Preparing for the Next Debt Disclosure Wave

Wall Street has been abuzz with concern lately about rising interest rates. The Federal Reserve is raising rates, the mortgage industry is raising rates, and soon enough the corporate debt markets will be looking at higher interest rates too.

So today seems like a good time to remind analysts that Calcbench can help you identify which companies might get squeezed by rising interest rates as those companies refinance their debt — and as always, we have a few examples to show you how it’s done.

For starters, let’s recap the several ways you can find debt disclosures in Calcbench.

One easy launching point is our Multi-Company page. First, select the group of companies you want to research. (We have an entire post dedicated to creating a peer group if you need a refresher.) Once that group is set, choose from any number of debt-related disclosures we include in our Standardized Metrics field on the left-hand side of your screen. Those disclosures include:

• Total debt

• Short-, long-, and medium-term debt

• Floating-rate debt

• Debt-to-equity ratio

• Interest payable

• Interest expense

You can also get a global sense of a company’s debt disclosures using our Segments, Rollforwards & Breakouts page. Start by selecting the specific company you want to research. Then select “Debt Instruments” from the pull-down menu of dataset options  on the left side of the screen.

Lots of information is packed into these results. We give you a list of notes due, the amount, the stated interest rate, the effective rate, and other snippets of information about the date a debt instrument is due.

For example, Figure 1, below, shows what you would see when researching the debt held by Oracle ($ORCL) as of its fiscal 2026 annual report, filed in June:

Right away we can see that Oracle has two tranches of debt coming due in 2027: $2.25 billion due in April, with an effective interest rate of 2.87 percent; and another $2.75 billion due in November, with an effective rate of 3.29 percent

If Oracle decides to roll over that debt into newly issued debt instruments — well, the current federal funds rate is 3.88 percent. Even the most well-heeled corporations are going to pay a higher rate than that, and it assumes the Fed holds rates steady from here forward. Which few people expect the Fed to do.

For just about all the disclosures you see from the Segments page, you can also hold your cursor over the item and then use our world-famous Trace feature to trace that number back to its exact disclosure in the financial statements. For example, if you trace either of those 2027 debt instruments, Calcbench will immediately conjure up the entire table of debt instruments that Oracle discloses in its footnotes. 

Speaking of footnotes… 

If you want to immerse yourself in the most complete picture available of a company’s debt disclosures, you can always use our Disclosures & Footnotes Query page. Simply look up the company you want to research; and in the Notes to the Financial Statements menu on the left of your screen, look for a debt footnote of some kind. 

The exact title of that footnote might vary from one company to the next. Oracle, for example, calls it “Notes Payable and Other Borrowings.” Many other companies use that same phrasing, but not all do; you might also see the footnote listed as “Debt,” “Debt Instruments,” or some other title. Keep your eyes peeled and your mind open, and the data will be in there somewhere.

Figure 2, below, is an example of what you’d typically see in a debt footnote. We pulled Darden Restaurants’ ($DRI) debt footnote included in the company’s 2026 10-K report filed on July 24. 

As you can see, Darden has $500 million in debt coming due next May with a rate of 3.85 percent, plus another $400 million due in October 2027 with a rate of 4.35 percent. Will the company be able to refinance those amounts at comparable rates? Your guess is as good as ours (better, probably; we’re just the data geeks here).