FundingFilings through October 30, 2026; latest quarter complete for all five: Sep 2026
The balance sheet of the build
At the end of the calendar quarter ended Sep 2026, Microsoft, Alphabet, Amazon, Meta and Oracle together held $601.2 billion in cash and investments against $550.6 billion of debt, a combined net cash position of $50.6 billion. Property and equipment on their books, net of depreciation, stood at $1.61 trillion.
Sources, method and freshnessFilings through October 30, 2026; latest quarter complete for all five: Sep 2026
each company’s balance sheet in its 10-Q and 10-K filings, fiscal quarter ends placed in the calendar quarter in which they fall.
Cite as The Capex Report, The balance sheet of the build, filings through October 30, 2026.
Net debt, quarter by quarter
Five hyperscalers combinedBars are gross debt less cash and investments: brick above zero is net debt, navy below zero is net cash. The line is gross debt. A quarter appears only when all five have reported it.
The combined balance sheet
Millions of dollars, quarter end| Millions of dollars | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 174,557 | 164,455 | 131,810 | 139,493 | 196,928 | 233,865 | 201,810 | 179,989 |
| Short-term investments | 182,983 | 193,109 | 209,357 | 210,665 | 243,764 | 234,648 | 362,649 | 383,370 |
| Cash and investments | 373,387 | 373,975 | 356,572 | 361,623 | 461,894 | 502,196 | 600,807 | 601,167 |
| Long-term debt | 212,516 | 221,080 | 228,606 | 218,795 | 306,348 | 411,464 | 464,132 | 527,951 |
| Current debt | — | — | — | — | 17,672 | — | — | 22,606 |
| Gross debt | 231,942 | 238,260 | 244,881 | 241,698 | 324,020 | 435,020 | 485,887 | 550,557 |
| Finance-lease liability | — | — | — | — | 81,097 | — | — | — |
| Net debt | (141,445) | (135,715) | (111,691) | (119,925) | (137,874) | (67,176) | (114,920) | (50,610) |
| Property and equipment, net, as reported | 738,381 | 807,319 | 896,374 | 992,547 | 1,109,023 | 1,240,099 | 1,406,015 | 1,609,600 |
| Total assets | 2,033,585 | 2,122,845 | 2,266,331 | 2,385,034 | 2,649,630 | 2,955,267 | 3,487,763 | 3,808,200 |
| Shareholders’ equity | 1,110,132 | 1,174,784 | 1,255,691 | 1,337,794 | 1,464,399 | 1,617,203 | 1,938,216 | 2,100,817 |
| Interest expense | 2,358 | — | 2,602 | 2,507 | 3,267 | — | 5,624 | 5,838 |
| Effective interest cost | 15.5% | — | 17.1% | 15.0% | 15.7% | — | 19.5% | 18.2% |
| Stock-based compensation | 19,326 | 17,530 | 21,741 | 20,909 | 21,733 | 21,224 | 25,964 | 25,680 |
A dash means at least one of the five did not carry the line that quarter; the company pages show who did. Property and equipment as reported includes finance-lease right-of-use assets for filers that present it that way (Alphabet, Amazon and Meta in recent filings), so the combined line mixes two definitions.
The five at the latest common quarter
Millions of dollars, Sep 2026| Company | Quarter end | Cash and investments | Gross debt | Finance-lease liability | Net debt | Property and equipment, net, as reported | Total assets | Effective interest cost |
|---|---|---|---|---|---|---|---|---|
| Microsoft | Sep 2026 | 102,317 | 35,481 | 70,973 | (66,836) | 346,844 | 779,403 | 3.3% |
| Alphabet | Sep 2026 | 265,098 | 126,118 | 3,705 | (138,980) | 372,827 | 1,003,312 | 3.0% |
| Amazon | Sep 2026 | 114,226 | 179,952 | 14,495 | 65,726 | 508,862 | 1,243,390 | 3.5% |
| Meta | Sep 2026 | 82,449 | 83,669 | — | 1,220 | 253,222 | 478,836 | 4.2% |
| Oracle | Aug 2026 | 37,077 | 125,337 | 9,185 | 88,260 | 127,845 | 303,259 | 4.3% |
Net debt in red is a company owing more than it holds. Effective interest cost is the quarter’s interest expense annualised over gross debt plus finance-lease liabilities, since interest expense covers lease interest too; a dash means the company reports no interest line or no debt line that quarter. Each company’s own page carries the full balance sheet and later quarters where filed.
Questions this page answers
- Do the hyperscalers have net debt or net cash?
- At Sep 2026 the five combined held more cash and investments than debt, by $50.6 billion. The company pages show each one separately; the combined figure hides large differences between them.
- Why is net debt shown without lease liabilities?
- Gross debt follows the filings’ own debt captions. Finance-lease liabilities are reported separately and shown on their own line so a reader can add them or not; the leases page shows how much new equipment arrives that way each quarter.
- What does property and equipment, net, measure?
- The carrying value of the assets the capital spending has built, after accumulated depreciation. Some filers present it including finance-lease right-of-use assets and the page shows the line as each company reports it. Its growth against capex shows how fast depreciation is catching up with the build.