Oracle reported fiscal 2027 first-quarter results on September 10, 2026: total revenue of $19.3 billion, up 30 percent year over year, with cloud revenue (infrastructure plus applications) up 62 percent to $11.6 billion. Cloud infrastructure (OCI) revenue alone rose 121 percent in USD to $7.4 billion. Cloud applications (SaaS) revenue grew 10 percent to $4.2 billion, and non-GAAP earnings per share came in at $1.92.
The AI-specific numbers are the headline: Oracle booked more than $30 billion of additional AI cloud contracts during the quarter, pushing remaining performance obligations (RPO), Oracle’s backlog of contracted-but-not-yet-recognized revenue, to a record $664 billion, up $209 billion year over year. On the delivery side, Oracle says it brought 850 megawatts of additional data center capacity online in the quarter and delivered more than 300,000 GPUs to AI customers since the end of Q4. The company also states that the structure of the new contracts means no incremental impact on its plans to raise capital, which is the line to watch: a backlog this size is only as good as the balance sheet that builds against it.
For the second quarter of fiscal 2027, Oracle guided to total revenue growth of 30 to 34 percent, with cloud revenue growth of 64 to 70 percent in constant currency. For the full fiscal year it raised guidance to at least $90 billion in total revenue and non-GAAP EPS of $8.10, while reaffirming heavy capital spending to keep building capacity against the backlog.
A $664 billion RPO figure is now larger than Oracle’s own trailing-twelve-month revenue by more than 8x, which is the clearest single number available on how far AI cloud demand has outrun current hyperscaler capacity. It also means Oracle’s near-term results are now a bet on execution (building and energizing gigawatts of data centers on schedule) rather than on demand, which was the open question a year earlier. The backlog figure says nothing about the credit quality or cancellation terms of the contracts behind it.