Oracle Reports Record $638 Billion Backlog Driven by AI Infrastructure Demand

Key Facts

1Oracle reported $638 billion in remaining performance obligations at the end of fiscal 2026, a 363% year-over-year increase.

Amid the rapid expansion of cloud computing infrastructure, Oracle has revealed extraordinary growth in its contracted business volume. According to reports, the company recorded remaining performance obligations (backlog) of $638 billion at the end of its 2026 fiscal year, representing a massive 363% increase year-over-year. This record surge is primarily driven by robust enterprise demand for AI services and long-term cloud infrastructure commitments.

This massive backlog significantly enhances the company's future revenue visibility, with management expecting to recognize approximately 12% of these obligations as revenue within the next 12 months. Despite these positive figures, analysts note that the stock has recently faced pressure due to data center power supply delays, presenting operational challenges to the pace of execution despite strong demand.

At the close of August 31, 2026, the ORCL share price stood at $149.12, having reached an intraday high of $151.26 per market data. Looking ahead, investors are monitoring macroeconomic stability following recent U.S. GDP data showing 1.5% growth, while watching for new sector-specific catalysts that could impact mega-cap tech valuations.