Profit rose and free cash flow fell at 45 US companies
A screen of 3,631 SEC filers found 45 companies whose profit rose while free cash flow fell. A third still converted above 100%. What sorts them.
7 primary sources · 1 correctionTicker · 5 articles
Oracle (ORCL)
Oracle research begins with cash remaining after capital investment. The dedicated analysis subtracts spending from operating cash flow in the company filing. Related screens compare that result with reported profit and other large spenders, while the macro research considers why lower policy rates need not immediately reduce a company interest bill.
Last checked Aug 20, 2026 All companies
Where to start
Oracle's free cash flow was −$23.7B in its own 10-K is the dedicated analysis behind this research file. The articles below distinguish this company’s own results from comparisons and supply-chain context.
How to read these figures
Negative free cash flow can reflect investment as well as weak operations. The calculation identifies a funding gap; it does not forecast whether that investment will earn a return. Each group below links to the article that establishes its period, definition and source. These are dated research findings, not current market quotes.
CoreWeave, Boeing and 14 more outspent their cash flow
CoreWeave spent 337% of operating cash flow and Boeing 276%. A screen identifies large qualifying SEC filers whose capex exceeded operating cash flow.
6 primary sources · 2 correctionsUS capex overtook buybacks in 2025. Five names did it
Capital spending reached $764.7bn against $727.9bn of buybacks across 361 listed companies, the first time since 2021. Remove five names and it reverses.
5 primary sources · 1 correctionOracle's free cash flow was −$23.7B in its own 10-K
Oracle's capital expenditure rose 26-fold in five years to $55.7bn, funded by $43bn of new senior notes. Performance obligations went $138bn to $638bn.
3 primary sources · 1 correctionThe Fed has cut since 2024. Interest costs kept rising
Interest expense rose again in 2025 across 191 listed non-financial companies, the second full year of Fed cuts. They pay 40.3% more than in 2021.
5 primary sources · 1 correctionFigures we worked out for ORCL
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| Profit rose and free cash flow fell at 45 US companies | ||
| Oracle free cash flow, fiscal 2026 | −$23,686m | 31977 - 55663 |
| Oracle cash conversion | −138.6% | (31977 - 55663) / 17087 |
| CoreWeave, Boeing and 14 more outspent their cash flow | ||
| Oracle ratio | 1.74× | 55663 / 31977 |
| Oracle capex growth Y/Y | +162.4% | 55663 / 21215 - 1 |
| Oracle operating cash flow growth Y/Y | +53.6% | 31977 / 20821 - 1 |
| Oracle's free cash flow was −$23.7B in its own 10-K | ||
| Capex increase over five years | 26.07× | 55663 / 2135 |
| Capex as share of revenue | +82.6% | 55663 / 67357 |
| Revenue growth in fiscal 2026 | +17.3% | 67357 / 57399 - 1 |
| Revenue growth over five years | +66.4% | 67357 / 40479 - 1 |
| Interest expense growth | +28.5% | 4599 / 3578 - 1 |
| Remaining performance obligations multiple | 4.62× | 638 / 138 |
| Senior notes issued across two years | $57.00bn | 43 + 14 |
12 figures from 3 articles. Totals and industry averages that belong to no single company are not listed here.
Company-specific SEC sources
- Oracle Corporation — SEC filing history (CIK 0001341439)Spot-checked: operating cash flow $31,977M, capex $55,663M, fiscal year ended 31 May 2026
- Oracle Corporation — Form 10-K, fiscal year ended May 31 2026Free cash flow table, interest expense discussion, remaining performance obligations
- Oracle Corporation — SEC EDGAR filing historyCIK 0001341439 · fiscal year ends 31 May
3 documents, deduplicated. Only SEC sources explicitly identified with this company are listed here. Broader research sources remain in the linked articles.