Oracle — 2026Q2 财报

“Total quarterly revenues increased 21% to $19.2 billion, reflecting broad-based demand for Oracle's industry-leading cloud technology and applications suites.”

Record quarterly revenue of $19.2 billion, up 21%, led by cloud demand.

“Cloud revenues (IaaS + SaaS) increased 47% to $9.9 billion driven by 93% growth in Cloud Infrastructure (IaaS), and 10% growth in Cloud Applications (SaaS).”

Total cloud revenue reached $9.9 billion, up 47%, with Cloud Infrastructure (IaaS) growing 93% — the engine of the quarter.

“Remaining Performance Obligations, or RPO, ended the quarter at $638 billion, up 363% USD year-over-year and up $85 billion sequentially from the end of Q3.”

Remaining Performance Obligations hit $638 billion, up 363% year over year and up $85 billion in the quarter alone.

“The prepaid and customer supplied hardware portions of our large AI contracts now total $75 billion. This substantially reduces the amount of capital Oracle must raise to build out our AI datacenters.”

$75 billion of the large AI contracts is prepaid or customer-supplied hardware, easing how much capital Oracle itself must raise for AI datacenters.

“Oracle’s strong operating income translated to record fiscal year operating cash flow of $32.0 billion, up 54%. Free cash flow was negative $23.7 billion for fiscal year 2026 as Oracle continued to execute on investments to support the growth of its Cloud Infrastructure business.”

FY26 operating cash flow was a record $32.0 billion, up 54%, but free cash flow was negative $23.7 billion because of the AI infrastructure buildout.

“For fiscal year 2027, we confirm our prior revenue guidance of $90 billion total revenue and raise our non-GAAP EPS guidance to $8.05, which is growth of 18% 1 after adjusting for the one-time events of selling our Ampere chip business and Bloom Energy warrants in fiscal year 2026.”

FY27 guidance: revenue outlook confirmed at $90 billion and non-GAAP EPS guidance raised to $8.05.

“Q4 finalized an impressive FY 2026, where we delivered more than 1.2 gigawatts to customers. Our pace of delivery continues to accelerate, our FY 2027 Q1 delivery approaching 1 gigawatt, nearly the same capacity as we have delivered in the previous 4 quarters combined.”

Co-CEO Clayton Magouyrk said datacenter delivery is accelerating sharply — over 1.2 gigawatts delivered in FY 2026 and Q1 FY 2027 alone approaching 1 gigawatt.

“Our global GPU utilization rate is 97.5%.”

Magouyrk said capacity is essentially sold out, citing 97.5% global GPU utilization.

“So indeed, for fiscal year 2027, we expect around 70 billion in net cash outlay for capital expenditures.”

CFO Hilary Maxson put FY 2027 net cash outlay for capital expenditures at around $70 billion (excluding $20-25 billion of customer prepayments/timing).

“Customer demand and our growing visibility into future revenue is what underpins the long term financial outlook we shared at our most recent Analyst Day of +31% revenue CAGR and +28% EPS CAGR through our fiscal year 2020 30.”

Maxson reaffirmed the Analyst Day long-term outlook of +31% revenue CAGR and +28% EPS CAGR, grounded in RPO visibility.