Oracle (ORCL)
Oracle (ORCL) is the hyperscale anchor of the US AI data center concept. In fiscal Q4 2026, reported June 10, 2026, cloud infrastructure revenue grew 93% to $5.8 billion and remaining performance obligations reached $638 billion, up 363%, swollen by AI contracts including OpenAI’s Stargate. Fiscal 2027 revenue is guided to $90 billion.
| Ticker | ORCL |
|---|---|
| Exchange | NYSE |
| Sector | Information Technology · Cloud Infrastructure & Software |
| Country | United States |
| Held by ETF | TIGER US AI Data Center TOP4 Plus ETF (0142D0) |
| Wikidata | Q19900 |
| Last updated | 2026-06-11 |
Next event:Next earnings · fiscal Q1 2027, estimated · Calendar-estimated from the prior year (Oracle reported fiscal Q1 2026 on September 9, 2025); not yet company-confirmed. Last report: fiscal Q4 2026 on 2026-06-10. Confirm on Oracle IR. (source)
Latest reported quarter:Fiscal Q4 2026 (ended May 31, 2026) (reported2026-06-10)
Oracle reported record fiscal Q4 2026 revenue of $19.2 billion, up 21%, with total cloud revenue up 47% to $9.9 billion and cloud infrastructure (IaaS) up 93% to $5.8 billion. GAAP EPS rose 21% to $1.45 and non-GAAP EPS 24% to $2.11. Remaining performance obligations grew $85 billion in the quarter to $638 billion, up 363% year over year, and fiscal-year operating cash flow was a record $32.0 billion against negative $23.7 billion of free cash flow.
| Revenue | $19.2B+21%YoY · FY2026 total revenue $67.4B, +17% |
|---|---|
| Cloud infrastructure (IaaS) revenue | $5.8B+93%YoY · Total cloud revenue $9.9B, +47% |
| Non-GAAP EPS | $2.11+24%YoY · GAAP $1.45; includes one-time investment gains ($2.03 excluding) |
| Remaining performance obligations | $638B+363%YoY · Up $85B QoQ from $553B; mostly large-scale AI contracts |
| FY2026 free cash flow | $(23.7)B · Operating cash flow a record $32.0B; capex funds AI data centers |
Revenue by segment
| Cloud Infrastructure (IaaS) | $5.8B · 30.2%of revenue+93% YoY |
|---|---|
| Cloud Applications (SaaS) | $4.1B · 21.4%of revenue+10% YoY |
| Software | $6.8B · 35.4%of revenue-2% YoY |
| Services | $1.5B · 7.8%of revenue+13% YoY |
| Hardware | $0.9B · 4.7%of revenue+9% YoY |
Guidance:Fiscal year 2027 (and Q1 FY2027)
| FY2027 total revenue | $90B · Prior guidance confirmed |
|---|---|
| FY2027 non-GAAP EPS | $8.05 · Raised; +18% adjusted for one-time FY2026 gains |
| Q1 FY2027 revenue growth | +27% to +29% |
| Q1 FY2027 cloud revenue growth (USD) | +58% to +64% · Non-GAAP EPS $1.72-1.76 in USD |
Guidance given with fiscal Q4 2026 results on June 10, 2026; FY2027 capex was framed at about $70 billion net on the call.
Recent & upcoming events
- · Stargate Project announced.OpenAI, SoftBank, and Oracle announced the Stargate Project, intending to invest $500 billion over four years in 10 gigawatts of AI infrastructure in the United States. (source)
- · OpenAI and Oracle add 4.5 GW of Stargate capacity.OpenAI and Oracle agreed to develop an additional 4.5 gigawatts of Stargate data-center capacity in the U.S., taking Stargate capacity under development above 5 gigawatts as parts of the Abilene, Texas site came online. (source)
- · Fiscal Q4 2026: RPO reaches $638 billion.Record Q4 revenue of $19.2B with IaaS up 93%; RPO grew $85B in the quarter to $638B, prepaid and customer-supplied hardware in AI contracts totaled $75B, and CEO Clay Magouyrk said nearly a gigawatt of capacity would come online in the current quarter. (source)
Fiscal Q4 2026 figures are from Oracle's 8-K Exhibit 99.1 (quarter ended May 31, 2026); segment shares are calculated from reported revenue lines. FY2027 capex framing and the gigawatt comment are from the earnings call.
Figures are as of 2026-06-11 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Oracle do?
Oracle spans the full enterprise stack: Oracle Cloud Infrastructure (OCI), cloud applications, the flagship database and other software, services, and hardware. The fiscal Q4 2026 revenue mix shows where the growth lives: cloud infrastructure earned $5.8 billion (up 93%), cloud applications $4.1 billion (up 10%), software $6.8 billion (down 2% on cloud migration), services $1.5 billion, and hardware $0.9 billion (Oracle 8-K, Jun 10, 2026). For the full fiscal year 2026, revenue reached a record $67.4 billion, up 17%, with cloud revenue up 39% to $34.0 billion. The AI pivot is also reshaping legacy lines: the Multicloud AI Database grew 404% in Q4, which Oracle called its fastest-growing business ever.
How is AI driving Oracle’s business?
Through the largest contracted backlog in software history. Remaining performance obligations grew $85 billion in a single quarter to $638 billion, up 363% year over year, and Oracle says most of the Q3 and Q4 increases were large-scale AI contracts, including arrangements where customers prepaid for GPUs or supplied the hardware themselves, now totaling $75 billion (Oracle 8-K, Jun 10, 2026). The flagship program is Stargate: OpenAI, SoftBank, and Oracle announced it in January 2025 with an intent to invest $500 billion in 10 gigawatts of U.S. AI infrastructure (OpenAI, Jan 21, 2025), and in July 2025 OpenAI and Oracle agreed to develop an additional 4.5 gigawatts of capacity (OpenAI, Jul 22, 2025). On the Q4 call, CEO Clay Magouyrk argued the moat is operational, not just financial:
“These people are relying on what we do at Oracle to run and maintain these massive clusters every day.”
— Clay Magouyrk, CEO, Oracle (Q4 2026 earnings call)
Magouyrk also said Oracle plans to bring nearly a gigawatt of capacity online in the current quarter, roughly matching everything it added in fiscal 2026 (Q4 2026 earnings call).
What did Oracle report most recently?
In fiscal Q4 2026 (the quarter ended May 31, 2026), Oracle posted record revenue of $19.2 billion, up 21%, with GAAP EPS of $1.45 (up 21%) and non-GAAP EPS of $2.11 (up 24%, or $2.03 excluding one-time investment gains) (Oracle 8-K, Jun 10, 2026). Total cloud revenue rose 47% to $9.9 billion. Fiscal-year operating cash flow was a record $32.0 billion, up 54%, but free cash flow was negative $23.7 billion as AI data-center construction consumed capital; Oracle raised $43 billion of debt and $5 billion of equity during the year. The board declared a $0.50 quarterly dividend.
What is Oracle’s guidance?
For fiscal 2027, Oracle confirmed total revenue guidance of $90 billion and raised non-GAAP EPS guidance to $8.05, an 18% increase after adjusting for fiscal 2026’s one-time gains (Oracle 8-K, Jun 10, 2026). For Q1 FY2027 it guided revenue growth of 27-29% and USD cloud revenue growth of 58-64%, with non-GAAP EPS of $1.72-1.76. Management framed fiscal 2027 capex at about $70 billion net of $20-25 billion of customer prepayments, and said it expects to raise roughly $40 billion of financing in fiscal 2027 with no additional debt issuance in calendar 2026 (Q4 2026 earnings call; Oracle 8-K).
What are the risks for Oracle?
- Free-cash-flow inversion. Negative $23.7 billion of fiscal 2026 free cash flow and roughly $70 billion of net fiscal 2027 capex make returns dependent on backlog converting on schedule (Oracle 8-K).
- Counterparty concentration. A large share of RPO traces to OpenAI and a handful of AI customers whose own funding needs are enormous; backlog is only as good as the counterparty paying it.
- Leverage. $43 billion of debt raised in fiscal 2026, with about $40 billion more planned, raises sensitivity to rates and credit conditions.
- Margin mix. AI infrastructure carries lower gross margins than Oracle’s legacy software, so the revenue mix shift pressures profitability even as growth accelerates.
Related securities, concepts & terms
Oracle is the hyperscale anchor of the US AI Data Center concept, the buyer-side counterpart to neoclouds like CoreWeave.
- US AI Data Centerparent
- US AI Semiconductorrelated
- CoreWeave (CRWV)sibling
- NVIDIA (NVDA)related
- Data Center Powerrelated
Related indices & ETFs
- TIGER US AI Data Center TOP4 Plus ETF (0142D0) · Mirae Asset Global InvestmentsKorea-listed ETF (December 9, 2025) tracking the Akros index behind this concept; total annual fee 0.49%.
- Akros U.S. AI Data Center TOP4 Plus Index (AUAIDC) · Akros Technologies, Inc.The proprietary Akros index that frames this concept and the benchmark the TIGER ETF tracks.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Oracle
What does Oracle do?
Oracle sells cloud infrastructure (OCI), cloud applications, database and other software, services, and hardware. In fiscal Q4 2026 the mix was $5.8 billion of IaaS (up 93%), $4.1 billion of SaaS (up 10%), $6.8 billion of software, $1.5 billion of services, and $0.9 billion of hardware, for record total revenue of $19.2 billion (Oracle 8-K, Jun 10, 2026). AI infrastructure has become the growth engine: full fiscal 2026 cloud revenue rose 39% to $34.0 billion.
What was Oracle's latest quarterly revenue?
Oracle reported record fiscal Q4 2026 revenue of $19.2 billion (quarter ended May 31, 2026), up 21% year over year, with GAAP EPS of $1.45 (up 21%) and non-GAAP EPS of $2.11 (up 24%) (Oracle 8-K, Jun 10, 2026). Cloud infrastructure revenue grew 93% to $5.8 billion, and full fiscal 2026 revenue reached a record $67.4 billion, up 17%.
What is Oracle's guidance?
For fiscal 2027, Oracle confirmed total revenue guidance of $90 billion and raised non-GAAP EPS guidance to $8.05; for Q1 FY2027 it guided total revenue growth of 27-29% and USD cloud revenue growth of 58-64%, with non-GAAP EPS of $1.72-1.76 (Oracle 8-K, Jun 10, 2026). On the call, management framed fiscal 2027 capital expenditures at about $70 billion net of customer prepayments (Q4 2026 earnings call).
When does Oracle report its next earnings?
Oracle is expected to report fiscal Q1 2027 results around mid-September 2026, calendar-estimated from the prior year (it reported fiscal Q1 2026 on September 9, 2025) and not yet company-confirmed, so check Oracle's investor-relations site (Oracle IR). It last reported fiscal Q4 2026 on June 10, 2026.
What is Oracle's RPO and why does it matter?
Remaining performance obligations, Oracle's contracted future revenue, ended fiscal Q4 2026 at $638 billion, up 363% year over year and up $85 billion from the end of Q3 (Oracle 8-K, Jun 10, 2026). Most of the increase came from large-scale AI contracts, including arrangements where customers prepaid for GPUs or supplied them, now totaling $75 billion. Oracle expects 12% of RPO to convert to revenue within 12 months, making it the clearest forward measure of the AI data-center build-out.
Why is Oracle part of the US AI data center concept?
Because it is the concept's hyperscale anchor: the cloud building the largest disclosed AI data-center program in the U.S. Its Stargate partnership with OpenAI covers 4.5 gigawatts of additional capacity (OpenAI, Jul 22, 2025) within a $500 billion, 10-gigawatt program (OpenAI, Jan 21, 2025), and its $638 billion backlog converts that build-out into contracted revenue (Oracle 8-K).
Sources & references
- Oracle Announces Record Q4 and FY 2026 Results (SEC 8-K, Exhibit 99.1) · Oracle Corporation / SEC EDGAR, 2026-06-10
- Oracle (ORCL) Q4 2026 earnings call transcript · The Motley Fool, 2026-06-10
- Stargate advances with 4.5 GW partnership with Oracle · OpenAI, 2025-07-22
- Announcing The Stargate Project · OpenAI, 2025-01-21
- Oracle · investor relations · Oracle Corporation, 2026-06-11