Oracle's share buybacks have slowed in recent years. Part of it might be because Oracle is running out of cash and using its borrowing power elsewhere. Oracle forecast three years of negative free cash flow on its earnings call—largely because they're spending and borrowing big to build out AI data centers—and reported $92 billion in outstanding debt at the end of May. The company also reportedly laid off around 3,000 employees this month. Still, billionaire Oracle CEO Safra Catz on Tuesday's earnings call reaffirmed Oracle's commitment to "stock repurchases, prudent use of debt and a dividend." That includes a more modest $150 million stock buyback and $4.7 billion in dividends over the last year. Around $2 billion of that dividend went to Ellison.