| Income statement | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | $67.36B | $57.40B | $52.96B | $49.95B | $42.44B | $40.48B |
| R&D | $10.27B | $9.86B | $8.91B | $8.62B | $7.22B | $6.53B |
| Operating income | $20.61B | $17.68B | $15.35B | $13.09B | $10.93B | $15.21B |
| Operating margin | 30.6% | 30.8% | 29.0% | 26.2% | 25.7% | 37.6% |
| Income tax | $2.47B | $1.72B | $1.27B | $623.0M | $932.0M | -$747.0M |
| Net income | $17.09B | $12.44B | $10.47B | $8.50B | $6.72B | $13.75B |
| Net margin | 25.4% | 21.7% | 19.8% | 17.0% | 15.8% | 34.0% |
| EPS (diluted) | $5.83 | $4.34 | $3.71 | $3.07 | $2.41 | $4.55 |
| EPS (basic) | $5.94 | $4.46 | $3.82 | $3.15 | $2.49 | $4.67 |
| Shares (diluted) | 2.91B | 2.87B | 2.82B | 2.77B | 2.79B | 3.02B |
| Shares (basic) | 2.86B | 2.79B | 2.74B | 2.70B | 2.70B | 2.94B |
| Balance sheet | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Total assets | $261.76B | $168.36B | $140.98B | $134.38B | $109.30B | $131.11B |
| Cash & equivalents | $31.29B | $10.79B | $10.45B | $9.77B | $21.38B | $30.10B |
| Stockholders' equity | $42.51B | $20.45B | $8.70B | $1.07B | -$6.22B | $5.24B |
| Cash flow | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Operating cash flow | $31.98B | $20.82B | $18.67B | $17.16B | $9.54B | $15.89B |
| Capital expenditure | $55.66B | $21.21B | $6.87B | $8.70B | $4.51B | $2.13B |
| Free cash flow | -$23.69B | -$394.0M | $11.81B | $8.47B | $5.03B | $13.75B |
| Profitability | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Operating margin | 30.6% | 30.8% | 29.0% | 26.2% | 25.7% | 37.6% |
| EBITDA margin | 30.6% | 30.8% | 29.0% | 26.2% | 25.7% | 37.6% |
| Net margin | 25.4% | 21.7% | 19.8% | 17.0% | 15.8% | 34.0% |
| Returns | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Return on equity | 40.2% | 60.8% | 120.3% | 792.5% | -108.0% | 262.4% |
| Return on assets | 6.5% | 7.4% | 7.4% | 6.3% | 6.1% | 10.5% |
| Return on capital employed | 9.4% | 13.0% | 14.0% | 11.8% | 12.2% | 14.2% |
| Liquidity | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Current ratio | 1.12 | 0.75 | 0.72 | 0.91 | 1.62 | 2.30 |
| Quick ratio | — | 0.74 | 0.70 | 0.90 | 1.61 | 2.29 |
| Cash ratio | 0.75 | 0.33 | 0.33 | 0.42 | 1.10 | 1.25 |
| Working capital | $4.80B | -$8.06B | -$8.99B | -$2.09B | $12.12B | $31.40B |
| Leverage | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Debt to equity | 3.23 | 4.67 | 9.98 | 84.33 | -12.20 | 16.08 |
| Debt to assets | 0.52 | 0.57 | 0.62 | 0.67 | 0.69 | 0.64 |
| Net debt | $105.95B | $84.72B | $76.42B | $80.72B | $54.48B | $54.15B |
| Net debt / EBITDA | 5.14 | 4.79 | 4.98 | 6.16 | 4.99 | 3.56 |
| Interest coverage | 4.5× | 4.9× | 4.4× | 3.7× | 4.0× | 6.1× |
| Financial leverage | 6.16 | 8.23 | 16.20 | 125.24 | -17.57 | 25.03 |
| Efficiency | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Asset turnover | 0.26 | 0.34 | 0.38 | 0.37 | 0.39 | 0.31 |
| Receivables turnover | 6.49 | 6.71 | 6.73 | 7.22 | 7.13 | 7.48 |
| Days sales outstanding | 56 days | 54 days | 54 days | 51 days | 51 days | 49 days |
| Cash flow | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Free cash flow | -$23.69B | -$394.0M | $11.81B | $8.47B | $5.03B | $13.75B |
| Free cash flow margin | -35.2% | -0.7% | 22.3% | 17.0% | 11.8% | 34.0% |
| Income quality (CFO / net income) | 1.87 | 1.67 | 1.78 | 2.02 | 1.42 | 1.16 |
| Capex to revenue | 82.6% | 37.0% | 13.0% | 17.4% | 10.6% | 5.3% |
| Per share | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue per share | $23.55 | $20.58 | $19.30 | $18.53 | $15.72 | $13.74 |
| Book value per share | $14.86 | $7.33 | $3.17 | $0.40 | $-2.30 | $1.78 |
| Cash per share | $10.94 | $3.87 | $3.81 | $3.62 | $7.92 | $10.22 |
| Free cash flow per share | $-8.28 | $-0.14 | $4.30 | $3.14 | $1.86 | $4.67 |
| Growth | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue growth (YoY) | 17.3% | 8.4% | 6.0% | 17.7% | 4.8% | — |
| Net income growth (YoY) | 37.3% | 18.9% | 23.1% | 26.6% | -51.1% | — |
| EPS growth (YoY) | 33.2% | 16.8% | 21.3% | 26.5% | -46.7% | — |
Oracle Corporation is one of the world's largest enterprise software and cloud infrastructure companies, with a business spanning the Oracle Database (the flagship product since the company's founding), enterprise applications (NetSuite, Fusion ERP and HCM), cloud infrastructure (Oracle Cloud Infrastructure, or OCI), and a substantial legacy of on-premises licensed software supporting tens of thousands of large enterprise customers globally.
The Oracle Database is the strategic foundation of the company. Decades of mission-critical workload deployment, particularly within financial services, manufacturing, telecommunications, and government, have produced one of the most durable installed bases in enterprise technology. The database supports transaction processing, analytics, and increasingly converged workloads through Autonomous Database, the company's managed cloud offering. Oracle's strategic argument to enterprise customers is that the database installed base is structurally easier to migrate to Oracle's own cloud than to a competing cloud provider.
OCI has emerged as a meaningful hyperscale cloud platform alongside AWS, Microsoft Azure, and Google Cloud. Oracle's cloud strategy under CEO Safra Catz and Chairman Larry Ellison has combined aggressive pricing on compute and networking with strategic partnerships, most consequentially with OpenAI through the Stargate project for very large AI compute build-outs jointly committed with Microsoft and SoftBank. The OpenAI relationship has positioned OCI as the third major cloud anchor for frontier AI infrastructure, alongside Microsoft and Amazon.
Enterprise applications anchor the second-largest segment. NetSuite, acquired in 2016 for $9.3 billion, serves mid-market enterprises with cloud ERP. Fusion ERP and HCM serve large enterprises with cloud-based finance, supply chain, and human capital applications. Oracle's enterprise applications strategy has been to migrate the on-premises licensed installed base to cloud-based subscription delivery while competing with Salesforce, Workday, and SAP for new enterprise application footprints.
The legacy software business, while declining as a share of total revenue, continues to generate substantial cash flow from maintenance and support of on-premises database and application installations. Oracle's capital allocation under the Catz/Ellison leadership has combined heavy investment in OCI expansion with significant share repurchases and dividends.
Oracle's positioning in the AI infrastructure cycle is structurally distinctive among the hyperscale cloud platforms. The company is younger in cloud scale than AWS or Azure, but the OpenAI partnership and Stargate project have committed multi-gigawatt AI compute build-outs that materially compound OCI's AI infrastructure footprint. The strategic logic combines Oracle's enterprise database installed base (a structural customer base for AI workloads on enterprise data) with the OpenAI anchor relationship (a frontier AI lab partnership analogous to Microsoft / OpenAI and Amazon / Anthropic).
The principal exposures include continued execution on OCI growth against the much larger AWS and Azure platforms, integration of the Cerner acquisition (which expanded Oracle into healthcare IT and electronic health records), and the structural transition from perpetual license to subscription delivery models.
Co-founded Oracle in 1977 in Santa Clara, California (originally as Software Development Laboratories, renamed to Oracle in 1982). Served as CEO from 1977 to 2014, when Safra Catz and Mark Hurd succeeded him as co-CEOs. Continues as Chairman and Chief Technology Officer, remaining the public face of Oracle's product and infrastructure strategy.
Co-founded Oracle with Larry Ellison and Ed Oates in 1977. Led the database engineering team through Oracle's first several major versions, designing the core database internals. Stepped back from operational roles in the early 1990s; died in 1994.
Co-founded Oracle with Larry Ellison and Bob Miner in 1977, having worked with Ellison previously at Ampex. Departed operational roles in 1992. Did not return to the company.
Oracle's customer base concentrates among the largest enterprises and public-sector institutions globally. Fortune 500 enterprises across financial services, manufacturing, telecommunications, energy, healthcare, and retail are the structural foundation: Oracle Database has been the mission-critical record-of-truth system for these customers for multiple decades. Mid-market enterprises buy NetSuite ERP for cloud-native finance and operations. Public sector and defense customers are major Oracle consumers across both legacy applications and OCI cloud services. Healthcare and life sciences customers, including those acquired through the Cerner transaction, represent a strategically expanded segment. OpenAI is the anchor reference customer for OCI's AI infrastructure capability, with the Stargate joint commitment driving substantial compute deployment. AI-native enterprises and frontier model labs increasingly evaluate OCI for compute-intensive workloads given the company's aggressive pricing and capacity availability.
| Date | Insider | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Option exercise | 400,000 | $40.93 | $16M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 74,969 | $156.06 | $12M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 78,559 | $157.02 | $12M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 45,872 | $157.89 | $7M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 16,802 | $159.07 | $3M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 62,582 | $160.08 | $10M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 48,353 | $160.86 | $8M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 16,809 | $162.18 | $3M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 15,122 | $163.00 | $2M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 26,603 | $164.00 | $4M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 13,529 | $164.91 | $2M |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Sell | 800 | $165.57 | $132,456 |
| Jun 24, 2026 | Henley Jeffrey | Vice Chairman · Director | Option exercise | 400,000 | — | — |
| May 31, 2026 | Moorman Charles W | Director | Option exercise | 2,114 | — | — |
| May 31, 2026 | Mihaljevic Tomislav | Director | Grant | 1,550 | — | — |
Source: SEC Form 4. Grants, gifts and option exercises show no market value.
404 institutional holders · $1.6B · 13F, Jun 2026
| Holder | Shares | Value |
|---|---|---|
| Assenagon Asset Management S.A. | 1,718,790 | $252M |
| Handelsbanken Fonder Ab | 744,934 | $109M |
| Cardano Risk Management B.V. | 512,981 | $75M |
| Czech National Bank | 482,993 | $71M |
| Shankervalleau Wealth Advisors, Inc. | 316,425 | $46M |
| Pensiondanmark Pensionsforsikringsaktieselskab | 313,584 | $46M |
| Qrg Capital Management, Inc. | 300,056 | $44M |
| Douglas Lane & Associates, Llc | 298,762 | $44M |
| Aegon Asset Management Uk Plc | 286,674 | $42M |
| Eastern Bank | 281,261 | $41M |
| Avity Investment Management Inc. | 181,835 | $27M |
| Howland Capital Management Llc | 177,635 | $26M |
| Franklin Street Advisors Inc /Nc | 161,489 | $24M |
| Neville Rodie & Shaw Inc | 159,714 | $23M |
| Godsey & Gibb, Inc | 147,306 | $22M |
| Chesley Taft & Associates Llc | 147,204 | $22M |
| Y-Intercept (Hong Kong) Ltd | 146,923 | $22M |
| Davenport & Co Llc | 139,325 | $20M |
| Mogy Joel R Investment Counsel Inc | 124,961 | $18M |
| Fisher Funds Management Ltd | 110,066 | $16M |
Source: SEC Form 13F (latest reported quarter; managers file up to 45 days after quarter-end).
What does Oracle do?
Who founded Oracle?
When did Oracle go public?
What is OCI?
What is Stargate?
Who are Oracle's main competitors?
Why did Oracle acquire Cerner?
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