GOOG · 10-Q · 2026Q1 · Full report
Outstanding Indebtedness
Alphabet Inc. · 2026-04-30 · Importance 64 · Surprise 42 · In source text
During Q1 2026, Alphabet issued fixed-rate senior unsecured notes with net proceeds of $31.1 billion and, as of March 31, 2026, reported total senior unsecured notes with a carrying value of $79.1 billion. Issuances included $20.0 billion U.S. dollar-denominated notes (weighted-average coupon 4.80%, 15-year weighted-average maturity), £5.5 billion Sterling-denominated notes (weighted-average coupon 5.31%, 31-year weighted-average maturity), and CHF3.1 billion Swiss Franc-denominated notes (weighted-average coupon 1.06%, 10-year weighted-average maturity). The company also disclosed $11.7 billion of credit facilities (of which $1.2 billion was outstanding) and a $25.0 billion commercial paper program (no commercial paper outstanding as of March 31, 2026). These financing actions materially affect the company’s interest and currency exposure and liquidity profile.
Key facts
- In the first quarter of 2026, Alphabet issued senior unsecured notes for net proceeds of $31.1 billion. source
- During the first quarter of 2026, Alphabet issued $20.0 billion of US dollar-denominated fixed-rate senior unsecured notes with a weighted-average coupon rate of 4.80% and weighted-average maturity of 15 years. source
- During the first quarter of 2026, Alphabet issued £5.5 billion Sterling-denominated fixed-rate senior unsecured notes with a weighted-average coupon rate of 5.31% and a weighted-average maturity of 31 years. source
- During the first quarter of 2026, Alphabet issued CHF3.1 billion Swiss Franc-denominated fixed-rate senior unsecured notes with a weighted-average coupon rate of 1.06% and a weighted-average maturity of 10 years. source
- As of March 31, 2026, Alphabet had senior unsecured notes outstanding with a total carrying value of $79.1 billion. source
- As of March 31, 2026, Alphabet had entered into credit facilities of $11.7 billion expiring through April 2030, of which $1.2 billion was outstanding and bears interest at SOFR plus 1.5% to 2.25%. source
- Alphabet has a commercial paper program of up to $25.0 billion, and as of March 31, 2026 had no commercial paper outstanding. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +4.4% | In the first quarter of 2026, Alphabet issued senior unsecured notes for net proceeds of $31.1 billion. |
| liability | negative | realized | -4.4% | In the first quarter of 2026, Alphabet issued senior unsecured notes for net proceeds of $31.1 billion. |
| liability | negative | realized | — | As of March 31, 2026, Alphabet had senior unsecured notes outstanding with a total carrying value of $79.1 billion. |
| liability | negative | realized | — | As of March 31, 2026, Alphabet had entered into credit facilities of $11.7 billion expiring through April 2030, of which $1.2 billion was… |