Corporate America's Debt Binge Hits Record Levels — These S&P 500 Companies Are Most Exposed

U.S. nonfinancial corporate debt has reached unprecedented levels in 2026, with companies expected to borrow more money than ever this year according to Marketplace. As the Federal Reserve holds rates steady amid the ongoing Iran-driven energy crisis, the gap between overleveraged and conservatively-financed companies has never been wider.

Record Borrowing Meets Rising Rates

According to Fortune (March 16), U.S. government debt is now competing directly with record corporate bond supply, pushing up the cost of federal borrowing. The Federal Reserve's Financial Accounts data (series BCNSDODNS) tracks nonfinancial corporate debt securities and loans — a figure that has climbed steadily since the pandemic-era borrowing spree.

The Fed kept interest rates unchanged at its March 18 meeting, per Marketplace, leaving corporations to refinance existing debt at elevated rates. For companies that loaded up on cheap debt during the 2020-2022 zero-rate era, the refinancing wall is now hitting.

Which Companies Are Most Exposed?

Not all leverage is created equal. Some S&P 500 companies have debt-to-equity ratios above 20x, and a handful have negative equity entirely — meaning their liabilities exceed their total assets.

Our Debt-to-Equity Rankings tool lets you search, sort, and filter all 150 most leveraged S&P 500 companies by sector, D/E ratio, total debt, and current ratio.

The Refinancing Wall Problem

With import prices sky-high according to Marketplace (March 25) and the Iran conflict having removed roughly 15 million barrels per day from global oil supply (Marketplace, March 23), input costs are squeezing margins at exactly the moment debt payments are resetting higher.

Companies with high current ratios (above 1.5) have a buffer. Those with current ratios below 1.0, combined with high D/E, are in a precarious position.

What Investors Should Watch

Sources: Fortune (Mar 16, 2026), Marketplace/APM (Mar 18, 23, 25, 2026), Federal Reserve (FRED). Company data from SEC filings.