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.