Oracle (ORCL) Q2 FY2026 earnings: revenue $16.1 billion, up 14.2% on the year

Oracle Corp. (ORCL) reported revenue of $16.1 billion for Q2 FY2026, the quarter ended 30 November 2025, up 14.2% on the same quarter a year earlier. Net income was $6.1 billion, up 94.7% on the year, and diluted earnings per share $2.10. The figures are the company's own, from the 10-Q it filed with the SEC on 11 December 2025.

Revenue

$16.1 billion

+14.2% on the year · +7.6% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

29.5%

30.0% a year earlier

Q3 FY2024Q2 FY2026

Net income

$6.1 billion

+94.7% on the year · +109.6% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.10

+90.9% on the year · +107.9% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 lowered, 1 kept.

Revenue rose 14 percent: Total revenue was $16.1 billion, up 14% in USD and 13% in constant currency. Cloud revenue was $8.0 billion, up 34%, while software revenue fell 3%.
Diluted EPS helped by Ampere gain: GAAP diluted EPS was $2.10, up 91%, and non-GAAP diluted EPS was $2.26, up 54%. Both were lifted by a $2.7 billion pre-tax gain from the Ampere sale.
Cloud infrastructure rose 68 percent: Cloud infrastructure (IaaS) revenue was $4.1 billion, up 68% in USD. Cloud applications (SaaS) revenue was $3.9 billion, up 11%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	16,058	14,926	14,059	+7.6%	+14.2%
Research and development	2,561	2,491	2,471	+2.8%	+3.6%
Operating income	4,731	4,277	4,220	+10.6%	+12.1%
Operating margin	29.5%	28.7%	30.0%
Interest expense	1,057	923	866	+14.5%	+22.1%
Income tax	207	500	239	-58.6%	-13.4%
Net income	6,135	2,927	3,151	+109.6%	+94.7%
Net margin	38.2%	19.6%	22.4%
Diluted EPS	$2.10	$1.01	$1.10	+107.9%	+90.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	2,066	8,140	1,304	-74.6%	+58.4%
Capital expenditure	12,033	8,502	3,970	+41.5%	+203.1%
Free cash flow	-9,967	-362	-2,666
Free cash flow margin	-62.1%	-2.4%	-19.0%
Cash from investing	-7,714	-8,718	-3,788
Cash from financing	14,487	210	2,938	+6,798.6%	+393.1%
Depreciation and amortisation	2,110	1,771	1,499	+19.1%	+40.8%
Share-based compensation	1,156	1,124	1,170	+2.8%	-1.2%
Buybacks	0.0	95.0	150
Dividends paid	1,435	1,413	1,118	+1.6%	+28.4%
Dividend per share	$0.50	$0.50	$0.40	0.0%	+25.0%
Diluted shares, weighted	2,922m	2,909m	2,869m	+0.4%	+1.8%
Shares outstanding at period end	2,873m	2,841m	2,796m	+1.1%	+2.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	29,951	24,154	13,746	+24.0%	+117.9%
Non-controlling interest	506	512	490	-1.2%	+3.3%
Debt	108,075	91,315	88,624	+18.4%	+21.9%
Operating lease liabilities	16,311	14,094	n/a	+15.7%
Finance lease liabilities	4,576	3,680	n/a	+24.3%
Other liabilities	45,565	46,694	45,623	-2.4%	-0.1%
Total liabilities and equity	204,984	180,449	148,483	+13.6%	+38.1%
Fixed assets	67,875	53,194	26,432	+27.6%	+156.8%
Goodwill	62,207	62,211	62,204	-0.0%	+0.0%
Intangible assets	3,760	4,167	5,679	-9.8%	-33.8%
Investments	525	560	370	-6.2%	+41.9%
Cash and equivalents	19,241	10,445	10,941	+84.2%	+75.9%
Receivables	9,440	8,843	8,177	+6.8%	+15.4%
Other assets	41,936	41,029	34,680	+2.2%	+20.9%
Total assets	204,984	180,449	148,483	+13.6%	+38.1%

Questions

What was Oracle's revenue in Q2 FY2026?

Oracle (ORCL) reported revenue of $16.1 billion for Q2 FY2026, the quarter ended 30 November 2025, up 14.2% on the same quarter a year earlier.

How much did Oracle earn in Q2 FY2026?

Net income for Q2 FY2026 was $6.1 billion, up 94.7% on the year, and diluted earnings per share $2.10.

When did Oracle report Q2 FY2026 results?

Oracle filed its 10-Q for the quarter ended 30 November 2025 with the SEC on 11 December 2025.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	10,360	10,513	11,839	11,445	12,275	12,398	13,836	12,453	12,941	13,280	14,287	13,307	14,059	14,130	15,903	14,926	16,058	17,190	19,183	19,345
R&D	1,754	1,816	1,965	2,093	2,158	2,146	2,226	2,216	2,226	2,248	2,225	2,306	2,471	2,429	2,654	2,491	2,561	2,607	2,613	2,401
Operating income	-824	3,822	4,501	2,623	3,071	3,260	4,139	3,296	3,622	3,750	4,685	3,991	4,220	4,358	5,109	4,277	4,731	5,464	6,134	6,728
Operating margin	-8%	36%	38%	23%	25%	26%	30%	26%	28%	28%	33%	30%	30%	31%	32%	29%	29%	32%	32%	35%
Interest expense	679	667	704	787	856	908	954	872	888	876	878	842	866	892	978	923	1,057	1,180	1,439	1,428
Net income	-1,247	2,319	3,188	1,548	1,741	1,896	3,318	2,420	2,503	2,401	3,143	2,929	3,151	2,936	3,427	2,927	6,135	3,721	4,304	4,760
Net margin	-12%	22%	27%	14%	14%	15%	24%	19%	19%	18%	22%	22%	22%	21%	22%	20%	38%	22%	22%	25%
Diluted EPS	-$0.46	$0.84	$1.17	$0.56	$0.63	$0.68	$1.19	$0.86	$0.89	$0.85	$1.11	$1.03	$1.10	$1.02	$1.19	$1.01	$2.10	$1.27	$1.45	$1.56
Operating cash flow	-3,682	3,845	3,985	6,394	849	4,275	5,647	6,974	143	5,475	6,081	7,427	1,304	5,933	6,157	8,140	2,066	7,151	14,620	23,103
Capital expenditure	925	1,101	1,423	1,719	2,435	2,628	1,913	1,314	1,080	1,674	2,798	2,303	3,970	5,862	9,080	8,502	12,033	18,635	16,493	28,499
Free cash flow	-4,607	2,744	2,562	4,675	-1,586	1,647	3,734	5,660	-937	3,801	3,283	5,124	-2,666	71.0	-2,923	-362	-9,967	-11,484	-1,873	-5,396
Buybacks	7,006	653	594	552	448	150	150	150	450	450	152	150	150	150	150	95.0	0.0	0.0	0.0	n/a
Dividends paid	861	855	854	860	863	863	1,082	1,091	1,099	1,099	1,102	1,103	1,118	1,119	1,403	1,413	1,435	1,437	1,502	1,565
Shares outstanding	2,671m	2,668m	2,665m	2,696m	2,695m	2,700m	2,713m	2,739m	2,748m	2,747m	2,755m	2,771m	2,796m	2,803m	2,807m	2,841m	2,873m	2,875m	2,880m	3,024m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 November 2025, filed 11 December 2025: the filing.