Aslan Research · Cloud & platforms
ORACLE CORP (ORCL)
Data as of 2026-08-21 · 28 quarters · filed in USD
Backlog stands at $638.0 billion, or 9.5x one year of revenue. That contracted work is far larger than the $67.4 billion trailing-year revenue base, while revenue growth was 0% per year and expenses grew 8%.
Earned, collected early, and merely signed
Reports $7.2B of debt; has promised $37B
Leases make up $30.2 billion of the $37.4 billion total committed, compared with $7.2 billion of reported debt. Total committed obligations were 5.2x reported debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The largest near-term wall is $110.7 billion due over the next 5 years, against $15.4 billion of deferred revenue and $638.0 billion of backlog. Another $114.2 billion falls after year 5 without a dated payment year.
The rates that matter
Expenses as filed vs after cited reconciliation
8 patterns worth a second look
Additional operating lease commitments not recorded on the balance sheets reached $248 billion at November 30, 2025, far above the $6.6 billion of lease commitments entered into after the period in a recent disclosure. A related-party exposure also stands out: a substantial majority of non-marketable investments involved a related-party entity, alongside continuing investments in Ampere. The remaining-performance-obligations disclosure changed its recognition horizon and allocation across filings.
off balance sheet · 2
The filings report rapidly increasing additional operating lease commitments that were not recorded on the balance sheets, including $248 billion at November 30, 2025.
The filings report guarantees of lessor borrowings associated with leases, increasing from $2.2 billion to $3.3 billion.
one time dressing · 1
The filings repeatedly present restructuring charges as current-period expenses while updating the remaining estimated program costs.
redefinition · 1
The remaining-performance-obligations disclosure changes its recognition horizon and reported allocation across filings.
related party exposure · 1
The filings report a substantial majority of non-marketable investments with a related-party entity and continuing investments in Ampere.
subsequent event · 3
The filings report post-period financing and acquisition events that materially recontextualized the preceding period, including the $15.7 billion bridge borrowing and Cerner acquisition.
The filings report substantial post-period lease commitments, including $9.3 billion after May 31, 2024 and $6.6 billion after August 31, 2025.
The filings report an Ampere transaction after the November 30, 2025 reporting date that generated $4.3 billion of proceeds and a $2.7 billion realized gain.