ORCL · US
ORCL.US: Q1 FY27 $19.3B (+30%) — IaaS +121% & RPO $664B
Oracle printed Q1 FY27 on 2026-09-10: revenue $19.3B (+30%), Cloud $11.6B (+62%), IaaS $7.4B (+121%), RPO $664B; OCF $23B, FCF −$5B, ~$20B ATM equity. FY27 revenue at least $90B. Price context ~$125.
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Snapshot
- Price (approx.)
- USD 125
- Mkt cap (approx.)
- USD 350.0B
- Revenue (approx.)
- USD 77.4B
- RPO (Q1)
- USD 664.0B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Oracle Printed 2026-09-10: Q1 FY27 revenue $19.3B (+30%), Cloud $11.6B (+62%), IaaS $7.4B (+121%), SaaS $4.2B (+10%). RPO $664B (+$209B YoY); >$30B new AI cloud contracts in-quarter. Record OCF $23B (+184%), FCF −$5B, ~$20B ATM equity. FY27 revenue at least $90B, non-GAAP EPS $8.10. High backlog visibility; constraints are capacity, FCF and dilution. Prior pack $15.9B / $702B RPO is superseded.
Business
Model: database/Fusion apps cloud + OCI AI infrastructure. Flagships: 1) IaaS $7.4B; 2) Cloud Apps $4.2B; 3) on-prem software $5.55B (−3% as customers move to cloud). Edge: install base + contracted AI train/infer capacity. Strategy: racks (+850MW in Q1), GPUs (~300k delivered), automated enterprise ontology (AI Data Platform). Entity: Oracle Corporation; do not mix NetSuite as a separate listco or the sold Ampere stake.
Value chain
Mid-stack cloud + database. Upstream: GPUs/networking/power and DC construction; downstream: enterprises and sovereign AI. Concentration: AI training contracts skew to a few hyperscale/sovereign buyers. Supply risks: (1) GPU and power/rack delivery; (2) contract structure vs funding (company says no incremental capital-plan impact).
Valuation
Price context ~$125 / mkt ~$350B (pack KPI; not a fresh close). Market prices FY27 ≥$90B and $664B RPO; TTM PE is null without a named market feed. Dilution ($20B ATM) and negative FCF are the discount. Quarterly dividend $0.50.
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 125 | ORCL · 以包内 kpi_snapshot 时点为准 |
~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:
Valuation & return · ~3y
Interactive chart available in the reader.
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Q1 OCF $23B (+184%), FCF −$5B. Company says new AI contracts do not change the capital plan; ~$20B ATM already executed. Audit per latest 10-K/10-Q.
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 现金强、FCF 承压 | 扩产年：OCF 纪录 vs 负 FCF + 股权融资 |
| 经营现金流 | $23B（Q1） | 同比 +184%；来源 Oracle 2026-09-10 PR |
| 有息债 vs 融资 | ATM ~$20B | 公司称新合同无增量融资影响；以 10-Q 净债为准 |
| 流动性 | 扩产消耗 | FCF −$5B；看后续季 FCF 拐点 |
| 审计意见 | 以最新 10-K 为准 | 常规预期无保留，未在本 PR 重述 |
Operations
Software $5.55B (−3%), hardware $0.77B (+15%), services $1.41B (+5%). GAAP op. income $6.7B (+57%), non-GAAP $8.2B (+31%); GAAP EPS $1.56 / non-GAAP $1.92. Q2 revenue +30–34%, Cloud +65–71% USD.
Key financial points
| Item | Value | YoY | Note |
|---|---|---|---|
| Q1 营收 | $19.3B | +30% | FY27 Q1；截至 2026-08-31 |
| Cloud | $11.6B | +62% | IaaS+SaaS |
| IaaS | $7.4B | +121% | AI 训练/推理 |
| RPO | $664B | +$209B YoY | Q1 新签 AI 云 >$30B |
| OCF / FCF | $23B / −$5B | OCF +184% | 扩产期 |
| FY27 指引 | ≥$90B | 公司 | non-GAAP EPS $8.10 |
Competition
Peer strengths/weaknesses; share charts only when a named source exists.
Peer comparison
| Company | Position | Margin | Strength | Weakness |
|---|---|---|---|---|
| Oracle (ORCL) | OCI challenger / DB | ~70% | DB stickiness + AI capacity RPO | Neg FCF; financing/dilution |
| Amazon (AMZN) | AWS #1 | ~50% | Scale and breadth | Less DB lock-in narrative |
| Microsoft (MSFT) | Azure #2 | ~69% | Enterprise + AI apps layer | Capex heavy but stronger FCF |
| Alphabet (GOOGL) | GCP #3 | ~58%+ | TPU + Search cash | Smaller enterprise DB franchise |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| Chair & CTO | Larry Ellison | long-tenured | No material disclosed change |
| CEO | Safra Catz | 2014 | No change |
| CFO | — (finance under CEO) | n/a | No separately titled public CFO disclosed in period; finance led under CEO Catz |
Stability: Larry Ellison / Safra Catz dual-core remains stable; no 24m control-change disclosure.
Outlook
Near term: Q2 +30–34%, rack/GPU delivery, RPO conversion, share count after ATM and FCF inflection.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
| Risk | Severity | Note |
|---|---|---|
| AI 产能与电力交付 | 高 | Q1 +850MW / 约 30 万 GPU；供给是 backlog 转化硬约束 |
| 负 FCF 与稀释 | 高 | FCF −$5B + ATM $20B，股东回报被扩产挤占 |
| 大客户 / 合同结构 | 中 | AI 训练合同集中；期限与预付款结构影响确认 |
| 软件本地许可下滑 | 中 | Software −3%，迁移速度若快于 IaaS 利润率 |
| 估值对 RPO 敏感 | 中 | RPO $664B 已定价执行；延误即双杀 |
Tracking list
Verify on next earnings:
- Q2 FY27 +30–34% revenue and Cloud +65–71% USD guide
- RPO $664B and conversion of Q1 >$30B AI cloud bookings
- OCF $23B vs FCF −$5B after CapEx and $20B ATM
- FY27 revenue ≥$90B / non-GAAP EPS $8.10
- 850MW and 300k GPU delivery vs customer concentration
References
- Oracle Q1 FY27 results (2026-09-10) — https://www.prnewswire.com/news-releases/oracle-announces-q1-results-driven-by-triple-digit-growth-in-cloud-infrastructure-revenues-302875728.html
- Oracle IR — https://www.oracle.com/investor/
- Cross — NVDA cloud infra
Not investment advice; defer to latest company filings.
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