ORCL earnings analysis
What we found in ORCL's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Oracle Corporation's fiscal 2026 10-K report highlights significant growth in cloud revenues, with total revenue reaching $67.4 billion, an increase of 17% year-over-year. The company's cloud and software segment accounted for 87% of total revenues, while hardware and services segments showed modest increases. Free cash flow remained negative at -$23.7 billion, indicating concern over operational cash generation despite strong revenue growth.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Total Revenue Growth
- Oracle's total revenues grew to $67.4 billion in FY 2026, up 17% from $57.4 billion in FY 2025.
- Strong Cloud Revenue Performance
- Cloud revenues increased 23% year-over-year to $33.9 billion, contributing 51% to total revenues.
- Improved EPS
- Diluted EPS rose to $5.83 in FY 2026, compared to $4.34 in FY 2025, reflecting strong net income.
- Reduction in Amortization of Intangible Assets
- Amortization of intangible assets decreased to $1.7 billion in FY 2026 from $2.3 billion in FY 2025.
- Increased Remaining Performance Obligations
- Remaining performance obligations increased significantly to $638 billion in FY 2026, a jump from $138 billion in FY 2025.
- Expansion in Cash and Equivalents
- Cash and marketable securities rose to $31.9 billion, a substantial increase from $11.2 billion in FY 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Negative Free Cash Flow
- Free cash flow was -$23.7 billion for FY 2026, raising concerns about the sustainability of operational cash generation.
- High Capital Expenditures
- Capital expenditures soared to $55.7 billion, driven by data center expansions, which may impact liquidity.
- Dependence on Cloud Infrastructure Contracts
- Oracle's growth heavily relies on cloud subscriptions, making it vulnerable to market fluctuations in this segment.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $5.83
- Gross margin
- 58.93%
- Operating margin
- 30.6%
- Segment
- Cloud and Software
- Segment
- Hardware
- Segment
- Services
What they said about what is next.
No explicit numeric guidance provided in the 10-K; further details expected in Q1 FY 2027 earnings call.
The filing reads about the same as the one before it.
What came before.
- 10-Q · March 11, 2026
- Oracle reported revenue of $17,190 million for the quarter ended February 28, 2026, up $3,060 million (21.7% YoY) driven primarily by Cloud revenue growth. Gross margin contracted to 64.6% while operating margin…
- 10-Q · December 11, 2025
- Oracle reported strong quarter-to-year operating performance with total revenues of $16,058 million and diluted EPS of $2.10 for the three months ended November 30, 2025, materially above prior-year EPS. Growth was…
- 10-Q · September 10, 2025
- Oracle reported quarterly revenue of $14,926 million, up $1,619 million (12.2%) versus $13,307 million a year ago, driven by a $1,563 million (27.8%) increase in Cloud revenue to $7,186 million. Operating income rose to…
- 10-Q · March 11, 2025
- Oracle reported quarterly revenue of $14,130 million (up $850 million vs. $13,280 million a year earlier) and diluted EPS of $1.02 (up $0.17 vs. $0.85 a year earlier). Operating income improved to $4,358 million and…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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