"The analyst excitement - "this is a career event happening right now, it's just amazing," one said - is based on anticipated future earnings from remaining performance obligations (RPOs) in the first quarter of its 2026 fiscal year. These are contracts signed but not yet paid for. Oracle said the figure had risen to $455 billion. "This is up 359 percent from last year and up $317 billion from the end of Q4 [2025]," said Safra Catz, Oracle CEO."
""The enormity of this RPO growth enables us to make a large upward revision to the cloud infrastructure portion of our financial plan," Catz said, before predicting Oracle's cloud infrastructure business would grow 77 percent to $18 billion this fiscal year and then increase to $32 billion, $73 billion, $114 billion, and $144 billion over the following four years. Where is the money coming from? Catz continued: "We have signed significant cloud contracts with the who's who of AI, including OpenAI, xAI, Meta, Nvidia, AMD, and many others.""
Oracle reported remaining performance obligations (RPOs) of $455 billion in the first quarter of its 2026 fiscal year, defined as contracts signed but not yet paid. Safra Catz said RPOs rose 359 percent year-over-year and by $317 billion from the end of Q4 2025. Oracle projected cloud infrastructure revenue to grow 77 percent to $18 billion this fiscal year and then to $32B, $73B, $114B, and $144B over the following four years. Executives cited contracts with major AI firms including OpenAI, xAI, Meta, Nvidia, and AMD. Cloud infrastructure revenue rose 55 percent versus 11 percent for cloud applications, triggering strong investor enthusiasm.
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