The contribution of spoken language to outcomes for education and beyond, including attainment, wellbeing and empowerment is long-established and has recently become more prominent under the title of oracy, often conceptualised as learning both to and through talk. Part of the renewed interest in oracy is due to its potential for driving social mobility and its role in developing cultural capital. Cultural capital has a high profile in current English education policy due to its association with "knowledge-rich" curricula and its explicit inclusion in the latest school inspection framework. In comparison with the original characterisation of cultural capital, however, policy-level cultural capital is narrowly defined. This article draws on the experiences of Oracy Leads from 12 schools to explore the motivations for their focus on oracy and the implicit and potential connections with cultural capital. It critiques reductive conceptualisations of cultural capital and oracy's role, arguing that oracy has a broader contribution to make than communicative competence and access to knowledge. Two forms of transformation are suggested: personal transformation through "exploratory" forms of talk and societal transformation through the cultivation of agency and empowerment. Aiming for these transformations may be a powerful next step for schools which are already oracy-engaged.