Quarterly report [Sections 13 or 15(d)]

LEASES

v3.26.3
LEASES
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
LEASES LEASES
We have finance and operating leases for real estate (primarily package centers, airport facilities and warehouses), aircraft and engines, information technology equipment, vehicles and various other equipment used in operating our business. Certain leases for real estate and aircraft contain options to purchase, extend or terminate the lease.
As of September 30, 2026, we had $1.5 billion of additional leases which had not commenced and are expected to commence later in 2026 through 2027. These leases are primarily related to aircraft and will commence upon delivery of the related aircraft. Other leases will commence when we are granted access to the property, such as when leasehold improvements are completed or a certificate of occupancy is obtained.
The components of lease expense for the three and nine months ended September 30, 2026 and 2025 were as follows (in millions):
Three Months Ended
 September 30,		 Nine Months Ended
 September 30,
2026 2025 2026 2025
Operating lease costs $ 249  $ 246  $ 743  $ 709 
Finance lease costs:
Amortization of assets 49  42  138  104 
Interest on lease obligations 18  6  42  18 
Total finance lease costs 67  48  180  122 
Variable lease costs 74  97  284  287 
Short-term lease costs 242  220  877  639 
Total lease costs $ 632  $ 611  $ 2,084  $ 1,757 
LEASES LEASES
We have finance and operating leases for real estate (primarily package centers, airport facilities and warehouses), aircraft and engines, information technology equipment, vehicles and various other equipment used in operating our business. Certain leases for real estate and aircraft contain options to purchase, extend or terminate the lease.
As of September 30, 2026, we had $1.5 billion of additional leases which had not commenced and are expected to commence later in 2026 through 2027. These leases are primarily related to aircraft and will commence upon delivery of the related aircraft. Other leases will commence when we are granted access to the property, such as when leasehold improvements are completed or a certificate of occupancy is obtained.
The components of lease expense for the three and nine months ended September 30, 2026 and 2025 were as follows (in millions):
Three Months Ended
 September 30,		 Nine Months Ended
 September 30,
2026 2025 2026 2025
Operating lease costs $ 249  $ 246  $ 743  $ 709 
Finance lease costs:
Amortization of assets 49  42  138  104 
Interest on lease obligations 18  6  42  18 
Total finance lease costs 67  48  180  122 
Variable lease costs 74  97  284  287 
Short-term lease costs 242  220  877  639 
Total lease costs $ 632  $ 611  $ 2,084  $ 1,757