Oracle: F4Q - Solid Execution & New CFO Welcome

研报英文原文证据摘录

Oracle: F4Q - Solid Execution & New CFO Welcome

Deutsche Bank

Research

Rating Company Date

Buy Oracle 11 June 2026

North America Reuters Bloomberg Rating Buy

United States ORCL.N ORCL US Price target (USD) 300.00 Price at 10 Jun 26 201.26

52-week range 328.33 – 136.48

TMT

Software Valuation & Risks

F4Q - Solid Execution & New CFO Welcome

Brad Zelnick

F4Q results delivered the high notes we were looking for with OCI revenue in Research Analyst

+1-212-250-8563 focus, landing slightly better than in-line, and supporting confidence in greater

capacity additions to come. Execution consistency is key as the company is set to Bhavin Shah, CFA

deliver 1GW of capacity in the current F1Q, almost as much as the 1.2GW added Research Analyst

in the entirety of FY26. From a bookings perspective, we were positively surprised +1-212-250-6775

by an added $85bn to backlog in the quarter, including $67bn in AI infrastructure

Daniel Knauff contracts signed, the majority of which was either bring your own hardware or Research Associate

prepaid, thus reducing Oracle's incremental financing needs. It was noted that +1-415-2622041

margins on prepay business signed is at or above prior non-prepay levels implying

better NPV for Oracle as they take advantage of the current supply/demand Yash Kejriwal

environment. The underlying economics of the OCI business shined through with Research Associate

+1-212-250-1203

multiple supporting datapoints that corroborate our recent report, MARGINS

UNDER MICROSCOPE.

This was a strong opening performance for new CFO Hilary Maxson who

reiterated prior LT targets and provided helpful context around the current

investment cycle including disclosure of high 20% ROIC on CPU+GPU business

at steady state. We remind investors this is almost entirely in support of