Analysis of Debt
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 | 1,468) |
| Senior notes and other long-term borrowings and related fair value hedges | 114,400) |
| Other borrowings | —) |
| Finance lease liabilities | 7,701) |
| Total borrowings and finance lease liabilities (fair value) | 123,569) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.90 |
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: 4.88%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 2.73% | 3,000) | 82) | |
| 2.87% | 2,250) | 65) | |
| 3.29% | 2,750) | 90) | |
| 2.36% | 2,000) | 47) | |
| 4.60% | 750) | 35) | |
| 4.94% | 1,500) | 74) | |
| 4.74% | 3,000) | 142) | |
| 4.27% | 1,500) | 64) | |
| 6.21% | 1,250) | 78) | |
| 3.00% | 3,250) | 98) | |
| 4.75% | 750) | 36) | |
| 3.35% | 500) | 17) | |
| 4.55% | 3,000) | 137) | |
| 5.08% | 3,500) | 178) | |
| 2.92% | 3,250) | 95) | |
| 5.36% | 1,250) | 67) | |
| 4.87% | 3,000) | 146) | |
| 6.32% | 2,250) | 142) | |
| 4.95% | 1,500) | 74) | |
| 5.42% | 3,000) | 163) | |
| 4.30% | 1,750) | 75) | |
| 4.77% | 1,750) | 83) | |
| 4.00% | 1,250) | 50) | |
| 5.55% | 1,750) | 97) | |
| 5.25% | 4,000) | 210) | |
| 5.78% | 5,000) | 289) | |
| 3.89% | 1,250) | 49) | |
| 3.86% | 1,750) | 68) | |
| 6.51% | 1,250) | 81) | |
| 6.17% | 1,250) | 77) | |
| 3.64% | 3,000) | 109) | |
| 5.45% | 2,250) | 123) | |
| 3.72% | 2,250) | 84) | |
| 4.50% | 1,000) | 45) | |
| 4.20% | 2,000) | 84) | |
| 5.91% | 2,500) | 148) | |
| 6.59% | 2,250) | 148) | |
| 4.03% | 3,000) | 121) | |
| 4.05% | 2,250) | 91) | |
| 3.64% | 4,500) | 164) | |
| 3.98% | 3,250) | 129) | |
| 6.94% | 2,500) | 174) | |
| 5.62% | 2,250) | 126) | |
| 5.43% | 1,750) | 95) | |
| 4.44% | 1,250) | 56) | |
| 6.04% | 1,750) | 106) | |
| 6.05% | 3,500) | 212) | |
| 6.74% | 5,000) | 337) | |
| 3.89% | 3,500) | 136) | |
| 4.13% | 1,500) | 62) | |
| 5.55% | 1,250) | 69) | |
| 6.17% | 1,000) | 62) | |
| 6.17% | 2,000) | 123) | |
| 6.89% | 2,750) | 189) | |
| 4.43% | 500) | 22) | |
| 4.78% | 500) | 24) | |
| 5.29% | 5,137) | 272) | |
| 4.35% | 1,468) | 64) | |
| 5.70% | 7,701) | 439) | |
| Total | 137,806) | 6,721) | |
| 4.88% | |||
Based on: 10-K (reporting date: 2026-05-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 6,721 ÷ 137,806 = 4.88%