# Hyperscaler cash and obligation data

This five-file research set accompanies The Cash Behind the AI Buildout. Amounts are USD millions unless a field explicitly says otherwise. Review date: October 14, 2026.

`cash-ledger.json` contains company-wide quarterly cash flows, selected financing receipts, prior-year comparisons and trailing-year calculations. `obligations-ledger.json` preserves lease, debt, purchase and contingent-support amounts with their original dates and payment windows. They are linked by company identifiers, not combined into an industry debt total.

Run both checks from the directory containing all five files:

```text
node verify-cash-ledger.mjs
node verify-obligations.mjs
```

The cash checks reconcile investing and financing components, aggregate cash movements, company FCF definitions and trailing periods. The obligation checks reconcile disclosed schedules and selected inclusion relationships. They do not establish that all obligations have been disclosed, that a forecast is correct or that financing will be available.

Microsoft, Alphabet, Amazon and Meta end the selected quarter on June 30. Oracle ends on August 31. Oracle is not included in the four-company synchronized-quarter comparison. Amazon's beginning-quarter cash is derived rather than independently reported in the reviewed release.

Positive `cash_ppe` is a spending magnitude; cash-flow components use signed inflows and outflows. Null means unestablished in this comparison, not zero. Quarterly cash PP&E excludes noncash lease additions. Finance-lease principal, interest, ROU additions and liabilities remain distinct. Published Microsoft TTM lease principal is updated from Note 13; its quarterly principal remains unestablished here.

The broad commitment tables do not use a common perimeter. Microsoft's lease row reconciles to commenced payments plus not-commenced leases within the latter's rounding; Amazon explicitly includes a not-commenced row in its total. Oracle excludes future-starting leases from its commenced maturity schedule. Meta's July leases remain outside its June snapshot, and its already-funded escrow is not unrestricted cash. Alphabet's VIE lease and conditional-capital amounts overlap other stated categories.

Future operating payments may already enter a CFO forecast; equipment commitments may already enter cash capex. Never subtract them again without establishing the overlap. Do not combine debt principal-only schedules with principal-and-interest rows as if their definitions matched. No minimum future financing requirement is estimated in this release.

All sources are linked inside the JSON. Microsoft's annual filing was read through its normal browser accessibility text after automated web extraction failed. The rest of the obligations comparison uses the linked SEC filings. No paid quote series or company-specific forecasting assumptions are embedded.