Companies/Technology/Enterprise software and cloud infrastructure

Oracle

ORCL · NYSEEarnings Dec 10 (est.)Austin, Texas141.0K employeesWebsite ↗
143.43▲ 4.66%Pooled price · full market data →

What matters nowUpdated 10 h ago

  • The latest developments are negative for the AI-backlog story: on October 8 the Financial Times reported that OpenAI told investors its annualized revenue was close to $50 billion at the end of September, well below the roughly $70 billion figure reported in late September, and Oracle fell nearly 5% that day to about $136.82, with a large share of its backlog tied to OpenAI 1. The same day Bloomberg reported Oracle is weighing trucked compressed natural gas for the 2.45 GW Project Jupiter campus in New Mexico, because the gas pipeline start slipped from August 15, 2026 to February 1, 2027, and trucked gas costs about four times pipeline gas and cannot supply the full campus 2.
  • The stock is at $136.485, a pooled 24/7 venue price across seven venues at 11:52 UTC on October 13, down 0.41% from the $137.05 previous close, with open interest of $54.4M and an 8-hour funding rate of 0.0075%. The recorded October 8 move of -5.38% is attributed to a semiconductor and AI-infrastructure selloff (Intel -5.82%, Micron -5.10%, Nvidia -2.87%, QQQ -1.41%) and no Oracle-specific cause is recorded, although the Project Jupiter report says shares fell about 5.5% after it 2. No explanation is recorded for the +4.98% move on September 29, where the Fusion Claw launch and a director purchase are candidates 3 4, or for the -7.26% move on September 11.
  • As of August 31, 2026 trailing revenue was $71.8B, up 25.0% year on year after 45.4% growth in the latest quarter, with trailing EPS of $6.38 (up 47.0%), an operating margin of 32.1% and a net margin of 26.4%, and at a $412.7B market cap Oracle traded on a P/E of 21.4 and a P/S of 5.75. Remaining performance obligations reached $664B, and fiscal 2026 capex of $55.7B came against negative free cash flow of $23.7B. Over 180 days insiders sold 451,075 shares worth $71.6M, four of the five sales planned, against one director purchase of 25,000 shares worth $3.5M, a filing whose wording must be checked before its direction is relied on 4.
  • Next, US CPI for September is due October 14 at 12:30 UTC, and PPI and advance retail sales follow on October 15 at 12:30 UTC, while Polymarket puts 80.5% on no Fed rate change after the October 2026 meeting and 19.5% on a 25 bp increase.
  • Oracle's Q2 FY2027 earnings are estimated for December 10, 2026 at day precision and are not confirmed, against company guidance (not consensus) of 30% to 34% revenue growth and non-GAAP EPS of $1.85 to $1.93, and the proxy for the virtual 2026 annual meeting on November 18, 2026 has been filed 5.

Oracle sells cloud infrastructure (OCI) for AI training and inference, SaaS applications, database software, licences and support, hardware and consulting services. Fiscal 2026 (ended May 31, 2026) revenue was $67.4 billion, up 17%, with cloud 51% of revenue. Remaining performance obligations (contracted backlog) reached $638 billion at May 31, 2026 and $664 billion at August 31, 2026, mostly from large AI infrastructure contracts. Fiscal 2026 capex was $55.7 billion and free cash flow was negative $23.7 billion.

How it makes money

Oracle earns most of its money from cloud and software subscriptions. Cloud infrastructure (IaaS) rents GPU and CPU capacity to AI labs and enterprises, and grew 77% in fiscal 2026 to $18.1 billion. Cloud applications (SaaS) earn subscription fees and grew 11% to $15.9 billion. License support, on-premise licences, hardware and services make up the rest. Large AI customers either prepay or supply their own GPUs, which lifts backlog but drives heavy capex and borrowing.

Last 12 monthsChart & venues →

119.54178.66237.77Oracle falls about 5% as FT reports OpenAI annualized revenue near $50 billion1Oracle shares rise about 6% before the open after fiscal Q1 beat2Oracle reports fiscal Q1 2026 results: revenue $19.34B, up 45% from a year earlier3Oracle lifts FY2027 EPS outlook to $8.10 and keeps revenue at least $90 billion4Oracle completes $20 billion at-the-market common stock sale5S&P cuts Oracle to BBB-, one notch above junk, on AI spending and cash deficit6Oracle has worst week since 2001, down about 19% as funding fears grow7Oracle shares fall about 10% on $40B FY2027 funding plan despite Q4 beat8Dec 31Mar 13May 23Aug 2Oct 12
Numbered dots: the stories that mattered. Click one.

Valuation & fundamentalsFull financials →

Market cap$433.73Bpooled price × shares
Enterprise value$433.73B+ net debt —
P/E (TTM)22.5×EPS $6.38
EV / EBITDA—EBITDA —
P / Sales6.0×EV/Sales 6.0×
P / Book6.5×equity $66.77B
FCF yield—FCF —
Shareholder yield1.4%div 1.39% · buyback —
Revenue (TTM)$71.78B25.0% YoY
Last quarter revenue45.4%growth YoY
EPS growth (TTM)47.0%last Q 51.5%
Gross margin—operating 32.1%
Net margin26.4%EBITDA —
ROE43.4%on average equity
Cash$36.37Bdebt —
Shares out3.02Bdiluted 3.00B

TTM through 2026-08-31 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →

Biggest businessesAll products & projects →

scalinginfrastructure

Oracle Cloud Infrastructure (OCI)

IaaS revenue rose 121% to $7.4 billion in Q1 FY2027, while capex reached $28.5 billion and free cash flow was negative $5.4 billion.

Cloud infrastructure (IaaS) revenue · Q1 FY2027 (quarter ended August 31, 2026)
$7.4 billion (7,388M) +121% in USD, +120% in constant currency
Cloud infrastructure (IaaS) revenue · FY2026 (ended May 31, 2026)
$18.1 billion (18,101M) +77% year over year
Capital expenditures · Q1 FY2027 (quarter ended August 31, 2026)
$28.5 billion (28,499M) from $8.5 billion a year earlier; net cash outlay after customer funding $18.0 billion

Next: Q2 FY2027 guidance (quarter ending November 30, 2026): total revenue growth of 30% to 34% · 2026-11-30

scalingplatform

Remaining performance obligations (RPO) backlog

Backlog reached $664 billion at August 31, 2026, mostly from AI cloud contracts that customers prepay or fund with their own GPUs.

Remaining performance obligations · Q1 FY2027 (August 31, 2026)
$664 billion +$209 billion year over year
Additional AI cloud contracts booked · Q1 FY2027 (quarter ended August 31, 2026)
more than $30 billion
Remaining performance obligations · FY2026 (May 31, 2026)
$638 billion +$85 billion from $553 billion in Q3 FY2026; +363% year over year
scalinginfrastructure

Stargate and OpenAI capacity

The 4.5 GW Oracle–OpenAI plan was announced in July 2025. Bloomberg reported in March 2026 that the Abilene expansion was dropped; Oracle called those reports false and incorrect.

Additional Stargate data center capacity agreed with Oracle (planned) · Announced July 22, 2025
4.5 GW
launchedservice

Cloud applications (SaaS)

Growing about 10% a year; now less than half of cloud revenue as IaaS takes over.

Cloud applications (SaaS) revenue · Q1 FY2027 (quarter ended August 31, 2026)
$4.2 billion (4,219M) +10% in USD and constant currency
Cloud applications (SaaS) revenue · FY2026 (ended May 31, 2026)
$15.9 billion (15,888M) +11% year over year
Share of total cloud revenue · FY2026
47% down from 58% in FY2025

Latest newsAll news →

Marvell, Microsoft and Oracle form OCP working group on server-level hardware security

Marvell, Microsoft and Oracle founded a new Open Compute Project working group to define an open specification for an integrated hardware security module at the server level.

Deal

Oracle falls about 5% as FT reports OpenAI annualized revenue near $50 billion

The Financial Times reported that OpenAI told investors its annualized revenue was close to $50 billion at the end of September, well below the roughly $70 billion figure reported in late September.

News

Oracle weighs trucked natural gas for Project Jupiter as pipeline delays bite; shares fall about 5.5%

Bloomberg reported on October 8, 2026 that Oracle is considering trucking compressed natural gas to the 2.45 GW Project Jupiter campus in New Mexico, because the gas pipeline is delayed.

Project

AI infrastructure stocks fall after OpenAI puts annualized revenue near $50 billion

OpenAI told investors its annualized revenue was about $50 billion at the end of September, below the roughly $68 billion to $70 billion figure that had circulated in late September.

News

Oracle director Stephen Rusckowski buys 25,000 shares for about $3.5 million

A Form 4 filed October 1, 2026 shows director Stephen H.

Insiders

Oracle launches Fusion Claw runtime and 25 Claw-powered Fusion agentic apps

Oracle announced Fusion Claw on September 29, 2026 through PR Newswire, a governed execution runtime for its Fusion Agentic Applications.

Product