Microsoft Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings)

## What this measures

Microsoft's net new long-term borrowing over the trailing four quarters, in billions of US dollars: the sum of the quarterly series debt.issuance.msft.quarterly_usd_bn.

## Why it matters

Bond issuance is lumpy, so a year of it is the steadier read on whether a company is turning to the debt market to fund its AI spending.

## How to read it

The twelve-month total was −$19.1 billion at December 2024 and −$3.0 billion at June 2026. Microsoft funds its capital spending from operations; it is in the group for completeness, and its line shows what a hyperscaler without new borrowing looks like. Compare it with the company's capital spending (capex.msft.ttm) to see how much of the build-out is borrowed.

## What it does not say

A trailing total needs four consecutive filed quarters; it is not published after a gap. It is net new long-term borrowing as filed in the cash flow statement: bonds, term loans and notes, after repayments. It is not a count of bond deals, and a quarter can be negative when more debt matured than was issued. Quarters are derived from year-to-date figures, so a restated filing changes the quarters around it. Finance leases, commercial paper (except where noted) and debt assumed in acquisitions are not issuance here.

## Source

U.S. Securities and Exchange Commission, EDGAR XBRL companyconcept API (data.sec.gov/api/xbrl/companyconcept), Form 10-Q and 10-K cash-flow facts: ProceedsFromDebtMaturingInMoreThanThreeMonths minus RepaymentsOfDebtMaturingInMoreThanThreeMonths. Palanor reads the filings every week and re-derives the whole history each run, so restatements carry through. Fiscal-year starts and quarter ends come from the company's own net-cash-flow spans. U.S. government work, public domain (17 U.S.C. §105); the figures are the company's own filed numbers.