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Oracle

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Oracle

Oracle Corporation is the enterprise database, applications and cloud vendor. It started as a relational database company and is now also a large supplier of AI compute through Oracle Cloud Infrastructure (OCI), most visibly as an infrastructure partner of OpenAI. Figures below come from Oracle’s SEC filings unless marked otherwise.

Overview

  • Founded: June 1977; Larry Ellison founded Oracle and was CEO until September 2014 (10-K FY2026). Co-founders Bob Miner and Ed Oates and the exact day (1977-06-16) are Wikipedia only (see Open items).
  • Headquarters: Austin, Texas (10-K FY2026; the 10-K FY2021 says the move happened in fiscal 2021).
  • Leadership (10-K FY2026, filed 2026-06-22): Larry Ellison, Executive Chair of the Board and Chief Technology Officer (since September 2014); Clayton Magouyrk and Michael Sicilia, Chief Executive Officers and directors (since September 2025; promotion announced 2025-09-22, Oracle press release and 8-K); Hilary Maxson, Chief Financial Officer (employment agreement dated 2026-01-25); Safra Catz and Jeffrey Henley, Executive Vice Chairs.
  • Listing: NYSE, ticker ORCL (also the depositary shares ORCL-PRD of the 6.50% Series D mandatory convertible preferred). The 10-K FY2013 records the move from NASDAQ, with NYSE trading expected from 2013-07-15.
  • Scale (fiscal 2026, year ended 2026-05-31, 10-K): total revenues USD 67.357 billion (cloud and software 87 percent), net income USD 17.087 billion, about 141,000 full-time employees, capital expenditure USD 55.663 billion, free cash flow negative USD 23.686 billion, remaining performance obligations USD 638 billion (USD 138 billion a year earlier). Fiscal 2025: revenue USD 57.399 billion, net income USD 12.443 billion. No single customer reached 10 percent of revenue in fiscal 2026, 2025 or 2024.

Key products

Acquisitions (selected, from 10-K notes)

  • Siebel Systems: merger agreement 2005-09-12, completed 2006-01-31, total purchase price USD 6.1 billion (10-K FY2006). The widely quoted USD 5.85 billion is the announced price, not the booked one.
  • Sun Microsystems: completed January 2010, USD 9.50 per share in cash, total purchase price about USD 7.3 billion (10-K FY2010): Java, MySQL, hardware.
  • Cerner: agreement 2021-12-20, closed 2022-06-08, total purchase price USD 28.2 billion (10-K FY2022, FY2023); now Oracle Health. (Earlier version of this note said USD 28.3 billion, which was the Wikipedia figure.)

Timeline 2025-2026

  • 2025-01-21: OpenAI newsroom lists “Announcing The Stargate Project” (title confirmed in OpenAI’s RSS; the page itself returned 403, so the USD 500 billion size and partner list rest on press/Wikipedia).
  • 2025-07-22: OpenAI newsroom: “Stargate advances with 4.5 GW partnership with Oracle” - Oracle and OpenAI agreed to develop 4.5 gigawatts of additional Stargate data-centre capacity in the US (OpenAI RSS summary, primary).
  • 2025-09-22: Magouyrk and Sicilia promoted to CEO; Catz becomes Executive Vice Chair (Oracle press release and 8-K, primary).
  • 2025-10-14 (Oracle AI World): Oracle AI Database 26ai (long-term-support release replacing 23ai) and general availability of Oracle AI Data Platform announced (Oracle press releases, primary).
  • 2026: Oracle holds a 15 percent ownership interest in TikTok USDS Joint Venture LLC, an equity-method investee (10-K FY2026, primary). Fiscal 2026 financing included USD 43.0 billion of senior notes and a new revolving credit agreement (March 2026). Dr. Tomislav Mihaljevic was named to the board (8-K 2026-05-12). OpenAI announced Oracle Cloud access to OpenAI models and Codex on 2026-06-10 (OpenAI RSS title).
  • Reported but not in Oracle’s filings: a USD 300 billion, roughly five-year OpenAI compute contract (SiliconANGLE 2025-09-10, secondary). Oracle’s 10-K and 10-Qs checked do not name OpenAI.

AI strategy (as of 2026-10-08)

AI infrastructure plus AI inside the database and applications: OCI capacity for model labs, AI Database 26ai (vector search, Select AI agents, MCP and Iceberg support per the 2025-10-14 release), Fusion agents, and AI assistants in Oracle Analytics. The remaining performance obligations (USD 638 billion) and capex against negative free cash flow are figures from the 10-K; whether they amount to a financial risk is the reader’s judgement (opinion).

OCI, Oracle Analytics, OpenAI, Microsoft and AWS (cloud competitors and, for Oracle AI Database, hosting partners: Oracle announced Oracle AI Database at AWS and at Google Cloud on 2025-10-14).

Sources

Open items

  • Unverified (Wikipedia only): co-founders Bob Miner and Ed Oates, exact founding day 1977-06-16, Larry Ellison’s ownership percentage (about 42 percent earlier quoted; needs the proxy statement), Stargate USD 500 billion and partner list, and the OCI growth rate of 68 percent for fiscal Q2 2026 (dropped from the body).
  • The USD 300 billion OpenAI contract is press-reported only.
  • Debt level and fiscal Q1 FY2027 results (10-Q filed 2026-09-11) not reviewed.

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