Analysis of Debt
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- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
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- Analysis of Revenues
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Total Debt (Carrying Amount)
Oracle Corp., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2026-05-31), 10-K (reporting date: 2025-05-31), 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31).
The total carrying amount of borrowings and finance lease liabilities exhibits a general upward trajectory over the analyzed period, characterized by moderate fluctuations followed by a substantial increase in the final year. Total debt rose from US$ 84,245 million in May 2021 to US$ 137,242 million by May 2026, indicating a significant expansion of the total leverage profile.
- Long-Term Debt Dynamics
- Non-current notes payable and other borrowings remained relatively stable between May 2021 and May 2024, fluctuating within a range of US$ 72,110 million to US$ 86,420 million. A sharp acceleration is observed in the final period, with non-current borrowings surging to US$ 122,342 million by May 2026, suggesting a major shift toward long-term capital procurement.
- Short-Term Obligation Volatility
- Current notes payable and other borrowings demonstrate significant volatility. A notable decrease occurred between May 2021 and May 2022, where obligations dropped from US$ 8,250 million to US$ 3,749 million. This was followed by a peak of US$ 10,605 million in May 2024, before settling at approximately US$ 7,200 million in the final two years of the period.
- Emergence of Finance Lease Liabilities
- Finance lease liabilities appear in the reporting starting in May 2025. Both current and non-current lease obligations show rapid growth within a short timeframe. Total lease liabilities increased from US$ 2,934 million in May 2025 to US$ 7,701 million in May 2026, contributing to the overall rise in the total carrying amount of debt.
Total Debt (Fair Value)
| May 31, 2026 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Commercial paper notes | |
| Senior notes and other long-term borrowings and related fair value hedges | |
| Other borrowings | |
| Finance lease liabilities | |
| Total borrowings and finance lease liabilities (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2026-05-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on notes payable, other borrowings, and finance lease liabilities:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2026-05-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =