{
  "schemaVersion": 1,
  "edition": "2026.39",
  "title": "Cash arrived. The work is still owed.",
  "cutoff": "2026-09-15T17:35:26+08:00",
  "issuer": "Oracle Corporation",
  "scope": "Consolidated company; not an AI-only segment",
  "period": "Q1 FY27; three months ended 31 August 2026",
  "unit": "USD millions",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/orcl-20260831.htm",
    "form": "10-Q",
    "accession": "0001193125-26-389274",
    "filed": "2026-09-11",
    "acceptedAt": "2026-09-11T20:10:12Z",
    "sections": ["Consolidated cash flows, page 5", "Customer prepayments, page 7", "Free cash flow, page 34"]
  },
  "inputs": {
    "operatingCashFlow": { "value": 23103, "class": "REPORTED_GAAP" },
    "capitalExpenditureOutflow": { "value": 28499, "class": "REPORTED_GAAP", "signConvention": "Positive magnitude of cash outflow" },
    "deferredRevenueIncreaseFromPrepaymentsWithSignificantFinancingComponent": { "value": 11363, "class": "REPORTED_GAAP", "treatment": "Already included in operating cash flow; subtract exactly once for the sensitivity" },
    "netAtTheMarketCommonEquityProceeds": { "value": 19909, "class": "REPORTED_GAAP", "treatment": "Separate financing cash flow; excluded from operating cash flow and both calculations" }
  },
  "calculations": [
    {
      "id": "issuer_free_cash_flow",
      "label": "Issuer-defined free cash flow",
      "class": "ISSUER_NON_GAAP",
      "expression": "operatingCashFlow - capitalExpenditureOutflow",
      "substitution": "23103 - 28499",
      "result": -5396
    },
    {
      "id": "prepayment_sensitivity",
      "label": "Mechanical sensitivity excluding the specified prepayment inflow",
      "class": "ORIGINAL_ARITHMETIC",
      "expression": "operatingCashFlow - deferredRevenueIncreaseFromPrepaymentsWithSignificantFinancingComponent - capitalExpenditureOutflow",
      "substitution": "23103 - 11363 - 28499",
      "result": -16759,
      "limitations": [
        "Not GAAP, issuer-adjusted, normalized or counterfactual free cash flow",
        "Does not remove all customer advances or normalize other working-capital movements",
        "Holds every other reported item fixed for an arithmetic sensitivity only",
        "Does not estimate distress, project returns, intrinsic value or a security payoff"
      ]
    }
  ],
  "interpretation": "The disclosed advance provides genuine funding for work still owed. Its operating-cash-flow classification is valid. Receipt alone does not establish earned surplus or equity returns.",
  "rival": "Building valuable capacity ahead of delivery can consume current cash while creating future value; customer funding may improve that investment's financing.",
  "judgment": { "newDirectionalSecurityJudgment": false, "soleInvestmentHorizon": "0–3 months", "prospectiveAlpha": "UNKNOWN" },
  "method": "/proof/2026.39/method.md"
}