Oracle granted Larry Ellison and co-CEOs Clay Magouyrk and Mike Sicilia combined stock options worth $988 million in fiscal 2026, but all became underwater by year-end as Oracle stock fell 53% over 12 months to $137, with strike prices ranging from $280 to $308. Despite the options being worthless, Oracle's cloud business surged with 39% revenue growth and $34 billion in cloud revenue, and the company stated the underwater options demonstrate its performance-based compensation is working as intended.