Company: GOOGL
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001652044-25-000091
Chunk: 81

Company: Alphabet Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 81
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 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, $1.25 billion of 4.50% notes due 2035, $1.5 billion of 5.25% notes due 2055, and $1.5 billion of 5.30% notes due 2065. Additionally in May 2025, we issued €6.75 billion of euro-denominated fixed-rate senior unsecured notes in five tranches: €1.5 billion of 2.50% notes due 2029, €1.5 billion