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)
Debt Ratios
Alphabet Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 two distinct phases: a period of stability and gradual deleveraging followed by a marked increase in debt utilization starting in mid-2025.
- Debt to Equity and Capital Ratios
- Between March 2022 and March 2025, debt to equity and debt to capital ratios trended downward, reaching minimums of 0.03. However, beginning in June 2025, a sharp upward trajectory is observed. The debt to equity ratio rose from 0.07 in June 2025 to 0.18 by September 2026, while the debt to capital ratio increased from 0.06 to 0.16 over the same period, indicating a strategic shift in the capital structure toward increased leverage.
- Asset-Based Solvency
- Debt to assets remained consistently low, fluctuating between 0.02 and 0.04 through the first quarter of 2025. A subsequent increase is evident, with the ratio climbing to 0.12 by September 2026. When operating lease liabilities are integrated, these ratios are consistently higher—peaking at 0.14 in September 2026—which highlights the material impact of lease obligations on the total solvency position.
- Financial Leverage
- The financial leverage ratio demonstrated relative stability compared to the more volatile debt ratios, fluctuating within a narrow band between 1.37 and 1.48. Although a slight upward trend is noted toward the end of the analyzed period, the overall consistency suggests that total asset growth has remained largely proportional to the changes in equity and debt.
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Debt to Equity
Alphabet Inc., debt to equity calculation (quarterly data)
| Sep 30, 2026 | 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 | 125,102) | 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 | 125,102) | 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 | 677,549) | 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 | 0.18 | 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. | 0.94 | 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. | 0.30 | 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. | 0.52 | 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. | 0.42 | 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: 2026-09-30), 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 Q3 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 125,102 ÷ 677,549 = 0.18
2 Click competitor name to see calculations.
The solvency profile exhibits two distinct phases: a period of sustained deleveraging followed by a rapid escalation in borrowed capital. Between March 2022 and December 2024, the financial structure was characterized by a steady increase in equity and a gradual reduction in total debt, resulting in a highly conservative leverage position.
- Total Debt Trends
- Debt levels remained stable or declined slightly from March 2022 ($14,791 million) through December 2024 ($10,883 million). However, a sharp upward trend emerged beginning in June 2025, with total debt accelerating to $125,102 million by September 2026, marking a significant increase in the company's total liabilities.
- Stockholders' Equity Growth
- Equity demonstrated consistent quarterly growth throughout the analyzed timeframe. Starting at $254,004 million in March 2022, it increased steadily to $325,084 million by December 2024, followed by an accelerated expansion that peaked at $677,549 million by September 2026.
- Debt to Equity Ratio Evolution
- The ratio initially trended downward, decreasing from 0.06 in early 2022 to a minimum of 0.03 by December 2024. Following this period of minimal leverage, the ratio pivoted upward, reaching 0.07 in June 2025 and climbing to 0.18 by September 2026. This trajectory indicates a strategic shift toward higher financial leverage, although the final ratio remains relatively low in absolute terms.
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Debt to Equity (including Operating Lease Liability)
Alphabet Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Long-term debt, excluding current portion | 125,102) | 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 | 125,102) | 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 | 16,815) | 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) | 141,917) | 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 | 677,549) | 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 | 0.21 | 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. | 0.41 | 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: 2026-09-30), 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 Q3 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 141,917 ÷ 677,549 = 0.21
2 Click competitor name to see calculations.
The solvency profile exhibits two distinct phases between March 2022 and September 2026. The initial period is characterized by a stable, low-leverage position and steady equity growth, followed by a secondary period marked by a significant expansion of debt obligations and a corresponding increase in the debt-to-equity ratio.
- Debt to Equity Ratio Trend
- Between March 2022 and December 2024, the debt-to-equity ratio remained consistently low, fluctuating within a narrow range of 0.11 to 0.07. A gradual downward trend was observed during this timeframe, reaching a minimum of 0.07 by the end of 2024, which indicates a period of deleveraging and strengthened solvency.
- Debt Accumulation Patterns
- Total debt, including operating lease liabilities, remained relatively stable at approximately 22 to 27 billion USD from March 2022 through December 2024. However, a sharp inflection point occurred in March 2025, where debt rose to 35.5 billion USD. This growth accelerated aggressively throughout 2026, culminating in a peak of 141.9 billion USD by September 2026.
- Equity Expansion
- Stockholders' equity demonstrated uninterrupted growth over the entire period. Starting at 254 billion USD in March 2022, equity increased to 345.2 billion USD by December 2024 and further accelerated to 677.5 billion USD by September 2026. Despite this substantial increase in the equity base, the magnitude of debt acquisition in the final quarters outpaced equity growth.
- Solvency Correlation
- The interplay between rising debt and growing equity resulted in a revised solvency trajectory starting in 2025. The debt-to-equity ratio climbed from 0.10 in March 2025 to 0.21 by September 2026. While the ratio remains relatively low in absolute terms, the trend indicates a strategic shift toward higher leverage in the latter half of the observed period.
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Debt to Capital
Alphabet Inc., debt to capital calculation (quarterly data)
| Sep 30, 2026 | 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 | 125,102) | 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 | 125,102) | 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 | 677,549) | 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 | 802,651) | 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 | 0.16 | 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. | 0.49 | 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. | 0.23 | 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. | 0.34 | 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. | 0.29 | 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: 2026-09-30), 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 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 125,102 ÷ 802,651 = 0.16
2 Click competitor name to see calculations.
The analysis of the solvency profile reveals two distinct phases in the capital structure: a period of stability and deleveraging followed by a phase of aggressive debt accumulation and increased leverage.
- Debt Trends
- From March 31, 2022, through December 31, 2024, total debt remained relatively stable with a slight downward trajectory, decreasing from 14,791 million US$ to 10,883 million US$. However, a significant inflection point occurs in March 2025, where debt begins a rapid ascent. This upward trend accelerates through September 30, 2026, with total debt reaching 125,102 million US$, representing a substantial increase in total liabilities compared to the prior years.
- Total Capital Expansion
- Total capital exhibits consistent growth throughout the entire reporting period. Starting at 268,795 million US$ in March 2022, the capital base expands steadily to 335,967 million US$ by the end of 2024. This growth trajectory persists and intensifies from 2025 onward, ultimately reaching 802,651 million US$ by September 30, 2026. This suggests a massive expansion of the overall financial base, driven by both equity growth and the aforementioned increase in debt.
- Debt to Capital Ratio Analysis
- The debt to capital ratio remained minimal and stable between 0.03 and 0.06 from March 2022 to December 2024, indicating a highly conservative capital structure and minimal reliance on borrowed funds. Beginning in early 2025, the ratio begins to climb, moving from 0.06 in March 2025 to 0.16 by September 30, 2026. While the ratio remains relatively low in absolute terms, the trend indicates a strategic shift toward higher leverage, as debt growth began to outpace the growth of total capital during the final six quarters of the period.
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Debt to Capital (including Operating Lease Liability)
Alphabet Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | 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 | 125,102) | 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 | 125,102) | 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 | 16,815) | 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) | 141,917) | 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 | 677,549) | 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) | 819,466) | 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 | 0.17 | 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. | 0.29 | 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: 2026-09-30), 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 Q3 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 141,917 ÷ 819,466 = 0.17
2 Click competitor name to see calculations.
The solvency profile of the organization exhibits two distinct phases: a period of stability and gradual deleveraging followed by a period of rapid capital expansion and increased leverage.
- Debt to Capital Ratio Trend
- Between March 2022 and March 2025, the debt to capital ratio remained consistently low, fluctuating within a narrow band between 0.06 and 0.10. A gradual downward trajectory was observed during this timeframe, with the ratio reaching a minimum of 0.06 by March 2025, signaling a conservative approach to leverage.
- Beginning in June 2025, a significant reversal occurred. The ratio increased steadily, climbing to 0.17 by September 2026. This shift indicates a strategic or operational transition toward a more leveraged capital structure.
- Total Debt Dynamics
- Total debt, including operating lease liabilities, remained relatively stagnant between March 2022 and March 2025, hovering between $22.5 billion and $27.2 billion. However, starting in the second quarter of 2025, debt levels escalated sharply. Obligations rose from $22.5 billion in March 2025 to $141.9 billion by September 2026, marking a substantial increase in the organization's total liabilities.
- Total Capital Expansion
- Total capital exhibited a continuous and accelerating growth pattern. From a baseline of $280.1 billion in March 2022, capital expanded to $819.5 billion by September 2026. The pace of expansion intensified markedly after March 2025, coinciding with the aforementioned surge in total debt, suggesting that the growth in the capital base was heavily supported by new debt issuance.
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Debt to Assets
Alphabet Inc., debt to assets calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Long-term debt, excluding current portion | 125,102) | 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 | 125,102) | 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 | 1,003,312) | 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 | 0.12 | 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. | 0.34 | 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. | 0.17 | 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. | 0.26 | 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. | 0.22 | 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: 2026-09-30), 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 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 125,102 ÷ 1,003,312 = 0.12
2 Click competitor name to see calculations.
The solvency profile exhibits two distinct phases: a period of relative stability and deleveraging followed by a period of aggressive debt accumulation and asset expansion.
- Total Debt Trends
- From March 2022 through December 2024, total debt remained stable, fluctuating within a narrow range between 10.88 billion and 14.79 billion US dollars. However, beginning in June 2025, a sharp upward trajectory is observed, with debt increasing to 23.61 billion US dollars and accelerating rapidly to reach 125.10 billion US dollars by September 2026.
- Total Asset Growth
- Total assets demonstrated consistent growth throughout the observed period. Assets increased from 357.10 billion US dollars in March 2022 to 475.37 billion US dollars by December 2024. This growth accelerated significantly in 2025 and 2026, eventually crossing the 1 trillion US dollar threshold by September 2026.
- Debt to Assets Ratio Analysis
- The debt to assets ratio remained low and stable at 0.04 during the first year, eventually dipping to 0.02 by December 2024, signaling an extremely low reliance on borrowed capital relative to the asset base. Starting in March 2025, the ratio began a steady ascent, rising to 0.12 by September 2026. This indicates that while assets grew substantially, the scale of new debt issuance significantly outpaced asset accumulation during the latter half of the period.
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Debt to Assets (including Operating Lease Liability)
Alphabet Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | 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 | 125,102) | 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 | 125,102) | 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 | 16,815) | 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) | 141,917) | 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 | 1,003,312) | 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 | 0.14 | 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. | 0.23 | 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: 2026-09-30), 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 Q3 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 141,917 ÷ 1,003,312 = 0.14
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 phase of aggressive balance sheet expansion. Between March 2022 and March 2025, the company maintained a highly conservative capital structure, with the debt-to-assets ratio trending downward from 0.07 to a minimum of 0.05. This was driven by a combination of steadily increasing total assets and a gradual reduction in total debt, which fell from a peak of 27,202 million USD in December 2022 to 22,564 million USD by March 2025.
- Total Debt Dynamics
- Total debt, including operating lease liabilities, remained relatively flat for the first three years of the analyzed period. However, a significant inflection point occurred in June 2025, where debt levels began to rise sharply. From a low of 22,564 million USD in March 2025, total debt escalated to 141,917 million USD by September 2026, representing a substantial increase in leverage to fund activities or acquisitions.
- Asset Accumulation
- Total assets demonstrated consistent growth throughout the entire period, accelerating significantly in the later stages. Assets grew from 357,096 million USD in March 2022 to 475,374 million USD by December 2023. The growth rate intensified between June 2025 and September 2026, with total assets surpassing the 1 trillion USD threshold, reaching 1,003,312 million USD.
- Debt to Assets Ratio Interpretation
- The debt-to-assets ratio remained stable at 0.07 for much of 2022 and 2023 before dipping to 0.05 in early 2025, indicating a strengthening of the solvency position. Following the surge in debt procurement in 2025 and 2026, the ratio trended upward, closing at 0.14 in September 2026. While this represents a doubling of the ratio from its baseline, the absolute value remains relatively low, suggesting that the expansion of the asset base has largely kept pace with the increase in liabilities.
In summary, the transition from a period of minimal leverage to a period of rapid expansion is evident. The significant increase in both total debt and total assets during 2025 and 2026 suggests a strategic shift toward higher capital intensity, although the overall solvency remains within a manageable range as the debt-to-assets ratio has not exceeded 0.14.
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Financial Leverage
Alphabet Inc., financial leverage calculation (quarterly data)
| Sep 30, 2026 | 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 | 1,003,312) | 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 | 677,549) | 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 | 1.48 | 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. | 2.79 | 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. | 1.76 | 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. | 2.00 | 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. | 1.86 | 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: 2026-09-30), 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 Q3 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 1,003,312 ÷ 677,549 = 1.48
2 Click competitor name to see calculations.
The balance sheet exhibits a trajectory of significant expansion over the analyzed period. Total assets increased from 357,096 million US dollars in March 2022 to 1,003,312 million US dollars by September 2026, representing a substantial growth in the company's resource base. This expansion is mirrored by a consistent rise in stockholders' equity, which grew from 254,004 million US dollars to 677,549 million US dollars, indicating that the growth was heavily supported by equity accumulation.
- Financial Leverage Stability
- The financial leverage ratio remained remarkably stable for the majority of the period, generally fluctuating within a narrow range between 1.37 and 1.48. From March 2022 through December 2023, the ratio hovered between 1.39 and 1.45, suggesting a disciplined and consistent approach to the capital structure.
- Period of Deleveraging
- A slight downward trend in leverage was observed between March 2024 and June 2025. The ratio reached its minimum value of 1.37 in September 2024, reflecting a period where the growth of stockholders' equity slightly outpaced the growth of total assets.
- Recent Leverage Expansion
- Beginning in March 2026, a gradual increase in the leverage ratio is evident, rising from 1.47 in March 2026 to a peak of 1.48 in September 2026. This uptick coincides with the most aggressive acceleration in total asset growth, which saw assets increase from 703,919 million US dollars to over 1 trillion US dollars within six months.
Overall, the data indicates a conservative solvency profile. Despite the massive scale of asset acquisition and growth in the latter part of the period, the financial leverage ratio has stayed well below levels that would typically signal high financial risk, demonstrating a strong equity-to-asset relationship.
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