This research provides comparative, theory-based, and contextual examination of the capital structure practices of top Indian and American information technology (IT) firms. Leveraging core theories like Modigliani-Miller, Trade-off, and Pecking Order, the study investigates determinants and patterns of capital structure choices under two different economic settings. Based on secondary data in the form of annual reports and financial releases for 2021–2024, the research compares important indicators-such as debt-equity ratios and return on equity-for prominent Indian companies (Infosys, TCS, Wipro, HCL Technologies, Tech Mahindra) and their American equivalents (Apple, Microsoft, IBM, Oracle, Adobe). The results identify that Indian IT firms always have conservative leverage, majority financed by equity, whereas U.S. companies exhibit a more strategic and inconsistent pattern of debt usage. Contextual dimensions including regulatory environments, market development, and company-specific traits have a strong impact on such practices. The research reports similarities as well as differences in capital structure decisions and provides insights for practitioners, policymakers, and researchers concerned with global financial management and corporate strategy.