Oracle Sees $638B Backlog and $70B Fiscal 2027 Capex Before AI Revenue
Oracle said revenue passed $67 billion for the first time in fiscal 2026, while remaining performance obligations rose to $638 billion, up 363%. Management expects about 12% of the backlog to convert to revenue within twelve months and 34% over the next two years, as fiscal 2027 capex requires about $70 billion in net cash outlay, pressuring margins and share count despite prepayments.