Oracle delivered a blowout fiscal first quarter on September 10, 2026, booking more than $30 billion of new AI cloud contracts in a single quarter and pushing its remaining performance obligations (RPO) to $638 billion — a 363% year-over-year jump. Shares rose roughly 5.5% in after-hours trading before pulling back the next day as investors digested the aggressive multi-year commitments underpinning the number.
Q1 by the numbers
The Austin-based database and cloud giant posted adjusted EPS of $1.92 on $19.35 billion of revenue, ahead of consensus of $1.73 and $19.13 billion. Cloud infrastructure revenue jumped 121% to $7.4 billion, and management raised full-year FY2027 EPS guidance to $8.10 on revenue of at least $90 billion. Second-quarter guidance calls for constant-currency revenue growth of 30% to 34% and adjusted EPS of $1.83 to $1.91.
OpenAI, xAI, Meta, Nvidia and AMD sign up
CEO Safra Catz said Oracle had signed several "significant cloud contracts with the who's who of AI," specifically naming OpenAI, xAI, Meta, Nvidia and AMD as new AI cloud customers this quarter. She also flagged that Oracle expects to sign "additional multi-billion dollar customers" and now sees RPO growing to more than half a trillion dollars in aggregate — a level that would give Oracle multi-year revenue visibility unlike anything in its history.
Scaling to meet its own backlog
The bookings surge reframes the debate about who benefits most from the AI capex cycle. Oracle now has to convert paper contracts into delivered GPU capacity, and its buildout leans heavily on partners including hyperscaler tie-ups and neocloud alliances. It is the same wave that pushed Anthropic to sign $517B of compute over 14.8 GW, drove Cerebras' 165 MW Finland datacenter, and, on the same day as Oracle's print, saw Nvidia commit to a 2 GW Australia AI factory buildout. The lingering question for investors: how much of Oracle's $638B RPO is actually the same OpenAI capacity being counted at multiple points in the AI supply chain.
Reporting based on coverage from Bloomberg, Investing.com, Data Center Dynamics and Oracle investor relations.