Oracle: Top 10 Takeaways from 2025 Analyst Meeting
Jordan Chalfin, CFA - Head of Technology, CreditSights
Michael Pugh - Associate Analyst, CreditSights
22 October 2025
Insights into top 10 takeaways from 2025 Oracle’s Financial Analyst Meeting, including:
- Aggressive Revenue Growth Targets: Oracle projects a 31% revenue CAGR through FY2030, reaching $225 billion, driven primarily by OCI infrastructure expansion and the landmark $300 billion OpenAI contract.
- RPO Surges Past $500 Billion: Remaining performance obligations exceeded $500 billion with $65 billion in new infrastructure commitments signed in F2Q26 alone, including major contracts with Meta and other hyperscale customers.
- Key Insights from Oracle 2025 Analyst Meeting: Discover how Oracle’s competitive advantages in AI infrastructure, database technology, and applications suite position it to capture 74% of total revenue from OCI by FY2030.
- AI Database Revenue to Hit $20 Billion: Oracle’s AI Database and AI Data Platform are projected to reach $20 billion by FY2030 with a 53% CAGR, leveraging unique capabilities in private data vectorization and multicloud partnerships.
- Margin Profile Exceeds Expectations: OCI gross margins range from 30-40% for AI Infrastructure customers to 65-80% for Enterprise customers, addressing market concerns about profitability while maintaining capital efficiency through diverse financing strategies.
Executive Summary
We discuss the top 10 takeaways from Oracle’s Financial Analyst Meeting held on October 16, 2025.
1. Reiterate FY2026 Guidance
Oracle reiterated some of its FY2026 guidance items including cloud infrastructure revenue to be $18 bn in FY2026, revenue to grow 16% YoY in constant currency to $67 bn, and operating profit to grow mid-teens YoY. We did not see any capex guidance which was raised substantially on its recent earnings call to around $35 bn (see Oracle: F1Q26 | Massive Growth Requires Issuance).
2. RPO Balance Now Exceeds $500 Bn
Oracle’s remaining performance obligations (RPO) surged to $455 bn in F1Q26 which was primarily driven by a $300 bn 5-year contract signed with OpenAI (see Oracle: 10Q Cut, OpenAI, TikTok). However, the company said it has already contracted for $65 bn of additional infrastructure commitments during F2Q26. Specifically, Oracle signed 7 contracts with 4 different customers; Oracle clarified that one of those customers is Meta although none of them are OpenAI. News reports last month indicated that Oracle was in talks with Meta for a $20 bn multi-year contract (see Reuters news story).
3. Raising OCI Revenue Targets through FY2030
The company raised its OCI revenue forecasts that were provided last month on its F1Q26 earnings call (see Oracle: F1Q26 | Massive Growth Requires Issuance). They were raised by $41 bn in aggregate over the next four years including increases of $2 bn, $4 bn, $15 bn, and $22 bn in FY2027, FY2028, FY2029, and FY2030 respectively. The new 5-year expected CAGR is 75% although the implied growth rate is 126% in FY2028, which reflects the ramp of its $300 bn OpenAI contract. The guidance implies that OCI will be ~74% of total revenue in FY2030, which would be up a drastic change from ~18% of total revenue in FY2025.
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