Oracle’s August 31, 2026 Form 10-Q lists $125.337 billion in notes payable and other borrowings. NPR reported on October 22 that Matt Sheridan estimated Oracle’s total debt at about $169 billion, nearly double over two years. The filing separately lists lease liabilities and cash, giving a dated view of Oracle’s finances as it invests in AI infrastructure.
What Oracle’s balance sheet lists
Oracle’s Form 10-Q filed with the SEC breaks out current and non-current borrowings, operating lease liabilities, and cash as separate balance-sheet categories. The filing’s figures are as of August 31, 2026.
| Balance-sheet item | Amount (US$) | Date |
| Current notes payable and other borrowings | $7.625 billion | August 31, 2026 |
| Non-current notes payable and other borrowings | $117.712 billion | August 31, 2026 |
| Current and non-current borrowings combined | $125.337 billion | August 31, 2026 |
| Operating lease liabilities | $30.594 billion | August 31, 2026 |
| Cash and cash equivalents | $36.369 billion | August 31, 2026 |
The combined borrowing figure is the sum of the current and non-current lines. Lease liabilities and cash appear separately in the filing.
Cloud revenue and interest expense
For the three months ended August 31, 2026, Oracle reported $11.607 billion in cloud revenue, up from $7.186 billion in the year-earlier quarter. Total revenue for the quarter was $19.345 billion, compared with $14.926 billion a year earlier.
Interest expense also rose between those quarters: Oracle reported $1.428 billion for the three months ended August 31, 2026, versus $923 million for the same period in 2025. Those figures put the cost of borrowing alongside the growth in cloud revenue.
The reported Oracle, Nvidia, and OpenAI connections
NPR described a chain of commercial and investment relationships: Oracle buys Nvidia chips to expand cloud capacity, Nvidia invests in OpenAI, and OpenAI buys computing capacity from Oracle. NPR also reported that OpenAI had promised Oracle about $300 billion over roughly five years.
Oracle’s remaining performance obligations, or RPO, are contracted future revenue that has not yet been recognized as sales. 247WallSt reported RPO of $664 billion and said management expected about half to convert into sales over the next 36 months. That company-wide backlog is a separate measure from NPR’s account of OpenAI’s reported commitment.
Cash flow and infrastructure spending
247WallSt reported that Oracle’s free cash flow was negative $23.7 billion in fiscal 2026 and negative $5.4 billion in its latest-quarter coverage. It also reported planned capital expenditures of $90 billion to $95 billion for Oracle’s then-current fiscal year. Capital expenditures are spending on long-lived assets such as data centers and equipment.
NeoTeo previously covered Oracle’s negative free cash flow in Q1 FY2027. The company’s filed quarterly interest expense was $1.428 billion for the three months ended August 31, 2026, compared with $923 million in the year-earlier quarter.
