Not all phenomenal actors actually win Oscars even if they deserve it. Sometimes, it is based on the other competitors that are also wanting to win an Oscar and it could be the movie that the actor starred in. Either of these could cause an actor to not win an Oscar. However, a veteran actor should have received an Oscar based on their experience in the past.
Tom Cruise has never won an Oscar which there may be a reason behind that and it may include people who choose the winners. However, Cruise has won other awards for his movies including Empire awards, Golden Globe awards, and MTV movie awards. Unfortunately, he has also won a few Razzies which are for worst performances.