千亿债务压顶，甲骨文盘后闪崩！财报电话会紧急救场

Core Viewpoint - Oracle's Q2 FY2026 results fell short of analyst expectations, leading to a significant drop in stock price and concerns over increased capital expenditures and cash flow issues [1][2]. Financial Performance - Oracle reported Q2 revenue of $16.058 billion, a 14% year-over-year increase, but below the market expectation of $16.21 billion [4]. - Net income reached $6.135 billion, up 95% from $3.151 billion in the same quarter last year [4]. - GAAP earnings per share increased by 91% to $2.10, while non-GAAP earnings per share rose by 54% to $2.26 [5]. Cloud and Business Segments - Cloud revenue grew by 34% to $7.98 billion, with infrastructure revenue increasing by 68% to $4.08 billion, although both figures were slightly below analyst expectations [7]. - Software revenue declined by 3% to $5.9 billion, missing the average analyst forecast of $6.06 billion [7]. Capital Expenditures and Cash Flow - Oracle's capital expenditures are projected to reach $50 billion for the year, significantly higher than the previous estimate of $35 billion [8]. - The company reported a negative free cash flow of $10 billion for the quarter, compared to the expected negative $5.2 billion [8]. Debt and Financial Strategy - Oracle has accumulated over $100 billion in debt, making it the largest debt holder among investment-grade tech companies [8]. - The company issued approximately $18 billion in new investment-grade bonds recently [8]. Future Guidance - For Q3, Oracle expects adjusted earnings per share between $1.70 and $1.74, with revenue growth projected at 19% to 21% [9].