Analysis of Debt
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- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
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- Current Ratio since 2005
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Total Debt (Carrying Amount)
Oracle Corp., balance sheet: debt
US$ in millions
Based on: 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), 10-K (reporting date: 2020-05-31).
- Current notes payable and other borrowings
- The current notes payable and other borrowings exhibit significant volatility over the analyzed period. The amount increased sharply from 2,371 million USD in 2020 to a peak of 10,605 million USD in 2024 before declining to 7,271 million USD in 2025. This fluctuation suggests periods of increased short-term debt acquisition followed by partial repayment or restructuring.
- Current finance lease liabilities
- Current finance lease liabilities were not reported until 2025, when they appear at 257 million USD. This new inclusion indicates either the initiation of finance lease arrangements or a change in reporting practices beginning in the most recent year.
- Non-current notes payable and other borrowings
- Non-current borrowings show a generally upward trend with some variability. Starting at 69,226 million USD in 2020, the balance increased to 75,995 million USD in 2021, then decreased somewhat to 72,110 million USD in 2022. Subsequently, the amount rose to 86,420 million USD in 2023, fell again to 76,264 million USD in 2024, and increased to 85,297 million USD in 2025. These fluctuations suggest ongoing debt refinancing activities or strategic adjustments in long-term debt management.
- Non-current finance lease liabilities
- Non-current finance lease liabilities first appear in 2025 at 2,677 million USD, similar to the current finance lease liabilities’ debut in the same year. This may reflect the establishment of longer-term lease obligations or new accounting recognition practices introduced recently.
- Total borrowings and finance lease liabilities
- Total borrowings and finance lease liabilities follow a pattern roughly paralleling the underlying components. After rising from 71,597 million USD in 2020 to a peak of 90,481 million USD in 2023, the total falls to 86,869 million USD in 2024 before rising again to 95,502 million USD in 2025. This overall increase points to an expanding leverage position, driven by both short-term and long-term debt changes as well as the introduction of finance lease liabilities.
- General observations
- The data indicate increased variability in short-term borrowings contrasted with substantial non-current debt, which represents the majority of the total liabilities. The recent addition of finance lease liabilities in both current and non-current categories in 2025 marks a notable shift in the company’s debt structure or reporting. The overall leverage has experienced upward momentum over the five-year span, suggesting a growing reliance on debt financing.
Total Debt (Fair Value)
| May 31, 2025 | |
|---|---|
| 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: 2025-05-31).
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: 2025-05-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =