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FY2026 Q2
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Oracle Corporation earnings call
Buzzberg read
RPO surged 433% to $523 billion on Meta and NVIDIA deals
Management conveyed strong confidence in accelerating growth and demand, citing record RPO growth, rapid capacity delivery, and a unique competitive position in AI and applications.
Buzzberg read RPO surged 433% to $523 billion on Meta and NVIDIA deals Management conveyed strong confidence in accelerating growth and demand, citing record RPO growth, rapid capacity delivery, and a unique competitive position in AI and applications. Read full analysisCollapse analysis
Management conveyed strong confidence in accelerating growth and demand, citing record RPO growth, rapid capacity delivery, and a unique competitive position in AI and applications.
Revenue$16.058B+8% QoQ
EPS$2.26+54% QoQ
Gross margin66.53%Reported
Operating margin29.46%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Capex
Capex guidance raised by $15 billion to support AI capacity
AI
AI data platform enables AI reasoning on private data
Show 3 more callouts
AI
Infrastructure revenue accelerating with GPU growth at 177%
Capex
Oracle needs substantially less than $100 billion to fund build-out
Applications
Applications growth expected to accelerate with sales reorg and AI
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $16.058B | +8% QoQ |
| EPS | $2.26 | +54% QoQ |
| Gross margin | 66.53% | Reported |
| Operating margin | 29.46% | Reported |
| Free cash flow | $-9.967B | Reported |
| Capex | $12.033B | Reported |
AI, capex & demand read
Management read
Upbeat
Management conveyed strong confidence in accelerating growth and demand, citing record RPO growth, rapid capacity delivery, and a unique competitive position in AI and applications.
Management AI read
Management emphasized that AI is driving growth across infrastructure and applications, with GPU revenue up 177% and a new AI data platform enabling AI models to reason on private enterprise data, which they believe will be a larger business than training on public data.
Investment and capacity
Capex is being raised significantly, with FY26 capex expected to be about $15 billion higher than previously forecasted, to support the rapid build-out of data center capacity for AI. Management outlined flexible financing options, including customer-supplied chips and vendor leases, to reduce borrowing needs and maintain investment-grade debt rating.
all 14 named companies below
Companiesreturns since call
Customers
Customers
Mike Cecilia
Motorola Solutions selected Oracle's cloud applications, validating Oracle's multi-pillar cloud strategy.
Evidence
“Motorola Solutions, ERP, SCM, NCX.”
Customers
Clay McGuirk
Uber is a large and growing OCI customer, using Oracle's cloud for peak-demand workloads.
Evidence
“Uber has now surpassed 3 million cores on OCI, powering their highest traffic ever this Halloween.”
Customers
Clay McGuirk
T-Mobile uses OCI for massive scale during holiday retail peaks.
Evidence
“T-Move scaled to nearly 1 million cores for Black Friday and Cyber Monday.”
Customers
Mike Cecilia
SolarEdge is adopting Oracle cloud applications for its back office.
Evidence
“SolarEdge Technologies, ERP, and SCM.”
Customers
Mike Cecilia
Dropbox selected Oracle's cloud applications, demonstrating Oracle's reach beyond traditional enterprise.
Evidence
“Dropbox, ERP, and SCM.”
Customers
Mike Cecilia
Broadridge is a live customer on Oracle's cloud applications, a reference for the financial services industry.
Evidence
“Broadridge just recently relaunched their Fusion ERP and EPM go-live.”
Customers
Mike Cecilia
DocuSign uses Oracle's data intelligence platform, expanding Oracle's footprint in SaaS.
Evidence
“DocuSign is now live on Fusion Data Intelligence.”
Partners
Partners
Broadcom drives OCI consumption through its marketplace presence and SaaS solutions.
Clay McGuirk
Partners
Palo Alto is building its cloud-native security offerings on Oracle's infrastructure, increasing OCI stickiness.
Clay McGuirk
Partners
Google's AI models are now available on OCI, enhancing Oracle's multi-cloud AI platform.
Clay McGuirkSuppliers
Suppliers
Oracle expects to raise 'substantially less' than the $100B analysts modeled for AI build-out, thanks to flexible financing: customer-owned chips and vendor leasing reduce actual capital needs and balance sheet risk. — Lower-than-expected debt/equity raises would improve Oracle's credit profile and could reduce GPU procurement volumes from suppliers if customers bring their own chips.
Clay McGuirk
Suppliers
Oracle expects to raise 'substantially less' than the $100B analysts modeled for AI build-out, thanks to flexible financing: customer-owned chips and vendor leasing reduce actual capital needs and balance sheet risk. — Lower-than-expected debt/equity raises would improve Oracle's credit profile and could reduce GPU procurement volumes from suppliers if customers bring their own chips.
Clay McGuirkMethodology & coverage
Management-only analysis. All 14 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.