10-K 0001193125-26-277521 (2026-06-22) vs 10-K 0000950170-25-087926 (2025-06-18)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 14,663 |
29.5% |
| MD&A | Item 7 | 9,145 |
35.0% |
| Legal Proceedings | Item 3 | 44 |
not compared |
| Accounting Policies | 10-K text (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 269 words changed in this paragraph; it is 49% similar to last year's version.
If we are unable to secure data center capacity at affordable rates or do not accurately plan for and manage our infrastructure capacity requirements, our profitability may decline. As a part of To grow our Oracle Cloud strategy, OCI business, which requires increased computing capacity, we plan our investment levels based on estimates of future revenues must incur significant capital and customer demand and future anticipated rates of growth. In recent periods, our cloud services and license support expenses have grown to meet current and expected demand for our cloud offerings, including investments operating expenditures to increase our existing data center capacity and to establish data centers in new geographic locations. In connection with these investments, we have entered, and expect to continue to enter, into long-term lease commitments with third-party data center providers and other significant commitments with suppliers of chips and other data center infrastructure. If we underestimate customer demand or our data center capacity needs, we may face shortages of available infrastructure, limiting our ability to support customer growth and potentially causing us to lose business to competitors. Conversely, if we overestimate customer demand or any of our data center capacity needs, we could be locked into multi-year commitments for excess data center space, resulting in lower profitability and cash flows because our third-party data center vendors generally require us key customers are unable to pay significant contract termination fees to early exit such obligations. Data centers in geographies that we rely on may also be unavailable on commercially reasonable terms or at all. Moreover, we do not control the operation of these third-party data centers, and they may suffer interruptions in service from events beyond our control, including from acts of government, natural events, power loss, break-ins or misconduct by those third parties. We have faced, and may continue to face, rising costs for data center energy demands. In addition, we rely on third-party suppliers to provide equipment and components required to outfit these data centers on a timely basis. Ongoing or future delays or the inability to meet customer demand could cause the loss of additional sales, delay our revenue recognition or increase our costs, all of which could adversely affect the margins of our business. We typically depreciate these assets over their estimated useful lives, which could be shortened should our cloud strategies change, which could adversely affect our profitability.
Source: Item 1A, 10-K 0001193125-26-277521 vs Item 1A, 10-K 0000950170-25-087926
MD&A 191 words changed in this paragraph; it is 45% similar to last year's version.
costs, of $13.9 billion and was primarily due to proceeds from the issuance of commercial paper, senior notes, net of repayments, issuance costs, of $1.9 $42.7 billion during fiscal 2025 (refer to Note 6 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report for additional information); and $1.1 2026; $32.0 billion of cash inflows from other our operations; $5.0 billion of cash proceeds from the issuance of Mandatory Convertible Preferred Stock, net of issuance costs; $4.9 billion of cash inflows from the sale of our investments, primarily in Ampere; $3.3 billion of cash inflows from short-term financing activities, net. This increase was related to capital expenditures, net; and $1.3 billion of net cash provided by our employee stock programs, partially offset by $21.2 $55.7 billion of cash used for capital expenditures; $10.2 billion of cash used for scheduled repayments of borrowings; $4.7 $5.8 billion of cash used to pay dividends to our common and preferred stockholders; $600 $5.0 billion of cash used for scheduled repayments of debt; $851 million of cash used for repayment of commercial paper, net; $337 million of cash outflows for other financing activities, net; $864 million of cash used for purchases of non-current investments; and $95 million of cash used for repurchases of our common stock; $496 million of cash used for purchases, net of sales and maturities of investments; and $247 million of net cash used for our employee stock programs stock, in each case during fiscal 2025. 2026. Our cash and cash equivalents may be impacted by some or all of the aforementioned factors in future periods, the amounts and timing of which are variable.
Source: Item 7, 10-K 0001193125-26-277521 vs Item 7, 10-K 0000950170-25-087926
Every change, by type
Sentences and paragraphs of ORCL's Risk Factors and MD&A, 10-K 2026-06-22 against 10-K 2025-06-18.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
•We may be unsuccessful in developing and selling new products and services, integrating acquired products and services and enhancing our existing products and services.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•Our AI products may not operate as anticipated, which could adversely affect our reputation, revenues and profitability.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•If we do not successfully execute our Oracle Cloud strategy, including our offerings of Oracle Cloud, our revenues and profitability may decline.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•If we are unable to secure data center capacity at affordable rates or do not accurately plan for and manage our infrastructure capacity requirements, our profitability may decline.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•Our cloud offerings and hardware offerings are complex, and if we cannot successfully manage this complexity, including the sourcing of technologies and components, the results of these businesses will suffer.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•We may not receive significant revenues from our current research and development efforts for several years, if at all.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•Our products and services may not function properly if we experience significant coding, manufacturing or configuration errors in our cloud, software and hardware offerings.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•If we are unable to compete effectively, the results of operations and prospects for our business could be harmed.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•Any failure to offer high-quality technical support services may adversely affect our relationships with our customers and our financial results.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•We are subject to risks with respect to environmental, social and governance (ESG) matters.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•We are subject to business, financial and reputational risks related to cybersecurity incidents and data breaches.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedRisk Factors
•Third parties have claimed, and in the future may claim, infringement or misuse of intellectual property rights and/or breach of license agreement provisions.
Read it in 10-K 2026-06-22 at sec.gov ↗
RemovedRisk Factors
•business disruption and management distraction due to acquisition, transition or integration activities;
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedRisk Factors
Countries around the world continually consider and make changes to relevant tax, accounting and other laws, treaties, regulations, guidance and interpretations. For example, the U.S. Congress is considering extending tax provisions enacted as part of the 2017 Tax Cuts and Jobs Act, as well as making other changes to federal tax law, some of which could have an adverse impact on us. Various other legislative proposals, if enacted, could substantially raise U.S. income taxes on our domestic and international profits. Such unfavorable tax proposals create the potential for added volatility in our quarterly provision for income taxes and could have a material adverse impact on our future income tax provisions and effective tax rate.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedRisk Factors
On March 19, 2025, SoftBank Group Corp. announced that it had entered into an agreement with Ampere and certain of its equity holders to acquire all of the equity interests of Ampere (the Ampere Acquisition). The transaction is subject to customary closing conditions, including regulatory approvals, that are beyond our control. If the Ampere Acquisition closes, we will cease to be an investor in Ampere. During the period prior to closing the Ampere Acquisition, the amount of our investments in Ampere could increase for a variety of reasons and we will continue to recognize our share of loss in Ampere’s net earnings until the closure of the acquisition. If the Ampere Acquisition does not close, we will continue to be exposed to the risk associated with our investments in Ampere as discussed above.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedRisk Factors
There are risks associated with our outstanding and future indebtedness. As of May 31, 2025, we had an aggregate of $92.6 billion of outstanding indebtedness that will mature between calendar year 2025 and calendar year 2065. Our ability to pay interest and repay the principal for our indebtedness is dependent upon our ability to manage our
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedRisk Factors
business operations, generate sufficient cash flows to service such debt and the other factors discussed in this Risk Factors section. There can be no assurance that we will be able to manage any of these risks successfully.
Read it in 10-K 2025-06-18 at sec.gov ↗
RewordedRisk Factors
Regulatory uncertainty, including the lack of comprehensive federal legislation and a patchwork of existing and proposed frameworks and regulatory initiatives in numerous jurisdictions, may expose us to compliance challenges challenges, costs and uncertainties. uncertainties requiring us to manage varying and sometimes conflicting expectations in the U.S. and globally, including potential government restrictions on AI infrastructure, compute resources, model weights, cross-border AI services, customer access and localization or nationalization initiatives.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
In addition, U.S. federal and state as well as foreign governments have enacted or are considering enacting legislation or regulations, or may in the near future interpret existing legislation or regulations, in a manner that could significantly impact our ability, as well as the ability of our customers, partners and data providers, to collect, augment, analyze, use, transfer (including across national borders) and share personal and other information that is integral to certain services we provide.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
If we are unable to introduce new AI products products, or if our AI products fail to operate as anticipated or as well as competing products or otherwise do not meet customer needs, or if our competitors’ AI products achieve higher market acceptance than ours, or if we incur costs higher than expected to build and support our AI products, we may fail to recoup our investments in AI and our business and reputation may be harmed.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
Our They also seek to access or modify improperly our products and services, including our Oracle Cloud Services, may also be accessed or modified improperly Cloud; these actions can occur in a variety of ways, including as a result of customer, partner, employee, contractor or supplier error or malfeasance.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
If any of In instances where our healthcare products and services are deemed to be actively regulated qualify as medical devices by regulatory agencies in countries where we do business, we could be subject to extensive requirements governing pre- and post-marketing activities, including labeling, manufacturing, adverse event reporting and pre-market notification regulatory approval, clearance or recalls. notification.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
Violations of these laws and regulations can result in monetary fines, civil and/or criminal penalties, enforcement actions against us, our officers or our employees, and prohibitions on the conduct of our business, including disgorgement, the loss of trade privileges, and other remedial measures.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
Other For example, countries also continue to consider changes to outside the U.S. may change their tax laws in a manner that could negatively affect us by increasing taxes imposed on our international revenue streams, operations and cross-border transactions, including the imposition of by imposing taxes targeted at digital technology businesses and changes in changing their withholding tax rules.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
A significant drop in our stock price This litigation, and any future similar litigation, could also expose us to the risk of securities class action lawsuits, which could result in substantial costs and divert management’s attention and resources, which could adversely affect our business.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
We are regularly under audit by tax authorities in the U.S. and internationally, which has led to disagreements regarding our treatment of of, or positions taken with respect to, various items, including our foreign tax credits, foreign-earned profits, intercompany transfer prices and calculations transactions, and the applicability of sales or use taxes or withholding taxes to our cross-border operations and intercompany transactions.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
We have invested, made significant investments in AI initiatives, including investments in infrastructure and headcount, and we expect to continue to invest, invest significant resources to build and support our AI products. products in support of our growth strategy.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
While we make significant efforts to address any IT security issues with respect to our acquired such companies, products, services and technologies, we may still inherit face such risks and additional or unidentified vulnerabilities when we integrate these such companies within Oracle. or partner with such third parties.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedRisk Factors
We periodically restructure or make other have an existing restructuring plan in place under which we have made, and will continue to make, adjustments to our workforce in response to management changes, product changes, performance issues, changes in strategies, acquisitions and other internal and external considerations.
Read it in 10-K 2026-06-22 at sec.gov ↗
Quiet changesRisk Factors
Third parties may seek to attempt to fraudulently induce customers, partners, employees or suppliers into disclosing sensitive information such as user names, passwords or other credentials to gain access to our data, our customers’, suppliers’ or partners’ data or the IT systems of Oracle, our customers, suppliers or partners.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedMD&A
substantially affect our quarterly software license revenues due to the point-in-time nature of revenue recognition for software license transactions. Software license customers have the option to purchase and renew software support contracts, as further described below; and
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedMD&A
Costs associated with our cloud and software business are included in cloud and software expenses and sales and marketing expenses. These costs are largely infrastructure- and personnel-related and include the cost of providing our cloud and software support offerings, salaries and commissions earned by our sales force for the sale of our cloud and software offerings and marketing program costs.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedMD&A
Revolving Credit Agreement: In March 2026, we terminated our existing $6.0 billion, five-year revolving credit agreement. On the same date, we entered into a new $10.0 billion, five-year revolving credit agreement (the Revolving Credit Agreement). As of May 31, 2026, we did not have any outstanding borrowings under the Revolving Credit Agreement. The description above is a summary and is qualified in its entirety by reference to the full text of the Revolving Credit Agreement, which is incorporated by reference herein as Exhibit 10.14.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedMD&A
Commercial Paper Program: In March 2026, our commercial paper program was increased to $10.0 billion. Our commercial paper program allows us to issue and sell unsecured short-term promissory notes (Commercial Paper Notes) pursuant to a private placement exemption from the registration requirements under federal and state securities laws pursuant to dealer agreements with various banks and an Issuing and Paying Agency Agreement with Deutsche Bank Trust Company Americas. There were $1.5 billion of outstanding Commercial Paper Notes as of May 31, 2026. We used the net proceeds from the issuance of commercial paper for general corporate purposes.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedMD&A
Mandatory Convertible Preferred Stock: On February 5, 2026, we issued 100,000,000 depositary shares, representing 50,000 shares of our 6.50% Series D Mandatory Convertible Preferred Stock (Mandatory Convertible Preferred Stock). We received cash proceeds of $5.0 billion, net of issuance costs. The other terms and conditions of the Mandatory Convertible Preferred Stock are set forth in the Certificate of Designations, which is incorporated by reference herein as Exhibit 3.03.
Read it in 10-K 2026-06-22 at sec.gov ↗
AddedMD&A
Common Stock: On February 2, 2026, we entered into an equity distribution agreement with certain sales agents party thereto, pursuant to which we may sell shares of our common stock having aggregate sales proceeds of up to $20 billion from time to time through an “at-the-market” offering program (the ATM Program). As of May 31, 2026, we have not sold any shares of our common stock under the ATM Program.
Read it in 10-K 2026-06-22 at sec.gov ↗
RemovedMD&A
•continued demand for our cloud license and on-premise license and license support offerings.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
We generally expect our hardware business to have lower operating margins as a percentage of revenues than our cloud and license business due to the incremental costs we incur to produce and distribute these products and to provide support services, including direct materials and labor costs.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
From time to time since 2017, we have made investments in Ampere, a related party entity, in the form of equity and convertible debt instruments. The total carrying value of our investments in Ampere, after accounting for losses under the equity method of accounting, was $1.6 billion and $1.5 billion as of May 31, 2025 and 2024, respectively.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
Our equity investments in Ampere represent an ownership interest of approximately 29% as of May 31, 2025 and 2024. We also own convertible debt investments in Ampere which, under the terms of an agreement with Ampere and other co-investors, will mature in June 2026 and are convertible into equity securities at the holder’s option under certain circumstances. During the fiscal year ended May 31, 2025, we invested an aggregate of $341 million in convertible debt instruments issued by Ampere. In accordance with the terms of an agreement with other co-investors, we are also a counterparty to certain put (exercisable by a co-investor) and call (exercisable by Oracle) options at prices of approximately $500 million to $1.5 billion, respectively, to acquire additional equity interests in Ampere from our co-investors through January 2027.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
On March 19, 2025, SoftBank Group Corp. announced that it had entered into an agreement with Ampere and its equity holders to acquire all of the equity interests of Ampere. The transaction is subject to customary closing conditions, including regulatory approvals. When the Ampere Acquisition closes, we will cease to be an investor in Ampere. During the period prior to the closing of the Ampere Acquisition, the amount of our investments in Ampere could increase for a variety of reasons and we will continue to recognize our share of loss in Ampere’s net earnings until the closure of the acquisition.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
We assess our non-marketable debt and equity investments for credit losses and impairment on a quarterly basis and as facts and circumstances change. Our analysis includes an assessment of various qualitative and quantitative factors, including the investee’s historical financial results, current financial projections, rate of cash usage and assumptions regarding product acceptance and opportunity within the market. This analysis requires significant judgment in evaluating underlying factors. In some instances, investee specific information available to us to make this assessment may be limited or may be available on a delayed basis. If the investment is determined to be impaired, we adjust the carrying amount of such investment to its estimated fair value by recognizing a charge, which is included in non-operating income (expenses), net in our consolidated statements of operations. Estimating the fair value of an investment upon impairment involves a significant level of estimation, uncertainty and judgment. We may incur future losses due to impairments, which could have a material impact on our results of operations and financial position.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
(2)Acquisition related and other expenses consist of personnel-related costs for transitional and certain other employees, certain business combination adjustments including certain adjustments after the measurement period has ended and certain other operating items, net.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
Our cloud and license business engages in the sale and marketing of our applications and infrastructure technologies that are delivered through various deployment models and include: Oracle Cloud Services offerings; Oracle cloud license and on-premise license offerings; and Oracle license support offerings. Our cloud services deliver applications and infrastructure technologies on a subscription basis via cloud-based deployment models that we develop, provide unspecified updates and enhancements for, deploy, host, manage and support. Revenues for our cloud services are generally recognized ratably over the contractual term, which is generally one to four years, or in the case of usage model contracts, as the cloud services are consumed. Cloud license and on-premise license revenues represent fees earned from granting customers licenses, generally on a perpetual basis, to use our database and middleware and our applications software products within cloud and on-premise IT environments and are generally recognized up front at the point in time when the software is made available to the customer to download and use. License support revenues are typically generated through the sale of applications and infrastructure software license support contracts related to cloud licenses and on-premise licenses; are purchased by our customers at their option; and are generally recognized as revenues ratably over the contractual term, which is generally one year. We continue to place significant emphasis, both domestically and internationally, on direct sales through our own sales force. We also continue to market certain of our offerings through indirect channels. Costs associated with our cloud and license business are included in cloud services and license support expenses and sales and marketing expenses. These costs are largely personnel- and infrastructure-related and include the cost of providing our cloud services and license support offerings, salaries and commissions earned by our sales force for the sale of our cloud and license offerings and marketing program costs.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
Our services offerings are designed to help maximize the performance of customer investments in Oracle applications and infrastructure technologies and include our consulting services and advanced customer services offerings. Services revenues are generally recognized over time as the services are performed. The cost of providing our services consists primarily of personnel-related expenses, technology infrastructure expenditures, facilities expenses and external contractor expenses.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
Acquisition Related and Other Expenses: Acquisition related and other expenses consist of personnel-related costs for transitional and certain other employees, certain business combination adjustments, including adjustments after the measurement period has ended, and certain other operating items, net.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
Term Loan Credit Agreements: On June 10, 2024, we terminated the Term Loan Credit Agreement and repaid the principal amount outstanding together with interest accrued up to the date of repayment. Simultaneously, we borrowed up to the maximum commitment amount of $5.6 billion pursuant to a term loan credit agreement (Term Loan Credit Agreement 2) executed on the same date. In fiscal 2025, we made scheduled repayments totaling $211 million of the Term Loan Credit Agreement 2. Refer to Note 6 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report for additional details about our borrowings, including the repayment terms of the Term Loan Credit Agreement 2. Any remaining unpaid principal balance under the Term Loan Credit Agreement 2 will become fully due and payable on August 16, 2027, unless the termination date of the Term Loan Credit Agreement 2 is extended.
Read it in 10-K 2025-06-18 at sec.gov ↗
RemovedMD&A
•$500 million aggregate principal amount of floating rate notes due August 2028;
Read it in 10-K 2025-06-18 at sec.gov ↗
RewordedMD&A
The increase in GAAP operating expenses in reported currency during fiscal 2025 relative to fiscal 2024 was primarily due to a $2.1 $6.0 billion increase in cloud services and license support software expenses primarily due to higher infrastructure expenses; a $1.5 billion increase in restructuring and other expenses and primarily due to higher employee-related expenses, including higher expenses relating to stock-based compensation, that were incurred to support the growth in our cloud services revenues; restructuring expenses; a $945 $412 million increase in research and development expenses primarily due to an $813 increase in employee-related expenses and an increase in computer equipment expenses; an $86 million increase in employee-related expenses, including higher stock-based compensation expenses, and a $112 million increase in infrastructure expenses; a $377 million increase in sales and marketing hardware expenses; and a $54 $16 million increase in general and administrative expenses primarily due expenses, in each case during fiscal 2026 relative to higher employee-related expenses, including higher stock-based compensation expenses. fiscal 2025.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
Excluding the favorable unfavorable effects of currency rate fluctuations of less than 1% in fiscal 2025, 2026, the constant currency decrease in services expenses in fiscal 2025 relative to fiscal 2024 was primarily due to a $158 million decrease in external contractor expenses and an $81 $54 million decrease in employee-related expenses. expenses and a $53 million decrease in bad debt expenses, partially offset by a $37 million increase in external contractor expenses, in each case during fiscal 2026 relative to fiscal 2025.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
Year Ended May 31, Percent Change (Dollars in millions) 2025 2026 Actual Constant 2024 2025 Interest income $ 780 35% 35% $ 578 28% 28% $ 451 Foreign currency losses, net (131) -11% -17% (147) -35% -37% (228) Noncontrolling interests in income (222) 21% 21% (184) -1% -1% (186) Losses Gains (losses) from marketable and non-marketable investments, net 2,811 * * (278) -8% -8% (303) Other income, net 309 241% 242% 91 -46% -46% 168 Total non-operating income (expenses), income, net $ 60 3,547 * * $ (98) 60
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
In June 2025, 2026, our Board of Directors (the Board) declared a quarterly cash dividend of $1,625 per share of our outstanding Mandatory Convertible Preferred Stock and $0.50 per share of our outstanding common stock payable on July 24, 2025 to stockholders of record as of the close of business on July 10, 2025. stock.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
Year Ended May 31, (in millions) 2026 2025 2024 Amortization of intangible assets(1) $ 1,671 $ 2,307 $ 3,010 Acquisition related Restructuring and other(2) 75 314 Restructuring(3) 299 404 1,838 374 Stock-based compensation, operating segments(4) segments(3) 1,618 1,597 1,382 Stock-based compensation, R&D and G&A(4) G&A(3) 3,193 3,077 2,592 Income tax effects(5) effects(4) (3,070) (2,514) (2,459) $ 5,250 $ 4,841 $ 5,243
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
Restructuring and other expenses consist of restructuring expenses for employee severance costs, contract termination costs and certain other exit costs to improve our cost structure prospectively. prospectively resulted from the execution of management-approved restructuring plans that were developed for certain strategic initiatives and/or to improve operational efficiencies; and other operating expenses, net.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
Net cash provided by operating activities increased by $2.1 $11.2 billion in fiscal 2025 2026 relative to fiscal 2024 2025 primarily due to higher net income adjusted for certain non-cash charges, partially offset by certain charges and higher cash unfavorable favorable working capital changes, net. net, which includes $4.6 billion cash inflows from customer prepayments with significant financing component.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
Non-operating income (expenses), income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan), net gains and losses related to marketable and non-marketable investments, including net gains and losses attributable to equity method investments (primarily Ampere) and net other income and expenses, including net unrealized gains and losses from our investment portfolio related to our deferred compensation plan plan, for which an equal and offsetting amount was recorded to our operating expenses during the same period, and non-service net periodic pension income and losses.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
Our cloud services and license support expenses have grown in recent periods, and we We expect this upward trend to continue during fiscal 2026 2027 and in the following fiscal years as we increase our existing data center capacity and establish data centers in new geographic locations in order to meet current and expected customer demand. demand for our cloud offerings.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
In constant currency, cloud applications and cloud services infrastructure contributed 16% and license support and infrastructure cloud services and license support contributed 26% and 74%, 84%, respectively, of to the growth in cloud services and license support revenues in fiscal 2025. 2026.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
The Geographically, we experienced a constant currency decrease increase in services hardware revenues in the Americas region was and the Asia Pacific regions, partially offset by a constant currency increase decrease in services hardware revenues in the EMEA and the Asia Pacific regions region in fiscal 2025. 2026.
Read it in 10-K 2026-06-22 at sec.gov ↗
RewordedMD&A
Excluding the favorable effects of currency rate fluctuations of less than 1% in fiscal 2025, 2026, the constant currency increase in research and development expenses was primarily due to an a $234 million increase in employee-related expenses, including higher stock-based compensation expenses. compensation, and a $132 million increase in computer equipment expenses in fiscal 2026 relative to fiscal 2025.
Read it in 10-K 2026-06-22 at sec.gov ↗
Quiet changesMD&A
The changes in cash flows from investing activities primarily relate to our investments in capital assets primarily to support the growth in our cloud and license software business and acquisitions, purchases, maturities and sales of our investments in marketable securities and other instruments.
Read it in 10-K 2026-06-22 at sec.gov ↗