October 6, 2026·30 min read

Oracle Corporation (ORCL), Financial Analysis

Insights derived from analysing SEC filings. Independent analysis, not a publication of the SEC.

Figures come from Forms 10-K for FY2022 to FY2026, Forms 10-Q from Q1 FY2025 to Q1 FY2027, and Forms 8-K from Sep 2024 to Sep 2026 with their quarterly earnings exhibits 99.1. Other sources are proxy statements of 2025 and 2026, a Schedule 13G, Forms 13F and Forms 3, 4 and 144 filed under central index key 1341439, and comparable filings of six peers. The Sources appendix lists accession numbers of the Oracle and peer filings used. Market prices are closing prices of 5 October 2026.

Revenue TTM

$71.78bn

up 29.6% in Q1 FY2027

Remaining performance obligations

$664bn

at 31 Aug 2026; $455bn a year earlier

Cloud infrastructure Q1 FY2027

$7.39bn

up 121% on Q1 FY2026

Free cash flow TTM

$(28.7)bn

capital spending $75.7bn

Share price

$142.48

close of 5 Oct 2026, 17.6x FY2027 non GAAP EPS guidance

Scenario values, end FY2030

$58 / 207 / 409

worst / base / best case per share

Key conclusions

Contracted backlog is 9.3x TTM revenue. Remaining performance obligations (RPO) were $664bn at 31 Aug 2026, against $455bn a year earlier. Q1 FY2027 revenue (to 31 Aug 2026) was $19.35bn, up 30%. Cloud infrastructure revenue was $7.39bn, up 121%. Guidance is Q2 growth of 30% to 34% and FY2027 revenue of at least $90bn.
Capital spending exceeds operating cash flow. Q1 FY2027 capital spending was $28.50bn and operating cash flow $23.10bn, of which $11.36bn was customer prepayments. TTM free cash flow was $(28.72)bn. Management guided FY2027 capital spending of $90bn to $95bn on the earnings call.
Oracle funds the build with debt, leases and new shares. Borrowings were $125.34bn and lease liabilities $43.81bn at 31 Aug 2026. A further $288bn of data center leases start between Q2 FY2027 and FY2029. In Q1 FY2027 Oracle sold about 141m shares for $19.91bn, about $141 a share (computed).
Core operating margin is stable at about 36%. TTM core operating margin was 36.3% and FY2024 36.0%. Cloud and software segment margin fell from 60% to 55% in Q1 as depreciation rose to 16.3% of revenue. Lower sales and marketing and R&D ratios offset this.
Shares trade at 17.6x FY2027 non GAAP EPS guidance of $8.10. At $142.48 the P/E is 22.3x TTM GAAP EPS of $6.38 and 24.0x TTM core EPS of $5.94. Price is 54% below the 52 week high close of $313.00. Larry Ellison holds 38.2% of shares.
Scenario values for end FY2030 are $58 (worst), $207 (base) and $409 (best) per share. Current price is 13.8x base case and 9.0x best case FY2030 core EPS. In the sensitivity analysis, the volume of new contracts and the exit P/E move value the most.

Views on these results differ. Arguments for a lower valuation cite negative free cash flow, $125bn of borrowings, lease commitments, share issues and reliance on a small number of large AI customers (10-K risk factors). Arguments for a higher valuation cite RPO of $664bn, customer prepayments, cloud infrastructure growth of 121% and a stable core margin.

1 Revenue and business model

Oracle sells database and application software as cloud services and as licenses with support, plus hardware and services. Cloud infrastructure (OCI) rents computing capacity, including GPU capacity for AI training and inference. Cloud applications include Fusion, NetSuite and Oracle Health. Cloud was 60% of Q1 FY2027 revenue.

Mix shift. Cloud infrastructure was 13% of revenue in FY2024 and 38% in Q1 FY2027. Software support revenue was $19.74bn TTM, flat for three years. Customers moving support contracts to Oracle Cloud added $5.4bn of annualized cloud revenue over three years (10-K).
Customers. The 10-K attributes RPO growth to "certain significant cloud contracts" and states that some OCI offerings are concentrated among a few large customers. The Q2 FY2026 release names Meta and NVIDIA as new commitments. Each customer was below 10% of revenue in FY2026.
Capacity. Oracle delivered 850 MW of data center capacity and more than 300,000 GPUs in Q1 FY2027 (release). It operates about 181 data center locations, substantially all leased. Multicloud database services run inside Microsoft Azure, Amazon Web Services and Google Cloud.
People and management. About 141,000 employees at 31 May 2026. Clayton Magouyrk and Michael Sicilia became CEOs in Sep 2025 and Hilary Maxson CFO in Apr 2026.

Figure 1.1. Revenue and margins FY2022 to FY2027E

Table 1.1. Revenue by offering

Offering	FY2024	FY2025	FY2026	TTM	FY2026 y/y	Q1 FY2027 y/y
Cloud infrastructure	6.84bn	10.23bn	18.10bn	22.14bn	76.9%	120.7%
Cloud applications	12.93bn	14.27bn	15.89bn	16.27bn	11.3%	9.9%
Software support	19.61bn	19.52bn	19.80bn	19.74bn	1.4%	(1.2%)
Software license	5.08bn	5.20bn	4.74bn	4.63bn	(8.9%)	(14.5%)
Hardware	3.07bn	2.94bn	3.08bn	3.19bn	5.0%	15.5%
Services	5.43bn	5.23bn	5.74bn	5.81bn	9.7%	4.8%
Cloud (infrastructure plus applications)	19.77bn	24.51bn	33.99bn	38.41bn	38.7%	61.5%
Total revenue	52.96bn	57.40bn	67.36bn	71.78bn	17.3%	29.6%

TTM = FY2026 plus Q1 FY2027 less Q1 FY2026. Presentation of the FY2026 10-K; earlier filings combined cloud services with license support.

Figure 1.3. Remaining performance obligations and cloud infrastructure revenue by quarter

Table 1.2. Segment margin by business

$	FY2024	FY2025	FY2026	TTM	Q1 FY2026	Q1 FY2027
Cloud and software	28.51bn	30.93bn	34.47bn	36.14bn	7.69bn	9.36bn
Hardware	1.92bn	1.92bn	2.02bn	2.02bn	447m	452m
Services	916m	993m	1.53bn	1.65bn	332m	445m
Cloud and software margin, % of its revenue	64.1%	62.8%	58.9%	57.6%	59.6%	54.5%
Operating income, GAAP	15.35bn	17.68bn	20.61bn	23.06bn	4.28bn	6.73bn

Segment margin is revenue less direct costs and sales and marketing. It is stated before R&D, general and administrative costs, stock compensation, amortization, restructuring and interest.

Table 1.3. Revenue by region

Region	FY2022	FY2023	FY2024	FY2025	FY2026	FY2026 share	Q1 FY2027 y/y
Americas	23.68bn	31.23bn	33.12bn	36.34bn	44.48bn	66.0%	41.9%
Europe, Middle East and Africa	12.01bn	12.11bn	13.03bn	14.03bn	15.30bn	22.7%	7.0%
Asia Pacific	6.75bn	6.62bn	6.81bn	7.04bn	7.58bn	11.3%	7.0%

United States revenue was $39.84bn in FY2026, 59% of total. Americas supplied 88% of FY2026 growth in constant currency (10-K).

2 Financial analysis and ratios

Q1 FY2027 revenue rose 29.6% to $19.35bn and GAAP operating income rose 57% to $6.73bn. Core operating income, before amortization and restructuring, was $7.02bn, up 37%. Diluted EPS was $1.56 against $1.01. Depreciation was $3.16bn, 16.3% of revenue against 9.1% a year earlier.

Figure 2.1. Quarterly revenue and margins

Table 2.1. Income statement; TTM = FY2026 plus Q1 FY2027 less Q1 FY2026

$	FY2022	FY2023	FY2024	FY2025	FY2026	TTM
Revenue	42.44bn	49.95bn	52.96bn	57.40bn	67.36bn	71.78bn
Cloud and software expenses	(5.21)bn	(7.76)bn	(9.43)bn	(11.57)bn	(17.60)bn	(20.39)bn
Hardware and services expenses	(3.66)bn	(5.80)bn	(5.72)bn	(5.36)bn	(5.42)bn	(5.48)bn
Sales and marketing	(8.05)bn	(8.83)bn	(8.27)bn	(8.65)bn	(8.33)bn	(8.08)bn
Research and development	(7.22)bn	(8.62)bn	(8.92)bn	(9.86)bn	(10.27)bn	(10.18)bn
General and administrative	(1.32)bn	(1.58)bn	(1.55)bn	(1.60)bn	(1.62)bn	(1.62)bn
Amortization of intangible assets	(1.15)bn	(3.58)bn	(3.01)bn	(2.31)bn	(1.67)bn	(1.45)bn
Restructuring and other	(4.90)bn	(680)m	(718)m	(374)m	(1.84)bn	(1.52)bn
Operating income	10.93bn	13.09bn	15.35bn	17.68bn	20.61bn	23.06bn
Interest expense	(2.76)bn	(3.51)bn	(3.51)bn	(3.58)bn	(4.60)bn	(5.10)bn
Non operating income, net	(522)m	(462)m	(98.0)m	60.0m	3.55bn	3.78bn
Income tax	(932)m	(623)m	(1.27)bn	(1.72)bn	(2.47)bn	(2.81)bn
Net income	6.72bn	8.50bn	10.47bn	12.44bn	17.09bn	18.92bn
Diluted EPS, $	2.41	3.07	3.71	4.34	5.83	6.38
Diluted shares, bn	2.786	2.766	2.823	2.866	2.914	2.937

Oracle reports expenses by business in place of cost of revenue. FY2022 restructuring includes litigation charges. FY2026 non operating income includes a $2.7bn Ampere gain. TTM shares: four quarter average.

Table 2.2. What changed: FY2026 against FY2025 and Q1 FY2027 against Q1 FY2026

	Full year			Q1
$	FY2025	FY2026	Change	Q1 FY2026	Q1 FY2027	Change
Revenue	57.40bn	67.36bn	17.3%	14.93bn	19.35bn	29.6%
Cloud infrastructure	10.23bn	18.10bn	76.9%	3.35bn	7.39bn	120.7%
Cloud applications	14.27bn	15.89bn	11.3%	3.84bn	4.22bn	9.9%
Software license and support	24.72bn	24.54bn	(0.7%)	5.72bn	5.55bn	(3.0%)
Operating income	17.68bn	20.61bn	16.6%	4.28bn	6.73bn	57.3%
Net income	12.44bn	17.09bn	37.3%	2.93bn	4.76bn	62.6%
Operating cash flow	20.82bn	31.98bn	53.6%	8.14bn	23.10bn	183.8%
Capital expenditures	21.22bn	55.66bn	162.4%	8.50bn	28.50bn	235.2%
Depreciation	3.87bn	7.62bn	97.1%	1.35bn	3.16bn	133.6%
Stock based compensation	4.67bn	4.81bn	2.9%	1.12bn	1.13bn	0.3%
Cloud and software segment margin	62.8%	58.9%	(3.9) pts	59.6%	54.5%	(5.0) pts
Core operating margin	35.5%	35.8%	0.3 pts	34.2%	36.3%	2.1 pts

Q1 FY2027 = three months to 31 Aug 2026. Segment margin as defined under Table 1.2.

Table 2.3. Core earnings reconciliation

$	FY2026	TTM
Operating income, GAAP	20.61bn	23.06bn
Add: amortization of intangible assets	1.67bn	1.45bn
Add: restructuring and other	1.84bn	1.52bn
Operating income, core	24.12bn	26.03bn
Income before tax, GAAP	19.55bn	21.73bn
Less: gains on investments	(2.81)bn	(2.92)bn
Income before tax, core	20.25bn	21.79bn
Net income, core, taxed at 19.9% and 19.1%	16.23bn	17.64bn
Less: preferred dividends	(103)m	(184)m
Diluted EPS, GAAP, $	5.83	6.38
Diluted EPS, company non GAAP, $	7.63	8.08
Diluted EPS, core, $	5.53	5.94

Core earnings keep stock compensation as a cost ($4.81bn TTM). Tax uses the company non GAAP rate (Ex 99.1 of each quarter). Company non GAAP EPS excludes stock compensation and includes investment gains; excluding those gains it was $6.83 in FY2026 (release). Core EPS uses 2.91bn and 2.94bn shares.

Figure 2.2. Cash flow, capital spending, borrowings and leases

Table 2.4. Ratio analysis, FY2022 to FY2026 and TTM

Ratio	FY2022	FY2023	FY2024	FY2025	FY2026	TTM
Growth and profitability
Revenue growth	n/a	17.7%	6.0%	8.4%	17.3%	21.6%
Cloud share of revenue	n/a	n/a	37.3%	42.7%	50.5%	53.5%
Gross margin (proxy)	79.1%	72.8%	71.4%	70.5%	65.8%	64.0%
Operating margin	25.7%	26.2%	29.0%	30.8%	30.6%	32.1%
Core operating margin	40.0%	34.7%	36.0%	35.5%	35.8%	36.3%
Net margin	15.8%	17.0%	19.8%	21.7%	25.4%	26.4%
FCF margin	11.8%	17.0%	22.3%	(0.7%)	(35.2%)	(40.0%)
ROA	6.1%	7.0%	7.6%	8.0%	7.9%	7.8%
Cost structure
R&D / revenue	17.0%	17.3%	16.8%	17.2%	15.3%	14.2%
Sales and marketing / revenue	19.0%	17.7%	15.6%	15.1%	12.4%	11.3%
SBC / revenue	6.2%	7.1%	7.5%	8.1%	7.1%	6.7%
Depreciation / revenue	4.6%	5.1%	5.9%	6.7%	11.3%	13.1%
Capex / revenue	10.6%	17.4%	13.0%	37.0%	82.6%	105.4%
Balance sheet and working capital
PP&E / assets	8.9%	12.7%	15.3%	25.9%	38.2%	42.2%
Days sales outstanding	51	51	54	54	56	58
Current ratio	1.62x	0.91x	0.72x	0.75x	1.12x	1.17x
Leverage
Net debt / EBITDA	2.85x	4.04x	3.43x	3.36x	3.08x	2.49x
Net debt and leases / EBITDA	3.04x	4.28x	3.77x	4.03x	4.27x	3.72x
Interest coverage	6.2x	5.0x	5.4x	5.7x	5.2x	5.1x
Valuation
EV / sales at year end	5.8x	7.4x	7.5x	9.5x	11.2x	7.3x
EV / EBITDA at year end	13.0x	18.5x	18.0x	22.6x	23.7x	14.8x
P/E at year end	29.8x	34.5x	31.6x	38.1x	38.7x	22.3x

Oracle reports operating expenses by business in place of cost of revenue and gross profit. Gross margin (proxy) is revenue less the cloud and software, hardware and services expense lines of the income statement, as % of revenue. These lines include data center depreciation and exclude sales and marketing, R&D and general and administrative costs. Core operating margin and EBITDA add back amortization and restructuring. ROA uses average assets. Equity was negative or close to zero until FY2024, so ROE and debt to equity are left out. Year end valuation uses the 31 May close; TTM uses 5 Oct 2026. Prior TTM: Q2 FY2025 to Q1 FY2026.

Figure 2.3. Operating costs as % of revenue

Table 2.5. Balance sheet, period end

$	FY2022	FY2023	FY2024	FY2025	FY2026	31 Aug 2026
Cash and marketable securities	21.90bn	10.19bn	10.66bn	11.20bn	31.89bn	37.08bn
Trade receivables	5.95bn	6.92bn	7.87bn	8.56bn	10.39bn	11.39bn
Property, plant and equipment	9.72bn	17.07bn	21.54bn	43.52bn	99.96bn	127.85bn
Goodwill	43.81bn	62.26bn	62.23bn	62.21bn	62.26bn	62.27bn
Total assets	109.30bn	134.38bn	140.98bn	168.36bn	261.76bn	303.26bn
Deferred revenue, current	8.36bn	8.97bn	9.31bn	9.39bn	9.92bn	14.69bn
Notes payable and other borrowings	75.86bn	90.48bn	86.87bn	92.57bn	129.54bn	125.34bn
Lease liabilities, operating and finance	3.66bn	4.85bn	7.55bn	16.38bn	37.89bn	43.81bn
Net debt, before leases	53.96bn	80.29bn	76.21bn	81.37bn	97.65bn	88.26bn
Preferred stock	0	0	0	0	4.95bn	4.95bn
Oracle stockholders' equity	(6.22)bn	1.07bn	8.70bn	20.45bn	42.51bn	66.77bn
Shares outstanding, bn	2.665	2.713	2.755	2.807	2.880	3.024

Off balance sheet at 31 Aug 2026: $288bn of leases that start later, with terms of 15 to 19 years, and $34.15bn of purchase obligations. The $10.0bn revolving facility was undrawn at 31 May 2026.

Table 2.6. Capital raised and major uses, FY2026 and Q1 FY2027

Date	Transaction	Amount
Sep 2025	Senior notes, six tranches due 2030 to 2065, 4.450% to 6.100%	$18.0bn
Nov 2025	Sale of the Ampere stake to SoftBank, cash received	$4.3bn
Feb 2026	Senior notes, eight tranches due 2029 to 2066, up to 6.850%	$25.0bn
Feb 2026	6.50% Series D mandatory convertible preferred stock	$5.0bn
Q1 FY2027	Common stock sold at the market, about 141m shares	$19.9bn net
FY2026 and Q1 FY2027	Customer prepayments with a financing component	$16.0bn
FY2026 and Q1 FY2027	Capital expenditures	$(84.2)bn
FY2026 and Q1 FY2027	Dividends on common and preferred stock	$(7.4)bn
FY2026 and Q1 FY2027	Repayments of notes and other borrowings	$(11.1)bn

Sources: 8-K 0001193125-25-220445, 0001193125-26-037840 and 0001193125-26-039344; 10-K 0001193125-26-277521; 10-Q 0001193125-26-389274. Oracle stated in Jun 2026 that calendar 2026 debt issuance is complete. Preferred stock pays $325m a year and converts on 15 Jan 2029 into 25.0m to 31.2m common shares (10-K); Q1 FY2027 diluted shares exclude it as antidilutive (10-Q).

3 MD&A, guidance and management commentary

Oracle guided Q2 FY2027 revenue growth to 30% to 34% and cloud revenue growth to 65% to 71%. It guided FY2027 revenue to at least $90bn, up 34%, and non GAAP EPS to $8.10. FY2027 revenue guidance was $90bn in Mar and Jun 2026; EPS guidance was $8.05 in Jun 2026.

Table 3.1. Recent quarters and guidance (earnings releases, Ex 99.1)

Item	Q2 FY2026	Q3 FY2026	Q4 FY2026	Q1 FY2027	Q2 FY2027 guide
Revenue	$16.06bn	$17.19bn	$19.18bn	$19.35bn	about $21.2bn
Revenue growth y/y	14%	22%	21%	30%	30% to 34%
Cloud revenue growth y/y	34%	44%	47%	62%	65% to 71%
Cloud infrastructure revenue	$4.08bn	$4.89bn	$5.79bn	$7.39bn	n/a
Cloud infrastructure growth y/y	68%	84%	93%	121%	n/a
Operating margin, GAAP / non GAAP	29.5% / 41.9%	31.8% / 42.9%	32.0% / 44.8%	34.8% / 42.1%	n/a
Diluted EPS, GAAP / non GAAP	$2.10 / 2.26	$1.27 / 1.79	$1.45 / 2.11	$1.56 / 1.92	non GAAP $1.85 to 1.93
RPO at quarter end	$523bn	$553bn	$638bn	$664bn	n/a
Capital expenditures	$12.03bn	$18.64bn	$16.49bn	$28.50bn	n/a
Free cash flow	$(9.97)bn	$(11.48)bn	$(1.87)bn	$(5.40)bn	n/a

Sources: 8-K 0001193125-25-314207, 0001193125-26-100148, 0001193125-26-265848 and 0001193125-26-387905. Q2 FY2026 EPS includes the Ampere gain. Q2 FY2027 revenue applies the guidance midpoint.

MD&A, FY2026 10-K. Revenue rose 17% to $67.36bn. Cloud infrastructure supplied 84% of cloud growth in constant currency. Cloud and software expenses rose 56%, of which $5.7bn was infrastructure expense, and Oracle expects further increases over the next few fiscal years. Interest expense rose 29% to $4.60bn.
MD&A, Q1 FY2027 10-Q. RPO is recognized about 13% within 12 months, 37% in months 13 to 36 and 34% in months 37 to 60. Purchase obligations rose from $13.3bn to $34.15bn in the quarter. Oracle expects FY2027 capital spending above FY2026. Management added about $700m to the $2.1bn restructuring plan after quarter end.
Releases. Customers prepaid for or supplied the GPUs in most AI contracts signed in Q3 and Q4 FY2026; those portions total $75bn. Oracle booked more than $30bn of AI contracts in Q1 FY2027 and stated that they leave its funding plan unchanged. FY2027 funding plan is about $40bn, including the $20bn share sale completed in Q1.
Earnings call, 10 Sep 2026 (third party transcript; the capital spending figures appear only on the call). Management guided FY2027 capital spending of $90bn to $95bn, with net cash capital spending of at most $70bn. It expects about half of RPO to convert to revenue within 36 months. GPU utilization was 97.9% in Q1.
Earlier outlooks. The release of 9 Sep 2025 previewed cloud infrastructure revenue of $18bn in FY2026 (actual $18.10bn), then $32bn, $73bn, $114bn and $144bn. A company presentation of 16 Oct 2025 (company website) showed revenue of $85bn in FY2027 and $225bn in FY2030, and FY2030 non GAAP EPS of $21.00.

4 Sector and competitor analysis

Oracle's year to date revenue growth of 29.6% is above Alphabet (23.1%), Amazon (18.2%) and Microsoft (17.8%) and below CoreWeave (112.1%). Its capital spending of 105.4% of TTM revenue compares with 34.9% at Microsoft and 29.7% at Alphabet. Oracle carries net debt of 2.6x EBITDA; Microsoft and Alphabet hold net cash.

Cloud revenue. Oracle cloud infrastructure revenue was $7.39bn in its latest quarter, up 121%. Amazon Web Services reported $42.23bn for Q2 2026, up 37%, and Google Cloud $24.77bn, up 82%. Microsoft reported growth of 41% for Azure and other cloud services in its year to Jun 2026.
Backlog. Contracted backlog at the latest filing: Microsoft commercial RPO $678bn, Oracle $664bn, Alphabet $519.5bn, Amazon $496bn and CoreWeave $103.7bn. Oracle RPO is 9.3x its TTM revenue.
Capital spending. Microsoft spent $115.9bn in its year to Jun 2026. Alphabet spent $80.6bn and Amazon $98.4bn in H1 2026. Oracle spent $75.66bn TTM.
Applications. Oracle cloud applications revenue grew 10% in Q1 FY2027. Salesforce revenue grew 12.0% in its first half to Jul 2026. The 10-K names all six peers among competitors.

Table 4.1. Peer comparison, TTM to the latest 10-K or 10-Q; market data at 5 Oct 2026

Company	Year end	Revenue	Growth YTD	Operating margin	FCF margin	Capex / revenue	Net debt / EBITDA	Market cap, $	P/E TTM
Oracle	FY May	71.78bn	29.6%	32.1%	(40.0%)	105.4%	2.6x	431.9bn	22.3x
Microsoft	FY Jun	331.84bn	17.8%	46.8%	20.2%	34.9%	(0.2x)	3.90tn	29.3x
Alphabet	FY Dec	445.87bn	23.1%	33.1%	11.9%	29.7%	(0.8x)	4.24tn	17.4x
Amazon	FY Dec	775.68bn	18.2%	12.1%	(1.5%)	22.3%	0.1x	2.71tn	20.2x
Salesforce	FY Jan	43.94bn	12.0%	19.9%	34.5%	1.4%	2.2x	189.1bn	21.0x
CoreWeave	FY Dec	7.59bn	112.1%	(3.0%)	(179.9%)	271.0%	7.9x	48.2bn	n/a
IBM	FY Dec	69.10bn	4.9%	17.9%	20.0%	1.6%	3.1x	208.8bn	19.6x

Growth compares the latest fiscal year to date with the prior year. P/E uses filed TTM diluted EPS; CoreWeave has a TTM loss. Negative net debt to EBITDA means net cash; EBITDA here is operating income plus depreciation and amortization. Microsoft TTM is its year to Jun 2026.

Figure 4.1. Revenue growth and capital spending, peers

Figure 4.2. Operating and FCF margin, peers

5 Material events and filings

From Sep 2025 to Sep 2026 Oracle appointed two CEOs and a CFO, issued $43bn of notes and $5.0bn of preferred stock, and sold $20bn of common stock. RPO rose from $138bn at 31 May 2025 to $664bn at 31 Aug 2026. Larry Ellison remains Executive Chair and Chief Technology Officer.

Table 5.1. FY2026 10-K items and Q1 FY2027 10-Q updates

Item	Content
Item 1, Business	Three businesses: cloud and software (87% of FY2026 revenue), hardware (5%) and services (8%). About 181 data center locations, substantially all leased. R&D spending was $10.27bn.
Item 1A, Risk factors	FY2026 against FY2025: 55 new and 39 reworded paragraphs (own text comparison). New text covers data center overbuild, lease terms longer than customer contracts, customer credit, power supply, the preferred stock and share sale program, a credit rating downgrade and a securities class action filed on 3 Feb 2026.
Item 7, MD&A	Operating cash flow was $31.98bn and capital spending $55.66bn. Debt principal due: $7.2bn in FY2027, $10.1bn in FY2028 and $90.3bn after FY2031.
Notes, leases and commitments	Leases that start later: $260bn at 31 May 2026 and $288bn at 31 Aug 2026. One lease carries a guarantee of up to $3.3bn of lessor borrowing.
Item 9A, Controls	Controls were effective at 31 May 2026; Ernst & Young is the auditor.
Q1 FY2027 10-Q	Item 1A refers to the 10-K risk factors unchanged. In the class action, a motion to dismiss is to be fully briefed by 18 Dec 2026.

10-K 0001193125-26-277521; 10-Q 0001193125-26-389274; risk factor comparison against 10-K 0000950170-25-087926.

Table 5.2. Selected Form 8-K events, Sep 2025 to Sep 2026

Filed	Items	Event
14 Sep 2026	8.01	Larry Ellison cancelled his Rule 10b5-1 plan to sell up to 50m shares on 12 Sep 2026; zero shares were sold under it
10 Sep 2026	2.02, 8.01	Q1 FY2027 results: revenue $19.35bn (+30%); RPO $664bn; $20bn share sale completed; FY2027 guidance of at least $90bn revenue
10 Jun 2026	2.02, 8.01	Q4 and FY2026 results: FY2026 revenue $67.36bn (+17%); RPO $638bn; plan to raise about $40bn in FY2027
12 May 2026	5.02, 7.01	Tomislav Mihaljevic elected to the Board from 6 May 2026; Board size 13
6 Apr 2026	5.02, 7.01	Hilary Maxson appointed CFO from 6 Apr 2026, replacing Douglas Kehring as Principal Financial Officer; equity grant of $26m
10 Mar 2026	2.02, 8.01	Q3 FY2026 results: revenue $17.19bn (+22%); RPO $553bn; FY2027 revenue guidance raised to $90bn
5 Feb 2026	1.01, 3.03, 5.03	$5.0bn of 6.50% Series D mandatory convertible preferred stock issued
4 Feb 2026	1.01, 8.01	$25bn of notes due 2029 to 2066 issued; agreement to sell up to $20bn of common stock at the market
9 Jan 2026	5.02	Directors George Conrades and Naomi Seligman retired
10 Dec 2025	2.02, 8.01	Q2 FY2026 results: revenue $16.06bn (+14%); RPO $523bn; $2.7bn gain on the Ampere stake
21 Nov 2025	5.02, 5.07	Annual meeting: 13 directors elected; say on pay approved; Stephen Rusckowski joined the Board, raising its size to 14
26 Sep 2025	8.01	$18bn of notes due 2030 to 2065 issued
22 Sep 2025	5.02, 7.01	Clayton Magouyrk and Michael Sicilia appointed CEOs; Safra Catz became Executive Vice Chair; Douglas Kehring Principal Financial Officer; option grants of $250m and $100m
9 Sep 2025	2.02, 8.01	Q1 FY2026 results: RPO $455bn (+359%); preview of cloud infrastructure revenue rising from $18bn in FY2026 to $144bn in FY2030

26 Form 8-K filings (including two 8-K/A) from Sep 2024 to Sep 2026; the Sources appendix lists all of them with accession numbers. The latest 8-K on EDGAR is dated 14 Sep 2026 (checked 6 Oct 2026).

6 Annual shareholder meeting, ownership and insider activity

Annual shareholder meeting, 18 Nov 2025

Shareholders elected all 13 directors and ratified the auditor. Say on pay received 81.9% support, up from 78.0% in 2024. Shares represented were 91.8% of the 2.85bn outstanding (computed). Next meeting is on 18 Nov 2026, with 3.03bn shares entitled to vote.

Board. Bruce Chizen had the lowest support, 76.1%, and Awo Ablo 83.9%. Stephen Rusckowski joined the Board in Nov 2025 and Tomislav Mihaljevic in May 2026. Two retired.
Pay. Reported FY2026 pay was $627.5m for Clayton Magouyrk and $256.6m for Michael Sicilia, almost all promotion option grants with an exercise price of $308.46. Larry Ellison's reported pay was $131.0m. CEO pay ratios were 6,623 to 1 and 2,709 to 1 (DEF 14A 0001193125-26-402816).

Table 6.1. Proposals and support (for as % of for plus against)

Proposal	Board view	2025	2024	Outcome
Say on pay	For	81.9%	78.0%	Approved
Ratify Ernst & Young	For	97.6%	97.8%	Approved
Climate risk report for retirement plans (shareholder, 2024)	Against	n/a	5.3%	Rejected
Shareholder proposal access rights (shareholder, 2026)	Against	n/a	n/a	Pending

Broker non votes: 265.7m in 2025. The 2026 proposal comes from the National Legal and Policy Center. Sources: 8-K 0001193125-25-291441 and 0001193125-24-260986; DEF 14A 0001193125-26-402816.

Table 6.2. Director elections, for as % of for plus withheld

Director	2025	2024
Bruce R. Chizen	76.1%	79.9%
Awo Ablo	83.9%	99.1%
Michael J. Boskin	91.3%	92.2%
Jeffrey O. Henley	92.0%	97.1%
Jeffrey S. Berg	92.2%	80.1%
George H. Conrades	92.3%	89.6%
Naomi O. Seligman	92.6%	91.0%
Lawrence J. Ellison	96.6%	98.0%
Safra A. Catz	97.3%	96.5%
Charles W. Moorman	97.8%	94.2%
Clayton M. Magouyrk	98.2%	n/a
Michael D. Sicilia	98.3%	n/a
Rona A. Fairhead	98.4%	98.1%

n/a: first elected by shareholders in 2025.

Ownership and insider activity

Larry Ellison holds 1.16bn shares, 38.2% of the total, against 40.6% a year earlier on a lower share count. He has pledged 413m shares for personal loans, up from 346m. He adopted a plan to sell up to 50m shares on 22 Jun 2026 and cancelled it on 12 Sep 2026 with zero shares sold. Other insiders sold $119.1m of stock and bought $3.48m in the twelve months to Oct 2026 (Form 4).

Table 6.3. Largest holders, shares m (Form 13F unless stated)

Holder	30 Jun 2026	% of shares	31 Mar 2026	31 Dec 2025	Change since Dec 2025
Larry Ellison (proxy, 21 Sep 2026)	1.16bn	38.2%	n/a	n/a	n/a
Vanguard	169.1	5.9%	167.9	174.8	(3.3%)
BlackRock	145.4	5.0%	n/a	147.9	(1.7%)
State Street	78.6	2.7%	76.3	76.5	2.8%
Capital Research Global Investors	39.7	1.4%	32.1	30.1	31.9%
Geode Capital Management	39.2	1.4%	38.9	37.7	4.0%
Morgan Stanley	30.6	1.1%	29.1	27.1	12.6%
FMR	26.0	0.9%	22.9	29.3	(11.1%)
Norges Bank	25.0	0.9%	n/a	22.2	12.4%
Bank of America	24.0	0.8%	15.4	15.8	51.3%
JPMorgan Chase	22.9	0.8%	32.5	41.2	(44.4%)

13F % of shares uses 2.88bn shares at Jun 2026, before the share sale; the Ellison row uses 3.03bn at 21 Sep 2026. n/a: 13F filing for that date was unavailable. 13F holders selected from 30 large managers. Vanguard reports through two entities since 2026 and filed an exit Schedule 13G/A on 27 Mar 2026.

Table 6.4. Insider transactions, Oct 2025 to Oct 2026, $m (Form 4)

Insider	Role	Transaction	Amount
Stephen Rusckowski	Director	Purchase, 29 Sep 2026 at $139.35	3.48
Jeffrey Henley	Executive Vice Chair	Option exercise and sale, 24 Jun 2026, plan	(63.66)
Clayton Magouyrk	CEO	Sales, Oct 2025 to Feb 2026	(14.54)
Jeffrey Berg	Director	Sales, 28 Oct 2025	(13.97)
Stuart Levey	Chief Legal Officer	Sales, plan	(8.57)
Douglas Kehring	Principal Financial Officer to Apr 2026	Sale, 15 Jan 2026, plan	(6.82)
Michael Sicilia	CEO	Sales, Sep 2026, plan	(4.94)

48 Form 4 and 5 Form 3 filings. Sales under Rule 10b5-1 plans: $84.0m. Shares withheld for tax on vesting: $39.7m. 16 Forms 144 covered $123.5m of proposed sales.

EV to sales was 11.2x at the 29 May 2026 close of $225.78. It is now 7.3x TTM revenue and 5.8x guided FY2027 revenue of $90bn. Market capitalization is $432bn on 3.03bn shares and enterprise value $526bn, or $569bn with lease liabilities. Closing prices over 52 weeks ranged from $114.99 (24 Jul 2026) to $313.00 (16 Oct 2025).

Figure 7.1. Monthly share price Nov 2022 to Oct 2026

Table 7.1. Fiscal year end valuation (31 May close)

Fiscal year	Market cap, $bn	Price, $	Diluted EPS, $	P/E	EV / sales	EV / EBITDA
FY22	192	71.92	2.41	29.8x	5.8x	13.0x
FY23	287	105.94	3.07	34.5x	7.4x	18.5x
FY24	323	117.19	3.71	31.6x	7.5x	18.0x
FY25	465	165.53	4.34	38.1x	9.5x	22.6x
FY26	650	225.78	5.83	38.7x	11.2x	23.7x
5 Oct 2026	432	142.48	6.38 TTM	22.3x	7.3x	14.8x

EV = market cap plus borrowings, preferred stock and noncontrolling interests less cash and marketable securities. Year end prices are the closes tagged in each 10-K. The last row uses 3.03bn shares. Dividend: $0.50 a quarter.

8 Forward scenarios, FY2028 to FY2030

Scenarios start from FY2027 guidance of $90bn revenue and the backlog schedule in the Q1 FY2027 10-Q. FY2030 core EPS is $4.17 (worst), $10.36 (base) and $15.75 (best), against $6.90 for FY2027 on a core basis. Implied values per share at end FY2030 are $58, $207 and $409.

Table 8.1. Scenario assumptions, FY2028 to FY2030

Driver	Worst	Base	Best
Scheduled backlog step up delivered	75%	100%	100%
New contracts signed a quarter after Aug 2026, $bn	0	30	52
Cloud infrastructure revenue FY2028 / FY2029 / FY2030, $bn	60 / 67 / 61	67 / 94 / 110	67 / 107 / 141
Other revenue growth a year	0%	2%	4%
Core operating margin FY2028 / FY2029 / FY2030	30% / 27% / 25%	33% / 32% / 32%	35% / 36% / 37%
Diluted share count increase a year	3.0%	2.0%	1.5%
Exit P/E on FY2030 core EPS	14x	20x	26x
Common to all	FY2027 base year from guidance of 10 Sep 2026: revenue $90.0bn and non GAAP EPS $8.10. With a 19% tax rate, 3.05bn average diluted shares, net interest of $4.5bn (Q1 annualized) and preferred dividends of $325m, this implies non GAAP operating income of $35.4bn (39.3%) and core operating income of $30.9bn (34.3%) after $4.5bn of stock compensation. Other revenue of $50.9bn grows at the Q1 rate of 3.3%; implied cloud infrastructure revenue is $39.1bn. Backlog schedule (10-Q): $86bn in the 12 months to Aug 2027, $246bn in the next 24 months and $226bn in the 24 months after. Spread evenly and mapped to fiscal years, this is $114bn, $123bn and $115bn for FY2028 to FY2030. The step up above $86bn is added to cloud infrastructure revenue. New contracts are recognized over five years from the second fiscal year after signing. Net interest rises by $2.0bn a year. Preferred stock converts on 15 Jan 2029 into 31.2m shares, the maximum rate. All inputs in this table are assumptions of this analysis.

Table 8.2. Scenario outputs

Output	Worst	Base	Best
Revenue FY2030, $bn	111.8	164.2	198.6
Revenue CAGR FY2027 to FY2030	7.5%	22.2%	30.2%
Core operating income FY2030, $bn	27.9	52.5	73.5
Core EPS FY2028, $	6.74	8.33	9.08
Core EPS FY2030, $	4.17	10.36	15.75
Core EPS CAGR FY2027 to FY2030	(15.5%)	14.5%	31.6%
Implied value end FY2030, $ per share	58	207	409
Change against $142.48	(59%)	45%	187%
Annualized, to end FY2030	(21.7%)	10.8%	33.5%

Figure 8.1. Scenario EPS paths and implied values

Critical factors behind the best case

Table 8.3. Best case drivers: evidence to date and requirement

Factor	Evidence in filings and company materials	Best case requirement
Backlog conversion	RPO $664bn; 13% due within 12 months and 37% in months 13 to 36, about $246bn (10-Q)	RPO converts on the 10-Q schedule
New contracts	RPO rose $209bn in four quarters, $52bn a quarter; more than $30bn of AI contracts booked in Q1 FY2027 (release)	New contracts of $52bn a quarter, delivered from the second year after signing
Capacity delivery	850 MW delivered in Q1 FY2027; $288bn of data center leases start by FY2029; the 10-K cites power, permits and component supply as constraints	Sites, power and GPUs arrive on time
Customer credit	10-K: some customers may be highly leveraged; prepaid or customer supplied hardware covers $75bn of contracts	Large AI customers pay as contracted
Margin	Cloud and software segment margin 55% in Q1 FY2027 against 60%; core operating margin 36.3% TTM	Core margin rises to 37% by FY2030
Funding	Borrowings $125.34bn; FY2027 capital spending $90bn to $95bn (earnings call); $20bn of shares sold in Q1 FY2027	Spending is funded with share count growth of 1.5% a year
Valuation multiple	P/E 20.6x FY2027 core EPS and 17.6x non GAAP guidance	Exit P/E 26x on FY2030 core EPS

Core assumptions and demand drivers

Demand. Worst case holds cloud infrastructure revenue to the backlog signed by 31 Aug 2026 and delivers 75% of its scheduled step up, as capacity or customer payments arrive late. Base case delivers the schedule and adds $30bn of new contracts a quarter, the Q1 FY2027 level of AI bookings. Best case adds $52bn a quarter, the average RPO increase over four quarters. Base revenue for FY2028 and FY2029 totals $265bn, against about $246bn of RPO due in months 13 to 36.
Reference points. The release of 9 Sep 2025 previewed cloud infrastructure revenue of $73bn, $114bn and $144bn for FY2028 to FY2030, when RPO was $455bn. The base case uses $67bn, $94bn and $110bn. The company presentation of 16 Oct 2025 showed FY2030 revenue of $225bn and non GAAP EPS of $21.00; the best case gives $199bn and core EPS of $15.75.
Margin. Core margin counts stock compensation (6.7% of TTM revenue) and depreciation (13.1%) as costs. FY2027 guidance implies 34.3%, against 36.3% TTM.
Funding and per share. Net interest rises by $2.0bn a year, the annualized Q1 FY2027 increase in interest expense ($505m). This equals about $37bn of added borrowings and finance leases at 5.5%; in FY2026 borrowings rose $37.0bn and lease liabilities $21.5bn. Base share count rises 2% a year; shares outstanding rose 2.6% in FY2026 and 5.0% in Q1 FY2027.
Multiple. Exit P/E of 14x, 20x and 26x compares with 20.6x FY2027 core EPS at the current price and 29.8x to 38.7x GAAP EPS at the last five fiscal year ends.
Excluded. Acquisitions, impairments, gains on investments, a dividend change and share issues beyond the stated share count growth and the preferred stock conversion.

9 Sensitivity analysis

19 of the 25 combinations in Figure 9.1 exceed $142.48. Values range from $85 at a 12x exit P/E and a 24% margin to $381 at 28x and 40%. At a 20x exit P/E, value exceeds the current price in 20 of the 25 cells of Table 9.1.

Figure 9.1. Sensitivity of value to exit P/E and margin

Table 9.1. Value per share, end FY2030, by new contracts signed a quarter and core margin, 20x exit P/E

Margin \ New contracts a quarter	$0bn	$15bn	$30bn	$45bn	$60bn
24%	93	117	142	167	192
28%	117	146	175	204	233
32%	141	174	207	240	273
36%	165	202	239	277	314
40%	189	230	272	313	355

Base case: $30bn a quarter and a 32% margin. Backlog signed by 31 Aug 2026 is delivered on schedule in every cell. Shaded cells exceed $142.48: 20 of 25.

Other sensitivities

Interest. Each $10bn of added borrowings at 5.5% costs $0.55bn a year before tax, about $0.15 of EPS (computed).
Leases. Operating lease payments are part of operating costs. The $288bn of leases that start by FY2029 run for 15 to 19 years, about $17bn a year at a 17 year term (computed).
Preferred stock. Conversion on 15 Jan 2029 adds 25.0m shares at a share price of $200.07 or more and 31.2m at $160.06 or less (computed from the 10-K rates), 0.8% to 1.0% of the share count.
Currency. A 10% fall in foreign exchange rates would reduce revenue by $2.8bn (10-K, Item 7A).

Appendix: method, sources and definitions

Data. Financial statements from XBRL in the 10-K for FY2022 to FY2026 and 10-Q filings for Q1 FY2025 to Q1 FY2027, retrieved through the SEC-API.io MCP server. Q4 equals full year less the first nine months; quarterly cash flows are derived from year to date statements.
Other sources. Earnings call of 10 Sep 2026 from a third party transcript; releases from 8-K exhibits 99.1; company presentation of 16 Oct 2025 from the company website. Peer data from peer filings. Market prices: 5 Oct 2026.
Definitions. FCF = operating cash flow less capital expenditures. Core operating income = GAAP operating income plus amortization of intangible assets and restructuring and other; stock compensation stays a cost. Core earnings also exclude gains on investments and deduct preferred dividends.
Scenario model. Revenue = cloud infrastructure revenue plus other revenue. Cloud infrastructure revenue = FY2027 level plus the delivered step up in scheduled backlog revenue plus revenue from new contracts. EPS = ((revenue x core margin less net interest) x (1 less 19%) less preferred dividends) over diluted shares. Implied value = FY2030 EPS x exit P/E, undiscounted.

Sources

Table A.1. Annual, quarterly and proxy filings (central index key 1341439)

Form	Period or event	Accession number
10-K	FY2022	0001564590-22-023675
10-K	FY2023	0000950170-23-028914
10-K	FY2024	0000950170-24-075605
10-K	FY2025	0000950170-25-087926
10-K	FY2026	0001193125-26-277521
10-Q	Q1 FY2025	0000950170-24-104905
10-Q	Q2 FY2025	0000950170-24-134973
10-Q	Q3 FY2025	0000950170-25-037143
10-Q	Q1 FY2026	0001193125-25-200095
10-Q	Q2 FY2026	0001193125-25-315925
10-Q	Q3 FY2026	0001193125-26-101045
10-Q	Q1 FY2027	0001193125-26-389274
DEF 14A	2026 proxy statement	0001193125-26-402816
DEF 14A	2025 proxy statement	0001193125-25-220801

Table A.2. Forms 8-K

Form	Period or event	Accession number
8-K	14 Sep 2026, items 8.01, 9.01	0001193125-26-389753
8-K	10 Sep 2026, items 2.02, 8.01, 9.01	0001193125-26-387905
8-K	10 Jun 2026, items 2.02, 8.01, 9.01	0001193125-26-265848
8-K	12 May 2026, items 5.02, 7.01, 9.01	0001193125-26-219708
8-K	6 Apr 2026, items 5.02, 7.01, 9.01	0001193125-26-142939
8-K	10 Mar 2026, items 2.02, 8.01, 9.01	0001193125-26-100148
8-K	5 Feb 2026, items 1.01, 3.03, 5.03, 9.01	0001193125-26-039344
8-K	4 Feb 2026, items 1.01, 8.01, 9.01	0001193125-26-037840
8-K	9 Jan 2026, items 5.02	0001193125-26-009002
8-K	10 Dec 2025, items 2.02, 8.01, 9.01	0001193125-25-314207
8-K	21 Nov 2025, items 5.02, 5.07, 9.01	0001193125-25-291441
8-K/A	6 Oct 2025, items 5.02	0001193125-25-231901
8-K	26 Sep 2025, items 8.01, 9.01	0001193125-25-220445
8-K	22 Sep 2025, items 5.02, 7.01, 9.01	0001193125-25-210089
8-K	9 Sep 2025, items 2.02, 8.01, 9.01	0001193125-25-199175
8-K	30 Jun 2025, items 7.01	0001193125-25-152035
8-K	11 Jun 2025, items 2.02, 8.01, 9.01	0000950170-25-084831
8-K	10 Mar 2025, items 2.02, 8.01, 9.01	0000950170-25-036295
8-K/A	26 Feb 2025, items 5.02	0001193125-25-036873
8-K	3 Feb 2025, items 8.01, 9.01	0001193125-25-019281
8-K	22 Jan 2025, items 8.01	0001193125-25-010390
8-K	13 Jan 2025, items 5.02	0001193125-25-005333
8-K	9 Dec 2024, items 2.02, 8.01, 9.01	0000950170-24-134537
8-K	18 Nov 2024, items 5.07	0001193125-24-260986
8-K	27 Sep 2024, items 8.01, 9.01	0001193125-24-227971
8-K	9 Sep 2024, items 2.02, 8.01, 9.01	0000950170-24-104753

Table A.3. Schedule 13G

Form	Period or event	Accession number
SC 13G/A	The Vanguard Group, 2026-03-27	0000102909-26-001995

Table A.4. Forms 13F

Form	Period or event	Accession number
13F-HR	Vanguard Capital Management Llc, period 2026-06-30	0002100119-26-001527
13F-HR	Vanguard Portfolio Management Llc, period 2026-06-30	0002100121-26-001018
13F-HR/A	Vanguard Capital Management Llc, period 2026-03-31	0002100119-26-001311
13F-HR	Vanguard Portfolio Management Llc, period 2026-03-31	0002100121-26-000861
13F-HR	Vanguard Group Inc, period 2025-12-31	0000102909-26-000031
13F-HR	Vanguard Group Inc, period 2025-09-30	0000102909-25-000353
13F-HR	Blackrock, Inc., period 2026-06-30	0002012383-26-003238
13F-HR	Blackrock, Inc., period 2025-12-31	0002012383-26-000920
13F-HR	Blackrock, Inc., period 2025-09-30	0002012383-25-002949
13F-HR/A	State Street Corp, period 2026-06-30	0000093751-26-000583
13F-HR	State Street Corp, period 2026-03-31	0000093751-26-000315
13F-HR	State Street Corp, period 2025-12-31	0000093751-26-000100
13F-HR	State Street Corp, period 2025-09-30	0000093751-25-000651
13F-HR	Capital Research Global Investors, period 2026-06-30	0001422848-26-000094
13F-HR	Capital Research Global Investors, period 2026-03-31	0001422848-26-000041
13F-HR	Capital Research Global Investors, period 2025-12-31	0001422848-26-000005
13F-HR	Capital Research Global Investors, period 2025-09-30	0001422848-25-000223
13F-HR	Geode Capital Management, Llc, period 2026-06-30	0001214717-26-000008
13F-HR	Geode Capital Management, Llc, period 2026-03-31	0001214717-26-000006
13F-HR	Geode Capital Management, Llc, period 2025-12-31	0001214717-26-000003
13F-HR	Geode Capital Management, Llc, period 2025-09-30	0001214717-25-000016
13F-HR	Morgan Stanley, period 2026-06-30	0000895421-26-000243
13F-HR	Morgan Stanley, period 2026-03-31	0000895421-26-000183
13F-HR/A	Morgan Stanley, period 2025-12-31	0000895421-26-000187
13F-HR/A	Morgan Stanley, period 2025-09-30	0000895421-26-000186
13F-HR	Fmr Llc, period 2026-06-30	0000315066-26-002260
13F-HR	Fmr Llc, period 2026-03-31	0000315066-26-001390
13F-HR	Fmr Llc, period 2025-12-31	0000315066-26-000611
13F-HR	Fmr Llc, period 2025-09-30	0000315066-25-002929
13F-HR	Norges Bank, period 2026-06-30	0001374170-26-000069
13F-HR	Norges Bank, period 2025-12-31	0001374170-26-000012
13F-HR	Bank Of America Corp /De/, period 2026-06-30	0000070858-26-000442
13F-HR	Bank Of America Corp /De/, period 2026-03-31	0000070858-26-000315
13F-HR	Bank Of America Corp /De/, period 2025-12-31	0000070858-26-000116
13F-HR/A	Bank Of America Corp /De/, period 2025-09-30	0000070858-26-000025
13F-HR	Jpmorgan Chase & Co, period 2026-06-30	0000019617-26-000325
13F-HR/A	Jpmorgan Chase & Co, period 2026-03-31	0000019617-26-000225
13F-HR	Jpmorgan Chase & Co, period 2025-12-31	0000019617-26-000083
13F-HR/A	Jpmorgan Chase & Co, period 2025-09-30	0000019617-25-001093

Forms 4, Oct 2025 to Oct 2026 (48 accession numbers with reported transactions): 0001341439-25-000049, 0001341439-25-000052, 0001341439-25-000053, 0001341439-25-000061, 0001341439-25-000062, 0001341439-25-000063, 0001341439-25-000064, 0001341439-25-000065, 0001341439-25-000066, 0001341439-25-000068, 0001341439-25-000072, 0001341439-25-000078, 0001341439-25-000080, 0001341439-25-000086, 0001341439-25-000087, 0001341439-25-000088, 0001341439-25-000090, 0001341439-26-000004, 0001341439-26-000006, 0001341439-26-000010, 0001341439-26-000018, 0001341439-26-000025, 0001341439-26-000027, 0001341439-26-000029, 0001341439-26-000034, 0001341439-26-000040, 0001341439-26-000042, 0001341439-26-000044, 0001341439-26-000046, 0001341439-26-000048, 0001341439-26-000050, 0001341439-26-000052, 0001341439-26-000054, 0001341439-26-000064, 0001341439-26-000066, 0001341439-26-000079, 0001341439-26-000080, 0001341439-26-000081, 0001341439-26-000082, 0001341439-26-000083, 0001341439-26-000084, 0001341439-26-000086, 0001341439-26-000088, 0001341439-26-000090, 0001341439-26-000092, 0001341439-26-000094, 0001341439-26-000096, 0001341439-26-000099.

Table A.5. Peer filings used

Company	Filing	Accession number
Microsoft	FY2026 10-K	0001193125-26-323660
Alphabet	FY2025 10-K	0001652044-26-000018
Alphabet	Q2 2026 10-Q	0001652044-26-000071
Amazon	FY2025 10-K	0001018724-26-000004
Amazon	Q2 2026 10-Q	0001018724-26-000026
Salesforce	FY2026 10-K	0001108524-26-000060
Salesforce	Q2 FY2027 10-Q	0001108524-26-000190
CoreWeave	FY2025 10-K	0001769628-26-000104
CoreWeave	Q2 2026 10-Q	0001769628-26-000366
IBM	FY2025 10-K	0000051143-26-000010
IBM	Q2 2026 10-Q	0000051143-26-000078

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