Oracle Stock Sale Seeks $10 Billion, Plus $10 Billion in Bonds
Oracle filed Monday to sell $10 billion of new stock and $10 billion of bonds, matching the $20 billion limit on new money it set five days earlier. After spending $153 billion over a decade buying back its shares, Oracle would add about 76.5 million at Friday's price, lifting its share count back above its June 2020 level.
The short answer. Oracle asked investors for $20 billion in one morning, half of it in bonds. In February and June it said it did not expect to issue more bonds or debt in 2026. It has said it raises money to build data center capacity for its biggest cloud customers. That matters beyond its owners. It shows how the AI build is being paid for: partly with new shares, at a company that spent 11 years shrinking its share count. This sale would take that count to about 3.10 billion, more than in June 2020.
Show the data
| What the picture shows | Figure |
|---|---|
| Oracle shares, June 2011 | 5.07 billion |
| Oracle shares, June 2020 | 3.07 billion |
| Oracle shares, June 2022 | 2.66 billion |
| Fewer shares, June 2011 to June 2022 | 47% |
| Spent on buybacks, fiscal 2012 to 2022 | $153 billion |
| Oracle shares, August 31, 2026 | 3.02 billion |
| New shares from this sale at the October 30 close of $130.67 | About 76.5 million |
| Oracle shares after the sale | About 3.10 billion |
What Oracle is offering investors
On this page
Why Oracle stock is falling today
Oracle stock fell as the company filed to sell new shares and new bonds, the likely reason for the drop. New shares mean each existing share owns a slightly smaller slice of the company.
The filings came in three steps. At 7:30 a.m. Eastern time Oracle filed a shelf registration, a standing permission to sell securities that takes effect at once for a company of its size. At 8:12 a.m. it filed to sell $10 billion of bonds, loans from investors that Oracle repays with interest, in six groups that come due between 2029 and 2046. At 8:16 a.m. it filed to sell $10 billion of common stock, the ordinary shares that trade on the exchange.
Both filings are early drafts. The share price, the interest rates and the fees are still blank. BofA Securities leads a group of 12 banks on the stock sale. Oracle also agreed not to sell more stock for 60 days without BofA's consent, apart from employee plans and some deals. The two sales do not depend on each other, so one can close without the other.
The stock closed at $130.67 on Friday, October 30, the price the stock filing itself quotes. It traded higher before dawn on Monday, then slid as the filings landed. At 10:16 a.m. it traded at $123.17, down 5.7% from Friday's close, according to StockTitan real time Nasdaq data. Today's other market movers are in our live coverage of the stock market today.
How many new shares is Oracle selling?
About 76.5 million at Friday's price, or 2.5% more shares than Oracle had at the end of August. That would put its share count back above its June 2020 level.
The stock filing gives its own example. At Friday's close, $10 billion buys 76,528,659 shares. That would take Oracle from about 3.02 billion shares to about 3.10 billion.
The final count depends on the price the banks set. At Monday morning's $123.17, the same $10 billion would mean about 81 million shares, or 2.7% more.
Show the data
| Share count | Shares |
|---|---|
| Outstanding, August 31, 2026 | 3,023,726,695 |
| New shares at $130.67 | 76,528,659 |
| After the sale at $130.67 | 3,100,255,354 |
| New shares at $123.17 | about 81,190,000 |
Source: Oracle Form 424B5, November 2, 2026; StockTitan real time Nasdaq data, 10:16 a.m. ET, November 2, 2026
This is the second big stock sale in five months. Between June and August Oracle sold about 141 million shares for $19.9 billion after commissions, directly into the market, its quarterly report shows.
With both sales and shares issued to employees, Oracle would go from 2.88 billion shares in June to about 3.10 billion, about 7.6% more.
More shares may come later. Oracle sold preferred stock in February that pays a fixed dividend, a regular cash payment, and must turn into common shares. The stock filing says that should happen on January 15, 2029, adding up to 31.2 million shares.
An owner of 1,000 Oracle shares keeps 1,000 shares after the sale. But the company would be split into about 3.10 billion pieces instead of 3.02 billion. So those 1,000 shares stand for a slightly smaller slice of the company. The sale raises $10 billion for Oracle before bank fees and costs.
How the Oracle stock sale compares with its funding limit
On October 28 Oracle said it would raise no more than $20 billion of new money through May 2030, half stock and half debt. Monday's two sales are that size and that split. The $10 billion of bonds comes in a year Oracle said it did not expect to issue more debt.
Show the data
| Date | Event |
|---|---|
| Feb 1, 2026 | Plans to raise $45 to $50 billion during 2026, with one bond deal and no further bonds planned that year. |
| Feb 2026 | Raises $25 billion in bonds and $5 billion in preferred stock. |
| Jun 10, 2026 | Expects to raise about $40 billion in fiscal 2027 and no more debt in calendar 2026. |
| Jun to Aug 2026 | Sells $20 billion of common stock, before commissions, directly into the market. |
| Oct 28, 2026 | Investor meeting caps new money through fiscal 2030 at $20 billion, expected half stock and half debt. |
| Nov 2, 2026 | Files to sell $10 billion of common stock and $10 billion of bonds. |
Oracle's year began with a plan. On February 1 it said it expected to raise $45 billion to $50 billion in calendar 2026, half from stock and half from one bond sale. It said it did "not expect to issue additional bonds during calendar year 2026 beyond this transaction."
Days later it sold $25 billion of bonds and $5 billion of preferred stock. Over the summer it sold the $20 billion of common stock.
In June, with its annual results, Oracle said it expected to raise "approximately $40 billion" in fiscal 2027, its year that began June 1, counting the summer stock sale. It added that it did "not expect to issue additional debt in calendar year 2026."
On October 28, at a meeting for investors, Oracle set a ceiling. It "committed to limiting additional capital raises through FY30 to $20 billion, excluding refinancing of existing debt, split between $10 billion in equity and $10 billion in gross debt." Fiscal 2030 ends on May 31, 2030. Refinancing means new bonds sold to pay off old ones, and gross debt means borrowing counted before any repayment. The stock rose about 11% on October 28, and by Friday it was back at $130.67.
Five days later Oracle filed for $10 billion of stock and $10 billion of bonds. The bonds come in the year Oracle said in February and June it did not expect to issue more. The limit leaves out bonds that pay off old debt, and the filings do not say how much of the new bonds will. If none does, Monday's sales use up the whole limit through May 2030.
If both sales close, Oracle will have raised $70 billion in 2026, $20 billion above the top of its February plan. It will also have reached the "approximately $40 billion" it expected for all of fiscal 2027, five months into that year.
What Oracle will use the money for
The filings say "general corporate purposes." In its own releases Oracle has tied its fundraising to building data center capacity for its biggest cloud customers.
Both filings use the same words. The money "will be used for general corporate purposes, which may include capital expenditures, repayment of indebtedness, future investments or acquisitions and payment of cash dividends on or repurchases of our common stock." Neither names a project or a customer.
Oracle's February plan was more direct. It said Oracle "is raising money in order to build additional capacity to meet the contracted demand from our largest Oracle Cloud Infrastructure customers, including AMD, Meta, NVIDIA, OpenAI, TikTok, xAI and others."
In September its quarterly results said "Customer demand for AI Cloud Training and Inferencing Services continues to grow faster than supply." In plain words, buyers want more AI computing power than Oracle can deliver yet.
Show the data
| Category | Value |
|---|---|
| FY2024 | $6.9B |
| FY2025 | $21.2B |
| FY2026 | $55.7B |
| Q1 FY2027, one quarter | $28.5B |
That is the spending Oracle has given as its reason to raise money. Capital spending is the cash a company pays for buildings and equipment. Oracle's went from $21.2 billion in fiscal 2025 to $55.7 billion in fiscal 2026, which its annual report puts down mainly to "the expansion of our data centers." In the three months to August 31 alone it spent $28.5 billion.
That is more than the business brings in. Operations produced $23.1 billion of cash in those three months. Free cash flow, the cash left after paying for buildings and equipment, was negative $5.4 billion, the first quarter results show.
Customers already help pay. Of that $23.1 billion, $11.4 billion was cash customers paid up front for services Oracle will deliver later, its quarterly report says.
Oracle has $664 billion of signed contracts still to deliver, the same results show. At its meeting for investors it called fiscal 2027 to 2030 an "investment cycle", a stretch of heavy building. It expects spending to peak in fiscal 2027 and 2028, and free cash flow to turn positive in the second half of fiscal 2028.
The money also sits beside large debts. Oracle's borrowings stood at $125.3 billion at the end of August, the bond filing shows. Its quarterly report adds $288 billion of data center leases that are set to start by fiscal 2029 and are not yet counted among its debts.
Does Oracle stock still pay a dividend?
Yes. Oracle paid a dividend, a cash payment to shareholders, of $0.50 a share on October 23, 2026. Its board decides each payment.
The board declared the $0.50 quarterly dividend on September 10. At its meeting for investors Oracle listed "paying a dividend" among its priorities, next to keeping its investment grade credit ratings, the ratings that mark a borrower as low risk.
The stock filing adds one condition. While the preferred stock is outstanding, Oracle cannot pay a common dividend or buy back common shares unless the preferred holders' dividends are paid first. New shares also share in each future dividend, so the same dividend per share would cost Oracle more in total. At $0.50 a quarter, 76.5 million new shares would add about $153 million a year.
How much Oracle has spent buying back its stock
For a decade Oracle used its cash to buy back its own shares, spending $153 billion and cutting their number almost in half. Now it is selling shares, and this sale would put the count back above its level of June 2020.
Show the data
| Category | Value |
|---|---|
| FY2012 | $5.9B |
| FY2013 | $11.0B |
| FY2014 | $9.8B |
| FY2015 | $8.1B |
| FY2016 | $10.4B |
| FY2017 | $3.6B |
| FY2018 | $11.3B |
| FY2019 | $36.1B |
| FY2020 | $19.2B |
| FY2021 | $20.9B |
| FY2022 | $16.2B |
| FY2023 | $1.3B |
| FY2024 | $1.2B |
| FY2025 | $0.6B |
| FY2026 | $0.1B |
A buyback is when a company uses its cash to buy its own shares in the market, so each remaining share owns more of the company. Oracle spent $36.1 billion on buybacks in fiscal 2019 alone, and $92.6 billion over fiscal 2019 to 2022, its annual reports filed with the SEC show.
Then the buying slowed to almost nothing. Buybacks fell to $1.3 billion in fiscal 2023 and to $95 million in fiscal 2026, while capital spending rose to $55.7 billion.
Oracle reported no buybacks from June to August 2026, its quarterly report shows. Its board's approval to buy back stock still has $6.3 billion unused.
Show the data
| Category | Value |
|---|---|
| 2012 | 4.88B |
| 2013 | 4.63B |
| 2014 | 4.45B |
| 2015 | 4.34B |
| 2016 | 4.12B |
| 2017 | 4.14B |
| 2018 | 3.98B |
| 2019 | 3.34B |
| 2020 | 3.07B |
| 2021 | 2.79B |
| 2022 | 2.66B |
| 2023 | 2.71B |
| 2024 | 2.76B |
| 2025 | 2.81B |
| 2026 | 2.88B |
| After | 3.10B |
The share count tells the same story. Oracle had 5.07 billion shares in June 2011 and 2.66 billion in June 2022, 47% fewer.
Oracle sold $25 billion of stock earlier this year, counting the preferred stock. Monday's sale would bring that to $35 billion. After it, the count would be about 3.10 billion, above the 3.07 billion of June 2020.
For owners the change is simple to see. For years each share stood for a growing piece of Oracle, because the company kept buying others back. Now each new sale makes every piece a little smaller, while the filings still list buybacks among the possible uses of the money.
What to watch
- The final price, share count and bond rates: Oracle's final offering documents, filed with the SEC once the banks price each sale.
- Whether any of the bonds repays old debt, which sets how much of the limit is left: the final notes filing and Oracle's report for the quarter ending November 30.
Our numbers
Share counts after the sale use the stock filing's own example price, the October 30 close of $130.67. The totals for 2026 and fiscal 2027 assume both of Monday's sales close at their stated size. Oracle's funding limit leaves out bonds that refinance old debt, and the filings do not say how much of the new bonds will do that.
- 2.5% more shares: 76,528,659 new shares against 3,023,726,695 outstanding at August 31, 2026.
- 5.7% fall: the $123.17 trade at 10:16 a.m. Eastern time on November 2 against the $130.67 close of October 30.
- About 81 million shares, 2.7% more: $10 billion divided by that $123.17 trade.
- About 7.6% more shares than in June: 3,100,255,354 after the sale against 2,880,471,000 on June 12, 2026.
- Above the June 2020 count: 3.10 billion after the sale against 3,068,682,000 on Oracle's June 16, 2020 annual report cover.
- 47% fewer shares from 2011 to 2022: 5,065,515,000 in June 2011 against 2,664,926,000 in June 2022.
- 16% more shares than at the June 2022 low: 3,100,255,354 after the sale against 2,664,926,000.
- $153 billion of buybacks: cash Oracle paid for its shares in fiscal 2012 to 2022, added from its annual reports, in dollars of each year.
- $92.6 billion of buybacks: $36.14 billion, $19.24 billion, $20.93 billion and $16.25 billion in fiscal 2019 to 2022, before rounding.
- About $153 million a year of extra dividends: 76,528,659 new shares at $0.50 a quarter, for four quarters.
- $35 billion of stock in 2026: $5 billion of preferred stock, $20 billion of common stock sold over the summer and Monday's $10 billion.
- $40 billion in fiscal 2027: the summer's $20 billion of common stock plus Monday's $10 billion of stock and $10 billion of bonds.
- About 11% rise on October 28: the $145.29 last regular session trade against the $130.52 last regular session trade of October 27.
- $70 billion in 2026: $25 billion and $10 billion of bonds plus the $35 billion of stock.
Frequently asked questions
Why is Oracle stock falling today?
The likely reason is Oracle's filing on November 2, 2026 to sell $10 billion of new common stock and $10 billion of bonds. The stock slid as the filings landed. New shares spread the company over more pieces. The stock traded at $123.17 at 10:16 a.m. Eastern time, 5.7% below Friday's close of $130.67.
How many shares is Oracle offering?
The filing does not fix a number, only a $10 billion total. At Friday's $130.67 that is 76,528,659 shares, against the 3.02 billion Oracle had at the end of August.
Does Oracle stock pay dividends?
Yes. Oracle pays $0.50 a share each quarter, most recently on October 23, 2026. Its board decides each payment, and preferred holders must be paid their dividends first.
Is Oracle still buying back its stock?
Oracle reported no buybacks from June to August 2026 and spent $95 million on buybacks in fiscal 2026, against $36.1 billion in fiscal 2019. It still has $6.3 billion of board approval to buy back shares.
How much money has Oracle raised in 2026?
Before Monday, $25 billion of bonds, $5 billion of preferred stock and $20 billion of common stock. Monday's two sales would add $20 billion if both close, for $70 billion in the year.
Sources
- Oracle prospectus supplement for $10 billion of common stock, November 2, 2026 (StockTitan)
- Oracle prospectus supplement for $10 billion of notes, November 2, 2026 (StockTitan)
- Oracle automatic shelf registration, Form S-3ASR, November 2, 2026 (StockTitan)
- Oracle Investor Day 2026 release, October 28, 2026 (StockTitan)
- Oracle equity and debt financing plan for calendar 2026, February 1, 2026 (StockTitan)
- Oracle first quarter fiscal 2027 results, September 10, 2026 (StockTitan)
- Oracle fourth quarter and fiscal 2026 results, June 10, 2026 (StockTitan)
- Oracle stock overview (StockTitan)
- Form 424B5, common stock, SEC EDGAR
- Form 424B2, notes, SEC EDGAR
- Oracle Form 10-Q for the quarter ended August 31, 2026, SEC EDGAR
- Oracle Form 10-K for fiscal 2026, SEC EDGAR
- Oracle prospectus supplement for $25 billion of notes, February 2026, SEC EDGAR
- Oracle buybacks by fiscal year as filed, SEC XBRL data
- Oracle shares outstanding on each annual report cover, SEC XBRL data
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.