Analysis of Debt
Total Debt (Carrying Amount)
Alphabet Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Commercial paper | —) |
| Outstanding notes, including current portion | 45,600) |
| Other debt | —) |
| Finance lease liabilities | 2,500) |
| Total debt and finance lease liabilities (fair value) | 48,100) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.94 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt and finance lease liabilities: 4.53%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 2.23% | 2,000) | 45) | |
| 2.33% | 9,000) | 210) | |
| 5.79% | 22,500) | 1,303) | |
| 4.51% | 15,585) | 703) | |
| 3.10% | 2,500) | 78) | |
| Total | 51,585) | 2,337) | |
| 4.53% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 2,337 ÷ 51,585 = 4.53%
Interest Costs Incurred
Alphabet Inc., interest costs incurred
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Adjusted Interest Coverage Ratio
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
2025 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 159,562 ÷ 736 = 216.80
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 159,562 ÷ 1,183 = 134.88