ORCLOracle Corporation
Industry Megacap tech Updated 24 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share by the end of 2028
$126 → $129
What the podcasts say
1 bullish · 8 bearish · 4 speakers · 4 showsWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bearish
- Bearish
- Bearish
- Bearish
- Bearish
- Bullish
- Bearish
- Bearish
Promises vs. what happened
12 claims · 6 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| FY26 revenue $65B, raised to $66B+ | Q2 '23 | $67.4B — $2.4B above the original | Held |
| FY26 EPS growth over 10% | Q2 '24 | +11% ex-gains, +24% with them | Held |
| FY26 revenue $67B, EPS $6.85 | Q2 '26 | $67.4B and $6.83 ex-gains | Held |
| Q1 '27 revenue +27-29%, EPS $1.72-1.76 | Q4 '26 | +30% and $1.92 | Held |
| FY26 operating profit up mid-teens | Q2 '26 | +13% constant currency | Late |
| Close to 1GW of capacity in Q1 '27 | Q4 '26 | +850MW, about 15% short | Late |
| Infrastructure cloud gross margin +20% | Q2 '23 | never reported again after Oct '22 | Dropped |
| FY29 revenue over $104B | Q2 '25 | raised to $185B before it came due | Open |
| FY27 $85B / $8.00, FY30 $225B / $21.00 | Q2 '26 | FY27 raised to $90B+ / $8.10; open | Open |
| FY27 capex ~$70B net, ~$40B raised | Q4 '26 | $20B of equity gone in one quarter; open | Open |
| Q2 '27 revenue +30-34%, EPS $1.83-1.91 | Q1 '27 | reports Dec '26 | Open |
| FY26 operating margin 45% | Q2 '24 | 42.9%, and the target left the decks after 2023 | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'23Q2
'24Q2
'25Q2
'26Q4
'26Q1
'27
FY26 targetsOff page one Q2 '26
BacklogOff page one Q4 '26
Support baseFirst seen Q2 '23
MarginPage one since Q1 '27
Capex and fundingFirst seen Q2 '25
AI capacityFirst seen Q2 '24
MultiCloudFirst seen Q2 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
FY2026 targets
“For Fiscal Year 2026, Oracle is Targeting the Following”
Deck Financial Analyst Meeting 2022 — Financial Update (Oct 20 2022) · p. 32 ·
FY2026 targets
“We Remain Confident that We Are On Track to Meet the FY26 Targets”
Deck Financial Analyst Meeting 2023 — Oracle Financial Update (Sep 21 2023) · p. 9 ·
FY2026 targets
“And Based on RPO Backlog, Oracle Now Expects to Exceed the FY26 Revenue”
Deck CloudWorld 2024 Financial Analyst Meeting — Financial Update (Sep 12 2024) · p. 8 ·
FY2026 targets
“To Refre sh, Oracle Prov ide d the Follow ing Financial Targe t s Las t Year”
Deck Financial Analyst Meeting 2025 — Financial Outlook (Oct 16 2025) · p. 9 ·
RPO backlog
“>$99 Billion RPO”
Deck CloudWorld 2024 Financial Analyst Meeting — Financial Update (Sep 12 2024) · p. 5 ·
RPO backlog
“The Immense Customer Demand Is Embodied In RPO Backlog”
Deck Financial Analyst Meeting 2025 — Financial Outlook (Oct 16 2025) · p. 6 ·
RPO backlog
“Majority of Q4 RPO via Bring-Your-Own-Hardware or Pre-pay”
Deck Q4 & Fiscal Year 2026 Earnings (Jun 10 2026) · p. 8 ·
RPO backlog
“RPO Growth is Driving Infrastructure Revenue Growth Acceleration 5”
Deck Q1 Fiscal Year 2027 Earnings (Sep 10 2026) · p. 5 ·
Converting the on-premise support base to cloud
“Incremental revenue opportunity is around $40-55 billion 4-5X”
Deck Financial Analyst Meeting 2022 — Financial Update (Oct 20 2022) · p. 27 ·
Converting the on-premise support base to cloud
“In Total, Oracle’s Cloud Infrastructure Revenue Opportunity Exceeds $250B”
Deck Financial Analyst Meeting 2023 — Oracle Financial Update (Sep 21 2023) · p. 30 ·
Converting the on-premise support base to cloud
“Support Base Has Continued to Migrate, But Still in the Early Innings”
Deck CloudWorld 2024 Financial Analyst Meeting — Financial Update (Sep 12 2024) · p. 20 ·
Operating margin and profit
“Oracle’s operating margin is 2X the average of other technology peers”
Deck Financial Analyst Meeting 2022 — Financial Update (Oct 20 2022) · p. 29 ·
Operating margin and profit
“FY26 Operating Margin Goal Requires Just $2B of Incremental Efficiencies”
Deck Financial Analyst Meeting 2023 — Oracle Financial Update (Sep 21 2023) · p. 34 ·
Operating margin and profit
“Turning accelerating revenue growth into more profits3”
Deck Financial Analyst Meeting 2025 — Financial Outlook (Oct 16 2025) · p. 5 ·
Operating margin and profit
“$8.2B+31% USD and CD / 42% Op Margin Non-GAAP Op Income”
Deck Q1 Fiscal Year 2027 Earnings (Sep 10 2026) · p. 4 ·
Capacity, capex and funding
“Oracle Plans to Further Accelerate Capacity in FY25”
Deck CloudWorld 2024 Financial Analyst Meeting — Financial Update (Sep 12 2024) · p. 33 ·
Capacity, capex and funding
“•Utilize diverse financing options to scale faster”
Deck Financial Analyst Meeting 2025 — Financial Outlook (Oct 16 2025) · p. 10 ·
Capacity, capex and funding
“Long-term Financial Outlook Capex and Funding Expectations”
Deck Q4 & Fiscal Year 2026 Earnings (Jun 10 2026) · p. 15 ·
Capacity, capex and funding
“ATM Equit y Issuance”
Deck Q1 Fiscal Year 2027 Earnings (Sep 10 2026) · p. 8 ·
AI infrastructure
“Contracts worth more than $4 billion signed with AI development companies”
Deck Financial Analyst Meeting 2023 — Oracle Financial Update (Sep 21 2023) · p. 28 ·
AI infrastructure
“98% of AI datacenter capacity already contracted”
Deck Q4 & Fiscal Year 2026 Earnings (Jun 10 2026) · p. 8 ·
AI infrastructure
“•97.9% AI Infrastructure Utilization”
Deck Q1 Fiscal Year 2027 Earnings (Sep 10 2026) · p. 10 ·
MultiCloud database
“We Now Have MultiCloud Partnerships with All of the Major Hyperscalers, and Expect Workload Migrations to Accelerate”
Deck CloudWorld 2024 Financial Analyst Meeting — Financial Update (Sep 12 2024) · p. 28 ·
MultiCloud database
“Database $0.8B +29% of which Multi-Cloud DB +404%”
Deck Q4 & Fiscal Year 2026 Earnings (Jun 10 2026) · p. 6 ·
MultiCloud database
“Database $0.9B +26% of which Multi-Cloud DB +353%”
Deck Q1 Fiscal Year 2027 Earnings (Sep 10 2026) · p. 9 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- FY26 targets
- Set in October 2022 and the lead slide of three Analyst Meetings running. Revenue beaten by $2.4B, EPS growth met; the 45% margin missed and gone from the decks after 2023.
- Backlog
- Absent from the 2022 and 2023 decks, the headline from 2024 on: $99B, $455B, $638B, $664B. Only 13% of the last figure is expected as revenue within a year.
- Support base
- The whole story in 2022-24 — a "$40-55 billion" conversion opportunity, then "exceeds $250B" — and in none of the decks since.
- Margin
- Oracle's margin was "2X the average of other technology peers" in 2022. The FY26 target was dropped, and the Q1 '27 deck leads on a 42% non-GAAP operating margin instead.
- Capex and funding
- From "accelerate capacity" in 2024 to "diverse financing options" in 2025 to a funding slide in 2026: ~$70B of net cash outlay and ~$40B raised, with the at-the-market issuance named on the page.
- AI capacity
- A $4B contract line in 2023 becomes "98% of AI datacenter capacity already contracted" and a 97.9% utilisation figure by Q1 '27.
- MultiCloud
- The one growth number given three ways running: database revenue up 29% then 26%, of which multi-cloud up 404% then 353%.
- New
- Q1 '27: free cash flow shown for the first time, at minus $5B, next to "$20B completed in Q1" of equity issuance on the same page.
- Quiet
- Gone: the cloud gross-margin improvement target (last seen Oct '22), the support-base conversion rate, and the FY26 margin target. Q4 '26 gives operating income in dollars but no margin.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q1 FY2027 release · 8-K 10 Sep 2026
- Q3 FY2026 release · 8-K 10 Mar 2026
- Q2 FY2026 release · 8-K 10 Dec 2025
- Q1 FY2026 release · 8-K 9 Sep 2025
- Q4 FY2025 release · 8-K 11 Jun 2025
- Q3 FY2025 release · 8-K 10 Mar 2025
- Q2 FY2025 release · 8-K 9 Dec 2024
- Q1 FY2025 release · 8-K 9 Sep 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q2 25 – Q1 27The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 | Q4 26 | Q1 27 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 18% | 43% | 17% | 20% | 33% | 25% | 40% | 57% |
| Growth & sales | 45% | 14% | 83% | 20% | 44% | 8% | 20% | 71% |
| Pricing & margins | 18% | · | 17% | 20% | 11% | 8% | 30% | 43% |
| Guidance & outlook | · | 14% | 50% | 10% | · | 8% | 20% | 29% |
| Capacity & supply | 18% | 7% | · | 20% | 44% | 17% | 10% | 57% |
| Capital & financing | 9% | 21% | 33% | 20% | 22% | 17% | 20% | 43% |
| Competition | 18% | 14% | · | · | 11% | · | 10% | · |
| Products & technology | 9% | 14% | 50% | · | 33% | 17% | 40% | 29% |
| Macro & regulation | · | · | 17% | · | · | · | · | · |
| Other | 45% | 43% | · | 50% | 22% | 58% | 40% | · |
| Questions | 11 | 14 | 6 | 10 | 9 | 12 | 10 | 7 |
| How much the CEO talked | 0% | 0% | 0% | 0% | 57% | 35% | 44% | 47% |
Who’s in charge, who’s selling
read from the filings · 1 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
413 million shares pledged by the one person the ban exempts
The policy bars every director, officer and immediate family member from pledging Oracle stock, "subject to two exceptions", the second of which is that "Mr. Ellison may continue to pledge Oracle securities as collateral to secure or guarantee indebtedness". At 21 Sep '26 he had 413,000,000 shares pledged for personal term loans — 35.7% of his own holding and 13.7% of the company, about $54.7bn. The Governance Committee reviews it quarterly, takes outside counsel and says it is not a material risk, partly because "the Board believes that Mr. Ellison has the financial capacity to repay his personal term loans without resorting to the pledged shares".
Tier 1 · worsening
$1.159bn of pay for eight officers, in a year of minus $23.7bn free cash flow
Clayton Magouyrk reported $627.5m, of which $621.7m is the accounting value of options with a $250m approved target; Michael Sicilia $256.6m on a $100m target; Ellison $131.0m against $5.6m the year before. Across five officers the accounting value is $1,072.3m on $445.6m of target value. The strikes are $308.46 and $280.07 — the proxy's own defence is that they were underwater at year end, and at $132.43 they need more than doubling. Say on pay drew 22.0% against in 2024 and 18.1% in 2025.
Tier 2 · worsening
The whole $20bn equity programme was sold inside one quarter, with the buyback idle
Authorised 2026-02-02 and exhausted by 2026-08-31: 141 million shares for $19.9bn net, taking the count from 2,880m to 3,024m, 5.0% in three months, after a decade of retiring shares at a weighted-average $89.32. Nothing was repurchased in the quarter against about $6.3bn authorised. The June 2026 plan was about $40bn of fiscal 2027 funding with no further debt in calendar 2026 — so the equity half is gone and the debt half fenced off, against reported capex guided at roughly $90-95bn. Outside the count sits $4,954m of mandatory convertible preferred whose conversion rate is in nothing read.
Tier 2 · stable
A 38% holder, five insiders on the board, and a lead independent director in his 33rd year
Of thirteen nominees, five are not independent: Ellison, both chief executives, Catz and Henley. Michael Boskin, 81, has been a director since 1994 and is both lead independent director and chair of Finance and Audit. Jeffrey Berg, 79, has served since 1997. Two directors aged 86 and 87 retired on consecutive days in January 2026, seven weeks after being re-elected. Against that: one class of voting stock, no supermajority provisions, annual elections with majority voting, proxy access, a 20% special-meeting right and action by written consent.
Tier 2 · worsening
Everyone who made the record has gone, and the capex guides were the ones they missed
Safra Catz left the chief executive and principal financial officer roles in September 2025 after twenty-four years in the finance seat; Douglas Kehring held the finance job for two quarters; Hilary Maxson arrived in April 2026; the head of investor relations of two decades took his last call in September 2026. Ten of the thirteen scored guidance rows are Catz's and two are Kehring's. Every full-year capex guide the old team gave was missed after repeated upward revisions — about $13.7bn against $21.2bn in fiscal 2025, "over $25 billion" against $55.7bn in fiscal 2026.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2024 | 2025 | Share 2025 | |
|---|---|---|---|
| Chizen (Governance chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 466.3M | 560.9M | 23.9% |
| AbloA board seat. | 21.9M | 379.4M | 16.1% |
| Boskin (lead independent)A board seat. | 181.9M | 205.5M | 8.7% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 508.4M | 423.8M | 18.1% |
| Ellison (founder, 38.2%)A board seat. | 47.0M | 78.8M | 3.4% |
| Ratify Ernst & YoungThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 56.3M | 63.4M | 2.4% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders | $414.6M | 38 sales by 11 people; about 88% under pre-set 10b5-1 plans |
| Against that | $112,258 bought | one purchase, by one insider, in the whole year |
| The founder | not in that total | his plan for up to 50M shares was adopted 22 Jun '26 and had not been executed at scale on the Form 144s to 16 Sep '26 |