Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Oracle Corp., consolidated cash flow statement

US$ in millions

12 months ended:	May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020
Net income	12,443)	10,467)	8,503)	6,717)	13,746)	10,135)
Depreciation	3,867)	3,129)	2,526)	1,972)	1,537)	1,382)
Amortization of intangible assets	2,307)	3,010)	3,582)	1,150)	1,379)	1,586)
Deferred income taxes	(1,637)	(2,139)	(2,167)	(1,146)	(2,425)	(851)
Stock-based compensation	4,674)	3,974)	3,547)	2,613)	1,837)	1,590)
Other, net	667)	720)	661)	220)	(39)	239)
(Increase) decrease in trade receivables, net	(653)	(965)	(151)	(874)	333)	(445)
(Increase) decrease in prepaid expenses and other assets	266)	542)	317)	11)	622)	665)
Increase (decrease) in accounts payable and other liabilities	(608)	(594)	(281)	(733)	(23)	(496)
Increase (decrease) in income taxes payable	(659)	(127)	(153)	(398)	(1,485)	(444)
Increase (decrease) in deferred revenues	154)	656)	781)	7)	405)	(222)
Changes in operating assets and liabilities, net of effects from acquisitions	(1,500)	(488)	513)	(1,987)	(148)	(942)
Adjustments to reconcile net income to net cash provided by operating activities	8,378)	8,206)	8,662)	2,822)	2,141)	3,004)
Net cash provided by operating activities	20,821)	18,673)	17,165)	9,539)	15,887)	13,139)
Purchases of marketable securities and other investments	(1,272)	(1,003)	(1,181)	(10,272)	(37,982)	(5,731)
Proceeds from sales and maturities of marketable securities and other investments	776)	572)	1,113)	26,151)	27,060)	17,262)
Acquisitions, net of cash acquired	—)	(63)	(27,721)	(148)	(41)	(124)
Capital expenditures	(21,215)	(6,866)	(8,695)	(4,511)	(2,135)	(1,564)
Net cash (used for) provided by investing activities	(21,711)	(7,360)	(36,484)	11,220)	(13,098)	9,843)
Payments for repurchases of common stock	(600)	(1,202)	(1,300)	(16,248)	(20,934)	(19,240)
Proceeds from issuances of common stock	653)	742)	1,192)	482)	1,786)	1,588)
Shares repurchased for tax withholdings upon vesting of restricted stock-based awards	(900)	(2,040)	(1,203)	(1,093)	(666)	(665)
Payments of dividends to stockholders	(4,743)	(4,391)	(3,668)	(3,457)	(3,063)	(3,070)
Proceeds from issuances (repayments) of commercial paper, net	1,889)	(167)	500)	—)	—)	—)
Proceeds from issuances of senior notes and term loan credit agreements, net of issuance costs	19,548)	—)	33,494)	—)	14,934)	19,888)
Repayments of senior notes and term loan credit agreements	(15,841)	(3,500)	(21,050)	(8,250)	(2,631)	(4,500)
Other financing activities, net	1,092)	4)	(55)	(560)	196)	(133)
Net cash provided by (used for) financing activities	1,098)	(10,554)	7,910)	(29,126)	(10,378)	(6,132)
Effect of exchange rate changes on cash and cash equivalents	124)	(70)	(209)	(348)	448)	(125)
Net increase (decrease) in cash and cash equivalents	332)	689)	(11,618)	(8,715)	(7,141)	16,725)
Cash and cash equivalents at beginning of period	10,454)	9,765)	21,383)	30,098)	37,239)	20,514)
Cash and cash equivalents at end of period	10,786)	10,454)	9,765)	21,383)	30,098)	37,239)

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).

Net Income

Net income exhibited variability over the periods, peaking at 13,746 million US dollars in 2021 before declining sharply in 2022 to 6,717 million. It then displayed a recovery trend, increasing steadily to 12,443 million by 2025.

Depreciation and Amortization of Intangible Assets

Depreciation showed a consistent upward trend, nearly tripling from 1,382 million in 2020 to 3,867 million in 2025. Amortization of intangible assets fluctuated, decreasing from 1,586 million in 2020 to 1,150 million in 2022, then spiking in 2023 to 3,582 million before a gradual decline to 2,307 million by 2025.

Deferred Income Taxes

This item remained negative throughout the periods with values ranging between -851 million and -2,425 million, showing some volatility but no clear trend.

Stock-Based Compensation

Stock-based compensation costs steadily increased over the years, from 1,590 million in 2020 to 4,674 million in 2025, indicating a continual rise in equity-related employee compensation expenses.

Other, Net

The 'Other, net' category fluctuated without a clear trend, moving between negative and positive figures with a peak of 720 million in 2023 and a slight decline thereafter.

Changes in Working Capital Items

Items related to working capital such as trade receivables, prepaid expenses, accounts payable, income taxes payable, and deferred revenues showed variability:

Trade Receivables: Mixed changes were observed, with notable decreases in 2022 and 2024 indicating potential collection or billing pattern changes.
Prepaid Expenses and Other Assets: Generally stable with minor fluctuations, no strong trend is evident.
Accounts Payable and Other Liabilities: Tended to decrease, particularly in 2022 and 2024, which could indicate faster payments or reduced liabilities.
Income Taxes Payable: Mostly negative with some volatility, suggesting variability in tax payment timing or tax obligations.
Deferred Revenues: Showed positive increases beginning in 2021, with a peak in 2023, indicating growth in advance payments from customers or similar liabilities.
Net Changes in Operating Assets and Liabilities: Varied considerably, with significant negative swings in 2020 and 2022, and positive movement in 2023, reflecting changing operational cash flow dynamics.

Adjustments to Reconcile Net Income to Cash Provided by Operating Activities

Fluctuated notably with a substantial peak in 2023 at 8,662 million and remained robust above 8,000 million through 2024 and 2025, supporting strong operational cash flow despite income volatility.

Net Cash Provided by Operating Activities

Overall upward trend from 13,139 million in 2020 to 20,821 million in 2025, despite a dip in 2022, reflecting improved operational cash flow performance.

Investing Activities

Net cash from investing activities was highly volatile:

Purchases of Marketable Securities and Other Investments: Large outflows occurred in 2021, with fluctuations in other years but generally moderate levels.
Proceeds from Sales and Maturities: Strong inflows in 2020 to 2022 followed by a steep drop in 2023 and lower levels thereafter.
Acquisitions: Relatively minor except for a significant outflow in 2023 at -27,721 million, indicative of a major acquisition or investment.
Capital Expenditures: Increasing sharply, peaking at 21,215 million in 2025, reflecting intensified investment in fixed assets.
Net Investing Cash Flow: Varied dramatically with positive cash flow in some years (e.g., 2020, 2022) and large negative cash flows in 2023 and 2025, driven largely by capital expenditures and acquisition activity.

Financing Activities

Financing cash flows showed considerable variability:

Repurchases of Common Stock: Generally decreasing repurchases, with a notable sharp reduction after 2022.
Issuances of Common Stock: Relatively modest and somewhat stable across years.
Shares Repurchased for Tax Withholdings: Increasing steadily until 2024, with a decline in 2025.
Dividends Paid: Consistent increase in dividend payments over time, indicating ongoing shareholder returns.
Debt Issuance and Repayment: Major debt issuances occurred in 2020, 2021, 2023, and 2025, with repayments also significant and peaking in 2023, reflecting active debt management.
Net Financing Cash Flow: Notable negative cash flow in early years, turning positive in 2023, then negative again in 2024 and slightly positive in 2025, highlighting fluctuating financing strategies.

Effect of Exchange Rate Changes

Minor impact on cash flows, mostly small positive or negative adjustments with a positive effect in 2021 and 2025.

Cash and Cash Equivalents

End period cash balances decreased from 37,239 million in 2020 to 9,765 million in 2023 before stabilizing and slightly increasing to 10,786 million in 2025, mirroring the net decrease in cash flows over most periods.

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Oracle Corp. (NYSE:ORCL)

Cash Flow Statement