Latest analysis · ORCL Q1 FY2027 · September 11, 2026
Q1 FY2027 | Revenue rose 30%. Nearly half of operating cash flow came from customer prepayments with a financing component.
Read the report preview →| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q4'26 | June 10, 2026 | 6/12 | 4 high, 4 medium, 1 low flags | 2 | 3 | Call sheet → |
| Q3'26 | March 10, 2026 | 8/12 | 1 high, 3 medium, 2 low flags | 1 | 1 | Call sheet → |
| Q2'26 | December 10, 2025 | 10/12 | 5 medium, 3 low flags | 3 | 0 | Call sheet → |
| Q1'26 | September 9, 2025 | 8/12 | 1 high, 4 medium, 2 low flags | 4 | 0 | Call sheet → |
| Q4'25 | June 11, 2025 | 9/12 | 4 medium, 4 low flags | 4 | 1 | Call sheet → |
| Q3'25 | 2025-03-10 | 10/12 | 3 medium, 3 low flags | 5 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q4'26 | Missed | Applications maintaining double-digit growth Cloud apps grew only 10%, down from 11% last quarter |
| Q4'26 | Missed | Continue innovation in business models to grow without dilution Announcing $40B debt and equity raise including $20B equity ATM program |
| Q4'26 | Exceeded | $29B in new bring-your-own-hardware contracts Added $46B more for $75B total, but this reduces Oracle's pricing power |
| Q4'26 | Pending | 90% of capacity delivered on or ahead of schedule No specific metric this quarter, just vague 'ahead of schedule' claims for future sites |
| Q4'26 | Delivered | Multicloud database maintaining triple-digit growth Technically true at +404% but massive deceleration from +531% last quarter |
| Q4'26 | Missed | Maintain 30-40% gross margins on AI infrastructure Actual margin came in at 32% and declining, with Hillary admitting 'pressure on near-term gross margins' |
| Q3'26 | Delivered | 90% of that committed capacity was delivered on or ahead of schedule Clay delivered on execution promise, though this is becoming table stakes for Oracle |
| Q3'26 | Pending | We will exit Q4 with 22 AWS regions live Clay's specific commitment this call, up from 8 currently-track this closely |
| Q3'26 | Pending | 22 AWS regions live by exit Q4 (Clay, this quarter) New promise for this quarter, went from 8 to promised 22-ambitious 3x expansion in one quarter |
| Q3'26 | Pending | Fiscal 2026 CapEx will be about $15 billion higher than forecasted after Q1 (Doug, Q2) Won't confirm Q3 or Q4 CapEx levels, Doug punted FY27 guidance entirely |
| Q3'26 | Pending | We now expect $4 billion of additional revenue in FY 2027 (Doug, Q2) Still on track but they won't give specific FY27 guidance yet, suspicious given their confidence last quarter |
| Q3'26 | Missed | We expect both our bookings and our revenue in Q3 to accelerate materially (Mike, Q2) Apps revenue stayed flat at 11% YoY growth, no material acceleration delivered despite deferred revenue growing faster |
| Q2'26 | Delivered | AI database and data platform demonstrations at AI World Larry confirmed they will demonstrate unified data querying capability |
| Q2'26 | Pending | Will deliver another 37 multi-cloud data centers for total of 71 Now at 45 live with 27 more planned, slightly behind schedule |
| Q2'26 | Delivered | Converting large RPO backlog into accelerating revenue Cloud revenue acceleration from 27% to 33% demonstrates conversion |
| Q2'26 | Delivered | Operating income will grow mid-teens this year Q2 operating income grew 8% but trending toward mid-teens annually |
| Q2'26 | Pending | Cloud infrastructure will grow 77% to $18B this fiscal year Reaffirmed from Q1, on track with Q2 acceleration |
| Q2'26 | Pending | Full-year FY2026 revenue growth of 16% in constant currency Still committed but now emphasizing it's unchanged despite RPO surge - suggests confidence in delivery |
| Q1'26 | Exceeded | Database at cloud services expanding to 70 total regions Now planning 71 total data centers, ahead of prior 70 target |
| Q1'26 | Pending | More fulsome update on long-range targets at Cloud World in October Now scheduled for AI World in Las Vegas, slight venue/branding change |
| Q1'26 | Delivered | RPO likely to grow more than 100% in fiscal 2026 RPO up 359% in Q1 alone, massively ahead of 100% annual target |
| Q1'26 | Exceeded | Cloud infrastructure revenue will grow over 70% Now guiding to 77% growth, upgraded from 70%+ target |
| Q1'26 | Pending | Total revenue will be at least $67 billion, up 16% in constant currency Reaffirmed 16% growth target, consistent with prior commitment |
| Q1'26 | Exceeded | FY 2026 CapEx will be higher at over $25 billion Delivered $35B guidance, 40% higher than promised |
| Q4'25 | Pending | More cloud regions than all competitors combined At 101 regions, tracking toward this goal but not there yet |
| Q4'25 | Delivered | Strategic SaaS growth acceleration Strategic SaaS now 20% vs 8% last quarter |
| Q4'25 | Delivered | FY27 growth rate will be around 20% Confirmed expectation, said will 'exceed' FY27 target |
| Q4'25 | Missed | First large Stargate contract fairly soon Now says Stargate 'still in formation' and contributions are 'small numbers' |
| Q4'25 | Pending | Component supply constraints ease in Q1 FY26 Not specifically updated, but CapEx surge suggests supply is flowing |
| Q4'25 | Exceeded | $66B revenue target for FY26 with 15% growth Raised to over $67B with 16% growth |
| Q4'25 | Delivered | Cloud infrastructure revenue will grow faster than 50% in FY25 Delivered 51% growth, guided 70%+ for FY26 |
| Q3'25 | Delivered | CapEx will be double FY24 Now guiding ~$16B vs ~$8B last year, confirming doubling |
| Q3'25 | Delivered | Multi-cloud to exit well over $100M in first year Confirmed 'well over $100M' exit rate achieved |
| Q3'25 | Delivered | Second half will see capacity come online Acknowledged capacity coming online but still constrained by components |
| Q3'25 | Pending | Cloud database revenues will be third leg alongside OCI and SaaS Growth held at 28% but revenue scale still small relative to other segments |
| Q3'25 | Delivered | Total cloud infrastructure growing faster than 50% for FY25 Q3 was 51%, barely above threshold but technically delivered |
| Q3'25 | Exceeded | RPO balance will climb again in Q3 RPO jumped from $97.3B to $130B, massive beat on this promise |
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