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How much of the AI buildout is debt the balance sheets do not show yet, and who carries it if a tenant walks away? Settles

For the six months ended November 30, 2026, does Oracle's increase in deferred revenues from customer prepayments with significant financing component exceed 40% of its net cash provided by operating activities?

Divide the line for the increase in deferred revenues from customer prepayments with significant financing component by net cash provided by operating activities, both for the six months ended November 30, 2026, as printed in the statement of cash flows of the earnings release, or of the Form 10-Q when the release does not print the six months.

Source: SEC EDGAR, Oracle second-quarter fiscal 2027 results (Form 8-K, Exhibit 99.1) and Form 10-Q, statements of cash flows (CIK 1341439)

  • The lease is already debt Signed leases and guarantees are debt today, kept off the books to spare the ratings, on buildings that have no sublease market.
  • The cash flows cover it The tenants' cash businesses service the debt; a lab failure hits equity, not bonds, and guarantees are how deals this size clear.

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