Aslan Research · Cloud & platforms
ORACLE CORP (ORCL)
Data as of 2026-09-03 · 28 quarters · filed in USD
Oracle’s $638.0 billion backlog is 9.5x one year of revenue, making promised future work far larger than its current sales base. Revenue growth per year is 0% while expense growth per year is 23%, a sharp contrast in the latest trend indicators.
Earned, collected early, and merely signed
Reports $7.2B of debt; has promised $51B
Total committed money is 7.0x reported debt. Leases account for $30.2 billion of commitments and purchases account for $13.3 billion, far beyond the $7.2 billion reported debt alone.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The $91.6 billion due in the next 5 years is measured against $638.0 billion of backlog, while another $114.2 billion falls after year 5. This places a large share of commitments on a longer timetable than the near-term payment wall.
The rates that matter
Expenses as filed vs after cited reconciliation
13 patterns worth a second look
The sharpest flag is Oracle’s rapidly increasing data-center lease commitments that had not commenced and were not recorded on the balance sheet, alongside guarantees of lessor borrowing. Filings also show material changes in the remaining-performance-obligation recognition profile and repeated SEC staff correspondence, including a reply quoting 5 staff comments.
off balance sheet · 1
Oracle reports rapidly increasing additional data-center lease commitments that had not commenced and were not recorded on the balance sheet, alongside guarantees of lessor borrowing.
one time dressing · 1
Restructuring charges and a tax-law-related expense are presented alongside recurring operating results as period expenses.
redefinition · 1
The remaining-performance-obligation recognition profile changes materially across filings, including a sharp change in the forward recognition horizon.
regulator challenge · 7
A reply to SEC staff was filed on 2021-06-04, answering a staff comment letter dated 2021-05-25; it quotes 5 staff comments.
A reply to SEC staff was filed on 2023-09-19, answering a staff comment letter dated 2023-08-21; it quotes 3 staff comments.
A reply to SEC staff was filed on 2023-10-20, answering a staff comment letter dated 2023-10-06; it quotes 3 staff comments.
+ 4 more
related party exposure · 1
Oracle repeatedly reports substantial investments and financing with related-party investees, principally Ampere and later TikTok USDS.
subsequent event · 1
Subsequent filings report major financing and purchase commitments entered after the stated reporting dates.
vanishing item · 1
The FY2020 disclosure of approximately 135,000 full-time employees is not repeated in the later cataloged filings.