EnterpriseORCLSEP 11, 2026

Oracle prints $19.35B on 30% growth, $664B backlog as OCI more than doubles

ORCL rose 4% after-hours as Q1 FY27 cloud infrastructure revenue jumped 121% to $7.4B and RPO grew $209B year-over-year.

BY GRETA REINHART · ENTERPRISE SAAS

Oracle printed $19.35 billion in fiscal Q1 2027 revenue, up 30% in USD and constant currency, with cloud infrastructure revenue up 121% to $7.4 billion and remaining performance obligations swelling to $664 billion. Shares climbed roughly 4% after-hours to $159.58, from a regular-session close of $152.94; Quartz clocked the move nearer 7%. Non-GAAP EPS of $1.92 beat the LSEG consensus of $1.74. GAAP net income available to common shareholders reached $4.68 billion, or $1.56 diluted, against $2.93 billion a year ago.

The RPO figure is the number to sit with. Backlog jumped $209 billion year-over-year, blowing past the $630.6 billion StreetAccount consensus, and Oracle booked more than $30 billion of additional AI cloud contracts in the quarter alone. It’s the ninth straight quarter of infrastructure revenue acceleration, and GPU utilization sits at 97.9%. When utilization is that tight, price isn’t going down.

Total cloud (IaaS plus SaaS) grew 62% to $11.6 billion. Software revenue, still Oracle’s inherited base, slipped 3% to $5.55 billion. Non-GAAP operating income rose 31% to $8.15 billion, a 42% margin. Oracle delivered more than 300,000 GPUs and 850 megawatts of additional datacenter capacity since the end of Q4.

The cost of that build is now visible on the other side of the ledger. Q1 capex ran $28.5 billion, versus $8.5 billion a year ago. Free cash flow was negative $5.4 billion, against negative $362 million. Total debt sits at $125 billion, interest expense climbed 55% to $1.43 billion, and property, plant and equipment jumped from $100.0 billion at May 31 to $127.8 billion. Oracle sold $20 billion of common stock through its ATM program in the quarter.

Guidance: at least $90 billion for the full year with $8.10 non-GAAP EPS (versus $89.76 billion and $8.07 consensus), Q2 revenue growth of 30% to 34%, Q2 non-GAAP EPS of $1.85 to $1.93, and $90–95 billion in full-year capex, or a $70 billion net cash ceiling after customer prepayments and financing. A ten-year, $7 billion Pentagon contract underwrites part of the demand story.

The print rhymes with Broadcom’s $29.6B quarter and $230B AI-revenue trajectory and Nvidia’s 106% surge to $96.2B. CEO Clay Magouyrk and CFO Hilary Maxson are financing the buildout the way railroads financed track in the 1880s: debt, equity, and forward contracts against capacity that doesn’t yet exist. The cost floor isn’t softening this year.

Sources

About the author

Greta Reinhart

ENTERPRISE SAAS

Greta Reinhart tracks the enterprise software stack from San Francisco — data platforms, AI bundling, seat pricing, and channel checks across the largest SaaS vendors. She files on go-to-market shifts, packaging changes, and quarterly enterprise reads.