Oracle Announces Fiscal 2025 Fourth Quarter and Fiscal Full Year Financial Results

ORACLE CORPORATION

Q4 FISCAL 2025 FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions, except per share data)

Three Months Ended May 31,

% Increase

% Increase

(Decrease)

2025

% of

2024

% of

(Decrease)

in Constant

Revenues

Revenues

in US $

Currency (1)

REVENUES

Cloud services and license support

$ 11,698

74 %

$ 10,234

72 %

14 %

14 %

Cloud license and on-premise license

2,007

13 %

1,838

13 %

9 %

8 %

Hardware

850

5 %

842

6 %

1 %

0 %

Services

1,348

8 %

1,373

9 %

(2 %)

(2 %)

Total revenues

15,903

100 %

14,287

100 %

11 %

11 %

OPERATING EXPENSES

Cloud services and license support

3,343

21 %

2,522

18 %

33 %

32 %

Hardware

252

2 %

241

2 %

4 %

4 %

Services

1,145

7 %

1,160

8 %

(1 %)

(2 %)

Sales and marketing

2,306

15 %

2,114

15 %

9 %

9 %

Research and development

2,654

17 %

2,226

15 %

19 %

20 %

General and administrative

467

3 %

402

3 %

16 %

16 %

Amortization of intangible assets

544

3 %

743

5 %

(27 %)

(27 %)

Acquisition related and other

4

0 %

101

1 %

(96 %)

(97 %)

Restructuring

79

0 %

92

0 %

(15 %)

(16 %)

Total operating expenses

10,794

68 %

9,601

67 %

12 %

12 %

OPERATING INCOME

5,109

32 %

4,686

33 %

9 %

7 %

Interest expense

(978)

(6 %)

(878)

(6 %)

11 %

11 %

Non-operating income (expenses), net

20

0 %

(26)

0 %

*

*

INCOME BEFORE INCOME TAXES

4,151

26 %

3,782

27 %

10 %

8 %

Provision for income taxes

724

4 %

639

5 %

13 %

11 %

NET INCOME

$ 3,427

22 %

$ 3,143

22 %

9 %

7 %

EARNINGS PER SHARE:

Basic

$ 1.22

$ 1.14

Diluted

$ 1.19

$ 1.11

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

2,805

2,753

Diluted

2,871

2,834

(1)

We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the three months ended May 31, 2025 compared with the corresponding prior year period increased our operating income by 2 percentage points.

*

Not meaningful

ORACLE CORPORATION

Q4 FISCAL 2025 FINANCIAL RESULTS

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)

($ in millions, except per share data)

Three Months Ended May 31,

% Increase
(Decrease)
in US $

% Increase
(Decrease)
in Constant
Currency (2)

2025

2025

2024

2024

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

TOTAL REVENUES

$ 15,903

$ –

$ 15,903

$ 14,287

$ –

$ 14,287

11 %

11 %

11 %

11 %

TOTAL OPERATING EXPENSES

$ 10,794

$ (1,926)

$ 8,868

$ 9,601

$ (1,983)

$ 7,618

12 %

16 %

12 %

16 %

Stock-based compensation (3)

1,299

(1,299)

–

1,047

(1,047)

–

24 %

*

24 %

*

Amortization of intangible assets (4)

544

(544)

–

743

(743)

–

(27 %)

*

(27 %)

*

Acquisition related and other

4

(4)

–

101

(101)

–

(96 %)

*

(97 %)

*

Restructuring

79

(79)

–

92

(92)

–

(15 %)

*

(16 %)

*

OPERATING INCOME

$ 5,109

$ 1,926

$ 7,035

$ 4,686

$ 1,983

$ 6,669

9 %

5 %

7 %

4 %

OPERATING MARGIN %

32 %

44 %

33 %

47 %

(67) bp.

(244) bp.

(96) bp.

(266) bp.

INCOME TAX EFFECTS (5)

$ 724

$ 472

$ 1,196

$ 639

$ 519

$ 1,158

13 %

3 %

11 %

2 %

NET INCOME

$ 3,427

$ 1,454

$ 4,881

$ 3,143

$ 1,464

$ 4,607

9 %

6 %

7 %

5 %

DILUTED EARNINGS PER SHARE

$ 1.19

$ 1.70

$ 1.11

$ 1.63

8 %

5 %

6 %

3 %

DILUTED WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING

2,871

–

2,871

2,834

–

2,834

1 %

1 %

1 %

1 %

(1)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2)

We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods.

(3)

Stock-based compensation was included in the following GAAP operating expense categories:

Three Months Ended

Three Months Ended

May 31, 2025

May 31, 2024

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

Cloud services and license support

$ 150

$ (150)

$ –

$ 140

$ (140)

$ –

Hardware

7

(7)

–

6

(6)

–

Services

52

(52)

–

44

(44)

–

Sales and marketing

200

(200)

–

178

(178)

–

Research and development

737

(737)

–

583

(583)

–

General and administrative

153

(153)

–

96

(96)

–

Total stock-based compensation

$ 1,299

$ (1,299)

$ –

$ 1,047

$ (1,047)

$ –

(4)

Estimated future annual amortization expense related to intangible assets as of May 31, 2025 was as follows:

Fiscal 2026

$ 1,639

Fiscal 2027

672

Fiscal 2028

635

Fiscal 2029

561

Fiscal 2030

522

Thereafter

558

Total intangible assets, net

$ 4,587

(5)

Income tax effects were calculated reflecting an effective GAAP tax rate of 17.5% and 16.9% in the fourth quarter of fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 19.7% and 20.1% in the fourth quarter of fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of the fourth quarters of fiscal 2025 and 2024 was primarily due to the net tax effects related to stock-based compensation expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to an income tax benefit that was previously recorded due to the partial realignment of our legal entity structure.

*

Not meaningful

ORACLE CORPORATION

FISCAL 2025 YEAR TO DATE FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions, except per share data)

Year Ended May 31,

% Increase

% Increase

(Decrease)

2025

% of

2024

% of

(Decrease)

in Constant

Revenues

Revenues

in US $

Currency (1)

REVENUES

Cloud services and license support

$ 44,029

77 %

$ 39,383

74 %

12 %

12 %

Cloud license and on-premise license

5,201

9 %

5,081

10 %

2 %

3 %

Hardware

2,936

5 %

3,066

6 %

(4 %)

(4 %)

Services

5,233

9 %

5,431

10 %

(4 %)

(3 %)

Total revenues

57,399

100 %

52,961

100 %

8 %

9 %

OPERATING EXPENSES

Cloud services and license support

11,569

20 %

9,427

18 %

23 %

23 %

Hardware

782

1 %

891

2 %

(12 %)

(11 %)

Services

4,576

8 %

4,825

9 %

(5 %)

(5 %)

Sales and marketing

8,651

15 %

8,274

15 %

5 %

5 %

Research and development

9,860

17 %

8,915

17 %

11 %

11 %

General and administrative

1,602

3 %

1,548

3 %

3 %

4 %

Amortization of intangible assets

2,307

4 %

3,010

6 %

(23 %)

(23 %)

Acquisition related and other

75

0 %

314

0 %

(76 %)

(76 %)

Restructuring

299

1 %

404

1 %

(26 %)

(26 %)

Total operating expenses

39,721

69 %

37,608

71 %

6 %

6 %

OPERATING INCOME

17,678

31 %

15,353

29 %

15 %

16 %

Interest expense

(3,578)

(6 %)

(3,514)

(7 %)

2 %

2 %

Non-operating income (expenses), net

60

0 %

(98)

0 %

*

*

INCOME BEFORE INCOME TAXES

14,160

25 %

11,741

22 %

21 %

21 %

Provision for income taxes

1,717

3 %

1,274

2 %

35 %

36 %

NET INCOME

$ 12,443

22 %

$ 10,467

20 %

19 %

20 %

EARNINGS PER SHARE:

Basic

$ 4.46

$ 3.82

Diluted

$ 4.34

$ 3.71

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

2,789

2,744

Diluted

2,866

2,823

(1)

We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the year ended May 31, 2025 compared with the corresponding prior year period decreased each of our total revenues and operating income by 1 percentage point.

*

Not meaningful

ORACLE CORPORATION

FISCAL 2025 YEAR TO DATE FINANCIAL RESULTS

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1)

($ in millions, except per share data)

Year Ended May 31,

% Increase
(Decrease)
in US $

% Increase
(Decrease) in
Constant
Currency (2)

2025

2025

2024

2024

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

TOTAL REVENUES

$ 57,399

$ –

$ 57,399

$ 52,961

$ –

$ 52,961

8 %

8 %

9 %

9 %

TOTAL OPERATING EXPENSES

$ 39,721

$ (7,355)

$ 32,366

$ 37,608

$ (7,702)

$ 29,906

6 %

8 %

6 %

9 %

Stock-based compensation (3)

4,674

(4,674)

–

3,974

(3,974)

–

18 %

*

18 %

*

Amortization of intangible assets (4)

2,307

(2,307)

–

3,010

(3,010)

–

(23 %)

*

(23 %)

*

Acquisition related and other

75

(75)

–

314

(314)

–

(76 %)

*

(76 %)

*

Restructuring

299

(299)

–

404

(404)

–

(26 %)

*

(26 %)

*

OPERATING INCOME

$ 17,678

$ 7,355

$ 25,033

$ 15,353

$ 7,702

$ 23,055

15 %

9 %

16 %

9 %

OPERATING MARGIN %

31 %

44 %

29 %

44 %

181 bp.

8 bp.

182 bp.

4 bp.

INCOME TAX EFFECTS (5)

$ 1,717

$ 2,514

$ 4,231

$ 1,274

$ 2,459

$ 3,733

35 %

13 %

36 %

14 %

NET INCOME

$ 12,443

$ 4,841

$ 17,284

$ 10,467

$ 5,243

$ 15,710

19 %

10 %

20 %

11 %

DILUTED EARNINGS PER SHARE

$ 4.34

$ 6.03

$ 3.71

$ 5.56

17 %

8 %

18 %

9 %

DILUTED WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING

2,866

–

2,866

2,823

–

2,823

2 %

2 %

2 %

2 %

(1)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A.

(2)

We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods.

(3)

Stock-based compensation was included in the following GAAP operating expense categories:

Year Ended

Year Ended

May 31, 2025

May 31, 2024

GAAP

Adj.

Non-GAAP

GAAP

Adj.

Non-GAAP

Cloud services and license support

$ 609

$ (609)

$ –

$ 525

$ (525)

$ –

Hardware

29

(29)

–

23

(23)

–

Services

202

(202)

–

167

(167)

–

Sales and marketing

757

(757)

–

667

(667)

–

Research and development

2,638

(2,638)

–

2,225

(2,225)

–

General and administrative

439

(439)

–

367

(367)

–

Total stock-based compensation

$ 4,674

$ (4,674)

$ –

$ 3,974

$ (3,974)

$ –

(4)

Estimated future annual amortization expense related to intangible assets as of May 31, 2025 was as follows:

Fiscal 2026

$ 1,639

Fiscal 2027

672

Fiscal 2028

635

Fiscal 2029

561

Fiscal 2030

522

Thereafter

558

Total intangible assets, net

$ 4,587

(5)

Income tax effects were calculated reflecting an effective GAAP tax rate of 12.1% and 10.9% in fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 19.7% and 19.2% in fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of fiscal 2025 and 2024 was primarily due to the net tax effects related to stock-based compensation expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to an income tax benefit that was previously recorded due to the partial realignment of our legal entity structure.

*

Not meaningful

ORACLE CORPORATION

FISCAL 2025 FINANCIAL RESULTS

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in millions)

May 31,

May 31,

2025

2024

ASSETS

Current Assets:

Cash and cash equivalents

$ 10,786

$ 10,454

Marketable securities

417

207

Trade receivables, net

8,558

7,874

Prepaid expenses and other current assets

4,818

4,019

Total Current Assets

24,579

22,554

Non-Current Assets:

Property, plant and equipment, net

43,522

21,536

Intangible assets, net

4,587

6,890

Goodwill, net

62,207

62,230

Deferred tax assets

11,877

12,273

Other non-current assets

21,589

15,493

Total Non-Current Assets

143,782

118,422

TOTAL ASSETS

$ 168,361

$ 140,976

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Notes payable and other borrowings, current

$ 7,271

$ 10,605

Accounts payable

5,113

2,357

Accrued compensation and related benefits

2,243

1,916

Deferred revenues

9,387

9,313

Other current liabilities

8,629

7,353

Total Current Liabilities

32,643

31,544

Non-Current Liabilities:

Notes payable and other borrowings, non-current

85,297

76,264

Income taxes payable

10,269

10,817

Operating lease liabilities

11,536

6,255

Other non-current liabilities

7,647

6,857

Total Non-Current Liabilities

114,749

100,193

Stockholders’ Equity

20,969

9,239

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 168,361

$ 140,976

ORACLE CORPORATION

FISCAL 2025 FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in millions)

Year Ended May 31,

2025

2024

Cash Flows From Operating Activities:

Net income

$ 12,443

$ 10,467

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

3,867

3,129

Amortization of intangible assets

2,307

3,010

Deferred income taxes

(1,637)

(2,139)

Stock-based compensation

4,674

3,974

Other, net

667

720

Changes in operating assets and liabilities:

Increase in trade receivables, net

(653)

(965)

Decrease in prepaid expenses and other assets

266

542

Decrease in accounts payable and other liabilities

(608)

(594)

Decrease in income taxes payable

(659)

(127)

Increase in deferred revenues

154

656

Net cash provided by operating activities

20,821

18,673

Cash Flows From Investing Activities:

Purchases of marketable securities and other investments

(1,272)

(1,003)

Proceeds from sales and maturities of marketable securities and other investments

776

572

Acquisitions, net of cash acquired

–

(63)

Capital expenditures

(21,215)

(6,866)

Net cash used for investing activities

(21,711)

(7,360)

Cash Flows From Financing Activities:

Payments for repurchases of common stock

(600)

(1,202)

Proceeds from issuances of common stock

653

742

Shares repurchased for tax withholdings upon vesting of restricted stock-based awards

(900)

(2,040)

Payments of dividends to stockholders

(4,743)

(4,391)

Proceeds from issuances of (repayments of) commercial paper, net

1,889

(167)

Proceeds from issuances of senior notes and term loan credit agreements, net of issuance costs

19,548

–

Repayments of senior notes and term loan credit agreements

(15,841)

(3,500)

Other financing activities, net

1,092

4

Net cash provided by (used for) financing activities

1,098

(10,554)

Effect of exchange rate changes on cash and cash equivalents

124

(70)

Net increase in cash and cash equivalents

332

689

Cash and cash equivalents at beginning of period

10,454

9,765

Cash and cash equivalents at end of period

$ 10,786

$ 10,454

ORACLE CORPORATION

FISCAL 2025 FINANCIAL RESULTS

FREE CASH FLOW – TRAILING 4-QUARTERS (1)

($ in millions)

Fiscal 2024

Fiscal 2025

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

GAAP Operating Cash Flow

$ 17,745

$ 17,039

$ 18,239

$ 18,673

$ 19,126

$ 20,287

$ 20,745

$ 20,821

Capital Expenditures

(8,290)

(6,935)

(5,981)

(6,866)

(7,855)

(10,745)

(14,933)

(21,215)

Free Cash Flow

$ 9,455

$ 10,104

$ 12,258

$ 11,807

$ 11,271

$ 9,542

$ 5,812

$ (394)

Operating Cash Flow % Growth over prior year

68 %

13 %

18 %

9 %

8 %

19 %

14 %

12 %

Free Cash Flow % Growth over prior year

76 %

20 %

68 %

39 %

19 %

(6 %)

(53 %)

(103 %)

GAAP Net Income

$ 9,375

$ 10,137

$ 10,642

$ 10,467

$ 10,976

$ 11,624

$ 12,160

$ 12,443

Operating Cash Flow as a % of Net Income

189 %

168 %

171 %

178 %

174 %

175 %

171 %

167 %

Free Cash Flow as a % of Net Income

101 %

100 %

115 %

113 %

103 %

82 %

48 %

(3) %

(1) To supplement our statements of cash flows presented on a GAAP basis, we use non-GAAP measures of cash flows on a trailing 4-quarter basis to analyze cash flow generated from operations. We believe free cash flow is also useful as one of the
bases for comparing our performance with our competitors. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash
flows from operating activities as a measure of liquidity.

ORACLE CORPORATION

FISCAL 2025 FINANCIAL RESULTS

SUPPLEMENTAL ANALYSIS OF GAAP REVENUES (1)

($ in millions)

Fiscal 2024

Fiscal 2025

Q1

Q2

Q3

Q4

TOTAL

Q1

Q2

Q3

Q4

TOTAL

REVENUES BY OFFERINGS

Cloud services

$ 4,635

$ 4,775

$ 5,054

$ 5,311

$ 19,774

$ 5,623

$ 5,937

$ 6,210

$ 6,737

$ 24,506

License support

4,912

4,864

4,909

4,923

19,609

4,896

4,869

4,797

4,961

19,523

Cloud services and license support

9,547

9,639

9,963

10,234

39,383

10,519

10,806

11,007

11,698

44,029

Cloud license and on-premise license

809

1,178

1,256

1,838

5,081

870

1,195

1,129

2,007

5,201

Hardware

714

756

754

842

3,066

655

728

703

850

2,936

Services

1,383

1,368

1,307

1,373

5,431

1,263

1,330

1,291

1,348

5,233

Total revenues

$ 12,453

$ 12,941

$ 13,280

$ 14,287

$ 52,961

$ 13,307

$ 14,059

$ 14,130

$ 15,903

$ 57,399

AS REPORTED REVENUE GROWTH RATES

Cloud services

30 %

25 %

25 %

20 %

25 %

21 %

24 %

23 %

27 %

24 %

License support

2 %

2 %

1 %

0 %

1 %

0 %

0 %

(2 %)

1 %

0 %

Cloud services and license support

13 %

12 %

12 %

9 %

12 %

10 %

12 %

10 %

14 %

12 %

Cloud license and on-premise license

(10 %)

(18 %)

(3 %)

(15 %)

(12 %)

7 %

1 %

(10 %)

9 %

2 %

Hardware

(6 %)

(11 %)

(7 %)

(1 %)

(6 %)

(8 %)

(4 %)

(7 %)

1 %

(4 %)

Services

2 %

(2 %)

(5 %)

(6 %)

(3 %)

(9 %)

(3 %)

(1 %)

(2 %)

(4 %)

Total revenues

9 %

5 %

7 %

3 %

6 %

7 %

9 %

6 %

11 %

8 %

CONSTANT CURRENCY REVENUE GROWTH RATES (2)

Cloud services

29 %

24 %

24 %

20 %

24 %

22 %

24 %

25 %

27 %

24 %

License support

0 %

0 %

1 %

1 %

0 %

0 %

0 %

0 %

0 %

0 %

Cloud services and license support

12 %

11 %

11 %

10 %

11 %

11 %

12 %

12 %

14 %

12 %

Cloud license and on-premise license

(11 %)

(19 %)

(3 %)

(14 %)

(12 %)

8 %

3 %

(8 %)

8 %

3 %

Hardware

(8 %)

(12 %)

(7 %)

0 %

(7 %)

(8 %)

(3 %)

(5 %)

0 %

(4 %)

Services

1 %

(3 %)

(5 %)

(6 %)

(3 %)

(8 %)

(3 %)

1 %

(2 %)

(3 %)

Total revenues

8 %

4 %

7 %

4 %

6 %

8 %

9 %

8 %

11 %

9 %

CLOUD SERVICES AND LICENSE SUPPORT REVENUES

BY ECOSYSTEM

Applications cloud services and license support

$ 4,471

$ 4,474

$ 4,584

$ 4,642

$ 18,172

$ 4,769

$ 4,784

$ 4,811

$ 5,019

$ 19,383

Infrastructure cloud services and license support

5,076

5,165

5,379

5,592

21,211

5,750

6,022

6,196

6,679

24,646

Total cloud services and license support revenues

$ 9,547

$ 9,639

$ 9,963

$ 10,234

$ 39,383

$ 10,519

$ 10,806

$ 11,007

$ 11,698

$ 44,029

AS REPORTED REVENUE GROWTH RATES

Applications cloud services and license support

11 %

10 %

10 %

6 %

9 %

7 %

7 %

5 %

8 %

7 %

Infrastructure cloud services and license support

15 %

14 %

13 %

12 %

14 %

13 %

17 %

15 %

19 %

16 %

Total cloud services and license support revenues

13 %

12 %

12 %

9 %

12 %

10 %

12 %

10 %

14 %

12 %

CONSTANT CURRENCY REVENUE GROWTH RATES (2)

Applications cloud services and license support

11 %

9 %

10 %

6 %

9 %

7 %

7 %

6 %

8 %

7 %

Infrastructure cloud services and license support

14 %

12 %

13 %

13 %

13 %

14 %

17 %

18 %

19 %

17 %

Total cloud services and license support revenues

12 %

11 %

11 %

10 %

11 %

11 %

12 %

12 %

14 %

12 %

GEOGRAPHIC REVENUES

Americas

$ 7,841

$ 8,067

$ 8,270

$ 8,945

$ 33,122

$ 8,372

$ 8,933

$ 9,000

$ 10,034

$ 36,339

Europe/Middle East/Africa

3,005

3,170

3,316

3,539

13,030

3,228

3,381

3,421

3,996

14,025

Asia Pacific

1,607

1,704

1,694

1,803

6,809

1,707

1,745

1,709

1,873

7,035

Total revenues

$ 12,453

$ 12,941

$ 13,280

$ 14,287

$ 52,961

$ 13,307

$ 14,059

$ 14,130

$ 15,903

$ 57,399

(1) The sum of the quarterly information presented may vary from the year-to-date information presented due to rounding.

(2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed
excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the
exchange rates in effect on May 31, 2024 and 2023 for the fiscal 2025 and fiscal 2024 constant currency growth rate calculations presented, respectively, rather than the actual exchange rates in effect during the respective periods.