Revenue growth has accelerated to 20.6% in 2026Q4, though gross margins have contracted from a 72.5% peak in 2024Q4 to 65.2% due to the shift toward capital-intensive cloud services.
| Metric | May'26 | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 |
|---|
| Sales/Revenue | 67.36B | 57.4B | 52.96B | 49.95B | 42.44B | 40.48B | 39.07B | 39.51B | 39.83B | 37.73B | 37.05B | 38.23B | 38.27B | 37.18B | 37.12B | 35.62B | 26.82B | 23.25B | 22.43B | 18B | 14.38B | 11.8B | 10.16B | 9.47B | 9.67B | 10.86B | 10.13B | 8.83B | 7.14B | 5.68B |
| Revenue Growth % | 17.35% | 8.38% | 6.02% | 17.71% | 4.84% | 3.61% | -1.11% | -0.82% | 5.57% | 1.84% | -3.08% | -0.13% | 2.95% | 0.16% | 4.21% | 32.82% | 15.34% | 3.66% | 24.64% | 25.15% | 21.87% | 16.18% | 7.19% | -2.05% | -10.93% | 7.2% | 14.76% | 23.56% | 25.68% | 34.59% |
| Cost of Goods Sold | 23.44B | 16.93B | 15.14B | 13.56B | 8.88B | 7.86B | 7.94B | 8B | 8.06B | 7.45B | 7.48B | 7.53B | 7.24B | 7.38B | 8B | 8.4B | 5.76B | 4.79B | 4.98B | 4.19B | 3.23B | 2.65B | 2.32B | 2.34B | 2.41B | 2.8B | 2.94B | 3.06B | 2.27B | 1.55B |
| COGS % of Revenue | 34.8% | 29.49% | 28.59% | 27.15% | 20.92% | 19.41% | 20.32% | 20.24% | 20.24% | 19.75% | 20.19% | 19.7% | 18.91% | 19.85% | 21.54% | 23.58% | 21.49% | 20.62% | 22.21% | 23.29% | 22.5% | 22.47% | 22.81% | 24.72% | 24.87% | 25.75% | 29.05% | 34.71% | 31.83% | 27.28% |
| Gross Profit | 43.92B | 40.47B | 37.82B | 36.39B | 33.56B | 32.62B | 31.13B | 31.51B | 31.77B | 30.28B | 29.57B | 30.69B | 31.04B | 29.8B | 29.13B | 27.22B | 21.06B | 18.46B | 17.45B | 13.8B | 11.14B | 9.15B | 7.84B | 7.13B | 7.27B | 8.06B | 7.19B | 5.76B | 4.87B | 4.13B |
| Gross Margin % | 65.2% | 70.51% | 71.41% | 72.85% | 79.08% | 80.59% | 79.68% | 79.76% | 79.76% | 80.25% | 79.81% | 80.3% | 81.09% | 80.15% | 78.46% | 76.42% | 78.51% | 79.38% | 77.79% | 76.71% | 77.5% | 77.53% | 77.19% | 75.28% | 75.13% | 74.25% | 70.95% | 65.29% | 68.17% | 72.72% |
| Gross Profit Growth % | 8.51% | 7.02% | 3.92% | 8.42% | 2.88% | 4.8% | -1.21% | -0.82% | 4.94% | 2.39% | -3.67% | -1.11% | 4.15% | 2.32% | 6.99% | 29.29% | 14.08% | 5.78% | 26.4% | 23.87% | 21.83% | 16.7% | 9.9% | -1.84% | -9.88% | 12.19% | 24.71% | 18.33% | 17.81% | 32.19% |
| Operating Expenses | 23.14B | 22.79B | 22.46B | 23.3B | 22.64B | 17.41B | 17.23B | 17.98B | 18.08B | 17.43B | 16.96B | 16.82B | 16.28B | 15.12B | 15.42B | 15.19B | 11.99B | 10.14B | 9.61B | 7.83B | 6.41B | 5.13B | 3.98B | 3.69B | 3.7B | 4.29B | 4.11B | 3.89B | 3.46B | 2.83B |
| OpEx % of Revenue | 34.36% | 39.71% | 42.42% | 46.64% | 53.34% | 43.01% | 44.11% | 45.5% | 45.38% | 46.19% | 45.79% | 44.01% | 42.53% | 40.66% | 41.54% | 42.64% | 44.72% | 43.6% | 42.82% | 43.52% | 44.57% | 43.44% | 39.14% | 38.98% | 38.21% | 39.47% | 40.55% | 44.07% | 48.42% | 49.86% |
| Selling, General & Admin | 9.95B | 10.25B | 9.82B | 10.41B | 9.36B | 8.94B | 9.28B | 9.77B | 9.71B | 9.3B | 9.04B | 8.73B | 8.61B | 8.13B | 8.12B | 7.55B | 5.99B | 5.42B | 5.49B | 4.6B | 3.73B | 3.06B | 2.63B | 2.51B | 2.62B | 3.15B | 3.1B | 3.05B | 2.74B | 2.28B |
| SG&A % of Revenue | 14.77% | 17.86% | 18.55% | 20.84% | 22.06% | 22.08% | 23.74% | 24.74% | 24.39% | 24.65% | 24.4% | 22.84% | 22.48% | 21.88% | 21.86% | 21.19% | 22.34% | 23.32% | 24.46% | 25.56% | 25.95% | 25.94% | 25.91% | 26.52% | 27.09% | 28.99% | 30.58% | 34.54% | 38.35% | 40.09% |
| Research & Development | 10.27B | 9.86B | 8.91B | 8.62B | 7.22B | 6.53B | 6.07B | 6.03B | 6.08B | 6.15B | 5.79B | 5.52B | 5.15B | 4.85B | 4.52B | 4.52B | 3.25B | 2.77B | 2.74B | 2.19B | 1.87B | 1.49B | 1.28B | 1.18B | 1.08B | 1.14B | 1.01B | 841.41M | 719.14M | 555.48M |
| R&D % of Revenue | 15.25% | 17.18% | 16.83% | 17.26% | 17.01% | 16.12% | 15.53% | 15.25% | 15.27% | 16.31% | 15.62% | 14.45% | 13.46% | 13.04% | 12.18% | 12.69% | 12.13% | 11.9% | 12.22% | 12.2% | 13.02% | 12.64% | 12.58% | 12.45% | 11.12% | 10.48% | 9.97% | 9.53% | 10.07% | 9.77% |
| Other Operating Expenses | 2.92B | 2.68B | 3.73B | 4.26B | 6.05B | 1.95B | 1.89B | 2.18B | 2.26B | 2.02B | 2.14B | 2.57B | 2.52B | 2.13B | 2.78B | 3.12B | 2.75B | 1.95B | 1.38B | 1.04B | 805M | 574M | 90M | 0 | 0 | 0 | 0 | 0 | 167.05M | 36.8M |
| Operating Income | 20.78B | 17.68B | 15.35B | 13.09B | 10.93B | 15.21B | 13.9B | 13.54B | 13.26B | 12.91B | 12.6B | 13.87B | 14.76B | 14.43B | 13.71B | 12.03B | 9.06B | 8.32B | 7.84B | 5.97B | 4.74B | 4.02B | 3.86B | 3.44B | 3.57B | 3.78B | 3.08B | 1.87B | 1.24B | 1.26B |
| Operating Margin % | 30.85% | 30.8% | 28.99% | 26.21% | 25.74% | 37.58% | 35.57% | 34.26% | 33.3% | 34.23% | 34.02% | 36.29% | 38.56% | 38.82% | 36.92% | 33.78% | 33.79% | 35.79% | 34.97% | 33.2% | 32.93% | 34.09% | 38.05% | 36.31% | 36.92% | 34.78% | 30.41% | 21.22% | 17.42% | 22.22% |
| Operating Income Growth % | 17.54% | 15.14% | 17.26% | 19.83% | -28.18% | 9.48% | 2.67% | 2.04% | 2.72% | 2.45% | -9.13% | -6.02% | 2.27% | 5.3% | 13.9% | 32.79% | 8.91% | 6.08% | 31.3% | 26.14% | 17.75% | 4.09% | 12.33% | -3.67% | -5.46% | 22.63% | 64.46% | 50.53% | -1.49% | 39.57% |
| EBITDA | 28.72B | 23.85B | 21.49B | 19.2B | 14.05B | 18.13B | 16.86B | 16.45B | 16.05B | 15.36B | 15.11B | 16.73B | 17.67B | 17.36B | 16.62B | 14.83B | 11.33B | 10.3B | 9.32B | 7.1B | 5.59B | 4.45B | 4.1B | 3.77B | 3.93B | 4.12B | 3.47B | 2.25B | 1.57B | 1.53B |
| EBITDA Margin % | 42.64% | 41.55% | 40.58% | 38.44% | 33.1% | 44.79% | 43.17% | 41.65% | 40.29% | 40.72% | 40.79% | 43.77% | 46.16% | 46.7% | 44.78% | 41.63% | 42.26% | 44.28% | 41.57% | 39.46% | 38.88% | 37.69% | 40.35% | 39.76% | 40.67% | 37.98% | 34.27% | 25.47% | 22.02% | 26.88% |
| EBITDA Growth % | 20.42% | 10.98% | 11.93% | 36.68% | -22.51% | 7.5% | 2.49% | 2.52% | 4.46% | 1.66% | -9.68% | -5.29% | 1.75% | 4.46% | 12.09% | 30.85% | 10.06% | 10.44% | 31.31% | 27.01% | 25.73% | 8.52% | 8.79% | -4.25% | -4.61% | 18.81% | 54.39% | 42.95% | 2.95% | 35.88% |
| D&A (Non-Cash Add-back) | 7.94B | 6.17B | 6.14B | 6.11B | 3.12B | 2.92B | 2.97B | 2.92B | 2.79B | 2.45B | 2.51B | 2.86B | 2.91B | 2.93B | 2.92B | 2.8B | 2.27B | 1.98B | 1.48B | 1.13B | 855M | 425M | 234M | 327M | 363M | 346.9M | 390.93M | 375.38M | 328.56M | 264.77M |
| EBIT | 24.19B | 17.74B | 15.26B | 12.63B | 10.4B | 15.49B | 14.06B | 14.35B | 14.45B | 13.48B | 12.91B | 13.98B | 14.62B | 14.7B | 13.73B | 12.22B | 9B | 8.46B | 8.23B | 6.13B | 4.96B | 4.38B | 3.92B | 3.44B | 3.57B | 3.78B | 3.08B | 1.87B | 1.41B | 1.3B |
| Net Interest Income | -3.46B | -3B | -3.06B | -3.22B | -2.66B | -2.4B | -1.47B | -990M | -822M | -994M | -929M | -794M | -651M | -560M | -535M | -645M | -632M | -351M | -394M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.14B | 578M | 451M | 285M | 94M | 101M | 527M | 1.09B | 1.2B | 802M | 538M | 349M | 263M | 237M | 231M | 163M | 122M | 279M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.6B | 3.58B | 3.51B | 3.5B | 2.75B | 2.5B | 2B | 2.08B | 2.02B | 1.8B | 1.47B | 1.14B | 914M | 797M | 766M | 808M | 754M | 630M | 394M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.17B | -3.52B | -3.61B | -3.97B | -3.28B | -2.21B | -1.83B | -1.27B | -840M | -1.23B | -1.16B | -1.04B | -1.05B | -534M | -744M | -622M | -819M | -487M | -10M | 12M | 74M | 29M | 81M | -15M | -163M | 193.91M | 7.04B | 109.2M | 83.62M | 20.54M |
| Pretax Income | 19.61B | 14.16B | 11.74B | 9.13B | 7.65B | 13B | 12.06B | 12.27B | 12.42B | 11.68B | 11.44B | 12.83B | 13.7B | 13.9B | 12.96B | 11.41B | 8.24B | 7.83B | 7.83B | 5.99B | 4.81B | 4.05B | 3.94B | 3.42B | 3.41B | 3.97B | 10.12B | 1.98B | 1.33B | 1.28B |
| Pretax Margin % | 29.11% | 24.67% | 22.17% | 18.27% | 18.02% | 32.11% | 30.88% | 31.05% | 31.19% | 30.96% | 30.89% | 33.57% | 35.8% | 37.38% | 34.92% | 32.03% | 30.73% | 33.69% | 34.93% | 33.26% | 33.45% | 34.33% | 38.84% | 36.15% | 35.23% | 36.57% | 99.93% | 22.45% | 18.59% | 22.58% |
| Income Tax | 2.47B | 1.72B | 1.27B | 623M | 932M | -747M | 1.93B | 1.19B | 8.84B | 2.23B | 2.54B | 2.9B | 2.75B | 2.97B | 2.98B | 2.86B | 2.11B | 2.24B | 2.31B | 1.71B | 1.43B | 1.17B | 1.26B | 1.12B | 1.18B | 1.41B | 3.83B | 692.32M | 514.12M | 462.07M |
| Effective Tax Rate % | 12.59% | 12.13% | 10.85% | 6.83% | 12.18% | -5.75% | 15.98% | 9.66% | 71.13% | 19.08% | 22.21% | 22.57% | 20.06% | 21.39% | 23% | 25.1% | 25.57% | 28.61% | 29.53% | 28.6% | 29.71% | 28.76% | 32.04% | 32.64% | 34.74% | 35.51% | 37.8% | 34.93% | 38.72% | 36% |
| Net Income | 17.09B | 12.44B | 10.47B | 8.5B | 6.72B | 13.75B | 10.13B | 11.08B | 3.59B | 9.45B | 8.9B | 9.94B | 10.96B | 10.93B | 9.98B | 8.55B | 6.13B | 5.59B | 5.52B | 4.27B | 3.38B | 2.89B | 2.68B | 2.31B | 2.22B | 2.56B | 6.3B | 1.29B | 813.7M | 821.46M |
| Net Margin % | 25.37% | 21.68% | 19.76% | 17.02% | 15.83% | 33.96% | 25.94% | 28.05% | 9.01% | 25.05% | 24.03% | 26% | 28.62% | 29.38% | 26.89% | 23.99% | 22.87% | 24.05% | 24.61% | 23.75% | 23.51% | 24.46% | 26.4% | 24.35% | 22.99% | 23.58% | 62.16% | 14.61% | 11.39% | 14.45% |
| Net Income Growth % | 37.32% | 18.88% | 23.1% | 26.59% | -51.13% | 35.63% | -8.55% | 208.98% | -62.05% | 6.19% | -10.43% | -9.28% | 0.27% | 9.46% | 16.78% | 39.32% | 9.69% | 1.3% | 29.18% | 26.41% | 17.15% | 7.65% | 16.21% | 3.73% | -13.16% | -59.33% | 388.22% | 58.51% | -0.94% | 36.17% |
| Net Income (Continuing) | 17.14B | 12.44B | 10.47B | 8.5B | 6.72B | 13.75B | 10.13B | 11.08B | 3.59B | 9.45B | 8.9B | 9.94B | 10.96B | 10.93B | 9.98B | 8.55B | 6.13B | 5.59B | 5.52B | 4.27B | 3.38B | 2.89B | 2.68B | 2.31B | 2.22B | 2.56B | 6.3B | 1.29B | 813.7M | 821.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 518M | 535M | 483M | 452M | 714M | 643M | 578M | 498M | 386M | 501M | 435M | 569M | 497M | 399M | 469M | 401M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.83 | 4.34 | 3.71 | 3.07 | 2.41 | 4.55 | 3.08 | 2.97 | 0.85 | 2.21 | 2.07 | 2.21 | 2.38 | 2.26 | 1.96 | 1.67 | 1.21 | 1.09 | 1.06 | 0.81 | 0.64 | 0.55 | 0.50 | 0.43 | 0.39 | 0.44 | 1.05 | 0.22 | 0.14 | 0.14 |
| EPS Growth % | 34.33% | 16.98% | 20.85% | 27.39% | -47.03% | 47.73% | 3.7% | 249.41% | -61.54% | 6.76% | -6.33% | -7.14% | 5.31% | 15.31% | 17.37% | 38.02% | 11.01% | 2.83% | 30.86% | 26.56% | 16.36% | 10% | 16.28% | 10.26% | -11.36% | -58.1% | 377.27% | 57.14% | 0% | 40% |
| EPS (Basic) | 5.94 | 4.46 | 3.81 | 3.15 | 2.49 | 4.67 | 3.16 | 3.05 | 0.87 | 2.27 | 2.11 | 2.26 | 2.42 | 2.29 | 1.99 | 1.69 | 1.22 | 1.10 | 1.08 | 0.83 | 0.65 | 0.56 | 0.51 | 0.44 | 0.40 | 0.46 | 1.11 | 0.23 | 0.14 | 0.14 |
| Diluted Shares Outstanding | 2.92B | 2.87B | 2.82B | 2.77B | 2.79B | 3.02B | 3.29B | 3.73B | 4.24B | 4.22B | 4.3B | 4.5B | 4.6B | 4.84B | 5.09B | 5.13B | 5.07B | 5.13B | 5.23B | 5.27B | 5.29B | 5.23B | 5.33B | 5.42B | 5.69B | 5.87B | 6B | 5.94B | 6B | 6.06B |
| Basic Shares Outstanding | 2.88B | 2.79B | 2.74B | 2.7B | 2.7B | 2.94B | 3.21B | 3.63B | 4.12B | 4.12B | 4.3B | 4.4B | 4.6B | 4.83B | 5.01B | 5.05B | 5.01B | 5.07B | 5.13B | 5.17B | 5.2B | 5.14B | 5.21B | 5.3B | 5.52B | 5.6B | 5.68B | 5.78B | 5.87B | 5.91B |
| Dividend Payout Ratio | 33.87% | 38.12% | 41.95% | 43.14% | 51.47% | 22.28% | 30.29% | 26.45% | 87.54% | 27.84% | 28.55% | 22.69% | 19.88% | 13.12% | 12.07% | 12.41% | 16.37% | 4.47% | - | - | - | - | - | - | - | - | - | - | - | - |
Cloud infrastructure capital intensity
According to recent quarterly filings, Oracle's revenue growth has accelerated to 20.6% in 2026Q4, marking a significant departure from the mid-single-digit growth rates observed in early 2024, which suggests that the company's strategic pivot toward cloud-native infrastructure is gaining substantial traction within its core enterprise customer base.
The recent acceleration appears driven by successful cross-selling of cloud services into the existing database install base. Investors should monitor whether this growth trajectory remains sustainable as the company scales its OCI capacity to meet increasing demand for AI-specific workloads.
As reported in financial statements, Oracle's gross margin has contracted from a peak of 72.5% in 2024Q4 to 65.2% in 2026Q4, reflecting the ongoing transition toward a more capital-intensive infrastructure-as-a-service model that requires higher upfront investment in data center capacity and specialized hardware.
This margin compression suggests that the company is prioritizing market share in the cloud infrastructure space over immediate profitability. While this shift may be necessary for long-term competitiveness, it warrants further investigation into whether the company can achieve sufficient scale to eventually expand these margins.
Based on Oracle's reported figures, operating income has scaled to $6.1 billion in 2026Q4, yet the operating margin of 32.0% remains largely range-bound compared to historical levels, indicating that the company has not yet realized significant operating leverage from its massive investments in cloud infrastructure and personnel.
The lack of meaningful margin expansion suggests that incremental revenue gains are being largely offset by rising operational costs. This may indicate that the business model is currently in a high-investment phase where efficiency gains are secondary to aggressive capacity expansion.
Data from recent income statements reveals significant fluctuations in net income, including a notable spike to $6.1 billion in 2026Q2, which appears to be driven by non-operating items rather than core operational improvements, necessitating a cautious approach when evaluating the quality of reported earnings per share.
The inconsistency in net income, coupled with variable stock-based compensation levels, suggests that GAAP earnings may not fully reflect the underlying cash-generating capability of the business. Analysts should focus on normalized metrics to better understand the true trajectory of operational profitability.
Quick answers to the most common questions about buying ORCL stock.
For fiscal year 2026, Oracle Corporation (ORCL) reported total revenue of $67.36B. This represents a 1085.0% increase compared to $5.68B in 1997.
Oracle Corporation (ORCL) is profitable, generating $17.09B in net income for the fiscal year ending 2026 with a net profit margin of 25.4%.
Oracle Corporation (ORCL) reported an operating income of $20.78B, resulting in an operating profit margin of 30.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Oracle Corporation (ORCL) generated $43.92B in gross profit for the year, representing a gross profit margin of 65.2%. This demonstrates the company's core pricing power and production efficiency.