Inner Circle: Member Only Content

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Oracle Announces Fiscal Year 2026 Second Quarter Financial Results

December 10, 2025

    • Q2 Remaining Performance Obligations $523 billion, up 438% in USD
    • Q2 GAAP Earnings per Share up 91% to $2.10, Non-GAAP Earnings per Share up 54% to $2.26
    • Q2 Total Revenue $16.1 billion, up 14% in USD and up 13% in constant currency
    • Q2 Cloud Revenue (IaaS plus SaaS) $8.0 billion, up 34% in USD and up 33% in constant currency
    • Q2 Cloud Infrastructure (IaaS) Revenue $4.1 billion, up 68% in USD and up 66% in constant currency
    • Q2 Cloud Application (SaaS) Revenue $3.9 billion, up 11% in both USD and constant currency
    • Q2 Fusion Cloud ERP (SaaS) Revenue $1.1 billion, up 18% in USD and up 17% in constant currency
    • Q2 NetSuite Cloud ERP (SaaS) Revenue $1.0 billion, up 13% in both USD and constant currency

    AUSTIN, Texas, Dec. 10, 2025 /PRNewswire/ — Oracle Corporation (NYSE: ORCL) today announced fiscal 2026 Q2 results. Total Remaining Performance Obligations were up 438% year-over-year in USD to $523 billion. Total quarterly revenues were up 14% in USD, and up 13% in constant currency to $16.1 billion. Cloud revenues were up 34% in USD, and up 33% in constant currency to $8.0 billion. Software revenues were down 3% in USD, and down 5% in constant currency to $5.9 billion.

    Q2 GAAP operating income was $4.7 billion. Non-GAAP operating income was $6.7 billion, up 10% year-over-year in USD and up 8% in constant currency. GAAP net income was $6.1 billion. Non-GAAP net income was $6.6 billion, up 57% in USD and up 54% in constant currency. Q2 GAAP earnings per share was $2.10, up 91% in USD and up 86% in constant currency. Non-GAAP earnings per share was $2.26, up 54% in USD and up 51% in constant currency.

    Short-term deferred revenues were $9.9 billion. Over the last twelve months, operating cash flow was $22.3 billion, up 10% in USD.

    “Remaining Performance Obligations (RPO) increased by $68 billion in Q2—up 15% sequentially to $523 billion—highlighted by new commitments from Meta, NVIDIA, and others,” said Oracle Principal Financial Officer, Doug Kehring. “Q2 GAAP earnings per share was up 91% to $2.10, and non-GAAP earnings per share was up 54% to $2.26. Our GAAP and non-GAAP earnings per share were both positively impacted by a $2.7 billion pre-tax gain in the sale of Oracle’s  interest in our Ampere chip company.”

    “Oracle sold Ampere because we no longer think it is strategic for us to continue designing, manufacturing and using our own chips in our cloud datacenters,” said Oracle Chairman and CTO, Larry Ellison. “We are now committed to a policy of chip neutrality where we work closely with all our CPU and GPU suppliers. Of course, we will continue to buy the latest GPUs from NVIDIA, but we need to be prepared and able to deploy whatever chips our customers want to buy. There are going to be a lot of changes in AI technology over the next few years and we must remain agile in response to those changes.”

    “Oracle is very good at building and running high-performance and cost-efficient cloud datacenters,” said Oracle CEO, Clay Magouyrk. “For years Oracle has been investing in AI and building autonomous cloud software. Oracle’s Autonomous Database and Autonomous Linux have been key to reducing human labor and human error in our datacenters. Because our datacenters are highly automated, we can build and run more of them. Oracle has over 211 live and planned regions worldwide—more than any of our cloud competitors. We are more than halfway through building 72 Oracle Multicloud datacenters to be embedded throughout the Amazon, Google and Microsoft clouds. We are committed to Cloud Neutrality because we believe that our customers should be able to run their Oracle databases in any cloud they choose. That strategy is definitely paying off. Our Multicloud database business is our fastest growing business—up 817% in Q2.”

    “AI Training and selling AI Models are very big businesses,” said Oracle CEO, Mike Sicilia. “But we think there is an even larger opportunity—embedding AI in a variety of different products. Oracle is in a unique position to embed AI in all three layers of our software products: our Cloud Datacenter software, our Autonomous Database and Analytic software, and our Applications software. All three of these Oracle software businesses are already big—AI will make them all better and bigger. AI allows us to automate complex multistep processes that were impossible to automate before AI. AI is enabling us to automate loan origination and risk quantification for banks and their customers. AI is enabling us to help doctors diagnose and care for their patients and manage the reimbursement process between healthcare providers and payers. All of the top five AI Models are in the Oracle Cloud. We have huge advantages over our applications competitors.”

    The board of directors declared a quarterly cash dividend of $0.50 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on January 9, 2026, with a payment date of January 23, 2026.

    Zscaler

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    Zscaler, Inc. – Common: Buy on a price move above the 10-day average.

    First quarter 2026 earnings: EPS and revenues exceed analyst expectations

    First quarter 2026 results:

    • US$0.073 loss per share (improved from US$0.079 loss in 1Q 2025).
    • Revenue: US$788.1m (up 26% from 1Q 2025).
    • Net loss: US$11.6m (loss narrowed 3.6% from 1Q 2025).

    Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 37%.

    Revenue is forecast to grow 16% p.a. on average during the next 3 years.

    Zscaler

    Posted on | by Leon Hinde | Leave a Comment on Zscaler

    Zscaler, Inc. – Common

    First quarter 2026 earnings: EPS and revenues exceed analyst expectations

    First quarter 2026 results:

    • US$0.073 loss per share (improved from US$0.079 loss in 1Q 2025).
    • Revenue: US$788.1m (up 26% from 1Q 2025).
    • Net loss: US$11.6m (loss narrowed 3.6% from 1Q 2025).

    Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 37%.

    Revenue is forecast to grow 16% p.a. on average during the next 3 years.

    Zoom

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    ASX:ZM

    Third quarter 2026 earnings: EPS and revenues exceed analyst expectations

    Third quarter 2026 results:

    • EPS: US$2.05 (up from US$0.67 in 3Q 2025).
    • Revenue: US$1.23b (up 4.4% from 3Q 2025).
    • Net income: US$612.9m (up 196% from 3Q 2025).
    • Profit margin: 50% (up from 18% in 3Q 2025).

    Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 148%

    Alibaba

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    NAS:BABA

    Second quarter 2026 results:

    • EPS: CN¥9.05 (down from CN¥18.71 in 2Q 2025).
    • Revenue: CN¥247.8b (up 4.8% from 2Q 2025).
    • Net income: CN¥21.0b (down 52% from 2Q 2025).
    • Profit margin: 8.5% (down from 19% in 2Q 2025). The decrease in margin was driven by higher expenses.

    Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates significantly.

    Revenue is forecast to grow 8.4% p.a. on average during the next 3 years.

    Ai Coins: Special Review

    Posted on | by Leon Hinde | Leave a Comment on Ai Coins: Special Review

    1. NEAR Protocol (NEAR)

    • Purpose: NEAR is a decentralized application (dApp) platform designed to make blockchain-based apps user-friendly.
    • AI Relevance: NEAR supports AI integration for scalable and efficient dApps, enabling machine learning and data-driven applications in decentralized environments.

    2. Artificial Superintelligence Alliance (FET)

    • Purpose: The Fetch.ai (FET) platform focuses on creating decentralized AI solutions using blockchain for automation and optimization.
    • AI Relevance: Fetch.ai enables autonomous agents powered by AI to perform tasks like supply chain optimization, smart city infrastructure, and decentralized marketplaces.

    3. BitTensor (TAO)

    • Purpose: BitTensor is a decentralized machine learning network where users can share and trade AI models.
    • AI Relevance: It incentivizes AI developers to contribute and improve the network’s collective intelligence through a blockchain-based token economy.

    4. Render (RNDR)

    • Purpose: Render is a decentralized GPU rendering network that provides computational power for graphics and AI workloads.
    • AI Relevance: It supports rendering AI-driven visualizations and simulations by enabling access to GPU resources on the blockchain.

    5. The Graph (GRT)

    • Purpose: The Graph is an indexing protocol that enables efficient querying of blockchain data.
    • AI Relevance: Its indexing services are used by AI and machine learning projects to quickly retrieve structured blockchain data for training and analytics.

    6. Virtuals Protocol (VIRTUAL)

    • Purpose: Virtuals Protocol is focused on decentralized metaverse and AI technologies.
    • AI Relevance: It provides AI-powered tools to enhance virtual environments, including digital identities and autonomous avatars.

    7. AIOZ Network (AIOZ)

    • Purpose: AIOZ is a decentralized content delivery network (CDN) that leverages blockchain for efficient media delivery.
    • AI Relevance: AI is used within the network to optimize content distribution and enhance streaming quality for end-users.

    8. Akash Network (AKT)

    • Purpose: Akash Network is a decentralized cloud computing platform that offers flexible and cost-effective computation.
    • AI Relevance: It provides infrastructure for running AI workloads, machine learning models, and other resource-intensive processes.

    9. Grass (GRASS)

    • Purpose: Grass focuses on decentralized AI services, offering solutions for digital resource management and automation.
    • AI Relevance: It supports the deployment and monetization of AI algorithms and tools for various applications like agriculture and automation.

    10. Arkham (ARKM)

    • Purpose: Arkham is a blockchain intelligence platform that specializes in on-chain data analytics.
    • AI Relevance: It uses AI to track and analyze blockchain transactions, providing insights into market movements and financial patterns.

    These projects represent a convergence of AI and blockchain technologies, addressing a variety of use cases, from decentralized computing to AI-powered analytics and automation. Let me know if you’d like a deeper dive into any specific coin!

    Best Overall Technology

    If we consider AI-specific technology, BitTensor (TAO) stands out for its unique approach to incentivized AI model collaboration, which is foundational for decentralized AI ecosystems.

    For general-purpose AI and blockchain integration, Fetch.ai (FET) leads with its versatility and real-world use cases.

    For infrastructure and scalability, Akash Network (AKT) and NEAR Protocol (NEAR) are highly robust, depending on whether you prioritize computing or dApp development.

    Key Insights from the Table

    BitTensor (TAO): $4.79 billion.

    24-Hour Trading Volume: A high trading volume indicates strong investor activity.

    Fetch.ai (FET): $1.387 billion (highest trading volume among the coins in the list).

    NEAR Protocol (NEAR): $853 million (second-highest).

    Virtuals Protocol (VIRTUAL): $454 million.

    7-Day Price Change: Significant price gains over 7 days indicate growing investor demand.

    Virtuals Protocol (VIRTUAL): 178.9% (largest 7-day gain).

    AIOZ Network (AIOZ): 34.6%.

    Grass (GRASS): 46.5%.

    Market Cap: Higher market caps suggest established projects with significant investor backing.

    NEAR Protocol (NEAR): $8.4 billion (largest market cap in the list).

    Fetch.ai (FET): $4.9 billion.

    Micron is up 134%

    Posted on | by Leon Hinde | Leave a Comment on Micron is up 134%

    MU:NAS was added to our model portfolio in March 2023 at $56 and is now up 134%. We recommend watching for the next Algo Engine buy signal.

    Micron reported 50% sequential data center revenue growth in Q3, driven by AI demand. The company is well-positioned to benefit from the CHIPS Act and plans to expand its manufacturing.

      Intel Corporation

      Posted on | by Leon Hinde | Leave a Comment on Intel Corporation

      Intel Corporation – Common is under Algo Engine buy conditions.

      The launch of Intel’s Gaudi 3 AI accelerator and the reorganization of its foundry business are positive signs for future growth. During the first quarter, Intel’s revenues increased by 8.5% Y/Y to $12.7 billion.

      The launch of Intel’s Gaudi® 3 AI accelerator in Q3, which appears to be more powerful than NVIDIA’s flagship H100 GPU, should also help the company improve the performance of its data center business, revenue to total $56 bln (+3% y/y) in 2024, and jump to $65.3 bln (+17% y/y) in 2025. Adjusted EBITDA is set to total $13.8 bln (+7% y/y) in 2024, and rocket to $20.3 bln (+47% y/y).

      Intel’s revenue structure

      Effective from 1Q 2024, the company modified its segment reporting, with revenue now coming from the following business units:

      1. Intel Products

      • Client Computing Group (CCG)
      • Data Center and AI (DCAI)
      • Network and Edge (NEX)

      2. Intel Foundry

      • Intel Foundry Services (IFS)

      3. All other

      • Altera
      • Mobileye
      • Other

      Client Computing Group (CCG) – this segment generates about half of the company’s revenue. It supplies central processing units for desktop PCs and notebooks.

      Data Center and AI (DCAI) – The key products in this segment are CPUs, GPUs and Gaudi AI accelerators.This segment has accounted for just under 30% of the company’s total revenue in recent years

      Intel’s revenue structure: Intel Foundry

      Intel Foundry – the segment that includes chip manufacturing for Intel’s own needs as well as for external customers. Intel entered the market of contract manufacturing of semiconductors in 2021 as Intel Foundry Service (IFS) to capitalize on the growing demand for foundry capacity. To provide transparency in the segment’s operations, the company in its reporting separates revenue generated from external customers and revenue from inter-segment sales within Intel. As of the end of 2023, revenue from external customers totaled $953 mln (+96% y/y), or 5% of total IFS revenue of $18.9 bln (-31% y/y).

      Even though IFS revenue from external customers is relatively small, Intel has ambitious plans to expand the plants by investing its own funds and with the help of government subsidies (Under the CHIPS Act the US government has given Intel $8.5 bln in grants and the option to draw $11 bln in federal loans).