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Oracle

ORCL NYSE Application Software Financials FY2017–FY2026

Oracle's revenue rose 17.4% to $67.4 billion in fiscal 2026. Its operating margin was 30.6%, down from 30.8% a year earlier. Free cash flow was −$23.7 billion. It paid out $5.9 billion in dividends and buybacks. The diluted share count rose 1.7%.

Last close · Oct 23, 2026

$126.16

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$67.4B
17.3% vs prior year
Operating margin Operating income as a share of revenue.
30.6%
0.2 pts
Net income Profit after all expenses, interest and tax.
$17.1B
37.3%
Free cash flow Cash from operations minus capital spending.
−$23.7B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.2%
2.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$378.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.8x
On $6.38 EPS (TTM)

What Oracle does

Oracle sells software, cloud computing services and hardware that businesses, governments and schools use to run their operations. Its best-known products are its database software and Java, along with business applications for finance, human resources, supply chains and sales, plus NetSuite for smaller companies and Oracle Health for hospitals and doctors. Customers can rent these as cloud services, run them in their own data centers, or mix the two.

Oracle reports three businesses: cloud and software, hardware, and services. Cloud and software is the largest. It covers cloud subscriptions, software licenses and the support contracts that nearly all license buyers add. Cloud revenue made up 51% of Oracle's total revenue in fiscal 2026, and its cloud infrastructure arm, which rents out computing power, storage and networking, including for training AI models, brought in 53% of cloud revenue. Oracle names Adobe, Alphabet, Amazon, Cisco, IBM, Intel, Microsoft, Salesforce, SAP and Workday among its competitors.

Oracle spent $10.3 billion on research and development in fiscal 2026. It sells directly through its own sales force and through partners. At the end of May 2026 it had about 141,000 full-time employees, roughly 49,000 of them in the United States.

Legal name
Oracle Corporation
Fiscal year ends
May 31, 2026
Latest annual report
10-K · Jun 22, 2026
Accession · CIK
0001193125-26-277521
0001341439

Revenue and margins

Oracle had $67.4B of revenue in fiscal 2026, up 17.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew 11.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$23.7B in fiscal 2026, −35.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Oracle returned $5.9B to shareholders in fiscal 2026. The diluted share count rose 1.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Oracle yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$105.3B and divides by 2,914.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.8x · peers 21.8x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Oracle can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $21.9B$10.2B$10.7B$11.2B$31.9B
Debt incl. finance leases $0.0M$90.5B$86.9B$95.5B$137.2B
Net debt / EBITDA −1.6x4.2x3.6x3.5x3.5x
Debt / equity ——10.0x4.7x3.2x
Interest coverage 4.0x3.7x4.4x4.9x4.5x
Current ratio 1.6x0.9x0.7x0.8x1.1x
Quick ratio 1.6x0.9x0.7x0.7x1.1x
Total assets $109.3B$134.4B$141.0B$168.4B$261.8B
Total liabilities $115.1B$132.8B$131.7B$147.4B$218.7B
Shareholders' equity −$6.2B$1.1B$8.7B$20.5B$42.5B
Net debt (− = net cash) −$21.9B$80.3B$76.2B$84.3B$105.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$3.5M

1 insider

Sold, 12 months

$99.3M

9 insiders

Of sales under plans

79%

$78.1M

DateInsiderTradeSharesPriceValueFiling
Sep 29, 2026 Stephen H RusckowskiDirector Bought 25,000 $139.35 $3.5M Form 4
Sep 22, 2026 Maria SmithEVP, Chief Accounting Officer Sold 2,631 $151.70 $0.4M Form 4
Sep 22, 2026 Michael D. SiciliaChief Executive Officer Sold plan 22,562 $151.59 $3.4M Form 4
Sep 16, 2026 Michael D. SiciliaChief Executive Officer Sold plan 10,882 $139.94 $1.5M Form 4
Jun 24, 2026 Jeffrey HenleyVice Chairman, Director Sold plan 400,000 $159.16 $63.7M Form 4
Apr 16, 2026 Stuart LeveyEVP, Chief Legal Officer Sold plan 15,000 $176.19 $2.6M Form 4
Feb 9, 2026 Clayton M. MagouyrkChief Executive Officer Sold 10,000 $155.23 $1.6M Form 4
Jan 15, 2026 Douglas A KehringEVP, Principal Financial Offcr Sold plan 35,000 $194.89 $6.8M Form 4
Dec 24, 2025 Mark HuraPres., Global Field Operations Sold 15,000 $196.89 $3.0M Form 4
Dec 23, 2025 Naomi O SeligmanDirector Sold 2,223 $196.61 $0.4M Form 4
Dec 19, 2025 Clayton M. MagouyrkChief Executive Officer Sold 10,000 $192.52 $1.9M Form 4
Oct 28, 2025 Jeffrey BergDirector Sold 49,365 $283.02 $14.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score 5 / 87 / 85 / 8
Accruals ratio −6.0%−5.4%−6.9%
Altman Z'' −0.140.240.80

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Oracle ORCL $378.5B 17.4% 30.6% −35.2% 14.2% 19.8x 5
Salesforce CRM $204.1B 9.6% 20.1% 34.7% 10.8% 22.7x 7 Compare →
Adobe ADBE $104.3B 10.5% 36.6% 41.5% 65.9% 14.7x 7 Compare →
Intuit INTU $95.1B 13.9% 27.4% 40.4% 22.0% — 6 Compare →
Workday WDAY $51.7B 13.1% 7.6% 29.1% 10.6% 42.5x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $37.8B $39.4B $39.5B $39.1B $40.5B $42.4B $50.0B $53.0B $57.4B $67.4B
Gross profit $23.0B $24.3B — — — — — — — —
Research and development $6.2B $6.1B $6.0B $6.1B $6.5B $7.2B $8.6B $8.9B $9.9B $10.3B
Operating income $12.9B $13.3B $13.5B $13.9B $15.2B $10.9B $13.1B $15.4B $17.7B $20.6B
Interest expense $1.8B $2.0B $2.1B $2.0B $2.5B $2.8B $3.5B $3.5B $3.6B $4.6B
Pretax income $11.5B $12.9B $12.3B $12.1B $13.0B $7.6B $9.1B $11.7B $14.2B $19.6B
Income tax $2.2B $8.8B $1.2B $1.9B −$747M $932M $623M $1.3B $1.7B $2.5B
Net income $9.5B $3.6B $11.1B $10.1B $13.7B $6.7B $8.5B $10.5B $12.4B $17.1B
Diluted EPS $2.24 $0.85 $2.97 $3.08 $4.55 $2.41 $3.07 $3.71 $4.34 $5.83
Diluted shares 4.22B 4.24B 3.73B 3.29B 3.02B 2.79B 2.77B 2.82B 2.87B 2.91B
Cash flow
Cash from operations $14.1B $15.4B $14.6B $13.1B $15.9B $9.5B $17.2B $18.7B $20.8B $32.0B
Capital expenditure $2.0B $1.7B $1.7B $1.6B $2.1B $4.5B $8.7B $6.9B $21.2B $55.7B
Free cash flow $12.1B $13.7B $12.9B $11.6B $13.8B $5.0B $8.5B $11.8B −$394M −$23.7B
Depreciation and amortization $2.5B $2.8B $2.9B $3.0B $2.9B $3.1B $6.1B $6.1B $6.2B $9.3B
Stock-based compensation $1.4B $1.6B $1.7B $1.6B $1.8B $2.6B $3.5B $4.0B $4.7B $4.8B
Acquisitions $11.2B $1.7B $363M $124M $41.0M $148M $27.7B $63.0M $0.0M $0.0M
Share buybacks $3.6B $11.3B $36.1B $19.2B $20.9B $16.2B $1.3B $1.2B $600M $95.0M
Dividends paid $2.6B $3.1B $2.9B $3.1B $3.1B $3.5B $3.7B $4.4B $4.7B $5.8B
Dividends and buybacks $6.2B $14.5B $39.1B $22.3B $24.0B $19.7B $5.0B $5.6B $5.3B $5.9B
Balance sheet
Cash and short-term investments $21.8B $67.3B $37.8B $43.1B $46.6B $21.9B $10.2B $10.7B $11.2B $31.9B
Total debt $48.1B $56.1B $56.2B $71.6B $84.2B $0.0M $90.5B $86.9B $92.6B $129.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.9B $7.7B
Current assets $74.5B $76.2B $46.4B $52.1B $55.6B $31.6B $21.0B $22.6B $24.6B $46.6B
Current liabilities $24.2B $19.1B $18.6B $17.2B $24.2B $19.5B $23.1B $31.5B $32.6B $41.8B
Inventory $300M $398M $320M $211M $142M $314M $298M $334M $303M $0.0M
Property and equipment, net $5.3B $5.9B $6.3B $6.2B $7.0B $9.7B $17.1B $21.5B $43.5B $100.0B
Total assets $135.0B $137.9B $108.7B $115.4B $131.1B $109.3B $134.4B $141.0B $168.4B $261.8B
Total liabilities $79.9B $91.0B $86.3B $102.7B $125.2B $115.1B $132.8B $131.7B $147.4B $218.7B
Shareholders' equity $53.9B $46.4B $21.8B $12.1B $5.2B −$6.2B $1.1B $8.7B $20.5B $42.5B
Margins
Gross margin 60.9% 61.7% — — — — — — — —
Operating margin 34.2% 33.7% 34.3% 35.6% 37.6% 25.7% 26.2% 29.0% 30.8% 30.6%
EBITDA margin 40.7% 40.8% 41.7% 43.2% 44.8% 33.1% 38.4% 40.6% 41.6% 44.4%
Net margin 25.0% 9.1% 28.1% 25.9% 34.0% 15.8% 17.0% 19.8% 21.7% 25.4%
FCF margin 32.0% 34.7% 32.6% 29.6% 34.0% 11.9% 17.0% 22.3% −0.7% −35.2%
Returns
Return on capital 14.0% 11.3% 32.0% 28.5% 35.8% — 45.0% 16.4% 16.3% 14.2%
Return on capital employed 12.6% 11.6% 13.0% 14.8% 14.8% 11.1% 13.0% 13.9% 14.4% 11.6%
Return on equity 18.7% 7.2% 32.5% 59.9% 158.8% — — — 85.4% 54.3%
Return on assets 7.7% 2.6% 9.0% 9.0% 11.2% 5.6% 7.0% 7.6% 8.0% 8.0%
Growth
Revenue growth 2.0% 4.2% 0.3% −1.1% 3.6% 4.8% 17.7% 6.0% 8.4% 17.4%
Net income growth 6.2% −62.1% 209.0% −8.6% 35.6% −51.1% 26.6% 23.1% 18.9% 37.3%
EPS growth 8.2% −62.1% 249.4% 3.7% 47.7% −47.0% 27.4% 20.9% 17.0% 34.3%
FCF growth −3.1% 12.8% −5.6% −10.2% 18.8% −63.4% 68.5% 39.4% −103.3% —
Share count change −2.0% 0.5% −11.9% −11.7% −8.3% −7.8% −0.7% 2.1% 1.5% 1.7%
Financial health
Net debt / EBITDA 1.7x −0.7x 1.1x 1.7x 2.1x −1.6x 4.2x 3.6x 3.5x 3.5x
Debt / equity 0.9x 1.2x 2.6x 5.9x — — — 10.0x 4.7x 3.2x
Interest coverage 7.2x 6.6x 6.5x 7.0x 6.1x 4.0x 3.7x 4.4x 4.9x 4.5x
Current ratio 3.1x 4.0x 2.5x 3.0x 2.3x 1.6x 0.9x 0.7x 0.8x 1.1x
Quick ratio 3.1x 4.0x 2.5x 3.0x 2.3x 1.6x 0.9x 0.7x 0.7x 1.1x
Capital allocation
Capex / revenue 5.4% 4.4% 4.2% 4.0% 5.3% 10.6% 17.4% 13.0% 37.0% 82.6%
Stock comp / revenue 3.6% 4.1% 4.2% 4.1% 4.5% 6.2% 7.1% 7.5% 8.1% 7.1%
Payouts / FCF 51.2% 106.1% 303.1% 192.7% 174.5% 391.9% 58.7% 47.4% — —
Quality scores
Piotroski F-score 7.0 5.0 5.0 7.0 5.0 5.0 6.0 5.0 7.0 5.0
Altman Z'' 4.5 4.4 2.7 2.6 1.9 0.4 −0.1 −0.1 0.2 0.8
Accruals ratio −3.8% −8.7% −2.8% −2.7% −1.7% −2.4% −7.1% −6.0% −5.4% −6.9%

Source: SEC EDGAR XBRL filings (CIK 0001341439). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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