Cash Flow Statement
Quarterly Data
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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Oracle Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
The net income exhibits notable volatility across quarters, with peaks such as $5,021 million in February 2021 and troughs including a significant loss of $-1,248 million in November 2021. Despite fluctuations, there is a general upward trend over the examined period, culminating in a higher net income of $3,427 million by May 2025.
Depreciation steadily increases from $336 million in August 2019 to $1,152 million in May 2025, indicating ongoing investment in fixed assets or changes in asset base. Conversely, amortization of intangible assets, while initially stable around the $350-$400 million range, shows a spike to values near $900 million between August 2022 and May 2023 before decreasing again, possibly reflecting large acquisitions or impairments in those periods.
Deferred income taxes present high volatility with substantial negative values, including a significant $-2,432 million in February 2021, indicating varying tax circumstances and timing differences affecting reported earnings and cash flows.
Stock-based compensation consistently rises from $446 million in August 2019 to $1,300 million by May 2025, signalling an increase in equity-based remuneration, which may affect reported expenses and shareholder dilution.
Analysis of working capital components reveals mixed patterns. Trade receivables show large swings, with considerable increases and decreases, suggesting variability in collection or sales terms. Prepaid expenses fluctuate moderately, while accounts payable and other liabilities display irregular changes, sometimes decreasing significantly, hinting at payment timing variances. Income taxes payable and deferred revenues also exhibit substantial and erratic movements correlating with tax policy changes and revenue recognition shifts.
Cash flow from operating activities follows a somewhat erratic pattern but generally trends positively from $6,000 million in August 2019 to $6,157 million in May 2025, although with interim quarters showing very low or negative values (e.g., -$3,682 million in November 2021), reflecting operational cash generation inconsistency.
Investing activities reveal substantial variability. Purchases of marketable securities and investments fluctuate dramatically, including large outflows (e.g., $-10,678 million in August 2020), while proceeds from sales and maturities of securities spike at times, notably $13,615 million in November 2021. Capital expenditures ramp up significantly over time, peaking at $9,080 million in May 2025, indicating increased investment in physical assets. Acquisitions are sporadic but include a pronounced outflow of $-27,798 million in August 2022, suggesting major strategic purchases.
Financing activities display considerable volatility. Stock repurchases are consistently high, often around $4,000-$8,000 million quarterly, though declining toward 2025. Dividends show steady payments increasing slightly through the period, suggesting a consistent shareholder return policy. Issuances and repayments of debt instruments are irregular but substantial, including large issuances of senior notes exceeding $20,000 million in some quarters and corresponding repayments, reflecting active debt management and refinancing strategies. Proceeds from commercial paper issuance and repayments vary but contribute to fluctuating financing cash flows. Overall, net cash from financing activities swings widely, with periods of both large inflows and outflows, illustrating dynamic capital structure adjustments.
Foreign exchange effects on cash and equivalents are generally minor but occasionally negative, implying moderate exposure to currency fluctuations.
Finally, the net change in cash and cash equivalents is highly volatile. Large positive increases occur in several quarters, such as $13,410 million in May 2020, while significant decreases appear too, including $-10,935 million in August 2022 and $-6,620 million in May 2025, indicating that cash position management is subject to the combined effects of operational, investing, and financing activities.