Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Leases

Lease Expenses

The components of lease expenses were as follows (in millions):

	Three Months Ended March 31,
	2026		2025
Finance lease cost
Amortization of right-of-use assets (1)	$	51	$	44
Interest on lease liabilities	29		30
Total finance lease cost	80		74
Operating lease cost	59		58
Variable lease cost	20		22
Total lease cost	$	159	$	154

(1)Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in our condensed consolidated statements of operations.

Other Information

Other information related to leases is presented in the following tables (in millions):

	Three Months Ended March 31,
	2026			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	28		$	29
Operating cash flows from operating leases	56			55
Financing cash flows from finance leases	41			32
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases	$	1		$	84
Operating leases	4			70
	March 31, 2026			December 31, 2025
Weighted-average remaining lease term - finance leases (2)	13 years			13 years
Weighted-average remaining lease term - operating leases (2)	12 years			12 years
Weighted-average discount rate - finance leases	6		%	6		%
Weighted-average discount rate - operating leases	5		%	5		%
Finance lease right-of-use assets (3)	$	2,225		$	2,277

(1)Represents all non-cash changes in right-of-use assets.

(2)Includes lease renewal options that are reasonably certain to be exercised.

(3)As of March 31, 2026 and December 31, 2025, we recorded accumulated amortization of finance lease right-of-use assets of $1.2 billion and $1.1 billion, respectively. Finance lease assets are recorded within property, plant and equipment, net in our condensed consolidated balance sheets.

Maturities of Lease Liabilities

The maturities of our lease liabilities as of March 31, 2026 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2026 (9 months remaining)	$	167	$	208	$	375
2027	216		290		506
2028	183		279		462
2029	154		271		425
2030	143		256		399
Thereafter	1,070		1,952		3,022
Total lease payments	1,933		3,256		5,189
Less imputed interest	(516)		(957)		(1,473)
Total	$	1,417	$	2,299	$	3,716

We entered into agreements with various landlords, primarily to lease data center spaces and ground leases, which have not yet commenced as of March 31, 2026. These leases are expected to commence between 2026 and 2029, with lease terms of 2 to 99 years and total lease commitments of approximately $716 million.

Leases

Leases

Lease Expenses

The components of lease expenses were as follows (in millions):

	Three Months Ended March 31,
	2026		2025
Finance lease cost
Amortization of right-of-use assets (1)	$	51	$	44
Interest on lease liabilities	29		30
Total finance lease cost	80		74
Operating lease cost	59		58
Variable lease cost	20		22
Total lease cost	$	159	$	154

(1)Amortization of right-of-use assets is included within depreciation expense, and is recorded within cost of revenues, sales and marketing and general and administrative expenses in our condensed consolidated statements of operations.

Other Information

Other information related to leases is presented in the following tables (in millions):

	Three Months Ended March 31,
	2026			2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	28		$	29
Operating cash flows from operating leases	56			55
Financing cash flows from finance leases	41			32
Right-of-use assets obtained in exchange for lease obligations: (1)
Finance leases	$	1		$	84
Operating leases	4			70
	March 31, 2026			December 31, 2025
Weighted-average remaining lease term - finance leases (2)	13 years			13 years
Weighted-average remaining lease term - operating leases (2)	12 years			12 years
Weighted-average discount rate - finance leases	6		%	6		%
Weighted-average discount rate - operating leases	5		%	5		%
Finance lease right-of-use assets (3)	$	2,225		$	2,277

(1)Represents all non-cash changes in right-of-use assets.

(2)Includes lease renewal options that are reasonably certain to be exercised.

(3)As of March 31, 2026 and December 31, 2025, we recorded accumulated amortization of finance lease right-of-use assets of $1.2 billion and $1.1 billion, respectively. Finance lease assets are recorded within property, plant and equipment, net in our condensed consolidated balance sheets.

Maturities of Lease Liabilities

The maturities of our lease liabilities as of March 31, 2026 are as follows (in millions):

	Operating Leases		Finance Leases		Total
2026 (9 months remaining)	$	167	$	208	$	375
2027	216		290		506
2028	183		279		462
2029	154		271		425
2030	143		256		399
Thereafter	1,070		1,952		3,022
Total lease payments	1,933		3,256		5,189
Less imputed interest	(516)		(957)		(1,473)
Total	$	1,417	$	2,299	$	3,716

We entered into agreements with various landlords, primarily to lease data center spaces and ground leases, which have not yet commenced as of March 31, 2026. These leases are expected to commence between 2026 and 2029, with lease terms of 2 to 99 years and total lease commitments of approximately $716 million.