Company profile
SEC EDGAR ↗- Industry
- Services-Prepackaged Software
- Listed
- NYSE: ORCL
- Headquarters
- Austin, TX
- Fiscal year end
- May 31
Financials
FY2026- Revenue
- $67.4B
- Net income
- $17.1B
- Total assets
- $261.8B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $67.4B | $17.1B | $261.8B |
| FY2025 | $57.4B | $12.4B | $168.4B |
| FY2024 | $53.0B | $10.5B | $141.0B |
| FY2023 | $50.0B | $8.50B | $134.4B |
| FY2022 | $42.4B | $6.72B | $109.3B |
| FY2021 | $40.5B | $13.7B | $131.1B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
5 verified Decision Records on Oracle, and the casebook each one belongs to.
| Fork date | Decision type | The story | Casebook |
|---|---|---|---|
| 1990 | Founder Doctrine | Read the story → | Founder Doctrine Casebook → |
| 2003 | Adjacency Expansion | Read the story → | Adjacency Expansion Casebook → |
| 2016 | The Counterfactual | Read the story → | The Counterfactual Casebook → |
| 2023 | The Pricing Lens | Read the story → | The Pricing Lens Casebook → |
| 2023 | Ecosystem Lock-in | Read the story → | Ecosystem Lock-in Casebook → |
Run one of these yourself
The decisions Oracle faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →Moat & CompetitionThe Ecosystem Lock-InHow hard can you press on lock-in you already have?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
Oracle Arrived a Decade Late to the Cloud Holding the One Thing That Mattered: A Hostage
Oracle showed up to cloud a decade late - OCI didn't hit triple-digit growth until FY2021, fifteen years after AWS launched. By FY2026 cloud revenue hit $9.9 billion, up 47%. The pivot worked not because Oracle out-built anyone, but because it had a hostage.
8 min
The Adjacency Expansion · Growth & Portfolio
Oracle Turned the TikTok Deal Into Cloud Lock-In: 100% of US Traffic, Audited by the Government
Everyone read Oracle's TikTok deal as a social-media play. It was a cloud lock-in: a government-audited tenant routing 100% of US traffic onto Oracle, anchoring a $455 billion backlog and a 359% RPO jump.
8 min
The Counterfactual · Decision Forks
Oracle's $523B Backlog Rests on a Handful of AI Mega-Deals and Roughly 3% Market Share
Oracle's contract backlog exploded to $523B in late 2025, up 438% in a year. Wall Street read it as Oracle finally catching the cloud giants. The number says the opposite: it's a handful of AI mega-deals stacked on top of roughly 3% market share.
8 min
The Counterfactual · Decision Forks
Ellison Called Cloud 'Complete Gibberish'; Oracle Then Bought NetSuite for $9.3B and Cerner for $28.5B
In 2008 Larry Ellison called cloud computing 'complete gibberish.' But Oracle's catch-up wasn't a change of heart - it bought the cloud it didn't build: NetSuite for ~$9.3B in 2016, Cerner for ~$28.5B in 2022.
8 min
The Ecosystem Lock-In · Moat & Competition
Oracle Holds Customers With Three Layers: Architectural Debt, Licensing Fog, and the Audit
On-premise license revenue fell 12% in FY2024 — proof the database no longer holds customers on merit. The real retention engine is a three-layer machine: architectural debt, licensing fog, and the audit deployed as a closing tool.
8 min
The Ecosystem Lock-In · Moat & Competition
Oracle's Audit Is the Second Invoice — Partners Get Paid Only When They Find a Shortfall
Oracle calls its audits random compliance checks. They aren't - the triggers are commercial, the partners get paid only if they find a shortfall, and the cloud-and-license business that feeds them is 86% of $57.4B in revenue. The audit is the second invoice.
8 min
The Founder Doctrine · People & Control
Larry Ellison Named His First Product Version 2. The Lie Was the Strategy.
Oracle's combative doctrine — seize the rival's idea, win the marketing war, buy the consolidation — nearly killed the company in 1991 with a first-ever loss and an 80% stock crash. The aggression that wrecked it also rebuilt it. That's not a strategy. It's a pattern.
8 min
The Hidden Toll · Business Model
'Audit, Bargain, Close': Oracle's Playbook for Turning a Compliance Bill Into a Cloud Deal
Oracle's licensing is bewildering on purpose. Former employees told a federal court the audit had an internal name - 'Audit, Bargain, Close' - and a single job: turn a compliance bill into a cloud subscription. The complexity is the product.
8 min