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.
The numbers
What it is
Contracted future revenue that Oracle has not yet recognised. It is the main measure of AI demand for Oracle, but it is not revenue and it does not show when cash comes in. Oracle's FY2026 10-K is the source for the timing of conversion to revenue.
Why it matters to the stock. A large backlog gives visibility on future cloud revenue. The concentration in a few AI customers and the funding needed to deliver it are the main risks for the stock.
News
Oracle completes $20 billion at-the-market common stock sale
Oracle said in its fiscal Q1 2027 release that it has completed the sale of $20 billion of common stock, before commissions, under its at-the-market programme.
Oracle Q4 FY2026: revenue $19.2B up 21%, non-GAAP EPS $2.11, RPO $638B
Oracle reported fiscal Q4 2026 revenue of $19.2 billion, up 21%, with cloud revenue of $9.9 billion (up 47%).
Oracle lifts FY2027 revenue guidance to $90 billion and guides Q4 cloud growth to 46-50%
Oracle raised its fiscal 2027 total revenue guidance to $90 billion in the March 10 release.