Ben Reitzes's questions to Oracle Corp (ORCL) leadership • Q4 2025
Question
Ben Reitzes of Melius Research LLC questioned the significant increase in capital expenditures, asking for details on what the funds were spent on and the rationale behind the $25 billion-plus guidance for the upcoming fiscal year.
Answer
CEO Safra Catz clarified that the CapEx is for revenue-generating data center equipment, not buildings, to meet immense demand for which Oracle already has orders. She suggested the $25B forecast might be conservative. CTO Lawrence Ellison described the demand as 'astronomical,' citing a customer order for all available global capacity. He also confirmed Oracle is not currently facing issues acquiring GPUs.