Oracle (ORCL): $664 billion of contracts, $129.5 billion of debt, and a stock 62% below its 2025 high

Oracle sells cloud infrastructure — computing, storage and AI capacity in its own data centers — along with cloud applications, database and software licenses with support, hardware and services. In fiscal 2026, which ended May 31, 2026, revenue reached $67.4 billion, up 17.3%, and net income $17.1 billion, or $5.83 a share. The stock closed at $126.16 on October 23, 2026, for a market value of $381.5 billion.

Cloud infrastructure accounted for 84% of the growth in cloud revenue in fiscal 2026, in constant currency, according to the 10-K. It kept accelerating: in the quarter to August 31, 2026, it rose 121% to $7.4 billion, and total revenue rose 29.6% to $19.3 billion. Oracle expects fiscal 2027 revenue of at least $90 billion.

Contracts still to be delivered

Remaining performance obligations — signed contracts not yet delivered — were $138 billion on May 31, 2025, $455 billion three months later, $638 billion on May 31, 2026 and $664 billion on August 31, 2026. The 10-K attributes the increase primarily to certain significant cloud contracts. These are not revenue yet: Oracle expects about 13% of the $664 billion to be recognized within twelve months, 37% in months 13 to 36 and 34% in months 37 to 60.

Paying for it: spending, debt and new shares

Oracle issued $43.0 billion of senior notes in fiscal 2026, including $25 billion in February 2026, when it also sold $5.0 billion of 6.50% mandatory convertible preferred stock. In the quarter to August 31, 2026, it used all of a $20 billion at-the-market program, issuing 141 million new shares for $19.9 billion; shares outstanding rose from 2.88 billion in June to 3.02 billion in September. Free cash flow was negative by about $5 billion in that quarter.

From 1977 to fiscal 2026

Three years stand out. Fiscal 2018’s profit was cut by a $7.0 billion net charge from the U.S. tax reform. Fiscal 2022 included $4.7 billion of litigation-related charges. Fiscal 2026 included a $2.7 billion pre-tax gain from the sale of Oracle’s investment in Ampere Computing. At the October 23 price the stock traded at 19.8 times earnings of the last four quarters.

A 62% fall from the September 2025 high

Oracle closed at a record $328.33 on September 10, 2025, up 35.95% that day, the first session after it reported remaining performance obligations of $455 billion. By July 24, 2026 the stock had fallen 65.0%, to $114.99, and on October 23 it was 61.6% below the high and 55.0% lower than a year earlier. The company’s filings do not explain the decline. In the dot-com bust it fell 84.2% from September 2000 to June 2002 and did not close above its 2000 high again until June 2017.

Measured from the first close in the Yahoo Finance series, March 12, 1986, after ten stock splits, $1,000 of Oracle stock would be worth about $1.99 million on October 23, 2026, or about $2.52 million with dividends reinvested. The quarterly dividend is $0.50 a share, a yield of about 1.6%.

Who owns it, and who traded

Larry Ellison owned 1.16 billion shares, 38.2% of the company, according to the 2026 proxy statement, including 413 million shares pledged as collateral for personal loans. He did not buy or sell shares in the twelve months to October 23, 2026. Seven of the 38 investment managers this site tracks held Oracle at the end of June; Ken Griffin’s Citadel had the largest stake, 4.8 million shares worth $697 million after doubling it, and Steve Cohen’s Point72, Israel Englander’s Millennium and Cliff Asness’s AQR also added. The stock is down 13.9% since June 30.

Insiders sold about $101 million of stock in the twelve months, $78 million of it under 10b5-1 trading plans. The largest sale was $63.7 million by vice chair Jeffrey Henley in June 2026, when he exercised options; director Jeffrey Berg sold $14.0 million through his family trust without a plan. The only open-market purchase was by director Stephen Rusckowski, who bought $3.5 million of stock at $139.35 on September 29, 2026.

The figures above come from Oracle’s 10-K and 10-Q filings, its earnings releases, its proxy statement and the 13F, Form 4 and Form 144 filings. They describe what happened; they are not a forecast and not investment advice.