DeutscheBankOracle10-K解读

Buy 23 June2026 Oracle ORCLUS United States ORCL.N Software FY26 10-K Review Research Analyst+1-212-250-8563 disclosureandacoupleofnuggetswebelieveareworthflaggingtoinvestors: Research Analyst+1-212-250-6775 RPO:Total net adds to RPO were+$85.4bn q/q, implying>$100bn ofbusiness booked in the quarter.While we acknowledge some variabilityin RPObands quarterto quarteras committed contracts flowthroughtorevenue, the majority of net adds appear set to be recognized over thenext 36mos,with a smaller portion likely thereafter.Of the now total$638bnRPO,12%isexpectedtoberecognizedoverthenext12mos34%2-3years out,34%3-5years out, and the remaining 20% thereafter.This translatestoa ~12bn q/qincrease in cRPOto~$79bn, which standsratio of ~88% on NTM revenue guidance. Excluding transactionalbusinessthatdoesn'tflowthroughRPO (namely License revenue)weestimate coverage is closer to mid-9Os.This clearly adds to visibility andreinforces our view that demand is very much there and consistentexecution delivering incremental capacity to customers would be thebiggest keyto hitting targets over the course of FY27 and beyond. Research Associate+1-415-2622041 Research Associate+1-212-250-1203 Oracle Leases:Balance sheetleaseliabilities (i.e.forleasesalreadycommenced)grew $10bn q/q to ~s38bn, while total lease commitments (incl.those yetto commence) rose +$9bn q/q to ~s298bn. Total lease operatingsame as prior quarters and relatively consistent with what we see frompeers across the space. We use the ratio of leases expense to PaaS/laasfor simplicity,acknowledging this slightly overstates the relationship corporate overhead. Assets:Gross Computer,network,machinery and equipment assets(primarily servers and networking equipment for Oracle Cloud) totaled$60bn at fiscal year-end, up +97% y/y. This is largely consistent with F4QOCl revenue growth of +92% yly. Importantly, construction in progress(CiP) assets, which represent investments toward capacity not yet inservice,were~$40bn.This is $23.5bn or 142% higherthan the same timea year ago and suggests a large portion of FY26 CapEx had yet to enterrevenue generating service at year end.As this goes live overthe comingmonths, it supports guidance for further acceleration in OCl growth.Forcontext ~$4Obn in CiP is roughly equivalent to the CapEx required for1GW of Al cloud capacity, and again consistent with guidance for nearthislevel of deliveriesto customers inF1Q. Headcount: Overall company headcount exited FY26 at 141k, down -21kmoreevenlyspreadthanperhapsexpectedwithSales&Marketing-19%yly, Research & Development -14% yly, Cloud & Software -10% yly,Services -8% yly and General and Admin -8% yly. By geography,headcount in the US was -9k or -16% yly while Internationally -12k or -12% y/y.This disclosure is broadly consistent with observed trends inOpEx spend, which was -5% yly in F4Q and guided to decline again in Oracle grow >30% yly in FY27 and helps partly offset mix related gross marginheadwinds. Appendix 1 exchanges via Reuters,Bloombergand othervendors.Otherinformation is sourced fromDeutscheBank,subjectcompanies,andothersources. 1 - Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for this company,for which it received fees. issued by this company. 7 - Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investmentbanking orfinancial advisory services within thepast year. 8 - Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment bankingservicesfromthis company inthenextthree months. 14 - Deutsche Bank and/or its affiliate(s) has received compensation from this company within the past year for non-investment banking related services. 15 - This company has been a client of Deutsche Bank Securities Inc. within the past year during which time it receivedinvestmentbanking services. 21 - This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it receivednon-investment banking securities-related services. ImportantDisclosuresRequiredbyNon-U.S.Regulators 1 - Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany,forwhich it receivedfees. 2 - Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instrumentsissued by this company. 24 - Deutsche Bank and/or its affiliate(s) is or has been over the previous 12 months party to an agreement with thecompany relating to theprovision of services set out in Sections A and B of AnnexIof Directive 2014/65/EU,or hasover the previous 12 months been obliged or entitled (as applicable) to pay or receive compensation relating to theprovisionof servicessetoutinSectionsAandBofAnnexIof Directive2014/65/EU. 26-Withinthepreceding12months,DeutscheBank and/oritsaffiliate(s)hasreceived compensationfortheprovision For