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.

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.

Five hyperscalers, calendar quarter ended Sep 2026

$50.6B

Net cash

Gross debt less cash and investments

Cash and investments: $601.2B; Cash, equivalents and short- and long-term investments
Gross debt: $550.6B; Long-term and current debt as reported
Finance-lease liabilities: Not all five; At least one of the five does not carry the line this quarter
Property and equipment, net: $1.6T; Includes finance-lease assets for Alphabet, Amazon, Meta, who report it that way
Total assets: $3.8T; Combined balance sheets

Net debt, quarter by quarter

Five hyperscalers combined

Net debt of the five hyperscalers combined, by calendar quarter through Sep 2026; below zero is net cash

$ billion at quarter end

Sep 2026Net cash $50.6BGross debt $550.6B

Net debtNet cashGross debt

Bars 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

Combined balance sheet of the five hyperscalers by calendar quarter, millions of US dollars
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.