases primarily related to data centers that have not yet commenced with future lease payments of $75.6 billion that are not yet recorded. These leases will commence between 2026 and 2031 with non-cancelable lease terms primarily between one and 25 years.
Leases 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
March 31,
20252026
Operating lease cost$790 $892 
Finance lease cost:
Amortization of lease assets96 226 
Interest on lease liabilities15 17 
Finance lease cost111 243 
Variable lease cost360 403 
Total lease cost$1,261 $1,538 
Supplemental information related to leases was as follows (in millions):
As of
December 31, 2025		As of
March 31, 2026
Weighted-average remaining lease term:
Operating leases7.6 years7.8 years
Finance leases8.3 years9.0 years
Weighted-average discount rate:
Operating leases3.6 %3.7 %
Finance leases3.1 %3.0 %
As of
December 31, 2025		As of
March 31, 2026
Operating leases:
Operating lease assets$15,221 $15,509 
Accrued expenses and other liabilities$3,209 $3,178 
Operating lease liabilities12,744 12,983 
Total operating lease liabilities$15,954 $16,161 
Finance leases:
Property and equipment, at cost$6,822 $7,036 
Accumulated depreciation(2,025)(2,203)
Property and equipment, net$4,797 $4,833 
Accrued expenses and other liabilities$441 $177 
Other long-term liabilities2,059 2,037 
Total finance lease liabilities$2,500 $2,214 
Three Months Ended
March 31,
20252026
Cash payments for lease liabilities:
Operating cash flows used for operating leases
$878 $918 
Operating cash flows used for finance leases
$15 $17 
Financing cash flows used for finance leases(1)
$192 $522 
Assets obtained in exchange for lease liabilities:
Operating leases$697 $1,075 
Finance leases$523 $211 
(1)Additionally, in the three month period ended March 31, 2026, we made $634 million of lease prepayments for leases not yet commenced, which are expected to be accounted for as finance leases.
Future lease payments as of March 31, 2026 were as follows (in millions):
Operating LeasesFinance
Leases
Remainder of 2026$2,485 $144 
20273,229 349 
20282,643 339 
20292,186 319 
20301,797 247 
Thereafter6,467 1,237 
Total undiscounted lease payments
18,807 2,635 
Less: imputed interest
(2,646)(421)
Total lease liability balance$16,161 $2,214 
As of March 31, 2026, we have entered into leases primarily related to data centers that have not yet commenced with future lease payments of $75.6 billion that are not yet recorded. These leases will commence between 2026 and 2031 with non-cancelable lease terms primarily between one and 25 years.