Toyota, Volkswagen, Amazon, Verizon, AT&T, Oracle and NVIDIA operate some of the largest businesses in the world. They manufacture cars, run telecommunications networks, operate global e-commerce platforms, build cloud and artificial-intelligence infrastructure and supply the chips that power the AI economy.
They also carry billions of dollars in debt.
That does not automatically mean they are in financial trouble. Large companies often borrow to build factories, expand networks, finance vehicles, construct data centers, fund strategic agreements and invest in technologies that can generate revenue for many years.
The key question is not only how much debt a company has, but why it borrowed, how much cash it generates and whether the investment can produce enough returns to justify the debt.
The Companies And Their Debt
Toyota — Debt: Approximately $272.4 Billion
Why: Toyota operates vehicle-financing and leasing businesses, which naturally carry significant liabilities. It also borrows to maintain factories, develop vehicles, build batteries and expand production.
Because Toyota combines automobile manufacturing with financial services, its debt should not be interpreted in the same way as the debt of a software company.
Volkswagen — Debt: Approximately $225.8 Billion
Why: Volkswagen operates several global automotive brands, factories and financing operations. Debt helps fund vehicle production, electric cars, batteries, software and new manufacturing facilities.
The transition to electric vehicles has increased the need for investment in batteries, new vehicle platforms and production systems.
Amazon — Debt: Approximately $209.8 Billion In Total Debt
Why: Amazon uses capital to expand warehouses, logistics, AWS data centers and artificial-intelligence infrastructure.
The company generated $77.7 billion in net income and $80 billion in operating income in 2025, giving it significant capacity to service debt. However, Amazon’s total debt figure includes more than conventional long-term corporate bonds, so it is important to examine the company’s financial statements carefully rather than relying only on a headline number.
Verizon — Debt: Approximately $195.8 Billion
Why: Verizon borrows to expand wireless networks, fiber infrastructure, spectrum assets and other telecommunications systems. These investments generate revenue from customers over many years.
Telecommunications companies often use debt because network investments require large amounts of capital before the full revenue benefit is realized.
Deutsche Telekom — Debt: Approximately $165.2 Billion
Why: Deutsche Telekom operates telecommunications networks across multiple markets and invests in wireless infrastructure, fiber, spectrum and digital services.
Its debt supports a capital-intensive business model in which infrastructure is built today and monetized through recurring customer payments over time.
Ford — Debt: Approximately $159.5 Billion
Why: Ford’s debt is connected not only to vehicle manufacturing but also to its financing operations. The company uses capital to produce vehicles, develop electric models, invest in batteries and support customer financing.
As with Toyota and Volkswagen, debt linked to automotive finance can make the total figure appear much larger than the debt used solely to fund factories and corporate operations.
AT&T — Debt: Approximately $157.3 Billion
Why: AT&T uses debt to finance wireless networks, fiber-optic infrastructure and other telecommunications assets. The company expects to recover these investments through recurring customer payments.
The challenge is maintaining enough cash flow to fund network upgrades while also paying interest, reducing debt and returning capital to shareholders.
Oracle — Debt: Approximately $156.1 Billion
Why: Oracle is borrowing to expand cloud and artificial-intelligence data centers.
The company spent $55.7 billion on capital expenditures in fiscal 2026 and raised approximately $43 billion through debt financing during that period. Oracle also expects to raise approximately another $40 billion in fiscal 2027 to finance further expansion.
The company’s remaining performance obligations reached approximately $638 billion, supported in part by large AI-related contracts. This gives Oracle a significant base of expected future revenue, although the company still faces the risks associated with rapid expansion and high capital spending.
NVIDIA — Debt: Approximately $38.8 Billion
Why: NVIDIA’s debt is linked to recent capital raising, strategic agreements, infrastructure expansion and investments connected to the artificial-intelligence ecosystem.
According to the information provided, NVIDIA has approximately $38.86 billion in total debt and approximately $43.01 billion in total liabilities. The company has also maintained a strong cash position and continued returning capital to shareholders.
NVIDIA’s debt is much smaller than the debt carried by the companies at the top of the broader corporate ranking. That distinction matters because NVIDIA is often discussed alongside the largest AI infrastructure companies, even though its balance sheet is structured differently from the balance sheets of automakers, banks and telecommunications operators.
The company’s financial position should be evaluated together with its cash reserves, operating cash flow, profitability, investment commitments and the terms of its recent debt issuance.
Companies With The Largest Debt
The ranking depends on how companies are classified.
If financial institutions and government-backed housing agencies are included, the numbers can reach trillions of dollars. Banks, insurers and credit institutions naturally carry large liabilities because borrowing and lending are central to their business models.
Large Financial Institutions And Credit Entities
Fannie Mae and Freddie Mac: Combined debt and other liabilities exceed $7.5 trillion.
JPMorgan Chase: Approximately $516.8 billion in debt.
China Evergrande Group: Historically carried more than $300 billion in liabilities before entering liquidation proceedings.
These figures should not be compared directly with the debt of industrial companies. A bank’s liabilities are part of its operating model, while an automaker’s debt is generally used to finance production, inventory, factories or customer loans.
Large Non-Financial Companies By Approximate Total Debt
| Position | Company | Sector | Approximate Debt |
|---|---|---|---|
| 1 | Toyota | Automotive and financial services | $272.4 billion |
| 2 | Volkswagen | Automotive and financial services | $225.8 billion |
| 3 | Amazon | Retail and cloud computing | $209.8 billion |
| 4 | Verizon | Telecommunications | $195.8 billion |
| 5 | Deutsche Telekom | Telecommunications | $165.2 billion |
| 6 | Ford | Automotive and financial services | $159.5 billion |
| 7 | AT&T | Telecommunications | $157.3 billion |
| 8 | Oracle | Technology and AI infrastructure | $156.1 billion |
NVIDIA, with approximately $38.8 billion in debt, would rank below these companies in absolute debt. However, its debt still deserves attention because the company operates at the center of one of the fastest-growing and most capital-intensive investment cycles in the global economy.
What Corporate Debt Means
Corporate debt is money borrowed from banks or investors.
A company may issue bonds to raise capital for a factory, data center, network, acquisition or strategic agreement. In return, it agrees to pay interest and repay the principal later.
The basic model is:
Borrow money → build productive assets → generate revenue → pay interest and repay the debt.
Why Companies Do Not Use Only Their Own Cash
A profitable company could use all of its cash to finance expansion. However, it may prefer to keep cash available for acquisitions, dividends, share buybacks, working capital and unexpected expenses.
If a company can borrow at 5% and expects an investment to generate a return above 5%, borrowing may make financial sense.
This is known as financial leverage.
Leverage can increase returns when investments perform well. But it can also increase losses when revenue disappoints, interest rates rise or assets fail to generate the expected cash flow.
Debt Is Not The Same As Loss
Debt is an obligation on the balance sheet.
Profit is the money generated by the business after expenses.
A company can have billions of dollars in debt and still be highly profitable.
For example, Amazon had approximately $68.8 billion in long-term debt at the end of 2025, but generated $80 billion in operating income and $77.7 billion in net income.
NVIDIA provides another useful example. Its debt of approximately $38.8 billion may appear large in isolation, but the more important questions are how much cash the company generates, how much cash it holds and whether its investments and strategic commitments can produce sufficient future returns.
The important question is whether the company generates enough cash to pay interest and repay its obligations.
Gross Debt And Net Debt
Gross debt is the total amount owed.
Net debt subtracts cash and short-term investments.
For example:
$100 billion in debt − $60 billion in cash = $40 billion in net debt.
This is why a company with high debt and substantial cash reserves may be in a stronger position than a company with less debt but almost no cash.
NVIDIA’s financial position should therefore be analyzed using both debt and liquidity. A company can raise billions through bonds while still maintaining a strong balance sheet if it also holds substantial cash and generates strong operating cash flow.
Why Companies Refinance Debt
Corporate debt usually has a maturity date.
A company may issue a 10-year bond and pay interest during that period. When the bond matures, it can repay the debt, use cash or issue new debt to refinance it.
This is called rolling over debt.
It is common among large companies, but it becomes more expensive if interest rates rise or investors lose confidence.
For companies investing heavily in AI infrastructure, refinancing risk is especially important because large data-center projects may require years of spending before they generate their full economic return.
When Debt Becomes Dangerous
Debt becomes dangerous when a company cannot generate enough cash to support it.
Analysts usually examine:
- Debt-to-EBITDA
- Interest coverage
- Free cash flow
- Net debt
- Debt maturities
- Credit ratings
- Cash reserves
- Capital expenditure commitments
The total debt number alone does not show the full financial picture.
A company with $100 billion in debt and $30 billion in annual operating cash flow may be in a stronger position than a company with $30 billion in debt and only $1 billion in annual operating cash flow.
The AI Infrastructure Debt Cycle
Artificial intelligence requires massive investments in data centers, GPUs, electricity, cooling systems, networking equipment and storage.
Companies are borrowing to build this infrastructure before all future revenue has been generated.
Oracle is using debt to expand its cloud and AI data centers.
Amazon is investing in AWS, logistics and AI infrastructure.
NVIDIA is raising capital and entering strategic agreements connected to the expansion of the AI ecosystem.
Telecommunications companies are also investing in the networks required to support growing data consumption.
The opportunity is:
Borrow capital → build infrastructure → attract customers → generate revenue → repay the debt.
The risk is:
Borrow capital → build too much infrastructure → demand disappoints → cash flow weakens → debt becomes a burden.
This is the central financial risk of the AI investment cycle.
NVIDIA And The AI Debt Question
NVIDIA is different from companies such as Toyota, Volkswagen, Verizon and AT&T because its business is primarily based on designing and supplying advanced computing chips, systems and software rather than operating a large consumer-financing or telecommunications network.
Its debt is therefore smaller in absolute terms than the debt of many companies in the ranking.
However, NVIDIA is exposed to the same broader investment cycle.
Its customers are spending enormous amounts on data centers and AI infrastructure. NVIDIA benefits when that spending increases, but the company also faces risks if customers reduce capital expenditures, delay projects or determine that they have built more capacity than they need.
The company’s approximately $38.8 billion in debt should therefore be considered alongside:
- Cash and short-term investments
- Operating cash flow
- Research and development spending
- Strategic investments
- Supply-chain commitments
- Customer concentration
- AI infrastructure demand
- Future debt maturities
The debt figure alone does not determine whether NVIDIA is financially healthy.
The Real Questions To Ask
Instead of asking only how much debt a company has, ask:
- What is the debt being used for?
- How much cash does the company generate?
- How expensive is the debt?
- When does it mature?
- How much cash does the company have?
- Does the company operate a financing business?
- Will the investment generate enough future revenue?
- Are customers already committed to purchasing the resulting capacity?
- Could higher interest rates make refinancing more expensive?
Debt Is A Tool, Not A Verdict
Large companies do not always borrow because they lack money.
They often borrow because they have predictable cash flows, access to capital and major investment opportunities.
Toyota uses debt to support manufacturing and vehicle financing.
Volkswagen uses it to fund global production and electric vehicles.
Amazon uses it to expand logistics, cloud computing and AI infrastructure.
Verizon and AT&T use it to build telecommunications networks.
Oracle uses it to accelerate its cloud and AI expansion.
NVIDIA uses debt and other forms of capital to support strategic investments and participate in the expansion of the AI ecosystem.
Debt is not automatically good or bad.
What matters is what the company does with the money, what it pays for that capital and whether the investment generates enough cash to justify the borrowing.
The most important question is not how much a company owes, but what that debt is helping it build.
