ORCL Credit: $260bn Off Balance Sheet, But On Our Mind

研报英文原文证据摘录

ORCL Credit: $260bn Off Balance Sheet, But On Our Mind

Update

>$800bn Lease Commitments That Have Not Yet Commenced From the Hyperscalers &M

ORCL

Company Disclosure

GOOGL 10-Q: “As of March 31, 2026, we have entered into leases primarily related

to data centers that have not yet commenced with future lease payments

of $75.6 billion that are not yet recorded. These leases will commence

between 2026 and 2031 with non-cancelable lease terms primarily between

one and 25 years." "As of March 31, 2026, we provided backstops in the

form of financial guarantees and credit derivatives with maximum potential

amount of future payments of $9.0 billion and $28.4 billion, respectively."

META 10-Q: “In addition to the lease liabilities that are included on our balance

sheet, we have operating and finance leases that have not yet commenced

as of March 31, 2026. These lease obligations were approximately $182.88

billion, consisting of data centers, colocations, and certain network

infrastructure, which will commence during the remainder of 2026 and

2036 with lease terms ranging from greater than one year to 30 years.”

AMZN 10-Q: Pg. 14 (Note 4) features Leases not yet commenced in a table, with a

balance of $106.347bn as of 3/31/26.

MSFT 10-Q: “As of March 31, 2026, we had additional leases, primarily for

datacenters, that had not yet commenced of $196.6 billion. These leases

will commence between fiscal year 2026 and fiscal year 2031 with lease

terms of 1 year to 21 years.”

ORCL 10-K: "As of May 31, 2026, we had $260 billion of additional lease

commitments, substantially all related to data center arrangements, that

are generally expected to commence between the first quarter of fiscal

2027 and fiscal 2029 and for terms of fifteen to nineteen years that were