Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Oracle Corp., profitability ratios (quarterly data)
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 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).
An analysis of profitability ratios over the observed period reveals a divergence between gross profitability and operational efficiency, characterized by a consistent decline in gross margins alongside a recovery in net and operating margins.
- Gross Profit Margin
- A persistent downward trend is observed in the gross profit margin, which declined steadily from a peak of 80.22% in August 2021 to 65.82% by May 2026. This continuous contraction suggests a sustained increase in the cost of sales relative to revenue throughout the entire period.
- Operating and Net Profit Margins
- Both operating and net profit margins exhibited a U-shaped trajectory. Operating margins fell from 37.78% in August 2021 to a low of 22.92% in August 2022, before recovering to stabilize around 30.59% by May 2026. Similarly, net profit margins dropped from 34.16% to a trough of 13.15% in August 2022, followed by a steady ascent to 25.37% by the end of the period. This suggests that operational efficiencies and cost management measures effectively mitigated the decline in gross profitability.
- Return on Equity (ROE)
- ROE data indicates a period of extreme volatility and subsequent normalization. Starting from an exceptional high of 792.45% in May 2023, the ratio experienced a sharp and consistent decline, reaching 40.20% by May 2026. This precipitous drop typically reflects a significant increase in the equity base or a reduction in financial leverage.
- Return on Assets (ROA)
- Return on assets remained relatively stable following an initial decline from 11.35% in August 2021 to 4.46% in August 2022. For the remainder of the period, ROA fluctuated within a narrow band between 6.53% and 7.83%, indicating a consistent level of efficiency in utilizing total assets to generate earnings.
The overall financial profile suggests a transition toward a lower-margin gross revenue model, while simultaneously achieving a more stable and sustainable operational profit structure and equity position.
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Return on Sales
Return on Investment
Gross Profit Margin
Oracle Corp., gross profit margin calculation (quarterly data)
| May 31, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Gross profit | 12,512) | 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) | ||||||
| Revenues | 19,183) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Gross profit margin1 | 65.82% | 67.08% | 68.54% | 69.66% | 70.51% | 71.12% | 71.27% | 71.31% | 71.41% | 71.53% | 71.88% | 72.26% | 72.85% | 74.50% | 76.10% | 77.78% | 79.08% | 79.44% | 79.96% | 80.22% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | 32.01% | 32.03% | 31.97% | 31.91% | 32.07% | 32.18% | 32.45% | 32.61% | 32.58% | 32.58% | 32.50% | 32.34% | 32.25% | 32.12% | 32.02% | 31.99% | 32.26% | 32.30% | 32.35% | ||||||
| Adobe Inc. | — | — | 89.40% | 89.40% | 89.27% | 89.14% | 89.25% | 89.15% | 89.04% | 88.66% | 88.24% | 88.08% | 87.87% | 87.89% | 87.77% | 87.66% | 87.70% | 87.76% | 87.87% | 88.04% | ||||||
| AppLovin Corp. | — | — | — | 88.37% | 87.86% | 84.56% | 82.02% | 78.70% | 75.22% | 73.89% | 71.80% | 69.90% | 67.74% | 61.91% | 58.66% | 57.47% | 55.41% | 60.39% | 62.19% | 62.81% | ||||||
| Cadence Design Systems Inc. | — | — | — | 86.08% | 86.36% | 85.54% | 85.57% | 85.86% | 86.05% | 87.79% | 88.51% | 89.31% | 89.36% | 89.18% | 89.41% | 89.18% | 89.57% | 89.87% | 89.74% | 89.83% | ||||||
| CrowdStrike Holdings Inc. | 74.67% | 74.15% | 74.03% | 74.51% | 74.92% | 75.24% | 75.37% | 75.29% | 75.27% | 74.62% | 74.04% | 73.69% | 73.17% | 73.55% | 73.74% | 73.63% | 73.60% | 73.76% | 73.88% | 73.86% | ||||||
| Datadog Inc. | — | — | — | 79.89% | 79.96% | 79.94% | 79.92% | 80.14% | 80.79% | 81.22% | 81.55% | 81.39% | 80.74% | 79.99% | 79.33% | 79.25% | 79.30% | 79.30% | 79.00% | 78.04% | ||||||
| International Business Machines Corp. | — | — | — | 58.36% | 58.19% | 57.81% | 57.57% | 57.04% | 56.65% | 56.53% | 56.09% | 55.64% | 55.45% | 55.04% | 54.64% | 54.24% | 54.00% | 53.78% | 54.01% | 54.48% | ||||||
| Intuit Inc. | — | 79.96% | 80.05% | 79.89% | 79.57% | 79.45% | 78.97% | 78.73% | 78.72% | 78.53% | 78.08% | 78.12% | 78.13% | 78.46% | 79.00% | 79.99% | 81.09% | 82.36% | 82.11% | 82.13% | ||||||
| Microsoft Corp. | — | 68.31% | 68.59% | 68.76% | 68.82% | 69.07% | 69.41% | 69.35% | 69.76% | 69.89% | 69.75% | 69.44% | 68.92% | 68.45% | 68.16% | 68.26% | 68.40% | 68.73% | 68.83% | 68.86% | ||||||
| Palantir Technologies Inc. | — | — | — | 84.07% | 82.37% | 80.81% | 80.03% | 80.01% | 80.25% | 81.10% | 81.39% | 81.16% | 80.62% | 79.92% | 79.15% | 78.75% | 78.56% | 78.59% | 78.73% | 78.16% | ||||||
| Palo Alto Networks Inc. | — | 71.94% | 73.50% | 73.47% | 73.41% | 73.56% | 73.86% | 74.17% | 74.35% | 74.43% | 74.05% | 73.35% | 72.29% | 70.80% | 69.77% | 69.06% | 68.76% | 69.34% | 69.63% | 69.77% | ||||||
| Salesforce Inc. | 77.68% | 77.73% | 77.65% | 77.34% | 77.19% | 76.94% | 76.35% | 76.00% | 75.50% | 74.99% | 74.52% | 73.78% | 73.34% | 72.69% | 72.61% | 73.10% | 73.48% | 74.02% | 74.34% | 74.32% | ||||||
| ServiceNow Inc. | — | — | — | 76.56% | 77.53% | 78.05% | 78.52% | 78.92% | 79.18% | 79.24% | 79.07% | 78.87% | 78.59% | 78.52% | 78.50% | 78.45% | 78.29% | 77.85% | 77.53% | 77.26% | ||||||
| Synopsys Inc. | — | — | 73.47% | 75.14% | 76.98% | 79.12% | 79.84% | 79.64% | 79.68% | 80.25% | 79.85% | 79.69% | 79.08% | 78.79% | 78.51% | 78.91% | 79.07% | 79.48% | 80.05% | 79.78% | ||||||
| Workday Inc. | 75.70% | 75.64% | 75.58% | 75.66% | 75.50% | 75.60% | 75.77% | 75.64% | 75.60% | 74.73% | 73.87% | 73.25% | 72.41% | 72.22% | 72.23% | 72.25% | 72.21% | 72.39% | 72.46% | 72.61% | ||||||
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 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).
1 Q4 2026 Calculation
Gross profit margin = 100
× (Gross profitQ4 2026
+ Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026)
÷ (RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026)
= 100 × (12,512 + 11,098 + 10,684 + 10,042)
÷ (19,183 + 17,190 + 16,058 + 14,926)
= 65.82%
2 Click competitor name to see calculations.
A sustained contraction in the gross profit margin is evident over the analyzed period, characterized by a divergence between absolute financial growth and percentage efficiency. While both revenues and gross profit increased in absolute terms, the cost of generating that revenue grew at a disproportionately faster rate, leading to a consistent erosion of the gross margin.
- Revenue and Absolute Profit Growth
- Total revenues expanded significantly, rising from 9,728 million USD in August 2021 to 19,183 million USD by May 2026. During the same timeframe, gross profit increased from 7,625 million USD to 12,512 million USD. This indicates that the company successfully scaled its top-line operations and increased its total gross earnings.
- Gross Profit Margin Trajectory
- The gross profit margin exhibited a persistent downward trend throughout the entire period. Starting at a peak of 80.22% in August 2021, the margin declined to 65.82% by May 2026. This represents a total contraction of 14.4 percentage points, signaling a reduction in the profitability of each dollar of revenue earned.
- Analysis of Margin Erosion Phases
- The decline occurred in distinct phases. A sharp acceleration in margin compression was observed between May 2022 (79.08%) and May 2023 (72.85%), where the margin dropped by more than 6 percentage points in one year. This was followed by a period of relative stabilization between May 2023 and May 2024, where the margin remained within the 71% to 72% range. However, a renewed and accelerating decline emerged in the final year of the period, with the margin falling from 68.54% in November 2025 to 65.82% in May 2026.
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Operating Profit Margin
Oracle Corp., operating profit margin calculation (quarterly data)
| May 31, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Operating income (loss) | 6,134) | 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) | ||||||
| Revenues | 19,183) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Operating profit margin1 | 30.59% | 30.56% | 30.28% | 30.44% | 30.80% | 30.93% | 30.30% | 29.82% | 28.99% | 28.20% | 27.73% | 27.01% | 26.21% | 28.06% | 30.42% | 22.92% | 25.74% | 26.22% | 26.62% | 37.78% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | 14.49% | 14.42% | 14.35% | 14.68% | 15.38% | 15.14% | 15.04% | 14.79% | 14.20% | 13.76% | 13.60% | 13.74% | 14.42% | 14.90% | 15.27% | 15.21% | 15.20% | 15.12% | 15.19% | ||||||
| Adobe Inc. | — | — | 36.07% | 36.65% | 36.63% | 36.25% | 36.37% | 36.29% | 31.35% | 31.16% | 30.51% | 29.95% | 34.26% | 33.95% | 33.64% | 33.91% | 34.64% | 35.45% | 36.25% | 36.72% | ||||||
| AppLovin Corp. | — | — | — | 77.09% | 75.75% | 67.07% | 58.94% | 49.35% | 39.78% | 35.78% | 29.99% | 25.56% | 19.74% | 11.75% | 7.61% | 4.86% | -1.70% | 1.14% | 0.99% | 0.38% | ||||||
| Cadence Design Systems Inc. | — | — | — | 28.25% | 28.17% | 28.50% | 27.71% | 30.00% | 29.10% | 28.26% | 28.19% | 28.91% | 30.59% | 28.71% | 28.78% | 29.26% | 30.15% | 30.81% | 30.20% | 28.35% | ||||||
| CrowdStrike Holdings Inc. | -6.10% | -8.46% | -8.59% | -5.95% | -3.05% | -0.15% | 1.52% | 0.74% | -0.07% | -3.27% | -5.78% | -7.59% | -8.48% | -7.48% | -7.41% | -8.25% | -9.82% | -10.49% | -10.43% | -10.14% | ||||||
| Datadog Inc. | — | — | — | -0.67% | -1.29% | -1.38% | -0.61% | 1.05% | 2.02% | 2.86% | 2.01% | 0.60% | -1.57% | -4.77% | -6.48% | -5.80% | -3.50% | -1.02% | 0.79% | 0.34% | ||||||
| International Business Machines Corp. | — | — | — | 17.75% | 17.50% | 17.08% | 16.08% | 15.34% | 14.95% | 15.09% | 15.46% | 15.13% | 15.17% | 14.58% | 13.88% | 13.49% | 13.50% | 12.92% | 12.77% | 12.30% | ||||||
| Intuit Inc. | — | 27.47% | 27.08% | 26.69% | 26.14% | 24.38% | 22.24% | 21.66% | 22.29% | 24.02% | 23.00% | 22.86% | 21.86% | 21.67% | 19.48% | 18.41% | 20.20% | 23.68% | 22.49% | 24.10% | ||||||
| Microsoft Corp. | — | 46.80% | 46.67% | 46.27% | 45.62% | 45.23% | 44.96% | 44.49% | 44.64% | 44.70% | 44.17% | 43.01% | 41.77% | 40.85% | 40.58% | 41.69% | 42.06% | 42.56% | 42.52% | 42.14% | ||||||
| Palantir Technologies Inc. | — | — | — | 38.13% | 31.59% | 21.81% | 16.55% | 13.02% | 10.83% | 13.80% | 11.78% | 8.43% | 5.39% | 1.71% | -3.22% | -5.93% | -8.46% | -11.05% | -13.30% | -20.43% | ||||||
| Palo Alto Networks Inc. | — | 9.62% | 14.37% | 13.24% | 13.48% | 11.09% | 10.99% | 9.11% | 8.52% | 8.97% | 7.98% | 8.15% | 5.62% | 2.30% | 0.37% | -1.56% | -3.43% | -5.12% | -6.74% | -7.51% | ||||||
| Salesforce Inc. | 20.06% | 20.54% | 20.22% | 19.27% | 19.01% | 18.84% | 18.14% | 17.65% | 14.38% | 11.03% | 8.18% | 4.42% | 3.29% | 1.64% | 0.26% | 0.77% | 2.07% | 3.67% | 4.69% | 4.25% | ||||||
| ServiceNow Inc. | — | — | — | 13.44% | 13.74% | 13.85% | 13.28% | 12.93% | 12.42% | 12.04% | 10.78% | 10.02% | 8.49% | 7.64% | 6.32% | 5.41% | 4.90% | 3.40% | 3.30% | 3.95% | ||||||
| Synopsys Inc. | — | — | 7.03% | 10.82% | 12.97% | 17.16% | 20.88% | 20.67% | 22.13% | 24.22% | 23.31% | 22.80% | 21.72% | 19.11% | 18.81% | 20.70% | 22.87% | 22.93% | 23.18% | 20.72% | ||||||
| Workday Inc. | 7.55% | 6.73% | 5.88% | 4.48% | 4.91% | 5.13% | 4.34% | 3.53% | 2.52% | 0.22% | -1.47% | -2.62% | -3.57% | -3.94% | -3.24% | -2.80% | -2.27% | -1.81% | -2.71% | -3.18% | ||||||
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 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).
1 Q4 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q4 2026
+ Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026)
÷ (RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026)
= 100 × (6,134 + 5,464 + 4,731 + 4,277)
÷ (19,183 + 17,190 + 16,058 + 14,926)
= 30.59%
2 Click competitor name to see calculations.
The financial data reveals a period of initial volatility followed by a sustained phase of growth and margin stabilization. While revenues grew consistently over the observed timeframe, the operating profit margin underwent a significant correction before establishing a new, stable baseline.
- Operating Profit Margin Trends
- A sharp contraction in the operating profit margin is observed in the first year, falling from a peak of 37.78% in August 2021 to a low of 22.92% by August 2022. Following this trough, a gradual recovery occurred, with the margin steadily climbing back toward the 30% threshold. From May 2024 through May 2026, the margin entered a period of consolidation, remaining remarkably stable between 30.28% and 30.93%.
- Revenue and Operating Income Correlation
- Revenues exhibited a strong upward trajectory, increasing from 9,728 million US$ in August 2021 to 19,183 million US$ by May 2026. Operating income followed a similar growth pattern after an initial anomaly in November 2021, where a loss of 824 million US$ was recorded. Subsequent growth in operating income mirrored the revenue expansion, scaling from 2,623 million US$ in August 2022 to 6,134 million US$ by the end of the period.
- Profitability Stability Analysis
- The latter half of the analyzed period indicates a high level of operational efficiency and cost control. The ability to maintain an operating profit margin consistently around 30% despite nearly doubling the revenue base suggests that the company successfully scaled its operations while maintaining disciplined expense management. This stability indicates a transition from a period of volatility to a mature, predictable profit structure.
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Net Profit Margin
Oracle Corp., net profit margin calculation (quarterly data)
| May 31, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 4,304) | 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) | ||||||
| Revenues | 19,183) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| Net profit margin1 | 25.37% | 25.30% | 25.28% | 21.08% | 21.68% | 21.80% | 21.16% | 20.40% | 19.76% | 20.27% | 19.63% | 18.40% | 17.02% | 17.46% | 19.09% | 13.15% | 15.83% | 18.08% | 24.79% | 34.16% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | 10.66% | 10.61% | 10.76% | 11.02% | 11.61% | 11.43% | 11.41% | 11.19% | 10.78% | 10.89% | 10.65% | 10.72% | 11.27% | 10.99% | 11.30% | 11.17% | 11.12% | 11.27% | 11.53% | ||||||
| Adobe Inc. | — | — | 28.69% | 29.48% | 30.00% | 30.01% | 30.39% | 30.63% | 25.85% | 25.59% | 24.86% | 24.08% | 27.97% | 27.12% | 26.34% | 26.32% | 27.01% | 28.00% | 29.29% | 29.90% | ||||||
| AppLovin Corp. | — | — | — | 64.29% | 60.83% | 54.48% | 48.70% | 39.92% | 33.55% | 26.87% | 20.91% | 16.48% | 10.87% | 3.46% | 0.70% | -2.82% | -6.84% | -2.82% | -3.61% | -2.46% | ||||||
| Cadence Design Systems Inc. | — | — | — | 21.18% | 20.94% | 20.35% | 19.88% | 22.19% | 22.74% | 23.87% | 25.36% | 25.68% | 25.46% | 24.42% | 23.41% | 23.23% | 23.84% | 22.86% | 23.61% | 23.59% | ||||||
| CrowdStrike Holdings Inc. | -3.38% | -6.75% | -6.70% | -4.02% | -0.49% | 3.39% | 4.84% | 4.01% | 2.92% | -0.42% | -3.54% | -6.18% | -8.18% | -8.73% | -9.45% | -11.08% | -16.18% | -16.48% | -16.34% | -15.86% | ||||||
| Datadog Inc. | — | — | — | 3.69% | 3.14% | 3.32% | 4.13% | 5.85% | 6.85% | 7.58% | 6.81% | 5.11% | 2.28% | -1.72% | -4.38% | -4.68% | -2.99% | -0.91% | 0.48% | 0.17% | ||||||
| International Business Machines Corp. | — | — | — | 15.61% | 15.69% | 12.09% | 9.11% | 8.71% | 9.60% | 10.22% | 13.52% | 13.18% | 12.13% | 11.32% | 3.34% | 3.03% | 2.71% | 2.08% | 9.36% | 9.46% | ||||||
| Intuit Inc. | — | 21.91% | 21.57% | 21.19% | 20.55% | 19.07% | 17.69% | 17.59% | 18.19% | 19.43% | 18.35% | 17.53% | 16.59% | 15.91% | 14.22% | 14.10% | 16.23% | 19.44% | 19.03% | 20.28% | ||||||
| Microsoft Corp. | — | 39.34% | 39.04% | 35.71% | 36.15% | 35.79% | 35.43% | 35.61% | 35.96% | 36.43% | 36.27% | 35.31% | 34.15% | 33.25% | 33.05% | 34.37% | 36.69% | 37.63% | 38.50% | 38.51% | ||||||
| Palantir Technologies Inc. | — | — | — | 43.67% | 36.31% | 28.11% | 22.18% | 18.32% | 16.13% | 18.01% | 16.32% | 12.79% | 9.43% | 6.93% | -2.35% | -12.87% | -19.61% | -30.64% | -30.90% | -30.25% | ||||||
| Palo Alto Networks Inc. | — | 7.95% | 12.96% | 11.69% | 12.30% | 13.95% | 14.64% | 32.99% | 32.11% | 31.41% | 30.24% | 8.52% | 6.38% | 3.32% | 0.56% | -2.46% | -4.85% | -7.54% | -9.50% | -11.20% | ||||||
| Salesforce Inc. | 17.96% | 17.91% | 16.87% | 16.08% | 16.35% | 15.96% | 15.44% | 15.30% | 11.87% | 7.63% | 4.77% | 1.18% | 0.66% | 0.92% | 1.83% | 3.59% | 5.45% | 6.96% | 9.99% | 19.87% | ||||||
| ServiceNow Inc. | — | — | — | 12.59% | 13.16% | 13.67% | 13.78% | 13.41% | 12.97% | 12.77% | 11.51% | 20.34% | 19.30% | 18.72% | 17.76% | 5.25% | 4.49% | 2.90% | 2.79% | 3.56% | ||||||
| Synopsys Inc. | — | — | 8.91% | 13.76% | 18.89% | 31.04% | 34.77% | 34.75% | 36.94% | 24.60% | 23.57% | 23.49% | 21.05% | 18.71% | 17.41% | 18.22% | 19.38% | 20.86% | 21.19% | 20.18% | ||||||
| Workday Inc. | 7.26% | 6.95% | 6.51% | 5.60% | 6.23% | 19.87% | 19.60% | 19.67% | 19.02% | 0.96% | -1.81% | -4.09% | -5.90% | -5.29% | -3.46% | -0.49% | 0.57% | 0.63% | -0.79% | -3.81% | ||||||
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 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).
1 Q4 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q4 2026
+ Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026)
÷ (RevenuesQ4 2026
+ RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026)
= 100 × (4,304 + 3,721 + 6,135 + 2,927)
÷ (19,183 + 17,190 + 16,058 + 14,926)
= 25.37%
2 Click competitor name to see calculations.
The financial performance over the observed period is characterized by a consistent expansion in total revenues accompanied by a volatile but ultimately ascending net profit margin.
- Margin Compression Phase
- A pronounced downward trend in the net profit margin is observed from August 2021 to August 2022. During this period, the margin declined from a peak of 34.16% to a low of 13.15%, representing a significant reduction in the proportion of revenue retained as net income.
- Recovery and Stabilization
- Beginning in November 2022, a gradual recovery in profitability is evident. The net profit margin trended upward from 19.09% and remained relatively stable, fluctuating between 17% and 22% through August 2025. This stabilization occurred while revenues grew steadily from approximately 12.3 billion to 14.9 billion.
- Profitability Acceleration
- A second significant increase in the net profit margin occurred in November 2025, rising to 25.28% and maintaining a plateau of approximately 25.3% through May 2026. This expansion is closely linked to a substantial increase in net income, which reached a peak of 6.135 billion in November 2025, indicating a marked improvement in operational efficiency or a favorable shift in the revenue mix.
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Return on Equity (ROE)
Oracle Corp., ROE calculation (quarterly data)
| May 31, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 4,304) | 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) | ||||||
| Total Oracle Corporation stockholders’ equity (deficit) | 42,508) | 38,495) | 29,951) | 24,154) | 20,451) | 16,730) | 13,746) | 10,816) | 8,704) | 5,623) | 3,866) | 2,370) | 1,073) | (2,421) | (4,246) | (5,875) | (6,220) | (8,696) | (10,101) | (1,541) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROE1 | 40.20% | 42.11% | 51.50% | 51.51% | 60.84% | 72.68% | 84.56% | 101.48% | 120.26% | 189.26% | 262.21% | 395.57% | 792.45% | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | 24.43% | 24.51% | 24.66% | 24.61% | 26.01% | 26.27% | 25.93% | 25.68% | 25.06% | 25.92% | 25.79% | 26.75% | 28.28% | 29.20% | 30.69% | 31.11% | 30.99% | 31.09% | 30.45% | ||||||
| Adobe Inc. | — | — | 62.76% | 63.05% | 61.34% | 59.11% | 60.00% | 51.55% | 39.42% | 36.85% | 34.22% | 31.05% | 32.86% | 32.46% | 32.71% | 33.35% | 33.85% | 33.49% | 34.96% | 35.04% | ||||||
| AppLovin Corp. | — | — | — | 167.67% | 156.17% | 192.05% | 208.17% | 333.67% | 144.96% | 122.87% | 101.50% | 78.59% | 28.39% | 9.58% | 1.32% | -4.32% | -10.13% | -4.35% | -5.53% | -3.44% | ||||||
| Cadence Design Systems Inc. | — | — | — | 17.85% | 20.26% | 20.41% | 20.21% | 22.64% | 22.58% | 22.77% | 24.77% | 29.35% | 30.58% | 30.75% | 30.59% | 29.09% | 30.93% | 28.99% | 29.53% | 26.96% | ||||||
| CrowdStrike Holdings Inc. | -3.67% | -7.67% | -7.75% | -4.82% | -0.59% | 4.14% | 5.97% | 5.19% | 3.88% | -0.58% | -5.09% | -9.42% | -12.52% | -13.52% | -14.14% | -16.44% | -22.89% | -22.34% | -20.56% | -18.66% | ||||||
| Datadog Inc. | — | — | — | 3.40% | 2.89% | 3.10% | 3.90% | 5.68% | 6.77% | 7.31% | 6.77% | 5.23% | 2.40% | -1.91% | -5.04% | -5.55% | -3.56% | -1.08% | 0.54% | 0.18% | ||||||
| International Business Machines Corp. | — | — | — | 32.61% | 32.45% | 28.34% | 21.20% | 20.36% | 22.06% | 26.17% | 35.09% | 35.17% | 33.29% | 30.00% | 9.12% | 8.48% | 7.47% | 6.29% | 28.79% | 28.98% | ||||||
| Intuit Inc. | — | 22.22% | 22.78% | 21.31% | 19.63% | 17.23% | 16.92% | 16.10% | 16.07% | 16.38% | 16.38% | 15.21% | 13.81% | 12.73% | 12.28% | 11.69% | 12.57% | 14.75% | 13.93% | 21.49% | ||||||
| Microsoft Corp. | — | 30.22% | 30.51% | 28.90% | 29.65% | 30.02% | 30.64% | 31.46% | 32.83% | 34.04% | 34.64% | 34.93% | 35.09% | 35.45% | 36.83% | 40.21% | 43.68% | 44.47% | 44.49% | 44.67% | ||||||
| Palantir Technologies Inc. | — | — | — | 27.00% | 22.00% | 16.62% | 12.87% | 10.52% | 9.24% | 10.59% | 9.99% | 7.91% | 6.04% | 4.62% | -1.63% | -9.38% | -14.57% | -23.50% | -22.95% | -21.07% | ||||||
| Palo Alto Networks Inc. | — | 3.05% | 13.65% | 12.89% | 14.49% | 17.12% | 19.68% | 46.25% | 49.86% | 54.78% | 52.25% | 28.28% | 25.15% | 17.47% | 4.71% | -28.23% | -127.14% | -115.40% | -391.77% | -98.34% | ||||||
| Salesforce Inc. | 12.61% | 12.03% | 10.86% | 10.23% | 10.13% | 10.14% | 9.77% | 9.17% | 6.93% | 4.46% | 2.72% | 0.66% | 0.36% | 0.47% | 0.89% | 1.70% | 2.48% | 3.05% | 4.24% | 10.44% | ||||||
| ServiceNow Inc. | — | — | — | 14.98% | 13.48% | 15.32% | 15.19% | 15.17% | 14.83% | 14.38% | 13.22% | 23.78% | 22.69% | 22.08% | 20.56% | 7.14% | 6.46% | 4.44% | 4.39% | 5.58% | ||||||
| Synopsys Inc. | — | — | 2.54% | 3.61% | 4.70% | 7.23% | 21.82% | 22.68% | 25.17% | 19.44% | 19.94% | 21.10% | 20.01% | 17.36% | 15.79% | 16.72% | 17.85% | 18.42% | 18.13% | 16.87% | ||||||
| Workday Inc. | 8.88% | 7.23% | 6.36% | 5.46% | 5.82% | 18.79% | 18.47% | 18.23% | 17.09% | 1.01% | -1.94% | -4.45% | -6.57% | -5.81% | -3.83% | -0.55% | 0.65% | 0.73% | -0.95% | -5.01% | ||||||
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 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).
1 Q4 2026 Calculation
ROE = 100
× (Net income (loss)Q4 2026
+ Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026)
÷ Total Oracle Corporation stockholders’ equity (deficit)
= 100 × (4,304 + 3,721 + 6,135 + 2,927)
÷ 42,508 = 40.20%
2 Click competitor name to see calculations.
The financial trajectory is characterized by a significant transition from a stockholders' deficit to a robust equity position, which fundamentally altered the Return on Equity (ROE) profile. The period begins with negative equity, rendering traditional ROE metrics inapplicable until the transition to positive equity in May 2023.
- Equity Position and Capitalization
- A profound shift in the balance sheet is observed between August 2021 and May 2026. Initially, the corporation operated with a stockholders' deficit, which peaked in magnitude at -10,101 million in November 2021. A steady recovery began thereafter, with the deficit narrowing until equity turned positive in May 2023 at 1,073 million. This positive trend accelerated consistently, with stockholders' equity expanding to 42,508 million by May 2026, indicating a substantial increase in the retained earnings or capital base.
- Net Income Performance
- Net income remained generally positive and resilient throughout the analyzed period, with a single notable exception in November 2021. Earnings demonstrated an upward trend, growing from 2,457 million in August 2021 to 4,304 million by May 2026. A significant peak in profitability occurred in November 2025, where net income reached 6,135 million, reflecting strong operational performance and earnings growth.
- Return on Equity (ROE) Analysis
- The ROE exhibited an extreme initial value of 792.45% in May 2023, a result of the very small positive equity base relative to the net income. Following this peak, a consistent downward trend is observed, with ROE declining to 40.20% by May 2026. This decline is not indicative of deteriorating profitability, but rather a normalization process. As the equity base grew rapidly from 1,073 million to 42,508 million, the denominator in the ROE calculation increased significantly, leading to a more stable and sustainable ratio despite the simultaneous growth in net income.
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Return on Assets (ROA)
Oracle Corp., ROA calculation (quarterly data)
| May 31, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 4,304) | 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) | ||||||
| Total assets | 261,759) | 245,240) | 204,984) | 180,449) | 168,361) | 161,378) | 148,483) | 144,214) | 140,976) | 137,082) | 134,324) | 136,662) | 134,384) | 131,620) | 128,469) | 130,309) | 109,297) | 108,644) | 106,897) | 122,924) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||||
| ROA1 | 6.53% | 6.61% | 7.52% | 6.89% | 7.39% | 7.53% | 7.83% | 7.61% | 7.42% | 7.76% | 7.55% | 6.86% | 6.33% | 6.36% | 6.85% | 4.46% | 6.15% | 6.96% | 9.60% | 11.35% | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||
| Accenture PLC | — | 11.32% | 11.40% | 11.76% | 11.74% | 12.55% | 12.83% | 12.64% | 12.99% | 12.84% | 13.70% | 13.35% | 13.41% | 14.29% | 14.54% | 14.97% | 14.55% | 14.38% | 14.42% | 14.19% | ||||||
| Adobe Inc. | — | — | 24.15% | 24.27% | 24.17% | 24.19% | 24.44% | 22.54% | 18.39% | 17.97% | 16.93% | 16.70% | 18.23% | 17.60% | 17.44% | 17.76% | 17.51% | 18.00% | 18.57% | 18.58% | ||||||
| AppLovin Corp. | — | — | — | 51.42% | 45.92% | 44.63% | 40.77% | 33.64% | 26.92% | 21.18% | 15.69% | 11.35% | 6.66% | 2.10% | 0.37% | -1.39% | -3.30% | -1.41% | -1.78% | -1.12% | ||||||
| Cadence Design Systems Inc. | — | — | — | 9.68% | 10.92% | 11.05% | 10.64% | 12.00% | 11.76% | 11.34% | 14.61% | 18.30% | 18.36% | 17.63% | 17.26% | 16.54% | 16.53% | 15.80% | 17.77% | 16.93% | ||||||
| CrowdStrike Holdings Inc. | -1.47% | -3.09% | -3.13% | -1.91% | -0.22% | 1.63% | 2.36% | 1.92% | 1.34% | -0.20% | -1.69% | -2.94% | -3.65% | -3.98% | -4.17% | -4.73% | -6.49% | -6.42% | -5.93% | -5.50% | ||||||
| Datadog Inc. | — | — | — | 1.95% | 1.62% | 1.76% | 2.14% | 2.76% | 3.18% | 4.15% | 3.70% | 2.78% | 1.23% | -0.97% | -2.51% | -2.67% | -1.67% | -0.50% | 0.25% | 0.08% | ||||||
| International Business Machines Corp. | — | — | — | 6.88% | 6.97% | 5.40% | 3.93% | 3.76% | 4.39% | 4.76% | 6.30% | 5.96% | 5.55% | 5.35% | 1.53% | 1.37% | 1.29% | 1.00% | 4.38% | 4.14% | ||||||
| Intuit Inc. | — | 11.66% | 12.66% | 12.41% | 10.47% | 9.48% | 9.59% | 8.79% | 9.22% | 9.73% | 9.33% | 9.07% | 8.58% | 7.74% | 7.15% | 6.93% | 7.45% | 8.77% | 8.26% | 14.07% | ||||||
| Microsoft Corp. | — | 18.04% | 17.93% | 16.49% | 16.45% | 17.18% | 17.37% | 17.31% | 17.21% | 17.80% | 17.54% | 17.29% | 17.56% | 18.16% | 18.50% | 19.40% | 19.94% | 21.03% | 20.91% | 20.24% | ||||||
| Palantir Technologies Inc. | — | — | — | 22.37% | 18.26% | 13.50% | 10.36% | 8.47% | 7.29% | 8.26% | 7.79% | 6.21% | 4.64% | 3.51% | -1.21% | -6.94% | -10.80% | -16.90% | -16.42% | -15.01% | ||||||
| Palo Alto Networks Inc. | — | 1.82% | 5.13% | 4.75% | 4.81% | 5.63% | 5.99% | 13.42% | 12.89% | 13.65% | 12.45% | 4.15% | 3.03% | 1.52% | 0.26% | -1.14% | -2.18% | -3.51% | -4.44% | -4.89% | ||||||
| Salesforce Inc. | 6.64% | 7.59% | 6.83% | 6.29% | 6.02% | 6.49% | 6.11% | 5.69% | 4.14% | 2.85% | 1.71% | 0.41% | 0.21% | 0.30% | 0.57% | 1.08% | 1.52% | 1.99% | 2.65% | 6.85% | ||||||
| ServiceNow Inc. | — | — | — | 7.21% | 6.71% | 7.94% | 7.53% | 7.33% | 6.99% | 7.25% | 6.29% | 10.99% | 9.96% | 10.51% | 9.54% | 2.94% | 2.44% | 1.81% | 1.66% | 2.03% | ||||||
| Synopsys Inc. | — | — | 1.65% | 2.33% | 2.76% | 4.14% | 9.11% | 16.18% | 17.31% | 12.86% | 12.96% | 13.33% | 11.90% | 10.42% | 9.40% | 9.85% | 10.45% | 11.07% | 10.95% | 10.21% | ||||||
| Workday Inc. | 3.83% | 3.62% | 3.25% | 2.83% | 2.93% | 9.87% | 9.49% | 9.33% | 8.39% | 0.48% | -0.89% | -2.00% | -2.72% | -2.54% | -1.48% | -0.21% | 0.28% | 0.33% | -0.40% | -1.98% | ||||||
Based on: 10-K (reporting date: 2026-05-31), 10-Q (reporting date: 2026-02-28), 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 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).
1 Q4 2026 Calculation
ROA = 100
× (Net income (loss)Q4 2026
+ Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026)
÷ Total assets
= 100 × (4,304 + 3,721 + 6,135 + 2,927)
÷ 261,759 = 6.53%
2 Click competitor name to see calculations.
The analysis of profitability metrics indicates a period of significant volatility followed by a phase of stabilization in the Return on Assets (ROA). The ROA began at a peak of 11.35% in August 2021 before entering a downward trajectory, reaching a low of 4.46% by August 2022. This initial decline was characterized by a sharp contraction in net income, including a notable loss in November 2021, alongside fluctuations in the total asset base.
- Recovery and Stabilization Phase
- Following the low in August 2022, the ROA entered a recovery period, stabilizing within a range of approximately 6.3% to 7.8% between November 2022 and November 2024. During this interval, net income remained relatively consistent, while total assets grew steadily from 128.5 billion to 148.5 billion, suggesting a controlled expansion of the asset base relative to earnings.
- Asset Expansion and Efficiency Impact
- A significant acceleration in asset growth is observed from February 2025 onward, with total assets increasing from 161.4 billion to 261.8 billion by May 2026. Although net income reached a substantial peak of 6.1 billion in November 2025, the ROA did not experience a proportional increase, instead settling between 6.53% and 7.52% in the final quarters. This indicates that the rapid expansion of the balance sheet has put downward pressure on asset efficiency.
- Net Income and Asset Correlation
- The overall trend reveals that while absolute profitability has increased—culminating in higher net income figures in 2025 and 2026—the efficiency of asset utilization has normalized. The transition from double-digit ROA in 2021 to a stabilized mid-single-digit range by 2026 reflects a shift in the company's financial structure, where a significantly larger asset base is now required to generate earnings.
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