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Oracle Shares Jump on Record $455 Billion Backlog and Bold OCI Growth Targets

A record $455 billion backlog gives Oracle rare visibility into multi‑year AI infrastructure demand.

Oracle co-founder Larry Ellison just became the world's wealthiest person.
The Oracle logo is displayed on a building at an Oracle campus on March 10, 2025 in Redwood Shores, California.
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Overview

  • Oracle reported Q1 fiscal 2026 revenue of $14.93 billion, up 11% year over year, with total cloud revenue of $7.2 billion and OCI revenue of about $3.3 billion, up roughly 54%.
  • Remaining performance obligations reached $455 billion, up 359% from a year ago, which reporting attributes to four multi‑billion‑dollar contracts signed with three customers.
  • Management guided OCI revenue to grow 77% to $18 billion this fiscal year, with targets of $32 billion, $73 billion, $114 billion, and $144 billion over the following four years.
  • Oracle flagged approximately $35 billion in capital spending, described as mostly revenue‑generating equipment to expand capacity, and it plans to launch an Oracle AI Database service next month to let customers run large language models on Oracle Database infrastructure.
  • The stock rose 35.95% in regular trading and added 1.42% after hours, and several analysts raised targets or ratings, including Jefferies to $360, UBS to $360, Cantor Fitzgerald to $400, and Bank of America upgrading to Buy with a $368 target.