v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
Lease Expenses
The components of lease expenses were as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Finance lease cost
Amortization of right-of-use assets (1)
$56 $47 $107 $91 
Interest on lease liabilities29 31 58 61 
Total finance lease cost85 78 165 152 
Operating lease cost57 60 116 118 
Variable lease cost19 19 39 41 
Total lease cost$161 $157 $320 $311 
(1)Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in our condensed consolidated statements of operations.
Other Information
Other information related to leases is presented in the following tables (in millions):
Six Months Ended
June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$56 $59 
Operating cash flows from operating leases117 110 
Financing cash flows from finance leases89 72 
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases$40 $88 
Operating leases2 70 
June 30, 2026December 31, 2025
Weighted-average remaining lease term - finance leases (2)
13 years13 years
Weighted-average remaining lease term - operating leases (2)
12 years12 years
Weighted-average discount rate - finance leases6 %6 %
Weighted-average discount rate - operating leases5 %5 %
Finance lease right-of-use assets (3)
$2,209 $2,277 
(1)Represents all non-cash changes in right-of-use assets.
(2)Includes lease renewal options that are reasonably certain to be exercised.
(3)As of June 30, 2026 and December 31, 2025, we recorded accumulated amortization of finance lease right-of-use assets of $1.2 billion and $1.1 billion, respectively. Finance lease assets are recorded within property, plant and equipment, net in our condensed consolidated balance sheets.
Maturities of Lease Liabilities
The maturities of our lease liabilities as of June 30, 2026 are as follows (in millions):
Operating LeasesFinance LeasesTotal
2026 (6 months remaining)$105 $139 $244 
2027215 290 505 
2028187 310 497 
2029157 269 426 
2030147 254 401 
Thereafter1,017 1,948 2,965 
Total lease payments1,828 3,210 5,038 
Plus amount representing residual property value— — — 
Less imputed interest(461)(930)(1,391)
Total$1,367 $2,280 $3,647 
We entered into agreements with various landlords, primarily to lease data center spaces and ground leases, which have not yet commenced as of June 30, 2026. These leases are expected to commence between 2026 and 2029, with lease terms of 2 to 99 years and total lease commitments of approximately $708 million.
Leases Leases
Lease Expenses
The components of lease expenses were as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Finance lease cost
Amortization of right-of-use assets (1)
$56 $47 $107 $91 
Interest on lease liabilities29 31 58 61 
Total finance lease cost85 78 165 152 
Operating lease cost57 60 116 118 
Variable lease cost19 19 39 41 
Total lease cost$161 $157 $320 $311 
(1)Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in our condensed consolidated statements of operations.
Other Information
Other information related to leases is presented in the following tables (in millions):
Six Months Ended
June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$56 $59 
Operating cash flows from operating leases117 110 
Financing cash flows from finance leases89 72 
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases$40 $88 
Operating leases2 70 
June 30, 2026December 31, 2025
Weighted-average remaining lease term - finance leases (2)
13 years13 years
Weighted-average remaining lease term - operating leases (2)
12 years12 years
Weighted-average discount rate - finance leases6 %6 %
Weighted-average discount rate - operating leases5 %5 %
Finance lease right-of-use assets (3)
$2,209 $2,277 
(1)Represents all non-cash changes in right-of-use assets.
(2)Includes lease renewal options that are reasonably certain to be exercised.
(3)As of June 30, 2026 and December 31, 2025, we recorded accumulated amortization of finance lease right-of-use assets of $1.2 billion and $1.1 billion, respectively. Finance lease assets are recorded within property, plant and equipment, net in our condensed consolidated balance sheets.
Maturities of Lease Liabilities
The maturities of our lease liabilities as of June 30, 2026 are as follows (in millions):
Operating LeasesFinance LeasesTotal
2026 (6 months remaining)$105 $139 $244 
2027215 290 505 
2028187 310 497 
2029157 269 426 
2030147 254 401 
Thereafter1,017 1,948 2,965 
Total lease payments1,828 3,210 5,038 
Plus amount representing residual property value— — — 
Less imputed interest(461)(930)(1,391)
Total$1,367 $2,280 $3,647 
We entered into agreements with various landlords, primarily to lease data center spaces and ground leases, which have not yet commenced as of June 30, 2026. These leases are expected to commence between 2026 and 2029, with lease terms of 2 to 99 years and total lease commitments of approximately $708 million.