Oracle Corp.

Q1 performance: strong acceleration across OCI + SaaS/apps - Total revenue: $19.3B, +30% YoY (USD). - Record quarter: and for the first time Q1 grew sequentially (a notable “no longer seasonal downturn” sign). - OCI (cloud infrastructure) revenue: $7.4B, +121% YoY (also after Q4 at +93%), reflecting continued AI compute/database demand and increased delivered capacity. - Cloud apps: +10% YoY; Fusion +14%; industry apps >20% (not called out in guidance but cited as such).

Profitability & EPS: operating leverage, but gross margin pressured by infrastructure ramp - Non-GAAP operating income: $8.2B, +31% YoY (in USD), driven by operating leverage. - Operating margin (non-GAAP): ~flat at 42%, despite pressure elsewhere. - Gross margin declined (expected) due to data center ramp + acceleration in infrastructure revenue, partially offset by lower operating costs/simplification and efficiency. - Non-GAAP EPS: $1.92, +30% YoY (USD).

RPO + backlog conversion into revenue: a key “surprise” inflection - RPO (remaining performance obligations): + $26B vs Q4 (large build). - Management claims most new RPO is via prepay/BYOH-style mechanics (so it generally doesn’t require Oracle incremental capital from Oracle). - Conversion into revenue is already happening: cloud infrastructure growth was boosted by RPO conversion this quarter. - Expectation: ~half of RPO converts to sales over the next 36 months. - Investor-relevant metric trend: trailing 12-month revenue and operating income growth accelerated from Q4 to Q1.