Oracle
ConvictionModerate
Recurring license-support + cloud subscription (SaaS) plus consumption/contracted GPU compute (OCI IaaS); pivoting from high-margin software toward capital-intensive AI data-center capacity.
Revenue
$67.4BFY2026, ended 2026-05-31Rev growth
+17% YoYFY26); Cloud +39%, IaaS/OCI +77%Gross margin
consolidated stepped down ~5pts to mid-60s%OCI gross margin est. ~14% (vs AWS/Azure 30-40%Op margin
GAAP ~30.6%$20.6B op income); non-GAAP ~43% ($28.9BCapex intensity
very high — capex $55.7B = ~83% of revenueFY26); FY27 net capex ~$70B guidedMarket cap
~$430B2026-06-26Price · 1-year trend
real · weekly$140-40% 1yUSD
52-week range
$136 – $326
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
subject
AI Compute Value-Chain
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-06-22. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’22
$42.4B
FY’23
$50.0B+18%
FY’24
$53.0B+6%
FY’25
$57.4B+8%
FY’26
$67.4B+17%
Margins & balance sheet — FY’26
Operating margin30.6%
Net margin25.4%
Net cash$24.1B
The read
Where our coverage leans
Bull & bear in tension
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence