The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Oracle Corp., consolidated income statement (quarterly data)
US$ in millions
3 months ended:
Feb 28, 2026
Nov 30, 2025
Aug 31, 2025
May 31, 2025
Feb 28, 2025
Nov 30, 2024
Aug 31, 2024
May 31, 2024
Feb 29, 2024
Nov 30, 2023
Aug 31, 2023
May 31, 2023
Feb 28, 2023
Nov 30, 2022
Aug 31, 2022
May 31, 2022
Feb 28, 2022
Nov 30, 2021
Aug 31, 2021
May 31, 2021
Feb 28, 2021
Nov 30, 2020
Aug 31, 2020
May 31, 2020
Feb 29, 2020
Nov 30, 2019
Aug 31, 2019
Cloud
8,914)
7,977)
7,186)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Software
6,119)
5,877)
5,721)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Cloud services and license support
—)
—)
—)
11,697)
11,007)
10,806)
10,519)
10,234)
9,963)
9,639)
9,547)
9,369)
8,923)
8,598)
8,417)
7,612)
7,637)
7,554)
7,371)
7,389)
7,252)
7,112)
6,947)
6,846)
6,930)
6,811)
6,805)
Cloud license and on-premise license
—)
—)
—)
2,007)
1,129)
1,195)
870)
1,838)
1,256)
1,178)
809)
2,152)
1,288)
1,435)
904)
2,539)
1,289)
1,237)
813)
2,145)
1,276)
1,092)
886)
1,958)
1,231)
1,126)
812)
Hardware
714)
776)
670)
850)
703)
728)
655)
842)
754)
756)
714)
850)
811)
850)
763)
855)
798)
767)
763)
881)
820)
844)
814)
900)
857)
871)
815)
Services
1,443)
1,428)
1,349)
1,349)
1,291)
1,330)
1,263)
1,373)
1,307)
1,368)
1,383)
1,465)
1,376)
1,392)
1,361)
833)
789)
802)
781)
812)
737)
752)
720)
736)
778)
806)
786)
Revenues
17,190)
16,058)
14,926)
15,903)
14,130)
14,059)
13,307)
14,287)
13,280)
12,941)
12,453)
13,836)
12,398)
12,275)
11,445)
11,839)
10,513)
10,360)
9,728)
11,227)
10,085)
9,800)
9,367)
10,440)
9,796)
9,614)
9,218)
Cloud and software (previously: Cloud services and license support)
(4,776)
(3,990)
(3,607)
(3,344)
(2,882)
(2,746)
(2,597)
(2,522)
(2,452)
(2,274)
(2,179)
(2,157)
(1,980)
(1,891)
(1,735)
(1,435)
(1,305)
(1,259)
(1,214)
(1,214)
(1,064)
(1,064)
(1,011)
(1,011)
(991)
(1,022)
(982)
Hardware
(183)
(215)
(178)
(251)
(197)
(172)
(162)
(242)
(217)
(213)
(219)
(261)
(244)
(286)
(249)
(254)
(244)
(229)
(245)
(252)
(230)
(244)
(246)
(288)
(271)
(285)
(272)
Services
(1,133)
(1,169)
(1,099)
(1,146)
(1,116)
(1,167)
(1,147)
(1,160)
(1,200)
(1,253)
(1,212)
(1,312)
(1,215)
(1,181)
(1,053)
(708)
(669)
(671)
(644)
(655)
(621)
(631)
(623)
(670)
(702)
(741)
(703)
Cost of revenues
(6,092)
(5,374)
(4,884)
(4,741)
(4,195)
(4,085)
(3,906)
(3,924)
(3,869)
(3,740)
(3,610)
(3,730)
(3,439)
(3,358)
(3,037)
(2,397)
(2,218)
(2,159)
(2,103)
(2,121)
(1,915)
(1,939)
(1,880)
(1,969)
(1,964)
(2,048)
(1,957)
Gross profit
11,098)
10,684)
10,042)
11,162)
9,935)
9,974)
9,401)
10,363)
9,411)
9,201)
8,843)
10,106)
8,959)
8,917)
8,408)
9,442)
8,295)
8,201)
7,625)
9,106)
8,170)
7,861)
7,487)
8,471)
7,832)
7,566)
7,261)
Sales and marketing
(2,052)
(2,149)
(2,063)
(2,306)
(2,119)
(2,190)
(2,036)
(2,113)
(2,042)
(2,093)
(2,026)
(2,290)
(2,150)
(2,216)
(2,177)
(2,235)
(2,004)
(1,954)
(1,854)
(2,077)
(1,915)
(1,836)
(1,854)
(1,959)
(2,049)
(2,068)
(2,018)
Research and development
(2,607)
(2,561)
(2,491)
(2,654)
(2,429)
(2,471)
(2,306)
(2,225)
(2,248)
(2,226)
(2,216)
(2,226)
(2,146)
(2,158)
(2,093)
(1,965)
(1,816)
(1,754)
(1,684)
(1,716)
(1,621)
(1,601)
(1,589)
(1,479)
(1,500)
(1,531)
(1,557)
General and administrative
(389)
(409)
(376)
(467)
(390)
(387)
(358)
(403)
(377)
(375)
(393)
(400)
(402)
(366)
(411)
(365)
(335)
(319)
(298)
(305)
(330)
(324)
(295)
(278)
(288)
(323)
(292)
Amortization of intangible assets
(413)
(407)
(420)
(544)
(548)
(591)
(624)
(743)
(749)
(755)
(763)
(870)
(886)
(907)
(919)
(269)
(279)
(299)
(303)
(342)
(347)
(345)
(345)
(365)
(400)
(407)
(414)
Acquisition related and other
(20)
(21)
(13)
(3)
(28)
(31)
(13)
(101)
(155)
(47)
(11)
(50)
(37)
(62)
(41)
(5)
(20)
(4,667)
(21)
(30)
(13)
(76)
(19)
(12)
(7)
(12)
(25)
Restructuring
(153)
(406)
(402)
(79)
(63)
(84)
(73)
(93)
(90)
(83)
(138)
(131)
(78)
(137)
(144)
(102)
(19)
(32)
(38)
(95)
(66)
(96)
(174)
(70)
(60)
(42)
(78)
Operating income (loss)
5,464)
4,731)
4,277)
5,109)
4,358)
4,220)
3,991)
4,685)
3,750)
3,622)
3,296)
4,139)
3,260)
3,071)
2,623)
4,501)
3,822)
(824)
3,427)
4,541)
3,878)
3,583)
3,211)
4,308)
3,528)
3,183)
2,877)
Interest expense
(1,180)
(1,057)
(923)
(978)
(892)
(866)
(842)
(878)
(876)
(888)
(872)
(954)
(908)
(856)
(787)
(704)
(667)
(679)
(705)
(697)
(585)
(600)
(614)
(580)
(456)
(465)
(494)
Non-operating income (expenses), net
132)
2,668)
73)
22)
(18)
36)
20)
(26)
(9)
(14)
(49)
(77)
(134)
(71)
(180)
(173)
(315)
7)
(41)
312)
(17)
(11)
(2)
(33)
4)
92)
99)
Income (loss) before income taxes
4,416)
6,342)
3,427)
4,153)
3,448)
3,390)
3,169)
3,781)
2,865)
2,720)
2,375)
3,108)
2,218)
2,144)
1,656)
3,624)
2,840)
(1,496)
2,681)
4,156)
3,276)
2,972)
2,595)
3,695)
3,076)
2,810)
2,482)
(Provision for) benefit from income taxes
(695)
(207)
(500)
(726)
(512)
(239)
(240)
(638)
(464)
(217)
45)
210)
(322)
(403)
(108)
(436)
(521)
249)
(224)
(124)
1,745)
(530)
(344)
(579)
(505)
(499)
(345)
Net income (loss)
3,721)
6,135)
2,927)
3,427)
2,936)
3,151)
2,929)
3,143)
2,401)
2,503)
2,420)
3,318)
1,896)
1,741)
1,548)
3,188)
2,319)
(1,247)
2,457)
4,032)
5,021)
2,442)
2,251)
3,116)
2,571)
2,311)
2,137)
Preferred stock dividends
(22)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Net income (loss) available to common shareholders
The financial performance, as indicated by the income statement, reveals a complex pattern of growth, volatility, and eventual strong recovery over the observed period. Revenues demonstrate an overall upward trajectory, though not consistently linear. Initial growth from August 2019 to May 2020 is followed by a dip in August 2020, before resuming a strong growth phase through May 2024. A slight decline is observed in the subsequent periods, but revenues remain significantly higher than initial values.
A significant portion of revenue is attributable to cloud services and license support, which consistently represents the largest component and exhibits steady growth throughout the period. Cloud license and on-premise license revenue fluctuates considerably, showing peaks in certain quarters but generally remaining a smaller portion of total revenue. Hardware revenue demonstrates relative stability, with modest fluctuations, while services revenue shows a more pronounced increase in later periods.
Gross Profit
Gross profit generally mirrors the revenue trend, increasing from US$7.261 billion in August 2019 to US$11.098 billion in February 2026. However, the period around November 2021 shows a notable dip in operating income, which impacts gross profit. The increasing gross profit margins in later periods suggest improved efficiency or pricing power.
Operating Income
Operating income exhibits substantial volatility. A significant decline is observed in November 2021, resulting in a loss. Prior to this, operating income steadily increased. Following the loss, a strong recovery is evident, with operating income reaching US$5.464 billion in February 2026. This recovery is likely linked to the continued growth in cloud services and improved cost management.
Cost of Revenues
The cost of revenues generally increases alongside revenue, but at a faster rate in later periods. This is particularly noticeable from May 2022 onwards, suggesting potential pressures on input costs or production efficiency. The increasing cost of revenues contributes to the volatility observed in operating income.
Operating Expenses
Sales and marketing, research and development, and general and administrative expenses all demonstrate a consistent upward trend. Research and development consistently represents a substantial portion of operating expenses. The increase in these expenses is expected given the company’s focus on innovation and growth, but their rate of increase should be monitored in relation to revenue growth. Acquisition related and restructuring expenses also contribute to fluctuations in operating income, with significant impacts observed in specific quarters.
Net Income
Net income follows a similar pattern to operating income, with a significant loss in November 2021. Prior to this, net income steadily increased. A strong recovery is observed in subsequent periods, culminating in US$3.699 billion in November 2025. Net income available to common shareholders is slightly lower due to preferred stock dividends, which are only present in the final period.
The period demonstrates a clear shift towards cloud-based revenue models. The consistent growth in cloud services and license support, coupled with the recovery from the downturn in late 2021, suggests a successful transition and a strengthening financial position. However, the increasing cost of revenues and operating expenses warrant continued monitoring to ensure sustainable profitability.
