HyperscalersORCLFilings through September 11, 2026
Oracle capital spending
In the quarter ended August 31, 2026, Oracle spent $28.5 billion on capital equipment, 123% of its $23.1 billion of operating cash flow and up 235% from a year earlier. Free cash flow was −$5.4 billion.
Next report: December 8, 2026. Provider schedule, not yet confirmed by the company. The full calendar.
Sources, method and freshnessFilings through September 11, 2026
Oracle’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.
Cite as The Capex Report, Oracle capital spending, filings through September 11, 2026.
Spending against cash flow
$ billion, quarterlyBars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.
Oracle’s quarterly capital spending has been above the same quarter a year earlier for ten consecutive quarters, and Aug 2026 was the highest quarter in the 49-quarter record held here. Over the latest four quarters it generated $46.9 billion from operations and spent $75.7 billion, leaving −$28.7 billion of free cash flow against −$5.9 billion over the four before.
Financing the build
The five hyperscalers combinedThe dot is the quarter’s change in cash. Hover a quarter to read it.
| Millions of dollars | Nov 2024 Q2 FY2025 | Feb 2025 Q3 FY2025 | May 2025 Q4 FY2025 | Aug 2025 Q1 FY2026 | Nov 2025 Q2 FY2026 | Feb 2026 Q3 FY2026 | May 2026 Q4 FY2026 | Aug 2026 Q1 FY2027 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1,304 | 5,933 | 6,157 | 8,140 | 2,066 | 7,151 | 14,620 | 23,103 |
| Long-term debt issued | 6,210 | 7,711 | 0 | 0 | 17,880 | 26,664 | 1,549 | 0 |
| Short-term borrowing, net | (396) | 0 | 2,285 | (238) | 0 | 0 | (2,285) | 0 |
| Stock issued | 128 | 213 | 133 | 0 | 1,308 | 9 | 132 | 19,909 |
| Capital spending | 3,970 | 5,862 | 9,080 | 8,502 | 12,033 | 18,635 | 16,493 | 28,499 |
| Finance-lease principal | 0 | 8 | 19 | 86 | 113 | 87 | 0 | 0 |
| Long-term debt repaid | 2,070 | 71 | 6,070 | 1,052 | 1,070 | 71 | 4,749 | 4,202 |
| Share repurchases | 150 | 150 | 150 | 95 | 0 | 0 | 0 | 0 |
| Dividends | 1,118 | 1,119 | 1,403 | 1,413 | 1,435 | 1,437 | 1,502 | 1,565 |
| Free cash flow | (2,666) | 71 | (2,923) | (362) | (9,967) | (11,484) | (1,873) | (5,396) |
| Net long-term debt issued | 4,140 | 7,640 | (6,070) | (1,052) | 16,810 | 26,593 | (3,200) | (4,202) |
| Returned to shareholders | 1,268 | 1,269 | 1,553 | 1,508 | 1,435 | 1,437 | 1,502 | 1,565 |
| Outside funding needed | 3,934 | 1,206 | 4,495 | 1,956 | 11,515 | 13,008 | 3,375 | 6,961 |
| Change in cash | 325 | 6,465 | (6,620) | (341) | 8,796 | 19,214 | (7,166) | 7,645 |
| Interest expense | 866 | 892 | 978 | 923 | 1,057 | 1,180 | 1,439 | 1,428 |
| Stock-based compensation | 1,170 | 1,198 | 1,300 | 1,124 | 1,156 | 1,328 | 1,203 | 1,127 |
Millions of dollars, outflows positive as reported in the cash flow statement.
Capex including finance leases
Across the hyperscalers| Millions of dollars | Nov 2024 Q2 FY2025 | Feb 2025 Q3 FY2025 | May 2025 Q4 FY2025 | Aug 2025 Q1 FY2026 | Nov 2025 Q2 FY2026 | Feb 2026 Q3 FY2026 | May 2026 Q4 FY2026 | Aug 2026 Q1 FY2027 |
|---|---|---|---|---|---|---|---|---|
| Cash capital spending | 3,970 | 5,862 | 9,080 | 8,502 | 12,033 | 18,635 | 16,493 | 28,499 |
| Equipment acquired under finance leases | — | — | 2,019 | 1,122 | — | — | 1,527 | 1,539 |
| Capital spending including finance leases | — | — | 11,099 | 9,624 | — | — | 18,020 | 30,038 |
| Finance-lease principal paid | 0 | 8 | 19 | 86 | 113 | 87 | 0 | 0 |
| Finance-lease liability | — | 900 | 2,934 | 4,017 | 4,976 | 6,250 | 7,701 | 9,185 |
| Operating-lease liability | — | 12,000 | 13,450 | 16,290 | 18,679 | 21,310 | 30,190 | 34,621 |
Equipment acquired under finance leases is a non-cash addition disclosed in the filings; it is not in cash capital spending. Reported in 4 of 73 quarters on file, so the series shows only the quarters the company disclosed.
The balance sheet
The five hyperscalers combined| Millions of dollars | Nov 2024 Q2 FY2025 | Feb 2025 Q3 FY2025 | May 2025 Q4 FY2025 | Aug 2025 Q1 FY2026 | Nov 2025 Q2 FY2026 | Feb 2026 Q3 FY2026 | May 2026 Q4 FY2026 | Aug 2026 Q1 FY2027 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 10,941 | 17,406 | 10,786 | 10,445 | 19,241 | 38,455 | 31,289 | 36,369 |
| Short-term investments | 370 | 417 | 417 | 560 | 525 | 677 | 605 | 708 |
| Cash and investments | 11,311 | 17,823 | 11,203 | 11,005 | 19,766 | 39,132 | 31,894 | 37,077 |
| Long-term debt | 80,462 | 88,109 | 85,297 | 82,236 | 99,984 | 124,718 | 122,342 | 117,712 |
| Current debt | 8,162 | 8,167 | 7,271 | 9,079 | 8,091 | 9,887 | 7,199 | 7,625 |
| Commercial paper | — | — | — | — | — | — | — | — |
| Gross debt | 88,624 | 96,276 | 92,568 | 91,315 | 108,075 | 134,605 | 129,541 | 125,337 |
| Finance-lease liability | — | 900 | 2,934 | 4,017 | 4,976 | 6,250 | 7,701 | 9,185 |
| Net debt | 77,313 | 78,453 | 81,365 | 80,310 | 88,309 | 95,473 | 97,647 | 88,260 |
| Property and equipment, net, as reported | 26,432 | 31,970 | 43,522 | 53,194 | 67,875 | 83,617 | 99,957 | 127,845 |
| Accumulated depreciation | — | — | 16,032 | — | — | — | 22,694 | 25,751 |
| Construction in progress | — | — | 16,510 | — | — | — | 39,973 | 48,546 |
| Inventory | — | — | 303 | — | — | — | — | — |
| Inventory days | — | — | — | — | — | — | — | — |
| Total assets | 148,483 | 161,378 | 168,361 | 180,449 | 204,984 | 245,240 | 261,759 | 303,259 |
| Shareholders’ equity | 13,746 | 16,730 | 20,451 | 24,154 | 29,951 | 38,495 | 42,508 | 66,772 |
| Interest expense | 866 | 892 | 978 | 923 | 1,057 | 1,180 | 1,439 | 1,428 |
| Effective interest cost | 3.9% | 3.7% | 4.1% | 3.9% | 3.7% | 3.4% | 4.2% | 4.3% |
| Stock-based compensation | 1,170 | 1,198 | 1,300 | 1,124 | 1,156 | 1,328 | 1,203 | 1,127 |
| Shares outstanding, millions | 2,796 | 2,803 | 2,807 | 2,841 | 2,873 | 2,875 | 2,880 | 3,024 |
Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.
Where the revenue is
Across the companiesCloud and software business segment: $17.2B of revenue in Aug 2026, $9.4B of operating income (54.5% margin). Members read: StatementBusinessSegmentsAxis=CloudAndSoftwareBusinessMember.
Cloud infrastructure (OCI) revenue: $7.4B of revenue in Aug 2026. Revenue only. Members read: ProductOrServiceAxis=CloudInfrastructureMember.
Segments are the company’s own, as tagged in its segment note, and are not comparable across companies. Operating income is reported only for reportable segments.
Debt issued
The ledger across all companies| Priced | Type | Tranches and maturities | Coupons | Amount, $ millions | Confidence | Filing |
|---|---|---|---|---|---|---|
| Feb 2, 2026 | Registered notes | 8 tranches, 2029 to 2066 | 4.55 to 6.85% | 25,000 | High: term sheet | FWP |
| Sep 24, 2025 | Registered notes | 6 tranches, 2030 to 2065 | 4.45 to 6.10% | 18,000 | High: term sheet | FWP |
| Jan 30, 2025 | Registered notes | 6 tranches, 2028 to 2065 | 4.80 to 6.13% | 7,750 | High: term sheet | FWP |
| Sep 25, 2024 | Registered notes | 4 tranches, 2029 to 2064 | 4.20 to 5.50% | 6,250 | High: term sheet | FWP |
In 2026 Oracle has priced $25.0B of notes and term loans in 1 filing. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.
Demand behind the capex
All companies, side by side| Millions of dollars | Nov 2024 Q2 FY2025 | Feb 2025 Q3 FY2025 | May 2025 Q4 FY2025 | Aug 2025 Q1 FY2026 | Nov 2025 Q2 FY2026 | Feb 2026 Q3 FY2026 | May 2026 Q4 FY2026 | Aug 2026 Q1 FY2027 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,059 | 14,130 | 15,903 | 14,926 | 16,058 | 17,190 | 19,184 | 19,345 |
| Remaining performance obligations | 97,300 | 130,200 | 137,800 | 455,300 | 523,300 | 552,600 | 638,000 | 664,000 |
| Backlog over trailing revenue | 1.8× | 2.3× | 2.4× | 7.7× | 8.6× | 8.6× | 9.5× | 9.3× |
| Deferred revenue, current | 9,430 | 9,019 | 9,387 | 12,098 | 9,940 | 9,881 | 9,916 | 14,686 |
| Deferred revenue | 10,826 | 10,368 | 10,733 | 13,362 | 11,175 | 11,182 | 15,395 | 30,789 |
At Aug 2026 Oracle carried $664.0B of remaining performance obligations, 9.3× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.
Depreciation against capex
The five hyperscalers combined| Millions of dollars | Nov 2024 Q2 FY2025 | Feb 2025 Q3 FY2025 | May 2025 Q4 FY2025 | Aug 2025 Q1 FY2026 | Nov 2025 Q2 FY2026 | Feb 2026 Q3 FY2026 | May 2026 Q4 FY2026 | Aug 2026 Q1 FY2027 |
|---|---|---|---|---|---|---|---|---|
| Capital spending | 3,970 | 5,862 | 9,080 | 8,502 | 12,033 | 18,635 | 16,493 | 28,499 |
| Depreciation of property and equipment | 908 | 1,003 | 1,152 | 1,351 | 1,704 | 2,153 | 2,415 | 3,156 |
| Capex to depreciation | 4.4× | 5.8× | 7.9× | 6.3× | 7.1× | 8.7× | 6.8× | 9.0× |
| Amortization of intangibles | 591 | 548 | 544 | 420 | 407 | 413 | 432 | 202 |
| Depreciation and amortization, as reported | 1,499 | 1,551 | 1,696 | 1,771 | 2,111 | 2,566 | 2,847 | 3,358 |
| Property and equipment, net, as reported | 26,432 | 31,970 | 43,522 | 53,194 | 67,875 | 83,617 | 99,957 | 127,845 |
| Property and equipment, gross | — | — | 59,554 | — | — | — | 122,651 | 153,596 |
In Aug 2026 Oracle spent 9.0× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 73 of 75 quarters on file.
The statement
Download the source data| Millions of dollars | Nov 2024 Q2 FY2025 | Feb 2025 Q3 FY2025 | May 2025 Q4 FY2025 | Aug 2025 Q1 FY2026 | Nov 2025 Q2 FY2026 | Feb 2026 Q3 FY2026 | May 2026 Q4 FY2026 | Aug 2026 Q1 FY2027 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,059 | 14,130 | 15,903 | 14,926 | 16,058 | 17,190 | 19,184 | 19,345 |
| Operating cash flow | 1,304 | 5,933 | 6,157 | 8,140 | 2,066 | 7,151 | 14,620 | 23,103 |
| Capital spending | 3,970 | 5,862 | 9,080 | 8,502 | 12,033 | 18,635 | 16,493 | 28,499 |
| Free cash flow | (2,666) | 71 | (2,923) | (362) | (9,967) | (11,484) | (1,873) | (5,396) |
| Depreciation and amortization | 1,499 | 1,551 | 1,696 | 1,771 | 2,111 | 2,566 | 2,847 | 3,358 |
| Long-term debt | — | — | — | — | — | — | — | — |
| First filed / release date | Dec 10, 2024 | Mar 11, 2025 | Jun 18, 2025 | Sep 10, 2025 | Dec 11, 2025 | Mar 11, 2026 | Jun 22, 2026 | Sep 11, 2026 |
Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.
Questions this page answers
- How much did Oracle spend on capital expenditures last quarter?
- Oracle spent $28.5 billion on purchases of property and equipment in the quarter ended August 31, 2026, up 235% from the same quarter a year earlier. Over its latest four reported quarters it spent $75.7 billion.
- Did Oracle's capital spending exceed its operating cash flow?
- Yes. In the quarter ended August 31, 2026 Oracle spent 123% of its $23.1 billion of operating cash flow on capital equipment, leaving free cash flow of −$5.4 billion.
- What is Oracle's free cash flow?
- −$5.4 billion in the quarter ended August 31, 2026, and −$28.7 billion over the latest four reported quarters, against −$5.9 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. Four of the last four quarters were negative.
- Is Oracle's capital spending still rising?
- Yes. Oracle's quarterly capital spending has been above the same quarter a year earlier for ten consecutive quarters, and Aug 2026 was the highest quarter in its 49-quarter record on this site. The latest four quarters' spending is 176% above the four before.
- Is this Oracle's AI spending?
- No. These are Oracle's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.
Terms used on this page
Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.