Oracle Corporation

Q4 / FY26 performance: very strong growth, driven by AI infrastructure + cloud apps - Q4 revenue: $19.2B (+21% USD YoY); Cloud Infrastructure +93%; Cloud Apps +10%. - Profitability (non-GAAP): Operating income $8.6B (+22% USD); non-GAAP EPS $2.11 (+24% USD) (benefited from one-time net investment gain; excluding it EPS +20%). - FY26 revenue: $67B+ (first time surpassing $67B); non-GAAP operating income $29B (+16% USD); non-GAAP EPS $7.63 (+27% USD) ($6.83 excluding one-time gains). - Cash flow: Operating cash flow $32B (+54%); CapEx net cash outlay $48B (includes ~$8B prepayments/timing impacts).

RPO visibility is extremely high (key forward driver) - Ending RPO: $638B (+363%)—provides visibility backed by long-term contractual commitments across AI infrastructure + cloud services. - Recognition schedule: expects 12% recognized in the next 12 months, and 34% between 13–36 months; management expects acceleration over coming quarters based on current long-term outlook.

AI infrastructure momentum (OCI): massive contract wins, capacity ramp, and strong utilization - Signed $67B AI infrastructure contracts in Q4 (majority BYO hardware or prepaid); BYO/prepaid contracts total now $75B with no degradation in margin vs other contracts. - Delivery pace: FY26 Q4 delivered >1.2 gigawatts; FY27 Q1 delivery approaching ~1 gigawatt (nearly as much as prior 4 quarters combined). - GPU utilization: 97.5% global utilization; renewal dynamics described as strong—35k GPUs (59 customers) up for renewal; 49% renewed for 92% of GPUs and “idle” is limited because capacity is reallocated within the quarter. - Supply growth / site progress: multiple major sites (e.g., Abilene ~42% of total delivered capacity; additional capacity scheduled over subsequent windows) indicating rapid scaling.