500metrics

Interest cost · Interest Expense on the Public Debt Outstanding

How much interest has the US paid on its debt in fiscal year 2026?

In fiscal year 2026 through , Treasury recorded $1.36 trillion of gross interest expense on its debt, 11.5% more than in the same months a year earlier.

Gross interest so far in each fiscal year, month by month

Fiscal years start in October; fiscal 2026 through September

Gross interest so far in fiscal 2026, 2025, 2024, October to September

The linesLatest:

  • Fiscal 2026$1.36T
  • Fiscal 2025$1.22T
  • Fiscal 2024$1.13T

Gross interest expense recorded in each month

36 months

Gross interest expense recorded in each month, October 2023 to September 2026

Gross and net interest in each fiscal year

The running fiscal year so far

Gross and net interest, fiscal 2010 to fiscal 2026

The linesLatest:

  • Gross interest$1.36T
  • Net interest$1.05T

On the first view each line is one fiscal year, its interest added up month by month from October; pointing at the chart shows each month's running totals.

Select a line to followLatest:

Inspect and compare dates

The running fiscal year so far beside the one before it and the nearest ones five and ten years earlier. Every month and every fiscal year are in the tables under "The numbers behind the chart".

MeasureLatestThe year beforeFive years earlierTen years earlier
Fiscal year2026202520212016
Months counted12121212
Gross interest1,360,3971,220,025562,388432,650
Net interest1,051,754970,359352,264240,722

The table scrolls sideways; the first column stays in place.

Observed .

Right now

Gross interest in fiscal 2026 through September, $1.36 trillion, was 11.5% more than in the same months of fiscal 2025.

That is $3.73 billion a day, over the 365 days counted.

Interest and defense

In fiscal year 2026 through , budget net interest was $1.05 trillion, 9.0% more than national defense outlays of $965.16 billion.

Budget outlays from the Monthly Treasury Statement; the comparison is ours.

Both, against a year earlier

Where it goes

Of gross interest in fiscal year 2026, 78.5% was on debt held by the public; the rest was credited to the government's own trust funds.

  • On debt held by the public $1.07T
  • Credited to trust funds $291.93B

By kind of security

Average rate

The average interest rate on marketable debt was 3.518% on , against 3.406% a year earlier.

Each kind of security

CBO's projectionNot our forecast

Net interest outlays in fiscal year 2026: $1.04 trillion, in CBO's February 2026 baseline.

Net interest outlays in fiscal year 2027: $1.11 trillion, in CBO's February 2026 baseline.

A projection is CBO's estimate under current law, not a Treasury figure, and not ours.

In the register

Three figures of this page carry a permanent number in the metrics register.

  • No. 015 Gross interest, fiscal year to date
  • No. 016 Net interest, fiscal year to date
  • No. 017 Average rate on marketable debt

Understanding interest on the debt

Where it stands today

Gross interest was $1.36T in fiscal 2026 through September; net interest was $1.05T through .

What is the difference between gross and net interest?

Gross interest includes interest credited to trust funds such as Social Security, which the government pays to itself. Net interest leaves that out and subtracts interest the government earns, so it is the figure the budget uses.

Read more

Interest expense is recorded when it accrues, not when it is paid, and TIPS add their inflation adjustment each month.

Gross interest, this page's lead figure, is not compared with defense, because it includes interest the government pays to its own trust funds.

The numbers behind the chart

How much interest had built up by the end of each month?Fiscal 2026, 2025, 2024, $ million
Gross interest so far in each fiscal year, at the end of each month ($ million)
MonthFiscal 2026Fiscal 2025Fiscal 2024
Oct104,40481,99888,926
Nov200,659168,591168,849
Dec355,025308,353288,010
Jan426,913392,174357,206
Feb520,396478,046433,368
Mar623,040582,459522,022
Apr734,641684,109624,462
May867,264776,339727,507
Jun1,052,464920,964867,745
Jul1,170,0381,017,288956,294
Aug1,267,8071,128,7541,048,587
Sep1,360,3991,220,0241,133,035
Which three numbers are often swapped?Gross, public and net interest
Three measures of interest on US debt, fiscal year 2026 to date ($ million)
MeasureWhat it countsWho publishes itThroughAmount
Gross interest expense (this page's lead figure)All interest on Treasury debt, including interest credited to federal trust fundsU.S. Treasury, monthly1,360,397
Interest on debt held by the publicLeaves out the interest the government pays to its own trust fundsU.S. Treasury, monthly1,068,464
Net interestThe budget measure: interest paid less interest received; CBO uses it tooU.S. Treasury, Monthly Treasury Statement1,051,754

The table scrolls sideways; the first column stays in place.

Where does the interest in fiscal year 2026 go?$ million
Gross interest expense, fiscal year 2026 to 30 September 2026 ($ million)
MeasureValue
Gross interest expense1,360,397
On debt held by the public1,068,464
Credited to government trust funds291,933
Same months a year earlier1,220,025
Months counted12
Days counted365
Interest on debt held by the public by kind of security, fiscal year 2026 ($ million)
SecurityInterest
Bills254,122
Notes507,717
Bonds179,810
TIPS, including inflation compensation92,347
Floating rate notes26,659
Savings bonds4,491
Other public issues3,318
How much interest was recorded each month and each year?$ million
Gross interest expense by month ($ million)
MonthTotalPublic issuesTrust funds
September 202692,59286,6555,936
August 202697,76981,72716,041
July 2026117,574100,51917,055
June 2026185,200100,86784,333
May 2026132,623106,43626,187
April 2026111,60191,56020,040
March 2026102,64491,59611,049
February 202693,48374,52618,958
January 202671,88873,470−1,582
December 2025154,36687,75466,611
Show 26 more rows
MonthTotalPublic issuesTrust funds
November 202596,25585,51710,737
October 2025104,40487,83616,567
September 202591,27082,0519,218
August 2025111,46687,54223,924
July 202596,32483,17913,145
June 2025144,62581,73062,895
May 202592,23082,9869,244
April 2025101,65084,61917,031
March 2025104,41390,60613,807
February 202585,87270,85915,013
January 202583,82175,7278,094
December 2024139,76279,32060,443
November 202486,59377,3909,203
October 202481,99877,6634,335
September 202484,44875,9138,535
August 202492,29376,70415,590
July 202488,54977,67410,876
June 2024140,23879,35360,885
May 2024103,04585,31017,735
April 2024102,44082,04420,396
March 202488,65481,9036,751
February 202476,16263,45012,712
January 202469,19664,6704,526
December 2023119,16167,08752,075
November 202379,92369,14810,775
October 202388,92672,75316,173
Interest by fiscal year ($ million; the running year is partial)
Fiscal yearMonthsGross interestNet interest
2026121,360,3971,051,754
2025121,220,025970,359
2024121,133,037881,651
202312882,598659,182
202212718,746475,121
202112562,388352,264
Show 11 more rows
Fiscal yearMonthsGross interestNet interest
202012522,767344,705
201912574,588375,606
201812523,017324,697
201712458,542262,781
201612432,650240,722
201512402,435223,336
201412430,812n/a
201312415,689n/a
201212359,796n/a
201112454,393n/a
2010 (so far)5189,541n/a
What is the average interest rate on US debt?On 30 September 2026
Average interest rate on debt outstanding, 30 September 2026
SecurityAverage rate
Treasury Bills3.870%
Treasury Notes3.383%
Treasury Bonds3.466%
Treasury Inflation-Protected Securities (TIPS)1.149%
Treasury Floating Rate Notes (FRN)4.141%
Total Marketable3.518%
Total interest-bearing debt3.531%
Total Marketable, a year earlier3.406%

Observed .

Does the US spend more on interest than on defense?The comparison is ours
Net interest and national defense outlays, fiscal year 2026 to 30 September 2026 ($ million; the comparison is ours)
OutlaysThis fiscal yearSame months a year earlier
Net interest1,051,754970,359
National defense965,160916,649
Net interest less defense86,59453,710
What do the figures leave out, and how are they cited?Limits, dates and how to cite

What this number cannot tell you

  • Net interest and defense are budget outlays as the Monthly Treasury Statement records them: net interest (budget function 900) and national defense (budget function 050), which covers the Department of Defense and defense work at other agencies, such as nuclear weapons at the Department of Energy. The comparison is ours, from two lines of the same statement.

Dates

Observed
Checked by us
Next expected

Metric No. 015 is gross interest expense on the public debt, fiscal year to date: how it is measured is on this page, and its change log is with the corrections.

How to cite this

U.S. Department of the Treasury, Bureau of the Fiscal Service, Interest Expense on the Public Debt Outstanding, through 30 September 2026. Compiled by 500metrics, https://500metrics.com/treasury/interest-cost.

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