ORCL
The numbers aren’t subtle
Oracle came out swinging with a record Q4 and full-year FY 2026 report, and the headline is basically: the cloud party is still going. Quarterly revenue hit $19.2 billion, up 21%, while total cloud revenue rose 47% to $9.9 billion.
The real eye-catcher? Remaining performance obligations — think of it as Oracle’s future revenue backpack — jumped by $85 billion in the quarter to $638 billion. That’s a giant pile of contracted business sitting in the queue, which is exactly the kind of thing investors love to see when they’re trying to decide whether a growth story has legs or is just wearing a fancy hat.
Cloud infra is doing the heavy lifting
Oracle’s cloud infrastructure business was the star of the show, with revenue surging 93% in Q4 to $5.8 billion. Cloud applications weren’t slouching either, rising 10% to $4.1 billion. For the full year, total revenue climbed 17% to $67.4 billion, while cloud revenue grew 39% to $34.0 billion.
That mix matters. The market has been treating Oracle like an older enterprise dinosaur learning to do TikTok dances in the AI era. But these numbers say the company is still managing to monetize demand for cloud infrastructure and software at a pretty serious clip.
Why investors will keep watching
Oracle’s adjusted and GAAP earnings both moved higher, with FY 2026 GAAP EPS up 34% to $5.83 and non-GAAP EPS up 27% to $7.63. The company also said the growth came from broad demand across its cloud technology and applications suites, which is corporate-speak for: people are still opening their wallets.
Big picture: Oracle’s cloud transformation keeps getting less “maybe someday” and more “oh, this is actually working.” If the backlog keeps swelling and the infrastructure business stays on this tear, ORCL has a lot more room to keep making skeptics look early.