EARNINGS REVIEW
Oracle FY22 Q4 — OCI acceleration and Cerner change the growth mix
Historical earnings report · Management guidance reflects expectations at the time of the release, not subsequent outcomes. The financial comparison uses the site’s normalized dataset, including comparative figures restated in later filings.
Quarterly cloud revenue rose 19% to 2.9 B$ and infrastructure cloud grew 36%. Total revenue rose 5%, or 10% constant currency. License revenue also grew 18%, so improvement was not exclusively cloud-driven.
Assessment · Watch sustained OCI growth and Cerner integration costs and cash economics. Acquisition-driven revenue does not guarantee profitability. Assess like-for-like growth, GAAP adjustments and post-acquisition financing together.
01 Business growth and drivers
Quarterly cloud revenue rose 19% to 2.9 B$ and infrastructure cloud grew 36%. Total revenue rose 5%, or 10% constant currency. License revenue also grew 18%, so improvement was not exclusively cloud-driven.
02 Earnings quality and comparability
GAAP operating profit fell 1% to 4.5 B$, while adjusted operating profit rose 3% to 5.6 B$. Growth expectations outpaced current earnings momentum, and full-year profit included the earlier litigation charge.
03 Cash flow, investment and financial position
Annual operating cash flow was 9.5 B$, not fourth-quarter cash flow. Litigation and acquisition-related uses should be separated. After acquisition, debt and capex absorption of FCF matter alongside operating growth.
04 Management commentary and outlook
Catz described infrastructure cloud as entering hypergrowth and expected newly acquired Cerner to support future sales. The next fiscal year therefore includes acquisition consolidation, which must be separated from Oracle’s organic growth.
05 Investment interpretation and next checks
Watch sustained OCI growth and Cerner integration costs and cash economics. Acquisition-driven revenue does not guarantee profitability. Assess like-for-like growth, GAAP adjustments and post-acquisition financing together.
Quarterly results · CY-aligned view
| Metric · B$ | 2021 total of 1 included quarters | 4Q FY22 Q2 2021-11-30 | 2022 total of 2 included quarters | 1Q FY22 Q3 2022-02-28 | 2Q FY22 Q4 2022-05-31 | QoQ Δ | YoY Δ |
|---|---|---|---|---|---|---|---|
| Revenue | 10.360 | 10.360 | 22.353 | 10.513 | 11.840 | 1.327 | — |
| Operating income | −0.824 | −0.824 | 8.325 | 3.822 | 4.503 | 0.681 | — |
| Operating margin (%) | −7.954 | −7.954 | 37.243 | 36.355 | 38.032 | 1.677 pp | — |
| Net income | −1.247 | −1.247 | 5.508 | 2.319 | 3.189 | 0.870 | — |
| FCF · calculated | −4.607 | −4.607 | 5.306 | 2.744 | 2.562 | −0.182 | — |
| Operating cash flow · total | −3.682 | −3.682 | 7.830 | 3.845 | 3.985 | 0.140 | — |
| Net cash CapEx · common | 0.925 | 0.925 | 2.524 | 1.101 | 1.423 | 0.322 | — |
| Cash CapEx · Chinese company definition | — | — | — | — | — | — | — |
| FCF · total calculation | −4.607 | −4.607 | 5.306 | 2.744 | 2.562 | −0.182 | — |
| Net cash · liquid assets less borrowings | −55.593 | −55.593 | −53.957 | −55.024 | −53.957 | 1.067 | — |
| Liquid assets · including short-term investments | 22.838 | 22.838 | 21.902 | 23.389 | 21.902 | −1.487 | — |
| Borrowings · interest-bearing debt | 78.431 | 78.431 | 75.859 | 78.413 | 75.859 | −2.554 | — |
| Cash and cash equivalents | 17.938 | 17.938 | 21.383 | 22.682 | 21.383 | −1.299 | — |
| Total liabilities · accounting liabilities | 116.555 | 116.555 | 115.065 | 116.855 | 115.065 | −1.790 | — |
CY denotes the calendar quarter with the greatest overlap with the fiscal period. If the first period has no start date, 89 days before its end is used only for calendar mapping. Financial values are not recalculated into calendar quarters. Incomplete years show totals of included quarters; cash, liabilities, borrowings and net cash use the last period-end balance. QoQ and YoY show absolute changes; margin changes are percentage points. Dashes indicate missing evidence or incomparable periods or definitions. Total liabilities never substitute for borrowings.
Definitions and evidence coverage
A dash means unavailable or undisclosed, not zero. Company-defined FCF may differ from total operating cash flow less common-basis CapEx. Total liabilities are accounting liabilities, not interest-bearing debt.
Management commentary is based on the original release; it does not imply completed conference-call Q&A review. Financial tables use the existing audited InveDeck dataset and may include comparative figures from subsequent filings.
Official source documents
- ORCL FY22 Q4 original earnings release ↗
- Canonical financial dataset primary source ↗
- Canonical financial dataset primary source ↗
- Canonical financial dataset primary source ↗
- Canonical financial dataset primary source ↗
- Financial filing · 2021-11-30 ↗
- Financial filing · 2021-11-30 ↗
- Financial filing · 2021-11-30 ↗
- Financial filing · 2022-02-28 ↗