Oracle Corp.: First Take - Better RPO, In-line Revenue, and Confirmed FY27 Targets Is Good Enough for Us

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Oracle Corp.: First Take - Better RPO, In-line Revenue, and Confirmed FY27 Targets Is Good Enough for Us

Equity Research

U.S. Software

10 June 2026

Oracle Corp.

First Take - Better RPO, In-line

Revenue, and Confirmed FY27 First Look

ORCL OVERWEIGHTTargets Is Good Enough for Us

U.S. Software POSITIVE

We see a muted share price reaction post Oracle’s Q4 results. Price Target USD 240.00

There are many moving pieces here. On the positive, we have Price (09-Jun-26) USD 205.81

better RPO as well as reconfirmed FY27 revenue and EPS PotentialSource: Bloomberg,Upside/DownsideBarclays Research +16.6%

guidance. Questions will come from CapEx and equity raise.

Oracle reported healthy Q4 FY26 results (see difference table below). Cloud infrastructure, the Raimo Lenschow, CFA

+1 212 526 2712important part, was better than consensus and guidance at 92% YoY constant currency (cc)

raimo.lenschow@barclays.com

growth. Cloud application was slightly weaker but likely does not matter that much. EPS was

BCI, US

better and saw a one-off $0.08 benefit, but would have been above consensus anyway. The

company raised $5bn in equity so far, which is solid but likely could have been better given all Sheldon McMeans

+1 212 526 1544the upcoming IPOs. We like that FY27 guidance is mostly unchanged, which calls for a further

sheldon.mcmeans@barclays.com

revenue acceleration from the ~20% YoY in FY26 to the ~30% in FY27 with a slight increase to the

EPS guidance. Financing needs were discussed ($40bn including the $20bn already announced)

and seems back-end loaded (no additional in FY26). CapEx also came in higher than expected, Eamon Coughlin

+1 212 526 6142but we note this was offset by significantly better than expected OCF performance. As we had

eamon.coughlin@barclays.com