Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Alphabet Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The solvency profile exhibits a two-phase trajectory characterized by an initial period of deleveraging followed by a notable increase in debt-related ratios starting in mid-2025.
- Debt to Equity and Capital Ratios
- Between March 2022 and December 2024, a consistent downward trend is observed. The Debt to Equity ratio decreased from 0.06 to a low of 0.03, while the Debt to Capital ratio followed a similar path, declining from 0.06 to 0.03. A reversal occurred in June 2025, where these metrics began to rise sharply. The Debt to Equity ratio reached 0.16 by March 2026, and the Debt to Capital ratio peaked at 0.14 in the same quarter.
- Debt to Assets Ratios
- A pattern of stability and gradual decline was evident from March 2022 through December 2024, with the Debt to Assets ratio moving from 0.04 to 0.02. Starting in June 2025, the ratio increased steadily, peaking at 0.11 by March 2026. The inclusion of operating lease liabilities mirrors these movements, maintaining a consistent premium over base debt ratios and reaching a peak of 0.13 in March 2026.
- Financial Leverage
- Financial leverage remained the most stable metric throughout the analyzed period, fluctuating within a narrow range between 1.37 and 1.47. A slight contraction was noted between March 2023 and September 2024, followed by an uptick that coincided with the increase in other solvency ratios, reaching its highest point of 1.47 in March 2026.
The overall trend indicates a highly conservative capital structure through 2024, followed by a strategic shift toward increased leverage beginning in 2025. Despite the upward movement in the final quarters, the absolute values of the debt ratios remain low, suggesting a continued strong solvency position.
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Debt Ratios
Debt to Equity
Alphabet Inc., debt to equity calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Long-term debt, excluding current portion | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Total debt | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Stockholders’ equity | 640,480) | 478,746) | 415,265) | 386,867) | 362,916) | 345,267) | 325,084) | 314,119) | 300,753) | 292,844) | 283,379) | 273,202) | 267,141) | 260,894) | 256,144) | 253,626) | 255,419) | 254,004) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity1 | 0.15 | 0.16 | 0.11 | 0.06 | 0.07 | 0.03 | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||
| Comcast Corp. | 1.01 | 1.07 | 1.02 | 1.02 | 1.05 | 1.14 | 1.16 | 1.18 | 1.18 | 1.17 | 1.17 | 1.18 | 1.16 | 1.16 | 1.17 | 1.15 | 1.02 | 1.00 | ||||||
| Meta Platforms Inc. | 0.32 | 0.24 | 0.27 | 0.15 | 0.15 | 0.16 | 0.16 | 0.18 | 0.12 | 0.12 | 0.12 | 0.13 | 0.14 | 0.08 | 0.08 | 0.08 | 0.00 | 0.00 | ||||||
| Netflix Inc. | 0.47 | 0.46 | 0.54 | 0.56 | 0.58 | 0.62 | 0.63 | 0.70 | 0.63 | 0.66 | 0.71 | 0.65 | 0.63 | 0.66 | 0.69 | 0.68 | 0.75 | 0.83 | ||||||
| Walt Disney Co. | 0.44 | 0.43 | 0.38 | 0.39 | 0.41 | 0.44 | 0.45 | 0.47 | 0.47 | 0.47 | 0.47 | 0.48 | 0.50 | 0.50 | 0.51 | 0.56 | 0.57 | 0.60 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 98,165 ÷ 640,480 = 0.15
2 Click competitor name to see calculations.
The solvency profile exhibits a distinct transition from a period of debt reduction and extreme conservatism to a phase of significant capital expansion starting in early 2025.
- Total Debt Trajectory
- From March 2022 through December 2024, total debt followed a gradual downward trend, decreasing from 14,791 million US$ to 10,883 million US$. This period of deleveraging was followed by a sharp increase beginning in March 2025, where debt levels rose precipitously to 98,165 million US$ by June 2026. This represents a substantial shift in the financing strategy, characterized by a rapid acceleration of borrowing in the latter part of the analyzed period.
- Stockholders' Equity Growth
- Stockholders' equity demonstrated consistent and monotonic growth throughout the entire timeframe. Starting at 254,004 million US$ in March 2022, equity expanded steadily to 640,480 million US$ by June 2026. The sustained increase in equity suggests strong internal capital generation and a robust financial cushion that grew even as debt levels increased.
- Debt to Equity Ratio Interpretation
- The debt to equity ratio remained exceptionally low between March 2022 and December 2024, reaching a minimum of 0.03. This indicates a period of minimal reliance on external leverage. Starting in March 2025, the ratio began to climb in tandem with the increase in total debt, peaking at 0.16 in March 2026 before moderating slightly to 0.15 by June 2026. Despite the upward trend in the final quarters, the ratio remains low, confirming that the organization maintains a very strong solvency position where equity continues to heavily outweigh total liabilities.
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Debt to Equity (including Operating Lease Liability)
Alphabet Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Long-term debt, excluding current portion | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Total debt | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Long-term operating lease liabilities | 14,591) | 12,983) | 12,744) | 12,106) | 11,952) | 11,678) | 11,691) | 11,654) | 11,708) | 11,957) | 12,460) | 12,550) | 12,746) | 12,799) | 12,501) | 11,984) | 11,697) | 11,363) | ||||||
| Total debt (including operating lease liability) | 112,756) | 90,484) | 59,291) | 33,713) | 35,559) | 22,564) | 22,574) | 23,951) | 24,946) | 25,185) | 25,713) | 26,331) | 26,451) | 26,496) | 27,202) | 26,637) | 26,431) | 26,154) | ||||||
| Stockholders’ equity | 640,480) | 478,746) | 415,265) | 386,867) | 362,916) | 345,267) | 325,084) | 314,119) | 300,753) | 292,844) | 283,379) | 273,202) | 267,141) | 260,894) | 256,144) | 253,626) | 255,419) | 254,004) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.18 | 0.19 | 0.14 | 0.09 | 0.10 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.10 | 0.10 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||
| Meta Platforms Inc. | 0.43 | 0.36 | 0.39 | 0.26 | 0.25 | 0.27 | 0.27 | 0.30 | 0.24 | 0.25 | 0.24 | 0.25 | 0.27 | 0.22 | 0.21 | 0.21 | 0.13 | 0.11 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 112,756 ÷ 640,480 = 0.18
2 Click competitor name to see calculations.
The solvency profile exhibits two distinct phases characterized by an initial period of stability and deleveraging followed by a period of aggressive debt accumulation and rapid equity growth.
- Total Debt Trends
- From March 2022 through March 2025, total debt, including operating lease liabilities, remained relatively stable, peaking at 27.2 billion in December 2022 before trending downward to 22.5 billion. A significant shift occurred in June 2025, marking the start of a sharp upward trajectory. Debt levels increased substantially over the subsequent quarters, reaching 112.7 billion by June 2026, indicating a marked increase in the company's financial leverage.
- Stockholders' Equity Growth
- Equity demonstrated a consistent and uninterrupted upward trend throughout the entire analyzed period. Starting at 254 billion in March 2022, equity grew steadily to 345 billion by March 2025. This growth accelerated significantly in the final year, climbing to 640.4 billion by June 2026, suggesting strong internal capital generation or asset appreciation.
- Debt to Equity Ratio Analysis
- The debt to equity ratio remained exceptionally low and stable between March 2022 and March 2025, declining from 0.10 to a low of 0.07, reflecting a highly conservative approach to solvency. Corresponding with the surge in total debt starting in mid-2025, the ratio increased to 0.19 by March 2026, before settling at 0.18 in June 2026. Although the ratio more than doubled from its lowest point, the concurrent growth in equity has maintained the company's overall solvency at a sustainable level.
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Debt to Capital
Alphabet Inc., debt to capital calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Long-term debt, excluding current portion | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Total debt | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Stockholders’ equity | 640,480) | 478,746) | 415,265) | 386,867) | 362,916) | 345,267) | 325,084) | 314,119) | 300,753) | 292,844) | 283,379) | 273,202) | 267,141) | 260,894) | 256,144) | 253,626) | 255,419) | 254,004) | ||||||
| Total capital | 738,645) | 556,247) | 461,812) | 408,474) | 386,523) | 356,153) | 335,967) | 326,416) | 313,991) | 306,072) | 296,632) | 286,983) | 280,846) | 274,591) | 270,845) | 268,279) | 270,153) | 268,795) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital1 | 0.13 | 0.14 | 0.10 | 0.05 | 0.06 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||
| Comcast Corp. | 0.50 | 0.52 | 0.51 | 0.51 | 0.51 | 0.53 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.51 | 0.50 | ||||||
| Meta Platforms Inc. | 0.24 | 0.19 | 0.21 | 0.13 | 0.13 | 0.13 | 0.14 | 0.15 | 0.10 | 0.11 | 0.11 | 0.11 | 0.12 | 0.07 | 0.07 | 0.07 | 0.00 | 0.00 | ||||||
| Netflix Inc. | 0.32 | 0.32 | 0.35 | 0.36 | 0.37 | 0.38 | 0.39 | 0.41 | 0.39 | 0.40 | 0.41 | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 | 0.43 | 0.45 | ||||||
| Walt Disney Co. | 0.30 | 0.30 | 0.28 | 0.28 | 0.29 | 0.31 | 0.31 | 0.32 | 0.32 | 0.32 | 0.32 | 0.33 | 0.33 | 0.33 | 0.34 | 0.36 | 0.36 | 0.38 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 98,165 ÷ 738,645 = 0.13
2 Click competitor name to see calculations.
The solvency profile exhibits two distinct phases between March 2022 and June 2026: an initial period of sustained deleveraging followed by a phase of aggressive debt accumulation.
- Debt to Capital Ratio Trends
- From March 2022 through December 2024, the debt to capital ratio demonstrated a gradual downward trajectory, declining from 0.06 to a low of 0.03. This period was characterized by a consistent reduction in total debt, which fell from $14.79 billion to $10.88 billion, while total capital grew steadily from $268.8 billion to $336.0 billion. This indicates a strengthening of the balance sheet and a reduced reliance on external borrowing relative to the total capital base.
- Debt Expansion and Solvency Shift
- A significant shift in capital structure occurred starting in June 2025, marked by a sharp increase in total debt to $23.6 billion. This upward trend accelerated rapidly through 2025 and 2026, with total debt reaching $98.2 billion by June 2026. While total capital also expanded significantly during this timeframe—increasing to $738.6 billion—the growth in debt outpaced the growth in capital. As a result, the debt to capital ratio rose from 0.03 in December 2024 to a peak of 0.14 in March 2026, before stabilizing at 0.13 in June 2026.
- Comparative Solvency Analysis
- The data reveals a transition from a highly conservative solvency position to a more leveraged financial structure. Although the debt to capital ratio increased more than fourfold from its lowest point, the absolute value remains relatively low. The substantial increase in total capital suggests that the organization expanded its overall financial capacity to accommodate the surge in debt obligations.
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Debt to Capital (including Operating Lease Liability)
Alphabet Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Long-term debt, excluding current portion | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Total debt | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Long-term operating lease liabilities | 14,591) | 12,983) | 12,744) | 12,106) | 11,952) | 11,678) | 11,691) | 11,654) | 11,708) | 11,957) | 12,460) | 12,550) | 12,746) | 12,799) | 12,501) | 11,984) | 11,697) | 11,363) | ||||||
| Total debt (including operating lease liability) | 112,756) | 90,484) | 59,291) | 33,713) | 35,559) | 22,564) | 22,574) | 23,951) | 24,946) | 25,185) | 25,713) | 26,331) | 26,451) | 26,496) | 27,202) | 26,637) | 26,431) | 26,154) | ||||||
| Stockholders’ equity | 640,480) | 478,746) | 415,265) | 386,867) | 362,916) | 345,267) | 325,084) | 314,119) | 300,753) | 292,844) | 283,379) | 273,202) | 267,141) | 260,894) | 256,144) | 253,626) | 255,419) | 254,004) | ||||||
| Total capital (including operating lease liability) | 753,236) | 569,230) | 474,556) | 420,580) | 398,475) | 367,831) | 347,658) | 338,070) | 325,699) | 318,029) | 309,092) | 299,533) | 293,592) | 287,390) | 283,346) | 280,263) | 281,850) | 280,158) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.15 | 0.16 | 0.12 | 0.08 | 0.09 | 0.06 | 0.06 | 0.07 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.09 | 0.09 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||
| Meta Platforms Inc. | 0.30 | 0.26 | 0.28 | 0.21 | 0.20 | 0.21 | 0.21 | 0.23 | 0.20 | 0.20 | 0.20 | 0.20 | 0.21 | 0.18 | 0.17 | 0.17 | 0.11 | 0.10 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 112,756 ÷ 753,236 = 0.15
2 Click competitor name to see calculations.
The solvency profile exhibits a transition from a period of conservative leverage and steady capital accumulation to a phase of aggressive debt expansion. For the initial three years of the observed period, the debt-to-capital ratio remained consistently low, reflecting a capital structure heavily weighted toward equity. However, a sharp inflection point occurs in mid-2025, characterized by a rapid escalation in total debt obligations.
- Debt Obligations and Trends
- Between March 2022 and March 2025, total debt, including operating lease liabilities, remained relatively stable or trended slightly downward, decreasing from 26,154 million US$ to 22,564 million US$. Beginning in June 2025, a substantial increase in liabilities is observed, with total debt escalating to 112,756 million US$ by June 2026. This represents a significant increase in total leverage over a 15-month period.
- Capitalization Growth
- Total capital demonstrates a consistent upward trajectory throughout the entire period, growing from 280,158 million US$ in March 2022 to 753,236 million US$ by June 2026. While capital expanded steadily in the early years, the rate of increase accelerated sharply during 2026, paralleling the rise in debt.
- Debt-to-Capital Ratio Analysis
- The debt-to-capital ratio initially fluctuated within a narrow band between 0.06 and 0.10, reaching its lowest point of 0.06 in December 2024 and March 2025. Following this period of deleveraging, the ratio climbed to 0.16 by March 2026 before settling at 0.15 in June 2026. This shift indicates a fundamental change in the capital structure, moving toward a higher proportion of debt relative to total capital.
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Debt to Assets
Alphabet Inc., debt to assets calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Long-term debt, excluding current portion | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Total debt | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Total assets | 921,983) | 703,919) | 595,281) | 536,469) | 502,053) | 475,374) | 450,256) | 430,266) | 414,770) | 407,350) | 402,392) | 396,711) | 383,044) | 369,491) | 365,264) | 358,255) | 355,185) | 357,096) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets1 | 0.11 | 0.11 | 0.08 | 0.04 | 0.05 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||
| Comcast Corp. | 0.35 | 0.36 | 0.36 | 0.36 | 0.37 | 0.37 | 0.37 | 0.38 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.37 | 0.36 | 0.35 | 0.35 | ||||||
| Meta Platforms Inc. | 0.19 | 0.15 | 0.16 | 0.09 | 0.10 | 0.10 | 0.10 | 0.11 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.05 | 0.05 | 0.06 | 0.00 | 0.00 | ||||||
| Netflix Inc. | 0.24 | 0.24 | 0.26 | 0.26 | 0.27 | 0.29 | 0.29 | 0.31 | 0.28 | 0.29 | 0.30 | 0.29 | 0.28 | 0.29 | 0.30 | 0.29 | 0.31 | 0.32 | ||||||
| Walt Disney Co. | 0.23 | 0.23 | 0.21 | 0.21 | 0.22 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | 0.26 | 0.27 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 98,165 ÷ 921,983 = 0.11
2 Click competitor name to see calculations.
The solvency profile exhibits a transition from a period of extreme conservatism to a phase of aggressive debt expansion. Between March 2022 and December 2024, the financial structure was characterized by stagnant or declining debt levels paired with consistent asset growth. This trajectory shifted abruptly in early 2025, coinciding with a substantial increase in total liabilities and an accelerated expansion of the asset base.
- Total Debt Trajectory
- From March 2022 to December 2024, total debt remained relatively stable, fluctuating within a narrow range between 14.7 billion and 10.8 billion US dollars. A notable decline is observed during the 2024 calendar year, reaching a minimum of 10.8 billion US dollars by December 31, 2024. However, beginning in March 2025, debt levels experienced an exponential increase, rising to 23.6 billion US dollars and continuing a steep climb to reach 98.1 billion US dollars by June 30, 2026.
- Total Asset Growth
- Total assets demonstrated an uninterrupted upward trend throughout the entire period. Assets grew from 357.1 billion US dollars in March 2022 to 450.2 billion US dollars by September 2024. The pace of accumulation accelerated significantly in 2025 and 2026, with the total asset value more than doubling from the 2022 baseline to reach 921.9 billion US dollars by June 30, 2026.
- Debt to Assets Ratio Analysis
- The debt to assets ratio remained negligible for the first three years of the period, oscillating between 0.04 and a low of 0.02 in late 2024, indicating a very low reliance on borrowed capital. Starting in March 2025, the ratio began to climb as debt growth outpaced asset growth. By June 30, 2026, the ratio reached 0.11, representing a significant increase in leverage compared to the preceding years, although the overall solvency position remains robust given that assets continue to far exceed total debt.
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Debt to Assets (including Operating Lease Liability)
Alphabet Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Long-term debt, excluding current portion | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Total debt | 98,165) | 77,501) | 46,547) | 21,607) | 23,607) | 10,886) | 10,883) | 12,297) | 13,238) | 13,228) | 13,253) | 13,781) | 13,705) | 13,697) | 14,701) | 14,653) | 14,734) | 14,791) | ||||||
| Long-term operating lease liabilities | 14,591) | 12,983) | 12,744) | 12,106) | 11,952) | 11,678) | 11,691) | 11,654) | 11,708) | 11,957) | 12,460) | 12,550) | 12,746) | 12,799) | 12,501) | 11,984) | 11,697) | 11,363) | ||||||
| Total debt (including operating lease liability) | 112,756) | 90,484) | 59,291) | 33,713) | 35,559) | 22,564) | 22,574) | 23,951) | 24,946) | 25,185) | 25,713) | 26,331) | 26,451) | 26,496) | 27,202) | 26,637) | 26,431) | 26,154) | ||||||
| Total assets | 921,983) | 703,919) | 595,281) | 536,469) | 502,053) | 475,374) | 450,256) | 430,266) | 414,770) | 407,350) | 402,392) | 396,711) | 383,044) | 369,491) | 365,264) | 358,255) | 355,185) | 357,096) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.12 | 0.13 | 0.10 | 0.06 | 0.07 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||
| Meta Platforms Inc. | 0.25 | 0.22 | 0.23 | 0.17 | 0.17 | 0.18 | 0.18 | 0.19 | 0.17 | 0.17 | 0.16 | 0.17 | 0.18 | 0.15 | 0.14 | 0.14 | 0.09 | 0.09 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 112,756 ÷ 921,983 = 0.12
2 Click competitor name to see calculations.
The financial trajectory reveals a transition from a period of conservative leverage and stability to a phase of aggressive expansion in both assets and liabilities. While the company maintained a highly stable solvency profile for the first several years of the observed period, a significant shift in capital structure occurred starting in 2025.
- Debt Accumulation Trends
- From March 2022 through December 2024, total debt, including operating lease liabilities, remained relatively stable, fluctuating between 22.57 billion USD and 27.20 billion USD. A gradual decline was observed throughout 2024, reaching a period low of 22.56 billion USD by the end of that year. However, a sharp inflection point occurred in March 2025, where debt rose to 35.56 billion USD, followed by an exponential increase. By June 30, 2026, total debt reached 112.76 billion USD, representing a substantial increase in total obligations compared to the baseline levels of 2022-2024.
- Asset Expansion
- Total assets exhibited consistent and accelerating growth across the entire timeframe. Assets grew steadily from 357.10 billion USD in March 2022 to 450.26 billion USD by December 2024. This growth trend accelerated significantly in 2025 and 2026, with assets more than doubling from the start of the period to reach 921.98 billion USD by June 30, 2026. The pace of asset acquisition suggests a period of intense investment or expansion during the final six quarters of the analysis.
- Debt to Assets Ratio Dynamics
- The debt-to-assets ratio remained stagnant at 0.07 for most of 2022 and 2023, before declining to a low of 0.05 by December 2024, indicating a strengthening solvency position. This trend reversed sharply in 2025 as the growth in debt began to outpace the growth in assets. The ratio climbed to 0.10 in September 2025 and peaked at 0.13 in December 2025. Although it slightly moderated to 0.12 by June 30, 2026, the overall solvency profile shifted from a low-leverage state to a higher-leverage state, reflecting a change in the company's financing strategy to support its expanding asset base.
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Financial Leverage
Alphabet Inc., financial leverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Total assets | 921,983) | 703,919) | 595,281) | 536,469) | 502,053) | 475,374) | 450,256) | 430,266) | 414,770) | 407,350) | 402,392) | 396,711) | 383,044) | 369,491) | 365,264) | 358,255) | 355,185) | 357,096) | ||||||
| Stockholders’ equity | 640,480) | 478,746) | 415,265) | 386,867) | 362,916) | 345,267) | 325,084) | 314,119) | 300,753) | 292,844) | 283,379) | 273,202) | 267,141) | 260,894) | 256,144) | 253,626) | 255,419) | 254,004) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Financial leverage1 | 1.44 | 1.47 | 1.43 | 1.39 | 1.38 | 1.38 | 1.39 | 1.37 | 1.38 | 1.39 | 1.42 | 1.45 | 1.43 | 1.42 | 1.43 | 1.41 | 1.39 | 1.41 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||
| Comcast Corp. | 2.87 | 2.95 | 2.81 | 2.81 | 2.83 | 3.09 | 3.11 | 3.15 | 3.15 | 3.19 | 3.20 | 3.16 | 3.12 | 3.15 | 3.18 | 3.17 | 2.92 | 2.89 | ||||||
| Meta Platforms Inc. | 1.72 | 1.62 | 1.68 | 1.57 | 1.51 | 1.51 | 1.51 | 1.56 | 1.47 | 1.49 | 1.50 | 1.51 | 1.54 | 1.48 | 1.48 | 1.44 | 1.35 | 1.33 | ||||||
| Netflix Inc. | 1.94 | 1.96 | 2.09 | 2.12 | 2.13 | 2.17 | 2.17 | 2.30 | 2.22 | 2.29 | 2.37 | 2.24 | 2.23 | 2.27 | 2.34 | 2.32 | 2.43 | 2.58 | ||||||
| Walt Disney Co. | 1.89 | 1.86 | 1.80 | 1.80 | 1.88 | 1.93 | 1.95 | 1.97 | 1.97 | 1.96 | 2.07 | 2.09 | 2.09 | 2.10 | 2.14 | 2.21 | 2.23 | 2.26 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 921,983 ÷ 640,480 = 1.44
2 Click competitor name to see calculations.
Analysis of the financial leverage and solvency metrics indicates a period of substantial asset expansion maintained alongside a highly stable capital structure. The balance sheet exhibits a consistent growth trajectory in both total assets and equity, suggesting a sustainable scaling of operations without a corresponding increase in financial risk.
- Total Asset Growth
- Total assets demonstrated a steady upward trend, increasing from US$ 357,096 million in March 2022 to US$ 921,983 million by June 2026. A significant acceleration in asset accumulation is observed in the final quarters of the period, particularly between December 2025 and June 2026, where assets grew by approximately US$ 326 billion.
- Stockholders' Equity Expansion
- Equity grew proportionally with assets, rising from US$ 254,004 million in March 2022 to US$ 640,480 million by June 2026. This indicates that the expansion of the balance sheet was primarily funded through internal accruals or equity increases rather than an accumulation of debt.
- Financial Leverage Ratio Trends
- The financial leverage ratio remained remarkably stable, fluctuating within a narrow corridor between 1.37 and 1.47. A period of slight deleveraging occurred throughout 2024, reaching a minimum of 1.37 in September 2024. This was followed by a moderate increase in leverage during 2025 and early 2026, peaking at 1.47 in March 2026 before settling at 1.44 in June 2026.
The correlation between the aggressive growth in total assets and the stability of the financial leverage ratio reflects a conservative approach to solvency. The ability to expand the asset base significantly while keeping the leverage ratio near 1.40 suggests a strong capacity to absorb financial shocks and a low reliance on external borrowing to fuel growth.
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