Oracle cloud infra doubles; backlog hits $664B

Oracle Corporation (NYSE: ORCL) reported Q1 FY27 results on 10 September 2026 in an Austin earnings release on PR Newswire. Total quarterly revenues were $19.3 billion, up 30% year over year in dollars and in constant currency.

This is a company earnings press release, not a rumor and not a guidance-only story. Cloud revenues were $11.6 billion, up 62% in dollars and 61% in constant currency. Cloud Infrastructure (IaaS) was $7.4 billion, up 121% in dollars and 120% in constant currency. Cloud Applications (SaaS) were $4.2 billion, up 10%.

Software revenues still fell 3% to $5.5 billion as customers keep moving off on-premises licenses. GAAP earnings per share were $1.56, up 55%. Non-GAAP earnings per share were $1.92, up 30%.

Remaining performance obligations, the contracted backlog, reached $664 billion, up $209 billion year over year. RPO is contracted but unrecognized revenue, deferred revenue, and uncollected invoices. It is not cash already in the bank.

The number most infra-doubling headlines skip is the new AI book. Oracle said it booked more than $30 billion of additional AI cloud contracts in the quarter and, based on how those contracts were structured, that they add no incremental impact on its plans to raise capital. The same release says the company delivered 850 megawatts of additional datacenter capacity in the quarter and more than 300,000 GPUs to AI cloud customers since the end of Q4.

Full-year FY27 guidance is total revenue of at least $90 billion and non-GAAP EPS of $8.10. For Q2, the release guides non-GAAP EPS of $1.85 to $1.93 in dollars, with total revenue growth of 30% to 34%.

CNBC (Jordan Novet, 10 September 2026) said the stock rose about 4% after hours, while year to date it was still down about 22% into the print. The same recap puts debt near $125 billion and free cash flow at negative $5.4 billion. The company release rounds Q1 free cash flow to negative about $5 billion as capital spending ramps.

CFO Hilary Maxson told reporters that nothing known today would delay New Mexico or other sites versus the schedules in the FY27 outlook. CEO Clay Magouyrk said Oracle is still working to acquire an air permit in New Mexico, so that work is incomplete even as the delay chatter is denied relative to outlook.

Related Finpresso tape includes Anthropic's $45 billion Nscale capacity lease, the Treasury $6 billion longer-debt buyback, the 30-year yield's 19-year high, and ChatGPT for finance.

If you mark ORCL or buy AI cloud capacity, treat $664 billion as contracted backlog rather than collected cash, put the $30 billion Q1 AI bookings next to the no incremental capital structuring note, and do not model New Mexico as delayed versus the FY27 outlook until an air-permit miss actually shows up.