$ORCL Q4 FY26: AI BACKLOG VS CAPEX SHOCK
→ Revenue came in at ~$19.2B ( 21% YoY) and non‑GAAP EPS at $2.11, beating the roughly $19.1B and $1.96 setup, with OCI 93% YoY.
→ RPO rose to ~$638B ( 363% YoY, $85B QoQ), with cloud revenue at ~$9.9B.
→ FY27 calls for ~$90B in revenue, ~$70B in net capex, and about $40B in new debt and equity funding.
$ORCL is down close to 10% in premarket, as funding scale, dilution risk, and FCF pressure offset the Q4 beat and record backlog.