Company: GOOGL
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001652044-25-000091
Chunk: 17

Company: Alphabet Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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 service are those that are not ready for our intended use, including assets in the process of construction or assembly, and consists primarily of technical infrastructure. The time frame from date of purchase to placement in service of these assets may extend from months to years. For example, our data center construction projects are generally multi-year projects with multiple phases, where we acquire land and buildings, construct buildings, and secure and install servers and network equipment. 

During the nine months ended September 30, 2024 and 2025, we spent $38.3 billion and $63.6 billion on capital expenditures, respectively. We expect full year 2025 capital expenditures to exceed full year 2024. In 2026, we expect to significantly increase, relative to 2025, our investment in our technical infrastructure, including servers, network equipment, and data centers, to support the growth of our business and our long-term initiatives, in particular in support of AI products and services. Depreciation of our property and equipment commences when such assets are ready for our intended use. For the nine months ended September 30, 2024 and 2025, depreciation on property and equipment was $11.1 billion and $15.1 billion, respectively. 

Leases

As of September 30, 2025, the amount of total future lease payments under operating and finance leases was $17.5 billion and $2.9 billion, respectively. 

As of September 30, 2025, we have entered into leases primarily related to data centers that have not yet commenced with future lease payments of $42.6 billion, including a purchase option considered reasonably certain to be exercised. These leases will commence between 2025 and 2031 with non-cancelable lease terms between one and 25 years. 

For additional information on leases, see Note 4 of the Notes to Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q.

Financing

We have a short-term debt financing program of up to $25.0 billion through the issuance of commercial paper. Net proceeds from this program are used for general corporate purposes. As of September 30, 2025, we had $3.0 billion of short-term commercial paper outstanding.

In May 2025, we issued $5.0 billion of U.S. dollar-denominated fixed-rate senior unsecured notes in four tranches: $750 million of 4.00% notes due 2030