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.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Oracle Corp., consolidated cash flow statement
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).
Analysis of the cash flow patterns reveals a strategic shift toward aggressive infrastructure investment funded by increased debt leverage and strong operating cash generation.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a general upward trajectory, rising from 15,887 million in 2021 to 31,977 million by 2026. While a contraction occurred in 2022, subsequent years show consistent growth. This trend is supported by a recovery in net income, which reaches 17,087 million in 2026, and a significant increase in depreciation expenses, which peak at 7,623 million in the final year, reflecting a growing base of fixed assets.
- Investment Strategy and Capital Expenditure
- A profound shift in investing activities is evident. Early periods were characterized by marketable securities and acquisitions, but there is a stark escalation in capital expenditures. CapEx increases from 2,135 million in 2021 to 55,663 million in 2026. This suggests a massive pivot toward physical infrastructure development. Consequently, net cash used in investing activities expands to 51,854 million in 2026.
- Financing and Capital Structure
- Financing activities show a transition from shareholder returns via buybacks to debt-funded growth. Payments for repurchases of common stock were substantial in 2021 and 2022 (20,934 million and 16,248 million, respectively) but declined sharply thereafter. To sustain the surge in capital expenditures, the company significantly increased borrowings, with proceeds from senior notes and other borrowings reaching 46,093 million in 2026. Dividends have maintained a steady upward trend, growing from 3,063 million in 2021 to 5,787 million in 2026.
- Liquidity and Cash Position
- The cash and cash equivalents balance experienced a steady decline from 37,239 million at the start of 2021 to a low of 9,765 million by May 2023. However, the cash position recovers sharply to 31,289 million by May 2026, primarily driven by the massive influx of financing activities used to offset the heavy capital investment cycle.