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Oracle

Oracle's cloud infrastructure revenue grew 77% in fiscal 2026 as its debt climbed

Cloud infrastructure brought in $18.1B in the year to May 31, 2026, up 76.9%, out of $67.4B in total revenues. Total debt rose to $129.5B from $92.6B.

Prepared from SEC filings · Latest annual report: 10-K for FY2026 (filed Jun 22, 2026) · Latest quarter: 10-Q for the quarter ended Aug 31, 2026 (filed Sep 11, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2026, which ended May 31, 2026, Oracle (NYSE: ORCL) took in $67.4B of total revenues (up 17.3% on fiscal 2025); net income was $17.1B (up 37.3%). The most recent quarter, ended Aug 31, 2026, brought revenue of $19.3B, up 29.6% year over year, with net income of $4.8B. Cloud and software was the biggest single line by business: 87% of fiscal 2026 total revenues. Sources: 10-K for fiscal 2026 (filed Jun 22, 2026) and 10-Q for the quarter ended Aug 31, 2026 (filed Sep 11, 2026).

Revenue$67.4BFY2026 · +17.3% vs FY2025
Net income$17.1BFY2026 · +37.3% vs FY2025
Operating cash flow$32.0BFY2026 · +53.6% vs FY2025
Cash & equivalents$36.4Bat Aug 31, 2026 · +16.2% vs FY2026 end
Total debt$125.3Bat Aug 31, 2026 · −3.2% vs FY2026 end
Diluted shares2.91BFY2026 avg · +1.7% vs FY2025
Total revenues and net income, three fiscal yearsBy fiscal year, $bn
Total revenuesNet income
Total revenues and net income by fiscal yearTotal revenues FY2024: $53.0B53.0Net income FY2024: $10.5B10.5FY2024Total revenues FY2025: $57.4B57.4Net income FY2025: $12.4B12.4FY2025Total revenues FY2026: $67.4B67.4Net income FY2026: $17.1B17.1FY2026

Source: 10-K FY2026, filed Jun 22, 2026

Quarterly total revenues: fiscal 2027 vs a year earlierFiscal Q1, $bn (each quarter from that quarter's 10-Q)
FY2026FY2027
Quarterly total revenues, fiscal 2027 vs 2026FY2026 Q1: $14.9B14.9FY2027 Q1: $19.3B19.3Q1

Source: 10-Q filed Sep 11, 2026

How it makes money

FY2026 total by categoryCloud and software: $58.5B (87%)Hardware: $3.1B (5%)Services: $5.7B (9%)$67.4BFY2026 total

By business, FY2026

  • LineAmountSharevs FY2025
  • Cloud and software$58.5B87%+18.9%
  • Hardware$3.1B5%+5.0%
  • Services$5.7B9%+9.7%

Source: 10-K FY2026, XBRL breakdown

Cloud and software was 87% of FY2026 revenue. Within it, software support was still the largest single line at $19.8B, but cloud infrastructure ($18.1B) has grown from $6.8B in FY2024. Cloud applications brought in $15.9B.

By business: three-year mixShare of the total each fiscal year
Cloud and softwareHardwareServices

Source: 10-K FY2026

Cloud and software, by type, FY2026

Cloud infrastructure$18.1B27%+76.9%
Cloud applications$15.9B24%+11.3%
Software support$19.8B29%+1.4%
Software license$4.7B7%−8.9%

Share is of FY2026 total revenues; the items listed don't cover all of it. The last column is the change from FY2025.

What changed last quarter

How the quarter compared with a year earlier

Comparing Q1 FY2027 (Jun to Aug 2026) compared with Q1 FY2026 (Jun to Aug 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q1 FY2027Q1 FY2026

Company

Revenue
$19.3B Q1 FY2027
$14.9B Q1 FY2026
29.6% increase
Net income
$4.8B Q1 FY2027
$2.9B Q1 FY2026
62.6% increase

Source: Oracle 10-Q for the quarter ended Aug 31, 2026, filed Sep 11, 2026

By business

Cloud and software
$17.2B Q1 FY2027
$12.9B Q1 FY2026
32.9% increase
Services
$1.4B Q1 FY2027
$1.3B Q1 FY2026
4.8% increase
Hardware
$774M Q1 FY2027
$670M Q1 FY2026
15.5% increase

Source: Oracle 10-Q for the quarter ended Aug 31, 2026, filed Sep 11, 2026

Cloud and software

Cloud infrastructure
$7.4B Q1 FY2027
$3.3B Q1 FY2026
120.7% increase
Software support
$4.9B Q1 FY2027
$5.0B Q1 FY2026
1.2% decrease
Cloud applications
$4.2B Q1 FY2027
$3.8B Q1 FY2026
9.9% increase
Software license
$655M Q1 FY2027
$766M Q1 FY2026
14.5% decrease

Source: Oracle 10-Q for the quarter ended Aug 31, 2026, filed Sep 11, 2026

  • Cash & equivalents $36.4B at Aug 31, 2026, vs $31.3B at FY2026 end.
  • Total debt $125.3B at Aug 31, 2026, vs $129.5B at FY2026 end.
  • Operating cash flow, first 3 months of fiscal 2027: $23.1B vs $8.1B a year earlier.

The bull case and the bear case

The bull case

  • Total revenues grew 17.3% in FY2026 to $67.4B, and net income rose 37.3% to $17.1B. 10-K, FY2026
  • Cloud infrastructure revenue rose 76.9% in FY2026 to $18.1B, after rising 49.6% the year before. 10-K, FY2026
  • Revenue in the quarter ended Aug 31, 2026 was $19.3B, up 29.6% on a year earlier, and net income rose 62.6% to $4.8B. 10-Q, quarter ended Aug 31, 2026
  • Operating cash flow was $32.0B in FY2026, up 53.6% from $20.8B. 10-K, FY2026

The bear case

  • Total debt was $129.5B at May 31, 2026, up from $92.6B a year earlier and $86.9B two years earlier. 10-K, FY2026
  • Software license revenue fell 8.9% in FY2026 to $4.7B. 10-K, FY2026
  • Software support, its largest line, grew only 1.4% in FY2026. 10-K, FY2026
  • The 10-K warns that building cloud capacity takes large spending and long-term commitments for data centers, power and components, some from single suppliers. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Oracle sells database and business software, cloud infrastructure and cloud applications, plus the support contracts, hardware and services that go with them.

Oracle reports three businesses. Cloud and software covers cloud services (Oracle Cloud Infrastructure, where customers rent computing power and storage, and cloud applications such as Fusion and NetSuite), software license support, and new software licenses. Hardware covers servers and storage systems. Services covers consulting and advanced customer services.

It runs its cloud from a global network of data centers it operates or leases. Its fiscal year ends on May 31, so FY2026 means the year to May 31, 2026.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Oracle's latest 10-K. Read the original for the full list.

  1. Cloud buildoutExpanding data center capacity needs heavy investment and long-term commitments, and demand may not match the capacity built.
  2. CompetitionIt competes with large cloud providers and software companies on price, features and speed.
  3. SuppliersSome components and technologies come from a single vendor, so shortages or price rises can delay its cloud and hardware.
  4. Debt and financingIt has taken on substantial debt and lease obligations, which brings interest costs and refinancing risk.
  5. Security and outagesCyberattacks, data breaches or service disruptions could hurt customers and its reputation.
  6. International and legalCurrency moves, foreign regulation, data-privacy laws and litigation can raise costs.
  7. People and controlIt depends on key executives and skilled staff; its founder holds a large stake and significant influence.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2024FY2025FY2026
Total revenues$53.0B$57.4B$67.4B
Net income$10.5B$12.4B$17.1B
Operating cash flow$18.7B$20.8B$32.0B
Cash & equivalents (year end)$10.5B$10.8B$31.3B
Total debt (year end)$86.9B$92.6B$129.5B
Diluted shares2.82B2.87B2.91B
  • Total revenues: Cloud services, software licenses and support, hardware and services.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current and long-term notes payable and borrowings, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Oracle's latest 10-Q covers the first quarter of fiscal 2027, the quarter ended Aug 31, 2026.
  • Total debt is notes payable plus long-term notes and loans, at carrying value.

Recent filings

FormFiledPeriod
DEF 14ASep 25, 2026Nov 18, 2026
10-QSep 11, 2026Aug 31, 2026
10-KJun 22, 2026May 31, 2026

Latest filings

  1. Oct 197:40 PM ET

    Form 4

    Oracle CEO Michael D. Sicilia reports an award of 446,197 restricted stock units

    The filing reports 446,197 restricted stock units in a grant or award (code A).

  2. Oct 197:38 PM ET

    Form 4

    Oracle Chief Accounting Officer Maria Smith reports an award of 66,930 restricted stock units

    The filing reports 66,930 restricted stock units in a grant or award (code A).

  3. Oct 197:35 PM ET

    Form 4

    Oracle CFO Hilary B. Maxson reports an award of 89,240 restricted stock units

    The filing reports 89,240 restricted stock units in a grant or award (code A).

  4. Oct 197:33 PM ET

    Form 4

    Oracle CEO Clayton M. Magouyrk reports an award of 446,197 restricted stock units

    The filing reports 446,197 restricted stock units in a grant or award (code A).

  5. Oct 197:32 PM ET

    Form 4

    Oracle Chief Legal Officer Stuart Levey reports an award of 104,113 restricted stock units

    The filing reports 104,113 restricted stock units in a grant or award (code A).

All Oracle filings notes →

Common questions about Oracle

How does Oracle make money?

In fiscal 2026, total revenues totaled $67.4B. Cloud and software was 87% of FY2026 revenue. Within it, software support was still the largest single line at $19.8B, but cloud infrastructure ($18.1B) has grown from $6.8B in FY2024. Cloud applications brought in $15.9B. Source: 10-K for fiscal 2026, filed Jun 22, 2026.

What was Oracle's revenue in fiscal 2026?

Total revenues came to $67.4B in the year ended May 31, 2026. Going back two years, it was $53.0B in fiscal 2024 and $57.4B in fiscal 2025, so the latest year was up 17.3%. Source: 10-K for fiscal 2026, filed Jun 22, 2026.

Is Oracle profitable?

Yes, by US accounting rules (GAAP): net income was $17.1B in fiscal 2026, up 37.3% from $12.4B a year earlier. For the quarter ended Aug 31, 2026, net income was $4.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Jun 22, 2026.

What did Oracle report in its latest quarterly filing?

The 10-Q for the quarter ended Aug 31, 2026 shows revenue of $19.3B, against $14.9B in the same quarter a year before (up 29.6%), and net income of $4.8B, against $2.9B (up 62.6%). Source: 10-Q for the quarter ended Aug 31, 2026, filed Sep 11, 2026.

How much cash and debt does Oracle have?

On Aug 31, 2026, cash and cash equivalents stood at $36.4B and total debt at $125.3B. Total debt here is current and long-term notes payable and borrowings, at carrying value. Source: 10-Q filed Sep 11, 2026.

What are the main risks Oracle lists?

Item 1A of the fiscal 2026 10-K (filed Jun 22, 2026) sets out the risks. Grouped, they fall into 7 areas: Cloud buildout; competition; suppliers; debt and financing; security and outages; international and legal; people and control. To start with the first: Expanding data center capacity needs heavy investment and long-term commitments, and demand may not match the capacity built. Source: 10-K, Item 1A Risk Factors.

Where do these Oracle numbers come from?

Two filings Oracle made with the SEC: its fiscal 2026 10-K, filed Jun 22, 2026, and its 10-Q for the quarter ended Aug 31, 2026, filed Sep 11, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ORCL
The editor holds no position in Oracle (ORCL). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell ORCL from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ORCL, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
OracleORCLFY2026$67.4B+17.3%$17.1B
MicrosoftMSFTFY2026$331.8B+17.8%$133.7B
SalesforceCRMFY2026$41.5B+9.6%$7.5B
IBMFY2025$67.5B+7.6%$10.6B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.