Oracle Corporation Revenue & Financials

The number that should stop you cold: Oracle's license support revenue renews at 90%+ annually with essentially zero marginal cost. That's $25+ billion flowing in every year from customers who pay because leaving is more expensive than staying. No other enterprise software company has a comparable annuity stream at that scale. FY2025 delivered $57.4 billion in total revenue and $12.4 billion in net income — a 21.7% net margin that looks modest until you account for the $80-90 billion debt load suppressing it. Operating margins on the core software business run closer to 40%. The growth acceleration is real and dramatic. Q3 FY2026 produced $17.2 billion in revenue (up 22%), with cloud surging 44% to $8.9 billion. Management called it the first quarter in fifteen years where organic revenue and non-GAAP EPS both grew 20%+. That's not incremental improvement — that's a structural inflection driven by AI infrastructure demand. Cloud Infrastructure alone grew north of 50%. Here's the tension: Oracle trades at roughly 9.7x trailing revenue ($557 billion market cap), which prices in sustained 20%+ growth for years. The stock added less market cap in four days than NVIDIA added in the same period ($591 billion for NVIDIA versus Oracle's entire valuation). That comparison illustrates both Oracle's momentum and its ceiling — it's growing fast for a 47-year-old company, but the market still sees it as a supporting actor in the AI story rather than a lead. Non-GAAP EPS hit $1.79 in Q3, up approximately 20% year-over-year. Fusion ERP grew 14%, HCM and SCM both 15%. The remaining performance obligation keeps expanding as enterprises sign multi-year cloud commitments. Larry Ellison, at 81, still drives the largest deals personally.