Hidden Future Pain

Most of the pain in the maturity wall hasn't happened yet. Debt issued in the low-rate era still pays its old coupon — until it matures and rolls over at today's yields. Because each refinanced bond keeps paying the new rate, the added cost compounds year after year. This page projects that build-up: the change in each company's annual interest run-rate as its schedule rolls, assuming today's ICE BofA index yields hold.

Added Interest, +1 Year

$2.6B/yr

+3 Years

$7.4B/yr

+5 Years

$11.3B/yr

Companies Projected

The interest bill, building by the year

Net projected change in aggregate annual interest run-rate ($B/yr) once all debt maturing up to each horizon has refinanced at today's yields. Stacked by sector.

Where the pain concentrates

Ranked by the five-year-horizon interest increase as a share of operating income. The mini bars show how each company's pain builds from +1 to +5 years.

Company	Rolls by +5yr	Added interest at +5yr	% of op. income
Newell Brands NWL · est. CCC	$3.1B	+$386M/yr	990.2%
American Airlines Group AAL · est. CCC	$22.0B	+$2.0B/yr	134.8%
On Semiconductor ON · est. BBB	$2.2B	+$97M/yr	115.2%
Warner Bros. Discovery WBD · est. B	$21.7B	+$256M/yr	34.6%
Alaska Air Group ALK · est. A	$2.6B	+$99M/yr	32.8%
Microchip Technology MCHP · est. BBB	$6.4B	+$152M/yr	30.9%
Equinix EQIX · est. AA	$10.6B	+$388M/yr	21.0%
Diamondback Energy FANG · est. AA	$5.1B	+$191M/yr	15.1%
Norwegian Cruise Line Holdings NCLH · est. BB	$9.6B	+$206M/yr	13.2%
Wec Energy Group WEC · est. BBB	$11.5B	+$280M/yr	12.5%
Eversource Energy ES · est. BBB	$11.8B	+$359M/yr	12.0%
Cvs Health CVS · est. BB	$20.4B	+$465M/yr	10.0%
Wynn Resorts WYNN · est. B	$7.8B	+$87M/yr	7.8%
Highwoods Properties HIW · est. BBB	$2.3B	+$42M/yr	7.6%
Tesla TSLA · est. AAA	$7.9B	+$312M/yr	7.2%
American Electric Power AEP · est. BBB	$13.8B	+$334M/yr	6.3%
Kroger KR · est. AA	$4.2B	+$118M/yr	6.3%
Xcel Energy XEL · est. B	$3.6B	+$149M/yr	5.8%
Duke Energy DUK · est. BBB	$23.8B	+$453M/yr	5.2%
Verizon Communications VZ · est. A	$59.1B	+$1.5B/yr	5.2%
Las Vegas Sands LVS · est. BBB	$11.2B	+$132M/yr	4.7%
Dell Technologies DELL · est. A	$15.6B	+$345M/yr	4.2%
Cisco Systems CSCO · est. AAA	$10.5B	+$458M/yr	3.0%
Marvell Technology MRVL · est. A	$2.7B	+$40M/yr	3.0%
Illinois Tool Works ITW · est. AAA	$3.8B	+$122M/yr	2.9%

Assumptions, stated plainly

Every maturing bucket is assumed to refinance (not be repaid from cash) at the current ICE BofA effective yield for the company's synthetic rating bucket, and yields are assumed to stay at today's levels (2026-10-15) for five years — no cuts, no hikes, no spread moves. Reality will differ; the value here is seeing which companies' income statements are most exposed to the rollover, and how the exposure is sequenced. Full method on the methodology page; each company page shows the same projection with its inputs, plus a rate slider to test other yield levels.