Analysis of Geographic Areas
Oracle Corp. operates in 5 regions: United States; United Kingdom; Germany; Japan; and Other countries.
Area Asset Turnover
Oracle Corp., asset turnover by geographic area
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 0.39 | 0.71 | 1.17 | 1.43 | 1.97 | 2.74 |
| United Kingdom | 0.72 | 1.03 | 2.08 | 2.39 | 2.90 | 3.08 |
| Germany | 0.82 | 0.90 | 1.51 | 1.87 | 2.21 | 3.11 |
| Japan | 0.59 | 0.76 | 1.45 | 2.18 | 2.34 | 3.06 |
| Other countries | 0.99 | 2.44 | 4.55 | 4.64 | 4.72 | 5.97 |
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).
A systemic decline in asset turnover ratios is observed across all geographic segments from May 31, 2021, through May 31, 2026. This consistent downward trend across all regions indicates a global reduction in the efficiency with which assets are being utilized to generate revenue, suggesting that asset growth has significantly outpaced revenue growth over this period.
- North American Operations
- The United States experienced a substantial and continuous decrease in asset turnover, falling from 2.74 in 2021 to 0.39 by 2026. This represents a significant erosion of asset productivity within the domestic market.
- European Markets
- Both the United Kingdom and Germany exhibited similar patterns of decline. The United Kingdom's ratio decreased from 3.08 to 0.72, while Germany's ratio dropped from 3.11 to 0.82. While Germany maintained a slightly higher efficiency than the UK by 2026, both markets showed a marked reduction in operational leverage.
- Asian Markets
- Japan showed a steady contraction in its turnover ratio, starting at 3.06 in 2021 and ending at 0.59 in 2026, mirroring the broader global trend of diminishing asset efficiency.
- International Diversification
- The segment categorized as other countries consistently maintained the highest turnover ratios throughout the analyzed timeframe. However, this region also witnessed the most dramatic absolute decline, falling from a peak of 5.97 in 2021 to 0.99 by 2026.
The uniformity of the decline across all measured areas suggests that the factors influencing asset turnover are likely tied to overarching corporate strategy or global macroeconomic conditions rather than region-specific operational failures. The sharpest acceleration in the decline is observed between 2024 and 2026 across all territories.
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Area Asset Turnover: United States
Oracle Corp.; United States; area asset turnover calculation
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 39,835) | 32,075) | 29,055) | 27,535) | 20,246) | 18,734) |
| Long-lived assets | 102,717) | 45,439) | 24,798) | 19,322) | 10,300) | 6,826) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 0.39 | 0.71 | 1.17 | 1.43 | 1.97 | 2.74 |
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).
1 2026 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 39,835 ÷ 102,717 = 0.39
An analysis of the financial performance in the United States reveals a significant divergence between revenue growth and the accumulation of long-lived assets. While revenues have expanded consistently over the analyzed period, the rate of investment in long-lived assets has far outpaced revenue generation, leading to a steady decline in asset utilization efficiency.
- Revenue Trends
- Revenues exhibited a sustained upward trajectory, growing from 18,734 million US dollars in May 2021 to 39,835 million US dollars by May 2026. This represents a consistent expansion of the top line, with a notable acceleration in growth between 2022 and 2023.
- Long-lived Assets Growth
- Long-lived assets experienced exponential growth, rising from 6,826 million US dollars in 2021 to 102,717 million US dollars in 2026. The most aggressive expansion occurred between May 2025 and May 2026, where assets more than doubled, indicating a period of massive capital expenditure or strategic acquisition within the United States.
- Area Asset Turnover Performance
- The area asset turnover ratio demonstrates a sharp and continuous downward trend, falling from 2.74 in 2021 to 0.39 in 2026. This decline indicates that each dollar invested in long-lived assets is generating progressively less revenue. The deterioration of this ratio is a direct consequence of the capital investment pace exceeding the immediate capacity of the business to scale revenue in proportion to those assets.
The overall financial pattern suggests a strategic shift toward heavy infrastructure investment. The precipitous drop in the turnover ratio reflects a transition phase where substantial capital is being deployed into the US market, with the expected revenue yields from these assets likely lagging behind the timing of the initial investment.
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Area Asset Turnover: United Kingdom
Oracle Corp.; United Kingdom; area asset turnover calculation
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 2,816) | 2,594) | 2,423) | 2,159) | 2,335) | 2,110) |
| Long-lived assets | 3,903) | 2,530) | 1,164) | 905) | 805) | 685) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 0.72 | 1.03 | 2.08 | 2.39 | 2.90 | 3.08 |
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).
1 2026 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 2,816 ÷ 3,903 = 0.72
The financial performance in the United Kingdom exhibits a divergence between revenue growth and the expansion of the long-lived asset base, resulting in a sustained decline in asset utilization efficiency over the analyzed six-year period.
- Revenue Trends
- Revenues demonstrate a general upward trajectory, increasing from US$ 2,110 million in May 2021 to US$ 2,816 million by May 2026. Despite a marginal contraction in May 2023, the overall trend remains positive, reflecting a steady expansion of market activity in the region.
- Long-lived Asset Expansion
- A significant and accelerating increase in long-lived assets is observed. These assets grew from US$ 685 million in May 2021 to US$ 3,903 million in May 2026. The growth was particularly pronounced after May 2024, where the asset base more than doubled within two years, suggesting substantial capital investment in the UK infrastructure.
- Area Asset Turnover Analysis
- The area asset turnover ratio shows a consistent and sharp downward trend, falling from 3.08 in May 2021 to 0.72 in May 2026. This decline indicates that the growth in the asset base has significantly outpaced the growth in revenues. The precipitous drop between May 2024 and May 2026 reflects a diminished capacity to generate revenue from the newly acquired long-lived assets during this period, signaling a transition from a high-efficiency asset model to one characterized by heavy capital intensity.
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Area Asset Turnover: Germany
Oracle Corp.; Germany; area asset turnover calculation
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 1,993) | 1,817) | 1,794) | 1,755) | 1,799) | 1,744) |
| Long-lived assets | 2,432) | 2,013) | 1,192) | 940) | 813) | 561) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 0.82 | 0.90 | 1.51 | 1.87 | 2.21 | 3.11 |
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).
1 2026 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 1,993 ÷ 2,432 = 0.82
The financial performance in Germany is characterized by a significant divergence between asset investment and revenue generation. While revenues have remained relatively stagnant with a slight upward trajectory, long-lived assets have expanded aggressively, leading to a substantial decline in asset utilization efficiency.
- Revenue Trends
- Revenues exhibited minimal volatility and modest growth over the analyzed period. From May 31, 2021, to May 31, 2025, figures remained within a tight range between 1,744 million and 1,817 million US dollars. A more pronounced increase is observed by May 31, 2026, reaching 1,993 million US dollars, though this growth rate remains insufficient to offset the rapid increase in the asset base.
- Long-lived Asset Expansion
- A consistent and accelerating increase in long-lived assets is evident. Assets grew from 561 million US dollars in 2021 to 2,432 million US dollars by 2026. The most significant surge occurred between May 31, 2024, and May 31, 2025, where assets increased by approximately 68%, suggesting a period of heavy capital expenditure or strategic infrastructure investment in the region.
- Area Asset Turnover Decay
- The area asset turnover ratio demonstrates a continuous downward trend, falling from 3.11 in 2021 to 0.82 in 2026. This contraction indicates that each dollar invested in long-lived assets is generating progressively less revenue. The drop below the 1.0 threshold by May 31, 2025, highlights a critical shift where the growth of the asset base has significantly outpaced the scaling of regional revenues, resulting in diminished operational efficiency regarding asset deployment.
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Area Asset Turnover: Japan
Oracle Corp.; Japan; area asset turnover calculation
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 1,870) | 1,759) | 1,662) | 1,681) | 1,847) | 1,988) |
| Long-lived assets | 3,183) | 2,320) | 1,144) | 770) | 788) | 650) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 0.59 | 0.76 | 1.45 | 2.18 | 2.34 | 3.06 |
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).
1 2026 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 1,870 ÷ 3,183 = 0.59
The financial performance in Japan exhibits a significant divergence between asset accumulation and revenue generation over the analyzed six-year period, characterized by a marked decline in operational efficiency regarding asset utilization.
- Revenue Performance
- Revenues experienced a consistent downward trajectory from May 31, 2021, when they stood at US$ 1,988 million, reaching a trough of US$ 1,662 million by May 31, 2024. A moderate recovery is observed in the final two years, with revenues increasing to US$ 1,870 million by May 31, 2026, although this remains below the initial 2021 levels.
- Long-lived Asset Growth
- A substantial and accelerating increase in long-lived assets is evident. Assets grew from US$ 650 million in 2021 to US$ 3,183 million by May 31, 2026. The expansion was particularly aggressive after May 31, 2024, where assets more than doubled within two years, suggesting significant capital expenditure in the region.
- Area Asset Turnover Analysis
- The area asset turnover ratio shows a severe and continuous decline, falling from 3.06 in 2021 to 0.59 in 2026. This contraction indicates that the company is generating progressively less revenue for every dollar invested in long-lived assets. The sharpest decline occurred between 2024 and 2026, coinciding with the surge in asset acquisition, which indicates that the expansion of the asset base has significantly outpaced revenue growth.
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Area Asset Turnover: Other countries
Oracle Corp.; Other countries; area asset turnover calculation
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | 20,843) | 19,154) | 18,027) | 16,824) | 16,213) | 15,903) |
| Long-lived assets | 21,029) | 7,841) | 3,962) | 3,626) | 3,438) | 2,663) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 0.99 | 2.44 | 4.55 | 4.64 | 4.72 | 5.97 |
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).
1 2026 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= 20,843 ÷ 21,029 = 0.99
Between May 31, 2021, and May 31, 2026, a significant divergence is observed between revenue growth and the accumulation of long-lived assets in other countries, resulting in a substantial decline in asset efficiency.
- Revenue Trends
- Revenues demonstrate a consistent and steady upward trajectory over the analyzed period, increasing from US$ 15,903 million in 2021 to US$ 20,843 million by 2026. This indicates a sustained growth in market demand and sales volume within these geographic areas.
- Long-Lived Asset Expansion
- The growth of long-lived assets is characterized by two distinct phases. From 2021 to 2024, assets grew moderately from US$ 2,663 million to US$ 3,962 million. This was followed by a period of aggressive capital expenditure, with assets surging to US$ 7,841 million in 2025 and reaching US$ 21,029 million by 2026, representing a massive increase in the capital base.
- Area Asset Turnover Performance
- The area asset turnover ratio experienced a precipitous decline, falling from 5.97 in 2021 to 0.99 in 2026. While the decline was gradual between 2021 and 2024, the ratio collapsed during the 2025 and 2026 fiscal years. This pattern reveals that the scale of investment in long-lived assets has far outpaced revenue growth, suggesting a transition to a significantly more capital-intensive operational structure in these regions where assets are not yet generating proportional returns.
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Revenues
Oracle Corp., revenues by geographic area
US$ in millions
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 39,835) | 32,075) | 29,055) | 27,535) | 20,246) | 18,734) |
| United Kingdom | 2,816) | 2,594) | 2,423) | 2,159) | 2,335) | 2,110) |
| Germany | 1,993) | 1,817) | 1,794) | 1,755) | 1,799) | 1,744) |
| Japan | 1,870) | 1,759) | 1,662) | 1,681) | 1,847) | 1,988) |
| Other countries | 20,843) | 19,154) | 18,027) | 16,824) | 16,213) | 15,903) |
| Total | 67,357) | 57,399) | 52,961) | 49,954) | 42,440) | 40,479) |
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).
Total revenue exhibits a consistent upward trajectory over the analyzed six-year period, increasing from US$ 40,479 million in 2021 to US$ 67,357 million by 2026. The growth is characterized by a significant acceleration between 2022 and 2023, and a further substantial surge between 2025 and 2026.
- Domestic Market Expansion
- The United States serves as the primary engine of growth, with revenues rising from US$ 18,734 million in 2021 to US$ 39,835 million in 2026. This represents a growth of approximately 112%, indicating a strengthening market position and a shift toward higher revenue concentration within the domestic market.
- International Market Performance
- The United Kingdom shows steady, incremental growth, rising from US$ 2,110 million to US$ 2,816 million. Germany remains relatively stagnant, with revenue fluctuating narrowly between US$ 1,744 million and US$ 1,993 million. Japan experienced a period of contraction, with revenues declining from US$ 1,988 million in 2021 to a low of US$ 1,662 million in 2024, followed by a recovery to US$ 1,870 million by 2026.
- Global Diversification and Concentration
- Revenues from other countries grew steadily from US$ 15,903 million to US$ 20,843 million. While this segment contributes to a diversified international presence, the disproportionate growth of the United States market suggests an increasing dependence on domestic performance to drive overall corporate revenue targets.
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Long-lived assets
Oracle Corp., long-lived assets by geographic area
US$ in millions
| May 31, 2026 | May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | |
|---|---|---|---|---|---|---|
| United States | 102,717) | 45,439) | 24,798) | 19,322) | 10,300) | 6,826) |
| United Kingdom | 3,903) | 2,530) | 1,164) | 905) | 805) | 685) |
| Germany | 2,432) | 2,013) | 1,192) | 940) | 813) | 561) |
| Japan | 3,183) | 2,320) | 1,144) | 770) | 788) | 650) |
| Other countries | 21,029) | 7,841) | 3,962) | 3,626) | 3,438) | 2,663) |
| Total | 133,264) | 60,143) | 32,260) | 25,563) | 16,144) | 11,385) |
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).
Total long-lived assets demonstrate a trajectory of exponential growth over the observed six-year period, increasing from US$ 11,385 million in 2021 to US$ 133,264 million by 2026. This expansion is characterized by steady increases between 2021 and 2024, followed by a sharp acceleration in capital allocation during the final two years.
- United States Asset Expansion
- The United States serves as the primary driver of growth, with long-lived assets rising from US$ 6,826 million in 2021 to US$ 102,717 million in 2026. A critical inflection point is observed after May 31, 2024, as the asset base more than quadruples over the subsequent two years, signaling a massive scale-up of domestic infrastructure.
- International Market Trends
- Assets in the United Kingdom, Germany, and Japan exhibit consistent upward trends throughout the period. The United Kingdom grew from US$ 685 million to US$ 3,903 million, Germany from US$ 561 million to US$ 2,432 million, and Japan from US$ 650 million to US$ 3,183 million. While absolute values increased in all three regions, their relative growth was significantly outperformed by the domestic expansion in the United States.
- Other Geographic Regions
- Assets categorized under other countries remained relatively stable between 2021 and 2024, increasing from US$ 2,663 million to US$ 3,962 million. However, a rapid acceleration occurred between 2025 and 2026, with the balance reaching US$ 21,029 million, suggesting a late-stage strategic expansion into diverse international markets.
- Geographic Concentration Analysis
- A marked shift toward geographic concentration in the United States is evident. By May 31, 2026, U.S. long-lived assets account for approximately 77% of the total global asset base, an increase from approximately 60% in May 31, 2021. This indicates a strategic prioritization of domestic capacity over a diversified international footprint.
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